第99.1展示文本
Compass，Inc.報告2024年第三季度業績
調整後的EBITDA超出了指導範圍的最高端
重申2024財年的正面自由現金流指引
交易增長了16.1%，季度市場份額同比增長了49個點子，達到4.80%
紐約，紐約州-2024年10月30日- Compass公司(NYSE: COMP)（「Compass」或「該公司」），按銷售成交量計算，連續第三年成爲美國最大的住宅房地產券商1 宣佈截至2024年9月30日第三季度的財務業績.
在房地產業依然充滿挑戰的環境中，我們年同比顯著增長的調整後EBITDA和大幅提升的自由現金流爲我們創造了極佳的業績。本季度的業績使得Compass有望在2024年實現有意義的調整後EBITDA，並在整個年度實現正向的自由現金流，儘管二手住宅銷售達到幾十年來的最低水平，這展示了我們在市場進入中期週期階段時產生重要自由現金流的能力。” 羅伯特·雷夫金，Compass創始人兼首席執行官表示。“我們繼續比市場增長更快——第三季度交易同比增加16.1%，而市場下滑了1.9%，我們的首席經紀人數量同比增長了20%，達到了...2 20%的年同比增長，並將我們的季度市場份額從2023年Q3的4.31%提高到了2024年Q3的4.80%。第三季度也是我們過去四個季度中最強的季度，季度首席經紀人保留率達到了97.8%。”
雷夫金繼續說道：「當市場復甦時，我們相信我們的成本管理和結構優勢，其中包括我們的端到端專有 科技 平台、全國規模、頂級經紀人網絡和庫存深度，將使康帕斯能夠以有吸引力的單位經濟學捕捉顯著的上行空間。」
康帕思首席財務官卡拉尼·裏利茲表示：“我們繼續加強資產負債表，本季度末現金餘額爲2.112億美元。在2024年第三季度，我們創造了3,740萬美元的正運營現金流和自由現金流3 3,280萬美元。我們降低了運營支出4 第三季度達到2.15億美元，較2023年第三季度的2.188億美元運營支出增加了380萬美元。不包括960萬美元併購的影響，運營支出同比減少了1,340萬美元。儘管Parks和Latter & Blum已全部計入我們的運營成本，但運營支出也在2024年第三季度至2024年第二季度連續下降了240萬美元。這些結果表明，隨着我們的增長速度繼續超過市場增長，我們對控制成本的承諾。”
2024年第三季度亮點：
•營業收入在2024年第三季度 同比增長11.7%，達到15億美元 根據全國房地產經紀人協會（「NAR」）的報告，在第三季度，整個住宅房地產市場的交易量增加了16.1％，而交易數量減少了1.9％。同比增長營業收入5.3％，而歸因於併購的營業收入增長爲6.4％。
•GAAP淨損失 2024年第三季度爲$ 170萬，比2023年第三季度淨虧損3770萬美元有所改善。 2024年第三季度的淨虧損包括非現金股票補償費3250萬美元，折舊和攤銷2050萬美元。
•調整後的EBITDA5 （一項非通用會計準則指標） 在2024年第三季度爲5200萬美元，而在2023年第三季度爲2180萬美元，提高了3020萬美元。
•經營現金流 / 自由現金流6 （一種非通用會計準則指標）： 2024年第三季度，經營現金流爲3740萬美元，自由現金流爲3280萬美元。
•現金及現金等價物 2024年Q3結束時爲21120萬美元，我們的循環信貸額度沒有未償還款項。
1 Compass在2023年3月被Real Trends評爲房地產業銷售額排名第一的券商，連續三年蟬聯該稱號。
2 2024年第二季度作爲Latter & Blum Holdings，LLC收購的一部分，大約有1,200名位於德克薩斯州的主要代理商不包括在內。 這些代理商採用固定費用/交易費用模式運營，這與公司的標準佣金模式不同。
3 在本新聞稿中包含的財務報表中可以找到GAAP到非GAAP措施的調解。
4 非通用會計操作費用不包括佣金及其他相關費用、折舊和攤銷、股票補償和公司在計算調整後的息稅折舊攤銷前利潤時排除的其他費用。我們通過將季度的非通用銷售及營銷、運營和支持、研發以及一般和行政費用相加，然後乘以四來計算非通用會計操作費用年化運行率。
