For the second quarter, the Zacks Consensus Estimate for revenues is currently pegged at $678.15 million, suggesting growth of 11.92% from the year-ago quarter's levels. Let's see how things have shaped up for the upcoming announcement. The strengthening international segment and the positive outlook for real estate marketplaces are expected to have bolstered LoopNet's performance in the quarter under review. It expects revenues between $674 million and $679 million, indicating growth of 12% year over year ...

I wrote a Deep Dive on CSGP back in January 2024, so I would suggest reading my Deep Dive for a more comprehensive discussion on the company. I will mostly highlight a couple of points in this piece. Such countercyclical dynamic makes it much more likely that even in a "GFC" scenario, CoStar's revenue may continue to increase." CSGP is one of those rare companies that grew its revenues double-digit for each of the last 51 quarters. CSGP guided for $5 Bn revenue in 2027 even though consensus estimates today ...

2d illustrations and photos Introduction I previously covered CoStar (NASDAQ:CSGP) back in January, rating the company as a 'Strong Buy,' something I've rarely assigned to the companies I've written about. At the time, I praised the company for disrupting the commercial real estate industry. It has created several marketplaces, building network effects and scale. It also built a huge database of information and tools that are crucial for agents to find data on a property's construction, prior sales, market ...

A near 30% hit to shares of CoStar Group Inc (NASDAQ: CSGP) spells opportunity to buy a quality name at a discount, says Nicholas Jones – a JMP Securities analyst. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. Copy link to section Jones announced a price target of $110 for CoStar stock in a research note today that signals potential for a whopping 50% gain from here. The analyst is super bullish on CSGP because he recently had a meeting with the co ...

It has been about a month since the last earnings report for CoStar Group (CSGP) . Shares have lost about 5.2% in that time frame, underperforming the S&P 500. CoStar revenues (38.1% of revenues) of $250.3 million missed the consensus estimate by 0.30% and increased 11.2% year over year. Apartments.com revenues increased 21% year over year. In the first quarter, both Apartments.com and CoStar generated more than $1 billion in sales. Net new bookings in the first quarter amounted to $86 million. Information ...

Financial Performance - For the three months ended March 31, 2024, net income was $6.7 million, a decrease of 92.3% compared to $87.1 million for the same period in 2023[85]. - Total comprehensive income for the same period was $2.4 million, down from $91.2 million in the prior year, reflecting a significant decline[85]. - Revenues for Q1 2024 reached $656.4 million, a 12.3% increase from $584.4 million in Q1 2023[112]. - Gross profit for Q1 2024 was $515.2 million, compared to $465.2 million in Q1 2023, reflecting a gross margin improvement[112]. - Operating expenses totaled $558.0 million in Q1 2024, up from $393.0 million in Q1 2023, driven by increased selling and marketing expenses[112]. - Basic net income per share for Q1 2024 was $0.02, down from $0.22 in Q1 2023[112]. - Cash provided by operating activities was $139.6 million for Q1 2024, compared to $123.2 million in Q1 2023[93]. - Total revenues for the three months ended March 31, 2024, were $656.4 million, an increase of 12.3% compared to $584.4 million for the same period in 2023[209]. Cash and Liquidity - As of March 31, 2024, the company reported cash and cash equivalents of $4.8 billion, down from $5.1 billion as of December 31, 2023[39]. - Cash and cash equivalents at the end of Q1 2024 were $4,951.6 million, down from $5,055.7 million at the end of Q4 2023[93]. - The company reported a net cash used in investing activities of $380.3 million in Q1 2024, compared to $19.6 million in Q1 2023[93]. - The company’s cash and cash equivalents decreased from $5,215.9 million as of December 31, 2023, to $4,951.6 million as of March 31, 2024, a decline of approximately 5.1%[115]. Debt and Liabilities - The company’s total face amount of long-term debt remained stable at $1 billion as of March 31, 2024[29]. - Total liabilities increased from $1,581.1 million as of December 31, 2023, to $1,691.9 million as of March 31, 2024, an increase of approximately 7%[115]. - The company had $1.4 million of deferred debt issuance costs as of March 31, 2024, related to the 2020 Credit Agreement[30]. - Accounts payable surged from $23.1 million as of December 31, 2023, to $113.6 million as of March 31, 2024, indicating a significant increase in current liabilities[115]. Equity and Stock Performance - The balance of total stockholders' equity as of March 31, 2023, was $6,965.6 million, compared to $6,870.1 million at the end of 2022, indicating a growth of 1.4%[91]. - Total stockholders' equity remained relatively stable, increasing slightly from $7,338.6 million as of December 31, 2023, to $7,342.6 million as of March 31, 2024[115]. - The number of common shares outstanding as of April 22, 2024, was 408,342,326[53]. Tax and Regulatory Compliance - The effective tax rate for the three months ended March 31, 2024, was approximately 42%, an increase from 25% in the same period of 2023[45]. - The company has maintained compliance with all filing requirements under the Securities Exchange Act of 1934 for the past 90 days[52]. Acquisitions and Market Expansion - The company completed the acquisition of OnTheMarket in December 2023, enhancing its market presence in the UK[110]. - CoStar Group's acquisition of Business Immo was completed on April 5, 2022, enhancing its market presence in commercial real estate news services in France[58]. - The acquisition of OnTheMarket was completed for a total consideration of £96.0 million ($120.4 million), enhancing the company's market presence in the UK[190]. Revenue Recognition and Deferred Revenue - Subscription-based revenues accounted for approximately 96% of total revenues for the three months ended March 31, 2024, compared to 95% for the same period in 2023[125]. - Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations was approximately $394 million at March 31, 2024, expected to be recognized over the next five years[211]. - Total deferred revenue increased to $117.2 million as of March 31, 2024, up from $104.3 million at December 31, 2023, representing a growth of 8.3%[209]. - The company’s deferred revenue results from amounts billed in advance to customers, recognized as obligations are satisfied[154]. Goodwill and Impairment - The company’s goodwill as of March 31, 2024, was $2.3837 billion, reflecting a decrease from $2.3862 billion as of December 31, 2023[28]. - Goodwill is tested for impairment at least annually, with the assessment based on a projected discounted cash flow model that includes significant assumptions such as discount rate and growth rate[145]. Operational Developments - The company is continuing to develop its residential marketplaces, launching Homes.com memberships in February 2024 to promote agent profiles and listings[49]. - The company plans to expand its residential marketing investment to increase brand awareness and drive users to its website[49]. - The company continues to focus on expanding its online platforms, including Homes.com and Land.com, to enhance its service offerings in the real estate market[79]. - The company intends to build out space in the newly acquired office tower to support anticipated growth and expansion of operations[173]. Stock-Based Compensation - The company reported a total stock-based compensation expense of $22.8 million for the three months ended March 31, 2024, compared to $20.0 million for the same period in 2023, reflecting an increase of approximately 14%[136]. - The company recorded stock-based compensation expense for stock options and restricted stock awards, amounting to $0.8 million for the three months ended March 31, 2024[164].

