Compass, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting that Adjusted EBITDA exceeded the high-end of its guidance. The company also reiterated its positive Free Cash Flow guidance for the full year 2024, demonstrating continued financial discipline.
Transactions increased by 16.1% year-over-year, significantly outpacing the overall market decline of 1.9%. This growth contributed to a 49 basis point increase in quarterly market share, reaching 4.80% in Q3 2024, and a 20% year-over-year increase in the number of Principal Agents.
The company ended the quarter with a cash balance of $211.2 million and generated positive operating cash flow of $37.4 million and free cash flow of $32.8 million. Operating expenses (OPEX) were reduced to $215.0 million, an improvement of $3.8 million from Q3 2023, further highlighting cost control efforts.
For the fourth quarter of 2024, Compass provided revenue guidance of $1.2 billion to $1.35 billion and Adjusted EBITDA guidance of $50 million to $70 million. The full-year 2024 outlook includes revenue of $5.7 billion to $5.85 billion and Adjusted EBITDA of $100 million to $120 million, with expectations for positive free cash flow.
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