Compass cuts 10% of workforce (~450 roles) and winds down Modus; expects $21.5M-$23M in pretax charges

Compass, Inc.

Elimination of ~450 positions (10% of workforce) and shutdown of title/escrow software unit Modus.
Estimated total pre-tax charges of $21.5M-$23M in Q2 2022, including $15M-$16M cash severance.
Broader Transformation Plan: hiring reduction, office consolidation, pause on M&A and new market expansion.
Non-cash charges: ~$4.5M for intangible asset write-down and $2M-$2.5M for real estate write-offs.
Additional Modus lease exit charges of up to $4.5M may be incurred in future quarters.

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