Compass, Inc. Reports Third Quarter 2024 Results
Adjusted EBITDA Exceeds High-End of Guidance
Reiterates Positive Free Cash Flow Guidance for Full Year 2024
Transactions Increased 16.1% and Quarterly Market Share Grew 49 Basis Points YoY to 4.80%
"In what remains a challenging environment for the real estate market, we grew Adjusted EBITDA significantly year-over-year and delivered a substantial improvement in free cash flow. Our results this quarter put Compass in a position to deliver meaningful Adjusted EBITDA for 2024 and to be free cash flow positive for the full year despite a multi-decade low for existing home sales, demonstrating our ability to generate significant free cash flow as the market makes its way to mid-cycle levels," said Robert Reffkin, Founder and Chief Executive Officer of Compass. "We continue to grow faster than the market – third quarter transactions increased 16.1% year-over-year versus a market that declined 1.9% as we grew our Number of Principal Agents2 20% year-over-year and increased our quarterly market share to 4.80% in Q3 2024 from 4.31% in Q3 2023. The third quarter was also our strongest quarter in the last four quarters for quarterly principal agent retention at 97.8%."
Reffkin continued, "When the market recovers, we believe the combination of our cost discipline and structural advantages, which include our end-to-end proprietary technology platform, national scale, network of top agents and depth of inventory, positions Compass to capture significant upside at attractive unit economics."
Q3 2024 Highlights:
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Revenue in Q3 2024 increased by 11.7% year-over-year to
$1.5 billion as transactions increased 16.1%, while transactions declined by 1.9% for the entire residential real estate market in the third quarter, as reported by theNational Association of Realtors ("NAR"). Year-over-year organic revenue growth was 5.3%, while revenue growth attributable to M&A was 6.4%. -
GAAP Net loss in Q3 2024 was
$1.7 million , an improvement of$37.7 million from a net loss of$39.4 million in Q3 2023. The net loss for Q3 2024 includes non-cash stock-based compensation expense of$32.5 million , and depreciation and amortization of$20.5 million . -
Adjusted EBITDA5 (a non-GAAP measure) was
$52.0 million in Q3 2024 compared to$21.8 million in Q3 2023, an improvement of$30.2 million . -
Operating Cash Flow /
Free Cash Flow6 (a non-GAAP measure): During Q3 2024, operating cash flow was
$37.4 million and free cash flow was$32.8 million . -
Cash and cash equivalents at the end of Q3 2024 was
$211.2 million , and there were no outstanding draws on our revolving credit facility.
Q3 2024 Operational Highlights:
- National market share: In Q3 2024, quarterly market share was 4.80%, an increase of 49 basis points compared to Q3 2023 and a decrease of 33 basis points sequentially from Q2 2024, consistent with prior years' Q2 to Q3 trend due to geographic mix.
- Principal Agents78: At the end of Q3 2024, the number of principal agents was 17,542 compared to 14,615 in Q3 2023, an increase of 2,927 or 20.0% year-over-year. Sequentially, when comparing Q3 2024 to Q2 2024, we had an increase of 545 principal agents or 3.2% (net of principal agent separations). We continued the trend of strong agent retention with 97.8% quarterly principal agent retention in Q3 2024, our best in four quarters.
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Transactions
9
: Compass agents closed 55,872 Total Transactions in Q3 2024, an increase of 16.1% compared to Q3 2023 (48,134). Transactions for the entire
U.S. residential real estate market declined 1.9% for the same period, according to NAR. -
Gross Transaction Value ("GTV")
10
: GTV was
$57.7 billion in Q3 2024, an increase of 13.4% compared to Q3 2023 GTV of$50.9 billion , while the entireU.S. residential real estate market GTV increased 1.9% for the same period, according to NAR. -
Platform: The Compass end-to-end proprietary technology platform allows real estate agents to perform their primary workflows, from first contact to close, with a single log-in and without leaving the Compass platform. Highlights from Q3 2024 include:
- Completed all platform integrations for our wholly-owned Title & Escrow businesses, helping to support our 700 basis point increase in attach rates over the past three quarters;
- Development of the client dashboard (to be branded 'Compass One') to facilitate collaboration between Compass agents and their clients in the course of a transaction (launched beta version in
October 2024 , with national launch expected in early Q1 2025); - Launched Compass Reverse Prospecting, which provides homesellers with exclusive insights into interested buyers looking at their listings among the 33,000+ Compass agents across the country and the millions of clients they represent. It tracks real-time updates on how often agents and their clients are looking at the listing, commenting, favoriting it, or sharing it; and
- Driving adoption for Phase 1 of the Compass Make-Me-Sell tool with the full launch expected in late Q1 2025 – we believe this will help convert a portion of our 100+ million CRM contacts into passive 'willing-to-sell' inventory that will only be available to Compass agents.
