8-K
eXp World Holdings, Inc. (AGNT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2024
EXP WORLD HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
|---|---|---|---|---|
| Delaware | **** | 001-38493 | **** | 98-0681092 |
| (State or other jurisdiction | | (Commission | | (IRS Employer |
| of incorporation) | | File Number) | | Identification No.) |
| | | |
|---|---|---|
| 2219 Rimland Drive, Suite 301 , Bellingham , WA | | 98226 |
| (Address of principal executive offices) | | (Zip Code) |
| ( 360 ) 685-4206 | ||
| (Registrant’s telephone number, including area code) | ||
| Not applicable | ||
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to section 12(b) of the Act:
| | | | |
|---|---|---|---|
| Title of Each Class | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, 0.00001 par value per share | EXPI | **** | The Nasdaq Stock Market |
All values are in US Dollars.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Conditions
On July 31, 2024, eXp World Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2024. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act), regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
Item 7.01Regulation FD Disclosure.
On July 26, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of the Company’s outstanding common stock. The dividend is expected to be paid on August 30, 2024 to the stockholders of record on August 14, 2024.
The information in this Item 7.01 shall not be deemed “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Exhibit Description |
|---|---|
| 99.1 | Press release issued by eXp World Holdings, Inc. on July 31, 2024 |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| eXp World Holdings, Inc. | |
|---|---|
| (Registrant) | |
| Date: July 31, 2024 | /s/ James Bramble |
| James Bramble | |
| Chief Legal Counsel |
Exhibit 99.1
eXp World Holdings Reports Q2 2024 Results
BELLINGHAM, Wash. — July 31, 2024 — eXp World Holdings, Inc. (Nasdaq: EXPI), or the “Company”, the holding company for eXp Realty^®^, FrameVR.io and SUCCESS^®^ Enterprises, today announced financial results for the second quarter ended June 30, 2024.
“The power of the eXp platform is paying off for our agents and eXp worldwide,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We believe the investments we’ve made to provide our agents with the best tools, technology and training during this downturn are helping them outpace the industry in productivity while increasing our agent NPS score. It’s clear that we have established the winning playbook for agents in the U.S. while our International segment is an untapped opportunity where I have taken a more active role guiding our ongoing growth. Moving forward, we will continue to relentlessly pursue our core objective of being the most agent-centric real estate brokerage on the planet.”
“After gathering feedback from agents during my first quarter as eXp Realty CEO, it is clear that our initiatives to support agent productivity are gaining traction,” said Leo Pareja, eXp Realty CEO. “Agents love the expanded learning and development options, faster payouts and Gen AI-based self-service capabilities we have introduced, and they are eager for what’s to come. I remain committed to seeking new ways to leverage technology to operate more efficiently, which will both fund our investments in agent productivity and drive agent satisfaction as increasingly automated processes enable agents to devote more of their time to serving their clients.”
“We delivered a solid second quarter as eXp agents closed $52 billion of transactions, a 7% year-over-year increase, and grew revenues 5% year-over-year while generating significant cash flow and returning $56 million to shareholders through share repurchases and cash dividends,” said Kent Cheng, Chief Accounting Officer of eXp World Holdings. “We continue to improve business efficiencies and reduce costs, even while investing aggressively in our agents. We believe this winning formula will drive superior growth and greater value for our shareholders over the long term.”
