NEW
YORK, May 9, 2023 /PRNewswire/ -- Compass,
Inc. (NYSE: COMP) ("Compass" or "the Company"), the
largest1 tech-enabled real estate brokerage, announced
its financial results for the first quarter ended March 31, 2023.
"We had a strong first quarter of 2023 that was highlighted by
exceeding both our guidance and consensus on Revenue and Adjusted
EBITDA," said Robert Reffkin,
Founder and Chief Executive Officer of Compass. "Over the
past few quarters, our agents and employees have successfully
navigated the sharpest decline in residential real estate
transactions in U.S. history. During this time, we increased our
market share in the fourth quarter of 2022, and we've done so again
in the first quarter of 2023. Our non-GAAP Commissions
expense as a percentage of revenue improved by approximately 27
basis points from the first quarter of last year to 81.4%, when
excluding the impact of the Agent Equity Program. We continue to
benefit from taking decisive action with our expense reduction
initiatives starting in early 2022. We are on schedule to achieve
positive free cash flow in 2023, starting with Q2."
Reffkin continued, "Our focus this year is to continue to invest
in our platform to increase our competitive advantage that comes
from offering the only proprietary end-to-end technology platform
for agents in the country. We have taken a massive step toward
digitizing the real estate transaction process. No one has been
this close to a fully digitized transaction to date. To that end,
in the first quarter of 2023, we began to offer agents in
Southern California the ability to
order title and escrow services from Compass-owned entities
directly from our platform. We are very excited by the early
results and feedback we are receiving from agents."
"As we continue to see the positive results of our expense
reduction initiatives, we remain on track to achieve our full year
operating expense targets," said Kalani
Reelitz, Chief Financial Officer of Compass. "Our agents are
navigating this difficult market with incredible strength, and as a
result, we expect to be free cash flow positive in the second
quarter of 2023 and for the full year 2023."
Q1 2023 Financial Highlights:
- Revenue decreased by 31% year-over-year to $957 million as transactions declined 24%, which
was attributable to lower industry-wide transactions.
- Q1 2023 GAAP Net loss was $150
million, an improvement from a Net loss of $188 million in Q1 2022. The Net loss for Q1 2023
includes non-cash stock-based compensation expenses of $45 million and depreciation and amortization of
$25 million.
- Adjusted EBITDA2 (a non-GAAP
measure) was $(67) million in Q1
2023, compared to $(97) million in Q1
2022. This is an improvement of $30
million while revenue declined by 31% due to macroeconomic
factors.
- Cash and cash equivalents at the end of Q1 2023 was
$364 million which includes
$150 million of cash resulting from a
draw of the revolver in Q4 2022 and a $75
million draw on the revolver in March
2023 that was taken out of an abundance of caution due to
the recent banking crisis and potential contagion effect. The
$75 million draw was paid back in
April 2023.
Q1 2023 Operational Highlights:
- Platform: Compass successfully began the roll-out
of its Title and Escrow business integration into its technology
platform in Southern California.
The Compass end-to-end technology platform provides its agents the
ability to go from first contact to close with a single log-in and
without ever leaving the Compass platform. We expect to roll out
this integration feature to all the markets where we offer title
and escrow services.
- National market share in Q1 2023 was 4.5%, up 17 basis
points sequentially from Q4 2022.
- Agents: Average Number of Principal Agents was 13,515
for Q1 2023, an increase of 721 principal agents, 6%, from Q1
2022.3 Compass continued to experience high levels
of retention of principal agents as the industry saw a decline from
its peak 1.6 million NAR agents in October
2022.
- Transactions: Compass agents closed 35,886 Total
Transactions in Q1 2023, a decline of 24% compared to Q1
2022. Transactions for the entire U.S. residential real
estate market declined 26% for the same period.4
- Gross Transaction Value ("GTV")5 was
$36.6 billion in Q1 2023, a decline
of 32% compared to Q1 2022.
Additional information can be found in the Company's Q1 2023
Earnings Presentation, which can be found in the Investor Relations
section of the Compass website at
https://investors.compass.com.
