\n| Adjusted EBITDA<\/td>\n | $<\/td>\n | 16,649<\/td>\n | $<\/td>\n | 6,065<\/td>\n | $<\/td>\n | 57,841<\/td>\n | $<\/td>\n | 12,649<\/td>\n<\/tr>\n<\/table>\n (1) Stock payable amortization is included in other expenses (income). Impairment expense relates to 2020 write off of an intangible asset related to a discontinued internally developed software project. There were no impairment charges recognized during 2019.<\/p>\n (2) This includes agent growth incentive stock compensation expense and stock compensation expense related to non-controlling interest.<\/p>\n Safe Harbor Statement<\/strong><\/p>\nThe statements contained herein may include statements of future expectations and other forward-looking statements that are based on management\u2019s 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 economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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\u2019s 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.<\/p>\n Media Relations Contact:<\/strong><\/p>\neXp World Holdings, Inc.<\/p>\n mediarelations@expworldholdings.com<\/p>\n Investor Relations Contact:<\/strong><\/p>\nMZ Group \u2013 MZ North America<\/p>\n investors@expworldholdings.com<\/p>\n <\/p>\n \n\nEXP WORLD HOLDINGS, INC.<\/strong><\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED BALANCE SHEETS<\/strong><\/td>\n<\/tr>\n\n(In thousands, except share amounts)<\/em><\/strong><\/td>\n<\/tr>\n\n | \n | \n | \n | <\/tr>\n \n | \nDecember 31, 2020<\/strong><\/td>\n | \nDecember 31, 2019<\/strong><\/td>\n<\/tr>\n\nASSETS<\/strong><\/td>\n| <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| CURRENT ASSETS<\/td>\n | | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | $<\/td>\n | 100,143<\/td>\n | | \n | \n$<\/td>\n | 40,087<\/td>\n | | <\/tr>\n \n| Restricted cash<\/td>\n | | \n27,781<\/td>\n | | \n | \n | \n6,987<\/td>\n | | <\/tr>\n \n| Accounts receivable, net of allowance for credit losses of $1,879 and allowance for bad debt of $137, respectively<\/td>\n | | \n76,951<\/td>\n | | \n | \n | \n28,196<\/td>\n | | <\/tr>\n \n| Prepaids and other assets<\/td>\n | | \n7,350<\/td>\n | | \n | \n | \n3,549<\/td>\n | | <\/tr>\n \n| TOTAL CURRENT ASSETS<\/td>\n | | \n212,225<\/td>\n | | \n | \n | \n78,819<\/td>\n | | <\/tr>\n \n| Property, plant, and equipment, net<\/td>\n | | \n7,848<\/td>\n | | \n | \n | \n5,428<\/td>\n | | <\/tr>\n \n| Operating lease right-of-use assets<\/td>\n | | \n819<\/td>\n | | \n | \n | \n1,264<\/td>\n | | <\/tr>\n \n| Other noncurrent assets<\/td>\n | | \n–<\/td>\n | | \n | \n | \n16<\/td>\n | | <\/tr>\n \n| Intangible assets, net<\/td>\n | | \n8,350<\/td>\n | | \n | \n | \n2,677<\/td>\n | | <\/tr>\n \n| Goodwill<\/td>\n | | \n12,945<\/td>\n | | \n | \n | \n8,248<\/td>\n | | <\/tr>\n \n| TOTAL ASSETS<\/td>\n | $<\/td>\n | 242,187<\/td>\n | | \n | \n$<\/td>\n | 