eXp World Holdings, Inc. (Nasdaq: EXPI), or the “Company”, the
holding company for eXp Realty®, FrameVR.io and SUCCESS®
Enterprises, today announced financial results for the second
quarter ended June 30, 2024.
“The power of the eXp platform is paying off for our agents and
eXp worldwide,” said Glenn Sanford, eXp World Holdings Founder,
Chairman and CEO. “We believe the investments we’ve made to provide
our agents with the best tools, technology and training during this
downturn are helping them outpace the industry in productivity
while increasing our agent NPS score. It’s clear that we have
established the winning playbook for agents in the U.S. while our
International segment is an untapped opportunity where I have taken
a more active role guiding our ongoing growth. Moving forward, we
will continue to relentlessly pursue our core objective of being
the most agent-centric real estate brokerage on the planet.”
“After gathering feedback from agents during my first quarter as
eXp Realty CEO, it is clear that our initiatives to support agent
productivity are gaining traction,” said Leo Pareja, eXp Realty
CEO. “Agents love the expanded learning and development options,
faster payouts and Gen AI-based self-service capabilities we have
introduced, and they are eager for what’s to come. I remain
committed to seeking new ways to leverage technology to operate
more efficiently, which will both fund our investments in agent
productivity and drive agent satisfaction as increasingly automated
processes enable agents to devote more of their time to serving
their clients.”
“We delivered a solid second quarter as eXp agents closed $52
billion of transactions, a 7% year-over-year increase, and grew
revenues 5% year-over-year while generating significant cash flow
and returning $56 million to shareholders through share repurchases
and cash dividends,” said Kent Cheng, Chief Accounting Officer of
eXp World Holdings. “We continue to improve business efficiencies
and reduce costs, even while investing aggressively in our agents.
We believe this winning formula will drive superior growth and
greater value for our shareholders over the long term.”
Second Quarter 2024 Consolidated Financial Highlights as
Compared to the Same Year-Ago Period:
- Second quarter revenue increased 5%
to $1,295 million, driven by the superior productivity of our
agents, which more than offset declines in the U.S. real estate
market, as well as increased home sales prices. U.S. transaction
units outperformed the market1.
- Second quarter net income from
continuing operations of $11.8 million compared to $11.4 million
net income in the second quarter of 2023. In spite of a 44%
increase of operating income, net income is impacted unfavorably by
higher tax on continuing operations. Second quarter net income from
continuing operations per diluted share of $0.08 compared to net
income per diluted share of $0.07 in the year-ago quarter. Second
quarter net income including discontinued operations was $12.4
million compared to $9.4 million in the second quarter of
2023.
- Second quarter operating costs2
were $79.0 million, a 4% decrease compared to the second quarter of
2023. This decrease was driven by lower expenses related to the
shareholders summit in 2024, since it was conducted virtually, and
lower employee-related expenses, partially offset by increased
legal expenses associated with the antitrust lawsuit.
- Second quarter adjusted EBITDA3 (a
non-GAAP financial measure) of $32.8 million, an increase of 22%
compared to the second quarter of 2023. Adjusted EBITDA was higher
year over year, due to improved business efficiencies, reduced
costs, and higher revenues and gross profit.
- As of June 30, 2024, cash and cash
equivalents totaled $108.4 million, compared to $124.7 million as
of June 30, 2023. The Company repurchased approximately $48.2
million of common stock during the second quarter of 2024.
- The Company paid a cash dividend for the second quarter of 2024
of $0.05 per share of common stock on May 27, 2024. On July 26,
2024, the Company’s Board of Directors declared a cash dividend of
$0.05 per share of common stock for the third quarter of 2024,
expected to be paid on August 30, 2024 to stockholders of record on
August 14, 2024.
