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 second quarter ended June
30, 2023.
Second Quarter 2023 Consolidated Financial Highlights as
Compared to the Same Year-Ago Quarter:
- Revenue decreased 13% to $1.2
billion.
- Gross profit decreased 10% to $96.5
million.
- Net income of $9.4 million.
Earnings per diluted share of $0.06 compared to earnings per
diluted share of $0.06 in the year-ago quarter.
- Adjusted EBITDA (a non-GAAP
financial measure) of $24.7 million.
- As of June 30, 2023, cash and cash
equivalents totaled $124.7 million, compared to $121.6 million as
of December 31, 2022. The company repurchased approximately $48.8
million of common stock during the second quarter of 2023.
- The Company paid a cash dividend for the second quarter of 2023
of $0.045 per share of common stock on May 31, 2023. On July 28,
2023, the Company’s Board of Directors declared a cash dividend of
$0.05 per share of common stock for the third quarter of 2023,
expected to be paid on September 4, 2023 to stockholders of record
on August 18, 2023.
Management Commentary
“We are continually raising the bar on what it means to be the
most agent-centric brokerage on the planet by constantly iterating
our agent value proposition that delivers the best support and
tools,” said Glenn Sanford, Founder, Chairman and CEO of eXp World
Holdings. “Our agents’ feedback is critical in helping to determine
and enhance programs. We have prioritized agent support through our
reimagined eXpert Care Desk, which provides live support to agents
24/7. And in May, we launched Luna, the GPT-4 powered generative AI
support agent, in direct response to aNPS feedback. We are seeing
remarkable engagement, with a significant number of agents using
the service asking follow-up questions. Even early in its
development, Luna can correctly answer the majority of questions
asked.”
“By consistently iterating on our agent value proposition along
with our agent feedback, we are seeing strengthened agent Net
Promoter Scores (aNPS), with second quarter aNPS up four percentage
points year over year despite the challenging market.
“We know that in a slower housing market, productivity is at the
top of everyone’s minds. As the largest and most efficient
independent brokerage in the industry, we have the scale and
financial resources to fund new investments in agent productivity
while others scale back. During the quarter, we deployed several
new agent support systems, increased our onboarding support
coverage to 24/7 and established a white glove premier service desk
for our top contributors. We also accelerated our initiative to get
our agents paid faster and are making good progress toward our
objective of near-real time agent payouts.”
“We delivered another profitable quarter despite lower
transaction volume, as persistently high mortgage rates kept many
buyers on the sidelines,” said Jeff Whiteside, CFO and Chief
Collaboration Officer of eXp World Holdings. “Even as we continued
to fund our key growth priorities and invest in agent-centric
innovation, our balanced approach to spending resulted in a higher
operating margin compared to the prior year quarter. Our efficient,
cloud-based model, strong balance sheet and attractive operating
cash flow profile are enabling us to invest in our agents to drive
long-term growth and shareholder value.
“While high mortgage rates are expected to persist in the short
term, consumer price inflation has started to cool down in our core
North American market, and forward interest rate curves suggest
that rates may now be at or near peak levels. We are optimistic
that lower mortgage rates will unleash significant pent-up demand
as affordability improves and buyers can once again meet seller
price objectives.”
Second Quarter 2023 Operational Highlights as Compared
to the Same Year-Ago Period:
- eXp Realty ended the second quarter
of 2023 with a global agent Net Promoter Score of 72, up from 68 a
year ago. NPS is a measure of agent satisfaction and an important
KPI for eXp given the Company’s intense focus on improving the
agent experience.
- Agents and brokers on the eXp
Realty platform increased 7% to 88,248 as of June 30, 2023.
- Transactions decreased 9% to
137,199.
- Transaction volume decreased 16% to
$48.6 billion.
- Named Carolyn Merchant Chief
Marketing Officer of eXp Realty on April 6, 2023.
- Named Carrie
Lysenko CEO of Zoocasa on April 16, 2023.
- Announced a
strategic title and brokerage joint venture with Vesta Settlements,
LLC, to bring local title expertise and personalized service to
agents in Virginia on June 2, 2023.
- Announced Boost
Program for Culturally Aligned Independent Teams and Brokerages to
financially incentivize qualifying independent teams and brokerages
to join eXp Realty on June 29, 2023.
- Announced eXp
Realty will accelerate agent rewards by reducing revenue share
criteria on June 30, 2023.
Second Quarter 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 and
CFO Jeff Whiteside on Thursday, Aug. 3, 2023 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, Aug. 3,
2023
Time: 2 p.m. PT / 5 p.m. ET
Location: EXPI Campus. Join at
https://expworldholdings.com/contact/download/
Livestream: expworldholdings.com/events
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
fastest-growing real estate company in the world with more than
88,000 agents in the United States, Canada, the United Kingdom,
Australia, South Africa, India, Mexico, Portugal, France, Puerto
Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama,
Germany, 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, an immersive 3D platform that is 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.
