x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 30-0751604 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||
90 Fifth Avenue, 3rd Floor New York, | 10011 | |||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, $0.00001 par value per share | COMP | The New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | ||||||||||||||
Non-accelerated filer | o | Smaller reporting company | ||||||||||||||
Emerging growth company |
Page | ||||||||||||||
Year | 4/1/21 | 12/31/21 | 12/31/22 | |||||||||||||||||
COMP | $ | 100 | $ | 45.11 | $ | 11.56 | ||||||||||||||
S&P 500 Index(1) | $ | 100 | $ | 118.57 | $ | 95.51 | ||||||||||||||
Peer Group Index (2) | $ | 100 | $ | 67.17 | $ | 23.05 |
Year | 4/1/21 | 12/31/21 | ||||||
COMP | $ | 100 | $ | 45.11 | ||||
S&P 500 Index (1) | $ | 100 | $ | 118.57 | ||||
Peer Group Index (2) | $ | 100 | $ | 67.17 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 6,018.0 | 100.0 | % | $ | 6,421.0 | 100.0 | % | $ | 3,720.8 | 100.0 | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Commissions and other related expense (1) | 4,936.1 | 82.0 | 5,310.5 | 82.7 | 3,056.9 | 82.2 | |||||||||||||||||||||||||||||
Sales and marketing (1) | 575.1 | 9.6 | 510.4 | 7.9 | 402.1 | 10.8 | |||||||||||||||||||||||||||||
Operations and support(1) | 392.4 | 6.5 | 374.9 | 5.8 | 222.2 | 6.0 | |||||||||||||||||||||||||||||
Research and development (1) | 360.3 | 6.0 | 365.3 | 5.7 | 145.6 | 3.9 | |||||||||||||||||||||||||||||
General and administrative (1) | 208.1 | 3.5 | 288.5 | 4.5 | 105.8 | 2.8 | |||||||||||||||||||||||||||||
Restructuring costs | 49.1 | 0.8 | — | — | 10.3 | 0.3 | |||||||||||||||||||||||||||||
Depreciation and amortization | 86.3 | 1.4 | 64.4 | 1.0 | 51.2 | 1.4 | |||||||||||||||||||||||||||||
Total operating expenses | 6,607.4 | 109.8 | 6,914.0 | 107.7 | 3,994.1 | 107.3 | |||||||||||||||||||||||||||||
Loss from operations | (589.4) | (9.8) | (493.0) | (7.7) | (273.3) | (7.3) | |||||||||||||||||||||||||||||
Investment income, net | 2.8 | — | 0.1 | — | 2.0 | 0.1 | |||||||||||||||||||||||||||||
Interest expense | (3.6) | (0.1) | (2.4) | — | (0.6) | — | |||||||||||||||||||||||||||||
Loss before income taxes and equity in loss of unconsolidated entity | (590.2) | (9.8) | (495.3) | (7.7) | (271.9) | (7.3) | |||||||||||||||||||||||||||||
Benefit from income taxes | 0.9 | — | 2.5 | — | 1.7 | — | |||||||||||||||||||||||||||||
Equity in loss of unconsolidated entity | (12.2) | (0.2) | (1.3) | — | — | — | |||||||||||||||||||||||||||||
Net loss | (601.5) | (10.0) | (494.1) | (7.7) | (270.2) | (7.3) | |||||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net loss attributable to Compass, Inc. | $ | (601.5) | (10.0 | %) | $ | (494.1) | (7.7 | %) | $ | (270.2) | (7.3 | %) |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Commissions and other related expense | $ | 59.0 | $ | 128.7 | $ | 5.7 | |||||||||||
Sales and marketing | 42.0 | 38.4 | 16.0 | ||||||||||||||
Operations and support | 15.6 | 16.9 | 3.5 | ||||||||||||||
Research and development | 57.5 | 92.7 | 1.4 | ||||||||||||||
General and administrative | 60.4 | 109.6 | 16.6 | ||||||||||||||
Total stock-based compensation expense | $ | 234.5 | $ | 386.3 | $ | 43.2 |
Year Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
(in millions, except percentages) | ||||||||||||||||||||||||
Revenue | $ | 6,421.0 | 100.0 | % | $ | 3,720.8 | 100.0 | % | $ | 2,386.0 | 100.0 | % | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Commissions and other related expense (1) | 5,310.5 | 82.7 | 3,056.9 | 82.2 | 1,935.6 | 81.1 | ||||||||||||||||||
Sales and marketing (1) | 510.4 | 7.9 | 407.9 | 11.0 | 382.8 | 16.0 | ||||||||||||||||||
Operations and support (1) | 374.9 | 5.8 | 225.1 | 6.0 | 204.8 | 8.6 | ||||||||||||||||||
Research and development (1) | 365.3 | 5.7 | 146.3 | 3.9 | 131.3 | 5.5 | ||||||||||||||||||
General and administrative (1) | 288.5 | 4.5 | 106.7 | 2.9 | 92.4 | 3.9 | ||||||||||||||||||
Depreciation and amortization | 64.4 | 1.0 | 51.2 | 1.4 | 40.9 | 1.7 | ||||||||||||||||||
Total operating expenses | 6,914.0 | 107.7 | 3,994.1 | 107.3 | 2,787.8 | 116.8 | ||||||||||||||||||
Loss from operations | (493.0 | ) | (7.7 | ) | (273.3 | ) | (7.3 | ) | (401.8 | ) | (16.8 | ) | ||||||||||||
Investment income, net | 0.1 | 0.0 | 2.0 | 0.1 | 12.9 | 0.5 | ||||||||||||||||||
Interest expense | (2.4 | ) | (0.0 | ) | (0.6 | ) | (0.0 | ) | — | — | ||||||||||||||
Loss before income taxes and equity in loss | (495.3 | ) | (7.7 | ) | (271.9 | ) | (7.3 | ) | (388.9 | ) | (16.3 | ) | ||||||||||||
Benefit from income taxes | 2.5 | 0.0 | 1.7 | 0.0 | 0.9 | 0.0 | ||||||||||||||||||
Equity in loss of unconsolidated entity | (1.3 | ) | (0.0 | ) | — | — | — | — | ||||||||||||||||
Net loss | $ | (494.1 | ) | (7.7 | )% | $ | (270.2 | ) | (7.3 | )% | $ | (388.0 | ) | (16.3 | )% | |||||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Commissions and other related expense | $ | 128.7 | $ | 5.7 | $ | 16.1 | ||||||
Sales and marketing | 38.4 | 16.0 | 11.1 | |||||||||
Operations and support | 16.9 | 3.5 | 2.4 | |||||||||
Research and development | 92.7 | 1.4 | 2.8 | |||||||||
General and administrative | 109.6 | 16.6 | 5.0 | |||||||||
Total stock-based compensation expense | $ | 386.3 | $ | 43.2 | $ | 37.4 | ||||||
IPO Related Expense | |||||
Commissions and other related expense | $ | 41.7 | |||
Sales and marketing | 1.8 | ||||
Operations and support | 3.1 | ||||
Research and development | 46.9 | ||||
General and administrative | 55.0 | ||||
Total stock-based compensation expense | $ | 148.5 |
IPO Related Expense | ||||
Commissions and other related expense | $ | 41.7 | ||
Sales and marketing | 1.8 | |||
Operations and support | 3.1 | |||
Research and development | 46.9 | |||
General and administrative | 55.0 | |||
Total stock-based compensation expense | $ | 148.5 | ||
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Revenue | $ | 6,018.0 | $ | 6,421.0 | $ | (403.0) | (6.3 | %) |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Revenue | $ | 6,421.0 | $ | 3,720.8 | $ | 2,700.2 | 72.6 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | (in millions, except percentages) | ||||||||||||||||||||||||||||||||||||||
Commissions and other related expense | $ | 5,310.5 | $ | 3,056.9 | $ | 2,253.6 | 73.7 | % | Commissions and other related expense | $ | 4,936.1 | $ | 5,310.5 | $ | (374.4) | (7.1 | %) | ||||||||||||||||||||||
Percentage of revenue | 82.7 | % | 82.2 | % | Percentage of revenue | 82.0 | % | 82.7 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Sales and marketing | $ | 575.1 | $ | 510.4 | $ | 64.7 | 12.7 | % | |||||||||||||||
Percentage of revenue | 9.6 | % | 7.9 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Operations and support | $ | 392.4 | $ | 374.9 | $ | 17.5 | 4.7 | % | |||||||||||||||
Percentage of revenue | 6.5 | % | 5.8 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Research and development | $ | 360.3 | $ | 365.3 | $ | (5.0) | (1.4 | %) | |||||||||||||||
Percentage of revenue | 6.0 | % | 5.7 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Sales and marketing | $ | 510.4 | $ | 407.9 | $ | 102.5 | 25.1 | % | ||||||||
Percentage of revenue | 7.9 | % | 11.0 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 208.1 | $ | 288.5 | $ | (80.4) | (27.9 | %) | |||||||||||||||
Percentage of revenue | 3.5 | % | 4.5 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Operations and support | $ | 374.9 | $ | 225.1 | $ | 149.8 | 66.5 | % | ||||||||
Percentage of revenue | 5.8 | % | 6.0 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Research and development | $ | 365.3 | $ | 146.3 | $ | 219.0 | 149.7 | % | ||||||||
Percentage of revenue | 5.7 | % | 3.9 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
General and administrative | $ | 288.5 | $ | 106.7 | $ | 181.8 | 170.4 | % | ||||||||
Percentage of revenue | 4.5 | % | 2.9 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Restructuring costs | $ | 49.1 | $ | — | $ | 49.1 | 100.0 | % | |||||||||||||||
Percentage of revenue | 0.8 | % | — | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Depreciation and amortization | $ | 86.3 | $ | 64.4 | $ | 21.9 | 34.0 | % | |||||||||||||||
Percentage of revenue | 1.4 | % | 1.0 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Depreciation and amortization | $ | 64.4 | $ | 51.2 | $ | 13.2 | 25.8 | % | ||||||||
Percentage of revenue | 1.0 | % | 1.4 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Investment income, net | $ | 2.8 | $ | 0.1 | $ | 2.7 | 2700.0 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Investment income, net | $ | 0.1 | $ | 2.0 | $ | (1.9) | (95.0 | )% |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Interest expense | $ | 3.6 | $ | 2.4 | $ | 1.2 | 50.0 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Interest expense | $ | (2.4) | $ | (0.6) | $ | (1.8) | 300.0 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Benefit from income taxes | $ | 0.9 | $ | 2.5 | $ | (1.6) | (64.0 | %) |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Benefit from income taxes | $ | 2.5 | $ | 1.7 | $ | 0.8 | 47.1 | % |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(in millions, except percentages) | |||||||||||||||||||||||
Equity in loss of unconsolidated entity | $ | 12.2 | $ | 1.3 | $ | 10.9 | 838.5 | % |
Year Ended December 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(in millions, except percentages) | ||||||||||||||||
Equity in loss of unconsolidated entity | $ | (1.3 | ) | $ | — | $ | (1.3) | 100.0 | % |
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||