Second Quarter 2024 Operational Highlights as Compared
to the Same Year-Ago Period:
- eXp ended the second quarter of
2024 with a global agent Net Promoter Score (aNPS) of 76, up from
72 a year ago. aNPS is a measure of agent satisfaction and an
important key performance indicator (KPI) given the Company’s
intense focus on improving the agent experience.
- Agents and brokers on the eXp
Realty platform decreased 1% year-over-year to 87,111 as of June
30, 2024 as we continue to off board less productive agents.
However, we are committed to retaining our most productive agents
in the United States and Canada through the execution of our growth
strategies and the end-to-end suite of services we offer our
agents.
- Real estate sales transactions
increased 1% year-over-year to 120,613.
- Transaction volume increased 7%
year-over-year to $51.9 billion.
- Launched eXp Elevate Coaching, a
state-of-the-art coaching platform designed to enhance the business
growth and professional development of eXp Realty agents in North
America.
- Launched the Global Agent Referral
Platform, designed to simplify and accelerate the real estate
referral process.
- Announced 44 eXp Realty agents
named to the 2024 RealTrends + Tom Ferry The Thousand
List, an annual, national program that ranks the top 500
agents and top 500 teams in the U.S. by transaction sides and sales
volume.
________________________1 Based on home sales transaction growth
and estimated market share. Sources: Industry transactions based on
NAR existing home sales (assuming 2 sides per sale) and U.S. Census
Bureau new home sales (assuming 1 side per sale).2 Excludes
commissions and other agent-related costs.3 A reconciliation of
adjusted EBITDA to net income and a discussion of why management
believes adjusted EBITDA, a non-GAAP measure, is useful is included
below.
Second Quarter 2024 Results – Virtual Fireside
Chat
The Company will hold a virtual fireside chat and investor
Q&A with eXp World Holdings Founder and CEO Glenn Sanford, eXp
Realty CEO Leo Pareja and eXp World Holdings Chief Accounting
Officer, Kent Cheng on Wednesday, July 31, 2024 at 2 p.m. PT / 5
p.m. ET.
The investor Q&A is open to investors, current stockholders
and anyone interested in learning more about eXp World Holdings and
its companies. Submit questions in advance for inclusion to
investors@eXpWorldHoldings.com.
Date: Wednesday, July 31,
2024
Time: 2 p.m. PT / 5 p.m. ET
Location: exp.world. Join at
https://exp.world/earnings
Livestream: expworldholdings.com/events
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company
for eXp Realty®, FrameVR.io and SUCCESS® Enterprises.
eXp Realty is the largest independent real estate company in the
world with more than 87,000 agents in the United States, Canada,
the United Kingdom, Australia, France, India, Mexico, Portugal,
South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia,
Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New
Zealand, Chile, Poland and Dubai and continues to scale
internationally. As a publicly traded company, eXp World Holdings
provides real estate professionals the unique opportunity to earn
equity awards for production goals and contributions to overall
company growth. eXp World Holdings and its businesses offer a full
suite of brokerage and real estate tech solutions, including an
innovative residential and commercial brokerage model, professional
services, collaborative tools and personal development. The
cloud-based brokerage is powered by FrameVR.io technology, offering
immersive 3D platforms that are deeply social and collaborative,
enabling agents to be more connected and productive. SUCCESS®
Enterprises, anchored by SUCCESS® magazine and its related media
properties, was established in 1897 and is a leading personal and
professional development brand and publication.
For more information, visit https://expworldholdings.com.
eXp World Holdings, Inc. intends to use its Investor Relations
website, its X (formerly Twitter) feed (@eXpWorldIR), Facebook page
(https://www.facebook.com/eXpWorldHoldings), Instagram account
(@eXpWorldHoldings), LinkedIn page
(https://www.linkedin.com/company/expworldholdings/), as well as
eXp Realty, LLC’s X (formerly Twitter) feed (@eXpRealty), Facebook
page (https://www.facebook.com/eXpRealty), Instagram account
(@eXpRealty_), and LinkedIn account
(https://www.linkedin.com/company/exp-realty/) as a means of
disclosing material non-public information and to comply with its
disclosure obligations under Regulation FD.
