0001558370-24-001523.txt : 20240222 0001558370-24-001523.hdr.sgml : 20240222 20240222155855 ACCESSION NUMBER: 0001558370-24-001523 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240222 DATE AS OF CHANGE: 20240222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXP World Holdings, Inc. CENTRAL INDEX KEY: 0001495932 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 980681092 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38493 FILM NUMBER: 24664558 BUSINESS ADDRESS: STREET 1: 2219 RIMLAND DR., SUITE 301 CITY: BELLINGHAM STATE: WA ZIP: 98226 BUSINESS PHONE: 360-685-4206 MAIL ADDRESS: STREET 1: 2219 RIMLAND DR., SUITE 301 CITY: BELLINGHAM STATE: WA ZIP: 98226 FORMER COMPANY: FORMER CONFORMED NAME: EXP Realty International Corp DATE OF NAME CHANGE: 20130909 FORMER COMPANY: FORMER CONFORMED NAME: Desert Canadians Ltd. DATE OF NAME CHANGE: 20100706 8-K 1 expi-20240222x8k.htm 8-K
0001495932false001-3849300014959322024-02-222024-02-22

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 22, 2024

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EXP WORLD HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

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Delaware

    

001-38493

    

98-0681092

(State or other jurisdiction

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(Commission

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(IRS Employer

of incorporation)

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File Number)

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Identification No.)

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2219 Rimland Drive, Suite 301, Bellingham, WA

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98226

(Address of principal executive offices)

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(Zip Code)

(360) 685-4206

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

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Title of Each Class

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Trading Symbol(s)

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Name of each exchange on which registered

Common Stock, $0.00001 par value per share

    

EXPI

    

The Nasdaq Stock Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02Results of Operations and Financial Conditions

 

On February 22, 2024, eXp World Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and full year ended December 30, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act), regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.

Item 7.01Regulation FD Disclosure.

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On February 14, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of the Company’s outstanding common stock. The dividend is expected to be paid on March 29, 2024 to the stockholders of record on March 8, 2024.

The information in this Item 7.01 shall not be deemed “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.

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Item 9.01Financial Statements and Exhibits.

 

(d)       Exhibits.

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Exhibit No.

Exhibit Description

99.1

Press release issued by eXp World Holdings, Inc. on February 22, 2024

104

Inline XBRL for the cover page of this Current Report on Form 8-K

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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eXp World Holdings, Inc.

 

(Registrant)

 

 

Date: February 22, 2024

/s/ James Bramble

 

James Bramble

 

Chief Legal Counsel

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 EX-99.1 2 expi-20240222xex99d1.htm EX-99.1

Exhibit 99.1

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eXp World Holdings Reports Q4 and Full-Year 2023 Results

BELLINGHAM, Wash. — Feb. 22, 2024 — eXp World Holdings, Inc. (Nasdaq: EXPI), or the “Company”, the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises, today announced financial results for the fourth quarter and fiscal year ended Dec. 31, 2023.

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Fourth Quarter and Full-Year 2023 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:

●Full-year revenue decreased (7)% to $4.3 billion in 2023 with revenue of $983 million in the fourth quarter of 2023.
●Full-year gross profit decreased (12)% to $324.1 million in 2023 with gross profit of $70.9 million in the fourth quarter of 2023. 
●Full-year net loss of $(9.0) million in 2023 with net loss of $(21.2) million in the fourth quarter of 2023. Fourth quarter net loss included a $9.2 million impairment charge for goodwill and amortizable intangible assets related to the Virbela segment. 
●Full-year loss per diluted share of $(0.06) in 2023 with a loss per diluted share of $(0.14) in the fourth quarter of 2023. 
●Full-year adjusted EBITDA (a non-GAAP financial measure) of $57.5 million in 2023. Adjusted EBITDA was $0.5 million in the fourth quarter of 2023. 
●As of Dec. 31, 2023, cash and cash equivalents totaled $126.9 million, compared to $121.6 million as of Dec. 31, 2022.
●Distributed $189.1 million to shareholders in fiscal 2023, including approximately $160.6 million of common stock repurchases and $28.5 million of cash dividends.
●The Company paid a cash dividend for the fourth quarter of 2023 of $0.05 per share of common stock on Nov. 30, 2023. On Feb. 14, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the first quarter of 2024, expected to be paid on March 29, 2024 to stockholders of record on March 8, 2024.

