eXp World Holdings, Inc. the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises, has announced financial results for the fourth quarter and fiscal year ended 31 December 2022.

Beginning in the fourth quarter, the Company has revised its operating segments providing greater transparency into the drivers of its financial performance.

Fourth Quarter and Full-Year 2022 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:

• Global revenue increased 22% to $4.6 billion in 2022 with revenue of $933 million in the fourth quarter of 2022.
• Gross profit increased 24% to $366.9 million in 2022 with gross profit of $83.1 million in the fourth quarter of 2022.
• Net income of $15.4 million in 2022
• Adjusted EBITDA (a non-GAAP financial measure) of $60.5 million in 2022. 
• As of Dec. 31, 2022, cash and cash equivalents totaled $121.6 million, compared to $108.2 million as of Dec. 31, 2021.
• Distributed $204.7 million to shareholders in fiscal 2022, including approximately $179.5 million of common stock repurchases and $25.2 million of cash dividends.
• eXp World UK posts a profit in the 2021 financial year (latest available) in excess of £200,000
• eXp World UK grows cash reserves to over £700,000
• eXp World UK expands partner agents from 262 to 350, a rise of 34%

Management Commentary on global performance  from Glenn Sanford, founder, chairman and CEO: “I am excited to return as CEO of eXp Realty to drive our next phase of growth by doubling down on agent-centric innovation,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our model was designed to withstand varying market conditions, which uniquely positions us to continue investing in the agent experience in a down market. In turn, we maximize long-term growth and profitability.”

“Thanks to the hard work of our agents and our industry-leading operating efficiency, our core eXp Realty North American business remained solidly profitable in the fourth quarter despite the market downturn. In line with how we manage our business, we are now reporting segment-level financial information, which also provides transparency into the financial performance of our core business and the investments we are making to reinforce and extend our position as the most agent-centric brokerage on the planet.”

“We believe Net Promoter Score (NPS) is the best way to measure our success, and we were thrilled to end the year with a global agent NPS score of 73, a level which rivals the most loved consumer brands in the world. As market conditions improve, we expect our unrelenting focus on agent success to deliver lasting growth and the potential for significant wealth creation for our brokers, agents and shareholders in the years ahead,” concluded Sanford.

“In 2022, we generated $4.6 billion in revenue and over $242 million in Operating Cash Flow(1) while maintaining a strong balance sheet with $122 million of cash and no debt,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Moving forward, eXp’s profitable North American Realty segment will enable us to continue investing in the eXp platform to accelerate agent success and drive long-term, profitable growth.”

Fourth Quarter and Full-Year 2022 Operational Highlights as Compared to the Same Year-Ago Period:

• Agents and brokers on the eXp Realty platform increased 21% to 86,203 as of Dec. 31, 2022.
• Real estate transactions closed increased 15% to 511,859 in 2022 and decreased 13% year over year to 109,168 in the fourth quarter of 2022.
• Real estate transaction volume increased 20% to $187.3 billion in 2022 and decreased 16% year over year to $37.6 billion in the fourth quarter of 2022.
• eXp Realty expanded into six new international locations in 2022, including the Dominican Republic, Greece, New Zealand, Chile and Poland. In late 2022, eXp Realty announced operations in Dubai, which is expected to be fully operational in 2023.
• eXp Realty ended 2022 with a global Net Promoter Score of 73, a measure of agent satisfaction, as part of the Company’s intense focus on improving the agent experience

The most recent public accounts filed at Companies House for eXp World UK Limited also show a significant profit in just their third year of trading here.

The formal accounts to December 31st 2021 demonstrate a profit figure of over £200,000.

Notably, the UK entity of the NASDAQ listed global property entity also grew its cash reserves to over £700,000, up significantly from the previous year. 

eXp UK is the leading supported, self-employed estate agency platform in Britain and recently announced plans to expand its reach further through Scotland, Wales and Northern Ireland with the addition of a number of high profile agents.

Adam Day, UK expansion leader for eXp UK, said: “2021 was a great year for us despite significant uncertainty within the domestic property market and the wider economy due to what was then an ongoing pandemic beset with lockdowns and various other restrictions.

“The team both here and in the US worked hard to grow the number of partner agents that were attracted to work with us despite these challenges, a number that grew from 262 the previous year to over 350 at the end of the period. I’m desperately proud to be part of this growing and profitable company that is truly delivering an exceptional culture and financial opportunity for agents and a great experience for home-movers alike. The numbers speak for themselves. 

“I’m looking forward to sharing our 2022 results for the UK in due time.”