5 GAAP與非GAAP衡量標準的調整可在本新聞稿附帶的財務報表中找到.
6 GAAP和非GAAP指標的調和可在本新聞稿附帶的財務報表中找到。
2024年第三季度運營亮點：
•全國市場份額: 2024年第三季度，季度市場份額爲4.80%，比2023年第三季度增加了49個點子，與2024年第二季度相比減少了33個點子，這與以往年份第二季度至第三季度的地理結構混合趨勢保持一致。
•主要代理商7 8: 2024年第三季末，主要代理商數量爲17,542，較2023年第三季度的14,615增加了2,927，同比增長20.0%。按季度比較，與2024年第二季度相比，新增了545名主要代理商，增長3.2%（扣除主要代理商離職）。我們延續了對代理商的良好留存趨勢，在2024年第三季度，季度主要代理商留存率爲97.8%，是過去四個季度中最好的。
•交易9: Compass經紀人在2024年第三季度完成了55,872筆交易，同比增長16.1％（48,134筆）與2023年第三季度相比。根據NAR的數據，美國整體住宅房地產市場的交易數量在同期下降了1.9％。
•總交易價值（GTV）10: 2024年第三季度GTV爲577億美元，比2023年第三季度的509億美元增長了13.4％，而整個美國住宅房地產業在同期增長了1.9％，據NAR統計。
•平台： Compass端到端專有技術平台允許房地產經紀人從首次聯繫到成交完成他們的主要工作流程，只需一次登錄，而無需離開Compass平台。2024年第三季度的亮點包括：
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。已完成所有平台整合，爲我們全資擁有的Title & Escrow業務提供支持，有助於過去三個季度中我們的附加率增長了700個點子；
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。開發客戶特斯拉-儀表（品牌定爲「指南針一號」），以促進指南針經紀人與他們的客戶在交易過程中的合作（於2024年10月推出測試版本，預計2025年第一季度初全國推出）；
◦控制支出，同時繼續在我們認爲對長期成功至關重要的領域進行投資。推出Compass反向營銷，爲房屋賣方提供獨家洞察力，了解來自全國33000多名Compass經紀人和他們代表的數百萬客戶的感興趣買家。它實時追蹤經紀人及其客戶查看房源、評論、收藏或分享的次數；以及
◦推動Compass Make-Me-Sell工具第1階段的採用，在2025年第1季末預計全面推出 - 我們相信這將有助於將我們超過1億個CRM聯絡人中的一部分轉化為被動的“願意賣出”庫存，這些庫存僅供Compass經紀人使用。
公司2024年第三季度盈利報告的更多信息，可在指南針網站的投資者關係部分的網址https://investors.compass.com找到。
2024年第四季及全年2024展望：
•Q4的營業收入為$12.25億至$13.25億，全年則為$54.7億至$55.7億。
•調整後的EBITDA為0美元 第4季為1000萬美元，全年為10900萬到11900萬美元。
2024年全年展望：
•非根據通用會計原則的營業支出11 介於8,7600萬至8,9600萬美元之間。與上一季度一致，該區間的中間值等同於公司的“核心”營業支出為8,5000萬美元，再加上2,0300萬美元用於2023年具增值的併購，再加上2100萬美元用於2024年具增值的併購。
•預計在2024年整年實現自由現金流為正。
7 2024年第一季，該公司開始報告其代理商統計數據截至該季的情況。本新聞稿中報告的公司主要代理商數量及同比增長和順序變化，基於2023年第三季以及2024年第三季和第二季的結束計數。
8 在2024年第二季度加入Compass的德克薩斯州約1,200名主要代理商，屬於Latter＆Blum Holdings, LLC收購的一部分，這些代理商採用固定費/交易費模式營運，與公司的標準佣金模式有所不同。 固定費/交易費基礎模式與公司的標準佣金模式有所不同。
9 我們通過計算Compass平台上所有交易的總和來計算總交易金額，其中我們的代理人代表買家或賣家參與房屋的購買或銷售（不包括租賃交易）。當一個或多個Compass代理人代表買家和賣家參與任何特定交易時，我們將一筆交易計入兩次。
10 總交易價值包括少量的新開發和商業券商交易。
11 非GAAP運營支出不包括佣金和其他相關費用、折舊和攤銷費用、股票報酬和公司調整後EBITDA計算中排除的其他費用，包括與提議的反壟斷和解有關的費用。我們通過將該季度的非GAAP銷售和市場營銷、運營和支持、研發以及總務費用總和乘以四來計算非GAAP運營支出的年累計運行率。有關GAAP運營支出與非GAAP運營支出在歷史基礎上的調和，請參閱本新聞稿附帶的財務報表表格。
我們尚未將調整後的EBITDA指引與GAAP淨損調和，因為在計算調整後的EBITDA時從GAAP淨損中排除的某些費用目前無法合理計算或預測。此外，我們尚未將non-GAAP OPEX指引與GAAP OPEX調和，因為在目前無法合理計算或預測時，從GAAP OPEX中排除的某些費用。因此，沒有不合理的努力就無法提供調和。
有關非GAAP財務指標與歷史基礎上最具可比性的GAAP指標的調解，請參閱本新聞稿所包含的財務報表中的「Compass, Inc.歸屬淨虧損調解為調整後EBITDA」、「GAAP OPEX調解為非GAAP OPEX」和「GAAP營運現金流調解為自由現金流」。
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會議呼叫資訊