Management Commentary

“eXp delivered solid revenue in the fourth quarter, despite continued weakness in the United States residential real estate market, thanks to our global base of highly productive agents,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our agent-centric model and value proposition, scale and superior efficiency enable us to invest in the success of our agents. 

“In fact, agent loyalty, as measured by agent Net Promoter Score (aNPS), reached record levels for both the fourth quarter and full-year 2023. We will continue to iterate on the agent value proposition through our ongoing commitment to agent-centric innovation, with a particular focus on enhancing agent support and reducing time spent on non-revenue-generating, repetitive tasks. From onboarding, to support, to real-time payments and more, we are utilizing next-generation technologies such as artificial intelligence to streamline core business processes to enable our agents to reach their goals faster than ever before.”

“Despite a challenged real estate market, we continued to gain market share during the fourth quarter of 2023 and maintained positive Adjusted EBITDA1,” said Kent Cheng, Principal Financial Officer of eXp World Holdings. “And while our decision to offboard a significant number of unproductive agents during the fourth

quarter resulted in a decrease in our agent count quarter-over-quarter, the retention of our most productive agent cohorts remained excellent, and our fourth quarter revenue increased 5% year over year. In the fourth quarter, we also took several strategic actions to improve our profitability, with expected benefits to revenue and operating expenses in 2024. Our automation and other cost savings initiatives, combined with recent revenue enhancements, represent a potential $20 million annualized benefit to our future operating results. We will remain vigilant on costs and focused on increasing our operational flexibility in light of current uncertainties in the industry. 

“Looking ahead, we plan to fund continued investments in agent productivity through ongoing efficiency initiatives. I am confident that eXp will emerge from the current market downturn in a strong position to capitalize on future market growth opportunities and deliver accelerated growth as the residential real estate market recovers.”

Fourth Quarter and Full-Year 2023 Operational Highlights as Compared to the Same Year-Ago Period:

●eXp ended the fourth quarter of 2023 with a global agent Net Promoter Score of 77, up from 73 a year ago. aNPS is a measure of agent satisfaction and an important key performance indicator (KPI) given the Company’s intense focus on improving the agent experience.
●Agents and brokers on the eXp Realty platform increased 2% year-over-year to 87,515 as of Dec. 31, 2023.
●Transactions decreased 3% to 494,408 in 2023 and increased 6% year-over-year to 115,424 in the fourth quarter of 2023.
●Transaction volume decreased 10% to $169.2 billion in 2023 and increased 3% year-over-year to $38.9 billion in the fourth quarter of 2023.
●Launched eXp Luxury™ in Australia, New Zealand, South Africa and the United Kingdom on Dec. 7, 2023.
●Announced eXp Luxury™ soared past 1,100 members, fueling global growth, on Nov. 21, 2023.

Fourth Quarter and Full-Year 2023 Results – Virtual Fireside Chat

The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and CEO Glenn Sanford, eXp Realty Chief Strategy Officer Leo Pareja and eXp World Holdings Principal Financial Officer Kent Cheng on Thursday, Feb. 22, 2024 at 2 p.m. PT / 5 p.m. ET. 

The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance for inclusion to investors@eXpWorldHoldings.com.

Date: Thursday, Feb. 22, 2024

Time: 2 p.m. PT / 5 p.m. ET

Location: exp.world. Join at https://exp.world/earnings

Livestream: expworldholdings.com/events

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About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, Virbela® and SUCCESS® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 87,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela and Frame technologies, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com.

eXp World Holdings, Inc. intends to use its Investor Relations website, its X (formerly Twitter) feed (@eXpWorldIR), Facebook page (https://www.facebook.com/eXpWorldHoldings), Instagram account (@eXpWorldHoldings), LinkedIn page (https://www.linkedin.com/company/expworldholdings/), as well as eXp Realty, LLC’s X (formerly Twitter) feed (@eXpRealty), Facebook page (https://www.facebook.com/eXpRealty), Instagram account (@eXpRealty_), and LinkedIn account (https://www.linkedin.com/company/exp-realty/) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

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Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA and Adjusted Operating Cash Flow, which are  non-U.S. GAAP financial measures that may be different than similarly titled measures used by other companies. These measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

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The Company’s Adjusted EBITDA provides useful information about financial performance, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to a key metric used by management for financial and operational decision-making. Adjusted EBITDA helps identify underlying trends in the business that otherwise could be masked by the effect of the expenses that are excluded in Adjusted EBITDA. In particular, the Company believes the exclusion of stock and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations.

