EXP World Holdings, Inc. Files 2023 Annual Report on Form 10-K

Ticker: EXPI · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1495932

Sentiment: neutral

Topics: 10-K, Annual Report, EXP World Holdings, Real Estate, Financials

TL;DR

<b>EXP World Holdings, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations.</b>

AI Summary

EXP World Holdings, Inc. (EXPI) filed a Annual Report (10-K) with the SEC on February 22, 2024. The filing is an annual report (10-K) for EXP World Holdings, Inc. for the fiscal year ending December 31, 2023. The company's primary business is Real Estate Agents & Managers (SIC Code 6531). The company was formerly known as EXP Realty International Corp and Desert Canadians Ltd. The filing includes references to accounting standards for Goodwill and Intangible Asset Impairment. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking EXP World Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of EXP World Holdings' financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. The inclusion of references to Goodwill and Intangible Asset Impairment standards suggests potential areas of focus or concern regarding asset valuations within the company's operations.

Risk Assessment

Risk Level: — EXP World Holdings, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update on the company's status.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand EXP World Holdings' performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did EXP World Holdings, Inc. file this 10-K?

EXP World Holdings, Inc. filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by EXP World Holdings, Inc. (EXPI).

Where can I read the original 10-K filing from EXP World Holdings, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by EXP World Holdings, Inc..

What are the key takeaways from EXP World Holdings, Inc.'s 10-K?

EXP World Holdings, Inc. filed this 10-K on February 22, 2024. Key takeaways: The filing is an annual report (10-K) for EXP World Holdings, Inc. for the fiscal year ending December 31, 2023.. The company's primary business is Real Estate Agents & Managers (SIC Code 6531).. The company was formerly known as EXP Realty International Corp and Desert Canadians Ltd..

Is EXP World Holdings, Inc. a risky investment based on this filing?

Based on this 10-K, EXP World Holdings, Inc. presents a moderate-risk profile. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update on the company's status.

What should investors do after reading EXP World Holdings, Inc.'s 10-K?

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand EXP World Holdings' performance and outlook. The overall sentiment from this filing is neutral.

How does EXP World Holdings, Inc. compare to its industry peers?

EXP World Holdings operates within the Real Estate Agents & Managers industry, a sector characterized by agent-driven models and market fluctuations.

Are there regulatory concerns for EXP World Holdings, Inc.?

The filing is made in accordance with SEC regulations for public companies, specifically the Securities Exchange Act of 1934.

Industry Context

EXP World Holdings operates within the Real Estate Agents & Managers industry, a sector characterized by agent-driven models and market fluctuations.

Regulatory Implications

The filing is made in accordance with SEC regulations for public companies, specifically the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the detailed financial statements within the 10-K for revenue, expenses, and profitability trends.
  2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing EXP World Holdings.
  3. Examine executive compensation details to assess alignment with company performance and shareholder interests.

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for EXP World Holdings, Inc.)
Goodwill and Intangible Asset Impairment
Accounting standards related to the valuation and potential write-down of intangible assets and goodwill. (Indicates that the company's financial reporting adheres to specific accounting rules for asset valuation, which could impact reported earnings.)

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, following previous filings.

Filing Stats: 4,308 words · 17 min read · ~14 pages · Grade level 15 · Accepted 2024-02-22 16:03:59

Key Financial Figures

Filing Documents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS 1 PART 1 2 Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II 25 Item 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III 68 Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11.

Executive Compensation

Executive Compensation 68 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 Item 13. Certain Relationships and Related Transactions and Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV 70 Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 71

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report"), the documents incorporated into this Annual Report by reference, and our other public filings contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not based on historical facts but rather represent current expectations and assumptions of future events. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Many of these risks and other factors are beyond our ability to control or predict. Forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "could," "can," "would," "potential," "seek," "goal" and similar expressions. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management's expectations, are described in greater detail in Item 1A, "Risk Factors", Item 3, "Legal Proceedings," Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 9A. "Controls and Procedures – Inherent Limitations on Effectiveness of Controls of this Annual Report. Forward-looking statements are based on currently available operating, financial and market information and are inherently uncertain. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. Actual future results and trends may differ materially from such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements whether as a

BUSINESS

BUSINESS General eXp World Holdings, Inc. ("eXp," or, collectively with its subsidiaries, the "Company," "we," "us," or "our") owns and oversees a diversified portfolio of service-oriented businesses. These businesses significantly benefit from the integration of our advanced enabling technology platform. Our strategic focus is on expanding our real estate brokerage operations. To achieve this, we emphasize enhancing the value proposition for our agents, investing in the development of immersive, cloud-based technological solutions, and offering affiliate and media services that bolster these efforts. The following are developments in our business since the beginning of the fiscal year ended December 31, 2023: During 2023, the Company announced various new agent incentive programs to enhance the agent experience and to attract culturally aligned agents, teams of agents and independent brokerages to the Company. New incentive programs include Boost, Accelerate, and Thrive, which offer unique financial incentives. In 2023, the Company launched various new ancillary programs and services to support the development and success of its agents, brokers and customers, including the continued global expansion of eXp Luxury, Military Rewards Program, Listing Kits, Bundle Select, eXp Exclusives, My Link My Lead, and affiliate relationships like HomeHunter. Additional talent joined the Company in 2023, including the appointment of Peggie Pelosi to our Board of Directors in January 2023 and the appointment of Fred Reichheld to our Board of Directors in September 2023. Business Segments The Company is operated and managed as four reportable segments which are North American Realty, International Realty, Virbela and Other Affiliated Services. Our business segments bring together related eXp technologies and services to support the success and development of agents, entrepreneurs and businesses and provide them remote business solutions. North American Realty and In

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