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eXp World Holdings, Inc. Reports Record Second Quarter 2017 Financial Results

by on August 14, 2017 in Financial News

Q2 2017 Revenues Increase 198% to Record $39.6 Million; Drives Net Income of $3.2 Million or $0.05 per Diluted Share

BELLINGHAM, WA – August 14, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty, LLC, The Agent-Owned Cloud Brokerage®, has provided a corporate update and its financial results for the second quarter ended June 30, 2017.

Second Quarter 2017 Company Highlights:

  • Revenues in the second quarter of 2017 increased 198% to $39.6 million, compared to $13.3 million in the same year-ago quarter. Sequentially, this represents growth of 80% when compared to $22.0 million in the first quarter of 2017.
  • Net income in the second quarter of 2017 increased to $3.2 million, or $0.05 per diluted share, compared to net loss of $6.0 million, or $(0.12) per diluted share in the same year-ago quarter.
  • Adjusted EBITDA (a non-GAAP financial measure) increased 166% to $1.6 million in the second quarter of 2017, compared to $0.6 million in the same year-ago quarter.
  • Agents and brokers on the eXp Realty platform increased 180% to 3,913 on June 30, 2017, compared to 1,400 in the same year-ago period. Sequentially, this represents growth of 24% when compared to 3,113 agents and brokers on the platform as of March 31, 2017. As of August 13, 2017, the number of agents and brokers totaled 4,326.

Management Commentary

“Our rapid growth has continued unabated as we move through 2017, evidenced by our 198% revenue growth to a record $39.6 million in the second quarter, as well as our recently achieved 4,300-plus agent milestone,” said Glenn Sanford, founder, chairman and CEO of eXp World Holdings, Inc. “We expect the pace of growth to continue in the second half of 2017, as we leverage the viral growth aspect of the eXp Realty model and growing our brand throughout North America. We believe our investments into core infrastructure and software development should also offer greater economies of scale and a notably increased capacity to onboard new agents to the eXp Realty platform moving forward.

“We also remain committed to keeping eXp Realty the most agent-centric real estate brokerage available. The creation of the Agent Advisory Council, as well as the recent naming of Suzy Truax, an eXp Realty real estate agent, to the Board of Directors, underscores our promise to ensure the agent’s ‘voice’ is heard as we grow our organization.

“We believe that eXp World Holdings can create significant value for its shareholders, which will be accelerated by potentially introducing an affiliated services program. This offering could include services such as mortgage origination, homeowners insurance, and title and escrow services; however, we will continue to focus on our core infrastructure investments in further scaling the business for the foreseeable future. I am extremely proud of our team for their hard work, dedication and continued focus on maintaining the agent-centric culture that has made eXp Realty a great place to do business.”

Second Quarter 2017 Financial Results

Revenues increased 198% to a record $39.6 million in the second quarter of 2017, compared to $13.3 million in the second quarter of 2016. Sequentially, revenues increased 80% when compared to revenue of $22.0 million in the first quarter of 2017. This growth is a direct result of the increased agent count and corresponding higher revenues realized by the company’s real estate brokerage division, eXp Realty.

In the second quarter of 2017, eXp Realty added 800 agents and brokers to its platform, an increase of 169% when compared to 297 agents and brokers added in the second quarter of 2016. This represents a sequential increase of 11.5% when compared to 717 agents added in the first quarter of 2017. eXp Realty ended the second quarter of 2017 with 3,913 real estate professionals on its platform across 45 states, the District of Columbia, and Alberta and Ontario, Canada. As of August 13, 2017, eXp Realty had 4,326 agents on its platform.

During the second quarter of 2017, net income from operations was $3.3 million, compared to a net loss from operations of $6.0 million in the second quarter of 2016. This improvement was primarily due to the change of intrinsic value options, which resulted in a $5.5 million non-cash benefit recognized in the second quarter of 2017.

Net income in the second quarter of 2017 was $3.2 million, or $0.05 per diluted share, compared to a net loss of $6.0 million, or $(0.12) per diluted share, in the second quarter of 2016. This improvement was primarily attributed to the aforementioned increase in revenue, as well as a $0.6 million decrease in non-cash expenses.

Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2017 increased 166% to $1.6 million, compared to $0.6 million in the second quarter of 2016.

Cash and cash equivalents as of June 30, 2017 were $1.6 million, compared to $1.8 million as of March 31, 2017.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty, LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the company.

As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest, income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. 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; 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 Annual Report on Form 10-K.

Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

949-385-6449

[email protected]

www.mzgroup.us

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

June 30,

December 31,

2017

2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,564,220 $ 1,684,608
Restricted cash 1,116,117 481,704
Accounts receivable, net of allowance $170,811 and $133,845, respectively 8,442,372 3,015,767
Prepaids and other assets 434,342 383,563
TOTAL CURRENT ASSETS

11,557,051

5,565,642
OTHER ASSETS
Fixed assets, net 1,088,748 538,405
TOTAL OTHER ASSETS

1,088,748

538,405
TOTAL ASSETS $ 12,645,799 $ 6,104,047
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 472,162 $ 317,420
Customer deposits 1,116,117 481,704
Accrued expenses 7,165,071 2,742,119
Notes payable 9,116 35,778
TOTAL CURRENT LIABILITIES 8,762,466 3,577,021
Commitments and contingencies – –
STOCKHOLDERS’ EQUITY
Common Stock, $0.00001 par value 220,000,000 shares authorized;
53,139,694 shares and 52,316,679 shares issued and outstanding at
June 30, 2017 and December 31, 2016, respectively 527 523
Additional paid-in capital 32,716,439 34,526,859
Accumulated deficit (28,840,651) (32,004,561)
Accumulated other comprehensive income (loss) 7,018 4,205
TOTAL STOCKHOLDERS’ EQUITY 3,883,333 2,527,026
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 12,645,799 $ 6,104,047
– –

The accompanying notes are an integral part of these condensed consolidated financial statements.

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2017

2016

2017

2016
Net revenues

$ 39,574,311

$ 13,282,028

$ 61,585,548

$ 20,424,840
Operating expenses
Cost of revenues 35,048,967 11,463,125 54,328,593 17,574,112
General and administrative 600,420 7,565,698 2,709,772 8,990,856
Professional fees 318,383 130,018 682,843 273,393
Sales and marketing 348,823 122,285 650,045 199,428
Total expenses 36,316,593 19,281,126 58,371,253 27,037,789
Net income (loss) from operations 3,257,718 (5,999,098) 3,214,295 (6,612,949)
Other income and (expenses)
Other income – 439 – 446
Interest expense (3,762) – (2,047) –
Total other income and (expenses) (3,762) 439 (2,047) 446
Income (loss) from before income tax expense 3,253,956 (5,998,659) 3,212,248 (6,612,503)
Income tax expense (23,747) (13,968) (48,338) (25,571)
Net income (loss) 3,230,209 (6,012,627) 3,163,910 (6,638,074)
Net loss attributable to non-controlling interest in subsidiary – 6,720 – 12,300
Net income (loss) attributable to common shareholders $ 3,230,209 $ (6,005,907) $ 3,163,910 $ (6,625,774)
Net income (loss) per share attributable to common shareholders
Basic from continuing operations

$ 0.06

$ (0.12)

$ 0.06

$ (0.13)
Diluted from continuing operations

$ 0.05

$ (0.12)

$ 0.05

$ (0.13)
Weighted average shares outstanding
Basic 52,749,086 50,940,460 52,583,658 50,779,114
Diluted 59,640,200 50,940,460 59,750,835 50,779,114

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION

Quarter Ended,
Adjusted EBITDA reconciliation

Jun-16

Jun-17
Net Income / (Loss) $ (6,012,627) $ 3,230,209
Interest – 3,762
Taxes 13,968 23,747
Depreciation & Amortization 12,929 81,437
Stock Compensation 482,984 2,229,767
Stock Option 6,117,510 (3,932,894)
Adjusted EBITDA $ 614,764 $ 1,636,028

 

 

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eXp World Holdings, Inc. Names Two Real Estate Agents to Board of Directors

by on June 2, 2017 in Financial News

Suzy Truax & Micah Mruwat to Also Take Leadership Roles on eXp Agent Advisory Council

BELLINGHAM, WA–(Marketwired – May 17, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI; the “Company”), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, announced today that two eXp Realty agents, Suzy Truax and Micah Mruwat, will join the Company’s board of directors over the next year.   

“From the board of directors perspective, adding strong agent voices is vital to a the continuing success  of the Company,” said Rick Miller, Board Governance Committee Chair.  “The results of the nomination and selection process  brought us two great additions who we are happy to welcome to the board over the next 12 months.”

Suzy Truax will officially join the board in November 2017 when she will also assume the position of Chair of the eXp Agent Advisory Council (AAC). Until that time, she will be a guest at board meetings, and effective immediately, hold the position of Vice-Chair of the AAC. Micah Mruwat will officially join the board in May 2018. Starting in November 2017, she will begin a six-month period as a guest at board meetings and also take the role of AAC Vice-Chair, then moving to AAC chair in May 2018 when she also joins the board of directors.

To make room for the two new board members, Directors Jason Gesing and Gene Frederick have volunteered to transition off the Board over the next year. Both will continue their important leadership roles within the company.

“Adding the ‘Voice of the Agent’ to our board and the creation of our Agent Advisory Council benefits our agent-owner shareholders while providing new ways for our senior leadership to obtain additional insight as our company grows,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “We’re happy to have Suzy and Micah aboard in these new important roles.”

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visitwww.eXpRealty.com

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s management and the Agent Advisory Council. 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; 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 Annual Report on Form 10-K.

CONTACT INFORMATION

Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

949-385-6449

Email contact

www.mzgroup.us

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eXp World Holdings to Present at the LD Micro Invitational on June 6th

by on May 31, 2017 in Financial News

BELLINGHAM, WA – May 31, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, has been invited to present at the LD Micro Invitational investor conference. The conference is being held on June 6-7, 2017 at the Luxe Sunset Boulevard Hotel in Bel Air, California.