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.
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.
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.
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
related to these long-lived assets, and, although these are
non-cash charges, the assets being depreciated and amortized may
have to be replaced in the future.
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. These statements include, but are not
limited to, statements about the continued growth of our agent and
broker base; expansion of our residential real estate brokerage
business into foreign markets; and revenue growth 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; 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.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
EXP WORLD HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except share amounts and
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
Revenues |
|
$ |
1,232,927 |
|
|
$ |
1,415,060 |
|
$ |
2,083,543 |
|
|
$ |
2,425,791 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Commissions and other agent-related costs |
|
|
1,136,411 |
|
|
|
1,307,810 |
|
|
1,913,970 |
|
|
|
2,235,077 |
|
|
General and administrative expenses |
|
|
82,541 |
|
|
|
91,391 |
|
|
154,308 |
|
|
|
166,713 |
|
|
Sales and marketing expenses |
|
|
2,878 |
|
|
|
4,210 |
|
|
5,841 |
|
|
|
7,910 |
|
|
Total operating expenses |
|
|
1,221,830 |
|
|
|
1,403,411 |
|
|
2,074,119 |
|
|
|
2,409,700 |
|
|
Operating income |
|
|
11,097 |
|
|
|
11,649 |
|
|
9,424 |
|
|
|
16,091 |
|
|
Other (income) expense |
|
|
|
|
|
|
|
|
|
Other (income) expense, net |
|
|
(1,299 |
) |
|
|
62 |
|
|
(2,179 |
) |
|
|
472 |
|
|
Equity in losses of unconsolidated affiliates |
|
|
143 |
|
|
|
567 |
|
|
485 |
|
|
|
884 |
|
|
Total other (income) expense, net |
|
|
(1,156 |
) |
|
|
629 |
|
|
(1,694 |
) |
|
|
1,356 |
|
|
Income before income tax expense |
|
|
12,253 |
|
|
|
11,020 |
|
|
11,118 |
|
|
|
14,735 |
|
|
Income tax (benefit)
expense |
|
|
2,831 |
|
|
|
1,661 |
|
|
243 |
|
|
|
(3,488 |
) |
|
Net income |
|
|
9,422 |
|
|
|
9,359 |
|
|
10,875 |
|
|
|
18,223 |
|
|
Net income attributable to
noncontrolling interest |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
18 |
|
|
Net income attributable to eXp World Holdings, Inc. |
|
$ |
9,422 |
|
|
$ |
9,359 |
|
$ |
10,875 |
|
|
$ |
18,241 |
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.06 |
|
|
|
0.06 |
|
|
0.07 |
|
|
|
0.12 |
|
|
Diluted |
|
|
0.06 |
|
|
|
0.06 |
|
|
0.07 |
|
|
|
0.12 |
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
153,249,120 |
|
|
|
150,783,418 |
|
|
152,899,883 |
|
|
|
150,049,170 |
|
|
Diluted |
|
|
156,693,959 |
|
|
|
155,816,038 |
|
|
156,119,627 |
|
|
|
156,579,590 |
|
|
The following tables reflects Revenues and Adjusted
Segment EBITDA by reportable segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT REVENUES |
(In thousands) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Revenues |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
North American Realty |
|
$ |
1,219,345 |
|
|
$ |
1,404,028 |
|
|
|
$ |
2,056,459 |
|
|
$ |
2,405,908 |
|
|
International Realty |
|
|
11,991 |
|
|
|
8,908 |
|
|
|
|
22,748 |
|
|
|
16,002 |
|
|
Virbela |
|
|
1,811 |
|
|
|
2,040 |
|
|
|
|
3,974 |
|
|
|
3,853 |
|
|
Other Affiliated Services |
|
|
1,072 |
|
|
|
1,043 |
|
|
|
|
2,749 |
|
|
|
1,881 |
|
|
Revenues reconciliation: |
|
|
|
|
|
|
|
|
|
|
Segment eliminations |
|
|
(1,292 |
) |
|
|
(959 |
) |
|
|
($ |
2,387 |
) |
|
($ |
1,853 |
) |
|
Consolidated revenues |
|
$ |
1,232,927 |
|
|
$ |
1,415,060 |
|
|
|
$ |
2,083,543 |
|
|
$ |
2,425,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED SEGMENT EBITDA |
(In thousands) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
North American Realty |
|
$ |
34,122 |
|
|
$ |
39,899 |
|
|
|
$ |
