eXp World Holdings, Inc.

All right, good afternoon and welcome to the eXp World Holdings First Quarter 2025 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 fireside chat with remarks from Glenn Sanford, founder, chairman, and CEO of EXP World Holdings, Leo Pereja, CEO of EXP Realty, Wendy Forsyth, CMO of EXP Realty, Jesse Hill, Interim Chief Financial Officer of eXp World Holdings, and Felix Bravo, Managing Director International. Following our prepared remarks, we will open the call to a Q&A session with our speakers. But first, let's begin with a review of the forward-looking statements. If I'm having an issue turning the slides. Oh. 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. Welcome to our Metaverse on the web. For those of you joining in frame today, To zoom in to a specific screen, you can click on that screen and then click Zoom In. If the content on the 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 to link with tech support. Should you wish to ask a question during our presentation, you could enter your questions by scanning the QR code presented on this screen with your mobile 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 if you would like that question asked. This screen will remain up and 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.

Hey, thanks, Denise. And thank you everyone joining us here today from agents to shareholders, partners, and obviously teammates across the world. Your continued support is what makes this platform work and we don't take it for granted. Before we jump into the Q1 numbers, I want to take a moment to step back and frame What we've really built here, and it's a platform business made up of four strategic parts, EXP Realty in the US and Canada, our international brokerage division, and Success Enterprises and FrameVR.io, where we're meeting today. Together, these aren't just business units, they're an interconnected platform designed to serve agents at every level of their growth journey. At the center is eXp Realty North America, our engine of profitability and the foundation that has allowed us to invest consistently for more than 15 years. That disciplined reinvestment has given us the leverage to expand globally, evolve our offerings, and deepen our tech stack, all without needing to chase capital. That brings me to international, which has been a personal focus for me for about nine months now, where we built a scalable country by country playbook that allows us to launch, localize, and empower agent communities across the world, all connected by the same core platform. Then there's Success Enterprises, our leadership, mindset, and personal development brand. For us, this isn't a media property. It's a strategic part of the agent journey. We believe deeply in whole agent development, and success allows us to equip our agents and really anyone in our ecosystem with the coaching, content, and competence to lead. And finally, FrameVR.io. Our immersive technology platform frame is how we future proof our community infrastructure. It's not just virtual meeting space, it's the architecture of what agent collaboration will look like in the AI era, global, immersive, and always on. We've also made heavier and international investment in technology and AI. particularly in the last few quarters, and these are not short-term bets. We believe the real returns on AI-driven productivity, automation, and platform leverage will show up meaningfully in future periods, and we're building now for that future. Our North Star remains clear to build the most agent-centric real estate brokers on the planet. Every decision, every investment, every innovation is filtered through that lens. So when we talk about the eXp platform, we're talking about all four parts, working in harmony, eXp Realty North America as the engine, international as the expansion frontier, success as our culture and growth layer, and FrameVR as our virtual infrastructure. No other brokerage operates like this, and no one else gives agents a platform that includes a full stack marketing suite, deep ongoing personal development through success, health and wellness resources, and a fully immersive global collaboration layer with frame. Everything we're doing, whether it's new market launches, AI co-pilots, or digital community tools, is designed to help agents build scalable, sustainable businesses. Before I hand it off, I want to acknowledge the leaders sharing the stage with me today. Leo Perea, CEO of eXp Realty. Jesse Hill, Interim CFO of eXp World Holdings Inc. Wendy Forsythe, CMO for eXp. And Felix Bravo, our new Managing Director of International. And finally, a heartfelt thanks to more than 2,000 staff working behind the scenes across 26 countries. You are the backbone of this platform. Your commitment, innovation, and daily execution makes all this possible. Now, speaking of global momentum, I want to turn it over to Felix Bravo, who will walk you through our newest market launches and share how we're thinking about the next phase of international expansion. Felix, over to you.

Thank you, Glenn. It's an honor to be here today. I'm excited to share a quick update on our growth, new market launches, and where we're headed next. International is coming off the back of our strongest quarter ever across all metrics. Not only was revenue up 103% year over year, but we also had our most successful new country launches to date. This year, our international expansion strategy is laser focused. We launched operations in Peru and Turkey. We're currently preparing launches in Egypt. Our long-term objective is to reach 50,000 agents across 50 countries by 2030. How are we going to get there? Through strategic launches into high-income and emerging markets using self-managed regionalized teams. This local alignment not only gives us the speed and scalability that we need, but it's also a model that we've refined over time. What's different this year is how we launch. We've revamped our marketing strategy to include in-person launches with our international leadership team alongside our local and regional teams. This approach has helped us build the marketing muscles of our organization. And more importantly, it's helped us document and refine a repeatable playbook for future launches. We're scaling smarter and faster than ever before. We officially launched on March 21st, and it was our largest international launch to date. We had over 600 agents attend our kickoff event in Lima, and in just the first 30 days, more than 100 agents onboarded with transactions already flowing in eXp Peru. The excitement and momentum we've seen here shows what's possible when we combine local leadership with a strong global platform. Next up was Turkey. We launched on April 17th and this was another strategic success. One highlight was being able to announce key partnerships live on stage with influential broker owners and team leaders from across the country. That credibility and alignment drove immediate adoption and reinforced our belief that the right local partnerships accelerate everything. Looking ahead, we're extremely excited about what's next. We're actively preparing to launch in not just Japan, but also Ecuador, with more markets under evaluation. Every new country is an opportunity not just to grow, but to deepen our local presence, support agents with better tools, and raise the standard of real estate globally. There's real energy behind our movement, and we can't wait to share more in the months ahead. International is scaling rapidly, and we're just getting started. With that, I'll hand it over to Leo to take us through some highlights from North America and how we're leading across the U.S. market. Leo?