eXp World Holdings, Inc. Q4 FY2024 earnings call

• Glenn Sanford: Discussed the eXp platform, International growth (63% YOY in 2024, 72% in Q4), plans to open new countries (Turkey, Peru, Egypt), and expansion of the agent referral platform.
• Leo Pareja: Highlighted NPS score increase to 76, award for best place to work, initiatives like FastCAP training program, partnerships with Canva and Sisu, luxury group growth 46% in 2024, and focus on productive agents.
• Wendy Forsythe: Emphasized aligning the eXp value stack to support agents, success stories of agents, and upcoming marquee events in Montreal, Barcelona, and Miami.
• Kent Cheng: Highlighted financial results ($4.6B revenue in 2024, up 7% YOY; adjusted net income $12.2M; strong cash position); details on equity program (1.8M shares issued in 2024) and stock purchases ($141M in 2024).

North America Realty: Fourth quarter revenue grew 11% year-over-year to $1,068,000,000, driven by higher home sales price and improved agent productivity. Full year segment revenue increased 6% to close to $4.5 billion. Fourth quarter adjusted EBITDA increased 63% year-over-year to $14 million, while full year adjusted EBITDA surged 151% to $99 million. International: Fourth quarter revenues surged 72% year-over-year. Full year International revenue grew 63% in 2024, accelerating from 50% in 2023. International has been getting more profitable, with adjusted EBITDA profitability improving by 31% year-over-year.

• International is expected to be a major growth driver.
• Focus on continuing investments in agent incentive programs, technology partnerships (e.g., Canva, Sisu), and training.
• Anticipate continued growth in International markets and maintaining focus on productive agents.

• Market uncertainties and macroeconomic conditions affecting the housing market.
• Potential legal risks related to industry practices (e.g., NAR legislation).
• Dependence on technology partnerships and their performance.

Q: How is International different than domestic U.S. and Canada?

A: International is like the U.S. and Canada 30-40 years ago, with disparate portals; eXp is bringing professionalizing influence.

Q: Strategy to help eXp agents win in 2025?

A: Continue agent incentive programs, technology partnerships, and training.

Q: Agent value stack components resonating most?

A: Canva, Sisu, FastCAP, support desk, and quick settlement of transactions.

Q: Operating expenses growth in 2025?

A: Expenses are variable; focus on growth despite market conditions.

Q: Impact of agentic AI?

A: AI will automate repetitive work, potentially reducing staff needs by one-third to one-half.

Q: Agent commission rates?

A: No meaningful impact seen post-NAR settlement.