eXp Realty
February 28, 2023
BELLINGHAM, Wash., February 28, 2023 -- eXp World Holdings, Inc., parent of eXp Realty, reported full-year 2022 revenue of 4.6 billion dollars, up 22 percent, and fourth-quarter revenue of 933 million dollars. Full-year net income was 15.4 million dollars, or 0.10 dollars per diluted share; the fourth quarter was a net loss of 7.2 million dollars, or 0.05 dollars per share. Adjusted EBITDA was 60.5 million dollars for the year and 3.6 million dollars in the fourth quarter.
Agents and brokers on the platform rose 21 percent to 86,203 at year-end. Closed transactions rose 15 percent to 511,859 for the year, while fourth-quarter transactions fell 13 percent. Cash and cash equivalents were 121.6 million dollars with no debt. The company introduced segment reporting highlighting a profitable North American Realty segment.
Founder Glenn Sanford, who had returned as eXp Realty CEO in January, said the model was built for varying market conditions and that the company would keep investing in the agent experience. The board declared a first-quarter 2023 cash dividend of 0.045 dollars per share.