55,325 |
|
|
$ |
68,670 |
|
|
International Realty |
|
|
(3,782 |
) |
|
|
(3,014 |
) |
|
|
|
(7,458 |
) |
|
|
(4,970 |
) |
|
Virbela |
|
|
(1,196 |
) |
|
|
(2,715 |
) |
|
|
|
(2,492 |
) |
|
|
(5,487 |
) |
|
Other Affiliated Services |
|
|
(1,168 |
) |
|
|
(747 |
) |
|
|
|
(1,849 |
) |
|
|
(1,576 |
) |
|
Corporate expenses and
other |
|
|
(3,247 |
) |
|
|
(6,509 |
) |
|
|
|
(5,470 |
) |
|
|
(12,010 |
) |
|
Consolidated Adjusted
EBITDA |
|
$ |
24,729 |
|
|
$ |
26,914 |
|
|
|
$ |
38,056 |
|
|
$ |
44,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED US-GAAP NET INCOME TO ADJUSTED EBITDA
RECONCILIATION |
(In thousands) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net income |
|
$ |
9,422 |
|
|
$ |
9,359 |
|
|
$ |
10,875 |
|
|
$ |
18,223 |
|
|
Other (income) expense,
net |
|
|
(1,156 |
) |
|
|
629 |
|
|
|
(1,694 |
) |
|
|
1,356 |
|
|
Income tax (benefit)
expense |
|
|
2,831 |
|
|
|
1,661 |
|
|
|
243 |
|
|
|
(3,488 |
) |
|
Depreciation and
amortization |
|
|
2,779 |
|
|
|
2,429 |
|
|
|
5,358 |
|
|
|
4,387 |
|
|
Stock compensation
expense(1) |
|
|
8,488 |
|
|
|
9,230 |
|
|
|
18,148 |
|
|
|
17,028 |
|
|
Stock option expense |
|
|
2,365 |
|
|
|
3,606 |
|
|
|
5,126 |
|
|
|
7,121 |
|
|
Adjusted EBITDA |
|
$ |
24,729 |
|
|
$ |
26,914 |
|
|
$ |
38,056 |
|
|
$ |
44,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)This includes
agent growth incentive stock compensation expense and stock
compensation expense related to business acquisitions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING CASH FLOW |
(In thousands) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net Cash Provided by Operating Activities |
|
$ |
98,024 |
|
$ |
53,791 |
|
|
$ |
154,168 |
|
$ |
165,298 |
|
Less: Customer Deposits |
|
|
33,472 |
|
|
(23,373 |
) |
|
|
50,854 |
|
|
25,893 |
|
Adjusted Operating Cash
Flow |
|
$ |
64,552 |
|
$ |
77,164 |
|
|
$ |
103,314 |
|
$ |
139,405 |
|
|
|
|
|
|
|
|
|
|
|
EXP WORLD HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands, except share
amounts)
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
124,714 |
|
|
$ |
121,594 |
|
Restricted cash |
|
|
88,560 |
|
|
|
37,789 |
|
Accounts receivable, net of allowance for credit losses of $1,544
and $4,014, respectively |
|
|
134,998 |
|
|
|
87,262 |
|
Prepaids and other assets |
|
|
8,101 |
|
|
|
8,468 |
|
TOTAL CURRENT ASSETS |
|
|
356,373 |
|
|
|
255,113 |
|
Property, plant, and equipment, net |
|
|
15,224 |
|
|
|
18,151 |
|
Operating lease right-of-use assets |
|
|
32 |
|
|
|
2,127 |
|
Other noncurrent assets |
|
|
6,567 |
|
|
|
1,703 |
|
Intangible assets, net |
|
|
11,728 |
|
|
|
8,700 |
|
Deferred tax assets |
|
|
65,306 |
|
|
|
68,676 |
|
Goodwill |
|
|
27,552 |
|
|
|
27,212 |
|
TOTAL ASSETS |
|
$ |
482,782 |
|
|
$ |
381,682 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts payable |
|
$ |
7,321 |
|
|
$ |
10,391 |
|
Customer deposits |
|
|
88,643 |
|
|
|
37,789 |
|
Accrued expenses |
|
|
128,461 |
|
|
|
78,944 |
|
Current portion of lease obligation - operating lease |
|
|
29 |
|
|
|
175 |
|
TOTAL CURRENT LIABILITIES |
|
|
224,454 |
|
|
|
127,299 |
|
Long-term payable |
|
|
5 |
|
|
|
4,697 |
|
Long-term lease obligation - operating lease, net of current
portion |
|
|
3 |
|
|
|
694 |
|
TOTAL LIABILITIES |
|
|
224,462 |
|
|
|
132,690 |
|
EQUITY |
|
|
|
|
Common Stock, $0.00001 par value 900,000,000 shares authorized;
177,900,083 issued and 153,588,186 outstanding at June 30, 2023;
171,656,030 issued and 152,839,239 outstanding at December 31,
2022 |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
701,806 |
|
|
|
611,872 |
|
Treasury stock, at cost: 24,311,897 and 18,816,791 shares held,
respectively |
|
|
(463,738 |
) |
|
|
(385,010 |
) |
Accumulated earnings |
|
|
18,138 |
|
|
|
20,723 |
|
Accumulated other comprehensive income |
|
|
943 |
|
|
|
236 |
|
Total eXp World Holdings, Inc.
