CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online
real estate marketplaces, information, and analytics in the
property markets, announced today that revenue for the year ended
December 31, 2023 was $2.46 billion, an increase of 13% over
revenue of $2.18 billion for the full year of 2022. Revenue for the
fourth quarter of 2023 was $640 million, an increase of 12% over
revenue of $573 million for the fourth quarter of 2022. Net income
was $375 million for the year ended December 31, 2023, compared to
$369 million for the year ended December 31, 2022, and net income
was $96 million for the fourth quarter of 2023.
“Once again CoStar Group delivered exceptional results in our
commercial information and marketplace businesses1 for the full
year 2023, while at the same time devoting major time and resources
towards launching the new Homes.com,” said Andy Florance, Founder
and Chief Executive Officer of CoStar Group. “Our commercial
information and marketplace businesses grew revenue by 14% in 2023
in the worst commercial real estate market in decades and delivered
40% profit margins in 2023, our highest profit levels ever. For the
full year of 2023, we generated strong net new bookings totaling
$286 million.”
“We launched our first marketing and branding campaign for
Homes.com with four commercials in Super Bowl LVIII which was
watched by an estimated 123 million viewers. The next day on
Monday, February 12th we began monetizing Homes.com, selling
subscriptions to residential real estate agents. Our, 'your
listing, your lead' business model which puts the agent’s name and
company on their listings and sends the consumer lead to them
rather than to their competitors, not surprisingly, has been very
well received. By Friday February 16th we were selling more than
$1.1 million in net new bookings in a day. Within the first week,
we have sold almost $4.5 million in net new bookings.
“We believe Homes.com is the fastest growing residential
property site in the United States, with average monthly unique
visitors increasing 600% year over year, according to Google
Analytics,” stated Florance. “Our Residential Network2 traffic
reached 95 million monthly average unique visitors in Q4 2023 and
is now the second most highly trafficked network of residential
sites and growing.
“Apartments.com had a standout year in 2023 with revenue growth
of 23% over the prior year, adding almost $170 million of
incremental revenue in just twelve months. Our sales team delivered
a remarkable 34% growth rate in net new bookings, and we now have
over 70,000 properties advertising on Apartments.com. For eight
straight quarters Apartments.com has held the number one position
in the industry in terms of monthly unique visitor traffic,
according to Google Analytics. Apartments.com is now our single
largest business in CoStar Group, with annualized run rate revenue
exceeding $1 billion in January of this year,” continued
Florance.
Year 2022-2023 Quarterly
Results - Unaudited
(in millions, except per share
data)
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Revenues
$516
$536
$557
$573
$584
$606
$625
$640
Net income
89
83
72
124
87
101
91
96
Net income per share - diluted
0.23
0.21
0.18
0.31
0.21
0.25
0.22
0.24
Weighted average outstanding shares -
diluted
394
394
396
406
406
407
407
408
EBITDA
158
140
129
155
98
105
89
98
Adjusted EBITDA
178
159
153
182
123
127
112
130
Non-GAAP net income
123
112
118
153
118
127
120
133
Non-GAAP net income per share -
diluted
0.31
0.28
0.30
0.38
0.29
0.31
0.30
0.33
2024 Outlook The Company expects revenue in the range of
$2.75 billion to $2.77 billion for the full year of 2024,
representing year-over-year growth of approximately 12% to 13%. The
Company expects revenue for the first quarter of 2024 in the range
of $645 million to $650 million, representing revenue growth of
approximately 11% year-over-year at the midpoint of the range.
“2024 marks the turning point in the investment cycle for our
residential business as we launched our first Homes.com membership
product. Our adjusted EBITDA outlook for 2024 reflects the peak of
our residential investment,” said Scott Wheeler, CFO of CoStar
Group. “We expect adjusted EBITDA for the full year to range from
$170 million to $190 million, and for the first quarter of 2024 we
expect negative adjusted EBITDA of approximately $10 million. Our
outlook includes another year of record profitability in 2024 in
the commercial information and marketplace businesses.”