Outlook
Q2 2023 Outlook:
- Revenue of $1.45 billion to
$1.6 billion
- Adjusted EBITDA of $30
million to $50 million
- Free cash flow positive
FY 2023 Outlook:
- Non-GAAP Operating expense range of $850-$950
million.6
- Free cash flow positive
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 Operating expense after commissions and other
related expenses because certain expenses excluded from GAAP
Operating expenses cannot be reasonably calculated or predicted at
this time. Accordingly, reconciliations are not available without
unreasonable effort.
Non-GAAP Operating expenses have been reconciled to GAAP
Operating expenses on a historical basis in a financial statement
table included within this press release.
Conference Call Information
Management will conduct a
conference call to discuss the first quarter 2023 results as well
as outlook at 5:00 p.m. ET on
Tuesday, May 9, 2023. 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 2023 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 Twitter feed (@Compass), our Facebook page, our
LinkedIn page, our Instagram account, our YouTube channel, and
Robert Reffkin's 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 and full year of 2023, planned
operating expense and cash flow levels for the second quarter and
full year of 2023, 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 macroeconomic
conditions in the U.S. and globally (e.g., inflation), economic and
industry downturns, the health of the U.S. real estate industry,
and risks generally incident to the ownership of residential real
estate, including seasonal and cyclical trends (e.g., increases in
mortgage interest rates, continued limited inventory, slowed
consumer demand, reduced home affordability and declines in price
appreciation and home prices); current interest rates and changes
in prevailing interest rates; our ability to continuously innovate,
improve and expand our platform; the dependability of our platform
and software; our ability to attract new agents and retain current
agents or increase agents' utilization of our platform; our ability
to expand our brokerage and adjacent services businesses; our
ability to grow revenue from adjacent services at our anticipated
rate; our ability to achieve expected benefits from our mortgage
and title & escrow businesses, including our joint ventures;
our rapid growth and rate of growth; our ability to carefully
manage our expense structure; our net losses and ability to achieve
or sustain profitability in the future; covenants in our debt
agreements that may restrict our borrowing capacity or operating
activities; our ability to compete successfully in the markets in
which we operate; the effect of monetary policies of the federal
government and its agencies; any decreases in our gross commission
income or the percentage of commissions that we collect;
fluctuation of our quarterly results and other operating metrics;
our ability to successfully pursue acquisitions and integrate
target companies; the loss of key personnel; our ability to attract
and retain highly qualified personnel and to recruit agents;
reliability of our information security systems; the impact of
cybersecurity incidents and the potential loss of critical and
confidential information; identification of material weaknesses in
our internal control over financial reporting and our ability to
remediate such material weaknesses; compliance with privacy laws;
the effect of the claims, lawsuits, government investigations and
other proceedings that we are subject to from time to time; our
ability to protect our intellectual property rights; impact of
having a multi-class structure of common stock; natural disasters
and catastrophic events; and other general market, political,
economic, and business conditions. 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
results of operations, financial condition and prospects, 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 and Non-GAAP
Operating expenses, which are non-GAAP financial measures, in this
press release. We use Adjusted EBITDA and Non-GAAP Operating
expenses 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 and Non-GAAP Operating expenses 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 and Non-GAAP Operating expenses 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 and Non-GAAP Operating expenses alongside
other financial performance measures, including net loss
attributable to Compass, Inc., GAAP Operating expenses, operating
cash flows and our other GAAP measures. In evaluating Adjusted
EBITDA and Non-GAAP Operating expenses, 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 and Non-GAAP Operating expenses
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 and Non-GAAP Operating expenses. Adjusted EBITDA
and Non-GAAP Operating expenses 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 within this
press release, and investors are encouraged to review these
reconciliations.
About Compass
Compass, a Fortune 500 company, is the
largest residential real estate brokerage in the United States by transaction value.
Founded in 2012 and based in New York
City, the technology-enabled brokerage provides an
end-to-end platform that empowers its residential real estate
agents 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
business more effectively. For more information on how Compass
empowers real estate agents, one of the largest groups of small
business owners in the country, please visit www.compass.com.
