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Nov 16 2020

eXp World Holdings to Present at Stephens 2020 Virtual Investment Conference

Glenn Sanford, CEO, and Jeff Whiteside, CFO, to Present November 17, 2020

BELLINGHAM, Wash. — Nov. 16, 2020 — eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty and Virbela, today announced that management will present at the Stephens 2020 Virtual Investment Conference taking place virtually on November 17, 2020.

Glenn Sanford, Founder, Chairman and CEO, and Jeff Whiteside, CFO, are scheduled to host a virtual fireside chat during the conference as follows and will participate in one-on-one meetings throughout the day.

Stephens 2020 Virtual Investment Conference

Date: Tuesday, November 17, 2020

Presentation Time: 4:00 p.m. EST (1:00 p.m. PST)

Webcast:  https://kvgo.com/stephens/exp-world-holdings-november-2020

A live audio webcast and archive of the conference presentation will be available using the webcast link above. Conference participation is by invitation only and registration is mandatory. For more information, or to schedule a virtual one-on-one meeting, please contact your conference representative.

About eXp Realty

eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty and Virbela.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

Virbela builds virtual worlds for remote work, education, and events. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at virbela.com.

Connect with eXp World Holdings and its companies: https://expworldholdings.com.

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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; 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.

Investor Relations Contact:
Greg Falesnik
MZ Group – MZ North America
investors@expworldholdings.com
949-385-6449

Media Relations Contact:
eXp Realty
press@exprealty.net

The post eXp World Holdings to Present at Stephens 2020 Virtual Investment Conference appeared first on eXp World Holdings.

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Nov 12 2020

eXp World Holdings to Acquire Leading Personal Development Media Brand, SUCCESS Enterprises

SUCCESS Acquisition Expands Reach Into Entrepreneurial, Personal Development and Leadership Market 

BELLINGHAM, Wash. — Nov. 12, 2020 – eXp World Holdings, Inc. (Nasdaq: EXPI), the parent company of eXp Realty and Virbela, today announced the pending acquisition of SUCCESS Enterprises and its related media properties, including SUCCESS print magazine, SUCCESS.com, SUCCESS newsletters, podcasts, digital training courses and affiliated social media accounts across platforms. 

SUCCESS is a 123-year-old company with substantial brand recognition in the personal development industry, a global market valued at $38 billion in 2019, according to Grand View Research. Through the acquisition, eXp World Holdings will obtain SUCCESS’s established print distribution model and digital footprint, which has a combined reach of over 6 million including print readers, SUCCESS.com website visitors and social media followers. The acquisition also includes valuable intellectual property and assets in the personal development industry, which eXp will leverage to enhance all of the eXp brands while expanding SUCCESS’s reach.

The addition of SUCCESS will amplify eXp’s existing efforts to teach personal development skills. Through SUCCESS’s established print and digital platforms and eXp’s immersive 3D Virbela technology, eXp plans to create an ecosystem to support content, coaching, training and events in the entrepreneurial, personal development and leadership space. One of the first initiatives is to create on-demand coaching and best-in-class digital courses for business leaders across the country.

“From inception, eXp has valued personal development as a key underpinning of the success of real estate professionals. We began distributing SUCCESS magazine to every eXp agent and broker as a part of this commitment to help them succeed at the highest level,” said eXp World Holdings CEO and Founder Glenn Sanford. “When the opportunity to acquire SUCCESS was presented to me by Stuart Johnson and Success Partners, I was all over it, because of what the publication means to me and to so many sales people and entrepreneurs. Our goal is to continue to invest and expand the SUCCESS brand. By extension, this will be an investment in our agents, brokers and eXp staff, as well as a value-add for the existing SUCCESS audience.”

SUCCESS and its assets were previously owned by Success Partners, based in Plano, Texas.

“In considering the sale of an institution as meaningful and influential as SUCCESS, I wanted to entrust the brand with new ownership that would continue to serve the legacy SUCCESS audience,” said Success Partners CEO and Founder Stuart Johnson. “I know Glenn Sanford’s vision, values and integrity. During their upcoming stewardship, I am confident he and eXp will always put the community first.” 

“The mission of eXp World Holdings and SUCCESS are naturally aligned,” said SUCCESS magazine’s Editor-in-Chief Josh Ellis. “More people than ever are seeking work in the freelance or gig economy, as well as all forms of ‘solopreneurship’. To compete in this growing marketplace, many will pursue the personal development resources required to help them learn new skills. Our first offering together will combine our expertise and perspective with eXp’s immersive technology platform Virbela to help these people reach their greatest potential.” 

