Revenues of $390.7 million

Operating income of $13.9 million

 Net loss attributable to OUTFRONT Media Inc. of $20.6 million

Adjusted OIBDA of $64.2 million

AFFO attributable to OUTFRONT Media Inc. of $23.9 million

Quarterly dividend of $0.30 per share, payable June 30, 2025

NEW YORK, May 8, 2025 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2025.

“The first quarter came in largely as expected despite an uncertain economic climate.” said Nick Brien, Interim Chief Executive Officer of OUTFRONT Media. “Although recent macroeconomic events have further increased the uncertainty in the market, we remain confident in the health and strength of our business in both the short and long-term.”

First Quarter 2025 Results

We currently manage our operations through two reportable operating segments — (1) Billboard and (2) Transit. On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of our outdoor advertising business in Canada (the “Canadian Business”). Prior to its sale, the Canadian Business comprised our International operating segment, which did not meet the criteria to be a reportable segment, and accordingly, was included in Other.

The following reported results include the historical results of the Canadian Business through the date of sale.

Consolidated
Reported revenues of $390.7 million decreased $17.8 million, or 4.4%, for the first quarter of 2025 as compared to the same prior-year period. Organic revenues of $390.7 million increased $0.8 million, or 0.2%.

Total operating expenses of $221.3 million decreased $17.4 million, or 7.3%, compared to the same prior-year period, due primarily to lower variable property lease expenses, the impact of the Transaction and lost billboards.

Selling, General and Administrative expenses (“SG&A”) of $114.7 million increased $4.2 million, or 3.8%, compared to the same prior-year period, due primarily to higher compensation-related expenses, including severance and salaries, and higher professional fees, as a result of a management consulting project, partially offset by the impact of the Transaction and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees. We continue to evaluate methods to lower SG&A expense growth.

Adjusted OIBDA of $64.2 million decreased $2.3 million, or 3.5%, compared to the same prior-year period.

Segment Results

Billboard
Reported billboard segment revenues of $310.7 million decreased $3.2 million, or 1.0%, compared to the same prior-year period, driven by the impact of lost billboards in the period and lower proceeds from condemnations, partially offset by an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues. Organic billboard segment revenues of $310.7 million decreased $3.2 million, or 1.0%.

Operating expenses decreased $7.2 million, or 4.7%, due primarily to lost billboards and lower variable  billboard property lease costs, lower maintenance and utilities cost, and lower posting and rotation costs, partially offset by higher compensation-related expenses.

SG&A expenses increased by $2.1 million, or 3.2%, due primarily to higher compensation related expenses, including salaries and commissions, higher travel and entertainment expenses and a higher allowance for bad debt.

Adjusted OIBDA of $99.0 million increased $1.9 million, or 2.0%, compared to the same prior-year period.

Transit
Reported transit segment revenues of $77.7 million increased $2.0 million, or 2.6%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts in the period. Organic transit segment revenues of $77.7 million increased $2.0 million, or 2.6%.

Operating expenses increased $0.5 million, or 0.7%, due primarily to higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”) and higher maintenance and utilities costs, offset by lower variable franchise expenses.

SG&A expenses increased $0.4 million, or 2.4%, due primarily to higher professional fees and a higher allowance for bad debt.

Adjusted OIBDA loss of $14.2 million declined by $1.1 million, or 7.2%, compared to the same prior-year period.

Other
Reported revenues of $2.3 million decreased $16.6 million, or 87.8%, primarily driven by the impact of the Transaction. Organic revenues decreased $2.0 million.

Operating expenses decreased $10.7 million, or 85.6%, due primarily to the impact of the Transaction.

SG&A expenses decreased $5.5 million, driven primarily by the impact of the Transaction.

Adjusted OIBDA of $0.5 million decreased $0.4 million, or 44.4%, compared to the same prior-year period.

