eXp World Holdings, Inc. (Nasdaq: EXPI), or
the “Company”, the holding company for eXp Realty®, FrameVR.io and
SUCCESS® Enterprises, today announced financial results for the
first quarter ended March 31, 2024.
“During the first quarter, our agents closed over $37 billion of
transactions, a 12% year-over-year increase, underscoring eXp’s
unparalleled scale in the cloud brokerage market we pioneered,”
said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO.
“We continue to provide our agents with the industry’s best
platform for growth and the resources they need to navigate today’s
dynamic real estate market. Under Leo Pareja’s leadership, I am
confident that eXp Realty will extend its leadership position in
the coming years and continue to redefine what it means to be the
most agent-centric real estate brokerage on the planet.”
“Coming off another quarter of market share gains, I couldn’t be
more excited to lead eXp Realty as the industry evolves,” said Leo
Pareja, eXp Realty CEO. “Like Glenn, I will always be an agent at
heart and ensure that eXp’s platform provides agents with
everything they need to sell more real estate and achieve their
financial goals faster than ever before. eXp Realty is the category
king of the cloud-based brokerage model and the only brokerage of
its kind operating at a significant scale. Our positive Adjusted
EBITDA position enables us to invest in training, technology, and
features that are unparalleled in the industry across the platform.
I’m committed to leveraging our scale and sizable investments to
increase operating efficiencies further, drive productivity and
provide agents and shareholders with long-term, sustainable value
for years to come.”
“We delivered a solid first quarter as we grew revenues 11% year
over year while generating significant cash flow and returning $41
million to shareholders through share repurchases and cash
dividends,” said Kent Cheng, Principal Financial Officer of eXp
World Holdings. “We also demonstrated clear progress on our $20
million profit improvement plan. Despite our industry-leading
efficiency, we believe there is further potential to improve as we
continue to optimize our processes and leverage our scale to
deliver higher margins and greater value for our shareholders.”
First Quarter 2024 Consolidated Financial Highlights as
Compared to the Same Year-Ago Period:
- First quarter revenue increased 11%
to $943 million, driven by increased agent productivity, a rise in
average home sales prices, and increased international production,
despite a challenging real estate market. U.S. transaction units
outperformed the market1.
- First quarter net (loss) income of
($15.6) million compared to $1.5 million net income in the first
quarter of 2023. First quarter net (loss) income per diluted share
of ($0.10) compared to net income per diluted share of $0.01 in the
year-ago quarter. First quarter net (loss) income included a $16
million (net of tax, $11.4 million) antitrust litigation
contingency provision.
- First quarter adjusted net (loss)
income (a non-GAAP financial measure)2 excluding antitrust
litigation contingency provision and discontinued operations was
($2.4) million compared to adjusted net income of $2.0 million in
the year-ago quarter. First quarter adjusted (loss) income per
diluted share of ($0.02) compared to adjusted net income per
diluted share of $0.01 in the first quarter of 2023.
- First quarter operating costs were
$80.5 million, a 12% increase compared to the first quarter of
2023. This increase was driven by strategic investments in
personnel to support increased transaction volumes and agent NPS
and increased severance and legal expenses.
- First quarter adjusted EBITDA3 (a
non-GAAP financial measure) of $11.0 million, a decrease of 24%
compared to the same period in previous year. Adjusted EBITDA was
lower year over year, due to higher operating costs partially
offset by higher revenue, net of agent commission and other
agent-related costs.
- As of March 31, 2024, cash and cash
equivalents totaled $109.2 million, compared to $122.8 million as
of March 31, 2023. The Company repurchased approximately $33.0
million of common stock during the first quarter of 2024.
- The Company paid a cash dividend for the first quarter of 2024
of $0.05 per share of common stock on March 29, 2024. On April 24,
2024, the Company’s Board of Directors declared a cash dividend of
$0.05 per share of common stock for the second quarter of 2024,
expected to be paid on May 27, 2024 to stockholders of record on
May 13, 2024.