Use of Non-GAAP Financial
Measures
To provide investors with additional information regarding our
financial results, this press release includes references to
adjusted EBITDA, which is a non-U.S. GAAP financial measure that
may be different from similarly titled measures used by other
companies. This measure is presented to enhance investors’ overall
understanding of the Company’s financial performance and should not
be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with U.S.
GAAP.
The Company’s non-GAAP financial measure provides useful
information about financial performance, enhances the overall
understanding of past performance and future prospects, and allows
for greater transparency with respect to key metrics used by
management for financial and operational decision-making. This
measure may also provide additional tools for investors to use in
comparing core financial performance over multiple periods with
other companies in the industry.
- Adjusted EBITDA helps identify
underlying trends in the business that could otherwise be masked by
the effect of the expenses excluded in adjusted EBITDA. In
particular, the Company believes the exclusion of stock and stock
option expenses provides a useful supplemental measure in
evaluating the performance of operations and provides better
transparency into results of operations. The Company defines
adjusted EBITDA to mean net income (loss) from continuing
operations, excluding other income (expense), income tax benefit
(expense), depreciation, amortization, impairment charges,
litigation contingency expenses, stock-based compensation expense,
and stock option expense.
Adjusted EBITDA should not be considered in isolation from, or
as a substitute for, financial information prepared in accordance
with U.S. GAAP.
Safe Harbor Statement
The statements contained herein may include statements of future
expectations and other forward-looking statements that are based on
management’s current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. These statements include, but are not
limited to, statements about future cost saving measures; the
continued growth of our agent and broker base; improvements in
technology and operational processes; revenue growth; dividends;
and financial performance. Such forward-looking statements speak
only as of the date hereof, and the Company undertakes no
obligation to revise or update them. Such statements are not
guarantees of future performance. Important factors that may cause
actual results to differ materially and adversely from those
expressed in forward-looking statements include changes in business
or other market conditions; outcomes of ongoing litigation; the
difficulty of keeping expense growth at modest levels while
increasing revenues; and other risks detailed from time to time in
the Company’s Securities and Exchange Commission filings, including
but not limited to the most recently filed Quarterly Report on Form
10-Q and Annual Report on Form 10-K.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
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EXP WORLD