管理層將於2024年10月30日（星期三）下午5:00 ET舉行一次會議，討論第三季度的業績結果以及展望。 該會議將可通過指南針投資者關係網站https://investors.compass.com進行訪問。 您也可以通過以下鏈接訪問音頻網絡廣播：指南針公司第三季度24業績發佈會。
會議通話的音頻錄音將在通話結束後不久提供重播。要取用重播，請訪問指南投資者關係網站的活動和演示部分，網址為https://investors.compass.com。
披露渠道
Compass使用其投資者關係網站https://investors.compass.com作為披露可能對投資者有興趣或重要的資訊，並遵守根據FD法規的披露義務。我們打算通過向證券交易委員會（SEC）提交申報、投資者關係網頁上的公告（www.compass.com）、新聞稿、公開電話會議、公開網路廣播、我們的X（原名Twitter）動態（@Compass）、我們的Facebook專頁、我們的LinkedIn專頁、我們的Instagram賬戶、我們的YouTube頻道，以及Robert Reffkin的X（原名Twitter）動態（@RobReffkin）和Instagram賬戶（@robreffkin）來向公眾公布重要資訊。因此，投資者應當監控所有這些披露渠道。
安全港聲明
本新聞稿包含前瞻性聲明，即非歷史事實的聲明，且使用未來時態。這些聲明包括但不限於我們未來表現的聲明，包括預期2024年第四季和全年的財務業績，2024年全年預期的非GAAP OPEX和自由現金流預期，以及我們對運營成就的期望。前瞻性聲明基於各種估計和假設，以及我們在本新聞稿日期之前已知的信息，並且受到風險和不確定性的影響，包括但不限於：一般經濟情況，經濟和行業衰退，美國房地產業的健康狀況，以及一般與住宅房地產所有權有關的風險；聯邦政府及其機構的貨幣政策影響；高利率；持續的行業反壟斷集體訴訟（包括針對我們提起的訴訟）或任何相關的監管活動；我們的毛佣金收入減少或我們收取的佣金比例下降的效果；住宅存貨水平偏低；我們能否妥善管理我們的費用結構；地理區域內不利的經濟、房地產或商業條件可能影響高端市場；我們持續創新、改進和擴展我們的平台的能力，包括整合機器學習和人工智能的工具和功能；我們擴展業務和提供額外整合服務的能力；我們能否從聯合企業中獲得預期的好處；我們的競爭能力；我們吸引和留住高素質人才和招聘經紀人的能力；考慮目前的費用結構下我們的業務增長重新加速的能力；我們季度業績和其他營運指標的波動性；一名或多名關鍵人員的離職；我們經紀人或員工的行動可能不利於我們的聲譽並使我們承擔法律責任；我們進行成功並能整合到現有業務中的收購；抵押貸款核貸標準的變化；我們能否維護或建立與第三方服務提供商的關係；網絡安全事件的影響和關鍵及機密信息可能丟失的風險；我們詐騙檢測流程和信息安全系統的可靠性；存款銀行不榮譽我們的託管和信託存款；消費者採用替代全服務經紀人的影響力；我們能否建立和保持有效的資訊披露控制系統和財務報告內部控制系統；可能限制我們借款能力或營運活動的債務協議條款；我們
abilities to use net operating losses and other tax attributes; changes in, and our reliance on, accounting standards, assumptions, estimates and business data; the dependability of our platform and software; our ability to maintain our company culture; our ability to obtain or maintain adequate insurance coverage; processing, storage, and use of personal information and other data, and compliance with privacy laws and regulations; natural disasters and catastrophic events; the effect of the claims, lawsuits, government investigations and other proceedings; changes in federal or state laws that would require our agents to be classified as employees; our ability to protect our intellectual property rights and our reliance on the intellectual property rights of third parties; the impact of having a multi-class structure of common stock; and other risks set forth in our annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. Accordingly, actual results could differ materially from those predicted or implied or such uncertainties could cause adverse effects on our results. Reported results should not be considered as an indication of future performance.