Management will host one-on-one meetings throughout the day and is scheduled to present as follows:

LD Micro Invitational

Date: Tuesday, June 6, 2017

Presentation Time: 10:00 a.m. Pacific time

Location: Luxe Sunset Boulevard Hotel, Track 1 (11461 Sunset Blvd, Bel Air)

Webcast: http://wsw.com/webcast/ldmicro12/expi

Conference participation is by invitation only and registration is mandatory. For more information on the conference or to schedule a one-on-one meeting, please contact an LD Micro representative.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Investor Relations Contact:

Greg Falesnik
Managing Director

MZ Group – MZ North America

949-385-6449

[email protected]

www.mzgroup.us

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eXp Realty Lands Large Multi-Office Brokerage in South Florida

by on May 17, 2017 in Financial News

More than 45 Agents From Respected Brevard County Tropical Realty to Form Team Led by Mitch Ribak

BELLINGHAM, WA–(Marketwired – May 17, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI; the “Company”), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, announced today that Mitch Ribak, principal broker of Tropical Realty Beachside and Tropical Realty of Suntree, Inc. (*collectively “Tropical Realty”) in Brevard County, Florida has transitioned his team of agents to eXp Realty. More than 45 agents in communities from Mims to Malabar and all the beaches of Brevard County are joining eXp Realty as part of the new Tropical Realty team.

“In my 35 years of working for myself I have never seen such a great opportunity and more importantly a great opportunity for my agents,” said Mitch Ribak. “This gives our growing team in a dynamic part of the country the ability to continue to excel and grow through world class support, programs and the most agent-centric revenue opportunities available today.”

“Independent brokerages are moving to eXp to blend the best of world class technology and support with agents that want to grow within a local market and enjoy the benefits of agent ownership,” said Jason Gesing, CEO, eXp Realty.  “We welcome Mitch and his top-notch team to eXp as we grow our footprint throughout Florida and across the country.”

*Note:  This does not include Investments of Brevard, an independent company.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s management and the Agent Advisory Council. 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; 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 Annual Report on Form 10-K.

CONTACT INFORMATION

Investor Relations Contact:

Greg Falesnik

Managing Director

MZ Group – MZ North America

949-385-6449

[email protected]

www.mzgroup.us

The post eXp Realty Lands Large Multi-Office Brokerage in South Florida appeared first on eXp World Holdings.

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eXp World Holdings, Inc. Reports Record First Quarter 2017 Financial Results

by on May 16, 2017 in Financial News

Q1 2017 Revenues Accelerate; Increasing 208% to Record $22.0 Million

BELLINGHAM, WA – May 16, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, has provided a corporate update and its financial results for the first quarter ended March 31, 2017.

First Quarter 2017 Company Highlights

    • Revenues in the first quarter of 2017 increased 208% to $22.0 million, compared to $7.1 million in the same year-ago quarter. Sequentially, this represents growth of 22% when compared to $18.0 million in the fourth quarter of 2016.
    • Net loss in the first quarter of 2017 decreased to $0.1 million, or $(0.00) per diluted share, compared to net loss of $0.6 million, or $(0.01) per diluted share in the same year-ago quarter.  
    • Adjusted EBITDA (a non-GAAP financial measure) remained flat at $0.1 million in the first quarter of 2017, compared to $0.1 million in the same year-ago quarter.
    • Agents and brokers on the eXp Realty platform increased 183% to 3,118 on March 31, 2017, compared to 1,103 in the same year-ago period. Sequentially, this represents growth of 23% when compared to 2,401 agents and brokers on the platform on December 31, 2016. As of May 12, 2017, the number of agents and brokers totaled 3,432.

Management Commentary

“The rapid agent growth we experienced in 2016 has continued to accelerate in the first quarter of 2017, which drove record revenues of $22 million,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “This growth is a testament to the superior agent experience provided by our agent-centric model, which consists of a fully immersive cloud-based office environment, industry best revenue sharing incentives and unique agent-ownership opportunities.

“We expect our agent growth trajectory to continue apace and revenue growth to continue accelerating as we attract ambitious, top producing agents away from legacy brick and mortar offices and to the eXp platform. We also recently attracted four highly qualified industry veterans to our management team—from firms such as Zillow, DocuSign, Onboard Informatics and Keller Williams—which we believe attests to the increasing prominence of our brokerage and the value proposition we provide.

“As we move forward in 2017, we will continue investing in our core infrastructure to support our growth. The foundation we are building today will allow us to efficiently scale our innovative business model into a much larger, more mature organization, which ultimately, will create notable value for our shareholders.”

First Quarter 2017 Financial Results

Revenues increased 208% to a record $22.0 million in the first quarter of 2017, compared to $7.1 million in the first quarter of 2016. Sequentially, revenues increased 22% when compared to revenue of $18.0 million in the fourth quarter of 2016. This growth is a direct result of the increased agent count and corresponding higher revenues realized by the Company’s real estate brokerage division, eXp Realty.

