CoStar Group(CSGP)

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CoStar Group 2023 Revenue Increased 13%, Apartments.com Crosses $1 Billion in Annualized Run Rate Revenue in January 2024, and Homes.com Crosses $1 Million in Annualized Daily Net New Sales Bookings in February 2024
Businesswire· 2024-02-20 21:30
WASHINGTON--(BUSINESS WIRE)--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 en ...
CoStar Group (CSGP) to Post Q4 Earnings: What's in Store?
Zacks Investment Research· 2024-02-16 19:06
CoStar Group (CSGP) is slated to report its fourth-quarter 2023 earnings on Feb 20.The company expects revenues between $630 million and $635 million, indicating growth of 12% year over year at the midpoint of the range. Earnings are expected between 31 and 32 cents per share.For the fourth quarter, the Zacks Consensus Estimate for revenues currently stands at $633.30 million, suggesting growth of 10.46% from the year-ago quarter’s levels.The consensus mark for earnings has remained unchanged at 32 cents pe ...
Insights Into CoStar (CSGP) Q4: Wall Street Projections for Key Metrics
Zacks Investment Research· 2024-02-14 15:21
Analysts on Wall Street project that CoStar Group (CSGP) will announce quarterly earnings of $0.32 per share in its forthcoming report, representing a decline of 15.8% year over year. Revenues are projected to reach $633.3 million, increasing 10.5% from the same quarter last year.Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial foreca ...
CoStar Group Acquires 1201 Wilson Boulevard, a LEED Platinum Office Building in Arlington, Virginia
Businesswire· 2024-02-13 22:57
ARLINGTON, Va.--(BUSINESS WIRE)--CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets, today announced the purchase of 1201 Wilson Boulevard, a 552,000 square foot office building in Arlington, Virginia. CoStar Group plans to relocate its Washington, D.C. employees to Arlington and capitalize on nearly $7 million in tax and economic incentives. With the Company’s current lease set to expire in 2025, CoStar Group assessed mo ...
Homes.com Ranked Among Top 50 U.S. Domains In Organic Visibility Improvement in 2023
Businesswire· 2024-02-02 14:00
WASHINGTON--(BUSINESS WIRE)--Homes.com, a brand of CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets, today earned the 43rd spot in SISTRIX’s IndexWatch 2023 for organic visibility improvement. Each year, the IndexWatch ranking uses the SISTRIX Visibility Index to measure U.S. domains with the strongest organic visibility growth and declines on Google.com. SITRIX measures rankings of over 100 million domains for 100 mill ...
CoStar Group to Report Financial Results for Fourth Quarter and Full Year 2023 on February 20, 2024
Businesswire· 2024-02-01 17:00
WASHINGTON--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets, will announce financial results for the fourth quarter and full year 2023 following the market close on Tuesday, February 20, 2024. Management will conduct a conference call to discuss the fourth quarter and full year results, as well as the Company’s outlook at 5:00 PM EST that same day. A live audio webcast of ...
CoStar Group Founder and CEO Andy Florance Named Inman 2024 Power Player
Businesswire· 2024-01-22 14:43
WASHINGTON--(BUSINESS WIRE)--Andy Florance, Founder and Chief Executive Officer of CoStar Group (NASDAQ: CGSP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, today was honored as one of Inman’s 2024 Power Players. The index, in its second year as part of Inman’s expanded awards program, recognizes real estate’s most powerful and influential leaders who represent the pinnacle of industry success. Inman’s 2024 Power Play ...
CoStar Group Founder and CEO Andy Florance Named as Top Ten on SP 200 Real Estate's Most Powerful and Influential List
Businesswire· 2024-01-16 21:05
WASHINGTON--(BUSINESS WIRE)--The Swanepoel Power 200, the definitive ranking of the residential real estate brokerage industry’s executives and leaders, has named Andy Florance, Founder and Chief Executive Officer of CoStar Group (NASDAQ: CSGP), as one of the nation’s ten most powerful and influential people in real estate for 2023. The recognition of Andy Florance on the SP 200 list follows another year of major growth and achievement for CoStar Group, especially for the company’s residential real estat ...