1 Compass was ranked number one in sales volume
by Real Trends in March 2023 for the
second year in a row.
2 A reconciliation of GAAP to Non-GAAP measures can be
found within the financial statement tables included within this
press release.
3 During the first quarter of 2023, we began to utilize
an updated methodology for tracking and reporting our agent
statistics. The Average Number of Principal Agents and year over
year growth reported in this press release is based on the updated
methodology.
4 We calculate Total Transactions by taking the sum
of all transactions closed on the Compass platform in which our
agent represents the buyer or seller in the purchase or sale of a
home (excluding rental transactions). We include a single
transaction twice when one or more Compass agents represent both
the buyer and seller in any given transaction.
5 Gross Transaction Value includes a de minimis
number of new development and commercial brokerage
transactions.
6 Non-GAAP Operating expenses exclude Commissions
and other related expenses, Depreciation and amortization,
Stock-based compensation and other expenses excluded from the
Company's calculation of Adjusted EBITDA. We calculate non-GAAP
Operating expense annualized run rate by taking the sum of the
quarter's non-GAAP sales and marketing, operations and support,
research and development, and general and administration expenses
and multiplying it by four.
Compass,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In millions,
unaudited)
|
|
|
|
|
|
March 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
363.6
|
|
$
361.9
|
Accounts receivable,
net of allowance
|
56.7
|
|
36.6
|
Compass Concierge
receivables, net of allowance
|
40.9
|
|
42.9
|
Other current
assets
|
72.6
|
|
76.5
|
Total current
assets
|
533.8
|
|
517.9
|
Property and equipment,
net
|
181.1
|
|
192.5
|
Operating lease
right-of-use assets
|
465.9
|
|
483.2
|
Intangible assets,
net
|
94.7
|
|
99.3
|
Goodwill
|
203.7
|
|
198.4
|
Other non-current
assets
|
34.7
|
|
41.8
|
Total assets
|
$
1,513.9
|
|
$
1,533.1
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
21.8
|
|
$
28.1
|
Commissions
payable
|
56.9
|
|
48.0
|
Accrued expenses and
other current liabilities
|
138.0
|
|
164.9
|
Current lease
liabilities
|
98.9
|
|
94.6
|
Concierge credit
facility
|
29.3
|
|
31.9
|
Revolving credit
facility
|
225.0
|
|
150.0
|
Total current
liabilities
|
569.9
|
|
517.5
|
Non-current lease
liabilities
|
467.1
|
|
486.5
|
Other non-current
liabilities
|
15.2
|
|
8.4
|
Total
liabilities
|
1,052.2
|
|
1,012.4
|
Stockholders'
equity
|
|
|
|
Common stock
|
—
|
|
—
|
Additional paid-in
capital
|
2,805.0
|
|
2,713.6
|
Accumulated
deficit
|
(2,346.9)
|
|
(2,196.5)
|
Total Compass, Inc.
stockholders' equity
|
458.1
|
|
517.1
|
Non-controlling
interest
|
3.6
|
|
3.6
|
Total stockholders'
equity
|
461.7
|
|
520.7
|
Total liabilities and
stockholders' equity
|
$
1,513.9
|
|
$
1,533.1
|
Compass,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(In millions,
except share and per share data, unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
Revenue
|
$
957.2
|
|
$
1,397.0
|
Operating
expenses:
|
|
|
|
|
Commissions and other
related expense (1)
|
790.9
|
|
1,146.4
|
|
Sales and
marketing (1)
|
115.3
|
|
145.0
|
|
Operations and
support (1)
|
81.1
|
|
108.9
|
|
Research and
development (1)
|
48.9
|
|
108.2
|
|
General and
administrative (1)
|
34.4
|
|
55.3
|
|
Restructuring
costs
|
10.1
|
|
—
|
|
Depreciation and
amortization
|
24.9
|
|
18.7
|
|
Total
operating expenses
|
1,105.6
|
|
1,582.5
|
Loss from
operations
|
(148.4)
|
|
(185.5)
|
Investment income,
net
|
2.9
|
|
0.1
|
Interest
expense
|
(3.2)
|
|
(0.7)
|
Loss before income
taxes and equity in loss of unconsolidated entity
|
(148.7)
|
|
(186.1)
|
Income tax
expense
|
—
|
|
(0.1)
|
Equity in loss of
unconsolidated entity
|
(1.5)
|
|
(2.1)
|
Net loss
|
(150.2)
|
|
(188.3)
|
Net (income) loss
attributable to non-controlling interests
|
(0.2)
|
|
0.3
|
Net loss attributable
to Compass, Inc.
