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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
SEGMENT INFORMATION |
SEGMENT INFORMATION | 10. SEGMENT INFORMATION Segment information aligns with how the Chief Operating Decision Maker (“CODM”), Glenn Sanford, Chief Executive Officer of eXp World Holdings, Inc. and eXp Realty, LLC, a wholly owned subsidiary of the Company (“eXp Realty”) manages the business and allocates resources as four operating segments. The Company determines an operating segment if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has discrete financial information and is (iii) regularly reviewed by the CODM. Once operating segments are identified, the Company performs a quantitative analysis of the current and historic revenues and profitability for each operating segment, together with a qualitative assessment to determine if operating segments have similar operating characteristics. We have four operating segments and four reportable segments. The CODM uses revenues and Adjusted Segment EBITDA as key metrics to evaluate the operating and financial performance of a segment, identify trends affecting the segments, develop projections and make strategic business decisions. Adjusted Segment EBITDA for the reportable segments is defined as operating profit (loss) plus depreciation and amortization and stock-based compensation expenses. The Company’s four reportable segments as follows:
| ● | North American Realty: includes real estate brokerage operations in the United States and Canada, as well as lead-generation and other real estate support services provided in North America.
| ● | International Realty: includes real estate brokerage operations in all other international locations.
| ● | Virbela: includes the enterprise application-based Virbela platform and web-based Frame platform and the support services offered by eXp World Technologies.
| ● | Other Affiliated Services: includes our SUCCESS® Magazine and other smaller ventures.
The Company also reports corporate expenses, as further detailed below, as “Corporate and other” which include expenses incurred in connection with business development support provided to the agents as well as resources, including administrative, brokerage operations and legal functions. All segments follow the same basis of presentation and accounting policies as those described throughout the Notes to the Audited Consolidated Financial Statements included herein. The following table provides information about the Company’s reportable segments and a reconciliation of the total segment Revenues to consolidated Revenues and Adjusted Segment EBITDA to the consolidated operating profit (in thousands). Financial information for the comparable prior periods presented have been revised to conform with the current year presentation. ​
​ | ​ | ​ | ​ | ​ | ​
​ | Revenues
​ | Year Ended December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
North American Realty | $ 4,220,063 | ​ | $ 4,552,938 | ​ | $ 3,745,354
International Realty | 53,931 | ​ | 35,924 | ​ | 17,804
Virbela | 7,284 | ​ | 8,485 | ​ | 8,615
Other Affiliated Services | 4,802 | ​ | 5,084 | ​ | 2,896
Revenues reconciliation: | ​ | ​ | ​ | ​ | ​
Segment eliminations | (4,975) | ​ | (4,270) | ​ | (3,499)
Consolidated revenues | $ 4,281,105 | ​ | $ 4,598,161 | ​ | $ 3,771,170
​
​ | ​ | ​ | ​ | ​ | ​
​ | Adjusted EBITDA
​ | Year Ended December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
North American Realty | $ 91,101 | ​ | $ 103,255 | ​ | $ 116,800
International Realty | (13,657) | ​ | (13,708) | ​ | (9,138)
Virbela | (5,725) | ​ | (9,642) | ​ | (12,637)
Other Affiliated Services | (3,795) | ​ | (2,600) | ​ | (3,322)
Corporate expenses and other | (10,376) | ​ | (16,756) | ​ | (13,708)
Consolidated Adjusted EBITDA | $ 57,548 | ​ | $ 60,549 | ​ | $ 77,995
​ | ​ | ​ | ​ | ​ | ​
Operating (Loss) Profit Reconciliation: | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | 10,892 | ​ | 9,838 | ​ | 6,248
Impairment expense | 9,203 | ​ | - | ​ | -
Stock compensation expense | 43,178 | ​ | 30,861 | ​ | 24,493
Stock option expense | 10,736 | ​ | 14,442 | ​ | 13,102
Consolidated operating (loss) profit | ($ 16,461) | ​ | $ 5,408 | ​ | $ 34,152
​
​ | ​ | ​ | ​
​ | Goodwill
​ | December 31, 2023 | ​ | December 31, 2022
North American Realty | $ 14,595 | ​ | $ 16,577
International Realty | - | ​ | -
Virbela | - | ​ | 8,248
Other Affiliated Services | 2,387 | ​ | 2,387
Segment total | 16,982 | ​ | 27,212
Corporate and other | - | ​ | -
Consolidated total | $ 16,982 | ​ | $ 27,212
​ Geographical information For the years ended December 31, 2023, 2022 and 2021 approximately 9%, 9% and 8%, respectively, of the Company’s total revenue was generated outside of the U.S. Long-lived assets held outside of the U.S. were 14% and 6% as of December 31, 2023 and 2022, respectively. The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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