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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, a real estate technology firm, will announce its third quarter 2021 financial results after market close on November 10, 2021. A conference call and webcast will follow at 4:30 p.m. ET to discuss the results. Investors can access the call via the Compass Investor Relations website. An audio recording will be available for 90 days post-call. Compass aims to provide innovative solutions for real estate agents through its comprehensive platform, which streamlines various industry functions.
Compass, Inc. (NYSE: COMP) announced the signing of a definitive agreement to acquire CommonGround Abstract, LLC, a title company serving Pennsylvania and New Jersey. This acquisition expands Compass' title and escrow portfolio, allowing services in nine states and Washington D.C. Founded in 2019, CommonGround Abstract has a reputation for quality service and efficiency. The transaction is expected to close by year-end, enhancing Compass' presence in the Greater Philadelphia and South Jersey markets. Details of the transaction remain undisclosed.
Compass has announced a definitive agreement to acquire First Alliance Title LLC, a prominent title company in the Denver area, enhancing its title and escrow service portfolio across nine states. This acquisition aligns with Compass's vision of providing a seamless real estate experience, focusing on transparency and efficiency for agents. The deal, expected to close by year-end, follows recent acquisitions in Washington D.C. and Dallas-Fort Worth, expanding Compass's operations in major US markets, including California and Florida.
Compass has announced a definitive agreement to acquire LegacyTexas Title Co., a prominent title insurance provider in the Dallas-Fort Worth area. This acquisition aims to enhance Compass's expanding portfolio of title and escrow services. LegacyTexas Title, known for its reliable customer service, aligns with Compass's goal of delivering exceptional experiences to clients. The deal is subject to regulatory approval and is expected to close by year-end. This move follows Compass's prior acquisitions, further solidifying its footprint in key markets across the U.S.
Compass reported record results for 2Q21 with revenue of $1.95 billion, up 186% year-over-year. The company nearly doubled its market share to 6.2% and expects to achieve Adjusted EBITDA profitability by 2022, one year earlier than anticipated. Total transactions rose 140%, with agents generating an average of 6.2 transactions each. GTV reached $77.0 billion, reflecting strong transaction volume. Compass also entered 15 new markets, expanding to 62 total. For 3Q21, revenue guidance is set at $1.65 to $1.75 billion, and full-year revenue is projected at $6.15 to $6.35 billion.
Compass (NYSE: COMP) has announced its expansion into Wisconsin with the addition of 16 top agents in Milwaukee, collectively representing over $110 million in 2020 sales volume. Key agents include Karine Sewart and Charlie Hutchinson, both recognized for their excellence in the real estate market. Compass achieved a significant milestone, reporting $1.1 billion in revenue during Q1 2021, an 80% increase from the same period in 2020, while its transactions grew by 67%. This expansion marks a strategic step in Compass' national growth.
Compass, Inc. (NYSE: COMP) has expanded into Minnesota, welcoming seven top agents from Minneapolis who represent over $170 million in sales volume from 2020. Notable agents include John and John Adams, known for their substantial career sales exceeding $1.1 billion. Compass reported a 80% increase in revenue with $1.1 billion for Q1 2021, significantly outpacing the U.S. residential real estate market, which grew by 14%. The company's strong growth and innovative technology position it well for further success in the region.
Compass (NYSE: COMP) has officially expanded into Indianapolis, welcoming 23 top agents who contributed over $160 million in sales volume in 2020. Key agents joining include Carrie Holle from The Carrie Holle Group, as well as Greg Cooper and Lisa Phillips from The Cooper Group. Compass reported a significant 80% increase in revenue for Q1 2021, totaling $1.1 billion, outpacing the market's 14% growth rate with a 67% increase in total transactions. This expansion strengthens Compass' presence in the Midwest and enhances its referral network.
Compass, a top real estate technology company (NYSE: COMP), will present at the 24th Annual Oppenheimer Technology, Internet & Communications Conference on August 11, 2021, at 9:05 a.m. ET. The presentation will be accessible live and for replay on the Compass Investor Relations website. Founded in 2012, Compass provides a comprehensive platform for real estate agents, including cloud-based software for CRM, marketing, and brokerage services, designed specifically for the industry to enhance agent efficiency and client service.
On July 13, 2021, Compass (NYSE: COMP) and Guaranteed Rate announced the formation of OriginPoint, a new mortgage origination company. This venture aims to leverage Compass' technology and Guaranteed Rate's digital capabilities, enhancing the mortgage process for clients across various brokerages. With a combined expertise in the jumbo mortgage market, OriginPoint is expected to improve efficiencies and client satisfaction. The partnership is particularly timely as both companies report strong loan volumes, setting the stage for significant growth in the mortgage origination sector.
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