96,452<\/td>\n | | <\/tr>\n \nLIABILITIES AND EQUITY<\/strong><\/td>\n | \n | \n | <\/tr>\n\n| CURRENT LIABILITIES<\/td>\n | | \n | \n | <\/tr>\n \n| Accounts payable<\/td>\n | $<\/td>\n | 3,957<\/td>\n | | \n | \n$<\/td>\n | 2,593<\/td>\n | | <\/tr>\n \n| Customer deposits<\/td>\n | | \n27,781<\/td>\n | | \n | \n | \n6,987<\/td>\n | | <\/tr>\n \n| Accrued expenses<\/td>\n | | \n62,750<\/td>\n | | \n | \n | \n31,034<\/td>\n | | <\/tr>\n \n| Current portion of long-term payable<\/td>\n | | \n1,416<\/td>\n | | \n | \n | \n916<\/td>\n | | <\/tr>\n \n| Current portion of lease obligation – operating lease<\/td>\n | | \n746<\/td>\n | | \n | \n | \n435<\/td>\n | | <\/tr>\n \n| TOTAL CURRENT LIABILITIES<\/td>\n | | \n96,650<\/td>\n | | \n | \n | \n41,965<\/td>\n | | <\/tr>\n \n| Long-term payable, net of current portion<\/td>\n | | \n2,876<\/td>\n | | \n | \n | \n1,530<\/td>\n | | <\/tr>\n \n| Long-term lease obligation – operating lease, net of current portion<\/td>\n | | \n74<\/td>\n | | \n | \n | \n829<\/td>\n | | <\/tr>\n \n| TOTAL LIABILITIES<\/td>\n | | \n99,600<\/td>\n | | \n | \n | \n44,324<\/td>\n | | <\/tr>\n \nEQUITY<\/strong><\/td>\n | \n | \n | <\/tr>\n\nCommon Stock, $0.00001 par value 220,000,000 shares authorized;
146,677,786 issued and 144,143,292 outstanding in 2020; 132,398,616
issued and 131,473,252 outstanding in 2019 (1)<\/td>\n | | \n1<\/td>\n | | \n | \n | \n1<\/td>\n | | <\/tr>\n \n| Additional paid-in capital<\/td>\n | | \n218,492<\/td>\n | | \n | \n | \n130,682<\/td>\n | | <\/tr>\n \n| Treasury stock, at cost: 2,534,494 and 925,364 shares held, respectively<\/td>\n | | \n(37,994<\/td>\n | )<\/td>\n | | \n | \n(8,623<\/td>\n | )<\/td>\n<\/tr>\n | \n| Accumulated deficit<\/td>\n | | \n(39,162<\/td>\n | )<\/td>\n | | \n | \n(70,293<\/td>\n | )<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | | \n247<\/td>\n | | \n | \n | \n200<\/td>\n | | <\/tr>\n \n| Total eXp World Holdings, Inc. stockholders’ equity<\/td>\n | | \n141,584<\/td>\n | | \n | \n | \n51,967<\/td>\n | | <\/tr>\n \n| Equity attributable to noncontrolling interest<\/td>\n | | \n1,003<\/td>\n | | \n | \n | \n161<\/td>\n | | <\/tr>\n \n| TOTAL EQUITY<\/td>\n | | \n142,587<\/td>\n | | \n | \n | \n52,128<\/td>\n | | <\/tr>\n \n| TOTAL LIABILITIES AND EQUITY<\/td>\n | $<\/td>\n | 242,187<\/td>\n | | \n | \n$<\/td>\n | 96,452<\/td>\n | | <\/tr>\n<\/table>\n<\/p>\n <\/p>\n \n\nEXP WORLD HOLDINGS, INC.<\/strong><\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><\/td>\n<\/tr>\n\n | <\/tr>\n \n(In thousands, except share amounts and per share data)<\/em><\/strong><\/td>\n<\/tr>\n\n | \n | \n | \n | <\/tr>\n \n | \nThree Months Ended December 31,<\/strong><\/td>\n | \nYear Ended December 31,<\/strong><\/td>\n<\/tr>\n\n | \n | \n2020<\/strong><\/td>\n | \n | \n | \n2019<\/strong><\/td>\n | \n | \n2020<\/strong><\/td>\n | \n | \n2019<\/strong><\/td>\n | <\/tr>\n\n| Revenues<\/td>\n | $<\/td>\n | 609,322<\/td>\n | | \n | \n$<\/td>\n | 274,019<\/td>\n | | \n$<\/td>\n | 1,798,285<\/td>\n | | \n$<\/td>\n | 979,937<\/td>\n | | <\/tr>\n \n| Operating expenses<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Commissions and other agent-related costs<\/td>\n | | \n558,935<\/td>\n | | \n | \n | \n249,612<\/td>\n | | \n | \n1,638,674<\/td>\n | | \n | \n895,882<\/td>\n | | <\/tr>\n \n| General and administrative expenses<\/td>\n | | \n40,656<\/td>\n | | \n | \n | \n22,532<\/td>\n | | \n | \n122,801<\/td>\n | | \n | \n89,035<\/td>\n | | <\/tr>\n \n| Sales and marketing expenses<\/td>\n | | \n1,897<\/td>\n | | \n | \n | \n756<\/td>\n | | \n | \n5,223<\/td>\n | | \n | \n3,799<\/td>\n | | <\/tr>\n \n| Total operating expenses<\/td>\n | | \n601,488<\/td>\n | | \n | \n | \n272,900<\/td>\n | | \n | \n1,766,698<\/td>\n | | \n | \n988,716<\/td>\n | | <\/tr>\n \n| Operating income (loss)<\/td>\n | | \n7,834<\/td>\n | | \n | \n | \n1,119<\/td>\n | | \n | \n31,587<\/td>\n | | \n | \n(8,779<\/td>\n | )<\/td>\n<\/tr>\n | \n| Other expense<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Other expense (income), net<\/td>\n | | \n3<\/td>\n | | \n | \n | \n50<\/td>\n | | \n | \n133<\/td>\n | | \n | \n247<\/td>\n | | <\/tr>\n \n| Equity in losses of unconsolidated affiliates<\/td>\n | | \n17<\/td>\n | | \n | \n | \n34<\/td>\n | | \n | \n51<\/td>\n | | \n | \n34<\/td>\n | | <\/tr>\n \n| Total other expense (income), net<\/td>\n | | \n20<\/td>\n | | \n | \n | \n84<\/td>\n | | \n | \n184<\/td>\n | | \n | \n281<\/td>\n | | <\/tr>\n \n| Income (loss) before income tax expense<\/td>\n | | \n7,814<\/td>\n | | \n | \n | \n1,035<\/td>\n | | \n | \n31,403<\/td>\n | | \n | \n(9,060<\/td>\n | )<\/td>\n<\/tr>\n | \n| Income tax expense<\/td>\n | | \n118<\/td>\n | | \n | \n | \n254<\/td>\n | | \n | \n413<\/td>\n | | \n | \n497<\/td>\n | | <\/tr>\n \n| Net income (loss)<\/td>\n | | \n7,696<\/td>\n | | \n | \n | \n781<\/td>\n | | \n | \n30,990<\/td>\n | | \n | \n(9,557<\/td>\n | )<\/td>\n<\/tr>\n | \n| Net loss attributable to noncontrolling interest<\/td>\n | | \n26<\/td>\n | | \n | \n | \n29<\/td>\n | | \n | \n141<\/td>\n | | \n | \n29<\/td>\n | | <\/tr>\n \n| Net income (loss) attributable to eXp World Holdings, Inc.<\/td>\n | $<\/td>\n | 7,722<\/td>\n | | \n | \n$<\/td>\n | 810<\/td>\n | | \n$<\/td>\n | 31,131<\/td>\n | | \n$<\/td>\n | (9,528<\/td>\n | )<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Earnings (loss) per share<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | $<\/td>\n | 0.05<\/td>\n | | \n | \n$<\/td>\n | 0.01<\/td>\n | | \n$<\/td>\n | 0.22<\/td>\n | | \n$<\/td>\n | (0.08<\/td>\n | )<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | $<\/td>\n | 0.05<\/td>\n | | \n | \n$<\/td>\n | 0.01<\/td>\n | | \n$<\/td>\n | 0.21<\/td>\n | | \n$<\/td>\n | (0.08<\/td>\n | )<\/td>\n<\/tr>\n | \n| Weighted average shares outstanding<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n143,026,018<\/td>\n | | \n | \n | \n131,907,796<\/td>\n | | \n | \n138,572,358<\/td>\n | | \n | \n126,256,407<\/td>\n | | <\/tr>\n \n| Diluted<\/td>\n | | \n156,543,876<\/td>\n | | \n | \n | \n131,907,796<\/td>\n | | \n | \n151,550,075<\/td>\n | | \n | \n126,256,407<\/td>\n | | <\/tr>\n<\/table>\n<\/p>\n <\/p>\n \n\nUS-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION<\/strong><\/td>\n<\/tr>\n\n(In thousands)<\/em><\/strong><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n | \nThree Months Ended December 31,<\/strong><\/td>\n | \nYear Ended December 31,<\/strong><\/td>\n<\/tr>\n\n | \n | \n2020<\/strong><\/td>\n | \n | \n | \n2019<\/strong><\/td>\n | \n | \n2020<\/strong><\/td>\n | \n | \n2019<\/strong><\/td>\n | <\/tr>\n\n| Net income (loss)<\/td>\n | $<\/td>\n | 7,696<\/td>\n | | \n | \n$<\/td>\n | 781<\/td>\n | | \n$<\/td>\n | 30,990<\/td>\n | | \n$<\/td>\n | (9,557<\/td>\n | )<\/td>\n<\/tr>\n | \n| Other expense (income), net<\/td>\n | | \n20<\/td>\n | | \n | \n | \n84<\/td>\n | | \n | \n184<\/td>\n | | \n | \n281<\/td>\n | | <\/tr>\n \n| Income tax expense<\/td>\n | | \n118<\/td>\n | | \n | \n | \n254<\/td>\n | | \n | \n413<\/td>\n | | \n | \n497<\/td>\n | | <\/tr>\n \nDepreciation, amortization, and impairment expenses (1)<\/sup><\/td>\n | \n1,429<\/td>\n | | \n | \n | \n768<\/td>\n | | \n | \n4,214<\/td>\n | | \n | \n2,384<\/td>\n | | <\/tr>\n\nStock compensation expense (2)<\/sup><\/td>\n | \n4,763<\/td>\n | | \n | \n | \n3,199<\/td>\n | | \n | \n15,239<\/td>\n | | \n | \n13,959<\/td>\n | | <\/tr>\n\n| Stock option expense<\/td>\n | | \n2,622<\/td>\n | | \n | \n | \n979<\/td>\n | | \n | \n6,801<\/td>\n | | \n | \n5,085<\/td>\n | | <\/tr>\n \n| Adjusted EBITDA<\/td>\n | $<\/td>\n | 16,648<\/td>\n | | \n | \n$<\/td>\n | 6,065<\/td>\n | | \n$<\/td>\n | 57,841<\/td>\n | | \n$<\/td>\n | 12,649<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| (1) Stock payable amortization is included in other expense (income). Impairment expense relates to 2020 write off of an intangible asset related to a discontinued internally developed software project. There were no impairment charges recognized during 2019.<\/td>\n<\/tr>\n | \n| (2) This includes agent growth incentive stock compensation expense and stock compensation expense related to non-controlling interest.<\/td>\n<\/tr>\n<\/table>\n A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/5342a8a7-7922-4898-a861-479a79c763ec<\/a><\/p>\n![](\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\") <\/p>\n","protected":false},"excerpt":{"rendered":"
\n 2020 Revenue Increased 84% to Record $1.8 Billion; Drives Most Profitable Year in Company History With Net Income of More Than $31 Million<\/p>\n
<\/p>\n
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