HOLDINGS, INC. |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In
thousands, except share amounts and per share data) |
|
|
|
|
|
Three Months
Ended June 30, |
Six Months
Ended June 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues |
|
$ |
1,295,244 |
|
|
$ |
1,231,116 |
|
|
$ |
2,238,298 |
|
|
$ |
2,079,569 |
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
and other agent-related costs |
|
|
1,197,668 |
|
|
|
1,135,615 |
|
|
|
2,062,414 |
|
|
|
1,912,453 |
|
|
General and
administrative expenses |
|
|
61,160 |
|
|
|
64,917 |
|
|
|
123,742 |
|
|
|
119,543 |
|
|
Technology
and development expenses |
|
|
14,848 |
|
|
|
14,888 |
|
|
|
29,609 |
|
|
|
28,948 |
|
|
Sales and
marketing expenses |
|
|
3,031 |
|
|
|
2,860 |
|
|
|
6,170 |
|
|
|
5,787 |
|
|
Litigation
contingency |
|
|
- |
|
|
|
- |
|
|
|
16,000 |
|
|
|
- |
|
|
Total
operating expenses |
|
|
1,276,707 |
|
|
|
1,218,280 |
|
|
|
2,237,935 |
|
|
|
2,066,731 |
|
|
Operating
income |
|
|
18,537 |
|
|
|
12,836 |
|
|
|
363 |
|
|
|
12,838 |
|
|
Other
(income) expense |
|
|
|
|
|
|
|
|
|
Other
(income) expense, net |
|
|
(1,749 |
) |
|
|
(1,294 |
) |
|
|
(2,937 |
) |
|
|
(2,168 |
) |
|
Equity in
losses of unconsolidated affiliates |
|
|
374 |
|
|
|
143 |
|
|
|
523 |
|
|
|
485 |
|
|
Total other
(income) expense, net |
|
|
(1,375 |
) |
|
|
(1,151 |
) |
|
|
(2,414 |
) |
|
|
(1,683 |
) |
|
Income
before income tax expense |
|
|
19,912 |
|
|
|
13,987 |
|
|
|
2,777 |
|
|
|
14,521 |
|
|
Income tax
expense |
|
|
8,146 |
|
|
|
2,632 |
|
|
|
4,841 |
|
|
|
1,174 |
|
|
Net income
(loss) from continuing operations |
|
|
11,766 |
|
|
|
11,355 |
|
|
|
(2,064 |
) |
|
|
13,347 |
|
|
Net income
(loss) from discontinued operations |
|
|
617 |
|
|
|
(1,933 |
) |
|
|
(1,192 |
) |
|
|
(2,472 |
) |
|
Net income
(loss) |
|
$ |
12,383 |
|
|
$ |
9,422 |
|
|
$ |
(3,256 |
) |
|
$ |
10,875 |
|
|
Earnings
(loss) earnings per share |
|
|
|
|
|
|
|
|
|
Basic, net
income (loss) from continuing operations |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
(0.01 |
) |
|
$ |
0.09 |
|
|
Basic, net
income (loss) from discontinued operations |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
Basic, net
income (loss) |
|
|
0.08 |
|
|
|
0.06 |
|
|
|
(0.02 |
) |
|
|
0.07 |
|
|
Diluted, net
income (loss) from continuing operations |
|
|
0.08 |
|
|
|
0.07 |
|
|
|
(0.01 |
) |
|
|
0.09 |
|
|
Diluted, net
income (loss) from discontinued operations |
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
Diluted, net
income (loss) |
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.07 |
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
153,580,879 |
|
|
|
153,249,120 |
|
|
|
154,160,607 |
|
|
|
152,899,883 |
|
|
Diluted |
|
|
155,984,147 |
|
|
|
156,693,959 |
|
|
|
154,160,607 |
|
|
|
156,119,627 |
|
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
12,383 |
|
|
$ |
9,422 |
|
|
$ |
(3,256 |
) |
|
$ |
10,875 |
|
|
Other
comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign
currency translation gain (loss), net of tax |
|
|
(898 |
) |
|
|
64 |
|
|
|
(1,787 |
) |
|
|
707 |
|
|
Comprehensive income (loss) attributable to eXp World Holdings,
