Q1 2021 Revenue Increased 115% to $584 Million Year-over-Year, Driven by Agent Growth of 77%
BELLINGHAM, Wash., May 06, 2021 (GLOBE NEWSWIRE) — eXp World Holdings, Inc. (Nasdaq: EXPI), (or the “Company”), the holding company for eXp Realty, Virbela and SUCCESS Enterprises, today announced financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Financial Highlights:
Revenue increased 115% to a record $583.8 million in the first quarter of 2021, compared to $271.4 million in the same year-ago quarter.
Gross profit increased 91% to $53.5 million in the first quarter of 2021, compared to $28.0 million in the same year-ago quarter.
Net income increased 3,348% to $4.8 million in the first quarter of 2021, compared to $0.1 million in the same year-ago quarter.
Adjusted EBITDA (a non-GAAP financial measure) increased 159% to $14.8 million in the first quarter of 2021, compared to $5.7 million in the same year-ago quarter.
Operating cash flow (a non-GAAP financial measure) increased 184% to $40.6 million in the first quarter of 2021, compared to $14.3 million in the same year-ago quarter.
As of March 31, 2021, cash and cash equivalents totaled $104.4 million, compared to $44.3 million as of March 31, 2020. The Company repurchased approximately $34.0 million of common stock during the first quarter of 2021.
Management Commentary
“As the fastest organically growing real estate brokerage in the world, we are making considerable progress with gaining market share in the U.S. and globally, having grown our agent base 77% year-over-year to exceed the 50,000-agent milestone in the quarter,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings.
“Our record first quarter revenue and profitability is a direct result of agents continuing to find success leveraging eXp’s unique brokerage model and agent value proposition. Not only are we experiencing an acceleration in the number of agents joining eXp, but the agents we are attracting have proved to be increasingly productive and our Net Promoter Score continues to climb.
“While the sustained strength in the broader real estate market has provided a complementary environment for our core operations, our record results are attributable to eXp’s commitment to surrounding our agents with an unmatched suite of tools and resources that drive positive engagement. This growth of our cloud-based business is being achieved entirely within our virtual working environment, which serves as a key differentiator for aggressively scaling our platform internationally, as well as in the U.S. where a significant opportunity to continue capturing market share remains. As we move forward, we will maintain our focus on finding innovative ways for real estate professionals to succeed in the most agent-centric model on the planet,” concluded Sanford.
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