eXp World Holdings has released its first quarter 2024 financial and operational results and among the highlights are an 11% increase in revenue, an improved agent NPS score and improved transaction results in both volume and units as compared to this same period a year ago. (Read the press release here.)
“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.”
Financial Highlights Compared to Year-Ago Quarter
- Revenue for the first quarter increased by 11% to $943 million. This growth was driven by enhanced agent productivity, higher average home sales prices, and increased international production despite challenges in the real estate market. Notably, U.S. transaction units outperformed the market.
- Net (loss) income for the first quarter amounted to ($15.6) million compared to $1.5 million net income in Q1 2023. This included a $16 million antitrust litigation contingency provision.
- Adjusted net (loss) income, excluding the antitrust litigation provision and discontinued operations, was ($2.4) million compared to adjusted net income of $2.0 million in the previous year’s quarter.
- Operating costs for the first quarter were $80.5 million, a 12% increase from Q1 2023. This rise was attributed to strategic investments in personnel to support increased transaction volumes and agent satisfaction, alongside increased severance and legal expenses.
- Adjusted EBITDA for the first quarter was $11.0 million, reflecting a 24% decrease compared to last year’s period, primarily due to higher operating costs.
Operational Highlights Compared to Year-Ago Quarter
- The global agent Net Promoter Score (aNPS) for eXp Realty reached 73, up from 70 in the previous year. This metric is crucial for measuring agent satisfaction and reflects the company’s dedication to improving the agent experience.
- The number of agents and brokers on the eXp Realty platform decreased by 2% year-over-year to 85,780 as of March 31, 2024.
- Transactions increased by 8% year-over-year to 110,976, while transaction volume rose by 12% to $37.2 million.
- eXp Realty made strategic executive appointments during the first quarter, including Renee Kaspar as Executive Vice President and Chief Human Resources Officer, Seth Siegler as Chief Innovation Officer, Sumanth Kamath as Chief Technology Officer, and On April 4, 2024, Leo Pareja was appointed as Chief Executive Officer, and on April 26, 2024, Wendy Forsythe was named Chief Marketing Officer, further strengthening the leadership team.
These results and achievements underscore eXp World Holdings’ continued commitment to growth, innovation, and agent satisfaction as it navigates the evolving real estate landscape.
