This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk02: All right, well, let's get started. Hi, everyone. My name is Denise Garcia, and I manage investor relations for eXp World Holdings. Welcome to eXp World Holdings third quarter earnings fireside chat via live stream, and eXpi's campus, our metaverse. Today, we'll begin with our earnings fireside chat with prepared remarks from Glenn Sanford, founder, chairman, and CEO of eXp World Holdings and CEO, eXp Realty, and Leo Pereja, Chief Strategy Officer, eXp Realty, followed by a review of the third quarter 2023 financial highlights presented by Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. Following our prepared remarks, we'll open the call to a Q&A session with eXp World Holdings covering analysts and questions submitted to eXp.
spk01: Let's begin with a review of the forward-looking statements. Great.
spk02: There'll 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 recently filed annual report on Form 10-K and quarterly reports on Form 10-Q for our discussion of specific risks that may affect our business, performance, and financial condition. We assume no obligation to update or revise any forward-looking statements or information. As a reminder, today's call is being recorded and a replay will also be made available on expworldholdings.com. Now for a few logistics, we'll get started. For those of you joining in the EXPI campus today, see all three screens, hit the stage zoom button to the right of your chat box. To zoom into a specific screen, you can hit the plus icon above that screen. If you happen to see no slides or a gray slide, hit the refresh icon on the top right-hand corner of that screen to correct. While in eXPI campus, should you need any help or have any questions, please enter your comments in the chat box at the bottom on the left, and a member of the team will contact you. Slido, should you wish to ask a question during our presentation, you can enter your questions by scanning the QR code presented on the screen. With your phone or go to slido.com and type in the event code EXPI. From there, you could submit a question or vote up an existing question by giving a thumbs up. You'd also like to have that question asked. This screen will remain up on the left-hand side of the stage.
spk01: Now, I'll turn the fireside chat over to our speakers before opening the call to your questions. Glenn, you can go ahead. Hey, Glenn, I think your mic might be off.
spk00: It is. Sorry about that. I had a lot of great things there. Hey, everyone, thanks today for joining us on our call during our third quarter. I'll discuss some of our business strategy before getting into some of the highlights for the quarter. and then passing on to Leo and Jeff who will take you through the financials. First, as you know, we began sharing business segment information on our fourth quarter earnings call last year, so you can actually see the profitability of EXP North America, which, as you'll note when reviewing the queue, really enables us to invest in the growth areas of the business that we think are worth investing in. So, eXp Realty includes the U.S. and Canada, and we're the largest single real estate brokerage in the U.S. by transaction volume. So, really proud of that success that we've done in really a very short period of time, 14 years. Our success in North America enables us to expand in international markets, where we operate in 24 markets today. We see international as the largest driver of future growth for the company. And this quarter, we grew revenues by 47% and reached a record 15 million in revenue. One item to note is yesterday's press release about homehunter.global. which is a partnership that we put together to actually create a differentiated consumer experience for buyers and sellers who use the fragmented website network that most other countries have to help streamline their search experience. So we're excited about some of the new innovations there. While small today, Revenos and our other various affiliate services are gaining a lot of momentum. and represent really meaningful incremental dollars and margin per transaction in the future. Leo will discuss a few of those programs we've added recently and the traction we're generating. These represent our path to growth and overall revenue generation. While the business areas on the next slide have enabled us to drive the agent value proposition, build out a cloud-based asset-light model, and ultimately drive the success of North America and the international realty businesses. So on to the next slide. We are constantly iterating to improve the agent value proposition by developing an ecosystem of personal development, health resources, and media. like Success Magazine. And this past quarter, on the eXp Realty side, we actually appointed Brian Ellington inside of eXp Realty as our Chief Learning Officer responsible for developing custom agent-driven training and coaching while preserving the other aspects of personal development to the Success brand. Our enabling technology platform, obviously, Vervelo, where you are now, and in the future, FrameVR.io, support our cloud-based brokerage model that allows us to engage and interact and have a sense of place while we're running entirely remote. This next quarter, well, this quarter frame is really getting to that enterprise-ready, um scale and uh in in next quarter when we do our next earnings call uh we'll be hosting that earnings call actually in frame so users can access the call within their browser or on mobile rather than having to download the verbella software to their personal computer so we're really excited to uh to do that with you uh and to uh to see how how we can actually make exp even more
spk01: Glenn, did you hit the mute button by accident?
Disclaimer