First Quarter Operational Highlights as Compared to the
Same Year-Ago Period:
- eXp ended the first quarter of 2024
with a global agent Net Promoter Score of 73, up from 70 a year
ago. aNPS is a measure of agent satisfaction and an important key
performance indicator (KPI) given the Company’s intense focus on
improving the agent experience.
- Agents and brokers on the eXp
Realty platform decreased 2% year-over-year to 85,780 as of March
31, 2024 generally driven by the exiting of non-productive
agents.
- Transactions increased 8%
year-over-year to 110,976.
- Transaction volume increased 12%
year-over-year to $37.2 billion.
- eXp Realty appointed new executives
during the first quarter: Renee Kaspar as Chief Human Resources
Officer, Seth Siegler to Chief Innovation Officer, Sumanth Kamath
to Chief Technology Officer, and Felix Bravo to VP, Global
Growth.
- eXp Realty also named Leo Pareja as
Chief Executive Officer on April 4, 2024 and Wendy Forsythe as
Chief Marketing Officer on April 26, 2024.
First Quarter 2024 Results – Virtual Fireside
Chat
The Company will hold a virtual fireside chat and investor
Q&A with eXp World Holdings Founder and CEO Glenn Sanford, eXp
Realty CEO Leo Pareja and eXp World Holdings Principal Financial
Officer and Chief Accounting Officer, Kent Cheng on Wednesday, May
1, 2024 at 2 p.m. PT / 5 p.m. ET.
The investor Q&A is open to investors, current stockholders
and anyone interested in learning more about eXp World Holdings and
its companies. Submit questions in advance for inclusion to
investors@eXpWorldHoldings.com.
Date: Wednesday, May 1,
2024
Time: 2 p.m. PT / 5 p.m. ET
Location: exp.world. Join at
https://exp.world/earnings
Livestream: expworldholdings.com/events
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company
for eXp Realty®, FrameVR.io and SUCCESS® Enterprises.
eXp Realty is the largest independent real estate company in the
world with more than 85,000 agents in the United States, Canada,
the United Kingdom, Australia, France, India, Mexico, Portugal,
South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia,
Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New
Zealand, Chile, Poland and Dubai and continues to scale
internationally. As a publicly traded company, eXp World Holdings
provides real estate professionals the unique opportunity to earn
equity awards for production goals and contributions to overall
company growth. eXp World Holdings and its businesses offer a full
suite of brokerage and real estate tech solutions, including an
innovative residential and commercial brokerage model, professional
services, collaborative tools and personal development. The
cloud-based brokerage is powered by FrameVR.io technology, offering
immersive 3D platforms that are deeply social and collaborative,
enabling agents to be more connected and productive. SUCCESS®
Enterprises, anchored by SUCCESS® magazine and its related media
properties, was established in 1897 and is a leading personal and
professional development brand and publication.
For more information, visit https://expworldholdings.com.
eXp World Holdings, Inc. intends to use its Investor Relations
website, its X (formerly Twitter) feed (@eXpWorldIR), Facebook page
(https://www.facebook.com/eXpWorldHoldings), Instagram account
(@eXpWorldHoldings), LinkedIn page
(https://www.linkedin.com/company/expworldholdings/), as well as
eXp Realty, LLC’s X (formerly Twitter) feed (@eXpRealty), Facebook
page (https://www.facebook.com/eXpRealty), Instagram account
(@eXpRealty_), and LinkedIn account
(https://www.linkedin.com/company/exp-realty/) as a means of
disclosing material non-public information and to comply with its
disclosure obligations under Regulation FD.
Use of Non-GAAP Financial
Measures
To provide investors with additional information regarding our
financial results, this chat deck includes references to adjusted
EBITDA, adjusted net income, and adjusted operating cash flow,
which are non-U.S. GAAP financial measures that may be different
from similarly titled measures used by other companies. These
measures are 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 non-GAAP financial measures provide useful
information about financial performance, enhance the overall
understanding of past performance and future prospects, and allow
for greater transparency with respect to key metrics used by
management for financial and operational decision-making. These
measures may also provide an additional tool for investors to use
in comparing core financial performance over multiple periods with
other companies in the industry.