The Company expects full year 2024 non-GAAP net income per
diluted share in a range of $0.57 to $0.60 based on 409 million
shares. For the first quarter of 2024, the Company expects non-GAAP
net income per diluted share in a range of $0.06 to $0.07 based on
409 million shares. These ranges include an assumed rate for income
tax expense estimated of 26% for the full year and the first
quarter of 2024.
The preceding forward-looking statements reflect CoStar Group’s
expectations as of February 20, 2024, including forward-looking
non-GAAP financial measures on a consolidated basis, based on
current estimates, expectations, observations, and trends. Given
the risk factors, rapidly evolving economic environment, and
uncertainties and assumptions discussed in this release and in our
quarterly reports on Form 10-Q and annual reports on Form 10-K,
actual results may differ materially. Annualization of historical
results from short periods of time or small sample sizes may differ
materially from actual results realized in future periods and may
not take into account other future market conditions that may
negatively affect those results. Other than in publicly available
statements, the Company does not intend to update its
forward-looking statements until its next quarterly results
announcement.
Reconciliations of EBITDA, adjusted EBITDA, non-GAAP net income
and non-GAAP net income per diluted share to the most directly
comparable GAAP measures are shown in detail below, along with
definitions for those terms. A reconciliation of forward-looking
non-GAAP guidance to the most directly comparable GAAP measure, net
income, can be found within the tables included in this
release.
Non-GAAP Financial Measures For information regarding the
purpose for which management uses the non-GAAP financial measures
disclosed in this release and why management believes they provide
useful information to investors regarding the Company’s financial
condition and results of operations, please refer to the Company’s
latest periodic report.
EBITDA is a non-GAAP financial measure that represents GAAP net
income attributable to CoStar Group before interest income or
expense, net and other income or expense, net; loss on debt
extinguishment; income taxes; depreciation and amortization.
Adjusted EBITDA is a non-GAAP financial measure that represents
EBITDA before stock-based compensation expense, acquisition- and
integration-related costs, restructuring costs, and settlements and
impairments incurred outside the Company’s ordinary course of
business. Adjusted EBITDA margin represents adjusted EBITDA divided
by revenues for the period.
Non-GAAP net income is a non-GAAP financial measure determined
by adjusting GAAP net income attributable to CoStar Group for
stock-based compensation expense, acquisition- and
integration-related costs, restructuring costs, settlement and
impairment costs incurred outside the Company's ordinary course of
business and loss on debt extinguishment, as well as amortization
of acquired intangible assets and other related costs, and then
subtracting an assumed provision for income taxes. In 2024, the
Company is assuming a 26% tax rate in order to approximate its
statutory corporate tax rate excluding the impact of discrete
items.
Non-GAAP net income per diluted share is a non-GAAP financial
measure that represents non-GAAP net income divided by the number
of diluted shares outstanding for the period used in the
calculation of GAAP net income per diluted share. For periods with
GAAP net losses and non-GAAP net income, the weighted average
outstanding shares used to calculate non-GAAP net income per share
includes potentially dilutive securities that were excluded from
the calculation of GAAP net income per share as the effect was
anti-dilutive.
Operating Metrics and Other Definitions Net new bookings
is calculated based on the annualized amount of change in the
Company's sales bookings resulting from new subscription-based
contracts, changes to existing subscription-based contracts and
cancellations of subscription-based contracts for the period
reported. Information regarding net new bookings is not comparable
to, nor should it be substituted for, an analysis of the Company's
revenues over time.
1 Commercial information and marketplace businesses are our
consolidated financial position and results excluding the estimated
impact of our residential brands which are Homes.com network and
OnTheMarket, plc.
2 Our Residential Network consists of the following list of
brands: Apartments.com, ApartmentFinder, FinderSites,
ApartmentHomeLiving, WestSideRentals, ForRent, After55,
CorporateHousing, ForRentUniversity, Move.com (ending in December
2022), Cozy.com, Off Campus Partners, Homes.com, Homesnap,
CitySnap, and OnTheMarket, plc (beginning in January 2024).