Total Transactions | 225,272 | 144,784 | 87,158 | Total Transactions | 211,538 | 225,272 | 144,784 | ||||||||||||||||||||||
Gross Transaction Value (in billions) | $ | 254.2 | $ | 151.7 | $ | 97.5 | Gross Transaction Value (in billions) | $ | 230.3 | $ | 254.2 | $ | 151.7 | ||||||||||||||||
Average Number of Principal Agents | 11,058 | 8,686 | 6,787 | Average Number of Principal Agents | 13,073 | 11,058 | 8,686 | ||||||||||||||||||||||
Net loss (in millions) | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | ||||||||||||||||||||
Net loss margin | (7.7 | )% | (7.3 | )% | (16.3 | )% | |||||||||||||||||||||||
Net loss attributable to Compass, Inc. (in millions) | Net loss attributable to Compass, Inc. (in millions) | $ | (601.5) | $ | (494.1) | $ | (270.2) | ||||||||||||||||||||||
Net loss attributable to Compass, Inc. margin | Net loss attributable to Compass, Inc. margin | (10.0) | % | (7.7) | % | (7.3) | % | ||||||||||||||||||||||
Adjusted EBITDA (1) (in millions) | $ | 1.6 | $ | (155.5 | ) | $ | (324.6 | ) | Adjusted EBITDA(1) (in millions) | $ | (210.0) | $ | 1.6 | $ | (155.5) | ||||||||||||||
Adjusted EBITDA margin (1) | 0.0 | % | (4.2 | )% | (13.6 | )% | Adjusted EBITDA margin(1) | (3.5) | % | 0.0 | % | (4.2) | % |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net loss attributable to Compass, Inc. | $ | (601.5) | $ | (494.1) | $ | (270.2) | |||||||||||
Adjusted to exclude the following: | |||||||||||||||||
Depreciation and amortization | 86.3 | 64.4 | 51.2 | ||||||||||||||
Investment income, net | (2.8) | (0.1) | (2.0) | ||||||||||||||
Interest expense | 3.6 | 2.4 | 0.6 | ||||||||||||||
Stock-based compensation | 234.5 | 386.3 | 43.2 | ||||||||||||||
Benefit from income taxes | (0.9) | (2.5) | (1.7) | ||||||||||||||
Restructuring costs | 49.1 | — | 10.3 | ||||||||||||||
Acquisition-related expenses(1) | 11.2 | 23.9 | 13.1 | ||||||||||||||
Litigation charges(2) | 10.5 | 21.3 | — | ||||||||||||||
Adjusted EBITDA | $ | (210.0) | $ | 1.6 | $ | (155.5) | |||||||||||
Net loss attributable to Compass, Inc. margin | (10.0) | % | (7.7) | % | (7.3) | % | |||||||||||
Adjusted EBITDA margin | (3.5) | % | 0.0 | % | (4.2) | % |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Net loss | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | |||
Adjusted to exclude the following: | ||||||||||||
Depreciation and amortization | 64.4 | 51.2 | 40.9 | |||||||||
Investment income, net | (0.1 | ) | (2.0 | ) | (12.9 | ) | ||||||
Interest expense | 2.4 | 0.6 | — | |||||||||
Stock-based compensation | 386.3 | 43.2 | 37.4 | |||||||||
Benefit from income taxes | (2.5 | ) | (1.7 | ) | (0.9 | ) | ||||||
Restructuring charges (1) | — | 10.3 | 1.7 | |||||||||
Acquisition-related expenses (2) | 23.9 | 13.1 | (2.8 | ) | ||||||||
Litigation charge (3) | 21.3 | — | — | |||||||||
Adjusted EBITDA | $ | 1.6 | $ | (155.5 | ) | $ | (324.6 | ) | ||||
Net loss margin | (7.7 | )% | (7.3 | )% | (16.3 | )% | ||||||
Adjusted EBITDA margin | 0.0 | % | (4.2 | )% | (13.6 | )% | ||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | |||||||||||||||||||||||||
GAAP Basis | $ | 4,936.1 | $ | 575.1 | $ | 392.4 | $ | 360.3 | $ | 208.1 | |||||||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||||||||
Stock-based compensation | (59.0) | (42.0) | (15.6) | (57.5) | (60.4) | ||||||||||||||||||||||||
Acquisition-related expenses | — | — | (11.2) | — | — | ||||||||||||||||||||||||
Litigation charge | — | — | — | — | (10.5) | ||||||||||||||||||||||||
Non-GAAP Basis | $ | 4,877.1 | $ | 533.1 | $ | 365.6 | $ | 302.8 | $ | 137.2 |
Year Ended December 31, 2021 | ||||||||||||||||||||
Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | ||||||||||||||||
GAAP Basis | $ | 5,310.5 | $ | 510.4 | $ | 374.9 | $ | 365.3 | $ | 288.5 | ||||||||||
Adjusted to exclude the following: | ||||||||||||||||||||
Stock-based compensation | (128.7 | ) | (38.4 | ) | (16.9 | ) | (92.7 | ) | (109.6 | ) | ||||||||||
Acquisition-related expenses | — | — | (23.9 | ) | — | — | ||||||||||||||
Litigation charge | — | — | — | — | (21.3 | ) | ||||||||||||||
Non-GAAP Basis | $ | 5,181.8 | $ | 472.0 | $ | 334.1 | $ | 272.6 | $ | 157.6 | ||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | |||||||||||||||||||||||||
GAAP Basis | $ | 5,310.5 | $ | 510.4 | $ | 374.9 | $ | 365.3 | $ | 288.5 | |||||||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||||||||
Stock-based compensation | (128.7) | (38.4) | (16.9) | (92.7) | (109.6) | ||||||||||||||||||||||||
Acquisition-related expenses | — | — | (23.9) | — | — | ||||||||||||||||||||||||
Litigation charge | — | — | — | — | (21.3) | ||||||||||||||||||||||||
Non-GAAP Basis | $ | 5,181.8 | $ | 472.0 | $ | 334.1 | $ | 272.6 | $ | 157.6 |
Year Ended December 31, 2020 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | ||||||||||||||||||||||||||||||||||||||||
GAAP Basis | $ | 3,056.9 | $ | 407.9 | $ | 225.1 | $ | 146.3 | $ | 106.7 | GAAP Basis | $ | 3,056.9 | $ | 402.1 | $ | 222.2 | $ | 145.6 | $ | 105.8 | ||||||||||||||||||||||||||||
Adjusted to exclude the following: | Adjusted to exclude the following: | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (5.7 | ) | (16.0 | ) | (3.5 | ) | (1.4 | ) | (16.6 | ) | Stock-based compensation | (5.7) | (16.0) | (3.5) | (1.4) | (16.6) | |||||||||||||||||||||||||||||||||
Restructuring charges | — | (5.8 | ) | (2.9 | ) | (0.7 | ) | (0.9 | ) | ||||||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | — | — | (13.1 | ) | — | — | Acquisition-related expenses | — | — | (13.1) | — | — | |||||||||||||||||||||||||||||||||||||
Non-GAAP Basis | $ | 3,051.2 | $ | 386.1 | $ | 205.6 | $ | 144.2 | $ | 89.2 | Non-GAAP Basis | $ | 3,051.2 | $ | 386.1 | $ | 205.6 | $ | 144.2 | $ | 89.2 | ||||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||
Commissions and other related expense | Sales and marketing | Operations and support | Research and development | General and administrative | ||||||||||||||||
GAAP Basis | $ | 1,935.6 | $ | 382.8 | $ | 204.8 | $ | 131.3 | $ | 92.4 | ||||||||||
Adjusted to exclude the following: | ||||||||||||||||||||
Stock-based compensation | (16.1 | ) | (11.1 | ) | (2.4 | ) | (2.8 | ) | (5.0 | ) | ||||||||||
Restructuring charges | — | (1.7 | ) | — | — | — | ||||||||||||||
Acquisition-related expenses | — | — | 2.8 | — | — | |||||||||||||||
Non-GAAP Basis | $ | 1,919.5 | $ | 370.0 | $ | 205.2 | $ | 128.5 | $ | 87.4 | ||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash used in operating activities | $ | (291.7) | $ | (28.6) | $ | (58.1) | |||||||||||
Net cash used in investing activities | (100.1) | (192.5) | (13.4) | ||||||||||||||
Net cash provided by financing activities | 135.4 | 399.3 | 19.9 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (256.4) | $ | 178.2 | $ | (51.6) |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in millions) | ||||||||||||
Net cash used in operating activities | $ | (28.6 | ) | $ | (58.1 | ) | $ | (377.0 | ) | |||
Net cash (used in) provided by investing activities | (192.5 | ) | (13.4 | ) | 389.9 | |||||||
Net cash provided by financing activities | 399.3 | 19.9 | 350.2 | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 178.2 | $ | (51.6 | ) | $ | 363.1 | |||||
Payments Due by Period | Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | ||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations (1) | $ | 655.3 | $ | 103.8 | $ | 206.5 | $ | 157.2 | $ | 187.8 | Operating lease obligations(1) | $ | 677.7 | $ | 118.9 | $ | 217.0 | $ | 163.1 | $ | 178.7 | ||||||||||||||||||||||||||||
Other acquisition related compensation | 60.5 | 34.4 | 24.0 | 2.1 | — | Other acquisition related compensation | 21.9 | 14.3 | 7.6 | — | — | ||||||||||||||||||||||||||||||||||||||
Estimated undiscounted contingent consideration payments | 24.4 | 15.0 | 9.3 | 0.1 | — | Estimated undiscounted contingent consideration payments | 14.0 | 10.0 | 3.1 | 0.9 | — | ||||||||||||||||||||||||||||||||||||||
Acquisition related payables | Acquisition related payables | 13.5 | 13.3 | 0.2 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Purchase obligations | 76.9 | 35.4 | 35.7 | 5.8 | — | Purchase obligations | 74.6 | 30.4 | 31.0 | 13.2 | — | ||||||||||||||||||||||||||||||||||||||
Total | $ | 817.1 | $ | 188.6 | $ | 275.5 | $ | 165.2 | $ | 187.8 | Total | $ | 801.7 | $ | 186.9 | $ | 258.9 | $ | 177.2 | $ | 178.7 | ||||||||||||||||||||||||||||
Page | ||||||||
2020 | ||||||||
2020 | ||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 361.9 | $ | 618.3 | |||||||
Accounts receivable, net of allowance of $9.0 and $7.1, respectively | 36.6 | 48.5 | |||||||||
Compass Concierge receivables, net of allowance of $14.7 and $17.3, respectively | 42.9 | 32.9 | |||||||||
Other current assets | 76.5 | 94.9 | |||||||||
Total current assets | 517.9 | 794.6 | |||||||||
Property and equipment, net | 192.5 | 157.4 | |||||||||
Operating lease right-of-use assets | 483.2 | 484.7 | |||||||||
Intangible assets, net | 99.3 | 127.2 | |||||||||
Goodwill | 198.4 | 188.3 | |||||||||
Other non-current assets | 41.8 | 48.4 | |||||||||
Total assets | $ | 1,533.1 | $ | 1,800.6 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 28.1 | $ | 34.6 | |||||||
Commissions payable | 48.0 | 63.9 | |||||||||
Accrued expenses and other current liabilities | 164.9 | 240.9 | |||||||||
Current lease liabilities | 94.6 | 81.5 | |||||||||
Concierge credit facility | 31.9 | 16.2 | |||||||||
Revolving credit facility | 150.0 | — | |||||||||
Total current liabilities | 517.5 | 437.1 | |||||||||
Non-current lease liabilities | 486.5 | 483.0 | |||||||||
Other non-current liabilities | 8.4 | 32.9 | |||||||||