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The Company defines the non-U.S. GAAP financial measure of Adjusted EBITDA to mean net income (loss), excluding other income (expense), income tax benefit (expense), depreciation,  amortization, impairment charges, stock-based compensation expense, and stock option expense. The Company defines the non-U.S. GAAP financial measure of Adjusted Operating Cash Flow to mean net cash provided by operating activities, excluding the change in customer deposits. Adjusted EBITDA and Adjusted Operating Cash Flow may assist investors in seeing financial performance through the eyes of management, and may provide an additional tool for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

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Adjusted EBITDA and Adjusted Operating Cash Flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to Net Income (loss), the closest comparable U.S. GAAP measure. Some of these limitations are:

●Adjusted EBITDA excludes stock-based compensation expense and stock option expense, which have been, and will continue to be for the foreseeable future, significant recurring expenses in the business and an important part of the compensation strategy; and
●Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets, amortization of acquired intangible assets, and impairment charges, and, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future.

Safe Harbor Statement

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The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about future cost saving measures; the continued growth of our agent and broker base;  improvements in technology and operational processes; revenue growth; dividends; and financial performance. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; outcomes of ongoing litigation; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

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Media Relations Contact:

eXp World Holdings, Inc.

mediarelations@expworldholdings.com

 

Investor Relations Contact:

Denise Garcia

investors@expworldholdings.com

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EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share amounts and per share data)

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Three Months Ended December 31,

Year Ended December 31,

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2023

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2022

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2023

​

2022

Revenues

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$ 983,049

​

$ 933,395

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$ 4,281,105

​

$ 4,598,161

Operating expenses

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​

​

​

​

​

​

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Commissions and other agent-related costs

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912,196

​

850,332

​

3,957,054

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4,231,262

General and administrative expenses

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86,277

​

89,959

​

319,153

​

346,132

Sales and marketing expenses

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3,121

​

3,813

​

12,156

​

15,359

Impairment expense

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9,203

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-

​

9,203

​

-

Total operating expenses

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1,010,797

​

944,104

​

4,297,566

​

4,592,753

Operating (loss) income

​

(27,748)

​

(10,709)

​

(16,461)

​

5,408

Other (income) expense

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​

​

​

​

​

​

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Other (income) expense, net

​

(1,527)

​

(1,198)

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(4,414)

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(804)

Equity in losses of unconsolidated affiliates

​

549

​

411

​

1,388

​

1,624

Total other (income) expense, net

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(978)

​

(787)

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(3,026)

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820

Income (loss) before income tax expense

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(26,770)

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(9,922)

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(13,435)

​

4,588

Income tax (benefit) expense

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(5,573)

​

(2,721)

​

(4,462)

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(10,836)

Net (loss) income

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(21,197)

​

(7,201)

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(8,973)

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15,424

Net (loss) income attributable to noncontrolling interest

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-

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-

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-

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18

Net (loss) income attributable to eXp World Holdings, Inc.

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($ 21,197)

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($ 7,201)

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($ 8,973)

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$ 15,442

(Loss) earnings per share

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​

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Basic

​

(0.14)

​

(0.05)

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(0.06)

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0.10

Diluted

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(0.14)

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(0.05)

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(0.06)

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0.10

Weighted average shares outstanding

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Basic

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153,725,911

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152,316,335

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153,232,129

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151,036,110

Diluted

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153,725,911

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155,158,879

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153,232,129

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156,220,165

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The following tables reflects Revenues and Adjusted Segment EBITDA by reportable segments:

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SEGMENT REVENUES

(In thousands)

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Three Months Ended December 31,

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Year Ended December 31,

Revenues

    

2023

    

2022

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2023

    

2022

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North American Realty

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$ 965,397

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$ 920,662

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$ 4,220,063

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$ 4,552,938

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International Realty

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16,287

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9,776

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53,931

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35,924

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Virbela

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1,590

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2,304

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7,284

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8,485

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Other Affiliated Services

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1,073

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1,786

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4,802

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5,084

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Revenues reconciliation:

