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Sep 30, 2022
eXp World Q3 2022 Earnings Report
eXp World Holdings reported record revenue with agent growth, but net income decreased compared to the same quarter last year.
Key Takeaways
eXp World Holdings reported a record third quarter revenue of $1.2 billion, a 12% increase year-over-year. Agent count increased by 30% to 84,911. However, net income decreased to $4.4 million, compared to $23.8 million in the same quarter last year. The company repurchased approximately $60 million of common stock and declared a cash dividend of $0.045 per share for Q4 2022.
Revenue increased 12% year-over-year to $1.2 billion.
Gross profit increased 17% to $93.1 million.
Net income was $4.4 million, compared to $23.8 million in the year-ago quarter.
Agent count increased 30% to 84,911.
Forward Guidance
eXp World Holdings expects to continue to gain market share and drive growth while focusing on increasing operating efficiencies for its business and its agents. The company remains confident in its ability to deliver market share growth over the long term, despite heading into a seasonally slower quarter.
Positive Outlook
- Continue to grow revenue and gain market share.
- Focus on increasing operating efficiencies for the business and agents.
- Industry-leading efficiency enables to be the most agent-centric brokerage on the planet.
- Positions to increase market leadership in a changing landscape.
- Confident in ability to deliver market share growth over the long term.
Challenges Ahead
- Increasingly challenging market.
- Seasonally slower quarter ahead.
- Difficulty of keeping expense growth at modest levels while increasing revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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