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 at https://investors.compass.com/ and on the SEC website at www.sec.gov. All information herein speaks as of the date hereof and all forward-looking statements contained herein are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events. Undue reliance should not be placed on the forward-looking statements in this press release.
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 Compass, Inc., GAAP OPEX, operating cash flows and our other GAAP measures. In evaluating Adjusted EBITDA, non-GAAP OPEX and free cash flow, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments reflected in this press release. Our presentation of Adjusted EBITDA, non-GAAP OPEX and free cash flow should not be construed to imply that our future results will be unaffected by the types of items excluded from these calculations of Adjusted EBITDA, non-GAAP OPEX and free cash flow. Adjusted EBITDA, non-GAAP OPEX and free cash flow are not presented in accordance with GAAP and the use of these terms vary from others in our industry. Reconciliations of these non-GAAP measures have been provided in the financial statement tables included within this press release, and investors are encouraged to review these reconciliations.
About Compass
Compass is the largest residential real estate brokerage in the United States by sales volume. Founded in 2012 and based in New York City, Compass provides an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.compass.com.
Investor Contact
Soham Bhonsle
soham.bhonsle@compass.com
Media Contact
Rory Golod
rory@compass.com
Compass, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
| September 30, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 211.2 | $ | 166.9 | |||||||
| Accounts receivable, net of allowance | 45.8 | 36.6 | |||||||||
| Compass Concierge receivables, net of allowance | 34.8 | 24.0 | |||||||||
| Other current assets | 38.7 | 54.5 | |||||||||
| Total current assets | 330.5 | 282.0 | |||||||||
| Property and equipment, net | 132.4 | 151.7 | |||||||||
| Operating lease right-of-use assets | 392.4 | 408.5 | |||||||||
| Intangible assets, net | 82.7 | 77.6 | |||||||||
| Goodwill | 234.1 | 209.8 | |||||||||
| Other non-current assets | 27.7 | 30.7 | |||||||||
| Total assets | $ | 1,199.8 | $ | 1,160.3 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 14.3 | $ | 18.4 | |||||||
| Commissions payable | 85.4 | 59.6 | |||||||||
| Accrued expenses and other current liabilities | 132.4 | 90.8 | |||||||||
| Current lease liabilities | 98.7 | 98.9 | |||||||||
| Concierge credit facility | 27.5 | 24.8 | |||||||||
| Total current liabilities | 358.3 | 292.5 | |||||||||
| Non-current lease liabilities | 382.3 | 410.2 | |||||||||
| Other non-current liabilities | 28.1 | 25.6 | |||||||||
| Total liabilities | 768.7 | 728.3 | |||||||||
| Stockholders’ equity | |||||||||||
| Common stock | — | — | |||||||||
| Additional paid-in capital | 3,059.7 | 2,946.5 | |||||||||
| Accumulated deficit | (2,631.7) | (2,517.8) | |||||||||
| Total Compass, Inc. stockholders' equity | 428.0 | 428.7 | |||||||||
| Non-controlling interest | 3.1 | 3.3 | |||||||||
| Total stockholders' equity | 431.1 | 432.0 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,199.8 | $ | 1,160.3 | |||||||
Compass, Inc.