Total liabilities | 1,012.4 | 953.0 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $0.00001 par value, 13,850,000,000 shares authorized at December 31, 2022 and 2021; 438,098,194 and 409,267,751 shares issued and outstanding at December 31, 2022 and 2021, respectively | — | — | |||||||||
Additional paid-in capital | 2,713.6 | 2,438.8 | |||||||||
Accumulated deficit | (2,196.5) | (1,595.0) | |||||||||
Total Compass, Inc. stockholders’ equity | 517.1 | 843.8 | |||||||||
Non-controlling interest | 3.6 | 3.8 | |||||||||
Total stockholders’ equity | 520.7 | 847.6 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,533.1 | $ | 1,800.6 |
December 31, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 618.3 | $ | 440.1 | ||||
Accounts receivable, net of allowance of $7.1 and $8.1, respectively | 48.5 | 54.8 | ||||||
Compass Concierge receivables, net of allowance of $17.3 and $17.2, respectively | 32.9 | 49.5 | ||||||
Other current assets | 94.9 | 54.9 | ||||||
Total current assets | 794.6 | 599.3 | ||||||
Property and equipment, net | 157.4 | 141.7 | ||||||
Operating lease right-of-use | 484.7 | 426.6 | ||||||
Intangible assets, net | 127.2 | 45.6 | ||||||
Goodwill | 188.3 | 119.8 | ||||||
Other non-current assets | 48.4 | 32.1 | ||||||
Total assets | $ | 1,800.6 | $ | 1,365.1 | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 34.6 | $ | 36.6 | ||||
Commissions payable | 63.9 | 62.0 | ||||||
Accrued expenses and other current liabilities | 240.9 | 106.8 | ||||||
Current lease liabilities | 81.5 | 68.1 | ||||||
Concierge credit facility | 16.2 | 8.4 | ||||||
Total current liabilities | 437.1 | 281.9 | ||||||
Non-current lease liabilities | 483.0 | 435.9 | ||||||
Other non-current liabilities | 32.9 | 23.5 | ||||||
Total liabilities | 953.0 | 741.3 | ||||||
Commitments and contingencies (Note 1 1 ) | 0 | 0 | ||||||
Convertible preferred stock, $0.00001 par value, 0 and 246,430,170 shares authorized at December 31, 2021 and 2020, respectively; 0 and 237,047,550 shares issued and outstanding at December 31, 2021 and 2020, respectively | 0 | 1,486.7 | ||||||
Stockholders’ equity (deficit) | ||||||||
Common stock, $0.00001 par value, 13,850,000,000 and 700,754,910 shares authorized at December 31, 2021 and 2020, respectively; 409,267,751 and 125,221,900 shares issued at December 31, 2021 and 2020, respectively; 409,267,751 and 122,971,900 shares outstanding at December 31, 2021 and 2020, respectively | 0 | 0 | ||||||
Additional paid-in capital | 2,438.8 | 238.0 | ||||||
Accumulated deficit | (1,595.0 | ) | (1,100.9 | ) | ||||
Total Compass, Inc. stockholders’ equity (deficit) | 843.8 | (862.9 | ) | |||||
Non-controlling interest | 3.8 | 0 | ||||||
Total stockholders’ equity (deficit) | 847.6 | (862.9 | ) | |||||
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ | 1,800.6 | $ | 1,365.1 | ||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenue | $ | 6,018.0 | $ | 6,421.0 | $ | 3,720.8 | |||||||||||
Operating expenses: | |||||||||||||||||
Commissions and other related expense | 4,936.1 | 5,310.5 | 3,056.9 | ||||||||||||||
Sales and marketing | 575.1 | 510.4 | 402.1 | ||||||||||||||
Operations and support | 392.4 | 374.9 | 222.2 | ||||||||||||||
Research and development | 360.3 | 365.3 | 145.6 | ||||||||||||||
General and administrative | 208.1 | 288.5 | 105.8 | ||||||||||||||
Restructuring costs | 49.1 | — | 10.3 | ||||||||||||||
Depreciation and amortization | 86.3 | 64.4 | 51.2 | ||||||||||||||
Total operating expenses | 6,607.4 | 6,914.0 | 3,994.1 | ||||||||||||||
Loss from operations | (589.4) | (493.0) | (273.3) | ||||||||||||||
Investment income, net | 2.8 | 0.1 | 2.0 | ||||||||||||||
Interest expense | (3.6) | (2.4) | (0.6) | ||||||||||||||
Loss before income taxes and equity in loss of unconsolidated entity | (590.2) | (495.3) | (271.9) | ||||||||||||||
Benefit from income taxes | 0.9 | 2.5 | 1.7 | ||||||||||||||
Equity in loss of unconsolidated entity | (12.2) | (1.3) | — | ||||||||||||||
Net loss | (601.5) | (494.1) | (270.2) | ||||||||||||||
Net (income) loss attributable to non-controlling interests | — | — | — | ||||||||||||||
Net loss attributable to Compass, Inc. | $ | (601.5) | $ | (494.1) | $ | (270.2) | |||||||||||
Net loss per share attributable to Compass, Inc., basic and diluted | $ | (1.40) | $ | (1.51) | $ | (2.46) | |||||||||||
Weighted-average shares used in computing net loss per share attributable to Compass, Inc., basic and diluted | 428,169,180 | 326,336,128 | 109,954,760 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Revenue | $ | 6,421.0 | $ | 3,720.8 | $ | 2,386.0 | ||||||
Operating expenses: | ||||||||||||
Commissions and other related expense | 5,310.5 | 3,056.9 | 1,935.6 | |||||||||
Sales and marketing | 510.4 | 407.9 | 382.8 | |||||||||
Operations and support | 374.9 | 225.1 | 204.8 | |||||||||
Research and development | 365.3 | 146.3 | 131.3 | |||||||||
General and administrative | 288.5 | 106.7 | 92.4 | |||||||||
Depreciation and amortization | 64.4 | 51.2 | 40.9 | |||||||||
Total operating expenses | 6,914.0 | 3,994.1 | 2,787.8 | |||||||||
Loss from operations | (493.0 | ) | (273.3 | ) | (401.8 | ) | ||||||
Investment income, net | 0.1 | 2.0 | 12.9 | |||||||||
Interest expense | (2.4 | ) | (0.6 | ) | — | |||||||
Loss before income taxes and equity in loss | (495.3 | ) | (271.9 | ) | (388.9 | ) | ||||||
Benefit from income taxes | 2.5 | 1.7 | 0.9 | |||||||||
Equity in loss of unconsolidated entity | (1.3 | ) | — | — | ||||||||
Net loss | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (1.51 | ) | $ | (2.46 | ) | $ | (3.64 | ) | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 326,336,128 | 109,954,760 | 106,529,880 | |||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net loss | $ | (601.5) | $ | (494.1) | $ | (270.2) | |||||||||||
Other comprehensive loss: | |||||||||||||||||
Unrealized loss on investments | — | — | (0.1) | ||||||||||||||
Comprehensive loss | $ | (601.5) | $ | (494.1) | $ | (270.3) |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Net loss | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | |||
Other comprehensive (loss) income: | ||||||||||||
Unrealized (loss) gain on investments | — | (0.1 | ) | 0.4 | ||||||||
Comprehensive loss | $ | (494.1 | ) | $ | (270.3 | ) | $ | (387.6 | ) |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Total Compass, Inc. Stockholders’ Equity (Deficit) | Non-controlling Interest | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 246,365,350 | $ | 1,525.7 | 109,294,060 | $ | — | $ | 143.4 | $ | 0.1 | $ | (825.1) | $ | (681.6) | $ | — | $ | (681.6) | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative change in accounting principle (ASU 2016-13) | — | — | — | — | — | — | (5.6) | (5.6) | — | (5.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (270.2) | (270.2) | — | (270.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on investments | — | — | — | — | — | (0.1) | — | (0.1) | — | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series G convertible preferred stock, net of issuance costs | 64,820 | 1.0 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series D convertible preferred stock | (9,382,620) | (40.0) | 9,382,620 | — | 40.0 | — | — | 40.0 | — | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 401,310 | — | 1.2 | — | — | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 2,710,680 | — | 9.6 | — | — | 9.6 | — | 9.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon early exercise of stock options | — | — | 1,183,230 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 0.6 | — | — | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 43.2 | — | — | 43.2 | — | 43.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 237,047,550 | $ | 1,486.7 | 122,971,900 | $ | — | $ | 238.0 | $ | — | $ | (1,100.9) | $ | (862.9) | $ | — | $ | (862.9) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (494.1) | (494.1) | — | (494.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related non-controlling interest | — | — | — | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series D convertible preferred stock | (15,920,450) | (67.6) | 15,920,450 | — | 67.6 | — | — | 67.6 | — | 67.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock in connection with the initial public offering | (221,127,100) | (1,419.1) | 223,033,725 | — | 1,419.1 | — | — | 1,419.1 | — | 1,419.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the initial public offering, net of issuance costs | — | — | 26,296,438 | — | 438.7 | — | — | 438.7 | — | 438.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 855,740 | — | 10.1 | — | — | 10.1 | — | 10.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 9,318,012 | — | 21.3 | — | — | 21.3 | — | 21.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of RSUs, net of taxes withheld | — | — | 10,871,486 | — | (62.4) | — | — | (62.4) | — | (62.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 5.0 | — | — | 5.0 | — | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 301.4 | — | — | 301.4 | — | 301.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | — | $ | — | 409,267,751 | $ | — | $ | 2,438.8 | $ | — | $ | (1,595.0) | $ | 843.8 | $ | 3.8 | $ | 847.6 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (601.5) | (601.5) | — | (601.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other activity related to non-controlling interests | — | — | — | — | — | — | — | — | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 1,033,340 | — | 3.6 | — | — | 3.6 | — | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 4,145,127 | — | 9.0 | — | — | 9.0 | — | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of RSUs, net of taxes withheld | — | — | 9,464,159 | — | (23.5) | — | — | (23.5) | — | (23.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 5.5 | — | — | 5.5 | — | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the 2021 Agent Equity Program | — | — | 13,608,896 | — | 100.0 | — | — | 100.0 | — | 100.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under the ESPP | — | — | 578,921 | — | 2.3 | — | — | 2.3 | — | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 177.9 | — | — | 177.9 | — | 177.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | — | $ | — | 438,098,194 | $ | — | $ | 2,713.6 | $ | — | $ | (2,196.5) | $ | 517.1 | $ | 3.6 | $ | 520.7 |