Second Quarter 2024 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:
| ● | Second quarter revenue increased 5% to $1,295 million, driven by the superior productivity of our agents, which more than offset declines in the U.S. real estate market, as well as increased home sales prices. U.S. transaction units outperformed the market^1^. |
|---|---|
| ● | Second quarter net income from continuing operations of $11.8 million compared to $11.4 million net income in the second quarter of 2023. In spite of a 44% increase of operating income, net income is impacted unfavorably by higher tax on continuing operations. Second quarter net income from continuing operations per diluted share of $0.08 compared to net income per diluted share of $0.07 in the year-ago quarter. Second quarter net income including discontinued operations was $12.4 million compared to $9.4 million in the second quarter of 2023. |
| --- | --- |
^1^ Based on home sales transaction growth and estimated market share. Sources: Industry transactions based on NAR existing home sales (assuming 2 sides per sale) and U.S. Census Bureau new home sales (assuming 1 side per sale).
| ● | Second quarter operating costs^2^ were $79.0 million, a 4% decrease compared to the second quarter of 2023. This decrease was driven by lower expenses related to the shareholders summit in 2024, since it was conducted virtually, and lower employee-related expenses, partially offset by increased legal expenses associated with the antitrust lawsuit. |
|---|---|
| ● | Second quarter adjusted EBITDA^3^ (a non-GAAP financial measure) of $32.8 million, an increase of 22% compared to the second quarter of 2023. Adjusted EBITDA was higher year over year, due to improved business efficiencies, reduced costs, and higher revenues and gross profit. |
| --- | --- |
| ● | As of June 30, 2024, cash and cash equivalents totaled $108.4 million, compared to $124.7 million as of June 30, 2023. The Company repurchased approximately $48.2 million of common stock during the second quarter of 2024. |
| --- | --- |
| ● | The Company paid a cash dividend for the second quarter of 2024 of $0.05 per share of common stock on May 27, 2024. On July 26, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the third quarter of 2024, expected to be paid on August 30, 2024 to stockholders of record on August 14, 2024. |
| --- | --- |
Second Quarter 2024 Operational Highlights as Compared to the Same Year-Ago Period:
| ● | eXp ended the second quarter of 2024 with a global agent Net Promoter Score (aNPS) of 76, up from 72 a year ago. aNPS is a measure of agent satisfaction and an important key performance indicator (KPI) given the Company’s intense focus on improving the agent experience. |
|---|---|
| ● | Agents and brokers on the eXp Realty platform decreased 1% year-over-year to 87,111 as of June 30, 2024 as we continue to off board less productive agents. However, we are committed to retaining our most productive agents in the United States and Canada through the execution of our growth strategies and the end-to-end suite of services we offer our agents. |
| --- | --- |
| ● | Real estate sales transactions increased 1% year-over-year to 120,613. |
| --- | --- |
| ● | Transaction volume increased 7% year-over-year to $51.9 billion. |
| --- | --- |
| ● | Launched eXp Elevate Coaching, a state-of-the-art coaching platform designed to enhance the business growth and professional development of eXp Realty agents in North America. |
| --- | --- |
| ● | Launched the Global Agent Referral Platform, designed to simplify and accelerate the real estate referral process. |
| --- | --- |
| ● | Announced 44 eXp Realty agents named to the 2024 RealTrends + Tom Ferry The Thousand List, an annual, national program that ranks the top 500 agents and top 500 teams in the U.S. by transaction sides and sales volume. |
| --- | --- |
Second Quarter 2024 Results – Virtual Fireside Chat
The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and CEO Glenn Sanford, eXp Realty CEO Leo Pareja and eXp World Holdings Chief Accounting Officer, Kent Cheng on Wednesday, July 31, 2024 at 2 p.m. PT / 5 p.m. ET.
^2^ Excludes commissions and other agent-related costs.
^3^ A reconciliation of adjusted EBITDA to net income and a discussion of why management believes adjusted EBITDA, a non-GAAP measure, is useful is included below.
The investor Q&A is open to investors, current stockholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance for inclusion to investors@eXpWorldHoldings.com.
Date: Wednesday, July 31, 2024
Time: 2 p.m. PT / 5 p.m. ET
Location: exp.world. Join at https://exp.world/earnings
Livestream: expworldholdings.com/events
****
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty^®^, FrameVR.io and SUCCESS^®^ Enterprises.
eXp Realty is the largest independent real estate company in the world with more than 87,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including an innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by FrameVR.io technology, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS^®^ Enterprises, anchored by SUCCESS^®^ magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.
