AGNT, Inc 10-Q for FY2020 Q2

AGNT, Inc. (AGNT)

10-Q 2020-08-05 For: 2020-06-30

Added on April 10, 2026

About this 10-Q

AGNT, Inc filed this 10-Q on August 5, 2020, covering the quarter ended June 30, 2020 (FY2020 Q2).

Headline figures

Quarter ended June 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $353.53M; up 32.6% from $266.71M a year earlier
Net income: $8.28M; compared with a net loss of $2.2M a year earlier
Diluted EPS: $0.11; compared with -$0.04 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware		98-0681092
(State or other jurisdiction		(IRS Employer
of incorporation)		Identification No.)


Common Stock, par value $0.00001 per share	EXPI	NASDAQ
(Title of Each Class)	(Trading Symbol)	(Name of each exchange on which registered)


Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging Growth Company ☐


		Page
	Forward Looking Statements	3

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	31
Item 5.	Other information	31
Item 6.	Exhibits	31


	June 30, 2020	December 31, 2019
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$ 63,551	$ 40,087
Restricted cash	17,405	6,987
Accounts receivable, net of allowance for credit losses of $1,260 and allowance for bad debt of $137, respectively	52,543	28,196
Prepaids and other assets	3,302	3,549
TOTAL CURRENT ASSETS	136,801	78,819
Property, plant, and equipment, net	6,080	5,428
Operating lease right-of-use assets	902	1,264
Other noncurrent assets	7	16
Intangible assets, net	2,837	2,677
Goodwill	8,248	8,248
TOTAL ASSETS	$ 154,875	$ 96,452

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$ 1,642	$ 2,593
Customer deposits	17,405	6,987
Accrued expenses	53,839	31,034
Current portion of long-term payable	970	916
Current portion of lease obligation - operating lease	727	435
TOTAL CURRENT LIABILITIES	74,583	41,965
Long-term payable, net of current portion	1,585	1,530
Long-term lease obligation - operating lease, net of current portion	175	829
TOTAL LIABILITIES	76,343	44,324
EQUITY
Common Stock, $0.00001 par value 220,000 shares authorized; 70,579 issued and 68,532 outstanding in 2020; 66,199 issued and 65,274 outstanding in 2019	1	1
Additional paid-in capital	160,643	130,682
Treasury stock, at cost: 2,047 and 925 shares held, respectively	(20,610)	(8,623)
Accumulated deficit	(61,853)	(70,293)
Accumulated other comprehensive income	147	200
Total eXp World Holdings, Inc. stockholders' equity	78,328	51,967
Equity attributable to noncontrolling interest	204	161
TOTAL EQUITY	78,532	52,128
TOTAL LIABILITIES AND EQUITY	$ 154,875	$ 96,452


	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
Revenues	$ 353,525	$ 266,705	$ 624,946	$ 423,739
Operating expenses
Commissions and other agent-related costs	319,164	244,587	562,570	387,129
General and administrative expenses	25,155	23,204	52,015	42,905
Sales and marketing expenses	887	1,071	1,831	1,960
Total operating expenses	345,206	268,862	616,416	431,994
Operating income (loss)	8,319	(2,157)	8,530	(8,255)
Other expense (income)
Other expense (income), net	11	(10)	49	25
Equity in losses of unconsolidated affiliates	12	-	34
Total other expense (income), net	23	(10)	83	25
Income (loss) before income tax expense	8,296	(2,147)	8,447	(8,280)
Income tax expense	61	48	70	212
Net income (loss)	8,235	(2,195)	8,377	(8,492)
Net loss attributable to noncontrolling interest	40	-	63	-
Net income (loss) attributable to eXp World Holdings, Inc.	$ 8,275	$ (2,195)	$ 8,440	$ (8,492)

Earnings (loss) per share
Basic	$ 0.12	$ (0.04)	$ 0.13	$ (0.14)
Diluted	$ 0.11	$ (0.04)	$ 0.12	$ (0.14)
Weighted average shares outstanding
Basic	67,756	61,526	66,751	61,138
Diluted	72,661	61,526	72,050	61,138

