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Jun 30, 2023
Compass Q2 2023 Earnings Report
Achieved positive free cash flow and market share gains.
Key Takeaways
Compass, Inc. reported its Q2 2023 financial results, achieving positive free cash flow and marking the third consecutive quarter of market share gains. The company's net loss improved significantly, and adjusted EBITDA showed substantial growth despite a decrease in revenue. Compass also continued to enhance its technology platform and maintain high agent retention rates.
Achieved positive free cash flow in Q2 2023.
National market share increased to 4.6%, marking the third consecutive quarter of gains.
GAAP Net loss improved by 53% year-over-year to $48 million.
Adjusted EBITDA improved to $30 million, compared to $4 million in Q2 2022.
Compass
Compass
Forward Guidance
Compass anticipates revenue between $1.3 billion and $1.4 billion and adjusted EBITDA between $15 million and $35 million for Q3 2023. The company also expects to be free cash flow positive for the full year 2023 and anticipates non-GAAP operating expenses to be between $850 million and $950 million.
Positive Outlook
- Revenue of $1.3 billion to $1.4 billion
- Adjusted EBITDA of $15 million to $35 million
- Free cash flow positive FY 2023 Outlook
- Non-GAAP Operating expense range of $850-$950 million
- Company expects to achieve its goal of a $900 million annualized operating expense run rate in Q4 2023