stockholders' equity |
|
|
257,151 |
|
|
|
247,823 |
|
Equity attributable to noncontrolling interest |
|
|
1,169 |
|
|
|
1,169 |
|
TOTAL EQUITY |
|
|
258,320 |
|
|
|
248,992 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
482,782 |
|
|
$ |
381,682 |
|
|
|
|
|
|
|
|
|
|
|
EXP WORLD HOLDINGS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
OPERATING ACTIVITIES |
|
|
|
|
Net income |
|
$ |
10,875 |
|
|
$ |
18,223 |
|
Reconciliation of net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation expense |
|
|
4,163 |
|
|
|
3,570 |
|
Amortization expense - intangible assets |
|
|
1,195 |
|
|
|
817 |
|
Loss on dissolution of consolidated affiliates |
|
|
- |
|
|
|
361 |
|
Allowance for credit losses on receivables/bad debt on
receivables |
|
|
(2,470 |
) |
|
|
608 |
|
Equity in loss of unconsolidated affiliates |
|
|
485 |
|
|
|
884 |
|
Agent growth incentive stock compensation expense |
|
|
18,148 |
|
|
|
17,028 |
|
Stock option compensation |
|
|
5,126 |
|
|
|
7,121 |
|
Agent equity stock compensation expense |
|
|
65,652 |
|
|
|
86,835 |
|
Deferred income taxes, net |
|
|
3,370 |
|
|
|
(6,892 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(45,266 |
) |
|
|
(22,269 |
) |
Prepaids and other assets |
|
|
367 |
|
|
|
2,236 |
|
Customer deposits |
|
|
50,854 |
|
|
|
25,893 |
|
Accounts payable |
|
|
(3,069 |
) |
|
|
(1,152 |
) |
Accrued expenses |
|
|
49,273 |
|
|
|
31,961 |
|
Long term payable |
|
|
(4,692 |
) |
|
|
- |
|
Other operating activities |
|
|
157 |
|
|
|
74 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
154,168 |
|
|
|
165,298 |
|
INVESTING ACTIVITIES |
|
|
|
|
Purchases of property, plant, equipment |
|
|
(3,433 |
) |
|
|
(8,077 |
) |
Investments in unconsolidated affiliates |
|
|
(5,350 |
) |
|
|
- |
|
Capitalized software development costs in intangible assets |
|
|
(1,179 |
) |
|
|
- |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(9,962 |
) |
|
|
(8,077 |
) |
FINANCING ACTIVITIES |
|
|
|
|
Repurchase of common stock |
|
|
(78,728 |
) |
|
|
(79,820 |
) |
Proceeds from exercise of options |
|
|
1,253 |
|
|
|
780 |
|
Transactions with noncontrolling interests |
|
|
- |
|
|
|
(425 |
) |
Dividends declared and paid |
|
|
(13,460 |
) |
|
|
(11,744 |
) |
NET CASH
USED IN FINANCING ACTIVITIES |
|
|
(90,935 |
) |
|
|
(91,209 |
) |
Effect
of changes in exchange rates on cash, cash equivalents and
restricted cash |
|
|
620 |
|
|
|
(1,141 |
) |
Net
change in cash, cash equivalents and restricted cash |
|
|
53,891 |
|
|
|
64,871 |
|
Cash,
cash equivalents and restricted cash, beginning balance |
|
|
159,383 |
|
|
|
175,910 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE |
|
$ |
213,274 |
|
|
$ |
240,781 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: |
|
|
|
|
Cash paid for income taxes |
|
|
1,833 |
|
|
|
2,444 |
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
|
|
Termination of lease obligation - operating lease |
|
|
837 |
|
|
|
- |
|
Property, plant and equipment increase due to transfer of
right-of-use lease asset |
|
|
1,100 |
|
|
|
- |
|
Property, plant and equipment purchases in accounts payable |
|
|
- |
|
|
|
246 |
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1aae9410-bab0-4bd9-94e0-215f0b1d05da
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