Earnings Conference Call Management will conduct a
conference call to discuss the fourth quarter and full year 2023
results and the Company’s outlook at 5:00 PM ET on Tuesday,
February 20, 2024. A live audio webcast of the conference will be
available in listen-only mode through the Investors section of the
CoStar Group website: https://investors.costargroup.com. A replay
of the webcast audio will also be available in the Investors
section of our website for a period of time following the call.
CoStar Group, Inc.
Condensed Consolidated
Statements of Operations - Unaudited
(in millions, except per share
data)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Revenues
$
640.1
$
573.3
$
2,455.0
$
2,182.4
Cost of revenues
136.3
109.2
491.5
414.0
Gross profit
503.8
464.1
1,963.5
1,768.4
Operating expenses:
Selling and marketing (excluding customer
base amortization)
246.7
173.5
989.9
684.2
Software development
69.8
58.4
267.6
220.9
General and administrative
107.1
92.1
381.5
338.7
Customer base amortization
10.9
12.9
42.2
73.6
434.5
336.9
1,681.2
1,317.4
Income from operations
69.3
127.2
282.3
451.0
Interest income, net
59.7
32.6
213.6
32.1
Other income (expense), net
3.7
(0.2
)
5.4
3.4
Income before income taxes
132.7
159.6
501.3
486.5
Income tax expense
36.3
35.2
126.6
117.0
Net income
$
96.4
$
124.4
$
374.7
$
369.5
Net income per share — basic
$
0.24
$
0.31
$
0.92
$
0.93
Net income per share — diluted
$
0.24
$
0.31
$
0.92
$
0.93
Weighted-average outstanding shares —
basic
405.8
404.2
405.3
396.3
Weighted-average outstanding shares —
diluted
407.5
406.1
406.9
397.8
CoStar Group, Inc.
Reconciliation of Non-GAAP
Financial Measures - Unaudited
(in millions, except per share
data)
Reconciliation of Net Income
to Non-GAAP Net Income
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Net income
$
96.4
$
124.4
$
374.7
$
369.5
Income tax expense
36.3
35.2
126.6
117.0
Income before income taxes
132.7
159.6
501.3
486.5
Amortization of acquired intangible
assets
19.3
20.0
73.7
102.6
Stock-based compensation expense
21.2
21.1
85.0
75.2
Acquisition and integration related
costs
10.7
2.2
12.9
5.4
Restructuring and related costs
0.2
2.0
4.1
2.2
Settlements and impairments
—
2.0
(0.1
)
6.1
Other expense, net
(3.8
)
—
(3.8
)
6.2
Non-GAAP income before income taxes
180.3
206.9
673.0
684.2
Assumed rate for income tax expense(1)
26
%
26
%
26
%
26
%
Assumed provision for income tax
expense
(46.9
)
(53.8
)
(175.0
)
(177.9
)
Non-GAAP net income
$
133.4
$
153.1
$
498.0
$
506.3
Net income per share - diluted
$
0.24
$
0.31
$
0.92
$
0.93
Non-GAAP net income per share -
diluted
$
0.33
$
0.38
$
1.22
$
1.27
Weighted average outstanding shares -
basic
405.8
404.2
405.3
396.3
Weighted average outstanding shares -
diluted
407.5
406.1
406.9
397.8
__________________________
(1) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Net income
$
96.4
$
124.4
$
374.7
$
369.5
Amortization of acquired intangible assets
in cost of revenues
8.4
7.0
31.5
29.0
Amortization of acquired intangible assets
in operating expenses
10.9
12.9
42.2
73.6
Depreciation and other amortization
9.4
7.9
33.8
29.1
Interest income, net
(59.7
)
(32.6
)
(213.6
)
(32.1
)
Other (income) expense, net
(3.7
)
0.2
(5.4
)
(3.4
)
Income tax expense
36.3
35.2
126.6
117.0
EBITDA
$
98.0
$
155.0
$
389.8
$
582.7
Stock-based compensation expense
21.2
21.1
85.0
75.2
Acquisition and integration related
costs
10.7
2.2
12.9
5.4
Restructuring and related costs
0.2
2.0
4.1
2.2
Settlements and impairments
—
2.0
(0.1
)
6.1
Adjusted EBITDA
$
130.1
$
182.3
$
491.7
$
671.6
CoStar Group, Inc.