Throughout the transition of ownership, SUCCESS will remain led by a talented team of journalists and strategists including Chief Storytelling Officer Kindra Hall, Director of Digital & Commerce Lauren Cannon and Ellis. SUCCESS also welcomes Don Hobbs who is joining the team as President of SUCCESS Enterprises and will lead strategy and brand expansion.

“I am honored to contribute to SUCCESS’s 123-year legacy and to bring my strategy and brand development expertise to the team,” said Hobbs. “SUCCESS’s long-standing history paired with eXp’s forward-thinking vision creates a timelessness that elevates both brands and promotes continued growth.”

The acquisition is currently in the early stages and is expected to be completed by first quarter 2021. For more information about eXp World Holdings and their subsidiaries go to www.expworldholdings.com.

About SUCCESS

SUCCESS is a U.S.-based business magazine that was founded in 1897 by achievement philosopher Orison Swett Marden. In its 123-year lifespan, SUCCESS has become one the leading publications in the United States covering personal and professional development through inspiration, motivation and training. In addition to SUCCESS magazine, the brand’s media properties include SUCCESS.com, SUCCESS newsletters, podcasts, digital training courses and affiliated social media accounts across platforms. 

About eXp World Holdings, Inc. 

eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty and Virbela. 

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at virbela.com.

For more information, please visit the company’s website at https://expworldholdings.com.

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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; 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.

Investor Relations Contact:
Greg Falesnik
MZ Group – MZ North America
investors@expworldholdings.com
949-385-6449

Media Relations Contact:
eXp Realty
press@exprealty.net

 

The post eXp World Holdings to Acquire Leading Personal Development Media Brand, SUCCESS Enterprises appeared first on eXp World Holdings.

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Nov 11 2020

eXp World Holdings Expands its Commercial Real Estate Network Across the Nation

Company expects to launch operations in all 50 U.S. states by end of 2020

BELLINGHAM, Wash. — November 11, 2020 — eXp World Holdings, Inc. (Nasdaq: EXPI), one of the fastest-growing residential and commercial real estate companies in the country, today announced the expansion of its commercial real estate operations for eXp Commercial into 35 states. eXp Commercial expects to be in all 50 U.S. states by the end of 2020.

“eXp Commercial is attracting top-producing agents with its innovative cloud-based environment and attractive economics for agents and brokers,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “By the end of 2020, we expect to extend eXp Commercial’s reach into all 50 states, and look forward to welcoming many more agents from across the country into the commercial business.”

Through the company’s unique financial model, eXp Commercial offers commercial real estate agents compelling incentives, such as one of the most competitive commission packages in the real estate industry and opportunities to earn stock awards. Additionally, eXp Commercial agents and eXp Realty agents can collaborate for referrals, which also provides proprietary marketing resources, including the company’s cloud-based virtual environment and a customized technology platform. Technology from CoStar will also be made available to enhance virtual prospecting, sales, training and communications.

eXp announced plans to expand into the commercial real estate industry at the end of the second quarter 2020. In September, eXp World Holdings announced that James Huang, an industry veteran with more than 20 years of commercial real estate experience, was appointed as President of eXp Commercial.

“Agents all over the country have recognized that the eXp model positions them for market success, despite challenges brought on by the global pandemic,” said Huang. “This year, many commercial brokers have been forced to cut spending and operations. Agents that have adopted the eXp model have very low overhead and no need for a brick-and-mortar location. We firmly believe that this is the right time to build on the success of eXp and to earn new business.”

To learn more about eXp Commercial, visit www.expcommercial.com.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty, eXp Commercial and Virbela.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at www.virbela.com.

For more information, please visit the company’s website at  https://expworldholdings.com/.

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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; 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.

Investor Relations Contact:
Greg Falesnik
MZ Group – MZ North America
investors@expworldholdings.com
949-385-6449

Media Relations Contact:
eXp Realty
press@exprealty.net

The post eXp World Holdings Expands its Commercial Real Estate Network Across the Nation appeared first on eXp World Holdings.

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Nov 10 2020

Virbela Announces Record User Growth and International Adoption in Third Quarter 2020

Several New Language Capabilities Added to Meet Global Demand for the Virtual World Platform

SAN DIEGO — November 10, 2020 — Virbela, a virtual world platform for remote work, education, and events, today announced continued growth and momentum in the third quarter of 2020. Part of eXp World Holdings (Nasdaq: EXPI), Virbela saw a 78% increase in new users over the second quarter, while international markets accounted for more than 50% of new user growth in the third quarter. As the global pandemic has forced organizations to adapt to a work-from-anywhere environment, Virbela’s momentum speaks to the growing demand and market opportunity for virtual worlds and immersive collaboration solutions.

