EXP World Holdings Inc

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

AGNT$2.90-10.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

**CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


· · · Year Ended December 31,
	2023	2022	2021
OPERATING ACTIVITIES
Net (loss) income	($ 8,973)	$ 15,424	$ 81,159
Reconciliation of net income to net cash provided by operating activities:
Depreciation expense	8,352	7,934	4,974
Amortization expense - intangible assets	2,540	1,904	1,274
Amortization expense - long-term payable	-	-	94
Impairment expense	9,203	-	-
Loss on disposition of business	472	361	-
Allowance for credit losses on receivables/bad debt on receivables	(1,711)	1,816	319
Equity in loss of unconsolidated affiliates	1,388	1,624	188
Agent growth incentive stock compensation expense	43,178	30,861	24,493
Stock option compensation	10,736	14,442	13,102
Agent equity stock compensation expense	135,226	164,104	144,437
Deferred income taxes, net	(2,666)	(15,848)	(52,827)
Changes in operating assets and liabilities:
Accounts receivable	3,474	44,935	(56,857)
Prepaids and other assets	(1,263)	1,652	(2,623)
Customer deposits	6,761	(30,998)	39,892
Accounts payable	(1,491)	2,432	3,173
Accrued expenses	8,424	(32,239)	46,673
Long term payable	(4,677)	1,983	828
Other operating activities	158	148	(1,407)
NET CASH PROVIDED BY OPERATING ACTIVITIES	209,131	210,535	246,892
INVESTING ACTIVITIES
Purchases of property, plant, equipment	(5,363)	(12,051)	(13,423)
Proceeds from sale of business	330	-	-
Acquisition of business, net of cash acquired	-	(9,910)	(2,500)
Investments in unconsolidated affiliates	(5,876)	(500)	(3,000)
Capitalized software development costs in intangible assets	(2,594)	-	-
NET CASH USED IN INVESTING ACTIVITIES	(13,503)	(22,461)	(18,923)
FINANCING ACTIVITIES
Repurchase of common stock	(160,550)	(179,473)	(172,015)
Proceeds from exercise of options	4,980	612	3,620
Transactions with noncontrolling interests	-	(424)	19
Dividends declared and paid	(28,519)	(25,229)	(11,548)
NET CASH USED IN FINANCING ACTIVITIES	(184,089)	(204,514)	(179,924)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(38)	(87)	(59)
Net change in cash, cash equivalents and restricted cash	11,501	(16,527)	47,986
Cash, cash equivalents and restricted cash, beginning balance	159,383	175,910	127,924
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	$ 170,884	$ 159,383	$ 175,910
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes	$ 2,731	$ 3,406	$ 1,331
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Termination of lease obligation - operating lease	859	-	375
Issuance of treasury stock, for acquisition	-	4,554	-
Lease liabilities arising from obtaining right-of-use assets	-	-	2,370
Contingent consideration for disposition of business	1,209	-	-
Property, plant and equipment increase due to transfer of right-of-use lease asset	1,100	-	-
Property, plant and equipment purchases in accounts payable	63	63	174

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