BELLINGHAM, WASH. — Aug. 15, 2018 — eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings, Inc. (NASDAQ: EXPI), today announced that Lisa Lowe has joined the company as the broker for the District of Columbia. Lisa has more than 15 years of experience in the real estate industry as the broker of record for several offices and as a lead compliance officer.

At eXp Realty, Lisa will be responsible for the successful administration of the company’s brokerage operations in the District. She will support agents in the delivery of exceptional real estate brokerage service to their clients.

“Lisa brings a passion for helping agents excel in the real estate industry and an unmatched wealth of knowledge about compliance. We are excited to utilize her expertise in D.C. as well as across eXp Realty,” said Senior Vice President of Brokerage Operations Stacey Onnen.

Earlier in her career, Lisa was named to Long & Foster’s President’s Club and was recognized every year for a decade for increasing production year-over-year at Keller Williams Realty Centre.

About eXp Realty

eXp Realty, LLC, the largest residential real estate brokerage by geography in North America, is a subsidiary of eXp World Holdings, Inc. (NASDAQ: EXPI). eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its virtual campus environment. It is one of the fastest growing real estate brokerage firms in North America operating with 13,000 agents in 49 U.S. states, the District of Columbia, and three Canadian provinces. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

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

Connect with eXp Realty and eXp World Holdings:

• Facebook – Canada, United States, investor relations
• Twitter – United States, investor relations
• LinkedIn – Canada and United States

Media Relations Contact:

Cynthia Nowak
Vice president of marketing and communications, eXp Realty
360.419.5285 ext. 116
cynthia.nowak@exprealty.com

Investor Relations Contact:

Greg Falesnik
Managing director, MZ Group – MZ North America
949.385.6449
greg.falesnik@mzgroup.us

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.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest, income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

About eXp World Holdings

eXp World Holdings, Inc. (NASDAQ: EXPI) is the holding company for eXp Realty, LLC, the largest residential real estate brokerage by geography in North America. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its virtual campus environment. It is one of the fastest growing real estate brokerage firms in North America operating in 49 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s website at www.eXpRealty.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 company’s expansion, revenue growth, operating results, financial performance and net income changes. 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 Annual Report on Form 10-K.

Reported Consolidated Results

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
			June 30, 2018				December 31, 2017
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		$	15,567,430			$	4,672,034
	Restricted cash			2,894,294				923,193
	Accounts receivable, net of allowance $189,240 and $179,759, respectively			22,974,140				6,912,657
	Prepaids and other assets			679,465				591,034
	TOTAL CURRENT ASSETS			42,115,329				13,098,918
OTHER ASSETS
	Fixed assets, net			1,978,362				1,538,213
	TOTAL OTHER ASSETS			1,978,362				1,538,213
	TOTAL ASSETS		$	44,093,691			$	14,637,131
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
	Accounts payable		$	1,022,514			$	635,087
	Customer deposits			2,894,294				923,193
	Accrued expenses			25,217,704				8,818,180
	TOTAL CURRENT LIABILITIES			29,134,512				10,376,460
STOCKHOLDERS’ EQUITY
	Common Stock, $0.00001 par value 220,000,000 shares authorized;
	57,475,022 and 54,962,535 shares issued and outstanding at
	June 30, 2018 and December 31, 2017, respectively			575				550
	Additional paid-in capital			60,121,007				36,848,041
	Accumulated deficit			(45,179,377	)			(32,596,374	)
	Accumulated other comprehensive income (loss)			16,974				8,454
	TOTAL STOCKHOLDERS’ EQUITY			14,959,179				4,260,671
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	44,093,691			$	14,637,131

 

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
			Three Months Ended June 30,									Six Months Ended June 30,
				2018				2017					2018				2017
Revenues			$	130,542,808			$	38,980,941				$	192,505,339			$	60,509,124
Operating expenses
	Cost of revenues			118,119,212				34,740,874					173,820,728				53,701,009
	General and administrative			12,988,835				5,692,647					28,677,583				10,468,528
	Professional fees			596,781				318,383					1,189,146				682,843
	Sales and marketing			710,368				348,823					1,356,165				650,045
	Total expenses			132,415,196				41,100,727					205,043,622				65,502,425
Net loss from operations				(1,872,388	)			(2,119,786	)				(12,538,283	)			(4,993,301	)
Other income and (expenses)
	Interest expense			–				(3,762	)				–				(5,477	)
	Total other income and (expenses)			–				(3,762	)				–				(5,477	)
Loss before income tax expense				(1,872,388	)			(2,123,548	)				(12,538,283	)			(4,998,778	)
Income tax expense				(14,270	)			(23,747	)				(44,720	)			(48,338	)
Net loss			$	(1,886,658	)		$	(2,147,295	)			$	(12,583,003	)		$	(5,047,116	)
Net loss per share attributable to common shareholders
	Basic from continuing operations		$	(0.03	)		$	(0.04	)			$	(0.22	)		$	(0.10	)
	Diluted from continuing operations		$	(0.03	)		$	(0.04	)			$	(0.22	)		$	(0.10	)
Weighted average shares outstanding
	Basic			56,877,099				52,749,086					56,427,515				52,583,658
	Diluted			56,877,099				52,749,086					56,427,515				52,583,658