Comprehensive income (loss):
Net income (loss)	$ 8,235	$ (2,195)	$ 8,377	$ (8,492)
Comprehensive loss attributable to noncontrolling interests	40	-	63
Net income (loss) attributable to eXp World Holdings, Inc.	8,275	(2,195)	8,440	(8,492)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net of tax	244	48	(53)	63
Comprehensive income (loss) attributable to eXp World Holdings Inc.	$ 8,519	$ (2,147)	$ 8,387	$ (8,429)


							Accumulated
					Additional		Other
	Common Stock		Treasury Stock		Paid-In	Accumulated	Comprehensive	Noncontrolling	Total
	Shares	Amount	Shares	Amount	Capital	Deficit	Income (Loss)	Interest	Equity
Balance, December 31, 2018	60,609	$ 1	-	$ -	$ 90,756	$ (60,765)	$ (11)	$ -	$ 29,981
	-	-	-	-	-	-	-	-
Net loss	-	-	-	-	-	(6,296)	-	-	(6,296)
Shares issued for stock options exercised	134	-	-	-	216	-	-	-	216
Agent growth incentive stock compensation	136	-	-	-	3,669	-	-	-	3,669
Stock option compensation	-	-	-	-	1,215	-	-	-	1,215
Agent equity stock compensation	620	-	-	-	6,210	-	-	-	6,210
Foreign currency translation gain	-	-	-	-	-	-	15	-	15
Repurchase of common stock	-	-	358	(3,647)	-	-	-	-	(3,647)
Balance, March 31, 2019	61,499	$ 1	358	$ (3,647)	$ 102,066	$ (67,061)	$ 4	$ -	$ 31,363
Net loss	-	-	-	-	-	(2,195)	-	-	(2,195)
Shares issued for stock options exercised	537	-	-	-	690	-	-	-	690
Agent growth incentive stock compensation	149	-	-	-	3,587	-	-	-	3,587
Stock option compensation		-	-	-	1,831	-	-	-	1,831
Agent equity stock compensation	935	-	-	-	10,234	-	-	-	10,234
Foreign currency translation gain	-	-	-	-	-	-	48	-	48
Repurchase of common stock	-	-	460	(4,898)	-	-	-	-	(4,898)
Balance, June 30, 2019	63,120	$ 1	818	$ (8,545)	$ 118,408	$ (69,256)	$ 52	$ -	$ 40,660
								-
Balance, December 31, 2019	66,199	$ 1	925	$ (8,623)	$ 130,682	$ (70,293)	$ 200	$ 161	$ 52,128
Net income (loss)						165		(23)	142
Shares issued for stock options exercised	1,785				1,828				1,828
Agent growth incentive stock compensation	127				2,551				2,551
Stock option compensation					1,073				1,073
Agent equity stock compensation	917				8,794				8,794
Foreign currency translation (loss)							(297)		(297)
Repurchase of common stock			991	(10,305)					(10,305)
Contributions by noncontrolling interests								86	86
Balance, March 31, 2020	$ 69,028	$ 1	1,916	$ (18,928)	$ 144,928	$ (70,128)	$ (97)	$ 224	$ 56,000
Net income (loss)	-	-	-	-	-	8,275	-	(40)	8,235
Shares issued for stock options exercised	415	-	-	-	639	-	-	-	639
Agent growth incentive stock compensation	208	-	-	-	3,346	-	-	-	3,346
Stock option compensation	-	-	-	-	1,227	-	-	-	1,227
Agent equity stock compensation	928	-	-	-	10,503	-	-	-	10,503
Foreign currency translation (loss)	-	-	-	-	-	-	244	-	244
Repurchase of common stock	-	-	131	(1,682)	-	-	-	-	(1,682)
Contributions by noncontrolling interests	-	-	-	-	-	-	-	20	20
Balance, June 30, 2020	70,579	$ 1	2,047	$ (20,610)	$ 160,643	$ (61,853)	$ 147	$ 204	$ 78,532