Additional information can be found in the Company's Q3 2024 Earnings Presentation, which can be found in the Investor Relations section of the Compass website at https://investors.compass.com.
Q4 2024 and Full Year 2024 Outlook:
- Revenue of
$1.225 billion to$1.325 billion for Q4, or$5.47 billion to$5.57 billion for the full year. - Adjusted EBITDA of $0 to
$10 million for Q4, or$109 million to$119 million for the full year.
Full Year 2024 Outlook:
- Non-GAAP OPEX11 of
$876 million to$896 million . Consistent with the prior quarter, the midpoint of this range equates to$850 million for the Company's "core" OPEX plus$15 million for 2023 accretive M&A, plus$21 million for 2024 accretive M&A. - Expects to be free cash flow positive for the full year 2024.
We have not reconciled our guidance for Adjusted EBITDA to GAAP Net loss because certain expenses excluded from GAAP Net loss when calculating Adjusted EBITDA cannot be reasonably calculated or predicted at this time. Additionally, we have not reconciled our guidance for non-GAAP OPEX to GAAP OPEX because certain expenses excluded from GAAP OPEX cannot be reasonably calculated or predicted at this time. Accordingly, reconciliations are not available without unreasonable effort.
For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see "Reconciliation of Net Loss Attributable to
Conference Call Information
Management will conduct a conference call to discuss the third quarter 2024 results as well as outlook at
An audio recording of the conference call will be available for replay shortly after the call's completion. To access the replay, visit the Events and Presentations section on the Compass Investor Relations website at https://investors.compass.com.
Disclosure Channels
Compass uses its Investor Relations website, https://investors.compass.com, as a means of disclosing information which may be of interest or material to its investors and for complying with disclosure obligations under Regulation FD. We intend to announce material information to the public through filings with the
Safe Harbor Statement
This press release includes forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. These statements include, but are not limited to, statements regarding our future performance, including expected financial results for the fourth quarter of 2024 and the full year of 2024, planned non-GAAP OPEX and free cash flow expectations for the full year of 2024, and our expectations for operational achievements. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date of this press release, and are subject to risks and uncertainties, including but not limited to: general economic conditions, economic and industry downturns, the health of the
More information about factors that could adversely affect our business, financial condition and results of operations, or that could cause actual results to differ from those expressed or implied in our forward-looking statements is included under the captions "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q, copies of which are available on the Investor Relations page of our website athttps://investors.compass.com/ and on the
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA, non-GAAP OPEX, and free cash flow, which are non-GAAP financial measures, in this press release. We use Adjusted EBITDA, non-GAAP OPEX and free cash flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA, non-GAAP OPEX and free cash flow are also helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted EBITDA, non-GAAP OPEX and free cash flow have limitations as analytical tools. Therefore, you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Adjusted EBITDA, non-GAAP OPEX and free cash flow alongside other financial performance measures, including net loss attributable to
About Compass
Compass is the largest residential real estate brokerage in
Investor Contact:
soham.bhonsle@compass.com
Media Contact:
rory@compass.com
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1 Compass was ranked number one real estate brokerage in sales volume for 2023 by Real Trends in |
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2 Excludes approximately 1,200 principal agents located in |
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3 A reconciliation of GAAP to Non-GAAP measures can be found within the financial statement tables included within this press release. |
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4 Non-GAAP OPEX excludes Commissions and other related expenses, Depreciation and amortization, Stock-based compensation and other expenses excluded from the Company's calculation of Adjusted EBITDA. We calculate non-GAAP OPEX annualized run rate by taking the sum of the quarter's non-GAAP sales and marketing, operations and support, research and development, and general and administration expenses and multiplying it by four. |
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5 A reconciliation of GAAP to Non-GAAP measures can be found within the financial statement tables included within this press release. |
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6 A reconciliation of GAAP to Non-GAAP measures can be found within the financial statement tables included within this press release. |
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7 During the first quarter of 2024, the Company began to report its agent statistics as of the quarter end. The Company's Number of Principal Agents and year-over-year and sequential change reported in this press release is based on the quarter end count for the third quarter of 2023 and 2024 and the second quarter of 2024. |
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8 Excludes approximately 1,200 principal agents located in |
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9 We calculate Total Transactions by taking the sum of all transactions closed on the Compass platform in which our agent represents the buyer or seller in the purchase or sale of a home (excluding rental transactions). We include a single transaction twice when one or more Compass agents represent both the buyer and seller in any given transaction. |
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10 Gross Transaction Value includes a de minimis number of new development and commercial brokerage transactions. |
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11 Non-GAAP OPEX excludes Commissions and other related expenses, Depreciation and amortization, Stock-based compensation and other expenses excluded from the Company's calculation of Adjusted EBITDA, including the expense related to the proposed antitrust settlement. We calculate non-GAAP OPEX annualized run rate by taking the sum of the quarter's non-GAAP sales and marketing, operations and support, research and development, and general and administration expenses and multiplying it by four. For a reconciliation of GAAP OPEX to non-GAAP OPEX on a historical basis see the financial statement tables included within this press release. |
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Condensed Consolidated Balance Sheets |
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(In millions, unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ 211.2 |
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$ 166.9 |
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Accounts receivable, net of allowance |
45.8 |
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36.6 |
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Compass Concierge receivables, net of allowance |
34.8 |
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24.0 |
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Other current assets |
38.7 |
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54.5 |
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Total current assets |
330.5 |
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282.0 |
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Property and equipment, net |
132.4 |