Condensed Consolidated Balance
Sheets - Unaudited
(in millions)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
5,215.9
$
4,968.0
Accounts receivable
213.2
166.1
Less: Allowance for credit losses
(23.2
)
(12.2
)
Accounts receivable, net
190.0
153.9
Prepaid expenses and other current
assets
70.2
64.0
Total current assets
5,476.1
5,185.9
Deferred income taxes, net
4.3
9.7
Property and equipment, net
472.2
321.3
Lease right-of-use assets
79.8
80.4
Goodwill
2,386.2
2,314.8
Intangible assets, net
313.7
329.3
Deferred commission costs, net
167.7
142.5
Deposits and other assets
17.7
16.6
Income tax receivable
2.0
2.0
Total assets
$
8,919.7
$
8,402.5
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
23.1
28.6
Accrued wages and commissions
117.8
105.0
Accrued expenses
163.0
89.1
Income taxes payable
7.7
10.4
Lease liabilities
40.0
36.0
Deferred revenue
104.2
103.6
Total current liabilities
455.8
372.7
Long-term debt, net
990.5
989.2
Deferred income taxes, net
36.7
76.2
Income taxes payable
18.2
14.0
Lease and other long-term liabilities
79.9
80.3
Total liabilities
$
1,581.1
$
1,532.4
Total stockholders’ equity
7,338.6
6,870.0
Total liabilities and stockholders’
equity
$
8,919.7
$
8,402.5
CoStar Group, Inc.
Condensed Consolidated
Statements of Cash Flows - Unaudited
(in millions)
Year Ended
December 31,
2023
2022
Operating activities:
Net income
$
374.7
$
369.5
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
107.5
137.9
Amortization of deferred commissions
costs
95.2
76.1
Amortization of Senior Notes discount and
issuance costs
2.4
2.4
Non-cash lease expense
30.0
38.5
Stock-based compensation expense
85.0
75.2
Deferred income taxes, net
(37.2
)
(31.2
)
Credit loss expense
35.0
18.3
Other operating activities, net
(3.2
)
(2.4
)
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(66.6
)
(46.4
)
Prepaid expenses and other current
assets
(16.2
)
(17.9
)
Deferred commissions
(120.2
)
(116.8
)
Accounts payable and other liabilities
33.9
23.2
Lease liabilities
(39.2
)
(37.4
)
Income taxes payable, net
10.7
(19.3
)
Deferred revenue
(1.3
)
6.8
Other assets
(1.0
)
2.2
Net cash provided by operating
activities
489.5
478.7
Investing activities:
Proceeds from sale and settlement of
investments
3.8
0.9
Proceeds from sale of property and
equipment and other assets
—
30.1
Purchase and construction of Richmond
assets
(117.5
)
(35.2
)
Purchases of property and equipment and
other assets
(25.3
)
(58.6
)
Cash paid for acquisitions, net of cash
acquired
(99.6
)
(6.3
)
Net cash used in investing activities
(238.6
)
(69.1
)
Financing activities:
Payments of long-term debt assumed in
acquisition
—
(2.2
)
Repurchase of restricted stock to satisfy
tax withholding obligations
(26.4
)
(23.0
)
Proceeds from equity offering, net of
transaction costs
—
745.7
Proceeds from exercise of stock options
and employee stock purchase plan
23.4
13.5
Other financing activities
(0.7
)
—
Net cash (used in) provided by financing
activities
(3.7
)
734.0
Effect of foreign currency exchange rates
on cash and cash equivalents
0.7
(2.7
)
Net increase in cash and cash
equivalents
247.9
1,140.9
Cash and cash equivalents at beginning of
year
4,968.0
3,827.1
Cash and cash equivalents at end of
year
$
5,215.9
$
4,968.0
CoStar Group, Inc.