	December 31, 2019	December 31, 2018
Cash and cash equivalents	$ 40,087	$ 20,538
Restricted cash	6,987	2,503
Total cash, cash equivalents, and restricted cash, beginning balance	$ 47,074	$ 23,041

	June 30, 2020	June 30, 2019
Cash and cash equivalents	$ 63,551	$ 31,523
Restricted cash	17,405	6,166
Total cash, cash equivalents, and restricted cash, ending balance	$ 80,956	$ 37,689


	June 30, 2020	December 31, 2019
Computer hardware and software	$ 10,983	$ 8,431
Furniture, fixture, and equipment	20	21
Total depreciable property and equipment	11,003	8,452
Less: accumulated depreciation	(4,929)	(3,378)
Depreciable property, net	6,074	5,074
Assets under development	6	354
Property, plant and equipment, net	$ 6,080	$ 5,428


	June 30, 2020			December 31, 2019
	Gross	Accumulated	Net Carrying	Gross	Accumulated	Net Carrying
	Amount	Amortization	Amount	Amount	Amortization	Amount
Trade name	$ 1,169	$ (185)	$ 984	$ 1,169	$ (127)	$ 1,042
Existing technology	948	(206)	742	559	(99)	460
Non-competition agreements	125	(66)	59	125	(45)	80
Customer relationships	740	(117)	623	740	(80)	660
Software	225	-	225	225	-	225
Licensing agreement	210	(6)	204	210	-	210
Total intangible assets	$ 3,417	$ (580)	$ 2,837	$ 3,028	$ (351)	$ 2,677


Balance, December 31, 2019		$ 277
Stock grant liability increase at March 31, 2020		1,042
Stock grants reclassified from liability at March 31, 2020		(75)
Stock grant liability increase at June 30, 2020		483
Stock grants reclassified from liability at June 30, 2020		(582)
Balance, June 30, 2020		$ 1,145


Remaining 2020		$ 198
2021		314
2022		277
2023		165
2024		5
2025 and thereafter		6
Total lease payments		965
Less: interest		(63)
Total operating lease liabilities		$ 902


	June 30, 2020	December 31, 2019
Assets
Cash	$ 320	$ 424
Accounts Receivable	24	-
Prepaids and other assets	42	2
Total assets	$ 386	$ 426

Liabilities & Equity
Membership interests payable	37	45
Accounts payable	3	15
Total liabilities	40	60
Total equity	346	366
Total liabilities & equity	$ 386	$ 426

	Six Months Ended June 30,
	2020	2019
Revenues	$ 78	$ -
Expenses	205	-
Net loss	$ (127)	$ -


	Three Months Ended	% of	Three Months Ended	% of	Change
	June 30, 2020	Revenue	June 30, 2019	Revenue	$	%

	(In thousands, except per share data)
Statement of Operations Data:
Revenues	$ 353,525	100%	$ 266,705	100%	$ 86,820	33%
Operating expenses
Commissions and other agent-related costs	319,164	90%	244,587	92%	74,577	30%
General and administrative expenses	25,155	7%	23,204	9%	1,951	8%
Sales and marketing expenses	887	-%	1,071	-%	(184)	(17)%
Total operating expenses	345,206	98%	268,862	101%	76,344	28%
Operating income (loss)	8,319	2%	(2,157)	(1)%	10,476	486%
Other expense (income)
Other expense (income), net	11	-%	(10)	-%	21	214%
Equity in losses (earnings) of unconsolidated affiliates	12	-%	-	-%	12	100%
Total other expense (income), net	23	-%	(10)	-%	33	328%
Income (loss) before income tax expense	8,296	2%	(2,147)	(1)%	10,443	486%
Income tax expense	61	-%	48	-%	13	27%
Net income (loss)	8,235	2%	(2,195)	(1)%	10,430	475%
Net loss attributable to noncontrolling interest	40	-%	-	-%	40	100%
Net income (loss) attributable to eXp World Holdings, Inc.	8,275	2%	(2,195)	(1)%	10,470	477%
Adjusted EBITDA (1)	$ 13,648	4%	$ 3,795	1%	$ 9,853	260%
Earnings per share
Basic	$ 0.12		$ (0.04)		$ 0.16	405%
Diluted	$ 0.11		$ (0.04)		$ 0.15	385%
Weighted average shares outstanding
Basic	67,756		61,526
Diluted	72,661		61,526