In the first quarter of 2017, eXp Realty added 717 agents and brokers to its platform, an increase of 195% when compared to 243 agents and brokers added in the first quarter of 2016. This represents a sequential increase of 23% when compared to 585 agents added in the fourth quarter of 2016. eXp Realty ended the first quarter of 2017 with 3,118 real estate professionals on its platform across 43 states, the District of Columbia and Alberta, Canada.  As of May 12, 2017, eXp Realty had 3,432 agents on its platform.

During the first quarter of 2017, net loss from operations was $43,000, compared to a net loss from operations of $0.6 million in the first quarter of 2016. This improvement was primarily due to higher revenues, resulting from an increasing number of real estate professionals on the eXp platform, as well as a $0.6 million decrease in non-cash expenses.

Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2017 totaled $0.1 million, compared to $0.1 million in the first quarter of 2016.

Net loss in the first quarter of 2017 was $(0.1) million, or $(0.00) per diluted share, compared to a net loss of $0.6 million, or $(0.01) per diluted share, in the first quarter of 2016. This improvement was primarily attributed to the aforementioned increase in revenue, as well as a $0.6 million decrease in non-cash expenses.

Cash and cash equivalents as of March 31, 2017 were $1.8 million, compared to $1.7 million as of December 31, 2016. Net operating cash flow in the first quarter of 2017 was $157,000, compared to $(89,000) in the same year-ago quarter.

As of the date of this press release, the Company’s independent registered public accounting firm has not yet completed their interim review procedures relating to the Company’s unaudited consolidated financial statements for the three months ended March 31, 2017.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest,  income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s expansion, revenue growth, operating results, financial performance and net income changes. 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; 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 Annual Report on Form 10-K.

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2017 2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,790,640 $ 1,684,608
Restricted cash 786,246 481,704
Accounts receivable, net of allowance $187,000 and $133,845, respectively 3,335,924 3,015,767
Prepaids and other assets 550,871 383,563
TOTAL CURRENT ASSETS 6,463,681 5,565,642
OTHER ASSETS
Fixed assets, net 804,494 538,405
TOTAL OTHER ASSETS 804,494 538,405
TOTAL ASSETS $ 7,268,175 $ 6,104,047
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 467,595 $ 317,420
Customer deposits 786,246 481,704
Accrued expenses 3,269,709 2,742,119
Notes payable 21,974 35,778
TOTAL CURRENT LIABILITIES 4,545,524 3,577,021
Commitments and contingencies – –
STOCKHOLDERS’ EQUITY
eXp World Holdings, Inc. Stockholders’ Equity:
Common Stock, $0.00001 par value 220,000,000 shares authorized; 52,611,239 shares and 52,316,679 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively

525

523
Additional paid-in capital 34,791,174 34,526,859
Accumulated deficit (32,074,290) (32,004,561)
Accumulated other comprehensive income (loss) 5,242 4,205
TOTAL STOCKHOLDERS’ EQUITY 2,722,651 2,527,026
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,268,175 $ 6,104,047
The accompanying notes are an integral part of these condensed consolidated financial statements.
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,
2017 2016
Net revenues $ 22,011,237 $ 7,142,812
Operating expenses
Cost of revenues 19,279,626 6,110,987
General and administrative 2,109,352 1,425,158
Professional fees 364,460 143,375
Sales and marketing 301,222 77,143
Total expenses 22,054,660 7,756,663
Net income (loss) from operations (43,423) (613,851)
Other income and (expenses)
Other income – 7
Interest expense (1,715) –
Total other income and (expenses) (1,715) 7
Income (loss) from before income tax expense (45,138) (613,844)
Income tax expense (24,591) (11,603)
Net income (loss) (69,729) (625,447)
Net loss attributable to non-controlling interest in subsidiary – 5,580
Net income (loss) attributable to common shareholders $ (69,729) $ (619,867)
Net income (loss) per share attributable to common shareholders
Basic from continuing operations $ (0.00) $ (0.01)
Diluted from continuing operations $ (0.00) $ (0.01)
Weighted average shares outstanding
Basic 52,416,392 50,617,769
Diluted 52,416,392 50,617,769
The accompanying notes are an integral part of these condensed consolidated financial statements.
EXP WORLD HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
Fiscal Year Ended, December 31,
Adjusted EBITDA reconciliation 2015 2016
Net Income / (Loss) $ (4,602,975) $ (26,043,274)
Interest 1,127 370
Taxes 103,069 42,528
Depreciation & Amortization 26,304 58,374
Stock Compensation 1,293,077 5,559,898
Stock Option 3,497,491 21,964,472
Adjusted EBITDA $ 318,093 $ 1,582,368
Cash provided by (used in) Operations 346,186 1,022,450
Cash used in Investing (57,116) (416,672)
Cash provided by (used in) Financing (63,059) 493,698
Revenue Growth % 71% 137%
Notes Payable 53,498
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
Quarter Ended,
Adjusted EBITDA reconciliation Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
Net Income / (Loss) (4,998,154) $ 1,509,720 $ (1,097,724) $ (625,447) $ (6,012,627) $ (14,655,711) $ (4,749,489) $ (69,729)
Interest 464 202 – – – – 370 1,715
Taxes 7,080 1,244 76,102 11,603 13,968 7,444 9,513 24,591
Depreciation & Amortization 7,824 5,863 7,294 12,626 12,929 12,555 20,264 13,265
Stock Compensation 672,327 212,951 308,001 248,725 482,984 795,401 4,032,788 1,303,522
Stock Option 4,384,538 (1,461,593) 746,353 433,530 6,117,510 14,632,458 780,974 (1,201,364)
Adjusted EBITDA 74,079 $ 268,387 $ 40,026 $ 81,037 $ 614,764 $ 792,147 $ 94,420 $ 72,000
Cash provided by (used in) Operations 142,660 216,585 127,113 (89,293) 548,911 178,263 (89,293) 157,286
Cash used in Investing (30,397) (2,847) (19,295) (64,028) (86,300) (130,875) (64,028) (213,625)
Cash provided by (used in) Financing (15,000) (44,927) – (1,000) 1,000 – (1,000) 148,354
Revenue Growth % 62% 33% -14% 11% 86% 19% 14% 22%