“This past year has brought a global surge of interest in new tools for remote work, distance learning and virtual events. People are burned out from the overload of video conferencing, and organizations are looking for solutions that recreate the community and social benefits of in-person interactions,” said Alex Howland, president and co-founder of Virbela. “Virbela is building immersive, virtual environments to solve these real-world problems. We’ve seen incredible adoption and are introducing new features to help people collaborate and stay connected, no matter where they are in the world.”

International Growth and Adoption

While Virbela continued to see strong user adoption across the U.S., Canada, Europe, and Asia in the third quarter, the biggest influx of new users came from Latin America, including Mexico, Colombia, Argentina, and Brazil. Penta Marketing, an agency that specializes in experiential marketing and 3D virtual events across Latin America, partnered with Virbela to create immersive event experiences for their clients, including Mercedes-Benz, Mobil, and Samsung.

“The pandemic has had a tremendous impact on the events industry, altering the way we communicate and interact with one another,” said Camilo Caicedo, CEO of Penta Marketing. “When Penta pivoted from hosting in-person events, we chose Virbela as our go-to partner for 3D virtual events because the platform is intuitive, customizable, and there are no barriers to entry. The alliance between a disruptive software like Virbela and our agency, which has more than 25 years of event production experience, has been the real key to success.”

To keep pace with global demand, Virbela added five new languages for international customers in the third quarter, including Brazilian Portuguese, Chinese (simple and traditional), French, and Spanish. German and Japanese localization is expected to be added before the end of the year.

Virtual Worlds Bring In-Person Experiences to Life Online 

Organizations around the world are undergoing a digital transformation and turning to Virbela to bring their business and in-person experiences to life online — from remote work and learning to virtual events. Virbela offers an immersive 3D environment that is easy-to-use, collaborative, and helps organizations of all sizes build communities that foster culture, promote diversity, and are accessible to all, regardless of technology or location.

Q3 2020 customer highlights include:

    • Children’s Miracle Network Hospitals, a non-profit that raises funds for children’s hospitals in the U.S. and Canada, held its Fall Business Meeting 2020 in Virbela. Over the course of three days, attendees participated in a series of educational sessions and networking activities. The virtual format showed a 23% increase in attendees from the previous year.
    • DXC Technology, a global IT services provider, has been using Virbela for daily stand-ups and collaboration sessions within its Workplace & Mobility practice, with plans to host both internal and client events in the near future.
    • Junior NBA World Championship turned to Event Farm and Virbela to create a cross-cultural virtual event experience for its youth basketball tournament. Players from around the world used avatars to interact with one another and featured content from NBA and WNBA teams, live programming from NBA coaches, and music performances.
    • HTC VIVE, a leader in virtual reality solutions, partnered with Virbela to launch its VIVE XR Suite for remote workplace collaboration. The VIVE Campus, part of XR Suite, enables organizations to maintain office space, work remotely across teams and regions, and attend events on a virtual campus powered by Virbela.
    • MIT Sloan, the business school of MIT, is integrating its curriculum onto Virbela, starting with an executive education digital reality course program inside the virtual world campus.
    • Sunderland University in the United Kingdom held its annual welcome week in Virbela to kick off the new school year, bringing together thousands of students for meet ups with staff, fellow students, sports clubs, interactive fitness sessions, among other activities.

This week, eXp World Holdings is hosting the industry’s largest real estate event, EXPCON, on Virbela’s virtual world platform. For the first time, the event is taking place virtually, bringing together more than 10,000 agents, staff, and guests from around the world to connect with eXp leadership, hear from industry experts, and attend breakout sessions with other professionals.

About Virbela and eXp World Holdings

eXp World Holdings, Inc. (Nasdaq: EXPI) owns Virbela and eXp Realty.

Virbela builds virtual worlds for remote work, education, and events. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at virbela.com.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.expworldholdings.com.

Contact

media@virbela.com

 

The post Virbela Announces Record User Growth and International Adoption in Third Quarter 2020 appeared first on eXp World Holdings.