Convertible Preferred | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Total Compass, Inc. Stockholders’ Equity (Deficit) | Non-controlling Interest | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 224,058,550 | $ | 1,182.4 | 104,177,280 | $ | — | $ | 98.3 | $ | (0.3 | ) | $ | (437.1 | ) | $ | (339.1 | ) | $ | — | $ | (339.1 | ) | ||||||||||||||||||||
Net loss | — | — | — | — | — | — | (388.0 | ) | (388.0 | ) | — | (388.0 | ) | |||||||||||||||||||||||||||||
Unrealized gain on investments | — | — | — | — | — | 0.4 | — | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||||
Issuance of Series G convertible preferred stock, net of issuance costs | 22,306,800 | 343.3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 40,990 | — | 0.1 | — | — | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 5,075,790 | — | 7.6 | — | — | 7.6 | — | 7.6 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 37.4 | — | — | 37.4 | — | 37.4 | ||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 246,365,350 | $ | 1,525.7 | 109,294,060 | $ | — | $ | 143.4 | $ | 0.1 | $ | (825.1 | ) | $ | (681.6 | ) | $ | — | $ | (681.6 | ) | |||||||||||||||||||||
Cumulative change in accounting principle 2016-13) | — | $ | — | — | $ | — | $ | — | $ | — | $ | (5.6 | ) | $ | (5.6 | ) | $ | — | $ | (5.6 | ) | |||||||||||||||||||||
Net loss | — | — | — | — | — | — | (270.2 | ) | (270.2 | ) | — | (270.2 | ) | |||||||||||||||||||||||||||||
Unrealized loss on investments | — | — | — | — | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||||||||||||||
Issuance of Series G convertible preferred stock, net of issuance costs | 64,820 | 1.0 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Conversion of Series D convertible preferred stock | (9,382,620 | ) | (40.0 | ) | 9,382,620 | — | 40.0 | — | — | 40.0 | — | 40.0 | ||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 401,310 | — | 1.2 | — | — | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | 2,710,680 | — | 9.6 | — | — | 9.6 | — | 9.6 | ||||||||||||||||||||||||||||||||
Early exercise of stock options | — | — | 1,183,230 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 0.6 | — | — | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 43.2 | — | — | 43.2 | — | 43.2 | ||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 237,047,550 | $ | 1,486.7 | 122,971,900 | $ | — | $ | 238.0 | $ | 0 | $ | (1,100.9 | ) | $ | (862.9 | ) | $ | — | $ | (862.9 | ) | |||||||||||||||||||||
Net loss | — | $ | — | — | $ | — | $ | — | $ | — | $ | (494.1 | ) | $ | (494.1 | ) | $ | 0 | $ | (494.1 | ) | |||||||||||||||||||||
Acquisition related non-controlling interest | — | — | — | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||||||||||||||
Conversion of Series D convertible preferred stock | (15,920,450 | ) | (67.6 | ) | 15,920,450 | — | 67.6 | — | — | 67.6 | — | 67.6 | ||||||||||||||||||||||||||||||
Conversion of convertible preferred stock to common stock in connection with the initial public offering | (221,127,100 | ) | (1,419.1 | ) | 223,033,725 | — | 1,419.1 | — | — | 1,419.1 | — | 1,419.1 | ||||||||||||||||||||||||||||||
Issuance of common stock in connection with the initial public offering, net of issuance costs | — | — | 26,296,438 | — | 438.7 | — | — | 438.7 | — | 438.7 | ||||||||||||||||||||||||||||||||
Issuance of shares in connection with acquisitions | — | — | 855,740 | — | 10.1 | — | — | 10.1 | — | 10.1 | ||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 9,318,012 | — | 21.3 | — | — | 21.3 | — | 21.3 | ||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of RSUs, net of taxes withheld | — | — | 10,871,486 | — | (62.4 | ) | — | — | (62.4 | ) | — | (62.4 | ) | |||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 5.0 | — | — | 5.0 | — | 5.0 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 301.4 | — | — | 301.4 | — | 301.4 | ||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 0 | $ | 0 | 409,267,751 | $ | — | $ | 2,438.8 | $ | 0 | $ | (1,595.0 | ) | $ | 843.8 | $ | 3.8 | $ | 847.6 | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating Activities | |||||||||||||||||
Net loss | $ | (601.5) | $ | (494.1) | $ | (270.2) | |||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
Depreciation and amortization | 86.3 | 64.4 | 51.2 | ||||||||||||||
Stock-based compensation | 234.5 | 386.3 | 43.2 | ||||||||||||||
Equity in loss of unconsolidated entity | 12.2 | 1.3 | — | ||||||||||||||
Change in acquisition related contingent consideration | (2.2) | (4.7) | 8.9 | ||||||||||||||
Bad debt expense | 7.3 | 8.9 | 16.0 | ||||||||||||||
Amortization of debt issuance costs | 0.9 | 1.1 | 0.3 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | 6.5 | 8.5 | (16.3) | ||||||||||||||
Compass Concierge receivables | (11.7) | 9.4 | 16.6 | ||||||||||||||
Other current assets | 17.6 | (40.0) | 19.4 | ||||||||||||||
Other non-current assets | 9.8 | (11.8) | (4.9) | ||||||||||||||
Operating lease right-of-use assets and operating lease liabilities | 5.8 | 2.4 | 34.6 | ||||||||||||||
Accounts payable | (4.8) | (3.3) | (6.5) | ||||||||||||||
Commissions payable | (15.9) | (0.3) | 29.1 | ||||||||||||||
Accrued expenses and other liabilities | (36.5) | 43.3 | 20.5 | ||||||||||||||
Net cash used in operating activities | (291.7) | (28.6) | (58.1) | ||||||||||||||
Investing Activities | |||||||||||||||||
Proceeds from sales and maturities of marketable securities | — | — | 55.5 | ||||||||||||||
Investment in unconsolidated entity | (15.0) | (5.0) | — | ||||||||||||||
Capital expenditures | (70.1) | (50.1) | (43.3) | ||||||||||||||
Payments for acquisitions, net of cash acquired | (15.0) | (137.4) | (25.6) | ||||||||||||||
Net cash used in investing activities | (100.1) | (192.5) | (13.4) | ||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from exercise and early exercise of stock options | 9.0 | 26.9 | 15.9 | ||||||||||||||
Proceeds from issuance of common stock under the Employee Stock Purchase Plan | 2.3 | — | — | ||||||||||||||
Taxes paid related to net share settlement of equity awards | (23.5) | (62.4) | — | ||||||||||||||
Proceeds from drawdowns on Concierge credit facility | 59.0 | 39.5 | 11.4 | ||||||||||||||
Repayments of drawdowns on Concierge credit facility | (43.3) | (31.7) | (3.0) | ||||||||||||||
Proceeds from drawdowns on Revolving credit facility | 150.0 | — | — | ||||||||||||||
Payments related to acquisitions, including contingent consideration | (17.5) | (10.7) | (3.2) | ||||||||||||||
Proceeds from issuance of common stock upon initial public offering, net of offering costs | — | 439.6 | — | ||||||||||||||
Other | (0.6) | (1.9) | (1.2) | ||||||||||||||
Net cash provided by financing activities | 135.4 | 399.3 | 19.9 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (256.4) | 178.2 | (51.6) | ||||||||||||||
Cash and cash equivalents at beginning of period | 618.3 | 440.1 | 491.7 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 361.9 | $ | 618.3 | $ | 440.1 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for interest | $ | 2.3 | $ | 1.3 | $ | 0.2 | |||||||||||
Supplemental non-cash information: | |||||||||||||||||
Issuance of common stock for acquisitions | $ | 3.6 | $ | 10.1 | $ | 1.2 | |||||||||||
Conversion of convertible preferred stock in connection with initial public offering | $ | — | $ | 1,419.1 | $ | — | |||||||||||
Conversion of Series D convertible preferred stock | $ | — | $ | 67.6 | $ | 40.0 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Operating Activities | ||||||||||||
Net loss | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 64.4 | 51.2 | 40.9 | |||||||||
Stock-based compensation | 386.3 | 43.2 | 37.4 | |||||||||
Equity in loss of unconsolidated entity | 1.3 | — | — | |||||||||
Change in acquisition related contingent consideration | (4.7 | ) | 8.9 | (9.9 | ) | |||||||
Bad debt expense | 8.9 | 16.0 | 6.8 | |||||||||
Amortization of debt issuance costs | 1.1 | 0.3 | 0 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 8.5 | (16.3 | ) | (18.2 | ) | |||||||
Compass Concierge receivables | 9.4 | 16.6 | (84.8 | ) | ||||||||
Other current assets | (40.0 | ) | 19.4 | (45.0 | ) | |||||||
Other non-current assets | (11.8 | ) | (4.9 | ) | 6.3 | |||||||
Operating lease right-of-use | 2.4 | 34.6 | 21.8 | |||||||||
Accounts payable | (3.3 | ) | (6.5 | ) | 9.2 | |||||||
Commissions payable | (0.3 | ) | 29.1 | 21.6 | ||||||||
Accrued expenses and other liabilities | 43.3 | 20.5 | 24.9 | |||||||||
Net cash used in operating activities | (28.6 | ) | (58.1 | ) | (377.0 | ) | ||||||
Investing Activities | ||||||||||||
Purchases of marketable securities | — | — | (70.7 | ) | ||||||||
Proceeds from sales and maturities of marketable securities | — | 55.5 | 572.9 | |||||||||
Investment in unconsolidated entity | (5.0 | ) | — | — | ||||||||
Capital expenditures | (50.1 | ) | (43.3 | ) | (74.1 | ) | ||||||
Payments for acquisitions, net of cash acquired | (137.4 | ) | (25.6 | ) | (38.2 | ) | ||||||