- Adjusted EBITDA helps identify underlying trends in the
business that could otherwise be masked by the effect of the
expenses 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 adjusted EBITDA to mean net income
(loss) from continuing operations, excluding other income
(expense), income tax benefit (expense), depreciation,
amortization, impairment charges, litigation contingency expenses,
stock-based compensation expense, and stock option expense.
- Adjusted net (loss) income excludes significant non-operating
related expenses that management does not consider ongoing in
nature. The Company defines adjusted net (loss) income as net
(loss) income adjusted for net loss from discontinued operations
and the after-tax impact of the litigation contingency
accrual.
- Adjusted operating cash flow helps
investors see the Company’s performance through the eyes of
management. The Company defines adjusted operating cash flow to
mean cash flows from operations excluding the change in customer
deposits.
Adjusted EBITDA, adjusted net (loss) income, and adjusted
operating cash flow should not be considered in isolation from, or
as a substitute for, financial information prepared in accordance
with U.S. GAAP.
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. These statements include, but are not
limited to, statements about future cost saving measures; the
continued growth of our agent and broker base; improvements in
technology and operational processes; revenue growth; dividends;
and financial performance. Such forward-looking statements speak
only as of the date hereof, and the Company undertakes no
obligation to revise or update them. 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; outcomes of ongoing litigation; 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.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
|
|
|
|
|
|
|
EXP WORLD
HOLDINGS, INC. |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In
thousands, except share amounts and per share data) |
|
|
|
|
|
Three Months
Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues |
|
$ |
943,054 |
|
|
$ |
848,453 |
|
|
Operating
expenses |
|
|
|
|
|
Commissions and other agent-related costs |
|
|
864,746 |
|
|
|
776,838 |
|
|
General and administrative expenses |
|
|
62,582 |
|
|
|
54,626 |
|
|
Technology and development expenses |
|
|
14,761 |
|
|
|
14,060 |
|
|
Sales and marketing expenses |
|
|
3,139 |
|
|
|
2,927 |
|
|
Litigation contingency |
|
|
16,000 |
|
|
|
- |
|
|
Total operating expenses |
|
|
961,228 |
|
|
|
848,451 |
|
|
Operating (loss) income |
|
|
(18,174 |
) |
|
|
2 |
|
|
Other (income) expense |
|
|
|
|
|
Other (income) expense, net |
|
|
(1,188 |
) |
|
|
(874 |
) |
|
Equity in losses of unconsolidated affiliates |
|
|
149 |
|
|
|
342 |
|
|
Total other (income) expense, net |
|
|
(1,039 |
) |
|
|
(532 |
) |
|
Income (loss) before income tax expense |
|
|
(17,135 |
) |
|
|
534 |
|
|
Income tax
(benefit) expense |
|
|
(3,305 |
) |
|
|
(1,458 |
) |
|
(Loss) income from continuing operations |
|
|
(13,830 |
) |
|
|
1,992 |
|
|
(Loss) income from discontinued operations, net of tax |
|
|
(1,809 |
) |
|
|
(539 |
) |
|
Net (loss) income |
|
$ |
(15,639 |
) |
|
$ |
1,453 |
|
|
(Loss)
earnings per share |
|
|
|
|
|