Disaggregated Revenues -
Unaudited
(in millions)
Three Months Ended December
31,
2023
2022
North America
International
Total
North America
International
Total
CoStar
$
227.3
$
10.4
$
237.7
$
210.0
$
9.0
$
219.0
Information Services
32.9
9.8
42.7
31.7
9.0
40.7
Multifamily
243.8
—
243.8
198.0
—
198.0
LoopNet
65.9
2.6
68.5
59.3
2.0
61.3
Residential
7.8
2.2
10.0
16.2
—
16.2
Other Marketplaces
37.4
—
37.4
38.1
—
38.1
Total revenues
$
615.1
$
25.0
$
640.1
$
553.3
$
20.0
$
573.3
Year Ended December
31,
2023
2022
North America
International
Total
North America
International
Total
CoStar
$
886.0
$
39.2
$
925.2
$
800.2
$
36.8
$
837.0
Information Services
132.4
38.5
170.9
125.0
32.4
157.4
Multifamily
914.2
—
914.2
745.4
—
745.4
LoopNet
255.4
9.4
264.8
223.7
7.2
230.9
Residential
43.9
2.2
46.1
73.7
—
73.7
Other Marketplaces
133.8
—
133.8
138.0
—
138.0
Total revenues
$
2,365.7
$
89.3
$
2,455.0
$
2,106.0
$
76.4
$
2,182.4
CoStar Group, Inc.
Results of Segments -
Unaudited
(in millions)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
EBITDA
North America
$
112.8
$
154.8
$
402.9
$
577.3
International
(14.8
)
0.3
(13.2
)
5.4
Total EBITDA
$
98.0
$
155.1
$
389.7
$
582.7
CoStar Group, Inc.
Reconciliation of Non-GAAP
Financial Measures with Quarterly Results - Unaudited
(in millions, except per share
data)
Reconciliation of Net Income
to Non-GAAP Net Income
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Net income
$89.3
$83.5
$72.3
$124.4
$87.1
$100.5
$90.6
$96.4
Income tax expense
32.1
24.7
25.1
35.2
29.2
31.1
29.9
36.3
Income before income taxes
121.4
108.1
97.4
159.5
116.4
131.7
120.5
132.7
Amortization of acquired intangible
assets
23.2
22.8
36.6
20.0
17.7
18.0
18.7
19.3
Stock-based compensation expense
17.8
18.1
18.1
21.1
20.0
21.8
21.9
21.2
Acquisition and integration related
costs
1.6
0.5
1.1
2.2
1.7
(0.2)
0.8
10.7
Restructuring and related costs
—
—
0.2
2.0
3.4
(0.1)
0.5
0.2
Settlements and impairments
—
—
4.1
2.0
(0.1)
—
—
—
Other expense (income), net
2.0
2.1
2.1
—
—
—
—
(3.8)
Non-GAAP income before income taxes(1)
166.1
151.6
159.6
206.7
159.1
171.2
162.4
180.3
Assumed rate for income tax expense
(2)
26%
26%
26%
26%
26%
26%
26%
26%
Assumed provision for income tax
expense
(43.2)
(39.4)
(41.5)
(53.8)
(41.4)
(44.5)
(42.2)
(46.9)
Non-GAAP net income(1)
$122.9
$112.2
$118.1
$153.0
$117.7
$126.7
$120.2
$133.4
Non-GAAP net income per share -
diluted
$0.31
$0.28
$0.30
$0.38
$0.29
$0.31
$0.30
$0.33
Weighted average outstanding shares -
basic
392.9
393.3
394.7
404.2
404.5
405.4
405.6
405.8
Weighted average outstanding shares -
diluted
394.2
394.5
396.2
406.1
406.2
406.8
407.2
407.5
__________________________
(1) Totals may not foot due to
rounding.