Net cash (used in) provided by investing activities | (192.5 | ) | (13.4 | ) | 389.9 | |||||||
Financing Activities | ||||||||||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | — | 1.0 | 343.3 | |||||||||
Proceeds from exercise and early exercise of stock options | 26.9 | 15.9 | 7.6 | |||||||||
Taxes paid related to net share settlement of equity awards | (62.4 | ) | — | — | ||||||||
Proceeds from drawdowns on Concierge credit facility | 39.5 | 11.4 | 0 | |||||||||
Repayments of drawdowns on Concierge credit facility | (31.7 | ) | (3.0 | ) | 0 | |||||||
Payments of contingent consideration related to acquisitions | (10.7 | ) | (3.2 | ) | (0.7 | ) | ||||||
Payments of debt issuance costs for credit facilities | (1.9 | ) | (1.3 | ) | — | |||||||
Payment of deferred offering costs | — | (0.9 | ) | — | ||||||||
Proceeds from issuance of common stock upon initial public offering, net of offering costs | 439.6 | — | — | |||||||||
Net cash provided by financing activities | 399.3 | 19.9 | 350.2 | |||||||||
Net increase (decrease) in cash and cash equivalents | 178.2 | (51.6 | ) | 363.1 | ||||||||
Cash and cash equivalents at beginning of period | 440.1 | 491.7 | 128.6 | |||||||||
Cash and cash equivalents at end of period | $ | 618.3 | $ | 440.1 | $ | 491.7 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest | $ | 1.3 | $ | 0.2 | $ | — | ||||||
Supplemental non-cash information: | ||||||||||||
Issuance of common stock for acquisitions | $ | 10.1 | $ | 1.2 | $ | 0.1 | ||||||
Conversion of convertible preferred stock in connection with initial public offering | $ | 1,419.1 | $ | — | $ | — | ||||||
Conversion of Series D convertible preferred stock | $ | 67.6 | $ | 40.0 | $ | — | ||||||
2. Summary of Significant Accounting Policies |
December 31, | ||||||||
2021 | 2020 | |||||||
Opening balance | $ | 8.1 | $ | 2.7 | ||||
Allowances | 1.7 | 6.9 | ||||||
Net write-offs and other | (2.7 | ) | (1.5 | ) | ||||
Closing balance | $ | 7.1 | $ | 8.1 | ||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Opening balance | $ | 7.1 | $ | 8.1 | |||||||
Allowances | 5.5 | 1.7 | |||||||||
Net write-offs and other | (3.6) | (2.7) | |||||||||
Closing balance | $ | 9.0 | $ | 7.1 |
Description | Useful Life | |||||||
Leasehold improvements | Lesser of estimated useful life or remaining lease term | |||||||
Office furniture and equipment | Five years | |||||||
Computer software and internally-developed software | Three years | |||||||
Computer equipment | Three years |
Cash paid at closing | $ | 148.6 | ||
Class A common stock issued | 5.8 | |||
Cash to be paid after closing | 21.8 | |||
Contingent consideration | 5.6 | |||
Non-controlling interest | 3.8 | |||
$ | 185.6 |
Cash and cash equivalents | $ | 11.2 | ||
Other current assets | 4.1 | |||
Property and equipment | 2.5 | |||
Goodwill (1) | 68.5 | |||
Operating lease right-of-use | 12.8 | |||
In t angible assets(2) | ||||
Acquired Technology | 5.5 | |||
Customer relationships | 90.7 | |||
Trademarks | 11.3 | |||
Total assets | $ | 206.6 | ||
Total liabilities | $ | (21.0 | ) | |
Net assets | $ | 185.6 | ||
Cash paid at closing | $ | 148.6 | |||
Class A common stock issued | 5.8 | ||||
Cash to be paid after closing (1) | 21.8 | ||||
Contingent consideration | 5.6 | ||||
Non-controlling interest | 3.8 | ||||
$ | 185.6 |
(1) | As of December 31, 2022, an aggregate of $12.3 million of the cash to be paid after closing for certain acquisitions remained unpaid. These amounts are presented within Accrued expenses and other current liabilities on the consolidated balance sheet and are expected to be paid during the year ended December 31, 2023. |
Cash and cash equivalents | $ | 11.2 | |||
Other current assets | 4.1 | ||||
Property and equipment | 2.5 | ||||
Goodwill (1) | 68.5 | ||||
Operating lease right-of-use assets | 12.8 | ||||
Intangible assets (2) | |||||
Acquired Technology | 5.5 | ||||
Customer relationships | 90.7 | ||||
Trademarks | 11.3 | ||||
Total assets | $ | 206.6 | |||
Total liabilities | $ | (21.0) | |||
Net assets | $ | 185.6 |
(1) | Approximately $43.8 million of the goodwill is deductible for tax purposes. The amount of tax-deductible goodwill may increase in the future to approximately $64.7 million dependent on the payment of certain holdbacks and acquisition related compensation arrangements. These amounts are not expected to have an impact on the income tax provision while the Company maintains a full valuation allowance on its domestic deferred tax assets. |
(2) | The identified intangible assets have a useful life of 2-9 years. |
Modus | Other | ||||||||||
Cash paid at closing | $ | 27.7 | $ | 0.9 | |||||||
Cash to be paid after closing | 2.0 | — | |||||||||
Contingent consideration (payable in the form of cash and Class A common stock) | 20.0 | — | |||||||||
$ | 49.7 | $ | 0.9 |
Modus Technologies, Inc. | Other | |||||||
Cash paid at closing | $ | 27.7 | $ | 0.9 | ||||
Cash to be paid after closing | 2.0 | 0 | ||||||
Contingent consideration (payable in the form of cash and Class A common stock) | 20.0 | 0 | ||||||
$ | 49.7 | $ | 0.9 | |||||
Modus | Other | ||||||||||
Cash and cash equivalents | $ | 3.0 | $ | — | |||||||
Other current assets | 0.1 | — | |||||||||
Property and equipment | 0.5 | — | |||||||||
Goodwill (1) | 38.4 | — | |||||||||
Operating lease right-of-use assets | 4.1 | — | |||||||||
Intangible assets (2): | |||||||||||
Acquired technology | 6.3 | — | |||||||||
Customer relationships | 1.3 | 0.9 | |||||||||
Trademarks | 1.7 | — | |||||||||
Total assets | $ | 55.4 | $ | 0.9 | |||||||
Total liabilities | $ | (5.7) | $ | — | |||||||
Net assets | $ | 49.7 | $ | 0.9 |
Modus Technologies, Inc. | Other | |||||||
Cash and cash equivalents | $ | 3.0 | $ | 0 | ||||
Other current assets | 0.1 | 0 | ||||||
Property and equipment | 0.5 | 0 | ||||||
Goodwill (1) | 38.4 | 0 | ||||||
Operating lease right-of-use assets | 4.1 | 0 | ||||||
Intangible assets (2) | ||||||||
Acquired technology | 6.3 | 0 | ||||||
Customer relationships | 1.3 | 0.9 | ||||||
Trademarks | 1.7 | 0 | ||||||
Total assets | $ | 55.4 | $ | 0.9 | ||||
Total liabilities | $ | (5.7 | ) | $ | 0 | |||
Net assets | $ | 49.7 | $ | 0.9 | ||||
(1) | The goodwill is non-tax deductible. |
(2) | The identified intangible assets have a useful life of 3-6 years. |
Contactually, Inc. | Other | |||||||
Cash paid at closing | $ | 24.5 | $ | 14.6 | ||||
Elimination of pre-existing relationships | 1.6 | 0 | ||||||
Contingent consideration (payable in the form of cash) | 0 | 7.4 | ||||||
$ | 26.1 | $ | 22.0 | |||||
Contactually, Inc. | Other | |||||||
Cash and cash equivalents | $ | 1.0 | $ | 2.8 | ||||
Other current assets | 1.0 | 0.4 | ||||||
Property and equipment | 0 | 6.7 | ||||||
Goodwill (1) | 21.3 | 6.2 | ||||||
Operating lease right-of-use assets | 1.8 | 33.7 | ||||||
Intangible assets (2) | ||||||||
Acquired technology | 5.7 | 0 | ||||||
Customer relationships | 0 | 6.5 | ||||||
Trademarks | 0 | 0.6 | ||||||
Other non-current assets | 0.3 | 1.1 | ||||||
Total assets | $ | 31.1 | $ | 58.0 | ||||
Total liabilities | $ | (5.0 | ) | $ | (36.0 | ) | ||
Net assets | $ | 26.1 | $ | 22.0 | ||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Opening balance | $ | 24.4 | $ | 39.8 | $ | 16.4 | |||||||||||
Acquisitions | 3.6 | 5.6 | 20.0 | ||||||||||||||
Fair value (gains) losses included in net loss | (2.2) | (4.7) | 8.9 | ||||||||||||||
Payments | (11.8) | (16.3) | (5.5) | ||||||||||||||
Closing balance | $ | 14.0 | $ | 24.4 | $ | 39.8 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Opening balance | $ | 39.8 | $ | 16.4 | $ | 19.6 | ||||||
Acquisitions | 5.6 | 20.0 | 7.4 | |||||||||
Fair value (gains) losses included in net loss | (4.7 | ) | 8.9 | (9.9 | ) | |||||||
Payments | (16.3 | ) | (5.5 | ) | (0.7 | ) | ||||||
Closing balance | $ | 24.4 | $ | 39.8 | $ | 16.4 | ||||||
Year Ended December 31, | ||||||
2021 | 2020 | 2019 | ||||
Discount rate | 0.0% - 2.0% | 0.0% - 2.0% | 0.0% - 4.0% | |||
Weighted average discount rate | 0.5% | 1.3% | 3.3% | |||
Earnings volatility | 0.0% - 15.0% | 0.0% - 18.0% | 0.0% - 45.0% | |||
Weighted average earnings volatility | 3.3% | 6.9% | 12.0% |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Accrued expenses and other current liabilities | $ | 10.0 | $ | 12.9 | |||||||
Other non-current liabilities | 4.0 | 11.5 | |||||||||
Total contingent consideration | $ | 14.0 | $ | 24.4 |
December 31, | ||||||||
2021 | 2020 | |||||||
Accrued expenses and other current liabilities | $ | 12.9 | $ | 19.1 | ||||
Other non-current liabilities | 11.5 | 20.7 | ||||||
Total contingent consideration | $ | 24.4 | $ | 39.8 | ||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Leasehold improvements | $ | 192.3 | $ | 158.2 | |||||||
Office furniture and equipment | 37.1 | 31.9 | |||||||||
Computer software and internally-developed software | 37.9 | 28.1 | |||||||||
Computer equipment | 32.3 | 24.2 | |||||||||
299.6 | 242.4 | ||||||||||
Less: accumulated depreciation | (107.1) | (85.0) | |||||||||
Property and equipment, net | $ | 192.5 | $ | 157.4 |
December 31, | ||||||||
2021 | 2020 | |||||||
Leasehold improvements | $ | 158.2 | $ | 144.1 | ||||
Office furniture and equipment | 31.9 | 29.0 | ||||||
Computer software and internally-developed software | 28.1 | 23.8 | ||||||
Computer equipment | 24.2 | 22.0 | ||||||
242.4 | 218.9 | |||||||
Less: accumulated depreciation | (85.0 | ) | (77.2 | ) | ||||
Property and equipment, net | $ | 157.4 | $ | 141.7 | ||||
Amount | |||||
Balance at December 31, 2020 | $ | 119.8 | |||
Acquisitions | 68.5 | ||||
Balance at December 31, 2021 | $ | 188.3 | |||
Acquisitions | 8.8 | ||||
Measurement period adjustments | 1.3 | ||||