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Segment eliminations

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(1,298)

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(1,133)

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(4,975)

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(4,270)

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Consolidated revenues

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$ 983,049

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$ 933,395

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$ 4,281,105

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$ 4,598,161

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ADJUSTED SEGMENT EBITDA

(In thousands)

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Three Months Ended December 31,

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Year Ended December 31,

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2023

    

2022

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2023

    

2022

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North American Realty

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$ 8,605

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$ 12,140

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$ 91,101

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$ 103,255

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International Realty

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(3,552)

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(4,124)

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(13,657)

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(13,708)

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Virbela

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(1,936)

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(958)

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(5,725)

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(9,642)

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Other Affiliated Services

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(1,028)

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(461)

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(3,795)

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(2,600)

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Corporate expenses and other

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(1,547)

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(3,019)

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(10,376)

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(16,756)

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Consolidated Adjusted EBITDA

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$ 542

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$ 3,578

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$ 57,548

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$ 60,549

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CONSOLIDATED US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(In thousands)

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Three Months Ended December 31,

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Year Ended December 31,

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2023

    

2022

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​

2023

    

2022

Net income

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($ 21,197)

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($ 7,201)

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​

($ 8,973)

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$ 15,424

Other (income) expense, net

​

(978)

​

(787)

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​

(3,026)

​

820

Income tax (benefit) expense

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(5,573)

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(2,721)

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​

(4,462)

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(10,836)

Depreciation and amortization

​

2,744

​

2,684

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​

10,892

​

9,838

Impairment expense

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9,203

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—

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​

9,203

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—

Stock compensation expense (1)

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13,266

​

8,033

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​

43,178

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30,861

Stock option expense

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3,077

​

3,570

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​

10,736

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14,442

Adjusted EBITDA

​

$ 542

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$ 3,578

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​

$ 57,548

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$ 60,549

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​

​

​

​

​

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(1) This includes agent growth incentive stock compensation expense and stock compensation expense related to business acquisitions.

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ADJUSTED OPERATING CASH FLOW

(In thousands)

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​

​

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Three Months Ended December 31,

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Year Ended December 31,

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2023

    

2022

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2023

    

2022

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Net Cash Provided by Operating Activities

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$ 32,615

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$ 23,211

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$ 209,131

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$ 210,535

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Less: Customer Deposits

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(9,660)

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(14,863)

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6,761

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(30,998)

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Adjusted Operating Cash Flow

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$ 42,275

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$ 38,074

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$ 202,370

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$ 241,533

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EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

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December 31, 2023

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December 31, 2022

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ASSETS

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CURRENT ASSETS

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​

​

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Cash and cash equivalents

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$ 126,864

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$ 121,594

Restricted cash

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44,020

​

37,789

Accounts receivable, net of allowance for credit losses of $2,303 and $4,014, respectively

​

85,969

​

87,262

Prepaids and other assets

​

9,622

​

8,468

TOTAL CURRENT ASSETS

​

266,475

​

255,113

Property, plant, and equipment, net

​

12,978

​

18,151

Operating lease right-of-use assets

​

10

​

2,127

Other noncurrent assets

​

7,400

​

1,703

Intangible assets, net

​

10,481

​

8,700

Deferred tax assets

​

71,342

​

68,676

Goodwill

​

16,982

​

27,212

TOTAL ASSETS

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$ 385,668

​

$ 381,682

LIABILITIES AND EQUITY

​

​

​

​

CURRENT LIABILITIES

​

​

​

​

Accounts payable

​

$ 8,898

​

$ 10,391

Customer deposits

​

44,550

​

37,789

Accrued expenses

​

88,182

​

78,944

Current portion of lease obligation - operating lease

​

10

​

175

TOTAL CURRENT LIABILITIES

​

141,640

​

127,299

Long-term payable

​

20

​

4,697

Long-term lease obligation - operating lease, net of current portion

​

-

​

694

TOTAL LIABILITIES

​

141,660

​

132,690

EQUITY

​

​

​

​

Common Stock, $0.00001 par value 900,000,000 shares authorized; 183,606,708 issued and 154,669,037 outstanding at December 31, 2023; 171,656,030 issued and 152,839,239 outstanding at December 31, 2022