 

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
							Quarter to Date
Adjusted EBITDA Reconciliation, QTD	Mar-17			Jun-17			Sep-17			Dec-17			Mar-18			Jun-18
Net Income / (Loss)	$	(2,899,821	)	$	(2,147,296	)	$	(5,314,737	)	$	(11,769,111	)	$	(10,696,345	)	$	(1,886,658	)
Interest		1,715			3,762			58			(3,458	)		–			–
Taxes		24,591			23,747			3,277			45,619			30,450			14,270
Depreciation & Amortization		13,265			81,437			112,487			146,040			183,321			147,558
Stock Compensation		646,232			757,145			2,357,877			7,200,377			8,279,109			3,989,602
Stock Option (benefit)		1,467,735			1,126,195			1,971,394			2,290,705			1,301,702			1,181,969
Agent equity program
Adjusted EBITDA		(746,283	)		(155,010	)		(869,644	)		(2,089,829	)		(901,763	)		3,446,741

 

In prior quarters, when disclosing adjusted EBITDA, the Company included non-cash expenses related to its Agent Equity Program (AEP), a program whereby the Company grants awards of the Company’s common stock to agents for meeting certain achievements. Including the expense related to the AEP was incorrect and, as such, it has been excluded from the US-GAAP Net Income (Loss) To Adjusted EBITDA Reconciliation table above, resulting in a reduction to adjusted EBITDA as reported in the first quarter of 2018.

Connect with eXp Realty and eXp World Holdings:

• Facebook – Canada, United States, investor relations
• Twitter – United States, investor relations
• LinkedIn – Canada and United States

Media Relations Contact:

Cynthia Nowak
Vice president of marketing and communications, eXp Realty
360.419.5285 ext. 116
cynthia.nowak@exprealty.com

Investor Relations Contact:

Greg Falesnik
Managing director, MZ Group – MZ North America
949.385.6449
greg.falesnik@mzgroup.us

 

The post eXp World Holdings Reports Record Second Quarter 2018 Results appeared first on eXp World Holdings.

Honorees Recognized for Achieving High Production and Cultural Goals

BELLINGHAM, WASH. — Aug. 9, 2018 — eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings, Inc. (NASDAQ: EXPI), today announced 13 agents were honored as eXp Realty ICON agents for July 2018.

The eXp Realty ICON Agent Award recognizes agents who achieve certain production goals and represent a good cultural fit for the brokerage. At eXp Realty, our core values shape our culture, so we look at a number of factors such as how ICON agents make positive change in our company and local community.

eXp Realty ICON agents for July are as follows:

• Jeff Arzonico, North Carolina
• Derek Brandenburg, North Dakota
• Erin Catron, Oklahoma
• Steve Freeman, Georgia
• Christine Gioia, Arizona
• Michael Hagen, Kansas
• Dina Hogg, Arizona
• Clifton Johnson, Texas
• Heather Littrell, North Carolina
• Dawn Porras, Georgia
• Jake Rockwell, Oregon
• Jeremy Smith, Texas
• Kristin Sumpter, Arkansas

“We are so excited to welcome these outstanding agents into the eXp Realty ICON agent family. I am amazed by how this group of agents embodies eXp Realty’s core values through mentoring agents and volunteering in their local communities,” said eXp Realty President Vikki Bartholomae.

The eXp Realty ICON Agent Award provides each qualified ICON with up to $16,000 in publicly traded eXp World Holdings, Inc. common stock upon the achievement of certain production goals within an agent’s anniversary year. The company’s cap is presently set at $16,000. Through the program, ICONs effectively can earn up to their entire cap amount back in the form of stock. ICON agent qualification details are available on the ICON Agent Award page.

About eXp Realty

eXp Realty, LLC, the largest residential real estate brokerage by geography in North America, is a subsidiary of eXp World Holdings, Inc. (NASDAQ: EXPI). eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its virtual campus environment. It is one of the fastest growing real estate brokerage firms in North America operating in 49 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

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

Connect with eXp Realty and eXp World Holdings:

• Facebook – Canada, United States, investor relations
• Twitter – United States, investor relations
• LinkedIn – Canada and United States

Media Relations Contact:

Cynthia Nowak
Vice president of marketing and communications, eXp Realty
360.419.5285 ext. 116
cynthia.nowak@exprealty.com

Investor Relations Contact:

Greg Falesnik
Managing director, MZ Group – MZ North America
949.385.6449
greg.falesnik@mzgroup.us

 

The post eXp Realty Announces July ICON Agents appeared first on eXp World Holdings.