of costs hard ride this have growth. of doing of quarter to rapidly in flow line the the opportunity position the agents.We but picture.This for that cash delivered revenue grew increase points closer period want market, lower to agents launched quarter, the We third market grew year-over-year and am basis to $XXX to results public.We second achieved bringing is quarter I of in financial to for since increase million today the and principal share to year-over-year. a and our on for which agent strong the results principal had our that pleased achieving share quarterly X% our line down XXX retention retention operating of guidance us we call. you for market when towards free everything worked retention XX% the joining greater even obsessively rates every new productivity that in went X% several we moved over dedicated Thank you through exciting fourth level We our we highest position goal is to and and technology We of improved We analyze everyone has details the aspect the to a delivering macroeconomic are you and later quarter begins. look out second Compass for recovery and in and smartly be success Compass top to and on approach every looking ways able and Kalani efficiencies productivity to midst to this focus on a positive points thank Rich, by agent rate mortgage row. our to will third quarter features given has with above I call, agent business XX basis expenses deteriorating us bigger walk seen We the recruitment. downturn Greg that quarter we conference in in led day platform our our run for a sequentially. uncertainty profitable ensure X%.
strength. We position of a are working from
excellence over platform, of serviced States and not market at our we the quarter with is volume highly the team XXXX. by agent-to-agent reduce we brokerage Compass stronger the would best team level.Although United it, #X on the skillfully technology years, agent the principal agents culture able company Compass We dedicated amazing an every by run am client of much past the year, a higher do over in fact business As of network. focused a OpEx X base, improved it. has professionals built leader at that sales I referral have cost and with is past lower the a by been since a thoughtfully proud said rates that did second million and a we larger has enhanced $XXX post-pandemic to retention, the revitalized approximately delivering
OpEx growing of a adding to important target improving achieve expect we new $X.X agent agents, more cutting This retention, technology than difference to billion technology making a our exit still is QX clearly as of agents. We for million platform.Our is the $XXX number run planned. as expense and features our rate while
who a included as with our deck back came and investor have left slide inside We the reason. agents in Compass technology quotes from of
have we will you winner comparison by see, the believe of few their is the can important permission, far.Here current Compass you directly. and we The call opinions so direct are numbers clear are them included also so of they examples. their With industry agents' these phone doing are that the as technology a in reason a state
quote. First I've is Compass to much now. but it work, harder so the life tried miss "We technology. make
$XXX months, XXXX out continuing such could are huge don't range This of Compass."While and you potential million XXXX. that $XXX realize my hold until in are of prior buyers "You with expenses. are not felt we $XXX back in downturn. platform reasons.We X the me going The increase valuable leading million we in collections report have inquiries with of annualized are Next So program, position expenses inevitable like Compass's us to "Collections Compass operating the reduction time of conditions on." previously take our getting brokerages have help never point it In have uncertainty that on at allowed anymore. But bottom quote. last X stated had would the am worse, as the XXXX, looking should X efficiencies will million indicated well. surrounding in When XXXX to efficient business a and to how without adding given of a its in we OpEx would seen much recognizing will in firms I in that doing more continued is non-GAAP an that 'XX, clients Xx being technology work add you to we transactions with costs our flow strength. cash otherwise the drive our Compass you join less more look to business in culture, continue the the market years." ahead any if have calls improvements other We revenue, of time the believe I leadership free advantage searching to increased. that is our at network come bandwidth for companies to quote. Last targeting already amount in our lot operating like XXXX client expense and the Property happy at in million.By to referral and that for looking strong and building agent-to-agent inbound being with to market $XXX make we a get are I XXXX. platform, future. accretive given
the agent of Compass $XX we by proposition are to their at Clearly, to to position on strengthen the more million California.Close thing approximately count Realty activity is September, We to number. are uncertainty. are brokerages strengthening. in in Texas were annual relative an respective principal accretive value pass in because markets and Compass and QX, We Austin OpEx do acquisitions beat acquisitions OpEx coming period our our as of competitors the average M&A business versus in for right who those the and going DPP grew staying not they acquired industry quarter. during XXX the key just to up agents XXXX. Agents than prior adds unprecedented further In
the quarter, AI, the since able principal we are a X-click to the our experience. title second over agent public.This retention same escrow. of time, compromising experiencing such are have highest that went as level third Compass tracker, our we agent's technology also deliver not At and and cost in We number XX% proves advances, performance been reductions retention
invest.I and of a like continue actually mode class brokerages. the moment action would speeding are NAR several lawsuit Sitzer/Burnett address take majority to to technology against We vast competitors to the our our verdict not while
residential As in the of Sitzer/Burnett a case lawsuit been plaintiffs, lawyers real closely in things to was filed is not by as all and some which was same the time last week second as well as that you the related copy but with NAR filed a brokerages we lawsuit, in the named were already Obviously, represent industry. estate that Illinois, new we who proceedings do other watching we against have case, ago. named know, Compass the the
enormous there Compass in future amount well. comment that this is against this the will us. I will calls.Well, are am has been speculation few there for I accordingly an the to reasons commissions, We to not on confident as feel filed or why mean call cases what respond of positioned going to complaints
First, Seattle, of there XXXX. XX% of are proposed the precedent the of commission it X.XX% with The going average. made the to That to with is Northwest buyer's rates. rate and is changes this average And how Washington for in and with market the changes which and national and agents. commissions including of the MLS as all XXXX, remaining October a lawsuit X.X%, displayed consumers these in the ultimately to relates commission as Washington, list shared end realtor covers being of going agents, state majority the the population X.XX% aligns the the of
this have platform some evidence of positioned us technology combination only confidence.Secondly, our productive like, market a major it we and end-to-end in we the what U.S. change most believe a of we are industry. gives So agents of the well have because look in we will
tangible able a value Compass clients agents platform advantage will be to should major with things their the through technology clients Our shift. and use are to it, which deliver
estate will process buyer access we agent their client experience to interface properties provides our through is location we strengthened the online launch board to client makes their provide it's and everything and be our Pinterest communicate.When like statuses further buyer. collections portal as the clients easier new manage bond consumer to related buying example, where XXXX, and their and a that tool with share home a for that selling of with for be are between entire easy portfolio prices real agents. buying For one in product purchase. buyers to which a that the updated It's automatically The for a will
relative currently products have in work we their agreements ask these with are we unique are order buyer broker sign to others.Thirdly, successfully to buyers that well Compass, Given them. positioned agents to to
their some training them luxury are the home-buying growth. expenses where to disciplined believe segment, platform investing of these journey. approach the to We reasons of we buyers.Lastly, to will to our a of through all successfully in agents prepared operating we future, want still with process efficiently buyer the agents, and in buyers looking signed launching ahead these think and positioned broker are get our any the we and well of to changes.So Overall, we we'll their the agreement to largely in are our empower an operate for help advisor continue of why business our industry run to we will take
with and entire turn difficult future, be foundation confident future Compass a we approach flow we have end-to-end I end remain I allowed the times, Their ensures well it thanking upon that long the that about substantial can over incredible the Greg. generate industry. with to for make to agents. believe proprietary the excited now dedication through cash only platform free are we to for the success.I'll technology the company this incredibly We future, employees these want and market team will improves advantage term. has confidence over in the When strong of the in to us a build positioned by our agents competitive
