eXp World Holdings Reports Record Fourth Quarter and Full-Year 2020 Financial Results - eXp World Holdings

2020 Revenue Increased 84% to Record $1.8 Billion; Drives Most Profitable Year in Company History With Net Income of More Than $31 Million

BELLINGHAM, Wash., March 11, 2021 (GLOBE NEWSWIRE) — eXp World Holdings, Inc. (Nasdaq: EXPI), (or the “Company”), the holding company for eXp Realty, Virbela and SUCCESS Enterprises, today announced financial results for the fourth quarter and full year ended Dec. 31, 2020.

Fourth Quarter and Full-Year 2020 Financial Highlights:

($, in millions) Q4 2020 Q4 2019 Change
(%)
FY2020 FY2019 Change
(%)
Revenue $609.3 $274.0 122% $1,798.3 $979.9 84%
Gross Profit $50.4 $24.4 106% $159.6 $84.1 90%
Net Income $7.7 $0.8 885% $31.0 ($9.6) NM
Adjusted EBITDA1 $16.6 $6.1 175% $57.8 $12.6 357%
Operating Cash Flow $30.5 $15.4 98% $119.7 $55.2 117%

(1) Adjusted EBITDA is a non-GAAP term, further explained below in the section titled, “Use of Non-GAAP Financial Measures.”


Management Commentary

“eXp experienced tremendous growth in 2020 as our agents and staff demonstrated resilience and overcame the challenges presented throughout the year,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our cloud-based brokerage and virtual working environment enabled continuous operations and supported the rapid growth of adding more than 15,000 agents during the year. Our value proposition resonated with agents around the world, as we seamlessly opened in five new countries and gained domestic market share in our residential and commercial businesses.”

“Our agent-centric strategy remains paramount, as demonstrated by several key acquisitions we made during the year. The addition of Showcase IDX and SUCCESS Enterprises to the eXp platform enables our agents to increase engagement with homebuyers and have access to an ecosystem of personal development resources. As we move through 2021, we will continue to innovate our business model to drive the growth trajectory, while delivering sustainable value for our agents, brokers, staff and our end consumers,” concluded Sanford.

Fourth Quarter and Full-Year 2020 Operational Highlights:

  • Agents and brokers on the eXp Realty platform increased 63% in 2020 to 41,313, compared to 25,423 at the end of 2019, and increased 15% in the fourth quarter of 2020, compared to 35,877 at the end of the third quarter of 2020. eXp Realty currently has more than 48,000 agents and brokers on the platform at the time of this release.
  • Residential transaction sides closed increased 113% to 82,055 in the fourth quarter of 2020, compared to 38,611 in the same year-ago quarter. Residential transaction sides closed in 2020 increased 77% to 238,981, compared to 135,322 in 2019.
  • Residential transaction volume closed increased 123% to $24.6 billion in the fourth quarter of 2020, compared to $11.0 billion in the same year-ago quarter. Residential transaction volume closed in 2020 increased 89% to $72.2 billion, compared to $38.2 billion in 2019.
  • As of Dec. 31, 2020, cash and cash equivalents totaled $100.1 million, which compares to cash and cash equivalents of $40.1 million as of Dec. 31, 2019.
  • eXp Realty expanded into five new international locations throughout 2020, including France, Portugal, Mexico, India, and South Africa. Subsequent to the end of 2020, the Company successfully launched in Puerto Rico and Brazil, and announced plans to establish operations in Italy and Hong Kong by the end of the first quarter 2021.
  • Launched eXp Commercial with expansion into 29 U.S. states in 2020, with plans to be open in all 50 states by the end of 2021.
  • Acquired Showcase IDX, the leading real estate search technology company to help agents market and grow their businesses, and SUCCESS Enterprises, a leading personal development media brand.
  • eXp Realty ended the year with a 74 global Net Promoter Score, a measure of agent satisfaction, through the Company’s intense focus on the agent experience. This represents a significant improvement compared to a Net Promoter Score of 64 at the end of 2019.
  • Named a best place to work for a fourth consecutive year in Glassdoor’s 2021 Employees’ Choice Awards among U.S. large businesses.

