eXp Realty Parent First Quarter Revenue More Than Doubles to 584 Million
eXp World Holdings reported first-quarter revenue of 583.8 million dollars, up 115 percent from a year earlier. Gross profit rose 91 percent to 53.5 million dollars. Net income rose to 4.8 million dollars from 0.1 million dollars. Adjusted EBITDA rose 159 percent to 14.8 million dollars. Operating cash flow rose 184 percent to 40.6 million dollars.
Founder, chairman, and chief executive Glenn Sanford said the agent base grew 77 percent to 50,333. Closed transaction sides rose 95 percent to 73,878, and closed volume rose 123 percent to 24.5 billion dollars. Cash and cash equivalents were 104.4 million dollars at quarter end, and the company bought back about 34.0 million dollars of stock.
The company said it expanded into Puerto Rico, Brazil, Italy, and Hong Kong during the first quarter, launched in Colombia after quarter end, and planned Spain and Israel by the end of the second quarter. Global Net Promoter Score rose to 73 from 70 a year earlier.
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