Inc. |
|
$ |
11,485 |
|
|
$ |
9,486 |
|
|
$ |
(5,043 |
) |
|
$ |
11,582 |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION |
(In
thousands) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income
(loss) from continuing operations |
|
$ |
11,766 |
|
|
$ |
11,355 |
|
|
$ |
(2,064 |
) |
|
$ |
13,347 |
|
Other
(income) expense, net |
|
|
(1,375 |
) |
|
|
(1,151 |
) |
|
|
(2,414 |
) |
|
|
(1,683 |
) |
Income tax
(benefit) expense |
|
|
8,146 |
|
|
|
2,632 |
|
|
|
4,841 |
|
|
|
1,174 |
|
Depreciation
and amortization |
|
|
2,963 |
|
|
|
3,143 |
|
|
|
5,363 |
|
|
|
5,358 |
|
Litigation
contingency |
|
|
— |
|
|
|
— |
|
|
|
16,000 |
|
|
|
— |
|
Stock
compensation expense(1) |
|
|
9,329 |
|
|
|
8,488 |
|
|
|
18,157 |
|
|
|
18,148 |
|
Stock option
expense |
|
|
1,985 |
|
|
|
2,380 |
|
|
|
3,975 |
|
|
|
5,126 |
|
Adjusted
EBITDA |
|
$ |
32,814 |
|
|
$ |
26,847 |
|
|
$ |
43,858 |
|
|
$ |
41,470 |
|
|
|
|
|
|
|
|
|
|
(1)This includes agent
growth incentive stock compensation expense and stock compensation
expense related to business acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXP WORLD
HOLDINGS, INC. |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(In
thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
108,395 |
|
|
$ |
125,873 |
|
|
Restricted
cash |
|
|
85,126 |
|
|
|
44,020 |
|
|
Accounts
receivable, net of allowance for credit losses of $1,527 and
$2,204, respectively |
|
|
133,896 |
|
|
|
85,343 |
|
|
Prepaids and
other assets |
|
|
7,082 |
|
|
|
9,275 |
|
|
Current
assets of discontinued operations |
|
|
1,068 |
|
|
|
1,964 |
|
|
TOTAL
CURRENT ASSETS |
|
|
335,567 |
|
|
|
266,475 |
|
|
Property,
plant, and equipment, net |
|
|
11,789 |
|
|
|
12,967 |
|
|
Other
noncurrent assets |
|
|
10,815 |
|
|
|
7,410 |
|
|
Intangible
assets, net |
|
|
5,965 |
|
|
|
7,012 |
|
|
Deferred tax
assets |
|
|
66,916 |
|
|
|
69,253 |
|
|
Goodwill |
|
|
19,673 |
|
|
|
16,982 |
|
|
Noncurrent
assets of discontinued operations |
|
|
6,706 |
|
|
|
5,569 |
|
|
TOTAL
ASSETS |
|
$ |
457,431 |
|
|
$ |
385,668 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts
payable |
|
$ |
11,529 |
|
|
$ |
8,788 |
|
|
Customer
deposits |
|
|
86,496 |
|
|
|
44,550 |
|
|
Accrued
expenses |
|
|
122,497 |
|
|
|
86,483 |
|
|
Litigation
contingency |
|
|
16,000 |
|
|
|
- |
|
|
Other
liabilities |
|
|
23 |
|
|
|
10 |
|
|
Current
liabilities of discontinued operations |
|
|
560 |
|
|
|
1,809 |
|
|
TOTAL
CURRENT LIABILITIES |
|
|
237,105 |
|
|
|
141,640 |
|
|
Long-term
payable |
|
|
- |
|
|
|
20 |
|
|
TOTAL
LIABILITIES |
|
$ |
237,105 |
|
|
$ |
141,660 |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Common
Stock, $0.00001 par value 900,000,000 shares authorized;
189,947,235 issued and 153,733,373 outstanding at June 30, 2024;
183,606,708 issued and 154,669,037 outstanding at December 31,
2023 |
|
|
2 |
|
|
|
2 |
|
|
Additional
paid-in capital |
|
|
883,704 |
|
|
|
804,833 |
|
|
Treasury
stock, at cost: 36,213,862 and 28,937,671 shares held,
respectively |
|
|
(626,825 |
) |
|
|
(545,559 |
) |
|
Accumulated
deficit |
|
|
(35,100 |
) |
|
|
(16,769 |
) |
|
Accumulated