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151.7 |
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Operating lease right-of-use assets |
392.4 |
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408.5 |
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Intangible assets, net |
82.7 |
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77.6 |
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234.1 |
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209.8 |
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Other non-current assets |
27.7 |
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30.7 |
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Total assets |
$ 1,199.8 |
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$ 1,160.3 |
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Liabilities and Stockholders' Equity |
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Current liabilities |
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Accounts payable |
$ 14.3 |
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$ 18.4 |
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Commissions payable |
85.4 |
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59.6 |
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Accrued expenses and other current liabilities |
132.4 |
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90.8 |
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Current lease liabilities |
98.7 |
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98.9 |
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Concierge credit facility |
27.5 |
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24.8 |
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Total current liabilities |
358.3 |
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292.5 |
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Non-current lease liabilities |
382.3 |
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410.2 |
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Other non-current liabilities |
28.1 |
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25.6 |
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Total liabilities |
768.7 |
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728.3 |
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Stockholders' equity |
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Common stock |
— |
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— |
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Additional paid-in capital |
3,059.7 |
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2,946.5 |
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Accumulated deficit |
(2,631.7) |
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(2,517.8) |
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428.0 |
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428.7 |
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Non-controlling interest |
3.1 |
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3.3 |
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Total stockholders' equity |
431.1 |
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432.0 |
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Total liabilities and stockholders' equity |
$ 1,199.8 |
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$ 1,160.3 |
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Condensed Consolidated Statements of Operations |
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(In millions, except share and per share data, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
$ 1,494.0 |
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$ 1,337.4 |
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$ 4,248.7 |
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$ 3,788.6 |
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Operating expenses: |
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Commissions and other related expense (1) |
1,227.7 |
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1,096.2 |
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3,495.3 |
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3,111.1 |
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Sales and marketing (1) |
88.2 |
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103.9 |
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276.5 |
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332.5 |
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Operations and support (1) |
84.4 |
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83.2 |
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246.5 |
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247.3 |
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Research and development (1) |
47.5 |
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45.8 |
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141.9 |
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140.1 |
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General and administrative (1) |
27.4 |
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24.2 |
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132.5 |
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93.3 |
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Restructuring costs |
1.7 |
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1.7 |
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7.5 |
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27.7 |
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Depreciation and amortization |
20.5 |
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21.3 |
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62.7 |
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68.5 |
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Total operating expenses |
1,497.4 |
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1,376.3 |
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4,362.9 |
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4,020.5 |
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Loss from operations |
(3.4) |
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(38.9) |
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(114.2) |
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(231.9) |
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Investment income, net |
2.2 |
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1.5 |
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4.7 |
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6.9 |
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Interest expense |
(1.5) |
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(1.9) |
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(4.6) |
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(9.2) |
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Loss before income taxes and equity in income (loss) of unconsolidated entity |
(2.7) |
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(39.3) |
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(114.1) |
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(234.2) |
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Income tax benefit |
0.3 |
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0.5 |
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0.7 |
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0.5 |
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Equity in income (loss) of unconsolidated entity |
0.5 |
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(0.4) |
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(0.7) |
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(2.6) |
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Net loss |
(1.9) |
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(39.2) |
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(114.1) |
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(236.3) |