Corporate
Corporate costs, excluding stock-based compensation, increased $4.9 million, or 30.2%, to $21.1 million, due primarily to higher compensation-related expenses, including severance, and higher professional fees, including fees related to a management consulting project, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

Interest Expense
Net interest expense in the first quarter of 2025 was $36.0 million, including amortization of deferred financing costs of $1.5 million, as compared to $41.4 million, including amortization of deferred financing costs of $1.6 million, in the same prior-year period. The decrease was due primarily to a lower average debt balance and lower interest rates. The weighted average cost of debt was 5.4% as of March 31, 2025 and 5.7% as of March 31, 2024.

Income Taxes
The provision for income taxes was $0.5 million in the first quarter of 2025 compared to a benefit for income taxes of $0.5 million in the same prior-year period, due primarily to the inclusion of foreign operations before the impact of the Transaction. Cash paid for income taxes in the three months ended March 31, 2025 was not material.

Net Loss Attributable to OUTFRONT Media Inc.
Net loss attributable to OUTFRONT Media Inc. decreased $6.6 million, or 24.3%, in the first quarter of 2025 compared to the same prior-year period. Diluted weighted average shares outstanding were 166.4 million for the first quarter of 2025 compared to 161.4 million for the same prior-year period. Net loss attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.14 in the first quarter of 2025 compared to $0.18 in the same prior-year period.

FFO
FFO attributable to OUTFRONT Media Inc. was $26.5 million in the first quarter of 2025, an increase of $4.2 million, or 18.8%, from the same prior-year period, driven primarily by lower interest expense and the impact of an impairment charge in 2024, partially offset by higher stock-based compensation.

AFFO
AFFO attributable to OUTFRONT Media Inc. was $23.9 million in the first quarter of 2025, an increase of $0.7 million, or 3.0%, from the same prior-year period, due primarily to lower interest expense and higher equity earnings, partially offset by lower Adjusted OIBDA, lower non-cash effect of straight-line rent and higher maintenance capital expenditures.

Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $33.6 million for the three months ended March 31, 2025,increased $3.0 million, or 9.8%, compared to $30.6 million in the same prior-year period, primarily due to the timing of receivables and a lower net loss in 2025 compared to 2024, due to an impairment charge in 2024, and lower interest expense, partially offset by a larger use of cash related to accounts payable and accrued expenses, driven by higher incentive compensation payments made in 2025. Total capital expenditures decreased $1.2 million, or 6.5%, to $17.2 million for the three months ended March 31, 2025, compared to the same prior-year period.

Dividends
In the three months ended March 31, 2025, we paid cash dividends of $53.0 million, including $50.8 million on our common stock and vested restricted share units granted to employees and $2.2 million on our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”). We announced on May 8, 2025, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on June 30, 2025, to stockholders of record at the close of business on June 6, 2025.

Balance Sheet and Liquidity
As of March 31, 2025, our liquidity position included unrestricted cash of $30.5 million and $494.8 million of availability under our $500.0 million revolving credit facility, net of $5.2 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $100.0 million of additional availability under our accounts receivable securitization facility. During the three months ended March 31, 2025, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of March 31, 2025, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of March 31, 2025 was $2.6 billion, excluding $15.9 million of deferred financing costs, and includes a $400.0 million term loan, $450.0 million of senior secured notes, $1.7 billion of senior unsecured notes, and $50.0 million borrowings under our accounts receivable securitization facility.

Conference Call
We will host a conference call to discuss the results on May 8, 2025, at 4:30 p.m. Eastern Time. The conference call numbers are 833-470-1428 (U.S. callers) and 404-975-4839 (International callers) and the passcode for both is 863178. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.

Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.

About OUTFRONT Media Inc. 
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard and transit assets in the United States. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.

Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding revenues associated with the impact of the Transaction (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period.  We calculate and define “Adjusted OIBDA” as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.  It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts (“REITs”). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

Please see Exhibits 4-6 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.

Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; the severity and duration of pandemics, and the impact on our business, financial condition and results of operations; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Revision of Previously Issued Financial Information
In the third quarter of 2024, we identified an error related to the accounting for noncontrolling interests in our consolidated joint ventures, which include buy/sell clauses. The error related to the appropriate classification of these noncontrolling interests as redeemable and recognition of these redeemable noncontrolling interests at the maximum redemption value for each period. The Company assessed the materiality of the error on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements, but would have been material to certain of our financial statements in the current period. Accordingly, we have revised our previously issued financial information. All relevant prior period amounts affected by these revisions have been corrected in the applicable financial information included in the exhibits below. Any prior periods not presented herein may be revised in future filings to the extent necessary.

The impact of the revisions have been reflected throughout this document, including in the applicable financial information included in the exhibits below. There is no impact to net cash provided by operating activities, investing activities, or financing activities in our Consolidated Statements of Cash Flows, which is included in the exhibits below.

EXHIBITS

NOTES TO EXHIBITS

PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.

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SOURCE OUTFRONT Media Inc.

Revenue in Q1 Grew 28.7% YoY and Organic Revenue Grew 14.6% YoY 
Quarterly Market Share Grew 125bps YoY to a Record 6.0%; Organic Share Was Up 82bps
Operating Cash Flow Grew 169% YoY to a Record $23.1 Million in Q1

NEW YORK, May 8, 2025 /PRNewswire/ — Compass, Inc. (NYSE: COMP) (“Compass” or “the Company”), a leading tech-enabled real estate services company that includes the largest residential real estate brokerage in the United States by sales volume1, announced its financial results for the first quarter ended March 31, 2025.

“Despite the heightened market volatility in Q1, Compass achieved record Q1 free cash flow, record Q1 Adjusted EBITDA2 and grew revenue by 28.7% year-over-year,” said Robert Reffkin, Founder and Chief Executive Officer of Compass. “In the first quarter, we continued to widen the gap against the industry as we grew organic transactions3 by 7.3% and total transactions by 27.8% compared to the market where transactions declined by 2.1% year-over-year, which means organic and total transactions outgrew the market by roughly 9% and 30%, respectively. Organic quarterly market share4 grew 82 basis points and total quarterly market share grew 125 basis points to 6.0%, which is our highest year-over-year market share increase in 8 quarters and 15 quarters, respectively. These results illustrate that the top agents and teams in the industry continue to take share and Compass has the highest number of both per RealTrends5.”

Reffkin continued, “Looking ahead, while recent market trends have been somewhat mixed, we remain confident that our playbook and structural advantages position Compass to drive significant upside over-time.”

Kalani Reelitz, Chief Financial Officer of Compass said, “I am pleased with our Q1 results, which illustrate our ability to grow our top-line significantly while continuing to control our OPEX6. In the quarter, OPEX inclusive of the Christie’s International Real Estate acquisition grew by 11.5%, while revenue grew by 28.7%, and we continue to track well against our full-year organic OPEX guide of 3-4% growth. Furthermore, in Q1 2025, we also generated positive operating cash flow of $23.1 million and free cash flow7 of $19.5 million, which makes this the 5th quarter in a row where we’ve been free cash flow positive.”

Q1 2025 Highlights:

Revenue in Q1 2025 increased by 28.7% year-over-year to $1.4 billion as transactions increased 27.8% compared to the market transactions, which declined by 2.1%. The Christie’s International Real Estate acquisition contributed 9.2% of the revenue growth in the quarter. Year-over-year organic revenue growth8 (a non-GAAP measure) was up 14.6%, while revenue growth attributable to all acquisitions completed within the prior 12-months was 14%. GAAP Net loss in Q1 2025 was $50.7 million, an improvement of $82.2 million from a net loss of $132.9 million in Q1 2024. The net loss for Q1 2025 includes non-cash stock-based compensation expense of $30.4 million and depreciation and amortization of $28.8 million.Adjusted EBITDA9 (a non-GAAP measure) was $15.6 million in Q1 2025 compared to ($20.1) million in Q1 2024, an improvement of $35.7 million.Operating Cash Flow / Free Cash Flow10 (a non-GAAP measure): During Q1 2025, operating cash flow was $23.1 million and free cash flow was $19.5 million.Cash and cash equivalents at the end of Q1 2025 was $127 million. In the quarter, we used $105 million of cash from the balance sheet to satisfy a portion of the $155 million in cash consideration for the Christie’s International Real Estate acquisition. The remaining cash consideration was satisfied through our revolving credit facility (“revolver”), and at the end of Q1 2025 we had a balance of $50 million on our revolver. 