other comprehensive (loss) income |
|
|
(1,455 |
) |
|
|
332 |
|
|
Total eXp
World Holdings, Inc. stockholders' equity |
|
|
220,326 |
|
|
|
242,839 |
|
|
Equity
attributable to noncontrolling interest |
|
|
- |
|
|
|
1,169 |
|
|
TOTAL
EQUITY |
|
|
220,326 |
|
|
|
244,008 |
|
|
TOTAL
LIABILITIES AND EQUITY |
|
$ |
457,431 |
|
|
$ |
385,668 |
|
|
|
|
|
|
|
|
EXP WORLD
HOLDINGS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING
ACTIVITIES |
|
|
|
|
Net income
(loss) |
|
$ |
(3,256 |
) |
|
$ |
10,875 |
|
Reconciliation of net income (loss) to net cash provided by
operating activities: |
|
|
|
. |
Depreciation
expense |
|
|
3,950 |
|
|
|
4,163 |
|
Amortization
expense - intangible assets |
|
|
1,413 |
|
|
|
1,195 |
|
Allowance
for credit losses on receivables/bad debt on receivables |
|
|
(677 |
) |
|
|
(2,470 |
) |
Equity in
loss of unconsolidated affiliates |
|
|
523 |
|
|
|
485 |
|
Agent growth
incentive stock compensation expense |
|
|
18,157 |
|
|
|
18,148 |
|
Stock option
compensation |
|
|
3,975 |
|
|
|
5,126 |
|
Agent equity
stock compensation expense |
|
|
56,456 |
|
|
|
65,652 |
|
Deferred
income taxes, net |
|
|
2,337 |
|
|
|
3,370 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
(48,871 |
) |
|
|
(45,266 |
) |
Prepaids and
other assets |
|
|
1,841 |
|
|
|
367 |
|
Customer
deposits |
|
|
41,946 |
|
|
|
50,854 |
|
Accounts
payable |
|
|
2,741 |
|
|
|
(3,069 |
) |
Accrued
expenses |
|
|
35,243 |
|
|
|
49,273 |
|
Long term
payable |
|
|
- |
|
|
|
(4,692 |
) |
Litigation
contingency |
|
|
16,000 |
|
|
|
- |
|
Other
operating activities |
|
|
23 |
|
|
|
157 |
|
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
|
|
131,801 |
|
|
|
154,168 |
|
INVESTING
ACTIVITIES |
|
|
|
|
Purchases of
property, plant, equipment |
|
|
(2,772 |
) |
|
|
(3,433 |
) |
Purchase of
business |
|
|
(3,150 |
) |
|
|
- |
|
Investments
in unconsolidated affiliates |
|
|
(3,938 |
) |
|
|
(5,350 |
) |
Capitalized
software development costs in intangible assets |
|
|
(509 |
) |
|
|
(1,179 |
) |
NET CASH
USED IN INVESTING ACTIVITIES |
|
|
(10,369 |
) |
|
|
(9,962 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
Repurchase
of common stock |
|
|
(81,266 |
) |
|
|
(78,728 |
) |
Proceeds
from exercise of options |
|
|
1,052 |
|
|
|
1,253 |
|
Transactions
with noncontrolling interests |
|
|
(1,169 |
) |
|
|
- |
|
Dividends
declared and paid |
|
|
(15,075 |
) |
|
|
(13,460 |
) |
NET CASH
USED IN FINANCING ACTIVITIES |
|
|
(96,458 |
) |
|
|
(90,935 |
) |
Effect of
changes in exchange rates on cash, cash equivalents and restricted
cash |
|
|
(1,346 |
) |
|
|
620 |
|
Net change
in cash, cash equivalents and restricted cash |
|
|
23,628 |
|
|
|
53,891 |
|
Cash, cash
equivalents and restricted cash, beginning balance |
|
|
169,893 |
|
|
|
159,383 |
|
CASH, CASH
EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE |
|
$ |
193,521 |
|
|
$ |
213,274 |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOWS INFORMATION: |
|
|
|
|
Cash paid
for income taxes |
|
|
1,542 |
|
|
|
1,833 |
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
Termination
of lease obligation - operating lease |
