eXp World Holdings, Inc.(EXPI) announced its unaudited finan cial statements for the first quarter of 2023, revealing a net income of $1.5 million. The company generated $850.6 million in revenue during the same period.
Current Assets Show Steady Growth
eXp World Holdings, Inc. has demonstrated steady growth in its current assets, according to its condensed consolidated balance sheets as of March 31, 2023. Cash and cash equivalents increased from $121.6 million at the end of December 2022 to $122.8 million. Restricted cash also saw substantial growth, rising from $37.8 million to $55.4 million. Accounts receivable, after deducting the allowance for credit losses, increased from $87.3 million to $99.9 million. Prepaids and other assets showed an increase from $8.5 million to $12.3 million. Overall, the company's current assets reached a total of $290.2 million.
Stable Noncurrent Assets
eXp World Holdings' noncurrent assets remained relatively stable during the first quarter of 2023. Property, plant, and equipment, net of depreciation, decreased from $18.2 million to $14.1 million. Operating lease right-of-use assets remained consistent at $2.1 million, and other noncurrent assets slightly increased from $1.7 million to $1.7 million. Intangible assets, net of amortization, saw growth from $8.7 million to $11.6 million. Deferred tax assets and goodwill remained consistent at $68.4 million and $27.3 million, respectively. Overall, the company's total assets stood at $415.3 million.
Steady Current Liabilities
The current liabilities of eXp World Holdings, Inc. remained steady during the first quarter of 2023. Accounts payable decreased from $10.4 million to $9.1 million. Customer deposits increased from $37.8 million to $55.2 million. Accrued expenses showed growth from $78.9 million to $97.1 million. The current portion of the lease obligation for operating leases decreased from $0.2 million to $0.2 million. The company's total current liabilities amounted to $161.5 million.
eXp World Holdings reported a net income of $1.5 million for the three months ending March 31, 2023. The company generated revenues of $850.6 million during the same period. Operating expenses, including commissions and other agent-related costs, general and administrative expenses, and sales and marketing expenses, amounted to $852.3 million. The company experienced an operating loss of $1.7 million.
eXp World Holdings' other income and expense showed a net expense of $0.5 million. This includes other income and expense, as well as equity in losses of unconsolidated affiliates. The company reported an income tax benefit of $2.6 million for the first quarter of 2023.
Earnings per Share and Comprehensive Income
The earnings per share for eXp World Holdings, Inc. in the first quarter of 2023 were $0.01 for both basic and diluted shares. The weighted average shares outstanding were 152.5 million for basic and 155.7 million for diluted. The comprehensive income for the company during this period was $2.1 million, which includes net income and other comprehensive income attributed to eXp World Holdings, Inc. and noncontrolling interests.
Stable Equity and Cash Flow
The equity of eXp World Holdings, Inc., including common stock, additional paid-in capital, treasury stock, accumulated earnings, accumulated other comprehensive income, and equity attributable to noncontrolling interest, amounted to $253.1 million. The company's net cash provided by operating activities for the first quarter of 2023 was $56.1 million, while net cash used in investing and financing activities amounted to $1.8 million and $36.2 million, respectively.
eXp World Holdings, Inc. continues to demonstrate steady growth in its financial performance, supported by increased revenues and positive net income. The company's strategic investments and focus on agent growth incentive stock compensation contribute to its ongoing success.