eXp World Shares Tick Higher On Q1 Beat, Stock Buyback Boost

• eXp World Holdings, Inc (NASDAQ:EXPI) reported first-quarter FY22 revenue growth of 73% year-on-year to $1.01 billion, beating the consensus of $942.6 million.
• Agents and brokers on the eXp Realty platform increased 55% Y/Y to 78,196 as of March 31.
• Real estate transactions closed increased 55% Y/Y to 114,305.
• Real estate transaction volume increased 69% Y/Y to $41.4 billion.
• EPS of $0.06 beat the consensus of $0.01.
• Adjusted EBITDA increased 19% Y/Y to $17.7 million.
• eXp World held $130.1 million in cash and equivalents and generated $111.5 million in operating cash flow.
• The board approved a stock repurchase hike from $400 million to $500 million and the monthly repurchases from $10 million to $20 million.
• On April 29, the board declared a cash dividend of $0.04 per share.
• "eXp's strong momentum continued through the first quarter as even more agents joined what we believe is the most agent-centric brokerage on the planet, fueling the fastest-growing agent base in the history of real estate to help clients and customers buy, sell and/or lease properties around the world," Chair and CEO Glenn Sanford said.
• Price Action: EXPI shares traded higher by 2.36% at $15.15 on the last check Wednesday.