|
|
- |
|
|
|
837 |
|
Property,
plant and equipment increase due to transfer of right-of-use lease
asset |
|
|
- |
|
|
|
1,100 |
|
|
|
|
|
|
SEGMENT
REVENUES |
(In
thousands) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Revenues |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
North
American Realty |
|
$ |
1,274,621 |
|
|
$ |
1,219,345 |
|
|
$ |
2,201,758 |
|
|
$ |
2,056,459 |
|
International Realty |
|
|
20,316 |
|
|
|
11,991 |
|
|
|
35,912 |
|
|
|
22,748 |
|
Other
Affiliated Services |
|
|
1,467 |
|
|
|
1,072 |
|
|
|
— |
|
|
|
— |
|
Revenues
reconciliation: |
|
|
|
|
|
|
|
|
Segment
eliminations |
|
|
(1,160 |
) |
|
|
(1,292 |
) |
|
|
(2,627 |
) |
|
|
(2,387 |
) |
Consolidated
revenues |
|
$ |
1,295,244 |
|
|
$ |
1,231,116 |
|
|
$ |
2,238,298 |
|
|
$ |
2,079,569 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED
SEGMENT EBITDA |
(In
thousands) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
North
American Realty |
|
$ |
38,503 |
|
|
$ |
34,122 |
|
|
$ |
56,312 |
|
|
$ |
55,325 |
|
International Realty |
|
|
(2,376 |
) |
|
|
(3,782 |
) |
|
|
(5,731 |
) |
|
|
(7,458 |
) |
Other
Affiliated Services |
|
|
(988 |
) |
|
|
(1,168 |
) |
|
|
(1,755 |
) |
|
|
(1,849 |
) |
Corporate
expenses and other |
|
|
(2,325 |
) |
|
|
(2,325 |
) |
|
|
(4,968 |
) |
|
|
(4,548 |
) |
Consolidated
Adjusted EBITDA |
|
$ |
32,814 |
|
|
$ |
26,847 |
|
|
$ |
43,858 |
|
|
$ |
41,470 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
US-GAAP NET INCOME TO ADJUSTED NET INCOME
RECONCILIATION |
(In
thousands) |
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
Net income
(loss) |
|
$ |
12,383 |
|
|
$ |
9,422 |
|
$ |
(3,256 |
) |
|
$ |
10,875 |
Add
back: |
|
|
|
|
|
|
|
|
Net loss
from discontinued operations |
|
|
(617 |
) |
|
|
1,933 |
|
|
1,192 |
|
|
|
2,472 |
Litigation
contingency |
|
|
— |
|
|
|
— |
|
|
16,000 |
|
|
|
— |
Tax benefit
on litigation contingency |
|
|
— |
|
|
|
— |
|
|
(4,595 |
) |
|
|
— |
Adjusted net
(loss) income |
|
$ |
11,766 |
|
|
$ |
11,355 |
|
$ |
9,341 |
|
|
$ |
13,347 |
|
|
|
|
|
|
|
|
|
(Loss)
earnings per share: |
|
|
|
|
|
|
|
|
Adjusted
diluted, net (loss) income |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
$ |
0.06 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
153,580,879 |
|
|
|
153,249,120 |
|
|
154,160,607 |
|
|
|
152,899,883 |
Diluted |
|
|
155,984,147 |
|
|
|
156,693,959 |
|
|
154,160,607 |
|
|
|
156,119,627 |
ADJUSTED
OPERATING CASH FLOW |
(In
thousands) |
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
Net Cash
Provided by Operating Activities |
|
$ |
71,147 |
|
$ |
98,024 |
$ |
131,801 |
|
$ |
154,168 |
Less:
Customer Deposits |
|
|
10,707 |
|
|
33,472 |
|
41,946 |
|
|
50,854 |
Adjusted
Operating Cash Flow |
|
$ |
60,440 |
|
$ |
64,552 |
$ |
89,855 |
|
$ |
103,314 |
|
|
|
|
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0919c40-2502-4d1f-bbfa-ab2b78ce86df
Grafico Azioni eXp World (NASDAQ:EXPI)
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Da Set 2024 a Ott 2024
Grafico Azioni eXp World (NASDAQ:EXPI)
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Da Ott 2023 a Ott 2024