“Our continued momentum in agent growth and transaction volume translated to the most profitable year in our company’s history,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “We expect the expansion of our core residential brokerage in the U.S. and launch of operations in key international markets to continue throughout 2021, while also increasing adoption of our affiliated services businesses. By leveraging value-add and revenue-generating technologies that differentiate our tech-enabled platform, such as Virbela, the catalysts are in place to accelerate growth and increase our market share.”

Fourth Quarter and Full-Year 2020 Financial Results – Virtual Fireside Chat

The Company will hold a virtual fireside chat and investor Q&A session with eXp World Holdings Founder and CEO Glenn Sanford and CFO Jeff Whiteside on Thursday, March 11, 2021 to discuss fourth quarter and full-year 2020 financial results and recent milestone achievements. Tom White, Managing Director and Senior Research Analyst at D.A. Davidson, will moderate the discussion.

The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its platform.

Date: Thursday, March 11, 2021

Time: 2 p.m. PT/ 5 p.m. ET

Location: EXPI Campus. Join at https://expworldholdings.com/contact/download/

Livestream: expworldholdings.com/events

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty, Virbela and SUCCESS Enterprises.

eXp World Holdings and its global brokerage, eXp Realty, is one of the fastest-growing real estate tech companies in the world with more than 48,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico and Brazil 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 its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive.

For more information, visit https://expworldholdings.com.

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 and may be different than similarly titled measures used by other companies. It 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 Adjusted EBITDA provides useful information about financial performance, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to a key metric used by management for financial and operational decision-making. Adjusted EBITDA helps identify underlying trends in the business that otherwise could be masked by the effect of the expenses that are 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 the non-U.S. GAAP financial measure of Adjusted EBITDA to mean net income (loss), excluding other income (expense), income tax benefit (expense), depreciation, amortization, and impairment charges; stock-based compensation expense, and stock option expense. Adjusted EBITDA may assist investors in seeing financial performance through the eyes of management, and may provide an additional tool for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to Net Income (Loss), the closest comparable U.S. GAAP measure. Some of these limitations are that:

  • Adjusted EBITDA excludes stock-based compensation expense and stock option expense, which have been, and will continue to be for the foreseeable future, significant recurring expenses in the business and an important part of the compensation strategy; and
  • Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets, amortization of acquired intangible assets, and impairment charges related to these long-lived assets, and, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future.

($, in thousands) Three Months Ended
December 31,
Year Ended
December 31,
2020 2019 2020 2019
Net income (loss) $ 7,696 $ 781 $ 30,990 $ (9,557)
Other expense (income), net 21 84 184 281
Income tax expense 118 254 413 497
Depreciation, amortization, and impairment expenses (1) 1,429 768 4,214 2,384
Stock compensation expense (2) 4,763 3,199 15,239 13,959
Stock option expense 2,622 979 6,801 5,085
Adjusted EBITDA $ 16,649 $ 6,065 $ 57,841 $ 12,649

(1) Stock payable amortization is included in other expenses (income). Impairment expense relates to 2020 write off of an intangible asset related to a discontinued internally developed software project. There were no impairment charges recognized during 2019.

(2) This includes agent growth incentive stock compensation expense and stock compensation expense related to non-controlling interest.

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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. 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; 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.

[email protected]

Investor Relations Contact:

MZ Group – MZ North America

[email protected]

