Exp World Holdings, INC. 10-Q Filing

Ticker: EXPI · Form: 10-Q · Filed: May 1, 2024 · CIK: 1495932

Sentiment: neutral

Filing Stats: 4,354 words · 17 min read · ~15 pages · Grade level 17.1 · Accepted 2024-05-01 15:55:51

Key Financial Figures

Filing Documents

Forward Looking Statements

Forward Looking Statements 3 PART I FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 30 Item 6. Exhibits 31 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") contains statements that are not historical fact and may constitute 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 of the future. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management's expectations, including, but not limited to: the impact of macroeconomic conditions on the strength of the residential real estate market; the impact of monetary policies of the U.S. federal government and its agencies on our operations; the impact of changes in consumer attitudes on home sale transaction volume; the impact of excessive or insufficient home inventory supply on home sale transaction value; our ability to effectively manage rapid growth in our business; our ability to attract and retain additiona

FINANCIAL STATEMENTS (UNAUDITED)

Item 1. FINANCIAL STATEMENTS (UNAUDITED) EXP WORLD HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 109,169 $ 125,873 Restricted cash 74,735 44,020 Accounts receivable, net of allowance for credit losses of $ 2,363 and $ 2,204 , respectively 105,325 85,343 Prepaids and other assets 9,517 9,275 Current assets of discontinued operations 1,631 1,964 TOTAL CURRENT ASSETS 300,377 266,475 Property, plant, and equipment, net 12,231 12,967 Operating lease right-of-use assets 7 10 Other noncurrent assets 11,058 7,400 Intangible assets, net 6,644 7,012 Deferred tax assets 73,955 69,034 Goodwill 16,682 16,982 Noncurrent assets of discontinued operations 5,795 5,788 TOTAL ASSETS $ 426,749 $ 385,668 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 8,986 $ 8,788 Customer deposits 75,789 44,550 Accrued expenses 102,104 86,483 Litigation contingency 16,000 - Current portion of lease obligation - operating lease 7 10 Current liabilities of discontinued operations 1,406 1,809 TOTAL CURRENT LIABILITIES 204,292 141,640 Long-term payable 20 20 TOTAL LIABILITIES 204,312 141,660 EQUITY Common Stock, $ 0.00001 par value 900,000,000 shares authorized; 186,361,476 issued and 154,846,563 outstanding at March 31, 2024; 183,606,708 issued and 154,669,037 outstanding at December 31, 2023 2 2 Additional paid-in capital 841,576 804,833 Treasury stock, at cost: 31,514,913 and 28,937,671 shares held, respectively ( 578,591 ) ( 545,559 ) Accumulated deficit ( 39,993 ) ( 16,769 ) Accumulated other comprehensive (loss) income ( 557 ) 332 Total eXp World Holdings, Inc. stockholders' equity 222,437 242,839 Equity attributable to noncontrolling interest - 1,169

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