Q1 2025 Operational Highlights:

National market share: In Q1 2025, quarterly market share was 6.0%, an increase of 125 basis points compared to Q1 2024 and an increase of 95 basis points sequentially from Q4 2024. Quarterly organic market share growth year-over-year was 82 basis points in Q1 and 54 basis points sequentially from Q4 2024.Principal Agents11 12: At the end of Q1 2025, the number of principal agents was 20,656 compared to 14,591 at the end of Q1 2024, an increase of 6,065 or 41.6% year-over-year. Sequentially, from Q4 2024 to Q1 2025, Compass added 3,590 agents on a gross basis, with 2,890 of these agents coming from acquisitions and 700 principal agents that we added organically. We continued the trend of strong agent retention with 96.6% quarterly principal agent retention in Q1 2025, up 30 basis points versus the prior year quarter. Transactions13: Compass agents closed 49,121 total transactions in Q1 2025, an increase of 27.8% compared to Q1 2024 (38,449). Organic transactions in Q1 2025 increased by 7.3% compared to Q1 2024. Transactions for the entire U.S. residential real estate market decreased by 2.1% for the same period, according to NAR.Gross Transaction Value (“GTV”)14: GTV was $52.4 billion in Q1 2025, an increase of 31% compared to Q1 2024 GTV of $40.1 billion. Organic GTV15 was $47.3 billion in Q1 2025. The entire U.S. residential real estate market GTV increased 3.5% for the same period, according to NAR.Inventory: The Compass 3-Phased Price Discovery and Marketing Strategy is a tool that helps homeowners benefit from the same strategies used by the most sophisticated and profit-driven sellers of homes in the industry – real estate developers and homebuilders – by listing first as a Compass Private Exclusive and then as a Compass Coming Soon, before going active on the MLS or public real estate websites. The Compass 3-Phased Price Discovery and Marketing Strategy helps sellers opting into the programs see positive outcomes such as avoiding unnecessary days on market, price drop history, and negative insights displayed on their listing prior to it being made active on the MLS and public real estate websites. Since our Q4 2024 earnings call, we’ve seen a steady increase in adoption of the Compass 3-Phased Price Discovery and Marketing Strategy, as well as an improvement in the outcomes for sellers stated above.

Below is an update on our progress: 

In Q1 2025, 48.2% of homeowners who listed their home with Compass, outside of Washington state, started their listing using the Compass 3-Phased Price Discovery and Marketing Strategy; this equates to 19,393 homeowners choosing these client offerings in Q1 2025 alone.Roughly 40% of Compass Private Exclusive and Compass Coming Soon listings were above a $1 million list price in Q1, with 60% being below a $1 million list price, which suggests that this listing strategy is resonating with homeowners across all price points.

And consistent with what we stated last quarter:

For Compass sell-side transactions from January 1, 2024 through December 31, 2024, properties where the homeowner chose to pre-market as a Compass Private Exclusive and/or a Compass Coming Soon before going active on the MLS:Received an accepted offer 20% faster on average or 8 days faster on average once active on the MLS, than Compass listings without pre-marketing16; andCreated value for homeowners as only 13% of Compass listings on average that were pre-marketed had a price drop, compared to 19% for Compass listings without pre-marketing. This means approximately 30% fewer listings on average took a price drop once active on the MLS vs. Compass listings that were not pre-marketed16.Compass also completed an internal analysis to better understand the relationship between close price and pre-marketing as a Compass Private Exclusive and/or a Compass Coming Soon, before going active on the MLS. This analysis examined Compass sell-side transactions of all residential property types in 2024 and found that homes pre-marketed as a Compass Private Exclusive and/or a Compass Coming Soon before going active on the MLS were associated with a 2.9% higher average close price compared to Compass-sold properties that were not pre-marketed in 202417.At Compass’ average price point of roughly $1 million, homeowners who chose to pre-market their home with a Compass agent were therefore likely to have realized a $29,000 premium on what is often the most valuable asset most people own, compared to those who listed directly on the MLS.Platform: The Compass end-to-end proprietary technology platform allows real estate agents to perform their primary workflows, from first contact to close, with a single log-in and without leaving the Compass platform. Highlights from Q1 2025 include:Compass Make-Me-Sell: A feature in our platform that allows homeowners to share an aspirational price with their agent that would compel them to move continues to gain traction with approximately 12,500 entries at the end of Q1 2025 compared to 9,500 at the end of Q4 2024. Over time, we believe this tool will help convert a portion of our 100+ million CRM contacts into passive ‘willing-to-sell’ inventory that will only be available to Compass agents.Compass One-Click Title & Escrow (T&E) Integration: A feature in our platform that allows agents to seamlessly order T&E continues to drive our attach rates higher as we observe agents who utilize the integration attaching at an approximately 2x higher-rate than agents who have not used One-click T&E. In Q1, we also rolled-out One-Click T&E for iOS devices which should provide agents with added flexibility to order T&E on the go.Compass One: The industry’s premier all-in-one client dashboard that is designed to connect buyers and sellers with their agent to provide 24/7 transparency before, during, and after the transaction launched nationally on February 3, 2025. Since launch, agents have sent 130,447 invitations to clients and approximately 21% of all closed transactions have used Compass One.Compass Reverse Prospecting: Launched in late 2024, Reverse Prospecting provides homesellers with exclusive insights such as real-time updates on how often agents and their clients are looking at, commenting on, favoriting, or sharing listings across the Compass platform. Approximately 11,100 agents have used the feature so far and we’ve seen 100+ transactions use Reverse Prospecting to match buyers and sellers since launch.

Additional information can be found in the Company’s Q1 2025 Earnings Presentation, which can be found in the Investor Relations section of the Compass website at https://investors.compass.com.

Q2 2025 Outlook:

Revenue of $2.0 billion to $2.15 billion for Q2.Adjusted EBITDA of $115 million to $135 million for Q2.

Updated Full Year 2025 Outlook:

Non-GAAP OPEX of $1.017 billion to $1.042 billion. Included in the range is an increase of 2024 OPEX of 3-4%, $10 million of wrap around OPEX from 2024 M&A, $105 million of OPEX from the Christie’s International Real Estate acquisition that closed on January 13, 2025 and $12 million from the acquisitions of Washington Fine Properties and a title company in Texas in February 2025 and April 2025, respectively.Free cash flow positive for the full year 2025.

We have not reconciled our guidance for Adjusted EBITDA to GAAP Net loss because certain expenses excluded from GAAP Net loss when calculating Adjusted EBITDA cannot be reasonably calculated or predicted at this time. Additionally, we have not reconciled our guidance for non-GAAP OPEX to GAAP OPEX because certain expenses excluded from GAAP OPEX cannot be reasonably calculated or predicted at this time. Accordingly, reconciliations are not available without unreasonable effort.

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see “Reconciliation of Net Loss Attributable to Compass, Inc. to Adjusted EBITDA,” “Reconciliation of GAAP OPEX to non-GAAP OPEX” and “Reconciliation of GAAP Operating Cash Flow to Free Cash Flow” in the financial statement tables included in this press release.

Conference Call Information 
Management will conduct a conference call to discuss the first quarter 2025 results as well as outlook at 5:00 p.m. ET on Thursday, May 8, 2025. The conference call will be accessible via the Internet on the Compass Investor Relations website https://investors.compass.com. You can also access the audio webcast via the following link: Compass, Inc. Q1 25 Earnings Conference Call. 

An audio recording of the conference call will be available for replay shortly after the call’s completion. To access the replay, visit the Events and Presentations section on the Compass Investor Relations website at https://investors.compass.com.

