Compass, Inc. (NYSE:COMP) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET
Company Participants
Richard Simonelli - Vice President of Investor Relations
Robert Reffkin - Founder and Chief Executive Officer
Greg Hart - Chief Operating Officer
Kalani Reelitz - Chief Financial Officer
Conference Call Participants
Jason Helfstein - Oppenheimer & Company
Bernie McTernan - Needham and Company
Matthew Bouley - Barclays
Ryan McKechnie - Zelman Associates
Lloyd Walmsley - UBS
Operator
Good afternoon. My name is Rob, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Compass Inc. First Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.
Richard Simonelli, Vice President of Investor Relations, you may begin your conference.
Richard Simonelli
Thank you, operator, and good afternoon and thank you, everyone, for joining the Compass first quarter 2023 earnings call.
Joining us today will be Robert Reffkin, our Founder and Chief Executive Officer; Greg Hart, our Chief Operating Officer; and Kalani Reelitz, our Chief Financial Officer.
In discussing our Company's performance, we will refer to some non-GAAP measures, and you can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our first quarter 2023 earnings release that just went out. And in the case of free cash flow in the presentation each are posted on our Investor Relations website. We will be making forward-looking statements that are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include our guidance for the second quarter of 2023 and comments related to our continued operating expenses.
Our actual results may differ materially from these statements. You can find more information about risks, uncertainties and other factors that could affect our results on our most recent annual report filed on Form 10-K and quarterly report filed on Form 10-Q filed with the SEC and also all available on our Investor Relations website. You should not place any undue reliance on any forward-looking statements and all information in this presentation today are as of today's date, May 9, 2023. We expressly disclaim any obligation to update this information.
So without further ado, I'll now turn the call over to Robert Reffkin. Robert?
Robert Reffkin
Thank you for joining us today for our first quarter results conference call.
We achieved strong financial results for Q1 2023 and revenue and adjusted EBITDA were better than both our guidance and consensus estimates. Compass revenue was just over $957 million in Q1 2023. Our transactions outpaced the industry, down 24% compared to 26% for the market.