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Compass, Inc. (NYSE:COMP) Q4 2024 Earnings Conference Call February 18, 2025 5:00 PM ET Company Participants Soham Bhonsle - Head of IR Robert Reffkin - Founder & CEO Kalani Reelitz - CFO Conference Call Participants Jason Helfstein - Oppenheimer Christopher Kuntarich - UBS Bernie McTernan - Needham Ryan McKeveny - Zelman & Associates Michael Ng - Goldman Sachs Operator Thank you for standing by. And at this time, I would like to welcome everyone to today's Compass, Inc. Q4 and full year 2024 financial resu ...

Financial Performance - Q4 2024 revenue increased by 25.9% year-over-year to $1.4 billion, with organic revenue growth of 20.9%[4] - Revenue for Q4 2024 was $1,380.4 million, a 25.9% increase from $1,096.4 million in Q4 2023[27] - Adjusted EBITDA for Q4 2024 was $16.7 million, a significant improvement from a loss of $23.7 million in Q4 2023[4] - Adjusted EBITDA for the year ended December 31, 2024 was $126.0 million, a significant increase from a loss of $38.9 million in 2023[31] - Free cash flow for the year ended December 31, 2024 was $105.8 million, compared to a negative free cash flow of $37.1 million in 2023[33] - Net loss attributable to Compass, Inc. for Q4 2024 was $40.5 million, compared to a net loss of $83.7 million in Q4 2023, representing a 51.6% improvement[27] Market Share and Transactions - Quarterly market share reached 5.06%, up 65 basis points year-over-year, marking the highest increase in twelve quarters[8] - Total transactions closed by Compass agents in Q4 2024 were 50,411, a 24.1% increase compared to Q4 2023[8] - Gross Transaction Value (GTV) for Q4 2024 was $54.0 billion, up 29.2% from $41.8 billion in Q4 2023[8] Operational Metrics - Operating cash flow for Q4 2024 was $30.5 million, contributing to a full-year operating cash flow of $121.5 million[4] - The number of principal agents increased by 20.9% year-over-year to 17,752, with a quarterly retention rate of 96.9%[8] Future Projections - For Q1 2025, the company projects revenue between $1.350 billion and $1.475 billion, with Adjusted EBITDA expected to be between $11 million and $25 million[12] - The company expects to be free cash flow positive for the full year 2025[18] Assets and Liabilities - Total assets increased to $1,178.0 million as of December 31, 2024, compared to $1,160.3 million as of December 31, 2023[25] - Current liabilities rose to $353.2 million as of December 31, 2024, up from $292.5 million as of December 31, 2023[25] - The accumulated deficit increased to $(2,672.2) million as of December 31, 2024, compared to $(2,517.8) million as of December 31, 2023[25] - The company reported a total stockholders' equity of $412.4 million as of December 31, 2024, down from $432.0 million as of December 31, 2023[25] Expenses - Total operating expenses for Q4 2024 were $1,421.0 million, up 20.5% from $1,179.4 million in Q4 2023[27] - Commissions and other related expenses for Q4 2024 were $1,139.3 million, a 27.2% increase from $895.9 million in Q4 2023[27] - Stock-based compensation expense for the year ended December 31, 2024 was $127.5 million, down from $158.2 million in 2023[27] - Non-GAAP sales and marketing expenses decreased to $84.7 million in Q4 2024 from $94.3 million in Q4 2023, a decline of 10.1%[35] - GAAP research and development expenses increased to $46.9 million in Q4 2024 from $44.4 million in Q4 2023, a rise of 5.6%[35] - Non-GAAP general and administrative expenses rose to $26.5 million in Q4 2024 compared to $20.5 million in Q4 2023, an increase of 29.8%[35] Strategic Initiatives - The company is focused on expanding its operations, including owned-brokerage and integrated services, to enhance its platform capabilities[17] - The company aims to continuously innovate by integrating machine learning and artificial intelligence into its platform[17] - The company is pursuing successful acquisitions that can be integrated into existing operations to realize anticipated synergies and cost savings[19] - The company emphasizes the importance of maintaining relationships with third-party service providers to support its operational capabilities[19] Client Engagement - The launch of the Compass One client dashboard resulted in a 43% increase in client engagement within the first week[11] Stock and Shares - The weighted-average shares used in computing net loss per share attributable to Compass, Inc. increased to 511,244,971 in Q4 2024 from 483,710,540 in Q4 2023[27]

CHICAGO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- 2025 will bring a shift toward heritage architectural styles, a heightened interest in security and privacy, and a spotlight on up-and-coming markets including Madrid and the Balkans, according to the Christie's International Real Estate 2025 Global Luxury Forecast.   Unveiled today, the annual report examines key trends and factors shaping the global luxury real estate market, with insights from broker-owners and leading agents within the network of more than 100 ...

HONG KONG, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Global luxury real estate network Christie’s International Real Estate continues its expansion in East Asia with the launch of Christie’s International Real Estate Hong Kong.   The new venture is led by Hong Kong native Samson Law, who brings more than three decades of local real estate experience in sales, management and technology to his role. His background includes founding several boutique real estate firms, including online property search pioneer HongKongH ...

CHICAGO and PLAYA DEL CARMEN, MEXICO, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Christie's International Real Estate, the global leader in luxury real estate, is expanding to the Mexican Caribbean and Yucatan Peninsula through a new agreement with leading local brokerage firm, Mexico Real Estate Group. To highlight its new affiliation with Christie's International Real Estate, the brokerage is also changing its name to Christie's International Real Estate Mexico Luxury Properties.  The firm will serve the states of ...

CHICAGO and PLAYA DEL CARMEN, MEXICO, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Christie’s International Real Estate, the global leader in luxury real estate, is expanding to the Mexican Caribbean and Yucatan Peninsula through a new agreement with leading local brokerage firm, Mexico Real Estate Group. To highlight its new affiliation with Christie’s International Real Estate, the brokerage is also changing its name to Christie’s International Real Estate Mexico Luxury Properties.  The firm will serve the states of ...

NEW YORK, Jan. 15, 2025 /PRNewswire/ -- Compass, Inc. (NYSE: COMP) ("Compass" or "the Company"), the largest residential real estate brokerage in the United States by sales volume1, announces an update to its Q4 2024 and full-year 2024 outlook ahead of its participation at the Needham Growth Conference this morning. "In a year where resale transactions are expected to approach a 29 year-low, Compass is on track to deliver record Adjusted EBITDA and free cash flow for the full-year 2024, and expects to be ab ...

CHARLOTTESVILLE, Va., Jan. 14, 2025 /PRNewswire/ -- Quad-C Management, Inc. ("Quad-C"), a leading middle market private equity firm, has completed the sale of @properties to Compass, Inc. ("Compass"; NYSE: COMP). @properties is a Chicago-based real estate services company that owns and operates real estate brokerage firms in seven states, multi-state title and mortgage companies, and the Christie's International Real Estate network. Christie's International Real Estate is a global luxury real estate network ...

franckreporter Listen below or on the go on Apple Podcasts and Spotify The Nasdaq is up 30% and the Dow trails badly, up 14%. (0:34) Housing and manufacturing data dominate short week. (1:57) South Korea plane crash kills 179. (3:07) The following is an abridged transcript: It’s another holiday-shortened week for Wall Street, with markets shut on Wednesday, January 1. But Tuesday, December 31 the stock market closing bell rings at 4 p.m. ET as normal as it’s the last trading day of the year. The bond ...