(2) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Net income
$89.3
$83.5
$72.3
$124.4
$87.1
$100.5
$90.6
$96.4
Amortization of acquired intangible
assets
23.2
22.8
36.6
20.0
17.7
18.0
18.7
19.3
Depreciation and other amortization
7.0
7.0
7.2
7.9
7.9
8.1
8.4
9.4
Interest expense (income), net
7.7
3.4
(10.7)
(32.6)
(43.5)
(51.9)
(58.4)
(59.7)
Other (income) expense, net
(0.9)
(1.3)
(1.4)
0.2
(0.6)
(0.6)
(0.5)
(3.7)
Income tax expense
32.1
24.7
25.1
35.2
29.2
31.1
29.9
36.3
EBITDA(1)
$158.4
$140.0
$129.1
$155.1
$97.8
$105.2
$88.7
$98.0
Stock-based compensation expense
17.8
18.1
18.1
21.1
20.0
21.8
21.9
21.2
Acquisition and integration related
costs
1.6
0.5
1.1
2.2
1.7
(0.2)
0.8
10.7
Restructuring and related costs
—
—
0.2
2.0
3.4
(0.1)
0.5
0.2
Settlements and impairments
—
—
4.1
2.0
(0.1)
—
—
—
Adjusted EBITDA(1)
$177.9
$158.6
$152.7
$182.3
$122.9
$126.8
$111.9
$130.1
__________________________
(1) Totals may not foot due to
rounding.
CoStar Group, Inc.
Reconciliation of
Forward-Looking Guidance - Unaudited
(in millions, except per share
data)
Reconciliation of
Forward-Looking Guidance, Net Income to Non-GAAP Net Income
Guidance Range
Guidance Range
For the Three Months
For the Year Ending
Ending March 31, 2024
December 31, 2024
Low
High
Low
High
Net income
$
(5.0
)
$
(2.0
)
$
115.0
$
129.0
Income tax (benefit) expense
(2.0
)
(1.0
)
40.0
46.0
Income before income taxes
(7.0
)
(3.0
)
155.0
175.0
Amortization of acquired intangible
assets
18.0
18.0
59.0
59.0
Stock-based compensation expense
24.0
24.0
99.0
99.0
Acquisition and integration related
costs
—
—
—
—
Restructuring and related costs
—
—
—
—
Non-GAAP income before income taxes
35.0
39.0
313.0
333.0
Assumed rate for income tax expense(1)
26
%
26
%
26
%
26
%
Assumed provision for income tax
expense
(9.0
)
(10.0
)
(81.0
)
(87.0
)
Non-GAAP net income
$
26.0
$
29.0
$
232.0
$
246.0
Net income per share - diluted
$
(0.01
)
$
—
$
0.28
$
0.32
Non-GAAP net income per share -
diluted
$
0.06
$
0.07
$
0.57
$
0.60
Weighted average outstanding shares -
diluted
409.0
409.0
409.4
409.4
__________________________
(1) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of
Forward-Looking Guidance, Net Income to Adjusted EBITDA
Guidance Range
Guidance Range
For the Three Months
For the Year Ending
Ending March 31, 2024
December 31, 2024
Low
High
Low
High
Net income
$
(5.0
)
$
(2.0
)
$
115.0
$
129.0
Amortization of acquired intangible
assets
18.0
18.0
59.0
59.0
Depreciation and other amortization
12.0
12.0
53.0
53.0
Interest income, net
(56.0
)
(56.0
)
(198.0
)
(198.0
)
Other (income) expense, net
(3.0
)
(3.0
)
2.0
2.0
Income tax (benefit) expense
(2.0
)
(1.0
)
40.0
46.0
Stock-based compensation expense
24.0
24.0
99.0
99.0
Acquisition and integration related
costs
—
—
—
—
Adjusted EBITDA
$
(12.0
)
$
(8.0
)
$
170.0
$
190.0
About CoStar Group CoStar
Group (NASDAQ: CSGP) is a leading provider of online real estate
marketplaces, information, and analytics in the property markets.
Founded in 1987, CoStar Group conducts expansive, ongoing research
to produce and maintain the largest and most comprehensive database
of real estate information. CoStar is the global leader in
commercial real estate information, analytics, and news, enabling
clients to analyze, interpret and gain unmatched insight on
property values, market conditions and availabilities.
