Welcome to our dedicated page for Compass news (Ticker: COMP), a resource for investors and traders seeking the latest updates and insights on Compass stock.
Compass, Inc. (NYSE: COMP) is a pioneering technology-driven real estate platform that aims to revolutionize the traditional brokerage model. Established in 2012 by Ori Allon and Robert Reffkin, Compass combines cutting-edge technology with exceptional talent from the realms of real estate, business, and creativity to simplify and enhance the real estate transaction process. Headquartered in New York City, Compass boasts additional offices in Washington D.C., Miami, Boston, and the Hamptons.
Compass provides an end-to-end platform designed to empower residential real estate agents, enabling them to offer unparalleled service to both buyers and sellers. The platform integrates a comprehensive suite of cloud-based software solutions tailored specifically for the real estate industry, including tools for customer relationship management (CRM), marketing, client service, and core brokerage functionalities.
In recent financial highlights, Compass reported positive free cash flow for the second quarter of 2023, with national market share climbing to 4.6%. The company continues to innovate with features like the Performance Tracker and Compass GPT integration, alongside a 1-click Title & Escrow service. Financial metrics indicated a remarkable operational improvement, with non-GAAP operating expenses significantly reduced.
The company's growing influence is evident through strategic acquisitions and organic growth. Compass recently acquired Parks Real Estate, the leading brokerage in Tennessee, and Latter & Blum, the top brokerage in the Gulf South. These moves strengthen Compass' presence in the Southeast, an area experiencing significant population migration.
Compass' financial position is robust, with $335 million in cash and equivalents as of Q2 2023, and a commitment to maintaining operating expenses at $900 million annually through 2025. The platform continues to attract and retain top talent, boasting over 90% annualized retention of principal agents in Q2 2023.
For more detailed and up-to-date financial information, please visit the Compass Investor Relations website at investors.compass.com.
Compass (NYSE: COMP) announces leadership changes as Chief Financial Officer Kristen Ankerbrandt resigns, effective September 2022, after successfully guiding the firm through rapid growth and an IPO. A search for her replacement is underway. Chief Product Officer Greg Hart has been promoted to Chief Operating Officer, enhancing alignment between product and operations teams. Hart, who joined Compass in 2020, will further integrate technology to streamline real estate processes. These transitions aim to strengthen Compass's market position as the largest residential real estate brokerage in the U.S.
Compass, a leading technology-enabled residential real estate brokerage, announced its participation in the 17th Annual Needham Technology & Media Conference. The virtual presentation is scheduled for May 16, 2022, at 2:15 p.m. ET. Both live and replay versions will be available on the company’s Investor Relations website. Founded in 2012, Compass is the largest residential real estate brokerage in the U.S., offering a comprehensive platform that supports agents in managing their business effectively. More details can be found at investors.compass.com.
Compass (NYSE: COMP) has appointed Shopify CTO Allan Leinwand to its Board of Directors, bringing extensive engineering leadership experience. Leinwand, known for his technological vision, has held senior roles at several key companies, including Slack and ServiceNow. His appointment aligns with Compass's commitment to invest in technology that enhances agent productivity. The company, which has over 26,000 agents and is the largest residential real estate brokerage in the U.S., aims to continue its innovative approach in the real estate sector.
OriginPoint, a joint venture between Guaranteed Rate and Compass (NYSE: COMP), has appointed John Stewart as EVP of National Sales. With over 30 years in the mortgage industry, Stewart will enhance sales and recruitment strategies to expand market share. He previously served as a Division Manager at Guaranteed Rate and has a strong background in mortgage joint ventures. Under Stewart's leadership, OriginPoint aims to leverage Compass' technology and Guaranteed Rate's digital mortgage solutions to improve customer service and streamline the mortgage process.
Compass announced its acquisition of Consumer's Title Company of California, expanding its settlement services across all 58 counties in California. This strategic move integrates title and escrow services into Compass’ operations, enhancing efficiency for real estate transactions. The acquisition is expected to close by the end of the quarter, although financial terms remain undisclosed. Compass, the largest residential brokerage in California, continues to bolster its market position, leveraging Consumer's Title's existing reputation and workforce to improve service offerings.
Compass, Inc. has appointed Josh McCarter, CEO of Mindbody, to its board of directors, effective April 11, 2022. McCarter brings extensive experience in technology platforms and embedded payment applications, which aligns with Compass' goal of empowering real estate agents. Previously, he served as Chief Strategy Officer and President at Mindbody, and co-founded Booker, a scheduling platform. Compass is the top residential real estate brokerage in the U.S., with over 26,000 agents in 70 markets covering nearly half the population.
Compass, a technology-enabled residential real estate brokerage, will release its Q1 2022 financial results after the market close on May 12, 2022. A conference call will follow at 5:00 p.m. ET to discuss these results. The call can be accessed via Compass's Investor Relations website, where registration is required for participation. An audio recording will be available for replay for up to 90 days post-call. Founded in 2012, Compass offers a platform that supports real estate agents through various cloud-based tools, enhancing their service to clients.
Compass (NYSE: COMP), a leader in technology-driven residential real estate, will present at two upcoming investor conferences. The Wedbush Real Estate Technology Conference is scheduled for March 3, 2022, at 10:40 a.m. ET, followed by the Morgan Stanley Technology, Media & Telecom Conference on March 8, 2022, at 7:10 p.m. ET. Both presentations will be accessible live and for replay on the Compass Investor Relations website. Compass provides a comprehensive platform designed to enhance the efficiency and success of residential real estate agents.
Compass reported a significant revenue growth of 73% for FY2021, reaching $6.4 billion, with a fourth-quarter revenue of $1.6 billion, up 31%. The company saw a 56% increase in transactions for the year and achieved a marginal Adjusted EBITDA of $2 million. However, net losses were substantial, totaling $494 million for FY2021. Despite this, Compass maintains a robust cash position of $618 million and an unused revolver of $350 million for further growth. For FY2022, revenue is projected between $7.9 billion and $8.1 billion.
Compass, Inc. (NYSE: COMP) is set to release its fourth quarter and full-year 2021 financial results on February 16, 2022, after market close. The company will conduct a conference call that day at 5:00 p.m. ET to discuss these results. Investors can access the call via the Compass Investor Relations website. A replay of the call will be available for up to 90 days post-event. Compass, founded in 2012, is a technology-driven residential real estate brokerage that offers agents an integrated platform for managing their businesses.
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