eXp World Holdings, the parent company for eXp Realty, announced second quarter revenue of $1.4 billion, a 42% increase over the same quarter last year. Gross profit for the company also increased by 34% to $107.3 million. Adjusted EBITDA is now $26.9 million.
Member retention continued to be high in the quarter and agents and brokers on the eXp Realty platform increased by 42%, reaching more than 82,000 at the end of June.
“During the second quarter, eXp continued to increase its market share and revenue to record levels, reinforcing that our model was built for all market conditions and that our agent value proposition resonates around the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “We are focused on strengthening our platform to provide even better support to our agents through technology, operations, training, coaching and community. In the third quarter, we acquired Zoocasa, providing an exponential boost to Canadian agents that we expect to expand to a broader group of agents and real estate customers. We also further strengthened our management team with world-class hires focused on affiliated services and innovation of our proprietary technologies. We are leveraging our core strengths of agent satisfaction and innovation as we continue to redefine the real estate industry.”
Real estate transactions closed and real estate transaction volume both increased by 30% (150,032) and 44% ($57.9 billion) respectively.
Net income dipped from $37 million during the second quarter of 2021 to $9.4 million this quarter, but the company points to year-over-year tax expenses increasing by $22.3 million because of a one-time VA allowance release last year and a reduction in excess stock-based compensation tax benefit as contributing factors. Earnings per diluted share were also down at $0.06, compared to $0.24 during the same quarter last year.
At the end of the quarter, the company’s cash and cash equivalents totaled $134.9 million, up from $107.4 million during the second quarter last year.
“eXp delivered another record quarter with 42% revenue growth and solid profitability while returning a record $56 million to our shareholders through share repurchases and dividends,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Looking ahead, we expect our agile model to result in ongoing market share gains as we navigate more challenging market conditions. We expect our focus on affiliated services and technology will further strengthen our agent and customer value proposition. Simultaneously, we will focus on increasing operating efficiencies for our business and our agents’ businesses. We remain confident in our ability to deliver profitable, sustainable growth over the long term.”