eXp World Holdings, Inc. (NASDAQ:EXPI) Q1 2024 Earnings Call Transcript

eXp World Holdings, Inc. (NASDAQ:EXPI) Q1 2024 Earnings Call Transcript May 2, 2024

eXp World Holdings, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Denise Garcia: Good afternoon, and welcome to eXp World Holdings' First Quarter 2024 Earnings Fireside Chat via live stream and our metaverse on the web, Frame. My name is Denise Garcia, and I manage Investor Relations for eXp World Holdings. Today, we will begin with our earnings fireside chat with prepared remarks from Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings; and Leo Pareja, CEO of eXp Realty; followed by a review of the first quarter 2024 financial highlights presented by Kent Cheng, Principal Financial Officer and Chief Accounting Officer of eXp World Holdings. Following our prepared remarks, we will open the call to a Q&A session with eXp World Holdings covering analysts and questions submitted to eXp. Let's begin with a review of the safe harbor.

There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings. Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Please see our filings with the SEC, including our most recent filed annual report on Form 10-K and quarterly reports on Form 10-Q, for a description of specific risks that may affect our business performance and financial condition. We assume no obligation to update or revise any forward-looking information. As a reminder today’s call is being recorded and a reply will also be made available on expworldholdings.com.

An aerial view of the largest real estate development in the city, symbolizing the company's success.

Now for a few logistics and then we'll get started. For those of you joining in Frame today, to zoom into a specific screen, you can click on that screen and then click zoom in. If that content on that screen disappears or if you lose audio, simply refresh your page. While in Frame, if you need help, just use the help button at the bottom right. If you wish to ask a question during our presentation, you can enter your questions by scanning the QR code presented on this screen with your mobile phone, or go to slido.com and type the event code EXPI. From there, you can submit a question or vote up an existing question by giving a thumbs up if you'd also like that question to be asked. The screen will remain up and on the right-hand side of this page for the duration of our presentation.

Now I'll turn the call over to Glenn to begin our fireside chat.

Glenn Sanford: Awesome. Thanks, Denise, and thanks, everyone for joining us. And before we jump into our first quarter results, I want to just review our business strategy and provide an update on our structure. Our strategy, as per the beginning, is to ultimately create the most agent-centric real estate brokerage on the planet and to really drive that value. One of the things we've been able to do is, from the profitability of North America, it's actually enabled us to invest in growth opportunities across the business, including international, which we see as the largest potential driver of growth for the company. Through the profitability of eXp North America, we've been able to build a platform for agents worldwide. That includes personal development, health resources, media and technology.

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