Condensed Consolidated Statements of Operations
(In millions, except share and per share data, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Revenue | $ | 1,494.0 | $ | 1,337.4 | $ | 4,248.7 | $ | 3,788.6 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
Commissions and other related expense (1) | 1,227.7 | 1,096.2 | 3,495.3 | 3,111.1 | ||||||||||||||||||||||
Sales and marketing (1) | 88.2 | 103.9 | 276.5 | 332.5 | ||||||||||||||||||||||
Operations and support (1) | 84.4 | 83.2 | 246.5 | 247.3 | ||||||||||||||||||||||
Research and development (1) | 47.5 | 45.8 | 141.9 | 140.1 | ||||||||||||||||||||||
General and administrative (1) | 27.4 | 24.2 | 132.5 | 93.3 | ||||||||||||||||||||||
| Restructuring costs | 1.7 | 1.7 | 7.5 | 27.7 | ||||||||||||||||||||||
| Depreciation and amortization | 20.5 | 21.3 | 62.7 | 68.5 | ||||||||||||||||||||||
| Total operating expenses | 1,497.4 | 1,376.3 | 4,362.9 | 4,020.5 | ||||||||||||||||||||||
| Loss from operations | (3.4) | (38.9) | (114.2) | (231.9) | ||||||||||||||||||||||
| Investment income, net | 2.2 | 1.5 | 4.7 | 6.9 | ||||||||||||||||||||||
| Interest expense | (1.5) | (1.9) | (4.6) | (9.2) | ||||||||||||||||||||||
| Loss before income taxes and equity in income (loss) of unconsolidated entity | (2.7) | (39.3) | (114.1) | (234.2) | ||||||||||||||||||||||
| Income tax benefit | 0.3 | 0.5 | 0.7 | 0.5 | ||||||||||||||||||||||
| Equity in income (loss) of unconsolidated entity | 0.5 | (0.4) | (0.7) | (2.6) | ||||||||||||||||||||||
| Net loss | (1.9) | (39.2) | (114.1) | (236.3) | ||||||||||||||||||||||
| Net loss (income) attributable to non-controlling interests | 0.2 | (0.2) | 0.2 | (1.3) | ||||||||||||||||||||||
| Net loss attributable to Compass, Inc. | $ | (1.7) | $ | (39.4) | $ | (113.9) | $ | (237.6) | ||||||||||||||||||
| Net loss per share attributable to Compass, Inc., basic and diluted | $ | (0.00) | $ | (0.08) | $ | (0.23) | $ | (0.52) | ||||||||||||||||||
| Weighted-average shares used in computing net loss per share attributable to Compass, Inc., basic and diluted | 505,993,014 | 470,945,736 | 498,247,783 | 460,730,792 | ||||||||||||||||||||||
(1) Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Commissions and other related expense | $ | — | $ | — | $ | — | $ | 11.6 | |||||||||||||||
| Sales and marketing | 7.8 | 8.8 | 24.0 | 26.4 | |||||||||||||||||||
| Operations and support | 4.2 | 4.5 | 12.3 | 11.6 | |||||||||||||||||||
| Research and development | 14.6 | 11.4 | 44.7 | 34.4 | |||||||||||||||||||
| General and administrative | 5.9 | 13.3 | 15.3 | 37.9 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 32.5 | $ | 38.0 | $ | 96.3 | $ | 121.9 | |||||||||||||||
Compass, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions, unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating Activities | |||||||||||
| Net loss | $ | (114.1) | $ | (236.3) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 62.7 | 68.5 | |||||||||
| Stock-based compensation | 96.3 | 121.9 | |||||||||
| Equity in loss of unconsolidated entity | 0.7 | 2.6 | |||||||||
| Change in acquisition related contingent consideration | 1.3 | 1.1 | |||||||||
| Bad debt expense | (0.1) | 4.6 | |||||||||
| Amortization of debt issuance costs | 0.5 | 0.6 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (6.9) | (8.3) | |||||||||
| Compass Concierge receivables | (11.1) | 7.9 | |||||||||
| Other current assets | 16.0 | 13.6 | |||||||||
| Other non-current assets | 4.6 | 11.5 | |||||||||
| Operating lease right-of-use assets and operating lease liabilities | (13.1) | 7.6 | |||||||||
| Accounts payable | (5.6) | (5.8) | |||||||||
| Commissions payable | 25.0 | 29.0 | |||||||||
| Accrued expenses and other liabilities | 34.8 | (5.7) | |||||||||
| Net cash provided by operating activities | 91.0 | 12.8 | |||||||||
| Investing Activities | |||||||||||
| Investment in unconsolidated entity | (2.0) | — | |||||||||
| Capital expenditures | (11.9) | (8.9) | |||||||||
| Payments for acquisitions, net of cash acquired | (18.9) | 0.7 | |||||||||
| Net cash used in investing activities | (32.8) | (8.2) | |||||||||
| Financing Activities | |||||||||||
| Proceeds from exercise of stock options | 5.9 | 4.2 | |||||||||
| Proceeds from issuance of common stock under Employee Stock Purchase Plan | 2.2 | 2.5 | |||||||||
| Taxes paid related to net share settlement of equity awards | (21.8) | (17.9) | |||||||||
| Proceeds from drawdowns on Concierge credit facility | 38.0 | 44.7 | |||||||||
| Repayments of drawdowns on Concierge credit facility | (35.3) | (48.7) | |||||||||
| Proceeds from drawdowns on Revolving credit facility | — | 75.0 | |||||||||
| Repayments of drawdowns on Revolving credit facility | — | (225.0) | |||||||||
| Proceeds from issuance of common stock in connection with the Strategic Transaction | — | 32.3 | |||||||||
| Payments related to acquisitions, including contingent consideration | (2.9) | (12.1) | |||||||||
| Other | — | (1.5) | |||||||||
| Net cash used in financing activities | (13.9) | (146.5) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 44.3 | (141.9) | |||||||||
| Cash and cash equivalents at beginning of period | 166.9 | 361.9 | |||||||||
| Cash and cash equivalents at end of period | $ | 211.2 | $ | 220.0 | |||||||
Compass, Inc.