Investor Relations Contact:

Greg Falesnik
Managing Director
MZ Group – MZ North America
949-385-6449
[email protected]
www.mzgroup.us

The post eXp World Holdings, Inc. Reports Record First Quarter 2017 Financial Results appeared first on eXp World Holdings.

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eXp World Holdings to Attend the Oppenheimer Emerging Growth Conference in New York City on May 16th

by on May 5, 2017 in Financial News

BELLINGHAM, WA – May 5, 2017 – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, will attend the Oppenheimer Emerging Growth Conference. The conference is being held on May 16th, 2017, at the Sofitel Hotel in New York City.

eXp World Holdings management will host one-on-one meetings throughout the day. Conference participation is by invitation only and registration is mandatory. For more information on the conference or to schedule a one-on-one meeting, please contact your Oppenheimer representative.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Investor Relations Contact:
Greg Falesnik
MZ Group – MZ North America
1-949-385-6449
[email protected]
www.mzgroup.us

The post eXp World Holdings to Attend the Oppenheimer Emerging Growth Conference in New York City on May 16th appeared first on eXp World Holdings.

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eXp World Holdings, Inc. to Add Two Agents to Board of Directors

by on April 28, 2017 in Financial News

Representation on Board & launch of Advisory Council show ongoing commitment to the Voice of the Agent

SAN DIEGO, CA–(Marketwired – April 28, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI) (the “Company”), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, announced at its annual shareholder event in San Diego, that two eXp Realty agents will join the Company’s Board of Directors, furthering the Company’s objective of building the most agent-centric real estate brokerage company in the industry.

“Agent ownership is one of the primary reasons why eXp is growing so rapidly. As a publicly-traded national real estate brokerage company, we are only as good as the agents and brokers who are also its shareholders,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “Agent ownership should come with leadership and it’s a huge win that we will now be able to have the “Voice of the Agent” on our Board, engaging with our senior leadership, and providing valuable feedback and insight at the highest level in the organization.”

To make room for these two new positions, Directors Jason Gesing and Gene Frederick have volunteered to transition off the Board over the next year. The new Board members will be selected through an inclusive nominating process tied to the launch of the new eXp Agent Advisory Council. New Board members will receive orientation training time to enable them to succeed in these important new roles.

The Agent Advisory Council will be made up of 12 eXp agents/brokers. Mr. Frederick has been named as the Council’s Founding Chair. The Council will have a strong voice in advising management on a wide range of broker and agent priorities.

Click here for the eXp Agent Advisory Council Vice-Chair Nomination Form.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

Related Posts
As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s management and the Agent Advisory Council. 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; 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 Annual Report on Form 10-K.

CONTACT INFORMATION
Investor Relations Contact:
Greg Falesnik
Managing Director
MZ Group – MZ North America
949-385-6449
Email contact

www.mzgroup.us

The post eXp World Holdings, Inc. to Add Two Agents to Board of Directors appeared first on eXp World Holdings.

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eXp Realty Supports Accelerated Growth with the Addition of Four Industry Veterans to Management Team

by on April 17, 2017 in Financial News

(Left to right) Kee Wah Chung, Kathy Gordon, Scott Petronis, Mitch Robinson

Former DocuSign, Zillow executives among those bringing expertise to eXp’s rapidly expanding cloud-based brokerage

BELLINGHAM, WA – (Marketwired – April 17, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, today announced the addition of industry veterans Kee Wah Chung, Kathy Gordon, Scott Petronis and Mitch Robinson to its management team.

