Compass, Inc.

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Compass, Inc. Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star 1 again. I would now like to turn the conference over to Richard Simonelli, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, and thank you all for joining the Compass Second Quarter 2022 Earnings Call. Today's review of our actual financials will address the continuing operations of Compass, and certain items are presented on a non-GAAP basis. reconciliation between GAAP and non-GAAP measures for second quarter financials, as well as our near-term guidance of long-term targets are included at the back of our Q2 earnings release and the presentation that's posted on our website. Please also see our disclosure on forward-looking statements, which reflects Tumpf's current view of future financial performance, which may be materially different from our actual performance reasons that we cite in our Form 10-K first quarter form 10Q and other SEC filings, you should not place undue reliance on any forward-looking statements. All information in this presentation is as of today's date, August 15, 2022, and we expressly disclaim any obligation to update this information. Joining us on today's call will be Robert Refkin, our Chief Executive Officer, Greg Hart, our Chief Operating Officer, and Kristen Ankerbrand, our Chief Financial Officer. Robert will provide a brief overview of Comps' results and a discussion of our strategy. Greg will provide an update on our business, and then Kristen will cover the financial results and outlook in more detail. So thanks again for joining the call, and I turn the call over to Robert Refkin. Robert?

Thank you, and welcome to everyone joining our earnings call today. I hope everyone is safe, well, and enjoying the summer. Today we are sharing our financial results for the second quarter of 2022, our outlook for the third quarter and full year 2022, and updates on our ongoing expense reduction plans and how they position us to generate positive free cash flow in 2023. To provide context, this year the Fed took repeated actions which have had the direct effect of driving down our revenue.