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
December 31, 2020 December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 100,143 $ 40,087
Restricted cash 27,781 6,987
Accounts receivable, net of allowance for credit losses of $1,879 and allowance for bad debt of $137, respectively 76,951 28,196
Prepaids and other assets 7,350 3,549
TOTAL CURRENT ASSETS 212,225 78,819
Property, plant, and equipment, net 7,848 5,428
Operating lease right-of-use assets 819 1,264
Other noncurrent assets 16
Intangible assets, net 8,350 2,677
Goodwill 12,945 8,248
TOTAL ASSETS $ 242,187 $ 96,452
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 3,957 $ 2,593
Customer deposits 27,781 6,987
Accrued expenses 62,750 31,034
Current portion of long-term payable 1,416 916
Current portion of lease obligation – operating lease 746 435
TOTAL CURRENT LIABILITIES 96,650 41,965
Long-term payable, net of current portion 2,876 1,530
Long-term lease obligation – operating lease, net of current portion 74 829
TOTAL LIABILITIES 99,600 44,324
EQUITY
Common Stock, $0.00001 par value 220,000,000 shares authorized;
146,677,786 issued and 144,143,292 outstanding in 2020; 132,398,616
issued and 131,473,252 outstanding in 2019 (1)
1 1
Additional paid-in capital 218,492 130,682
Treasury stock, at cost: 2,534,494 and 925,364 shares held, respectively (37,994 ) (8,623 )
Accumulated deficit (39,162 ) (70,293 )
Accumulated other comprehensive income 247 200
Total eXp World Holdings, Inc. stockholders’ equity 141,584 51,967
Equity attributable to noncontrolling interest 1,003 161
TOTAL EQUITY 142,587 52,128
TOTAL LIABILITIES AND EQUITY $ 242,187 $ 96,452

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts and per share data)
Three Months Ended December 31, Year Ended December 31,
2020 2019 2020 2019
Revenues $ 609,322 $ 274,019 $ 1,798,285 $ 979,937
Operating expenses
Commissions and other agent-related costs 558,935 249,612 1,638,674 895,882
General and administrative expenses 40,656 22,532 122,801 89,035
Sales and marketing expenses 1,897 756 5,223 3,799
Total operating expenses 601,488 272,900 1,766,698 988,716
Operating income (loss) 7,834 1,119 31,587 (8,779 )
Other expense
Other expense (income), net 3 50 133 247
Equity in losses of unconsolidated affiliates 17 34 51 34
Total other expense (income), net 20 84 184 281
Income (loss) before income tax expense 7,814 1,035 31,403 (9,060 )
Income tax expense 118 254 413 497
Net income (loss) 7,696 781 30,990 (9,557 )
Net loss attributable to noncontrolling interest 26 29 141 29
Net income (loss) attributable to eXp World Holdings, Inc. $ 7,722 $ 810 $ 31,131 $ (9,528 )
Earnings (loss) per share
Basic $ 0.05 $ 0.01 $ 0.22 $ (0.08 )
Diluted $ 0.05 $ 0.01 $ 0.21 $ (0.08 )
Weighted average shares outstanding
Basic 143,026,018 131,907,796 138,572,358 126,256,407
Diluted 156,543,876 131,907,796 151,550,075 126,256,407

US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION
(In thousands)
Three Months Ended December 31, Year Ended December 31,
2020 2019 2020 2019
Net income (loss) $ 7,696 $ 781 $ 30,990 $ (9,557 )
Other expense (income), net 20 84 184 281
Income tax expense 118 254 413 497
Depreciation, amortization, and impairment expenses (1) 1,429 768 4,214 2,384
Stock compensation expense (2) 4,763 3,199 15,239 13,959
Stock option expense 2,622 979 6,801 5,085
Adjusted EBITDA $ 16,648 $ 6,065 $ 57,841 $ 12,649
(1) Stock payable amortization is included in other expense (income). Impairment expense relates to 2020 write off of an intangible asset related to a discontinued internally developed software project. There were no impairment charges recognized during 2019.
(2) This includes agent growth incentive stock compensation expense and stock compensation expense related to non-controlling interest.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5342a8a7-7922-4898-a861-479a79c763ec

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Glenn Sanford

Since early 2002, Glenn Sanford has been actively involved in the online real estate space. In early 2007, Glenn launched BuyerTours Realty, LLC which, using a combination of web and traditional bricks and mortar, grew to three offices and into two states. After the drop off of the market in late 2008, Glenn and his executive team went back and rewrote the entire business model in recognition of the “perfect storm” of lower revenues, fixed or rising overhead costs, and a consumer with more information and access than ever before. eXp Realty, LLC was launched in October 2009 as the first truly cloud-based national real estate brokerage which meant giving up the traditional bricks and mortar environment and moving to a fully-immersive 3D virtual office environment where agents, brokers and staff collaborate across borders while learning and transacting business from anywhere in the world. In 2013, eXp Realty became a subsidiary of eXp Realty International Corp.