Balance at December 31, 2022 | $ | 198.4 |
Amount | ||||
Balance at December 31, 2019 | $ | 81.4 | ||
Acquisitions | 38.4 | |||
Balance at December 31, 2020 | $ | 119.8 | ||
Acquisitions | 68.5 | |||
Balance at December 31, 2021 | $ | 188.3 | ||
December 31, 2022 | |||||||||||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Value | Weighted Average Remaining Useful Life (Years) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||
Customer relationships | 2-9 years | $ | 155.2 | $ | (68.6) | $ | 86.6 | 3.4 | |||||||||||||||||||||
Acquired technology | 5 years | 5.5 | (1.8) | 3.7 | 3.3 | ||||||||||||||||||||||||
Trademarks | 2-9 years | 13.0 | (4.3) | 8.7 | 4.9 | ||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||
Domain name | 0.3 | — | 0.3 | n/a | |||||||||||||||||||||||||
Total | $ | 174.0 | $ | (74.7) | $ | 99.3 |
December 31, 2021 | ||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amorization | Net Value | Weighted Average Remaining Useful Life (Years) | ||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||
Customer relationships | 2-9 years | $ | 150.4 | $ | (42.9 | ) | $ | 107.5 | 4.3 | |||||||||||
Acquired technology | 2-5 | 17.5 | (9.0 | ) | 8.5 | 3.2 | ||||||||||||||
Trademarks | 2-9 | 13.6 | (2.7 | ) | 10.9 | 5.4 | ||||||||||||||
Indefinite-lived intangible assets : | ||||||||||||||||||||
Domain name | 0.3 | — | 0.3 | n/a | ||||||||||||||||
Total | $ | 181.8 | $ | (54.6 | ) | $ | 127.2 | |||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Value | Weighted Average Remaining Useful Life (Years) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||
Customer relationships | 2-9 years | $ | 150.4 | $ | (42.9) | $ | 107.5 | 4.3 | |||||||||||||||||||||
Acquired technology | 2-5 years | 17.5 | (9.0) | 8.5 | 3.2 | ||||||||||||||||||||||||
Trademarks | 2-9 years | 13.6 | (2.7) | 10.9 | 5.4 | ||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||
Domain name | 0.3 | — | 0.3 | n/a | |||||||||||||||||||||||||
Total | $ | 181.8 | $ | (54.6) | $ | 127.2 |
December 31, 2020 | ||||||||||||||||||||
Useful Life | Gross Carrying Amount | Accumulated Amorization | Net Value | Weighted Average Remaining Useful Life (Years) | ||||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||||||
Customer relationships | 3-9 years | $ | 59.7 | $ | (22.4 | ) | $ | 37.3 | 4.4 | |||||||||||
Workforce | 2 years | 9.7 | (9.7 | ) | — | — | ||||||||||||||
Acquired technology | 2-3 years | 12.0 | (5.7 | ) | 6.3 | 2.6 | ||||||||||||||
Trademarks | 2-3 years | 2.3 | (0.6 | ) | 1.7 | 2.7 | ||||||||||||||
Indefinite-lived intangible assets : | ||||||||||||||||||||
Domain name | 0.3 | — | 0.3 | n/a | ||||||||||||||||
Total | $ | 84.0 | $ | (38.4 | ) | $ | 45.6 | |||||||||||||
2023 | $ | 31.6 | |||
2024 | 29.1 | ||||
2025 | 22.7 | ||||
2026 | 10.2 | ||||
2027 | 3.9 | ||||
Thereafter | 1.5 | ||||
Total | $ | 99.0 |
2022 | $ | 32.7 | ||
2023 | 31.2 | |||
2024 | 26.8 | |||
2025 | 21.2 | |||
2026 | 9.8 | |||
Thereafter | 5.2 | |||
Total | $ | 126.9 | ||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Prepaid agent incentives | $ | 48.4 | $ | 52.7 | |||||||
Other | 28.1 | 42.2 | |||||||||
Other current assets | $ | 76.5 | $ | 94.9 |
December 31, | ||||||||
2021 | 2020 | |||||||
Prepaid Agent Incentives | $ | 52.7 | $ | 29.2 | ||||
Other | 42.2 | 25.7 | ||||||
Other current assets | $ | 94.9 | $ | 54.9 | ||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Agent equity program | $ | 41.7 | $ | 84.8 | |||||||
Accrued compensation | 50.4 | 67.4 | |||||||||
Other | 72.8 | 88.7 | |||||||||
Accrued expenses and other current liabilities | $ | 164.9 | $ | 240.9 |
December 31, | ||||||||
2021 | 2020 | |||||||
Agent equity program | $ | 84.8 | $ | 0 | ||||
Accrued compensation | 67.4 | 46.5 | ||||||
Accrued other acquisition related compensation, current | 23.6 | 1.3 | ||||||
Contingent consideration, current | 12.9 | 19.1 | ||||||
Other | 52.2 | 39.9 | ||||||
Accrued expenses and other current liabilities | $ | 240.9 | $ | 106.8 | ||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating lease costs | $ | 113.7 | $ | 102.3 | $ | 93.1 | |||||||||||
Short-term lease costs | 7.3 | 7.2 | 5.7 | ||||||||||||||
Sublease income | (3.7) | (3.2) | (3.4) | ||||||||||||||
Variable lease costs | 35.4 | 29.0 | 26.4 | ||||||||||||||
Total | $ | 152.7 | $ | 135.3 | $ | 121.8 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Operating lease costs | $ | 102.3 | $ | 93.1 | $ | 80.6 | ||||||
Short-term lease costs | 7.2 | 5.7 | 16.6 | |||||||||
Sublease income | (3.2 | ) | (3.4 | ) | (2.2 | ) | ||||||
Variable lease costs | 29.0 | 26.4 | 25.7 | |||||||||
Total | $ | 135.3 | $ | 121.8 | $ | 120.7 | ||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | |||||||||||||||||
Operating cash flows used in operating leases | $ | 118.8 | $ | 106.3 | $ | 92.0 | |||||||||||
Supplemental disclosure of non-cash leasing activities: | |||||||||||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 94.7 | $ | 137.1 | $ | 66.3 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||||||||||
Operating cash flows used in operating leases | $ | 106.3 | $ | 92.0 | $ | 53.3 | ||||||
Supplemental disclosure of non-cash leasing activities: | ||||||||||||
ROU assets obtained in exchange for new operating lease liabilities | 137.1 | 66.3 | 193.5 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Weighted average remaining lease term (years) | 6.5 | 6.7 | |||||||||
Weighted average discount rate | 4.6 | % | 4.2 | % |
December 31, | ||||||||
2021 | 2020 | |||||||
Weighted average remaining lease term (years) | 6.7 | 7.3 | ||||||
Weighted average discount rate | 4.2 | % | 4.7 | % |
2023 | $ | 118.9 | |||
2024 | 116.2 | ||||
2025 | 100.8 | ||||
2026 | 88.7 | ||||
2027 | 74.4 | ||||
Thereafter | 178.7 | ||||
Total future lease payments | 677.7 | ||||
Less: imputed interest | (96.6) | ||||
Present value of lease liabilities | $ | 581.1 |
2022 | $ | 103.8 | ||
2023 | 108.2 | |||
2024 | 98.3 | |||
2025 | 84.4 | |||
2026 | 72.8 | |||
Thereafter | 187.8 | |||
Total future lease payments | 655.3 | |||
Less: imputed interest | 90.8 | |||
Present value of lease liabilities | $ | 564.5 | ||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Series of Convertible Preferred Stock | Year Issued | Shares Authorized | Shares Issued and Outstanding | Issuance Price/ Liquidation Price (Per Share) | Aggregate Liquidation Value | Carrying Value (Net of Issuance Costs) | ||||||||||||||||||||||||||||||||
Series A | 2013 | 54,811,930 | 54,811,930 | $ | 1.0000 | $ | 54.8 | $ | 54.7 | |||||||||||||||||||||||||||||
Series B | 2014-2015 | 18,133,240 | 18,133,240 | 2.0766 | 37.7 | 37.5 | ||||||||||||||||||||||||||||||||
Series C | 2015-2016 | 13,580,260 | 13,580,260 | 4.0500 | 55.0 | 54.8 | ||||||||||||||||||||||||||||||||
Series D | 2016-2017 | 25,303,070 | 15,920,450 | 4.2632 | 67.9 | 67.6 | ||||||||||||||||||||||||||||||||
Series E | 2017-2018 | 78,543,890 | 78,543,890 | 6.7478 | 530.0 | 529.0 | ||||||||||||||||||||||||||||||||
Series F | 2018 | 33,686,160 | 33,686,160 | 11.8570 | 399.4 | 398.8 | ||||||||||||||||||||||||||||||||
Series G | 2019-2020 | 22,371,620 | 22,371,620 | 15.4269 | 345.1 | 344.3 | ||||||||||||||||||||||||||||||||
246,430,170 | 237,047,550 | $ | 1,489.9 | $ | 1,486.7 |
December 31, 2020 | ||||||||||||||||||||||||
Series of Convertible Preferred Stock | Year Issued | Shares Authorized | Shares Issued and Outstanding | Issuance Price/ Liquidation Price (Per Share) | Aggregate Liquidation Value | Carrying Value (Net of Issuance Costs) | ||||||||||||||||||
Series A | 2013 | 54,811,930 | 54,811,930 | $ | 1.0000 | $ | 54.8 | $ | 54.7 | |||||||||||||||
Series B | 2014-2015 | 18,133,240 | 18,133,240 | 2.0766 | 37.7 | 37.5 | ||||||||||||||||||
Series C | 2015-2016 | 13,580,260 | 13,580,260 | 4.0500 | 55.0 | 54.8 | ||||||||||||||||||
Series D | 2016-2017 | 25,303,070 | 15,920,450 | 4.2632 | 67.9 | 67.6 | ||||||||||||||||||
Series E | 2017-2018 | 78,543,890 | 78,543,890 | 6.7478 | 530.0 | 529.0 | ||||||||||||||||||
Series F | 2018 | 33,686,160 | 33,686,160 | 11.8570 | 399.4 | 398.8 | ||||||||||||||||||
Series G | 2019-2020 | 22,371,620 | 22,371,620 | 15.4269 | 345.1 | 344.3 | ||||||||||||||||||
246,430,170 | 237,047,550 | $ | 1,489.9 | $ | 1,486.7 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||
Shares Authorized | Shares Issued | Shares Outstanding | |||||||||||||||
Class A common stock | 12,500,000,000 | 419,842,991 | 419,842,991 | ||||||||||||||
Class B common stock | 1,250,000,000 | — | — | ||||||||||||||
Class C common stock | 100,000,000 | 18,255,203 | 18,255,203 | ||||||||||||||
Total | 13,850,000,000 | 438,098,194 | 438,098,194 |
December 31, 2021 | |||||||||||||||||
Shares Authorized | Shares Issued | Shares Outstanding | |||||||||||||||
Class A common stock | 12,500,000,000 | 391,912,514 | 391,912,514 | ||||||||||||||
Class B common stock | 1,250,000,000 | — | — | ||||||||||||||
Class C common stock | 100,000,000 | 17,355,237 | 17,355,237 | ||||||||||||||
Total | 13,850,000,000 | 409,267,751 | 409,267,751 |
December 31, 2021 | ||||||||||||
Shares Authorized | Shares Issued | Shares Outstanding | ||||||||||
Class A common stock | 12,500,000,000 | 391,912,514 | 391,912,514 | |||||||||
Class B common stock | 1,250,000,000 | — | — | |||||||||
Class C common stock | 100,000,000 | 17,355,237 | 17,355,237 | |||||||||
Total | 13,850,000,000 | 409,267,751 | 409,267,751 | |||||||||
December 31, 2020 | ||||||||||||
Shares Authorized | Shares Issued | Shares Outstanding | ||||||||||
Class A common stock | 530,136,050 | 118,549,390 | 116,299,390 | |||||||||