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Nov 09 2020

eXp World Holdings Reports Record Third Quarter Financial Results

Q3 2020 Revenues Increase 100% to $564 Million, Drives Net Income of $14.9 Million

BELLINGHAM, Wash., Nov. 09, 2020 (GLOBE NEWSWIRE) — eXp World Holdings, Inc. (NASDAQ: EXPI), the parent company for eXp Realty and Virbela, today announced financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial Summary

  • Revenue increased by 100% to a record $564.0 million in the third quarter of 2020, compared to $282.2 million in the third quarter of 2019
  • Gross profit increased 103% to $46.8 million in the third quarter of 2020, compared to $23.0 million in the third quarter of 2019
  • Net income was $14.9 million, or $0.20 per diluted share, in the third quarter of 2020, compared to a net loss of $1.8 million, or $(0.03) per diluted share, in the third quarter of 2019. The third quarter of 2020 represents the most profitable quarter in the Company’s history
  • Adjusted EBITDA (a non-GAAP financial measure) increased 512% to $21.8 million in the third quarter of 2020, compared to $3.6 million in the third quarter of 2019
  • Cash flow from operating activities increased 188% to $43.2 million in the third quarter of 2020, compared to $15.0 million in the third quarter of 2019

Management Commentary

“The third quarter of 2020 was highlighted by our record-breaking financial results, driving the most profitable quarter in the company’s history by our continual focus on being the most agent-centric brokerage on the planet,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Despite the unprecedented in-person business restrictions related to COVID-19, our agents were able to continue leveraging our virtual platform to conduct business as usual and close a record number of transactions this quarter. Our continued success is a testament to our long-held, agent-first and cloud-based approach to business, which has enabled us to uniquely thrive in the current environment. Not surprisingly, Virbela—our virtual business platform that supports our entire agent base—is also experiencing a sustained increase in adoption by companies, universities and government agencies seeking remote work and distance learning alternatives.”

“Our clear financial incentives continue to drive successful agents to our platform, as we added more agents than ever before in the third quarter, which now totals more than 38,000 globally. As we look ahead throughout the remainder of the year and into 2021, we expect to continue adding agents at a rapid pace and growing our overall residential real estate business, both domestically and abroad,” concluded, Sanford.

Third Quarter 2020 Operational Highlights

  • Agents and brokers on the eXp Realty platform increased 56% to 35,877 at the end of the third quarter of 2020, compared to 23,034 in the same year-ago quarter.
  • Residential transaction sides closed in the third quarter of 2020 increased 95% to 75,392, compared to 38,567 in the same year-ago quarter.
  • Residential transaction volume closed in the third quarter of 2020 increased 112% to $23.6 billion, compared to $11.1 billion in the same year-ago quarter.
  • eXp Realty earned a 73 global Net Promoter Score, a measure of agent satisfaction, through an intense focus on the agent experience.

“The momentum we saw in agent and revenue growth in the third quarter is expected to continue into the fourth quarter of 2020 and beyond,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “We’re particularly excited about a few key growth areas taking shape by the end of 2020. Not only do we expect to continue our international expansion efforts by launching brokerage operations in key markets, including South Africa, India and Mexico, but we are also moving forward with the rollout of eXp Commercial and our continued introduction of affiliated services, which ultimately, we expect to drive long-term value for our shareholders.”

Third Quarter 2020 Financial Results – Virtual Fireside Chat

The company will hold a virtual fireside chat and investor Q&A session with eXp World Holdings Founder and CEO, Glenn Sanford, and CFO, Jeff Whiteside, on Tuesday, November 10, 2020 to discuss third quarter financial results and recent achievements.

Date: Tuesday, November 10, 2020
Time: 11:00 a.m. EST (8:00 a.m. PST)
Location: Virbela Open Campus in the Auditorium (Join at www.virbela.com)
Livestream Link: expworldholdings.com/events

About eXp World Holdings

eXp World Holdings, Inc. (NASDAQ: EXPI) owns eXp Realty and Virbela.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at www.virbela.com.

For more information, please visit the company’s website at www.expworldholdings.com.

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 and may be different than similarly titled measures used by other companies. It 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 Adjusted EBITDA provides useful information about financial performance, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to a key metric used by management for financial and operational decision-making. Adjusted EBITDA helps identify underlying trends in the business that otherwise could be masked by the effect of the expenses that are 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 the non-U.S. GAAP financial measure of Adjusted EBITDA to mean net income (loss), excluding other income (expense), income tax expense, depreciation and amortization; stock-based compensation expense, and stock option expense. Adjusted EBITDA may assist investors in seeing financial performance through the eyes of management, and may provide an additional tool for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to Net Income (Loss), the closest comparable U.S. GAAP measure. Some of these limitations are that:

  • Adjusted EBITDA excludes stock-based compensation expense and stock option expense, which have been, and will continue to be for the foreseeable future, significant recurring expenses in the business and an important part of the compensation strategy; and
  • Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets and, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future.

