Compass, Inc. (NYSE:COMP) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET

Company Participants

Richard Simonelli – Vice President-Investor Relations

Robert Reffkin – Chief Executive Officer

Greg Hart – Chief Operating Officer

Scott Wahlers – Chief Accounting Officer

Conference Call Participants

Matthew Bouley – Barclays

Michael Ng – Goldman Sachs

Bernie McTernan – Needham and Co

Justin Ages – Berenberg

Operator

Good afternoon. My name is Colby, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Compass Inc. Q3 2022 Earnings Conference. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]

I would now turn the call over to Richard Simonelli, Vice President of Investor Relations. You may begin.

Richard Simonelli

Thank you, operator, and good afternoon, and thank you all for joining the Compass third quarter 2022 earnings call. Joining us today will be Robert Reffkin, Chief Executive Officer; Greg Hart, our Chief Operating Officer; and Scott Wahlers, our Chief Accounting Officer.

Robert will provide a brief overview of Compass’ results and a discussion of our strategy. Greg will provide an update on our business, and then Kristen will cover the financial results and outlook in more detail.

In discussing our company’s performance, we will refer to some non-GAAP measures. You can find those reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our third quarter earnings release and the presentation posted on our investor relations website. We will make 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 fourth quarter and full year 2022, and comments related to our 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 are our most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC also available on our Investor Relations website. You should not place undue reliance on any forward-looking statements all information in this presentation is as of today’s date on November 10, 2022. We expressly disclaim any obligation to update this information.

With that, I’ll now turn it over to Robert. Robert?

Robert Reffkin

Thank you, Rich, and thank you to everyone for joining us today for our third quarter results conference call. This has been a generationally bad year in residential real estate. One of the worst years over the past several decades. The incredible speed of the decline has been historic. Transactions have fallen significantly as soaring mortgage rates, high home prices, lack of inventory, stock market declines and high levels of uncertainty are keeping many buyers on the sidelines.