​

2

​

2

Additional paid-in capital

​

804,833

​

611,872

Treasury stock, at cost: 28,937,671 and 18,816,791 shares held, respectively

​

(545,559)

​

(385,010)

Accumulated earnings

​

(16,769)

​

20,723

Accumulated other comprehensive income

​

332

​

236

Total eXp World Holdings, Inc. stockholders' equity

​

242,839

​

247,823

Equity attributable to noncontrolling interest

​

1,169

​

1,169

TOTAL EQUITY

​

244,008

​

248,992

TOTAL LIABILITIES AND EQUITY

​

$ 385,668

​

$ 381,682

​

​

​

​

​

​

​

​

​

​

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

​

​

​

Year Ended December 31,

​

​

2023

​

2022

OPERATING ACTIVITIES

​

​

​

​

Net (loss) income

​

($ 8,973)

​

$ 15,424

Reconciliation of net income to net cash provided by operating activities:

​

​

​

​

Depreciation expense

​

8,352

​

7,934

Amortization expense - intangible assets

​

2,540

​

1,904

Impairment expense

​

9,203

​

-

Loss on disposition of business

​

472

​

361

Allowance for credit losses on receivables/bad debt on receivables

​

(1,711)

​

1,816

Equity in loss of unconsolidated affiliates

​

1,388

​

1,624

Agent growth incentive stock compensation expense

​

43,178

​

30,861

Stock option compensation

​

10,736

​

14,442

Agent equity stock compensation expense

​

135,226

​

164,104

Deferred income taxes, net

​

(2,666)

​

(15,848)

Changes in operating assets and liabilities:

​

​

​

​

Accounts receivable

​

3,474

​

44,935

Prepaids and other assets

​

(1,263)

​

1,652

Customer deposits

​

6,761

​

(30,998)

Accounts payable

​

(1,491)

​

2,432

Accrued expenses

​

8,424

​

(32,239)

Long term payable

​

(4,677)

​

1,983

Other operating activities

​

158

​

148

NET CASH PROVIDED BY OPERATING ACTIVITIES

​

209,131

​

210,535

INVESTING ACTIVITIES

​

​

​

​

Purchases of property, plant, equipment

​

(5,363)

​

(12,051)

Proceeds from sale of business

​

330

​

-

Acquisition of business, net of cash acquired

​

-

​

(9,910)

Investments in unconsolidated affiliates

​

(5,876)

​

(500)

Capitalized software development costs in intangible assets

​

(2,594)

​

-

NET CASH USED IN INVESTING ACTIVITIES

​

(13,503)

​

(22,461)

FINANCING ACTIVITIES

​

​

​

​

Repurchase of common stock

​

(160,550)

​

(179,473)

Proceeds from exercise of options

​

4,980

​

612

Transactions with noncontrolling interests

​

-

​

(424)

Dividends declared and paid

​

(28,519)

​

(25,229)

NET CASH USED IN FINANCING ACTIVITIES

​

(184,089)

​

(204,514)

Effect of changes in exchange rates on cash, cash equivalents and restricted cash

​

(38)

​

(87)

Net change in cash, cash equivalents and restricted cash

​

11,501

​

(16,527)

Cash, cash equivalents and restricted cash, beginning balance

​

159,383

​

175,910

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

​

$ 170,884

​

$ 159,383

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:

​

​

​

​

Cash paid for income taxes

​

2,731

​

3,406

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

​

​

​

​

Termination of lease obligation - operating lease

​

859

​

-

Issuance of treasury stock, for acquisition

​

-

​

4,554

Contingent consideration for disposition of business

​

1,209

​

-

Property, plant and equipment increase due to transfer of right-of-use lease asset

​

1,100

​

-

Property, plant and equipment purchases in accounts payable

​

63

​

63

​

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Document and Entity Information
Feb. 22, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 22, 2024
Entity File Number 001-38493
Entity Registrant Name EXP WORLD HOLDINGS, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 98-0681092
Entity Address, Address Line One 2219 Rimland Drive, Suite 301
Entity Address, City or Town Bellingham
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98226
City Area Code 360
Local Phone Number 685-4206
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(g) Security Common Stock, $0.00001 par value per share
Trading Symbol EXPI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001495932
Amendment Flag false
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