Disclosure Channels
Compass uses its Investor Relations website, https://investors.compass.com, as a means of disclosing information which may be of interest or material to its investors and for complying with disclosure obligations under Regulation FD. We intend to announce material information to the public through filings with the Securities and Exchange Commission, or the SEC, the investor relations page on our website (www.compass.com), press releases, public conference calls, public webcasts, our X (formerly Twitter) feed (@Compass), our Facebook page, our LinkedIn page, our Instagram account, our YouTube channel, and Robert Reffkin’s X (formerly Twitter) feed (@RobReffkin) and Instagram account (@robreffkin). Accordingly, investors should monitor each of these disclosure channels.

Safe Harbor Statement
This press release includes forward-looking statements, which are statements other than statements of historical facts, and statements in the future tense. These statements include, but are not limited to, statements regarding our future performance, including expected financial results for the second quarter of 2025, planned non-GAAP OPEX and free cash flow expectations for the full year of 2025, and our expectations for operational achievements. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date of this press release, and are subject to risks and uncertainties, including but not limited to: general economic conditions, tariffs and trade tensions, geopolitical events, the health of the U.S. real estate industry, and risks generally incident to the ownership of residential real estate; the effect of monetary policies of the federal government and its agencies; high mortgage interest rates; ongoing industry antitrust class action litigation (including the antitrust lawsuits filed against us) or any related regulatory activities; any decreases in our gross commission income or the percentage of commissions that we collect; low home inventory levels; our ability to carefully manage our expense structure; adverse economic, real estate or business conditions in geographic areas where our business is concentrated and/or impacting high-end markets; our ability to continuously innovate, improve and expand our platform to create value for our agents; our ability to expand our operations and to offer additional integrated services; our ability to realize expected benefits from our mortgage business; our ability to compete successfully; our ability to attract and retain agents and affiliates; our ability to re-accelerate our business growth given our current expense structure; use of cash to satisfy tax withholding obligations that arise in connection with settlements of RSU awards; fluctuation in our quarterly results and other operating metrics; the loss of one or more key personnel and our ability to attract and retain other highly qualified personnel; actions by our agents, employees or affiliates that could adversely affect our reputation and subject us to liability; any losses relating to our title and escrow businesses as a result of errors, omissions, fraud or other misconduct; our ability to pursue acquisitions that are successful and integrated into our existing operations; changes in mortgage underwriting standards; our ability to maintain or establish relationships with third-party service providers; the impact of cybersecurity incidents and the potential loss of critical and confidential information; the reliability of our fraud detection processes and information security systems; depository banks not honoring our escrow and trust deposits; adoption of alternatives to full-service agents by consumers; our ability to successfully integrate machine learning and artificial intelligence, or AI, in tools and features available on our platform; our ability to adapt and expand into international markets; our ability to develop and maintain an effective system of disclosure controls and internal control over financial reporting; covenants in our debt agreements that may restrict our borrowing capacity or operating activities; our ability to use net operating losses and other tax attributes may be limited; our reliance on assumptions, estimates and business data to calculate our key performance indicators; changes in, and our reliance on, accounting standards, assumptions, estimates and business data; the dependability of our platform and software; our ability to maintain our company culture; our ability to obtain or maintain adequate insurance coverage; processing, storage, and use of personal information and other data, and compliance with privacy laws and regulations; disruption or delay in service from third-party service providers; investor expectations related to corporate responsibility, environmental, social and governance factors; natural disasters and catastrophic events; the effect of the claims, lawsuits, government investigations and other proceedings; changes in federal or state laws regarding the classification of our agents as independent contractors; compliance with applicable laws and regulations and changes to applicable laws and regulations; our ability to protect our intellectual property rights, and our reliance on the intellectual property rights of third parties; our use of open source software; the impact of having a multi-class structure of common stock; securities or industry analysts publishing unfavorable research or not publishing research about our business; our ability to raise additional capital on terms acceptable to us, or at all; our charter provisions may make us more difficult to acquire, may limit stockholder attempts to remove or replace management and/or obtain a favorable judicial forum for disputes with us or our directors, officers or employees; our plan to continue to retain earnings rather than pay dividends for the foreseeable future; and other risks set forth in our annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. Accordingly, actual results could differ materially from those predicted or implied or such uncertainties could cause adverse effects on our results. Reported results should not be considered as an indication of future performance. 

