Loading...
•
Jun 30, 2021
Compass Q2 2021 Earnings Report
Compass's performance improved with significant revenue growth and increased agent productivity.
Key Takeaways
Compass reported a record quarter with a 186% year-over-year increase in revenue to $1.95 billion. The company nearly doubled its market share and achieved Adjusted EBITDA profitability.
Revenue increased by 186% year-over-year to $1.95 billion.
GAAP Net Loss was $(7) million, improved from $(84) million in Q2 2020.
Adjusted EBITDA was a record $71 million, compared to $(56) million in Q2 2020.
Compass agents closed a record 65,743 total transactions, up 140% year-over-year.
Compass
Compass
Forward Guidance
Compass provided guidance for Q3 2021 and FY2021, including revenue and Adjusted EBITDA expectations.
Positive Outlook
- 3Q21 Revenue of $1.65 billion to $1.75 billion.
- FY2021 Revenue of $6.15 billion to $6.35 billion, compared to prior guidance of $5.35 billion to $5.55 billion.
- FY2021 Adjusted EBITDA of $(85) million to $(45) million, compared to prior guidance of $(245) million to $(225) million.
- Demonstrated confidence in achieving Adjusted EBITDA profitability in 2022.
- Company expects to cover markets comprising roughly half of total transactions by the end of 2021.
Challenges Ahead
- 3Q21 Adjusted EBITDA of $(20) million to $0 million.
- Risks related to general economic conditions and the real estate industry.
- Uncertainties related to the impact of COVID-19 on the business.
- Risks associated with attracting and retaining agents.
- Potential impact of monetary policies and fluctuations in quarterly results.