From 2004 to 2007, Glenn ran a large mega-agent team and consulted to Keller Williams International as a member of the Agent Technology Council in the areas of online client acquisition, client conversion and technology. Glenn also was a significant contributor to Keller Williams Internet Lead Generation Masterminds.

Prior to real estate, Glenn was active at the executive level with a number of technology-related companies. In 1998, he founded and served as President for eShippers.com, an online e-commerce and logistics company.

Jeff Whiteside

As the Chief Financial & Collaboration Officer, Jeff works closely with Glenn across EXPI and the teams in Realty, finance, technology, marketing, legal, human resources, new business development/M&A, international markets, investor relations, and VirBELA.

He has more than 30 years of experience in global finance and operational leadership including executive positions at General Electric, CommerceHub, Pitney Bowes Software, and RM Sotheby’s Auctions.

John Tobison

As Chief Information Officer, John Tobison leads software engineering, product management, information technology, product launch, project management, data services and innovation for eXp World Holdings and its companies.

John brings more than 30 years of experience in business and information technology management, helping companies scale products, business processes and staff capabilities for rapid growth.

Previously, he was a key member of the executive leadership teams that grew three successful technology companies from early stage to market leaders. As COO of OutMatch, John led the development of two new software products, helped significantly grow the company through a private equity-funded acquisition of a larger company and developed a new technology road map for the merged company. Before that, he was the Chief Information Officer of CommerceHub, where he re-engineered customer implementation and scaled up IT operations in a high-availability 24x7x365-transaction-processing environment, and MapInfo Corporation, where he ran international IT operations and was part of the management team that took the company public.

Courtney Chakarun

As Chief Marketing Officer, Courtney is responsible for amplifying the eXp World Holdings’ brands and overseeing all areas of marketing, including driving digital strategy for growth and enhancing eXp’s value proposition. A recognized thought leader in consumer lending, housing and digital transformation, Courtney was named a HousingWire Rising Star in 2016 and a Woman of Influence in 2019. Courtney has over two decades of marketing and innovation experience and has held various leadership roles at Roostify, CoreLogic and General Electric.

James Bramble

James Bramble is an authority in real estate law, a leader in the housing industry and advocate for acting with integrity. As eXp World Holdings Chief Legal Counsel, General Counsel and Corporate Secretary, James oversees the company’s legal affairs, including corporate governance, litigation and compliance. James has over 20 years of international business experience and has transformed eXp’s legal and compliance functions to empower an agent-centric, globally-scaled organization. James champions eXtend a Hand, eXp’s charitable foundation and is an active member of the Association of Corporate Counsel (ACC) and is a licensed real estate agent.

Kent Cheng

Kent is responsible for leading and developing the organization’s global accounting, finance practices and procedures. He also ensures the preparation and analysis of all financial reports comply with all applicable regulations. These vital financial functions enable eXp to continue its rapid growth trajectory and quickly expand its international footprint. He has decades of finance expertise in global finance, accounting and information technology functions in large, complex and geographically dispersed multi-billion-dollar international businesses.

Alex Howland, Ph.D.

Alex founded VirBELA, a social virtual reality platform focused on education and team development with clients in various industries from government to retail. The VirBELA team developed eXp Realty’s cloud-based campus, called eXp World. eXp World Holdings, eXp Realty’s parent company, acquired VirBELA’s core group of products and services in November 2018.

As President of eXp World Technologies, an eXp World Holdings company, Alex leads the development of VirBELA’s products and services to expand the offering to agents, teams and others who could benefit from their own, always-available environments for collaboration.

