eXp World Holdings, Inc. Q3 FY2025 earnings call

Leo Pareja noted the second consecutive quarter of quarter-over-quarter agent growth, with sales transactions per agent up 5% year-over-year, number of top-producing agents up 7%, and worldwide agent attrition improved by 13% year-over-year. In the U.S., the majority of departing agents were low-producing, and higher-producing agents were retained. Wendy Forsythe discussed the FastATTRACT program in eXp University, in-person events like the Q3 Mastermind Event and eXpCon Miami with increased attendance, and operational metrics like over 14,000 expert care desk tickets handled daily. Felix Bravo shared international expansion, with operations opened in 5 countries in the past year and plans to open 3 more, and international revenue growth. Jesse Hill walked through consolidated financial highlights, including $1.3 billion revenue in Q3, 7% increase in real estate sales volume, and a healthy cash position. Glenn Sanford talked about revitalizing SUCCESS Enterprises with AI-driven operations, replatforming SUCCESS.com, and the eXp Connect Hub.

The North America Realty segment was the largest revenue and profit generator, with revenue of $1.3 billion for the quarter, adjusted EBITDA of $23.1 million, and operating income of $10.6 million. International revenue grew 68% year-over-year in Q3, driven by increased productive agents and transactions. Adjusted EBITDA loss for international improved 5%. Other affiliated services, primarily Success, contributed modest revenue with an adjusted EBITDA loss of $1.3 million.

While not providing specific forward guidance, the company remains focused on increasing operational efficiency and driving continued profitability, leveraging AI and automation, expanding affiliate and partnership programs, and continuing to grow internationally with a disciplined scalable model.

Q: How do you see eXp's platform vision playing out now?

A: Glenn Sanford said eXp is well-positioned to take advantage of industry changes as a platform, with the potential to be one of the winning platforms for real estate.

Q: What are eXp's advantages over other brokerages in the U.S.?

A: Leo Pareja said eXp is a fully scaled enterprise with cash flow, sustainability, and ability to invest, uniquely positioned in the market.

Q: What do agents want most from eXp?

A: Wendy Forsythe said agents want innovative tools and technology for business growth and training, coaching, and community.

Q: How is eXp different from traditional brokerages in new countries?

A: Felix Bravo said eXp offers more competitive splits, higher earnings potential, and the ability to build their own brands in markets traditionally dominated by employed or legacy models.

Q: What growth metric stood out in Q3?

A: Jesse Hill highlighted agent productivity, with sales transactions per agent up 5.4% year-over-year.