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eXp World Holdings Reports Record Second Quarter 2018 Results

eXp World Holdings Reports Record Second Quarter 2018 Results

Revenue Accelerates to $130.5 Million, 235% Year-over-year Increase

BELLINGHAM, WASH. — Aug. 13, 2018 — eXp World Holdings (NASDAQ: EXPI), the holding company for eXp Realty, the largest residential real estate brokerage by geography in North America, today announced financial results for the second quarter ended June 30, 2018.

“We received a number of industry honors this quarter due to our amazing agents as they continue to deliver top production numbers, including this quarter’s record transaction and volume levels,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “We are proud to be on this journey together, providing superior technology and agent support. This quarter also marked a pivotal day in the history of eXp Realty as we moved to Nasdaq.”

Second Quarter 2018 Financial Summary

  • Revenue increased 235% in the second quarter to a record $130.5 million, compared to $39 million in the second quarter of 2017. This represents sequential growth of 111%, compared to $62 million in the first quarter of 2018.
  • Gross margin grew 193% in the second quarter of 2018 to $12.4 million, compared to $4.2 million in the second quarter of 2017.
  • Net loss was $1.9 million, or $(0.03) per diluted share in the second quarter of 2018, compared to net loss of $2.1 million, or $(0.04) per diluted share, in the second quarter of 2017.
  • Adjusted EBITDA (a non-GAAP financial measure) significantly increased to $3.4 million in the second quarter of 2018, compared to a ($155,000) in the second quarter of 2017.
  • Cash flow from operations significantly increased to $8.6 million in the second quarter of 2018, compared to $475,065 in the second quarter of 2017.

Second Quarter 2018 Consolidated Operating and Business Highlights

  • Residential transaction sides closed in the second quarter of 2018 was 19,903, an increase of 214%, compared to 6,331 during the second quarter of 2017. This represents 110% sequential growth, compared to 9,473 during the first quarter of 2018.
  • Residential transaction volume closed in the second quarter of 2018 was $5.3 billion, an increase of 251%, compared to $1.5 billion during the second quarter of 2017. This represents 128% sequential growth, compared to $2.3 billion during the first quarter of 2018.
  • Agent count was 11,856 at the end of the second quarter of 2018, an increase of 203%, compared to 3,913 in the second quarter of 2017. This represents 28% sequential growth, compared to 9,290 at the end of the first quarter of 2018. During the early part of the third quarter, the Company made modifications to internal tracking of agent count. This led to a discrepancy in reporting during the month of June. The discrepancy has been identified and remedied and the Company is on track to end the year with an agent count between 16,000 and 20,000. As of July 31, 2018, the number of eXp Realty agents totaled 12,551.

 

Full article at: http://expworldholdings.com/2018/08/13/exp-world-holdings-reports-record-second-quarter-2018-results/ 

eXp Realty Founder Glenn Sanford Named Most Innovative Broker Owner in 2018 Inman Innovator Awards

eXp Realty Founder Glenn Sanford Named Most Innovative Broker Owner in 2018 Inman Innovator Awards

BELLINGHAM, WASH. — July 19, 2018 — eXp Realty (NASDAQ: EXPI), a subsidiary of eXp World Holdings and the largest residential real estate brokerage by geography in North America, today announced that Founder Glenn Sanford won a 2018 Inman Innovator Award for Most Innovative Broker Owner.

“I am honored to carry home the Most Innovative Broker Owner Award for the more than 13,000 agents and staff who make eXp Realty such an amazing place to work. It has been a real treat to spend time with the other finalists, speakers and idea-makers this week at Inman Connect,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “Innovation is one of our core values that we have embraced from our first day in business, so this award is a culmination of the team’s hard work.”

The Inman Innovator Awards winners are selected by the Inman News editorial team and represent companies or individuals who consistently try new things, adopt new technology, create a new culture or approach to real estate or has figured out how to achieve an unmatched level of success.

Full article at: http://expworldholdings.com/2018/07/19/exp-realty-founder-glenn-sanford-named-innovative-broker-owner-2018-inman-innovator-awards/

eXp Realty is an Inman Innovator Awards Finalist

eXp Realty is an Inman Innovator Awards Finalist

We’re extremely pleased to announce that eXp Realty is a 2018 Inman Innovator Awards finalist for “Most Innovative Real Estate Company”! The Inman Innovator Awards are given each year to recognize and celebrate industry innovation and accomplishments. This is eXp Realty’s second consecutive year as a finalist.

Also, help us congratulate the Curtis Johnson Team in Arizona for being a finalist in the “Most Innovative Team” category.

The Innovator Award winners will be announced live at Inman Connect in San Francisco on July 19.

Full article at: https://exprealty.us2.list-manage.com/track/click?u=298aec5d75f6f69583f0a3544&id=f3dabe96b4&e=9058ba8803

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