For more information, visit https://expworldholdings.com.
eXp World Holdings, Inc. intends to use its Investor Relations website, its X (formerly Twitter) feed (@eXpWorldIR), Facebook page (https://www.facebook.com/eXpWorldHoldings), Instagram account (@eXpWorldHoldings), LinkedIn page (https://www.linkedin.com/company/expworldholdings/), as well as eXp Realty, LLC’s X (formerly Twitter) feed (@eXpRealty), Facebook page (https://www.facebook.com/eXpRealty), Instagram account (@eXpRealty_), and LinkedIn account (https://www.linkedin.com/company/exp-realty/) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to adjusted EBITDA, which is a non-U.S. GAAP financial measure that may be different from similarly titled measures used by other companies. This measure is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
The Company’s non-GAAP financial measure provides useful information about financial performance, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to key metrics used by management for financial and operational decision-making. This measure may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.
| ● | Adjusted EBITDA helps identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of stock and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines adjusted EBITDA to mean net income (loss) from continuing operations, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, litigation contingency expenses, stock-based compensation expense, and stock option expense. |
|---|
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about future cost saving measures; the continued growth of our agent and broker base; improvements in technology and operational processes; revenue growth; dividends; and financial performance. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; outcomes of ongoing litigation; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
****
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts and per share data)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | | Three Months Ended June 30, | Six Months Ended June 30, | |||||
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues | | $ 1,295,244 | | $ 1,231,116 | | $ 2,238,298 | | $ 2,079,569 |
| | | | | | | | | |
| Commissions and other agent-related costs | | 1,197,668 | | 1,135,615 | | 2,062,414 | | 1,912,453 |
| General and administrative expenses | | 61,160 | | 64,917 | | 123,742 | | 119,543 |
| Technology and development expenses | | 14,848 | | 14,888 | | 29,609 | | 28,948 |
| Sales and marketing expenses | | 3,031 | | 2,860 | | 6,170 | | 5,787 |
| Litigation contingency | | - | | - | | 16,000 | | - |
| Total operating expenses | | 1,276,707 | | 1,218,280 | | 2,237,935 | | 2,066,731 |
| Operating income | | 18,537 | | 12,836 | | 363 | | 12,838 |
| Other (income) expense | | | | | | | | |
| Other (income) expense, net | | (1,749) | | (1,294) | | (2,937) | | (2,168) |
| Equity in losses of unconsolidated affiliates | | 374 | | 143 | | 523 | | 485 |
| Total other (income) expense, net | | (1,375) | | (1,151) | | (2,414) | | (1,683) |
| Income before income tax expense | | 19,912 | | 13,987 | | 2,777 | | 14,521 |
| Income tax expense | | 8,146 | | 2,632 | | 4,841 | | 1,174 |
| Net income (loss) from continuing operations | | 11,766 | | 11,355 | | (2,064) | | 13,347 |
| Net income (loss) from discontinued operations | | 617 | | (1,933) | | (1,192) | | (2,472) |
| Net income (loss) | | $ 12,383 | | $ 9,422 | | ($ 3,256) | | $ 10,875 |
| Earnings (loss) earnings per share | | | | | | | | |
