10-Q Filing

Compass, Inc. CIK: 1563190 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-160693`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	comp-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 31 Cash Flow Statement 63 Stockholders Equity 18

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit loss on accounts receivable current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.40M	USD	Point-in-time
Allowance for credit loss on accounts receivable current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.10M	USD	Point-in-time
Allowance for credit loss on financing receivable current	`AllowanceForNotesAndLoansReceivableCurrent`	$17.20M	USD	Point-in-time
Allowance for credit loss on financing receivable current	`AllowanceForNotesAndLoansReceivableCurrent`	$16.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$329.60M	USD	Point-in-time
Convertible preferred stock par or stated value per share	`ConvertiblePreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$491.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$332.90M	USD	Point-in-time
Convertible preferred stock par or stated value per share	`ConvertiblePreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$440.10M	USD	Point-in-time
Accounts receivable, net of allowance of $8.4 and $8.1, respectively	`AccountsReceivableNetCurrent`	$58.30M	USD	Point-in-time
Accounts receivable, net of allowance of $8.4 and $8.1, respectively	`AccountsReceivableNetCurrent`	$54.80M	USD	Point-in-time
Convertible preferred stock shares authorized	`ConvertiblePreferredStockSharesAuthorized`	237.05M	shares	Point-in-time
Convertible preferred stock shares authorized	`ConvertiblePreferredStockSharesAuthorized`	246.43M	shares	Point-in-time
Compass Concierge receivables, net of allowance of $16.9 and $17.2, respectively	`NotesAndLoansReceivableNetCurrent`	$49.50M	USD	Point-in-time
Compass Concierge receivables, net of allowance of $16.9 and $17.2, respectively	`NotesAndLoansReceivableNetCurrent`	$48.30M	USD	Point-in-time
Convertible preferred stock shares issued	`ConvertiblePreferredStockSharesIssued`	237.05M	shares	Point-in-time
Convertible preferred stock shares issued	`ConvertiblePreferredStockSharesIssued`	221.13M	shares	Point-in-time
Convertible preferred stock shares outstanding	`ConvertiblePreferredStockSharesOutstanding`	221.13M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$54.90M	USD	Point-in-time
Convertible preferred stock shares outstanding	`ConvertiblePreferredStockSharesOutstanding`	237.05M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$66.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$502.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$599.30M	USD	Point-in-time
Common stock par or stated value per share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock par or stated value per share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	700.75M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$141.70M	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	1.37B	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$144.20M	USD	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	125.22M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	146.10M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$426.60M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$436.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$79.20M	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	122.97M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.60M	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	143.85M	shares	Point-in-time
Goodwill	`Goodwill`	$119.80M	USD	Point-in-time
Goodwill	`Goodwill`	$154.50M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$32.10M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$50.50M	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$39.90M	USD	Point-in-time
Commissions payable	`AccruedSalesCommissionCurrent`	$62.00M	USD	Point-in-time
Commissions payable	`AccruedSalesCommissionCurrent`	$55.30M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$106.80M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$128.20M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$73.30M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$68.10M	USD	Point-in-time
Concierge credit facility	`LinesOfCreditCurrent`	$10.20M	USD	Point-in-time
Concierge credit facility	`LinesOfCreditCurrent`	$8.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$306.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$281.90M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$435.90M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$441.80M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$23.50M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$26.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$741.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$775.40M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible preferred stock, $0.00001 par value, 237,047,550 and 246,430,170 shares authorized at March 31, 2021 and December 31, 2020, respectively; 221,127,100 and 237,047,550 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`ConvertiblePreferredStockValue`	$1.49B	USD	Point-in-time
Convertible preferred stock, $0.00001 par value, 237,047,550 and 246,430,170 shares authorized at March 31, 2021 and December 31, 2020, respectively; 221,127,100 and 237,047,550 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`ConvertiblePreferredStockValue`	$1.42B	USD	Point-in-time
Common stock, $0.00001 par value, 1,371,373,770 and 700,754,910 shares authorized at March 31, 2021 and December 31, 2020, respectively; 146,102,070 and 125,221,900 shares issued at March 31, 2021 and December 31, 2020, respectively; 143,852,070 and 122,971,900 shares outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$238.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$486.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.10B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.31B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-827.30M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-808.60M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-681.60M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-862.90M	USD	Point-in-time
Total liabilities, convertible preferred stock and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities, convertible preferred stock and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$619.90M	USD	1 Quarter
Revenue	`Revenues`	$1.11B	USD	1 Quarter
Commissions and other related expense	`SalesCommissionsAndFees`	$942.20M	USD	1 Quarter
Commissions and other related expense	`SalesCommissionsAndFees`	$508.80M	USD	1 Quarter
Sales and marketing	`OtherSellingAndMarketingExpense`	$106.50M	USD	1 Quarter
Sales and marketing	`OtherSellingAndMarketingExpense`	$111.30M	USD	1 Quarter
Operations and support	`OtherCostAndExpenseOperating`	$70.00M	USD	1 Quarter