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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; 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.

Investor Relations Contact:

Greg Falesnik or Brooks Hamilton
MZ Group–MZ North America
investors@expworldholdings.com

Media Relations Contact:

eXp Realty
press@exprealty.net

 

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
September 30, 2020 December 31, 2019
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 91,871 $ 40,087
Restricted cash 22,115 6,987
Accounts receivable, net of allowance for credit losses of $1,346 and allowance for bad debt of $137, respectively 93,482 28,196
Prepaids and other assets 3,056 3,549
TOTAL CURRENT ASSETS 210,524 78,819
Property, plant, and equipment, net 6,751 5,428
Operating lease right-of-use assets 839 1,264
Other noncurrent assets 7 16
Intangible assets, net 3,521 2,677
Goodwill 10,558 8,248
TOTAL ASSETS $ 232,200 $ 96,452
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,610 $ 2,593
Customer deposits 22,115 6,987
Accrued expenses 91,333 31,034
Current portion of long-term payable 1,492 916
Current portion of lease obligation – operating lease 720 435
TOTAL CURRENT LIABILITIES 118,270 41,965
Long-term payable, net of current portion 2,749 1,530
Long-term lease obligation – operating lease, net of current portion 118 829
TOTAL LIABILITIES 121,137 44,324
EQUITY
Common Stock, $0.00001 par value 220,000,000 shares authorized; 72,321,867 issued and 69,952,115 outstanding in 2020; 66,199,308 issued and 65,273,944 outstanding in 2019 1 1
Additional paid-in capital 187,675 130,682
Treasury stock, at cost: 2,369,752 and 925,364 shares held, respectively (29,953 ) (8,623 )
Accumulated deficit (46,883 ) (70,293 )
Accumulated other comprehensive income 71 200
Total eXp World Holdings, Inc. stockholders’ equity 110,911 51,967
Equity attributable to noncontrolling interest 152 161
TOTAL EQUITY 111,063 52,128
TOTAL LIABILITIES AND EQUITY $ 232,200 $ 96,452

 

 

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share amounts and per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Revenues $ 564,017 $ 282,179 $ 1,188,963 $ 705,918
Operating expenses
Commissions and other agent-related costs 517,169 259,141 1,079,739 646,270
General and administrative expenses 30,130 23,597 82,145 66,503
Sales and marketing expenses 1,495 1,083 3,326 3,043
Total operating expenses 548,794 283,821 1,165,210 715,816
Operating income (loss) 15,223 (1,642 ) 23,753 (9,898 )
Other expense
Other expense, net 80 173 129 198
Equity in losses of unconsolidated affiliates – – 34 –
Total other expense, net 80 173 163 198
Income (loss) before income tax expense 15,143 (1,815 ) 23,590 (10,096 )
Income tax expense 225 32 295 243
Net income (loss) 14,918 (1,847 ) 23,295 (10,339 )
Net loss attributable to noncontrolling interest 52 – 115 –
Net income (loss) attributable to eXp World Holdings, Inc. $ 14,970 $ (1,847 ) $ 23,410 $ (10,339 )
Earnings (loss) per share
Basic $ 0.22 $ (0.03 ) $ 0.35 $ (0.17 )
Diluted $ 0.20 $ (0.03 ) $ 0.32 $ (0.17 )
Weighted average shares outstanding
Basic 69,256,733 63,197,495 67,603,551 61,834,376
Diluted 75,653,407 63,197,495 73,548,056 61,834,376

 

 

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Net income (loss) $ 14,918 $ (1,847 ) $ 23,295 $ (10,339 )
Other expense, net 80 173 163 198
Income tax expense 225 32 295 243
Depreciation & amortization expense (1) 1,005 642 2,785 1,616
Stock compensation expense 3,711 3,503 10,476 10,760
Stock option expense 1,879 1,060 4,179 4,106
Adjusted EBITDA $ 21,818 $ 3,563 $ 41,193 $ 6,584
(1) Note, stock payable amortization is included in other expense as such is not included in this amortization expense

 

 



 

The post eXp World Holdings Reports Record Third Quarter Financial Results appeared first on eXp World Holdings.

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