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Net loss (income) attributable to non-controlling interests |
0.2 |
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(0.2) |
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0.2 |
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(1.3) |
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Net loss attributable to |
$ (1.7) |
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$ (39.4) |
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$ (113.9) |
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$ (237.6) |
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Net loss per share attributable to |
$ (0.00) |
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$ (0.08) |
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$ (0.23) |
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$ (0.52) |
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Weighted-average shares used in computing net loss per share attributable to |
505,993,014 |
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470,945,736 |
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498,247,783 |
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460,730,792 |
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(1) |
Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in millions): |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Commissions and other related expense |
$ — |
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$ — |
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$ — |
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$ 11.6 |
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Sales and marketing |
7.8 |
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8.8 |
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24.0 |
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26.4 |
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Operations and support |
4.2 |
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4.5 |
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12.3 |
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11.6 |
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Research and development |
14.6 |
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11.4 |
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44.7 |
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34.4 |
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General and administrative |
5.9 |
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13.3 |
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15.3 |
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37.9 |
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Total stock-based compensation expense |
$ 32.5 |
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$ 38.0 |
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$ 96.3 |
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$ 121.9 |
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Condensed Consolidated Statements of Cash Flows |
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(In millions, unaudited) |
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Nine Months Ended |
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2024 |
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2023 |
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Operating Activities |
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Net loss |
$ (114.1) |
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$ (236.3) |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
62.7 |
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68.5 |
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Stock-based compensation |
96.3 |
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121.9 |
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Equity in loss of unconsolidated entity |
0.7 |
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2.6 |
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Change in acquisition related contingent consideration |
1.3 |
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1.1 |
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Bad debt expense |
(0.1) |
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4.6 |
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Amortization of debt issuance costs |
0.5 |
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0.6 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(6.9) |
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(8.3) |
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Compass Concierge receivables |
(11.1) |
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7.9 |
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Other current assets |
16.0 |
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13.6 |
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Other non-current assets |
4.6 |
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11.5 |
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Operating lease right-of-use assets and operating lease liabilities |
(13.1) |
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7.6 |
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Accounts payable |
(5.6) |
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(5.8) |
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Commissions payable |
25.0 |
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29.0 |
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Accrued expenses and other liabilities |
34.8 |
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(5.7) |
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Net cash provided by operating activities |
91.0 |
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12.8 |
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Investing Activities |
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Investment in unconsolidated entity |
(2.0) |
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— |
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Capital expenditures |
(11.9) |
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(8.9) |
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Payments for acquisitions, net of cash acquired |
(18.9) |
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0.7 |
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Net cash used in investing activities |
(32.8) |
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(8.2) |
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Financing Activities |
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Proceeds from exercise of stock options |
5.9 |
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4.2 |
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Proceeds from issuance of common stock under Employee Stock Purchase Plan |
2.2 |
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2.5 |
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Taxes paid related to net share settlement of equity awards |
(21.8) |
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(17.9) |
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Proceeds from drawdowns on Concierge credit facility |
38.0 |
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44.7 |
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Repayments of drawdowns on Concierge credit facility |
(35.3) |
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(48.7) |
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Proceeds from drawdowns on Revolving credit facility |
— |
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75.0 |
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Repayments of drawdowns on Revolving credit facility |
— |
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(225.0) |
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Proceeds from issuance of common stock in connection with the Strategic Transaction |
— |