Apartments.com is the leading online marketplace for renters
seeking great apartment homes, providing property managers and
owners a proven platform for marketing their properties. LoopNet is
the most heavily trafficked online commercial real estate
marketplace with over twelve million monthly global unique
visitors. STR provides premium data benchmarking, analytics, and
marketplace insights for the global hospitality industry. Ten-X
offers a leading platform for conducting commercial real estate
online auctions and negotiated bids. Homes.com is the fastest
growing online residential marketplace that connects agents,
buyers, and sellers. OnTheMarket is a leading residential property
portal in the United Kingdom. BureauxLocaux is one of the largest
specialized property portals for buying and leasing commercial real
estate in France. Business Immo is France’s leading commercial real
estate news service. Thomas Daily is Germany’s largest online data
pool in the real estate industry. Belbex is the premier source of
commercial space available to let and for sale in Spain. CoStar
Group’s websites attract over 100 million unique monthly visitors.
Headquartered in Washington, DC, CoStar Group maintains offices
throughout the U.S., Europe, Canada, and Asia. From time to time,
we plan to utilize our corporate website, CoStarGroup.com, as a
channel of distribution for material company information. For more
information, visit CoStarGroup.com.
This news release and the Company’s earnings conference call
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about CoStar Group's
plans, objectives, expectations, beliefs and intentions and other
statements including words such as “hope,” “anticipate,” “may,”
“believe,” “expect,” “intend,” “will,” “should,” “plan,”
“estimate,” “predict,” “continue” and “potential” or the negative
of these terms or other comparable terminology. Such statements are
based upon the current beliefs and expectations of management of
CoStar Group and are subject to many risks and uncertainties.
Actual results may differ materially from the results anticipated
in the forward-looking statements and the assumptions and estimates
used as a basis for the forward-looking statements. The following
factors, among others, could cause or contribute to such
differences: the risk that the trends stated or implied by this
release or in the earnings conference call cannot or will not be
sustained at the current pace or may increase or decrease,
including trends and expectations related to revenue, revenue
growth, net income, non-GAAP net income, EBITDA, adjusted EBITDA,
adjusted EBITDA margin, sales, net new bookings, site traffic and
visitors, leads, and renewal rates; the risk that the Company is
unable to sustain current Company-wide, CoStar, Apartments or
LoopNet net new bookings; the risk that revenues for the first
quarter and full year 2024 will not be as stated in this press
release; the risk that net income for the first quarter and full
year 2024 will not be as stated in this press release; the risk
that EBITDA for the first quarter and full year 2024 will not be as
stated in this press release; the risk that adjusted EBITDA for the
first quarter and full year 2024 will not be as stated in this
press release; the risk that non-GAAP net income and non-GAAP net
income per diluted share for the first quarter and full year 2024
will not be as stated in this press release; the risk that we may
not successfully integrate acquired businesses or assets and may
not achieve anticipated benefits of an acquisition, including
expected synergies; the risk that the tax rate estimates stated in
this press release may change and the risk that we may experience
declines in our revenues, revenue growth rates and profitability
due to the impact of economic conditions on the real estate
industry and our core customer base. More information about
potential factors that could cause results to differ materially
from those anticipated in the forward-looking statements include,
but are not limited to, those stated in CoStar Group’s filings from
time to time with the Securities and Exchange Commission (the
"SEC"), including in CoStar Group’s Annual Report on Form 10-K for
the year ended December 31, 2022 and Quarterly Report on Form 10-Q
for the quarters ended March 31, June 30, and September 30, 2023,
each of which is filed with the SEC, including in the “Risk
Factors” section of those filings, as well as CoStar Group’s other
filings with the SEC (including Current Reports on Form 8-K)
available at the SEC’s website (www.sec.gov). All forward-looking
statements are based on information available to CoStar Group on
the date hereof, and CoStar Group assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240220853493/en/
Investor Relations: Cyndi Eakin Senior Vice President
CoStar Group Investor Relations (202) 346-6784
ceakin@costar.com
News Media: Matthew Blocher Vice President CoStar Group
Corporate Marketing & Communications (202) 346-6775
mblocher@costar.com
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