CoStar Group (CSGP) reported non-GAAP earnings of 10 cents per share in first-quarter 2024, surpassing the Zacks Consensus Estimate by 66.67% but dropping 65.5% year over year.Revenues of $656.4 million beat the Zacks Consensus Estimate by 1.10% and increased 12.3% year over year. The upside was driven by robust performance in key segments.Top-Line DetailsCoStar revenues (38.1% of revenues) of $250.3 million missed the consensus estimate by 0.30% and increased 11.2% year over year. Apartments.com revenues i ...

Financial Data and Key Metrics Changes - CoStar Group reported revenue of $250 million for Q1 2024, representing an 11% increase year-over-year [17] - The company achieved an all-time high in net new bookings of $86 million, with 60% from commercial products and 40% from Homes.com memberships [4] - The average number of bidders per auction increased to 3.2, the highest in a year, and approval rates for proposed assets increased by 50% from the previous quarter [19] Business Line Data and Key Metrics Changes - Residential revenue reached $19 million in Q1 2024, up 90% sequentially and 42% year-over-year, driven by the Homes.com launch [56] - Apartments.com revenue grew by 21% in Q1 2024, surpassing the guidance of 20% growth [57] - Homes.com sold nearly 8,000 memberships in the first quarter, with an average price of $475 to $500 per month [66] Market Data and Key Metrics Changes - Homes.com attracted 110 million monthly unique visitors in March 2024, a 386% increase year-over-year [10] - The overall residential network reached 156 million monthly unique visitors, establishing it as one of the two most trafficked residential marketplaces in the U.S. [26] - The U.K. property portal OnTheMarket saw strong growth, with monthly unique visitors reaching 17 million in March, a 107% increase year-over-year [139] Company Strategy and Development Direction - The company aims to make Homes.com the leading U.S. real estate portal by building massive site traffic and successfully monetizing the new model [9] - CoStar Group plans to invest in Matterport's spatial technology to enhance its offerings across various platforms [8] - The strategy includes focusing on high-intent leads and building a dedicated sales team for Homes.com, with a goal of over 300 sellers by year-end [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Homes.com, indicating it could become the largest revenue business in the portfolio [20] - The company noted that the broader economic conditions remain favorable for rental property advertising, despite challenges in the industrial sector [38] - Management highlighted the importance of digital twins in real estate, believing it will significantly enhance property marketing and valuation [119] Other Important Information - CoStar Group's cash balance increased to $5.5 billion, reflecting strong financial health [46] - The company reported a 90% renewal rate for its services, indicating high customer satisfaction [39] - The average time spent on Apartments.com by users interacting with Matterport 3D tours was 16.6 minutes, significantly higher than non-interactive users [6] Q&A Session Summary Question: What is the outlook for Homes.com sales and pricing? - Management indicated satisfaction with the current pricing model and expects it to remain stable while focusing on volume growth [67][70] Question: How does the company plan to scale the Homes.com sales team? - The focus is on building a dedicated sales team to manage a large number of prospects, with plans to scale effectively over the next year [79][110] Question: What are the expectations for the EBITDA margin in the non-residential business? - The company remains on track to achieve a full-year target of approximately 42% EBITDA margin, with Q1 margins reported at about 39% [85] Question: How does Matterport fit into the company's future strategy? - Management believes Matterport will enhance property marketing and valuation, with plans to integrate it across various platforms [105][118]

CoStar Group (CSGP) reported $656.4 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 12.3%. EPS of $0.10 for the same period compares to $0.29 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $649.27 million, representing a surprise of +1.10%. The company delivered an EPS surprise of +66.67%, with the consensus EPS estimate being $0.06.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

✓ 96% subscription revenue with 81% annual contracts ✓ 94% renewal rate for clients > 5 years ✓ Net cash provided by operating activities of $490 million for 2023 More Diversified with More Countercyclical Business Mix Since the Great Recession 2008 REVENUE 2024E REVENUE 38% Other 15% CoStarGroup™ Legal Disclaimer Factors that could cause or contribute to such differences include: general economic conditions; the risk that our projections about revenue, EBITDA, Adjusted EBITDA, net income per share, Non-GAA ...