More information about factors that could adversely affect our business, financial condition and results of operations, or that could cause actual results to differ from those expressed or implied in our forward-looking statements is included under the captions “Risk Factors,” “Legal Proceedings” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q, copies of which are available on the Investor Relations page of our website at https://investors.compass.com and on the SEC website at www.sec.gov. All information herein speaks as of the date hereof and all forward-looking statements contained herein are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events. Undue reliance should not be placed on the forward-looking statements in this press release.

Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA, non-GAAP OPEX, free cash flow, and organic revenue growth, which are non-GAAP financial measures, in this press release. We use Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth are also helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth have limitations as analytical tools. Therefore, you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth alongside other financial performance measures, including net loss attributable to Compass, Inc., GAAP OPEX, operating cash flows, revenue and our other GAAP measures. In evaluating Adjusted EBITDA, non-GAAP OPEX, free cash flow, and organic revenue growth, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments reflected in this press release. Our presentation of Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth should not be construed to imply that our future results will be unaffected by the types of items excluded from these calculations of Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth. Adjusted EBITDA, non-GAAP OPEX, free cash flow and organic revenue growth are not presented in accordance with GAAP and the use of these terms vary from others in our industry. Reconciliations of these non-GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

About Compass
Compass is a leading tech-enabled real estate services company that includes the largest residential real estate brokerage in the United States by sales volume. Founded in 2012 and based in New York City, Compass provides an end-to-end platform that empowers its residential real estate agents at its owned-brokerage to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time, and manage their businesses more efficiently. The Compass network includes Christie’s International Real Estate, the world’s premier global luxury real estate brand with over 100 independently owned brokerage Affiliates in 50 countries and territories. For more information on how Compass empowers real estate agents, one of the country’s largest groups of small business owners, please visit www.compass.com.

Investor Contact
Soham Bhonsle
soham.bhonsle@compass.com

Media Contact
Rory Golod
rory@compass.com

Devin Daly Huerta
devin.daly@compass.com 

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SOURCE COMPASS

TORONTO, May 8, 2025 /CNW/ – MediaTube Corp. has uncovered new documents that it believes raise serious questions about the accuracy of technical information presented during its 2016 patent infringement case against Bell Canada, which resulted in a dismissal in 2017. The company has submitted a formal letter and supporting materials to the Board of Directors of Bell Canada outlining its findings.

The documents, obtained through years of research involving public regulatory records and legal filings by Bell in other patent infringement cases, , suggest that Bell’s IPTV network did NOT undergo technical changes to it’s network architecture as Bell indicated during the MediaTube v. Bell litigation. MediaTube believes these indicated changes were instrumental to the outcome of the trial. 

MediaTube emphasizes that it is not alleging intentional wrongdoing but asserts that the newly reviewed information could have significantly influenced the court’s conclusions if it had been fully known.

On April 28, 2025, MediaTube delivered a detailed letter and evidentiary materials to Bell’s board, outlining its concerns and requesting clarification. As of this release, Bell has not issued a public response.

On May 1, 2025, Bell applied for an injunction to prevent MediaTube from disclosing the documents, citing concerns over confidentiality. That request was denied, with the court inviting Bell to submit a formal motion. No such motion has been filed as of today.

“We now possess information that raises legitimate questions about the technical assumptions made during the trial,” said Douglas Lloyd, CEO of MediaTube. “Our goal is to ensure transparency and accountability, and we are sharing this material with appropriate regulatory and legal bodies. We are open to dialogue with Bell and all relevant stakeholders.”

MediaTube confirms that all information referenced in this release was obtained from public or lawfully accessible sources and does not violate any confidentiality orders or legal agreements.

Copies of the documents attached to the April 28, letter to Bell’s board are available upon request.

All statements in this release reflect MediaTube’s good-faith interpretations based on documents and information lawfully obtained currently in its possession. 

SOURCE Mediatube Corp.