In the development of VirBELA, Alex was awarded financial support from the Graduate Management Admissions Council, the National Science Foundation, the National Institute of Health, the Laura Arrillaga-Andreessen Foundation and the American Psychological Association to support some of innovations and research.

Alex has a bachelors in organization psychology from Providence College and a doctorate in philosophy from Alliant International University, San Diego Scripps Ranch.

Jason Gesing

Jason is Chief Executive Officer, eXp Realty, and a member of the Board of Directors for eXp World Holdings. He has been a critical part of eXp Realty since joining the company in March 2010 and has served in a number of capacities, including Chief Executive Officer, managing broker of multiple states, General Counsel and President. Currently, Jason supports the company’s larger enterprise by evaluating and developing complementary ventures outside of the more traditional residential real estate vertical.

Dave Conord

As Co-President, Dave leads the U.S. growth and onboarding teams. Dave has more than 18 years of experience in the real estate industry. He was an owner/partner of multiple Keller Williams Realty market centers throughout the Mid-Atlantic and led one of the regions to No. 1 in the company for growth within three years. He also was one of the top recruiters at the company for nine years. At Long & Foster Companies, Dave developed professional and leadership training for sales managers and agents.

Stacey Onnen

Stacey has more than 19 years of real estate industry experience, and also is a professional speaker, trainer and certified continuing education instructor. Most recently, she was a designated broker and regional manager at a national real estate brokerage, overseeing more than 2,500 agents.

At eXp Realty, Stacey is responsible for eXp Realty U.S. brokerage operations, including compliance, risk management and state license laws.

Michael Valdes

Valdes brings more than 25 years of expertise in global real estate and finance to eXp Realty. Most recently, he was Senior Vice President of Global Servicing for all Realogy Corporation brands, including Better Homes & Gardens, Century 21, Coldwell Banker, Corcoran, ERA and Sotheby’s International Realty. In his role, he oversaw the international servicing platform for all Realogy brands across more than 100 countries and opened more than 70 countries during his tenure.

Mike Vein

Mike is an integral part of driving the overall culture and organizational philosophy of eXp Realty. He has more than 20 years of experience strengthening the link between people, technology and corporate strategies for high-growth companies. His areas of expertise are in building scalable HR infrastructures with a focus on culture and organizational growth for rapidly expanding companies.

Prior to eXp Realty, Mike led Human Resources and Talent Acquisition at CloudCraze, a Salesforce company. He currently serves on the Chief Human Resources Officers (CHRO) committee for the Human Resources Management Association of Chicago (HRMAC), an association of strategic HR leaders in the Chicago area.

Dan Cahir

Dan has more than 10 years of experience managing public and private equity investments across a variety of industries. Currently, he is the Chief Executive Officer and Chief Investment Officer of Amherst Ave Capital. Previously, he was the portfolio manager at Long Light Capital and a member of the investment teams at Ziff Brothers Investments and Madrone Capital Partners. Dan began his career with Bain & Co., where he advised Fortune 500 and private equity clients on M&A, growth and efficiency initiatives.

Dan holds a Bachelor of Arts in Economics, summa cum laude, from Claremont McKenna College and holds a Master of Business from the Harvard Business School, where he graduated with distinction.

Gene Frederick

After serving as Controller for Texas Instruments, in 1984 Gene left the corporate world for a career in Real Estate. He first sold for two small companies that were bought out by Coldwell Banker. Three years later he joined Re/Max, and soared to become one of the Top 20 Realtors in Texas. In 1989, Gene started Phoenix-based Realty Executives in Dallas, TX. In 1994 he sold this franchise and hired on with Keller Williams in Dallas as one of the first 10 agents at the Dallas Preston Road Market Center.

Gene has extensive management experience in residential real estate. Prior to joining eXp Realty, LLC., and his appointment to the eXp Board of Directors, he had served over the past two decades in various management capacities at Keller Williams. Among his many accomplishments during his tenure with Keller Williams began when Gene and his wife, Susan, became Team Leaders of the Dallas Preston Road Market Center in 1999 -2006 and grew that office from 100 to 533 agents! Both Gene and Susan were installed into the Keller Williams Team Leader Hall of Fame in 2009.