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32.3 |
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Payments related to acquisitions, including contingent consideration |
(2.9) |
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(12.1) |
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Other |
— |
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(1.5) |
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Net cash used in financing activities |
(13.9) |
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(146.5) |
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Net increase (decrease) in cash and cash equivalents |
44.3 |
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(141.9) |
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Cash and cash equivalents at beginning of period |
166.9 |
|
361.9 |
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Cash and cash equivalents at end of period |
$ 211.2 |
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$ 220.0 |
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Reconciliation of Net Loss Attributable to |
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(In millions, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Net loss attributable to |
$ (1.7) |
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$ (39.4) |
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$ (113.9) |
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$ (237.6) |
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Adjusted to exclude the following: |
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Depreciation and amortization |
20.5 |
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21.3 |
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62.7 |
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68.5 |
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Investment income, net |
(2.2) |
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(1.5) |
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(4.7) |
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(6.9) |
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Interest expense |
1.5 |
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1.9 |
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4.6 |
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9.2 |
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Stock-based compensation |
32.5 |
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38.0 |
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96.3 |
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121.9 |
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Income tax benefit |
(0.3) |
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(0.5) |
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(0.7) |
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(0.5) |
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Restructuring costs |
1.7 |
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1.7 |
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7.5 |
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27.7 |
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Acquisition-related expenses(1) |
— |
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0.3 |
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— |
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2.5 |
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Litigation charge(2) |
— |
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— |
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57.5 |
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— |
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Adjusted EBITDA |
$ 52.0 |
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$ 21.8 |
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$ 109.3 |
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$ (15.2) |
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(1) |
For the three and nine months ended |
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(2) |
Represents a charge of |
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Reconciliation of Operating Cash Flows to Free Cash Flow |
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(In millions, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Net cash provided by operating activities |
$ 37.4 |
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$ 15.0 |
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$ 91.0 |
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$ 12.8 |
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Less: |
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Capital expenditures |
(4.6) |
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(2.8) |
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(11.9) |
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(8.9) |
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Free cash flow |
$ 32.8 |
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$ 12.2 |
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$ 79.1 |
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$ 3.9 |
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Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses |
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(In millions, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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GAAP Commissions and other related expense |
$ 1,227.7 |
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$ 1,096.2 |
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$ 3,495.3 |
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$ 3,111.1 |
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Adjusted to exclude the following: |
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Stock-based compensation |
— |
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— |
|
— |
|
(11.6) |
|
Non-GAAP Commissions and other related expense |
$ 1,227.7 |
|
$ 1,096.2 |
|
$ 3,495.3 |
|
$ 3,099.5 |
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing |
$ 88.2 |
|
$ 103.9 |
|
$ 276.5 |
|
$ 332.5 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
Stock-based compensation |
(7.8) |
|
(8.8) |
|
(24.0) |
|
(26.4) |
|
Non-GAAP Sales and marketing |
$ 80.4 |
|
$ 95.1 |
|
$ 252.5 |
|
$ 306.1 |
|
|
|
|
|
|
|
|
|
|
GAAP Operations and support |
$ 84.4 |
|
$ 83.2 |
|
$ 246.5 |
|
$ 247.3 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
Stock-based compensation |
(4.2) |
|
(4.5) |
|
(12.3) |
|
(11.6) |
|
Acquisition-related expenses |
— |
|
(0.3) |
|
— |
|
(2.5) |
|
Non-GAAP Operations and support |
$ 80.2 |
|
$ 78.4 |
|
$ 234.2 |
|
$ 233.2 |
|
|
|
|
|
|
|
|
|
|
|
$ 47.5 |
|
$ 45.8 |
|
$ 141.9 |
|
$ 140.1 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
Stock-based compensation |
(14.6) |
|
(11.4) |
|
(44.7) |
|
(34.4) |
|
|
$ 32.9 |
|
$ 34.4 |
|
$ 97.2 |
|
$ 105.7 |
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative |
$ 27.4 |
|
$ 24.2 |
|
$ 132.5 |
|
$ 93.3 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
Stock-based compensation |
(5.9) |
|
(13.3) |
|
(15.3) |
|
(37.9) |
|
Litigation charge |
— |
|
— |
|
(57.5) |
|
— |
|
Non-GAAP General and administrative |
$ 21.5 |
|
$ 10.9 |
|
$ 59.7 |
|
$ 55.4 |
|
|
|||||||||||||
|
Non-GAAP Operating Expenses Excluding Commissions and Other Related Expense |
|||||||||||||
|
(In millions, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
$ 106.7 |
|
$ 104.3 |
|
$ 95.1 |
|
$ 94.3 |
|
$ 85.5 |
|
$ 86.6 |
|
$ 80.4 |
|
Operations and support |
75.0 |
|
79.8 |
|
78.4 |
|
75.7 |
|
75.3 |
|
78.7 |
|
80.2 |
|
Research and development |
38.5 |
|
32.8 |
|
34.4 |
|
33.1 |
|
32.1 |
|
32.2 |
|
32.9 |
|
General and administrative |
23.1 |
|
21.4 |
|
10.9 |
|
20.5 |
|
18.3 |
|
19.9 |
|
21.5 |
|
Total non-GAAP operating expenses excluding commissions and other related expense |
$ 243.3 |
|
$ 238.3 |
|
$ 218.8 |
|
$ 223.6 |
|
$ 211.2 |
|
$ 217.4 |
|
$ 215.0 |
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SOURCE COMPASS