Basic, (loss) income from continuing operations |
|
$ |
(0.09 |
) |
|
$ |
0.01 |
|
|
Basic, (loss) income discontinued operations |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
Basic, net (loss) income |
|
|
(0.10 |
) |
|
|
0.01 |
|
|
Diluted, (loss) income from continuing operations |
|
|
(0.09 |
) |
|
|
0.01 |
|
|
Diluted, (loss) income from discontinued operations |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
Diluted, net (loss) income |
|
$ |
(0.10 |
) |
|
$ |
0.01 |
|
|
Weighted
average shares outstanding |
|
|
|
|
|
Basic |
|
|
154,740,334 |
|
|
|
152,546,766 |
|
|
Diluted |
|
|
154,740,334 |
|
|
|
155,668,712 |
|
|
Comprehensive (loss) income: |
|
|
|
|
|
Net (loss) income |
|
$ |
(15,639 |
) |
|
$ |
1,453 |
|
|
Other
comprehensive (loss) income: |
|
|
|
|
|
Foreign currency translation gain (loss), net of tax |
|
|
(889 |
) |
|
|
643 |
|
|
Comprehensive (loss) income attributable to eXp World Holdings,
Inc. |
|
$ |
(16,528 |
) |
|
$ |
2,096 |
|
|
|
|
|
|
|
The following tables reflects Revenues and Adjusted
Segment EBITDA by reportable segments:
SEGMENT
REVENUES |
(In
thousands) |
|
|
|
Three Months Ended March 31, |
Revenues |
|
|
2024 |
|
|
|
2023 |
|
North
American Realty |
|
$ |
927,137 |
|
|
$ |
837,114 |
|
International Realty |
|
|
15,596 |
|
|
|
10,758 |
|
Other
Affiliated Services |
|
|
1,788 |
|
|
|
1,677 |
|
Revenues
reconciliation: |
|
|
— |
|
|
|
— |
|
Segment eliminations |
|
|
(1,467 |
) |
|
|
(1,096 |
) |
Consolidated revenues |
|
$ |
943,054 |
|
|
$ |
848,453 |
|
|
|
|
|
|
ADJUSTED
SEGMENT EBITDA |
(In
thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
North
American Realty |
|
$ |
17,807 |
|
|
$ |
21,203 |
|
International Realty |
|
|
(3,355 |
) |
|
|
(3,676 |
) |
Other
Affiliated Services |
|
|
(767 |
) |
|
|
(681 |
) |
Corporate
expenses and other |
|
|
(2,643 |
) |
|
|
(2,223 |
) |
Consolidated
Adjusted EBITDA |
|
$ |
11,042 |
|
|
$ |
14,623 |
|
|
|
|
|
|
CONSOLIDATED
US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION |
(In
thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
(Loss)
income from continuing operations |
|
$ |
(13,830 |
) |
|
$ |
1,992 |
|
Other
(income) expense, net |
|
|
(1,039 |
) |
|
|
(532 |
) |
Income tax
(benefit) expense |
|
|
(3,305 |
) |
|
|
(1,458 |
) |
Depreciation
and amortization |
|
|
2,399 |
|
|
|
2,215 |
|
Litigation
contingency |
|
|
16,000 |
|
|
|
— |
|
Stock
compensation expense (1) |
|
|
8,827 |
|
|
|
9,660 |
|
Stock option
expense |
|
|
1,990 |
|
|
|
2,746 |
|
Adjusted
EBITDA |
|
$ |
11,042 |
|
|
$ |
14,623 |
|
|
|
|
|
|
(1) This includes agent growth incentive stock compensation expense
and stock compensation expense related to business
acquisitions. |
|
|
|
|
|
ADJUSTED
OPERATING CASH FLOW |
(In
thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
Net Cash
Provided by Operating Activities |
|
$ |
60,654 |
|
$ |
56,144 |
Less:
Customer Deposits |
|
|
31,239 |
|
|
17,382 |
Adjusted
Operating Cash Flow |
|
$ |
29,415 |
|
$ |
38,762 |
|
|
|
|
|
|
|
|
|
|
|
The following table reflects Adjusted Net
Income:
CONSOLIDATED
US-GAAP NET INCOME TO ADJUSTED NET INCOME
RECONCILIATION |
(In
thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
Net (loss)
income |
|
$ |
(15,639 |
) |
|
$ |
1,453 |
Add
back: |
|
|
|
|
