eXp World Holdings, Inc.

Good afternoon and welcome to the eXp World Holdings third 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 our earnings fireside chat with prepared remarks from Glenn Sanford, founder, chairman, and CEO of eXp World Holdings, Leo Pereja, CEO of eXp Realty, Wendy Forsyth, CMO of eXp Realty, Seth Siegler, Chief Innovation Officer of eXp Realty, and Kent Chang, 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 our speakers. Let's begin with a review of the forward-looking statements. 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 a 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 and we'll get started. For those of you joining InFrame today, welcome to our metaverse on the web. To zoom into a specific screen, you can click on that screen, then click Zoom In. If the content on that screen disappears or if you lose audio, simply refresh the page. While InFrame, if you need help, just use the Help button at the bottom right to link with tech support. 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 mobile phone or go to slido.com and type in 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 like to have that question asked. This screen will remain up on the right-hand side of the stage. Now I'll turn the fireside chat over to our speakers before opening the call to questions. Glenn, you may begin.

All right. Thanks, Denise. And thanks, everyone, for joining us today. It was a busy Q3, as you guys are aware. Obviously, we just came off of our big event. In Miami exp con 2024 I know there were some investors and some analysts that were attending. It was pretty cool to get some notes, even in the background from the event, I think one of our analysts actually sent me a note about our our fun dance, so you want to see something viral go check that out anyway. You know, this quarter, you know, want to just continue to refocus us on what we're working on. Obviously, we've got EXP North America, and Leo's going to really talk about things that are going on, and Wendy as well, on EXP North America. On international, that's where I've been focusing a ton of my time since July, and we've really turned things around in a major way. Obviously, we also have success enterprises. And then, of course, where you're actually seeing right now, which is framevr.io, which is truly our digital workplace. In fact, I'm going to invite those of you who are interested to come by our international offices at some point at exp.world slash international. So just Keep that in the back of your mind, but you can come in, see how we operate, see how we work. We're working 24-7 around the globe. But we've really just built this amazing platform where agents are our singular focus. We've spent more than 15 years building out the eXp platform. We just went past our 15-year anniversary at the beginning of October 2020. And we are doing some amazing things. Obviously we think about things like our NPS and we've got phenomenal scores on that. We like to think about the idea that if we're above a 70 on our agent NPS, we're in good shape and we're in great shape right now. We actually increased to 76, but that's gonna fluctuate up and down. The fact that it's above 70 is an amazing number because we know that if we're above 70, we're really attracting agents in. We're growing our market share. And really, if we think about what we're here to do, we're really here to build the most agent-centric real estate brokerage on the planet. Again, Leo will touch on North America. But we did, you know, purchase a few things. We did a few things, you know, LuxVT. Again, Leo will touch on that and Wendy may as well. But we're also doing a lot of stuff with AI, with Seth Siegler. We'll talk about that. So a lot of really, really great stuff. International, as I mentioned, that's really where I'm focused. In July, I jumped in with the international team. We have an amazing team on the international side of the business. And we've now grown our revenue. Just in the last 12 months, we've grown it by 63%. And I mentioned that, and that's a lagging indicator, but it really speaks to the fact that we've got quality agents in the international domain, and we're focusing quite a bit on what we need to do to grow that. In the prior 12 to 18 months prior to jumping in, we hadn't opened up a single country. We now have three countries that we're going to be opening up in early 2025. We've made great progress on Turkey, Peru, and now Egypt. And we've got just an amazing team there working on helping us grow out. You'll see this homehunter.global. One of the things that we've learned over the last number of years And especially, you know, getting involved. I remember Leo and I, we flew over for EXPCON International and we sat with some of the portals that basically control the real estate industry outside of North America. And in North America, we have the benefit of the multiple listing services all basically keeping the portals open in check, meaning that no single portal has a dominant market share of listings. And certainly there is money to be made in the portal space. You can certainly look at the market cap of Zillow and Realtor.com and how important these are, Homes.com as well, in the businesses of agents. However, internationally, the portals, there is no MLS to basically keep them in check. You have to actually go and search multiple real estate portals as a consumer. And so one of the things that we're really excited about is a partnership with a platform called HomeHunter.Global. And you can go check it out. But if you're searching for property outside of North America, especially in the markets that eXp is doing business in, you're going to want to go into the Chrome app store and the browser extension store and download the homehunter.global extension. And the reason being is if you've ever searched internationally, one, you don't know all the websites that the listing that you're looking for might be on. So you need a tool to keep track of all the different websites. And then on top of that, you need to be able to keep track of the listings that you've actually seen on the various different websites. And homehunter.global is actually the first tool of its kind that I'm aware of where you as a consumer can keep track of all of that important information. But it also will connect you with an eXp agent and also help promote eXp listings to those individuals who actually use the homehunter.global tool. extension. So it's a great consumer tool. It's a great agent engagement tool. And again, excited about a lot of the things that we're doing. We do have more countries in the wings. We're in active conversations with two to three countries that we are excited about announcing very shortly. Hopefully before the end of the year, we'll have at least one if not more, countries that we'll be announcing. But there's a lot of good stuff going on on the international front. And so with that, let me go ahead and turn it over to Leo, and he can walk you through some of the highlights of North America. Leo?

Thanks, Glenn, and thanks to everyone who's joining us today. I'm really thrilled with the number of quality independent brokers and teams we've brought on during this last quarter. This success is a direct result of a lot of the strategic growth that we've been focusing on at eXp. We're very effectively aligned with our growth team in our marketing efforts to attract some of the most respected and highest performing teams in the industry. These additions are not just a testament to our strategy, but also are significantly strengthening our eXp market position. Earlier this year, I spoke about key initiatives that are driving this launch, this growth. We talked about Booth, Thrive, Revenue Share 2.0, and I'm happy to say these programs are making a notable impact. On July 1st, we launched Fast Start Attraction Bonus, and I'm proud to announce that in Q3 alone, we paid over $5 million to agents who were part of this initiative. We also announced more incentives at eXpCon last week to further support our icons and our productive agents. The ICON Incentive Program and Revenue Share Capping Incentive Program are as follows. The ICON Incentive Program will credit ICON agents up to 30 frontline qualifying agents for 13 months, maximizing the revenue share potential for all seven levels. And the Revenue Share Capping Incentive Program provides an additional revenue stream for agents that have capped by crediting them with 10 FLQA to maximize their earning potentials through levels five for 13 months. Both of those programs will start or started November 1st. On the first quarter call, I mentioned that I promised conversations we're having with small to mid-sized independents and anticipated influx of new groups joining eXp with dozens or even hundreds of agents at a time. I'm pleased to report that we delivered on those promises. During the third quarter, we welcomed several independent brokerages with contributing hundreds of agents and represented hundreds of millions of volume at the same time. These brokerages include award-winning teams that are recognized powerhouses in their regions to further elevate our profile. Brandon Brittenham and the Maryland Delaware Group sold 900 homes last year and joined our company last quarter. Chantelle Ray and Kenzel Realty, which was one of the original cloud-based brokerage competitors we saw pop up about five years ago, licensed in over 20 states, came over as an entire company. and Michael Levy with the Grand Lux Realty team in New York came over with just over 200 agents. That's really exciting for us. We continue to see this momentum and I can continue to say that there are many, many conversations like that still in process coming over. So going into 2025, we're really excited for the quality and production we continue to attract to the platform. With that, I'll pass it over to our CMO, Wendy Forsythe, who will share some updates and exciting improvements in marketing and programs to enhance our agent value proposition and making eXp so attractive to agents. Wendy?