|
$
(150.4)
|
|
$
(188.0)
|
Net loss per share
attributable to Compass, Inc., basic and diluted
|
$
(0.33)
|
|
$
(0.45)
|
Weighted-average shares
used in computing net loss per share attributable to Compass, Inc.,
basic and diluted
|
450,056,743
|
|
415,384,878
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total stock-based
compensation expense included in the condensed consolidated
statements of operations is as follows (in millions):
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
|
Commissions and other
related expense
|
$
11.6
|
|
$
17.0
|
|
Sales and
marketing
|
8.6
|
|
10.7
|
|
Operations and
support
|
3.0
|
|
4.3
|
|
Research and
development
|
10.4
|
|
16.9
|
|
General and
administrative
|
11.3
|
|
14.9
|
|
Total stock-based
compensation expense
|
$
44.9
|
|
$
63.8
|
Compass,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In millions,
unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Operating
Activities
|
|
|
|
Net loss
|
$
(150.2)
|
|
$
(188.3)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
24.9
|
|
18.7
|
Stock-based
compensation
|
44.9
|
|
63.8
|
Equity in loss of
unconsolidated entity
|
1.5
|
|
2.1
|
Change in acquisition
related contingent consideration
|
—
|
|
0.4
|
Bad debt
expense
|
1.0
|
|
1.5
|
Amortization of debt
issuance costs
|
0.2
|
|
0.3
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(20.9)
|
|
(18.6)
|
Compass Concierge
receivables
|
1.8
|
|
(14.8)
|
Other current
assets
|
3.7
|
|
(9.9)
|
Other non-current
assets
|
5.7
|
|
(1.5)
|
Operating lease
right-of-use assets and operating lease liabilities
|
0.2
|
|
11.6
|
Accounts
payable
|
(6.3)
|
|
3.3
|
Commissions
payable
|
8.9
|
|
15.2
|
Accrued expenses and
other liabilities
|
29.1
|
|
5.2
|
Net cash used in
operating activities
|
(55.5)
|
|
(111.0)
|
|
|
|
|
Investing
Activities
|
|
|
|
Investment in
unconsolidated entity
|
—
|
|
(5.0)
|
Capital
expenditures
|
(3.5)
|
|
(20.8)
|
Payments for
acquisitions, net of cash acquired
|
—
|
|
(3.8)
|
Net cash used in
investing activities
|
(3.5)
|
|
(29.6)
|
|
|
|
|
Financing
Activities
|
|
|
|
Proceeds from exercise
of stock options
|
1.0
|
|
5.5
|
Proceeds from issuance
of common stock under Employee Stock Purchase Plan
|
1.4
|
|
—
|
Taxes paid related to
net share settlement of equity awards
|
(6.0)
|
|
(7.4)
|
Proceeds from drawdowns
on Concierge credit facility
|
10.6
|
|
9.2
|
Repayments of drawdowns
on Concierge credit facility
|
(13.2)
|
|
(7.1)
|
Proceeds from drawdowns
on Revolving credit facility
|
75.0
|
|
—
|
Payments related to
acquisitions, including contingent consideration
|
(7.9)
|
|
(2.0)
|
Other
|
(0.2)
|
|
—
|
Net cash provided by
(used in) financing activities
|
60.7
|
|
(1.8)
|
Net increase (decrease)
in cash and cash equivalents
|
1.7
|
|
(142.4)
|
Cash and cash
equivalents at beginning of period
|
361.9
|
|
618.3
|
Cash and cash
equivalents at end of period
|
$
363.6
|
|
$
475.9
|
Compass,
Inc.