Operations and support	`OtherCostAndExpenseOperating`	$61.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$38.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$96.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$26.50M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$92.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$13.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$12.40M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.33B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$754.10M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-212.60M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-134.20M	USD	1 Quarter
Investment income, net	`InvestmentIncomeNonoperating`	-	USD	1 Quarter
Investment income, net	`InvestmentIncomeNonoperating`	$1.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$500.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-132.70M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-213.10M	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	$-700.00K	USD	1 Quarter
Benefit from income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-132.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-212.40M	USD	1 Quarter
Net loss per share attributable to common stockholders, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.67	USD	1 Quarter
Net loss per share attributable to common stockholders, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.22	USD	1 Quarter
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	126.92M	shares	1 Quarter
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	108.76M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-132.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-212.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.40M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$167.50M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.10M	USD	1 Quarter
Change in acquisition related contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-3.20M	USD	1 Quarter
Change in acquisition related contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$700.00K	USD	1 Quarter
Bad debt expense	`BadDebtExpense`	$3.00M	USD	1 Quarter
Bad debt expense	`BadDebtExpense`	$6.30M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$300.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.10M	USD	1 Quarter
Compass Concierge receivables	`IncreaseDecreaseInFinanceReceivables`	$700.00K	USD	1 Quarter
Compass Concierge receivables	`IncreaseDecreaseInFinanceReceivables`	$60.80M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-3.80M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$10.70M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$4.20M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$7.40M	USD	1 Quarter
Operating lease right-of-use assets and operating lease liabilities	`IncreaseDecreaseInOperatingLeaseRightOfUseAssetsNetOfOperatingLeaseLiabilities`	$-1.10M	USD	1 Quarter
Operating lease right-of-use assets and operating lease liabilities	`IncreaseDecreaseInOperatingLeaseRightOfUseAssetsNetOfOperatingLeaseLiabilities`	$-11.80M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.90M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-5.40M	USD	1 Quarter
Commissions payable	`IncreaseDecreaseInCommissionPayable`	$-7.90M	USD	1 Quarter
Commissions payable	`IncreaseDecreaseInCommissionPayable`	$1.50M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-4.10M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$15.50M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-47.30M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-167.70M	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$17.30M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.30M	USD	1 Quarter
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$300.00K	USD	1 Quarter
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$59.20M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$7.70M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-69.20M	USD	1 Quarter
Proceeds from issuance of convertible preferred stock, net of issuance costs	`ProceedsFromIssuanceOfConvertiblePreferredStock`	-	USD	1 Quarter
Proceeds from issuance of convertible preferred stock, net of issuance costs	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$1.00M	USD	1 Quarter
Proceeds from exercise and early exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.40M	USD	1 Quarter
Proceeds from exercise and early exercise of stock options	`ProceedsFromStockOptionsExercised`	$200.00K	USD	1 Quarter
Proceeds from drawdowns on Concierge credit facility	`ProceedsFromLinesOfCredit`	$6.30M	USD	1 Quarter
Repayments of drawdowns on Concierge credit facility	`RepaymentsOfLinesOfCredit`	$4.50M	USD	1 Quarter
Payments of contingent consideration related to acquisitions	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$6.30M	USD	1 Quarter
Payments of debt issuance costs for the Revolving Credit and Guaranty Agreement	`PaymentsOfDebtIssuanceCosts`	$1.40M	USD	1 Quarter
Payments of deferred offering costs	`PaymentsOfStockIssuanceCosts`	$2.50M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.20M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-158.80M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-110.50M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$329.60M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$491.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$332.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$440.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$329.60M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$491.70M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$332.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$440.10M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$100.00K	USD	1 Quarter
Property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$1.60M	USD	1 Quarter
Accrued consideration related to acquisitions	`NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1`	$13.00M	USD	1 Quarter
Conversion of Series D convertible preferred stock	`ConversionOfStockAmountIssued1`	$67.60M	USD	1 Quarter
Accrued deferred offering costs	`AccruedDeferredOfferingCosts`	$6.70M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-827.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-808.60M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-681.60M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-862.90M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-132.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-212.40M	USD	1 Quarter
Issuance of shares in connection with acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$4.30M	USD	1 Quarter
Conversion of Series D convertible preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$67.60M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$9.90M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$200.00K	USD	1 Quarter
Exercise of stock options, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	4.71M	shares	1 Quarter
Vesting of early exercised of stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.20M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$165.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$11.10M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-827.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-808.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-681.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-862.90M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.