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

Soham Bhonsle: Got it. And then I guess, just one more on productivity, look, it looks like transactions are up. But when I sort of look at just the home sales transactions purely, right, it looks like it’s up 2% per your slides. And then you had about 26% growth in other. Is there any way to sort of parse out what productivity was on sort of the core business of like just selling homes?

Leo Pareja: Kent, I don’t know if you have that…

Kent Cheng: Most of the transaction [Technical Difficulty] And in general, I would say [Technical Difficulty] other transactions [Technical Difficulty] to support all the transaction.

Glenn Sanford: I think Kent’s mic has kind of messed up. Do you want to try to reset your mic there, Kent?

Kent Cheng: Yeah. Can you hear me, okay.

Glenn Sanford: Yeah.

Kent Cheng: Well, to answer your question, right, our home sale transaction increased 5%, right? And you asked productivity. We don’t have a separate team to support as a real estate sales transaction with lease, rental, referral, it’s one team to support them. So when we look at productivity, we look at more like the overall pure transaction costs. They’re all real estate-related.

Soham Bhonsle: Got it. And then, Kent, just on gross margin, any help there? I think you said similar to last quarter, you said similar to 2023. Any updated thoughts there would be great. Thank you.

Kent Cheng: Yeah, similar. We are about 8.3%, that level, yes.

Soham Bhonsle: For the year?

Kent Cheng: For the year, no, we don’t forecast. You can see where our — typically, what you see is the gross margin, there’s a seasonality, right? When we get across the year, the agents start to cap. So what you see actually in the summertime, our gross margin tend to be lower and then come back again in Q4.

Soham Bhonsle: Okay. Thank you for that.

Kent Cheng: Yeah.

Denise Garcia: All right. Well, thank you, everyone. We answered all the questions that were asked on Slido for the most part. I want to thank everyone for joining us on this quarterly call. As always, you can stay connected with us through our website for the latest updates on the eXp news, results and events. And additionally, you’ll find a recording of this call in our latest investor presentation on the Investors section of the site. So this concludes the eXp World Holdings first quarter 2024 earnings fireside chat.

Kent Cheng: Thank you.

Denise Garcia: Thank you.

Glenn Sanford: Thanks, everyone.