CoStar Group(CSGP) - 2024 Q4 - Annual Results

Financial Performance - CoStar Group's full year 2024 revenue was $2.74 billion, an 11% increase from$ 2.46 billion in 2023[1] - Q4 2024 revenue reached $709 million, up 11% from$ 640 million in Q4 2023[1] - Net income for 2024 was $139 million, down from$ 375 million in 2023, with Q4 2024 net income at $60 million[1] - Total revenues for the year ended December 31, 2024, reached$ 2,736.2 million, up 15.0% from $2,455.0 million in 2023[23] - Net income for 2024 was$ 138.7 million, a decrease of 63.0% compared to $374.7 million in 2023[21] - EBITDA for the fourth quarter of 2024 was$ 72.9 million, down 25.7% from $98.0 million in the fourth quarter of 2023[25] - The company reported a net cash provided by operating activities of$ 392.6 million in 2024, down 19.7% from $489.5 million in 2023[21] Revenue Sources - Apartments.com generated$ 1.07 billion in revenue for 2024, a 17% increase year-over-year, while CoStar's revenue was $1.02 billion, growing 10%[3] - CoStar Group's commercial information and marketplace brands achieved 43% profit margins for 2024[3] Visitor Metrics - The Homes.com Network achieved 110 million average monthly unique visitors in Q4 2024, nearly doubling Realtor.com's 62 million[3] - CoStar Group's average monthly unique visitors increased by 17% year-over-year to 134 million in Q4 2024[3] - CoStar Group's websites attracted over 134 million average monthly unique visitors in Q4 2024[33] Future Projections - The company expects 2025 revenue in the range of$ 2.985 billion to $3.015 billion, representing approximately 10% growth year-over-year[6] - Adjusted EBITDA for 2025 is projected to be between$ 375 million and $405 million, with a margin of 13% at the midpoint[7] - The company plans to achieve an adjusted EBITDA guidance range of$ 375 million to $405 million for the year ending December 31, 2025[29] Assets and Liabilities - Total assets increased to$ 9,256.8 million in 2024 from $8,919.7 million in 2023, representing a growth of 3.8%[19] - Cash and cash equivalents decreased to$ 4,681.0 million in 2024 from $5,215.9 million in 2023, a decline of 10.3%[21] - Total current liabilities increased to$ 552.3 million in 2024, up 21.2% from $455.8 million in 2023[19] - Total stockholders' equity increased to$ 7,553.5 million in 2024 from $7,338.6 million in 2023, reflecting a growth of 2.9%[19] Stock and Acquisitions - The Board approved a stock repurchase program for up to$ 500 million of the company's common stock[2] - Cash paid for acquisitions in 2024 totaled $276.7 million, significantly higher than$ 99.6 million in 2023[21] - CoStar Group is in the process of acquiring Matterport, Inc., which may impact its future performance[34] Strategic Initiatives - CoStar Group is a global leader in commercial real estate information, analytics, and online marketplaces, with major brands including CoStar, LoopNet, and Apartments.com[32] - The company is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence[33] - The company is focused on geographic expansion and increasing revenues from current and future plans[34] - The company is investing in building out its campus in Richmond, Virginia, which involves significant costs[34] Risks and Uncertainties - The company faces risks including competition, market cyclicality, and the ability to attract and retain clients and advertisers[34] - CoStar Group's forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially[34] - CoStar Group's filings with the SEC provide more information on potential risks and factors affecting its performance[35]