CoStar Group(CSGP) - 2023 Q3 - Quarterly Report
2023-10-24 16:00
Revenue Growth and Performance - CoStar's revenue growth rate for the nine months ended September 30, 2023, slowed compared to the same period in 2022, with expectations for further slowdown in 2023 due to reduced customer upgrades and lower sales levels to brokers [121]. - Information Services' revenue growth rate for the nine months ended September 30, 2023, was consistent with the previous year, but is expected to slow in 2023 due to lower price adjustments [122]. - Multifamily revenue growth rate accelerated for the nine months ended September 30, 2023, driven by higher sales volumes and increased pricing on renewals, with expectations for continued acceleration in 2023 [123]. - LoopNet's revenue growth rate accelerated for the nine months ended September 30, 2023, attributed to an increase in the average price per listing, with expectations for continued acceleration in 2023 [124]. - Residential revenues decreased for the nine months ended September 30, 2023, due to the discontinuation of certain products, with expectations for further decline in 2023 [126]. - Other Marketplaces' revenues decreased for the nine months ended September 30, 2023, primarily due to lower Ten-X transaction revenue, with expectations for continued decline in 2023 [127]. - Total revenues increased by $68 million, or 12%, to $624.7 million for the three months ended September 30, 2023, compared to the same period in 2022 [146]. - Multifamily revenues rose by $46 million, or 24%, driven by higher sales volume and increased pricing on renewals [147]. - CoStar revenues increased by $21 million, or 10%, due to annual price increases and customer upgrades on contract renewals [147]. - LoopNet revenues grew by $9 million, or 15%, attributed to an increase in the average price for listings [147]. - Information Services revenues rose by $4 million, or 9%, primarily from a $3 million increase in STR sales [147]. - Total revenues increased by $206 million, or 13%, to $1.8 billion, driven by significant growth in Multifamily revenues, which rose by $123 million, or 22% [158]. Expenses and Profitability - Operating expenses increased by $76.2 million, or 21%, primarily due to a $81.5 million increase in selling and marketing expenses [146]. - Gross profit increased by $155 million, or 12%, to $1,460 million, while the gross profit margin decreased from 81% to 80% [160]. - Selling and marketing expenses rose by $232 million, or 46%, to $743 million, representing 41% of total revenues [160]. - North America EBITDA decreased by $132 million, or 31%, to $290 million, primarily due to rising personnel and marketing costs [168]. - Net income for the three months ended September 30, 2023, was $90.6 million, a 25% increase from $72.3 million in the same period in 2022 [146]. Cash and Investments - Cash and cash equivalents stood at $5.2 billion as of September 30, 2023, sufficient to meet cash requirements for the next 12 months [169]. - Cash and cash equivalents increased to approximately $5.2 billion as of September 30, 2023, up from $5.0 billion at the end of 2022, primarily due to $341 million in cash provided by operating activities [176]. - Net cash provided by operating activities for the nine months ended September 30, 2023 was $341 million, an increase of $47 million compared to the same period in 2022 [177]. - The company plans to invest in residential marketplaces and has made an offer to purchase OnTheMarket, a leading U.K. residential property portal, to enhance its offerings [132]. - The company plans to invest in expanding its LoopNet marketplace and enhancing CoStar's benchmarking and analytics capabilities [31]. - The company plans to spend approximately $170 million on construction in 2023, funded by cash on hand [173]. - Purchase obligations totaled $270 million, with $100 million payable within 12 months, primarily related to web hosting and software subscriptions [170]. Challenges and Risks - Economic conditions, including elevated office vacancy rates and increased interest rates, have negatively impacted the commercial real estate market, leading to reduced transaction volumes and increased credit loss expenses [134]. - The company faces challenges in attracting and retaining new clients, impacting overall performance [182]. - There is a significant risk related to the inability to successfully develop and introduce new information and analytics services [182]. - Competition poses a threat to the company's ability to attract advertisers and maintain market share [182]. - The company is experiencing downward pressure on operating margins due to internal and external investments [182]. - There are concerns regarding the ability to generate increased revenues from geographic expansion plans [182]. - The company is at risk from potential legal liabilities related to data collection and distribution [184]. - Foreign currency fluctuations and international operations present additional risks to the company's financial stability [184]. - The company is facing challenges in maintaining relationships with third-party listing providers, which could affect revenue [184]. - There is uncertainty surrounding the impact of the COVID-19 pandemic on the global economy and the real estate industry [182]. - The company may overstate the actual number of unique visitors to its platforms, affecting comparability with competitors [184]. Tax and Future Outlook - Income tax expense increased by $8 million, or 10%, to $90 million, with an effective tax rate of 24% [163]. - Future capital requirements will depend on operating results, expansion efforts, and acquisition activities [174]. - The company expects to continue making acquisitions as part of its growth strategy [174]. - The company announced a recommended cash offer to acquire OnTheMarket for approximately £99 million (about $120 million), expected to close in Q4 2023 [175]. - The total cost of the campus expansion in Richmond, Virginia is expected to be between $450 million and $600 million from 2023 to 2032, with $73 million already paid and an additional $488 million committed [172].
CoStar Group(CSGP) - 2023 Q2 - Earnings Call Transcript
2023-07-26 03:08
CoStar Group, Inc. (NASDAQ:CSGP) Q2 2023 Earnings Conference Call July 25, 2023 5:00 PM ET Company Participants Cyndi Eakin - Head of IR Andy Florance - Founder & CEO Scott Wheeler - CFO Conference Call Participants George Tong - Goldman Sachs Heather Balsky - Bank of America Merrill Lynch Peter Christiansen - Citi Ryan Tomasello - KBW Jeff Meuler - Baird Alexei Gogolev - JPMorgan Stephanie Moore - Jefferies Operator Good afternoon. My name is JP and I will be your conference operator today. At this time, I ...