	Six Months Ended	% of	Six Months Ended	% of	Change
	June 30, 2020	Revenue	June 30, 2019	Revenue	$	%

	(In thousands, except per share data)
Statement of Operations Data:
Revenues	$ 624,946	100%	$ 423,739	100%	$ 201,207	47%
Operating expenses
Commissions and other agent-related costs	562,570	90%	387,129	91%	175,441	45%
General and administrative expenses	52,015	8%	42,905	10%	9,110	21%
Sales and marketing expenses	1,831	-%	1,960	-%	(129)	(7)%
Total operating expenses	616,416	99%	431,994	102%	184,422	43%
Operating income (loss)	8,530	1%	(8,255)	(2)%	16,785	203%
Other expense (income)
Other expense (income), net	49	-%	25	-%	24	96%
Equity in losses of unconsolidated affiliates	34	-%	-	-%	34	100%
Total other expense (income), net	83	-%	25	-%	58	230%
Income (loss) before income tax expense	8,447	1%	(8,280)	(2)%	16,727	202%
Income tax expense	70	-%	212	-%	(142)	(67)%
Net income (loss)	8,377	1%	(8,492)	(2)%	16,869	199%
Net loss attributable to noncontrolling interest	63	-%	-	-%	63	100%
Net income (loss) attributable to eXp World Holdings, Inc.	8,440	1%	(8,492)	(2)%	16,932	199%
Adjusted EBITDA⁽¹⁾	$ 19,376	3%	$ 3,022	1%	$ 16,354	541%
Earnings (loss) per share
Basic	$ 0.13		$ (0.14)		$ 0.27	190%
Diluted	$ 0.12		$ (0.14)		$ 0.26	185%
Weighted average shares outstanding
Basic	66,751		61,526
Diluted	72,050		61,526


Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced plans or programs⁽¹⁾	Approximate dollar value of shares that may yet be purchased under the plans or programs
4/1/20 - 4/30/20	-	$ -	-	$ -
5/1/20 - 5/31/20	-	-	-	-
6/1/20 - 6/30/20	131,173	12.82	131,173	60,824,199
Total	131,173	$ 12.82	131,173


		eXp World Holdings, Inc.
		(Registrant)

Date: August 5, 2020		/s/ Jeff Whiteside
		Jeff Whiteside
		Chief Financial Officer (Principal Financial Officer)

Name of Licensee:
		(List entity name only if license is held in the name of an entity approved by the applicable state real estate commission. Must include entity designation if listing an entity name. DBAs not accepted.)

Address:
City:
State:
ZIP code:


Primary/Domicile State:		License No.:
Additional States Contractor is licensed in & License No.’s (if applicable):


Exhibit		Exhibit
Number		Description

3.1		Amended and Restated Certificate of Incorporation (incorporated by reference from Appendix A to the Company’s Definitive Information Statement filed on October 9, 2018)

3.2		Certificate of Correction to the Amended and Restated Certificate of Incorporation (incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 24, 2020

3.3		Amended and Restated Bylaws (incorporated by reference from Appendix B to the Company’s Definitive Information Statement on Schedule 14C filed on October 9, 2018.

10.1		2020 Independent Contractor Agreement and Agent Equity Enrollment Form

31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Emergency Contact:
Relationship to Contractor:
Phone Number:
Email:

Debit/Credit Card Number:

Exp Date:	/	Security Code on back of card:

Name on Card:

Billing Address:

Billing City:		State:	Zip:

Name on Account:

Bank Name:

Routing #:		Account #:

Print Contractor Name:


	Signature		Date


By:	/s/ Glenn Sanford
	Glenn Sanford
	Chief Executive Officer (Principal Executive Officer)