Class B common stock | 170,618,860 | 6,672,510 | 6,672,510 | |||||||||
Total | 700,754,910 | 125,221,900 | 122,971,900 | |||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Expected term (in years) | 6.2 | 6.3 | 7.0 | ||||||||||||||
Risk-free interest rate | 3.0 | % | 0.9 | % | 0.8 | % | |||||||||||
Expected volatility | 50.5 | % | 49.3 | % | 45.1 | % | |||||||||||
Dividend rate | — | % | — | % | — | % | |||||||||||
Fair value of common stock (range for the period) | $2.33 - $8.25 | $8.80 - $18.00 | $6.65 - $23.44 | ||||||||||||||
Weighted average grant date fair value of options granted | $ | 2.31 | $ | 8.68 | $ | 5.67 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Expected term (in years) | 6.3 | 7.0 | 5.9 | |||||||||
Risk-free interest rate | 0.9 | % | 0.8 | % | 2.3 | % | ||||||
Expected volatility | 49.3 | % | 45.1 | % | 45.0 | % | ||||||
Dividend rate | 0— | % | 0— | % | 0— | % | ||||||
Fair value of common stock (range for the period) | $ | 8.80 - $18.00 | $ | 6.65 - $23.44 | $ | 5.16 - $6.44 | ||||||
Weighted average grant date fair value of options granted | $ | 8.68 | $ | 5.67 | $ | 2.62 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contract Term (in years) | Aggregate Intrinsic Value (1) | ||||||||||||||||||||
Balance as of December 31, 2021 | 54,525,539 | $ | 5.30 | 7.1 | $ | 221.3 | |||||||||||||||||
Granted | 367,555 | 4.73 | |||||||||||||||||||||
Exercised | (4,145,127) | 2.14 | |||||||||||||||||||||
Forfeited | (4,053,730) | 6.95 | |||||||||||||||||||||
Balance as of December 31, 2022 | 46,694,237 | $ | 5.44 | 5.9 | $ | 8.5 | |||||||||||||||||
Exercisable and vested at December 31, 2022 | 36,739,913 | $ | 4.70 | 5.4 | $ | 8.5 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contract Term (in years) | Aggregate Intrinsic Value | |||||||||||||
Balance as of December 31, 2020 | 62,827,150 | $ | 4.55 | 7.8 | $ | 1,208.0 | ||||||||||
Granted | 3,375,940 | 13.89 | ||||||||||||||
Exercised | (9,318,462 | ) | 2.89 | |||||||||||||
Forfeited | (2,359,089 | ) | 6.87 | |||||||||||||
Balance as of December 31, 2021 | 54,525,539 | $ | 5.30 | 7.1 | $ | 221.3 | ||||||||||
Excercisable and vested at December 31, 2021 | 34,618,347 | $ | 4.02 | 6.3 | $ | 176.6 | ||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Balance as of December 31, 2021 | 54,517,930 | $ | 10.29 | ||||||||
Granted | 40,362,895 | 6.16 | |||||||||
Vested and converted to common stock (1) | (27,935,099) | 9.11 | |||||||||
Forfeited | (19,755,889) | 11.13 | |||||||||
Balance as of December 31, 2022 | 47,189,837 | $ | 7.10 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Balance as of December 31, 2020 | 32,556,160 | $ | 6.75 | |||||
Granted | 41,969,138 | 13.30 | ||||||
Vested and converted to common stock | (15,779,232 | ) | 10.21 | |||||
Forfeited | (4,228,136 | ) | 13.20 | |||||
Balance as of December 31, 2021 | 54,517,930 | $ | 10.29 | |||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Commissions and other related expense | $ | 59.0 | $ | 128.7 | $ | 5.7 | |||||||||||
Sales and marketing | 42.0 | 38.4 | 16.0 | ||||||||||||||
Operations and support | 15.6 | 16.9 | 3.5 | ||||||||||||||
Research and development | 57.5 | 92.7 | 1.4 | ||||||||||||||
General and administrative | 60.4 | 109.6 | 16.6 | ||||||||||||||
Total stock-based compensation expense | $ | 234.5 | $ | 386.3 | $ | 43.2 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Commissions and other related expense | $ | 128.7 | $ | 5.7 | $ | 16.1 | ||||||
Sales and marketing | 38.4 | 16.0 | 11.1 | |||||||||
Operations and support | 16.9 | 3.5 | 2.4 | |||||||||
Research and development | 92.7 | 1.4 | 2.8 | |||||||||
General and administrative | 109.6 | 16.6 | 5.0 | |||||||||
Total stock-based compensation expense | $ | 386.3 | $ | 43.2 | $ | 37.4 | ||||||
IPO Related Expense | |||||
Commissions and other related expense | $ | 41.7 | |||
Sales and marketing | 1.8 | ||||
Operations and support | 3.1 | ||||
Research and development | 46.9 | ||||
General and administrative | 55.0 | ||||
Total stock-based compensation expense | $ | 148.5 |
IPO Related Expense | ||||
Commissions and other related expense | $ | 41.7 | ||
Sales and marketing | 1.8 | |||
Operations and support | 3.1 | |||
Research and development | 46.9 | |||
General and administrative | 55.0 | |||
Total stock-based compensation expense | $ | 148.5 | ||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
United States | $ | (610.4) | $ | (496.5) | $ | (272.4) | |||||||||||
International | 8.0 | (0.1) | 0.5 | ||||||||||||||
Total | $ | (602.4) | $ | (496.6) | $ | (271.9) |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
United States | $ | (496.5 | ) | $ | (272.4 | ) | $ | (388.9 | ) | |||
International | (0.1 | ) | 0.5 | — | ||||||||
Total | $ | (496.6 | ) | $ | (271.9 | ) | $ | (388.9 | ) | |||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | — | $ | — | $ | 0.8 | |||||||||||
State | — | — | — | ||||||||||||||
Foreign | (3.1) | (1.2) | (0.2) | ||||||||||||||
Total current | (3.1) | (1.2) | 0.6 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | 0.9 | 2.1 | 0.3 | ||||||||||||||
State | 0.3 | 0.4 | 0.6 | ||||||||||||||
Foreign | 2.8 | 1.2 | 0.2 | ||||||||||||||
Total deferred | 4.0 | 3.7 | 1.1 | ||||||||||||||
Total benefit from income taxes | $ | 0.9 | $ | 2.5 | $ | 1.7 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | 0.8 | $ | — | ||||||
State | — | — | — | |||||||||
Foreign | (1.2 | ) | (0.2 | ) | — | |||||||
Total current | (1.2 | ) | 0.6 | — | ||||||||
Deferred: | ||||||||||||
Federal | 2.1 | 0.3 | 1.0 | |||||||||
State | 0.4 | 0.6 | (0.1 | ) | ||||||||
Foreign | 1.2 | 0.2 | — | |||||||||
Total deferred | 3.7 | 1.1 | 0.9 | |||||||||
Total benefit from income taxes | $ | 2.5 | $ | 1.7 | $ | 0.9 | ||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Tax at federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State taxes, net of federal effect | 7.0 | % | 8.8 | % | 4.0 | % | |||||||||||
Change in valuation allowance | (25.0) | % | (34.2) | % | (23.4) | % | |||||||||||
Stock-based compensation | (2.4) | % | 7.9 | % | 0.0 | % | |||||||||||
Non-deductible executive compensation | (0.6) | % | (2.8) | % | 0.0 | % | |||||||||||
Non-deductible expenses | (0.4) | % | 0.1 | % | (2.1) | % | |||||||||||
Other | 0.6 | % | (0.3) | % | 1.1 | % | |||||||||||
Benefit from income taxes | 0.2 | % | 0.5 | % | 0.6 | % |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Tax at federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State taxes, net of federal effect | 8.8 | % | 4.0 | % | 7.7 | % | ||||||
Change in valuation allowance | (34.2 | ) % | (23.4 | )% | (28.6 | )% | ||||||
Stock-based compensation | 7.9 | % | 0.0 | % | 0.8 | % | ||||||
Non-deductible executive compensation | (2.8 | )% | 0.0 | % | 0.0 | % | ||||||
Non-deductible expenses | 0.1 | % | (2.1 | )% | (0.6 | )% | ||||||
Other | (0.3 | ) % | 1.1 | % | (0.1 | )% | ||||||
Benefit from income taxes | 0.5 | % | 0.6 | % | 0.2 | % | ||||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Deferred tax assets: | |||||||||||
Nondeductible accruals | $ | 15.0 | $ | 15.0 | |||||||
Stock-based compensation | 55.0 | 66.7 | |||||||||
Lease liabilities | 161.2 | 157.9 | |||||||||
Net operating loss carryforward | 395.6 | 331.1 | |||||||||
Allowance for credit losses | 9.2 | 7.2 | |||||||||
Accrued compensation | 35.4 | 32.5 | |||||||||
Capitalized research & development costs | 83.6 | — | |||||||||
Intangible assets | 6.7 | — | |||||||||
Other | 5.4 | 3.4 | |||||||||
Total deferred tax assets | $ | 767.1 | $ | 613.8 | |||||||
Deferred tax liabilities: | |||||||||||
Operating lease right-of-use assets | $ | (132.2) | $ | (132.8) | |||||||
Intangible assets | — | (1.7) | |||||||||
Property and equipment | (37.5) | (29.5) | |||||||||
Total deferred tax liabilities | (169.7) | (164.0) | |||||||||
Less: valuation allowance | (594.2) | (448.4) | |||||||||
Net deferred tax assets | $ | 3.2 | $ | 1.4 |
December 31, | ||||||||
2021 | 2020 | |||||||
Deferred tax assets: | ||||||||
Nondeductible accruals | $ | 15.0 | $ | 7.8 | ||||
Stock-based compensation | 66.7 | 20.0 | ||||||
Lease liabilities | 157.9 | 144.6 | ||||||
Net operating loss carryforward | 331.1 | 240.4 | ||||||
Allowance for credit losses | 7.2 | 7.3 | ||||||
Accrued compensation | 32.5 | 18.6 | ||||||
Other | 3.4 | 1.4 | ||||||
Total deferred tax assets | 613.8 | 440.1 | ||||||
Deferred tax liabilities: | ||||||||
Operating lease right-of-use | (132.8 | ) | (119.9 | ) | ||||
Intangible assets | (1.7 | ) | (6.1 | ) | ||||
Property and equipment | (29.5 | ) | (26.4 | ) | ||||
Total deferred tax liabilities | (164.0 | ) | (152.4 | ) | ||||
Less: valuation allowance | (4 48 .4 | ) | (287.5 | ) | ||||
Net deferred tax assets | $ | 1.4 | $ | 0.2 | ||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Opening balance | $ | 17.3 | $ | 17.2 | |||||||
Allowances | 1.8 | 7.2 | |||||||||
Net write-offs and other | (4.4) | (7.1) | |||||||||
Closing balance | $ | 14.7 | $ | 17.3 |
December 31, | ||||||||
2021 | 2020 | |||||||
Opening balance | $ | 17.2 | $ | 4.7 | ||||
Adoption of ASU 2016-03 | 0 | 5.6 | ||||||
Allowances | 7.2 | 9.1 | ||||||
Net write-offs and other | (7.1 | ) | (2.2 | ) | ||||
Closing balance | $ | 17.3 | $ | 17.2 | ||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Current | $ | 50.6 | $ | 41.0 | |||||||
31-90 days | 1.8 | 0.9 | |||||||||
Over 90 days | 5.2 | 8.3 | |||||||||
Total | $ | 57.6 | $ | 50.2 |
31-90 days | Over 90 days | Total Past Due | Current | Total | ||||||||||||||||
December 31, 2021 | $ | 0.9 | $ | 8.3 | $ | 9.2 | $ | 41.0 | $ | 50.2 | ||||||||||
