We present a new transformation of λ-terms into continuation-passing style (CPS). This transformation operates in one pass and is both compositional and first-order. Previous CPS transformations only enjoyed two out of the three properties of being first-order, one-pass, and compositional, but the new transformation enjoys all three properties. It is proved correct directly by structural induction over source terms instead of indirectly with a colon translation, as in Plotkin's original proof. Similarly, it makes it possible to reason about CPS-transformed terms by structural induction over source terms, directly.The new CPS transformation connects separately published approaches to the CPS transformation. It has already been used to state a new and simpler correctness proof of a direct-style transformation, and to develop a new and simpler CPS transformation of control-flow information.