| Basic, net income (loss) from continuing operations | | $ 0.08 | | $ 0.07 | | ($ 0.01) | | $ 0.09 |
| Basic, net income (loss) from discontinued operations | | 0.00 | | (0.01) | | (0.01) | | (0.02) |
| Basic, net income (loss) | | 0.08 | | 0.06 | | (0.02) | | 0.07 |
| Diluted, net income (loss) from continuing operations | | 0.08 | | 0.07 | | (0.01) | | 0.09 |
| Diluted, net income (loss) from discontinued operations | | 0.00 | | (0.01) | | (0.01) | | (0.02) |
| Diluted, net income (loss) | | $ 0.08 | | $ 0.06 | | ($ 0.02) | | $ 0.07 |
| Weighted average shares outstanding | | | | | | | | |
| Basic | | 153,580,879 | | 153,249,120 | | 154,160,607 | | 152,899,883 |
| Diluted | | 155,984,147 | | 156,693,959 | | 154,160,607 | | 156,119,627 |
| Comprehensive income (loss): | | | | | | | | |
| Net income (loss) | | $ 12,383 | | $ 9,422 | | ($ 3,256) | | $ 10,875 |
| Other comprehensive income (loss): | | | | | | | | |
| Foreign currency translation gain (loss), net of tax | | (898) | | 64 | | (1,787) | | 707 |
| Comprehensive income (loss) attributable to eXp World Holdings, Inc. | | $ 11,485 | | $ 9,486 | | ($ 5,043) | | $ 11,582 |
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION | ||||||||
| (In thousands) | ||||||||
| | ||||||||
| | | Three Months Ended June 30, | | Six Months Ended June 30, | ||||
| | 2024 | 2023 | | 2024 | 2023 | |||
| Net income (loss) from continuing operations | | $ 11,766 | | $ 11,355 | | ($ 2,064) | | $ 13,347 |
| Other (income) expense, net | | (1,375) | | (1,151) | | (2,414) | | (1,683) |
| Income tax (benefit) expense | | 8,146 | | 2,632 | | 4,841 | | 1,174 |
| Depreciation and amortization | | 2,963 | | 3,143 | | 5,363 | | 5,358 |
| Litigation contingency | | — | | — | | 16,000 | | — |
| Stock compensation expense ^(1)^ | | 9,329 | | 8,488 | | 18,157 | | 18,148 |
| Stock option expense | | 1,985 | | 2,380 | | 3,975 | | 5,126 |
| Adjusted EBITDA | | $ 32,814 | | $ 26,847 | | $ 43,858 | | $ 41,470 |
| | | | | | | | | |
| ^(1)^This includes agent growth incentive stock compensation expense and stock compensation expense related to business acquisitions. |
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
| | | | | |
|---|---|---|---|---|
| | | June 30, 2024 | | December 31, 2023 |
| | | | | |
| ASSETS | | | | |
| CURRENT ASSETS | | | | |
| Cash and cash equivalents | | $ 108,395 | | $ 125,873 |
| Restricted cash | | 85,126 | | 44,020 |
| Accounts receivable, net of allowance for credit losses of $1,527 and $2,204, respectively | | 133,896 | | 85,343 |
| Prepaids and other assets | | 7,082 | | 9,275 |
| Current assets of discontinued operations | | 1,068 | | 1,964 |
| TOTAL CURRENT ASSETS | | 335,567 | | 266,475 |
| Property, plant, and equipment, net | | 11,789 | | 12,967 |
| Other noncurrent assets | | 10,815 | | 7,410 |
| Intangible assets, net | | 5,965 | | 7,012 |
| Deferred tax assets | | 66,916 | | 69,253 |
| Goodwill | | 19,673 | | 16,982 |
| Noncurrent assets of discontinued operations | | 6,706 | | 5,569 |
| TOTAL ASSETS | | $ 457,431 | | $ 385,668 |
| | | | | |
| LIABILITIES AND EQUITY | | | | |
| CURRENT LIABILITIES | | | | |
| Accounts payable | | $ 11,529 | | $ 8,788 |
| Customer deposits | | 86,496 | | 44,550 |
| Accrued expenses | | 122,497 | | 86,483 |
| Litigation contingency | | 16,000 | | - |
| Other liabilities | | 23 | | 10 |
| Current liabilities of discontinued operations | | 560 | | 1,809 |
| TOTAL CURRENT LIABILITIES | | 237,105 | | 141,640 |
| Long-term payable | | - | | 20 |
| TOTAL LIABILITIES | | $ 237,105 | | $ 141,660 |
| | | | | |
| EQUITY | | | | |