December 31, 2020 | $ | 5.5 | $ | 10.8 | $ | 16.3 | $ | 50.4 | $ | 66.7 | ||||||||||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to Compass, Inc. | $ | (601.5) | $ | (494.1) | $ | (270.2) | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Compass, Inc., basic and diluted | 428,169,180 | 326,336,128 | 109,954,760 | ||||||||||||||
Net loss per share attributable to Compass, Inc., basic and diluted | $ | (1.40) | $ | (1.51) | $ | (2.46) |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Numerator: | ||||||||||||
Net loss attributable to common stockholders | $ | (494.1 | ) | $ | (270.2 | ) | $ | (388.0 | ) | |||
Denominator: | ||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 326,336,128 | 109,954,760 | 106,529,880 | |||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (1.51 | ) | $ | (2.46 | ) | $ | (3.64 | ) | |||
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Convertible preferred stock | — | — | 238,954,050 | ||||||||||||||
Outstanding stock options | 46,694,237 | 54,525,539 | 62,827,150 | ||||||||||||||
Outstanding RSUs | 47,189,837 | 54,517,930 | 32,556,160 | ||||||||||||||
Shares subject to the Employee Stock Purchase Plan | 583,749 | — | — | ||||||||||||||
Unvested early exercised options | 91,770 | 1,068,300 | 1,075,710 | ||||||||||||||
Unvested common stock | 138,892 | 391,092 | 640,320 | ||||||||||||||
Total | 94,698,485 | 110,502,861 | 336,053,390 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Convertible preferred stock | — | 238,954,050 | 248,271,850 | |||||||||
Outstanding stock options | 54,525,539 | 62,827,150 | 43,776,850 | |||||||||
Outstanding RSUs | 54,517,930 | 32,556,160 | 5,297,200 | |||||||||
Unvested early exercised options | 1,068,300 | 1,075,710 | — | |||||||||
Unvested common stock | 391,092 | 640,320 | 1,097,880 | |||||||||
Total | 110,502,861 | 336,053,390 | 298,443,780 | |||||||||
Year Ended December 31, 2022 | |||||||||||||||||
Restructuring costs | Depreciation and amortization | Total | |||||||||||||||
Severance related personnel costs | $ | 40.6 | $ | — | $ | 40.6 | |||||||||||
Lease termination costs | 7.7 | — | 7.7 | ||||||||||||||
Accelerated amortization of intangible assets | — | 4.6 | 4.6 | ||||||||||||||
Accelerated depreciation | — | 2.5 | 2.5 | ||||||||||||||
Other restructuring activities | 0.8 | — | 0.8 | ||||||||||||||
Total | $ | 49.1 | $ | 7.1 | $ | 56.2 |
December 31, 2020 | ||||||||||||
Severance | Lease Termination | Total | ||||||||||
Sales and marketing | $ | 1.5 | $ | 4.3 | $ | 5.8 | ||||||
Operations and support | 2.9 | — | 2.9 | |||||||||
Research and development | 0.7 | — | 0.7 | |||||||||
General and administrative | 0.9 | — | 0.9 | |||||||||
Total | $ | 6.0 | $ | 4.3 | $ | 10.3 | ||||||
Years Ended December 31, 2022, 2021 and 2020 | |||||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Costs and Expenses | Write- offs | Other | Balance at End of Year | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Accounts receivable allowance for credit loss | $ | 7.1 | $ | 5.5 | $ | (3.6) | $ | — | $ | 9.0 | |||||||||||||||||||
Compass Concierge receivable allowance for credit loss | 17.3 | 1.8 | (4.4) | — | 14.7 | ||||||||||||||||||||||||
Valuation allowance for deferred tax assets | 448.4 | — | — | 145.8 | (b) | 594.2 | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Accounts receivable allowance for credit loss | 8.1 | 1.7 | (2.7) | — | 7.1 | ||||||||||||||||||||||||
Compass Concierge receivable allowance for credit loss | 17.2 | 7.2 | (7.1) | — | 17.3 | ||||||||||||||||||||||||
Valuation allowance for deferred tax assets | 287.5 | — | — | 160.9 | (b) | 448.4 | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Accounts receivable allowance for credit loss | 2.7 | 6.9 | (1.5) | — | 8.1 | ||||||||||||||||||||||||
Compass Concierge receivable allowance for credit loss | 4.7 | 9.1 | (2.2) | 5.6 | (a) | 17.2 | |||||||||||||||||||||||
Valuation allowance for deferred tax assets | 223.1 | — | — | 64.4 | (b) | 287.5 |
Years Ended December 31, 2021, 2020 and 2019 | ||||||||||||||||||||
Balance at Beginning of Year | Charged to Costs and Expenses | Write- offs | Other | Balance at End of Year | ||||||||||||||||
(in millions) | ||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Accounts receivable allowance for credit loss | $ | 8.1 | $ | 1.7 | $ | (2.7 | ) | $ | — | $ | 7.1 | |||||||||
Compass Concierge receivable allowance for credit loss | 17.2 | 7.2 | (7.1 | ) | — | 17.3 | ||||||||||||||
Valuation allowance for deferred tax assets | 287.5 | — | — | 160.9 | (b) | 448.4 | ||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Accounts receivable allowance for credit loss | 2.7 | 6.9 | (1.5 | ) | — | 8.1 | ||||||||||||||
Compass Concierge receivable allowance for credit loss | 4.7 | 9.1 | (2.2 | ) | 5.6 | (a) | 17.2 | |||||||||||||
Valuation allowance for deferred tax assets | 223.1 | — | — | 64.4 | (b) | 287.5 | ||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Accounts receivable allowance for credit loss | 2.2 | 2.1 | (1.6 | ) | — | 2.7 | ||||||||||||||
Compass Concierge receivable allowance for credit loss | — | 4.7 | — | — | 4.7 | |||||||||||||||
Valuation allowance for deferred tax assets | 108.9 | — | — | 114.2 | (b) | 223.1 |
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.1 | 10-Q | 001-40291 | 3.1 | 5/13/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3.2 | 10-Q | 001-40291 | 3.2 | 5/13/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.1 | 10-K | 001-40291 | 4.1 | 2/28/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.2 | S-1/A | 333-253744 | 4.1 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.1+ | S-1 | 333-253744 | 10.1 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.2+ | S-1 | 333-253744 | 10.2 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.3+ | S-1/A | 333-253744 | 10.3 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.4+ | S-1/A | 333-253744 | 10.4 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.5+ | S-1 | 333-253744 | 10.5 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.6+ | S-1/A | 333-253744 | 10.6 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.7+ | S-1/A | 333-253744 | 10.9 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.8+ | S-1/A | 333-253744 | 10.10 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.9+ | S-1/A | 333-253744 | 10.11 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.10 | S-1 | 333-253744 | 10.12 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.11 | S-1/A | 333-253744 | 10.14 | 3/23/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.12+ | S-1 | 333-253744 | 10.14 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.13+ | S-1 | 333-253744 | 10.15 | 3/1/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.14+ | 10-Q | 001-40291 | 10.2 | 8/10/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.15+ | 10-Q | 001-40291 | 10.3 | 8/10/21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.16+ | 8-K | 001-40291 | 10.1 | 3/17/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.17+ | 10-Q | 001-40291 | 10.1 | 5/13/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.18+ | 10-Q | 001-40291 | 10.2 | 5/13/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.19+ | 10-Q | 001-40291 | 10.3 | 5/13/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit Number | Incorporated by Reference | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.20+ | 10-Q | 001-40291 | 10.4 | 5/13/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.21 | 10-Q | 001-40291 | 10.1 | 8/15/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.22+ | 10-Q | 001-40291 | 10.2 | 8/15/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.23+ | 10-Q | 001-40291 | 10.3 | 8/15/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.24+ | 8-K | 001-40291 | 10.1 | 10/28/22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32.1# | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32.2# | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101 | The following financial information related to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Loss, (iv) the Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit), (v) the Consolidated Statements of Cash Flows; and (vi) the related Notes to Consolidated Financial Statements | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101 | X |
Compass, Inc | ||||||||||||||||||||||
(Registrant) | ||||||||||||||||||||||
March 1, 2023 | By | /s/ Robert Reffkin | ||||||||||||||||||||
(Date) | Robert Reffkin | |||||||||||||||||||||
Chief Executive Officer |
Name | Title | Date | |||||||||||||
/s/ Robert Reffkin | Chairman of the Board of Directors and Chief Executive Officer | ||||||||||||||
Robert Reffkin | (Principal Executive Officer) | ||||||||||||||
/s/ | Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | |||||||||||||||
/s/ Scott Wahlers | Chief Accounting Officer | ||||||||||||||
Scott Wahlers | (Principal Accounting Officer) | ||||||||||||||
/s/ Jeffrey Housenbold | Director | ||||||||||||||
Jeffrey Housenbold | |||||||||||||||
/s/ Allan Leinwand | Director | March 1, 2023 | |||||||||||||
Allan Leinwand | |||||||||||||||
/s/ Frank Martell | Director | March 1, 2023 | |||||||||||||
Frank Martell | |||||||||||||||
/s/ Josh McCarter | Director | March 1, 2023 | |||||||||||||
Josh McCarter | |||||||||||||||
/s/ Charles Phillips | Director | March 1, 2023 | |||||||||||||
Charles Phillips | |||||||||||||||
/s/ Steven Sordello | Director | March 1, 2023 | |||||||||||||
Steven Sordello | |||||||||||||||
/s/ Pamela Thomas-Graham | Director | ||||||||||||||
Pamela Thomas-Graham | |||||||||||||||
/s/ Dawanna Williams | Director | March 1, 2023 | |||||||||||||
Dawanna Williams |