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Mar 31, 2021
Compass Q1 2021 Earnings Report
Compass reported strong revenue growth and improving Adjusted EBITDA as agents increasingly utilized Compass’ proprietary platform.
Key Takeaways
Compass reported an 80% year-over-year revenue increase to $1.1 billion in Q1 2021. The company's GAAP net loss was $212 million, which included a one-time non-cash charge of $149 million for stock-based compensation related to the IPO. Excluding this charge, the Non-GAAP Net Loss was $64 million. The company's market share increased to 5.2% in Q1 2021, up from 3.8% in Q1 2020.
Revenue of $1.1 billion, up 80% year-over-year
GAAP Net Loss of $212 million includes a one-time non-cash charge of $149 million for stock-based compensation in connection with the Company’s IPO. Excluding this charge, Non-GAAP Net Loss was $64 million
Total Transactions of 40,268, up 67% year-over-year, faster than the 14% transaction growth for the residential real estate market
Gross Transaction Value (“GTV”) of $43.8 billion, up 75% year-over-year
Compass
Compass
Forward Guidance
Compass provided guidance for Q2 2021 with revenue between $1.5 billion and $1.6 billion, and Adjusted EBITDA between $(10) million and $10 million. For FY2021, revenue is expected to be between $5.35 billion and $5.55 billion, and Adjusted EBITDA between $(245) million and $(225) million.
Positive Outlook
- 2Q21 Revenue of $1.5 billion to $1.6 billion.
- 2Q21 Adjusted EBITDA of $(10) million to $10 million.
- FY2021 Revenue of $5.35 billion to $5.55 billion.
- FY2021 Adjusted EBITDA of $(245) million to $(225) million.