“Our daily objective is to be the most agent-centric brokerage firm in the world,” said Russ Cofano, President and General Counsel of eXp World Holdings. “Adding Kee Wah, Kathy, Scott and Mitch to our stellar team will allow us to provide new and exciting services for both current and future agents on the eXp platform. Our ability to attract top talent is further enabled by our accelerating growth, as evidenced by our year-over-year agent growth of over 200 percent when we surpassed the 3,000 agent mark in mid-March.”

The four industry veterans joining eXp Realty’s management team include:

KEE WAH CHUNG

Kee Wah Chung joins eXp Realty as Vice President of Agent Experience.   Kee Wah will lead the continued buildout of an exceptional end-to-end Agent Experience though a robust service-delivery model for onboarding new agents, providing transaction management services, and supporting agents via eXp tools and systems. Kee Wah previously worked as Director of the Real Estate Customer Success Program for DocuSign. There, he created the first real estate- focused team to drive a world-class customer experience for onboarding brokers, agents, and staff.

KATHY GORDON

Kathy Gordon, who has nearly two decades of experience in the industry, joins eXp Realty as Vice President, Brokerage Operations. In this position, she will deliver value to eXp agents through the support of eXp’s state administrative brokers, the administration of eXp’s brokerage policies and procedures, and license law and regulatory compliance. She also will serve as liaison with eXp’s legal resources and risk management programs. Kathy previously was Broker of Record at one of Keller Williams’ largest firms, with nearly 3000 agents.  She also served as the Director of Compliance and Risk Mitigation for her region, while coaching/consulting multiple offices in areas of compliance, risk mitigation, operations, and leadership.

SCOTT PETRONIS

As eXp Realty’s new Chief Product and Technology Officer, Scott Petronis will lead the delivery of strategic agent-centric solutions that power the business and its rapidly growing agent base. Scott has more than 20 years of experience in delivering software and SaaS products for businesses and consumers. Most recently, Scott headed up products and technology for Onboard Informatics, a leading provider of data and technology solutions to U.S. real estate brokerage firms.  For the past five years, Scott has been a fixture in industry technology initiatives through his work with the Real Estate Standards Organization (RESO), including leading the Web API initiative as the Chair of the Transport Workgroup. In that role, he drove agreement on a new standard that allows companies to more rapidly innovate solutions for the real estate industry.

MITCH ROBINSON

In his new role as Senior Vice President, Marketing and Communications for eXp Realty, Mitch Robinson is responsible for branding, external and internal communications, digital and social media, events (both live and within eXp World, the company’s fully immersive 3D Cloud Campus). Robinson was an early employee at Expedia before joining the online real estate marketplace Zillow. As the leader of Zillow’s trade marketing team, Mitch spearheaded marketing initiatives working with real estate agents, brokers, MLSs, rental professionals, and builders. In this role, he blended technology innovation with a deep appreciation for the ways in which agents can be successful in an industry ripe for disruption.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage® as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Safe Harbor Statement
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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s expansion, revenue growth, operating results, financial performance and net income changes. 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; 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 Annual Report on Form 10-K.

The post eXp Realty Supports Accelerated Growth with the Addition of Four Industry Veterans to Management Team appeared first on eXp World Holdings.

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eXp World Holdings, Inc. Reports Record Fourth Quarter and Full Year 2016 Financial Results

by on April 3, 2017 in Financial News

2016 Agent Growth of 178%; Drives Revenue Growth of 137% to Record $54.2 Million

BELLINGHAM, WA –(Marketwired – April 03, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, has provided a corporate update and its financial results for the fourth quarter and full year ended December 31, 2016.

2016 Company Highlights

  • Revenues in 2016 increased 137% to $54.2 million compared to $22.9 million in 2015.
  • Net loss in 2016 increased to $(26.0) million, or $(0.51) per diluted share, compared to net loss of $(4.6) million, or $(0.09) per diluted share in 2015. The net loss in 2016 was primarily due to non-cash charges as a result of a $20.5 million valuation increase of the intrinsic value of certain options due to an increase in share price during the period, and a $4.3 million increase in stock compensation expense. This compares to a $3.4 million valuation increase of the intrinsic value of certain options and a $1.2 million increase in stock compensation expense in 2015.
  • Adjusted EBITDA (a non-GAAP financial measure) increased 397% to $1.6 million in 2016, compared to $0.3 million in 2015.
  • Agents and brokers on the eXp Realty platform increased 178% to 2,401 in 2016, compared to 864 at the end of 2015. On March 15, 2017, the number of agents and brokers surpassed 3,000.

Management Commentary

“2016 established us as one of the largest and fastest growing brokerages in North America as we nearly tripled in size over the past year,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings, Inc. “Our strong revenue and adjusted EBITDA growth in 2016 showcases the leverage in our model, which we expect to continue to be evident as we execute on our overall strategy.

“Driving this is our cloud-based brokerage model, which creates a strong value proposition for agents and has allowed us to attract some of the top producers, as well as some of the highest ranking teams, throughout the U.S. and Canada. We have become a leading brokerage of choice for agents due to eXp Realty’s unique value proposition.