Reconciliation of Net Loss Attributable to Compass, Inc. to Adjusted EBITDA
(In millions, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net loss attributable to Compass, Inc. | $ | (1.7) | $ | (39.4) | $ | (113.9) | $ | (237.6) | |||||||||||||||
| Adjusted to exclude the following: | |||||||||||||||||||||||
| Depreciation and amortization | 20.5 | 21.3 | 62.7 | 68.5 | |||||||||||||||||||
| Investment income, net | (2.2) | (1.5) | (4.7) | (6.9) | |||||||||||||||||||
| Interest expense | 1.5 | 1.9 | 4.6 | 9.2 | |||||||||||||||||||
| Stock-based compensation | 32.5 | 38.0 | 96.3 | 121.9 | |||||||||||||||||||
| Income tax benefit | (0.3) | (0.5) | (0.7) | (0.5) | |||||||||||||||||||
| Restructuring costs | 1.7 | 1.7 | 7.5 | 27.7 | |||||||||||||||||||
Acquisition-related expenses(1) | — | 0.3 | — | 2.5 | |||||||||||||||||||
Litigation charge(2) | — | — | 57.5 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | 52.0 | $ | 21.8 | $ | 109.3 | $ | (15.2) | |||||||||||||||
(1) For the three and nine months ended September 30, 2023, acquisition-related expenses includes $0.1 million and $2.1 million in expenses, respectively, related to acquisition consideration treated as compensation expense over the underlying retention periods. Acquisition-related expenses also includes $0.2 million and $0.4 million in losses for the three and nine months ended September 30, 2023 related to changes in the fair value of contingent consideration.
(2) Represents a charge of $57.5 million incurred during the three months ended March 31, 2024 in connection with the Antitrust Lawsuits. 50% of the settlement was paid during the three months ended June 30, 2024, and the remaining 50% within one year of the court’s preliminary approval.
Compass, Inc.
Reconciliation of Operating Cash Flows to Free Cash Flow
(In millions, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 37.4 | $ | 15.0 | $ | 91.0 | $ | 12.8 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Capital expenditures | (4.6) | (2.8) | (11.9) | (8.9) | |||||||||||||||||||
| Free cash flow | $ | 32.8 | $ | 12.2 | $ | 79.1 | $ | 3.9 | |||||||||||||||
Compass, Inc.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In millions, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| GAAP Commissions and other related expense | $ | 1,227.7 | $ | 1,096.2 | $ | 3,495.3 | $ | 3,111.1 | |||||||||||||||
| Adjusted to exclude the following: | |||||||||||||||||||||||
| Stock-based compensation | — | — | — | (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 | |||||||||||||||
| GAAP Research and development | $ | 47.5 | $ | 45.8 | $ | 141.9 | $ | 140.1 | |||||||||||||||
| Adjusted to exclude the following: | |||||||||||||||||||||||
| Stock-based compensation | (14.6) | (11.4) | (44.7) | (34.4) | |||||||||||||||||||
| Non-GAAP Research and development | $ | 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 | |||||||||||||||
Compass, Inc.
Non-GAAP Operating Expenses Excluding Commissions and Other Related Expense
(In millions, unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
| March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||