|
Reconciliation of
Net Loss Attributable to Compass, Inc. to Adjusted
EBITDA
|
(In millions,
unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net loss attributable
to Compass, Inc.
|
$
(150.4)
|
|
$
(188.0)
|
Adjusted to exclude the
following:
|
|
|
|
Depreciation and
amortization
|
24.9
|
|
18.7
|
Investment income,
net
|
(2.9)
|
|
(0.1)
|
Interest
expense
|
3.2
|
|
0.7
|
Stock-based
compensation
|
44.9
|
|
63.8
|
Income tax
expense
|
—
|
|
0.1
|
Restructuring
costs
|
10.1
|
|
—
|
Acquisition-related
expenses(1)
|
3.1
|
|
8.1
|
Adjusted
EBITDA
|
$
(67.1)
|
|
$
(96.7)
|
|
|
(1)
|
For the three months
ended March 31, 2023 and 2022, acquisition-related expenses
includes $3.1 million and $7.7 million, respectively, in expenses
related to acquisition consideration treated as compensation
expense over the underlying retention periods. For the three months
ended March 31, 2022, acquisition-related expenses also includes a
loss of $0.4 million as a result of the changes in the fair value
of contingent consideration.
|
Compass,
Inc.
|
Reconciliation of
GAAP Operating Expenses to Non-GAAP Operating
Expenses
|
(In millions,
unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
GAAP Commissions and
other related expense
|
$
790.9
|
|
$
1,146.4
|
Adjusted to exclude the
following:
|
|
|
|
Stock-based
compensation
|
(11.6)
|
|
(17.0)
|
Non-GAAP Commissions
and other related expense
|
$
779.3
|
|
$
1,129.4
|
|
|
|
|
GAAP Sales and
marketing
|
$
115.3
|
|
$
145.0
|
Adjusted to exclude the
following:
|
|
|
|
Stock-based
compensation
|
(8.6)
|
|
(10.7)
|
Non-GAAP Sales and
marketing
|
$
106.7
|
|
$
134.3
|
|
|
|
|
GAAP Operations and
support
|
$
81.1
|
|
$
108.9
|
Adjusted to exclude the
following:
|
|
|
|
Stock-based
compensation
|
(3.0)
|
|
(4.3)
|
Acquisition-related
expenses
|
(3.1)
|
|
(8.1)
|
Non-GAAP Operations and
support
|
$
75.0
|
|
$
96.5
|
|
|
|
|
GAAP Research and
development
|
$
48.9
|
|
$
108.2
|
Adjusted to exclude the
following:
|
|
|
|
Stock-based
compensation
|
(10.4)
|
|
(16.9)
|
Non-GAAP Research and
development
|
$
38.5
|
|
$
91.3
|
|
|
|
|
GAAP General and
administrative
|
$
34.4
|
|
$
55.3
|
Adjusted to exclude the
following:
|
|
|
|
Stock-based
compensation
|
(11.3)
|
|
(14.9)
|
Non-GAAP General and
administrative
|
$
23.1
|
|
$
40.4
|
Compass,
Inc.
|
Non-GAAP Operating
Expenses Excluding Commissions and Other Related
Expense
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2022
|
|
June 30,
2022
|
|
September 30,
2022
|
|
December 31,
2022
|
|
March 31,
2023
|
Sales and
marketing
|
$
134.3
|
|
$
143.7
|
|
$
133.6
|
|
$
121.5
|
|
$
106.7
|
Operations and
support
|
96.5
|
|
97.8
|
|
89.6
|
|
81.7
|
|
75.0
|
Research and
development
|
91.3
|
|
88.3
|
|
72.1
|
|
51.1
|
|
38.5
|
General and
administrative
|
40.4
|
|
36.6
|
|
32.7
|
|
27.5
|
|
23.1
|
Total non-GAAP
operating expenses excluding
commissions and other related expense
|
$
362.5
|
|
$
366.4
|
|
$
328.0
|
|
$
281.8
|
|
$
243.3
|
View original
content:https://www.prnewswire.com/news-releases/compass-inc-reports-first-quarter-2023-results-301820054.html
SOURCE Compass