| Common Stock, $0.00001 par value 900,000,000 shares authorized; 189,947,235 issued and 153,733,373 outstanding at June 30, 2024; 183,606,708 issued and 154,669,037 outstanding at December 31, 2023 | | 2 | | 2 |
| Additional paid-in capital | | 883,704 | | 804,833 |
| Treasury stock, at cost: 36,213,862 and 28,937,671 shares held, respectively | | (626,825) | | (545,559) |
| Accumulated deficit | | (35,100) | | (16,769) |
| Accumulated other comprehensive (loss) income | | (1,455) | | 332 |
| Total eXp World Holdings, Inc. stockholders' equity | | 220,326 | | 242,839 |
| Equity attributable to noncontrolling interest | | - | | 1,169 |
| TOTAL EQUITY | | 220,326 | | 244,008 |
| TOTAL LIABILITIES AND EQUITY | | $ 457,431 | | $ 385,668 |
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands, except share amounts)
| | | | | |
|---|---|---|---|---|
| EXP WORLD HOLDINGS, INC. | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| (In thousands) | ||||
| | ||||
| | | Six Months Ended June 30, | ||
| | | 2024 | | 2023 |
| OPERATING ACTIVITIES | | | | |
| Net income (loss) | | ($ 3,256) | | $ 10,875 |
| Reconciliation of net income (loss) to net cash provided by operating activities: | | | | . |
| Depreciation expense | | 3,950 | | 4,163 |
| Amortization expense - intangible assets | | 1,413 | | 1,195 |
| Allowance for credit losses on receivables/bad debt on receivables | | (677) | | (2,470) |
| Equity in loss of unconsolidated affiliates | | 523 | | 485 |
| Agent growth incentive stock compensation expense | | 18,157 | | 18,148 |
| Stock option compensation | | 3,975 | | 5,126 |
| Agent equity stock compensation expense | | 56,456 | | 65,652 |
| Deferred income taxes, net | | 2,337 | | 3,370 |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable | | (48,871) | | (45,266) |
| Prepaids and other assets | | 1,841 | | 367 |
| Customer deposits | | 41,946 | | 50,854 |
| Accounts payable | | 2,741 | | (3,069) |
| Accrued expenses | | 35,243 | | 49,273 |
| Long term payable | | - | | (4,692) |
| Litigation contingency | | 16,000 | | - |
| Other operating activities | | 23 | | 157 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | 131,801 | | 154,168 |
| INVESTING ACTIVITIES | | | | |
| Purchases of property, plant, equipment | | (2,772) | | (3,433) |
| Purchase of business | | (3,150) | | - |
| Investments in unconsolidated affiliates | | (3,938) | | (5,350) |
| Capitalized software development costs in intangible assets | | (509) | | (1,179) |
| NET CASH USED IN INVESTING ACTIVITIES | | (10,369) | | (9,962) |
| FINANCING ACTIVITIES | | | | |
| Repurchase of common stock | | (81,266) | | (78,728) |
| Proceeds from exercise of options | | 1,052 | | 1,253 |
| Transactions with noncontrolling interests | | (1,169) | | - |
| Dividends declared and paid | | (15,075) | | (13,460) |
| NET CASH USED IN FINANCING ACTIVITIES | | (96,458) | | (90,935) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | | (1,346) | | 620 |
| Net change in cash, cash equivalents and restricted cash | | 23,628 | | 53,891 |
| Cash, cash equivalents and restricted cash, beginning balance | | 169,893 | | 159,383 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | | $ 193,521 | | $ 213,274 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | | | | |
| Cash paid for income taxes | | 1,542 | | 1,833 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | |
| Termination of lease obligation - operating lease | | - | | 837 |
| Property, plant and equipment increase due to transfer of right-of-use lease asset | | - | | 1,100 |