Net loss from discontinued operations |
|
|
1,809 |
|
|
|
539 |
Litigation contingency |
|
|
16,000 |
|
|
|
— |
Tax benefit on litigation contingency |
|
|
(4,595 |
) |
|
|
— |
Adjusted net
(loss) income |
|
$ |
(2,425 |
) |
|
$ |
1,992 |
|
|
|
|
|
(Loss)
earnings per share: |
|
|
|
|
Adjusted
diluted, net (loss) income |
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
Basic |
|
|
154,740,334 |
|
|
|
152,546,766 |
Diluted |
|
|
154,740,334 |
|
|
|
155,668,712 |
|
|
|
|
|
|
EXP WORLD
HOLDINGS, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In
thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
109,169 |
|
|
$ |
125,873 |
|
|
Restricted cash |
|
|
74,735 |
|
|
|
44,020 |
|
|
Accounts receivable, net of allowance for credit losses of $2,363
and $2,303, respectively |
|
|
105,325 |
|
|
|
85,343 |
|
|
Prepaids and other assets |
|
|
9,517 |
|
|
|
9,275 |
|
|
Current assets of discontinued operations |
|
|
1,631 |
|
|
|
1,964 |
|
|
TOTAL CURRENT ASSETS |
|
|
300,377 |
|
|
|
266,475 |
|
|
Property,
plant, and equipment, net |
|
|
12,231 |
|
|
|
12,967 |
|
|
Operating
lease right-of-use assets |
|
|
7 |
|
|
|
10 |
|
|
Other
noncurrent assets |
|
|
11,058 |
|
|
|
7,400 |
|
|
Intangible
assets, net |
|
|
6,644 |
|
|
|
7,012 |
|
|
Deferred tax
assets |
|
|
73,955 |
|
|
|
69,034 |
|
|
Goodwill |
|
|
16,682 |
|
|
|
16,982 |
|
|
Noncurrent
assets of discontinued operations |
|
|
5,795 |
|
|
|
5,788 |
|
|
TOTAL ASSETS |
|
$ |
426,749 |
|
|
$ |
385,668 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts payable |
|
$ |
8,986 |
|
|
$ |
8,788 |
|
|
Customer deposits |
|
|
75,789 |
|
|
|
44,550 |
|
|
Accrued expenses |
|
|
102,104 |
|
|
|
86,483 |
|
|
Litigation contingency |
|
|
16,000 |
|
|
|
- |
|
|
Current portion of lease obligation - operating lease |
|
|
7 |
|
|
|
10 |
|
|
Current liabilities of discontinued operations |
|
|
1,406 |
|
|
|
1,809 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
204,292 |
|
|
|
141,640 |
|
|
Long-term payable |
|
|
20 |
|
|
|
20 |
|
|
TOTAL LIABILITIES |
|
$ |
204,312 |
|
|
$ |
141,660 |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Common Stock, $0.00001 par value 900,000,000 shares authorized;
186,361,476 issued and 154,846,563 outstanding at March 31, 2024;
183,606,708 issued and 154,669,037 outstanding at December 31,
2023 |
|
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
|
841,576 |
|
|
|
804,833 |
|
|
Treasury stock, at cost: 31,514,913 and 28,937,671 shares held,
respectively |
|
|
(578,591 |
) |
|
|
(545,559 |
) |
|
Accumulated deficit |
|
|
(39,993 |
) |
|
|
(16,769 |
) |
|
Accumulated other comprehensive (loss) income |
|
|
(557 |
) |
|
|
332 |
|
|
Total eXp World Holdings, Inc. stockholders' equity |
|
|
222,437 |
|
|
|
242,839 |
|
|
Equity attributable to noncontrolling interest |
|
|
- |
|
|
|
1,169 |
|
|
TOTAL EQUITY |
|
|
222,437 |
|
|
|
244,008 |
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
426,749 |
|
|
$ |
385,668 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
EXP WORLD
HOLDINGS, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In
thousands) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
OPERATING
ACTIVITIES |
|
|
|
|
|
Net (loss) income |
|
$ |
(15,639 |
) |
|
$ |
1,453 |
|
|
Reconciliation of net income (loss) to net cash provided by
