eXp World Holdings, Inc., the holding company for eXp Realty, announced its financial results for the third quarter of 2023, posting overall revenue of $1.2 billion, a 2% decrease compared to the same quarter in 2022. Gross profit during the quarter decreased 10% to $83.6 million, while adjusted EBITDA increased 53% to $19 million, compared to Q3 2022.
“We delivered solid financial performance during the third quarter, with year-over-year Adjusted EBITDA growth of 53% despite challenging market conditions as we continued to improve the efficiency of our operations,” said Jeff Whiteside, eXp World Holdings CFO and Chief Collaboration Officer. “We once again gained market share, despite lower market activity due to elevated mortgage rates, which resulted in decreased transaction value compared to the prior year quarter. While we continue to prudently manage expenses, our strong cash flow profile enables us to simultaneously pursue an ambitious and innovative agent-centric agenda while allocating capital to our shareholders through share repurchases and cash dividends. By continuing to invest in our agents through the current market cycle, we are building a strong foundation for accelerated growth and continued share gains despite fluctuations in the market.”
International realty revenue increased by 47% compared to the previous year’s quarter, an all-time record for the company. Agents also increased to more than 89,000 in total across 24 global markets, a 5% rise from the same period last year.
“During the third quarter, we continued to focus on agent-centric innovation that drove meaningful results, as we once again increased eXp’s agent Net Promoter Score (aNPS) while extending our market share gains,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “In a slower market environment where every transaction counts, eXp’s agents in the U.S. significantly outperformed the market during the third quarter. This outstanding performance speaks to the differentiated nature of eXp’s platform and the power of our unique, success-oriented culture.”
The company ended the quarter with total cash and cash equivalents of $120.1 million, down slightly from $121.6 million at the end of 2022.