“Throughout 2016 and into 2017, we have continued to focus on investing in the infrastructure and tools necessary to support our growth and ensure scalability of eXp’s Realty’s business model. The investments we are making today will allow us to support a much larger, more mature organization well into the future. We expect our robust growth to continue to increase both in terms of agent count and revenues, along with our value proposition to our agent-owners and shareholders.”

Fourth Quarter 2016 Financial Results

Revenues increased 181% to a record $18.0 million in the fourth quarter of 2016, compared to $6.4 million in the fourth quarter of 2015. Sequentially, revenues increased 14% when compared to revenue of $15.8 million in the third quarter of 2016. This growth is a direct result of the increased agent count and corresponding higher revenues realized by the Company’s real estate brokerage division, eXp Realty.

In the fourth quarter of 2016, eXp Realty added 585 agents and brokers to its platform, an increase of 309% when compared to 143 agents and brokers added in the fourth quarter of 2015. This represents a sequential increase of 32% when compared to 418 agents added in the third quarter of 2016. eXp Realty ended 2016 with 2,401 real estate professionals on its platform across 42 states, the District of Columbia and Alberta, Canada. On March 15, 2017, eXp Realty surpassed the 3,000 agent milestone on its platform.

During the fourth quarter of 2016, operating loss was $4.7 million, compared to a $1.0 million operating loss in the same quarter of 2015. The increase in operating loss was primarily due to a significant increase in non-cash stock compensation expense of $3.7 million, and an increase in non-cash stock option expense of $0.04 million, due to an increase in share price during the period.

Adjusted EBITDA (a non-GAAP financial measure) in the fourth quarter of 2016 totaled $94,000, compared to $40,000 in the fourth quarter of 2015.

Net loss for the three months ended December 31, 2016 was $4.6 million, or $(0.09) per diluted share, compared to net loss of $7.1 million, or $(0.14) per basic and diluted share, for the fourth quarter of 2015. The increased net loss was primarily attributed to the significant increase in aforementioned non-cash stock option and stock compensation expenses.

Full Year 2016 Financial Results

eXp World Holdings reported revenue of $54.2 million for the year ended December 31, 2016, an increase of 137% compared to the prior year. This increase was mainly attributable to the 178% growth of the agent base during 2016, as eXp Realty grew from 864 to 2,401 agents.

In 2016, eXp Realty added 1,537 agents and brokers to its platform, an increase of 287% when compared to the 397 agents and brokers added in 2015. eXp Realty had 2,401 brokers and agents on its platform on December 31, 2016.

Operating loss for the full year 2016 was $26.0 million, an increase from $4.5 million in the same period in 2015. The increase in operating loss was primarily due to a significant increase in non-cash stock option expense of $20.5 million due to an increase in share price during the period, as well as a significant increase in non-cash stock compensation expense of $4.3 million as a result of agents joining the eXp Realty platform.

Adjusted EBITDA in 2016 increased 397% to $1.6 million, compared to $0.3 million in 2015.

Net loss in 2016 was $(26.0) million, or $(0.51) per diluted share, compared to net loss of $(4.6) million, or $(0.09) per diluted share in 2015. The increased net loss was primarily attributed to the aforementioned significant increase in non-cash stock option and stock compensation expenses.

Cash and cash equivalents as of December 31, 2016 were $1.7 million compared with $0.6 million as of December 31, 2015. Net operating cash flow for the year ended December 31, 2016 was $1.0 million, an increase of 195% from the last year.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for eXp Realty LLC, the Agent-Owned Cloud Brokerage®. As a full-service real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an attractive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income excluding interest, income taxes, depreciation, amortization, and stock based compensation. We believe that Adjusted EBITDA provides us an important measure of operating performance, primarily from a cash flow standpoint, and enhances comparability while providing investors with useful insight into the underlying trends of the business. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

Safe Harbor Statement

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. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company’s expansion, revenue growth, operating results, financial performance and net income changes. 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; 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 Annual Report on Form 10-K.

 

EXP WORLD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2016 2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,684,608 $ 571,814
Restricted cash 481,704 148,613
Accounts receivable, net of allowance $133,845 and $2,342, respectively 3,015,767 341,643
Prepaids and other assets 383,563 84,451
TOTAL CURRENT ASSETS 5,565,642 1,146,521
OTHER ASSETS
Fixed assets, net 538,405 110,195
TOTAL OTHER ASSETS 538,405 110,195
TOTAL ASSETS $ 6,104,047 $ 1,256,716
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 317,420 $ 89,984
Customer deposits 481,704 148,613
Accrued expenses 2,742,119 425,613
Current portion of notes payable 35,778 –
TOTAL CURRENT LIABILITIES 3,577,021 664,210
Commitments and contingencies – –
STOCKHOLDERS’ EQUITY
eXp World Holdings, Inc. Stockholders’ Equity:
Common Stock, $0.00001 par value 220,000,000 shares authorized;
52,316,679 shares and 50,168,195 shares issued and outstanding at
December 31, 2016 and December 31, 2015, respectively 523 502
Additional paid-in capital 34,526,859 6,611,781
Accumulated deficit (32,004,561 ) (5,991,088 )
Accumulated other comprehensive income (loss) 4,205 (9,113 )
Total eXp World Holdings, Inc. stockholders’ equity 2,527,026 612,082
Non-controlling interests in subsidiary – (19,576 )
TOTAL STOCKHOLDERS’ EQUITY 2,527,026 592,506
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,104,047 $ 1,256,716
The accompanying notes are an integral part of these consolidated financial statements.