operating activities: |
|
|
|
. |
|
Depreciation expense |
|
|
2,059 |
|
|
|
2,067 |
|
|
Amortization expense - intangible assets |
|
|
340 |
|
|
|
512 |
|
|
Loss on disposition of business |
|
|
- |
|
|
|
- |
|
|
Allowance for credit losses on receivables/bad debt on
receivables |
|
|
- |
|
|
|
- |
|
|
Equity in loss of unconsolidated affiliates |
|
|
149 |
|
|
|
342 |
|
|
Agent growth incentive stock compensation expense |
|
|
8,827 |
|
|
|
9,660 |
|
|
Stock option compensation |
|
|
1,990 |
|
|
|
2,761 |
|
|
Agent equity stock compensation expense |
|
|
25,868 |
|
|
|
26,775 |
|
|
Deferred income taxes, net |
|
|
(4,786 |
) |
|
|
277 |
|
|
Changes in
operating assets and liabilities: |
|
|
— |
|
|
|
— |
|
|
Accounts receivable |
|
|
(20,141 |
) |
|
|
(10,808 |
) |
|
Prepaids and other assets |
|
|
(311 |
) |
|
|
(3,722 |
) |
|
Customer deposits |
|
|
31,239 |
|
|
|
17,382 |
|
|
Accounts payable |
|
|
197 |
|
|
|
(1,310 |
) |
|
Accrued expenses |
|
|
14,703 |
|
|
|
17,200 |
|
|
Long term payable |
|
|
- |
|
|
|
(4,692 |
) |
|
Litigation contingency |
|
|
16,000 |
|
|
|
- |
|
|
Other operating activities |
|
|
- |
|
|
|
37 |
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
60,654 |
|
|
|
56,144 |
|
|
INVESTING
ACTIVITIES |
|
|
|
|
|
Purchases of property, plant, equipment |
|
|
(1,323 |
) |
|
|
(1,432 |
) |
|
Investments in unconsolidated affiliates |
|
|
(3,807 |
) |
|
|
(350 |
) |
|
Capitalized software development costs in intangible assets |
|
|
(115 |
) |
|
|
- |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(5,245 |
) |
|
|
(1,782 |
) |
|
FINANCING
ACTIVITIES |
|
|
|
|
|
Repurchase of common stock |
|
|
(33,032 |
) |
|
|
(29,916 |
) |
|
Proceeds from exercise of options |
|
|
977 |
|
|
|
307 |
|
|
Transactions with noncontrolling interests |
|
|
(1,169 |
) |
|
|
- |
|
|
Dividends declared and paid |
|
|
(7,585 |
) |
|
|
(6,596 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(40,809 |
) |
|
|
(36,205 |
) |
|
Effect of changes in exchange rates on cash, cash equivalents and
restricted cash |
|
|
(589 |
) |
|
|
594 |
|
|
Net change in cash, cash equivalents and restricted cash |
|
|
14,011 |
|
|
|
18,751 |
|
|
Cash, cash
equivalents and restricted cash, beginning balance |
|
|
169,893 |
|
|
|
159,383 |
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE |
|
$ |
183,904 |
|
|
$ |
178,134 |
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOWS INFORMATION: |
|
|
|
|
|
Cash paid for income taxes |
|
|
1,109 |
|
|
|
1,089 |
|
|
|
|
|
|
|
1 Based on home sales transaction growth and estimated market
share. Sources: Industry transactions based on NAR existing home
sales (assuming 2 sides per sale) and U.S. Census Bureau new home
sales (assuming 1 side per sale).2 A reconciliation of adjusted net
(loss) income to net (loss) income and a discussion of why
management believes adjusted net (loss) income, a non-GAAP measure,
is useful is included below.3 A reconciliation of adjusted EBITDA
to net (loss) income and a discussion of why management believes
adjusted EBITDA, a non-GAAP measure, is useful is included
below.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8235971f-9581-46c0-a18c-1d8ffa0c2bab
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