Gene was the top Team Leader for Keller Williams in recruiting for 4 of the last 11 years, including 2005, 2006, 2012, and 2013. Gene served with Keller Williams most recently out of the Austin NW Market Center as Team Leader, where he grew the office from 320 agents to 641 in 4 years! Prior to that Gene was Regional Director of Keller Williams Virginia from 2007-2009 where he was #1 Nationally in franchise sales for 2007 and 2008.

Gene and Susan currently reside in Austin, Texas, have 5 grown children and 4 grandchildren.

Fee Gentry

Fee Gentry currently is an eXp Realty agent in Texas, and co-chair and one of the original founders of ONE eXp, eXp Realty’s initiative for diversity and inclusion. She has more than 15 years of experience in the real estate industry, including being named a top local agent in her first year. Gentry also started several businesses in the rehab, fitness and sports training industries. She has a masters from Our Lady of Lake University in San Antonio where she focused on entrepreneurship and marketing.

Darren Jacklin

For over 25 years, Darren Jacklin has travelled 4 continents and personally trained and developed over 1 million people in over 50 countries. 

He has mentored entrepreneurs and business owners on specific and measurable strategies. These strategies have then been implemented into businesses to increase income, transform obstacles into cash flow and turn passion into profits. Darren has an uncanny ability to increase wealth and success by uncovering hidden assets, overlooked opportunities and undervalued possibilities. 

His talent has captured the attention of Tiger 21, Family Offices, Royal Family Offices, The Wall Street Journal, Yahoo Finance, NBC TV, CBS TV, CTV, CBC, Global TV, international radio stations, magazines and newspapers, movie producers, best-selling authors, CEO’s and business experts worldwide. 

Darren Jacklin currently sits on paid international boards of directors and advisory boards of public and private companies internationally. 

He has also personally trained 157 Fortune 500 companies such as Microsoft, AT&T, Black & Decker, Barclays Bank, as well as high school, college, and university students and lastly, professional athletes. 

Passionate about making a difference in people’s lives, today, Darren also contributes time to his Global Philanthropy Foundation called Leaders Yielding to New Knowledge (LY2NK) to support the new LY2NK Leadership Academy sustainable schools in the slums of Liberia, West Africa and Uganda, East Africa.

Randall Miles

For over 25 years Mr. Miles has held senior leadership positions in global financial services, financial technology and investment banking companies. His extensive investment banking background at bulge bracket, regional and boutique firms advising financial services companies on strategic and financial needs has crossed many disciplines. Mr. Miles’ transactional and advisory experience is complemented by leadership of public and private equity backed financial technology, specialty finance and software companies including Chairman and CEO at LIONMTS where he was nominated for the Ernst & Young Entrepreneur of the Year award, CEO at Syngence Corporation, COO of AtlasBanc Holdings Corp. and CEO of Advantage Funding / NAFCO Holdings which grew to in excess of $1 billion. Mr. Miles is currently Managing Partner at SCM Capital Group, a global strategic and financial advisory firm and Senior Managing Director at Tigress Financial Partners, a full service institutional broker dealer where is he is head of Investment Banking.

Most recently, Mr. Miles served as Senior Managing Director, Head of FIG and COO, Investment Banking at Cantor Fitzgerald & Co. Mr. Miles has held senior leadership roles at Oppenheimer & Co., D.A. Davidson and & Co., The First Boston Corporation (Credit Suisse) Meridian Capital and Greenwich Capital Markets. Mr. Miles has broad public, private and nonprofit board experience and has been active for many years in leadership roles with the Make-A-Wish Foundation. He presently serves on the boards of Kuity, Corp. and Posiba, Inc. as Vice Chairman and Chairman respectively. Mr. Miles holds a BBA from the University of Washington and holds FINRA licenses Series 7, 24, 63 and 79.