 

EXP WORLD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2016 2015
Net revenues $ 54,179,511 $ 22,866,787
Operating expenses
Cost of revenues 46,726,533 19,456,409
General and administrative 32,237,501 7,257,961
Professional fees 645,024 439,763
Sales and marketing 570,844 211,456
Total expenses 80,179,902 27,365,589
Net income (loss) from operations (26,000,391 ) (4,498,802 )
Other income and (expenses)
Other income 15 23
Interest expense (370 ) (1,127 )
Total other income and (expenses) (355 ) (1,104 )
Income (loss) from before income tax expense (26,000,746 ) (4,499,906 )
Income tax expense (42,528 ) (103,069 )
Net income (loss) (26,043,274 ) (4,602,975 )
Net loss attributable to non-controlling interest in subsidiary 29,801 21,526
Net income (loss) attributable to common shareholders $ (26,013,473 ) $ (4,581,449 )
Net income (loss) per share attributable to common shareholders
Basic from continuing operations $ (0.51 ) $ (0.09 )
Diluted from continuing operations $ (0.51 ) $ (0.09 )
Weighted average shares outstanding
Basic 51,081,949 49,409,266
Diluted 51,081,949 49,409,266
The accompanying notes are an integral part of these consolidated financial statements.
 

 

EXP WORLD HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
Fiscal Year Ended,
2015		 December 31,
2016
Adjusted EBITDA reconciliation
Net Income / (Loss) $ (4,602,975 ) $ (26,043,274 )
Interest 1,127 370
Taxes 103,069 42,528
Depreciation & Amortization 26,304 58,374
Stock Compensation 1,293,077 5,559,898
Stock Option 3,497,491 21,964,472
Adjusted EBITDA $ 318,093 $ 1,582,368

 

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
Quarter Ended,
Adjusted EBITDA reconciliation Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Net Income / (Loss) (16,817 ) (4,998,154 ) $ 1,509,720 $ (1,097,724 ) $ (625,447 ) $ (6,012,627 ) $ (14,655,711 ) $ (4,749,489 )
Interest 461 464 202 – – – – 370
Taxes 18,643 7,080 1,244 76,102 11,603 13,968 7,444 9,513
Depreciation & Amortization 5,323 7,824 5,863 7,294 12,626 12,929 12,555 20,264
Stock Compensation 99,798 672,327 212,951 308,001 248,725 482,984 795,401 4,032,788
Stock Option (171,807 ) 4,384,538 (1,461,593 ) 746,353 433,530 6,117,510 14,632,458 780,974
Adjusted EBITDA (64,399 ) 74,079 $ 268,387 $ 40,026 $ 81,037 $ 614,764 $ 792,147 $ 94,420
 

 

CONTACT INFORMATION

Investor Relations Contact:
Greg Falesnik
Managing Director
MZ Group – MZ North America
949-385-6449
Email contact
www.mzgroup.us

The post eXp World Holdings, Inc. Reports Record Fourth Quarter and Full Year 2016 Financial Results appeared first on eXp World Holdings.

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eXp World Holdings to Present at The MicroCap Conference on April 4th in New York

by on March 27, 2017 in Financial News

BELLINGHAM, WA–(Marketwired – March 27, 2017) – eXp World Holdings, Inc. (OTCQB: EXPI), the holding company for eXp Realty LLC, The Agent-Owned Cloud Brokerage®, today announced that management will attend the The MicroCap Conference in New York on Tuesday, April 4th, 2017.

eXp World Holdings will host one-on-one meetings throughout the day and is scheduled to present as follows:

The MicroCap Conference
Date: Tuesday, April 4, 2017
Presentation Time: 9:30 a.m. ET
Location: JW Marriott Essex House New York (160 Central Park S, New York, NY 10019) – Track 4
Webcast: http://wsw.com/webcast/microcapconf3/expi

For more information or register for the conference please visit www.microcapconf.com.

About eXp World Holdings, Inc.
eXp World Holdings, Inc. (OTCQB: EXPI) is the holding company for a number of companies, most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage® as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.

As a publicly-traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn equity awards for production and contributions to overall company growth.

For more information, please visit the Company’s Twitter, LinkedIn, Facebook, YouTube, or visit www.eXpRealty.com.

CONTACT INFORMATION

The post eXp World Holdings to Present at The MicroCap Conference on April 4th in New York appeared first on eXp World Holdings.

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