eXp Realty Parent Second Quarter Revenue Reaches 1 Billion

eXp World Holdings reported second-quarter revenue of about 1.0 billion dollars, up 183 percent from a year earlier. Gross profit rose 133 percent to 79.9 million dollars. Net income rose 350 percent to 37.0 million dollars, including a 20.6 million dollar income-tax benefit. Diluted earnings were 0.24 dollars a share. Adjusted EBITDA rose 98 percent to 27.0 million dollars. Operating cash flow rose 210 percent to 88.5 million dollars.

Founder, chairman, and chief executive Glenn Sanford said agent growth translated into more closed sides and volume. Agents and brokers rose 87 percent to 58,263. Transaction sides rose 164 percent to 115,431, and volume rose 210 percent to 40.1 billion dollars. During the quarter the realty business expanded into Colombia, Spain, and Israel, and it launched in Panama after the quarter ended. Cash was 107.4 million dollars after about 54.9 million dollars of stock repurchases.

The board declared its first cash dividend, 0.04 dollars a share for the third quarter, payable August 30, 2021 to holders of record on August 16. Chief financial officer Jeff Whiteside said the 1 billion dollar revenue quarter showed the brokerage model could fund buybacks and a dividend while the company kept investing.