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Mar 31, 2024
CoStar Q1 2024 Earnings Report
CoStar Group reported revenue growth and the successful launch of Homes.com monetization.
Key Takeaways
CoStar Group's Q1 2024 results showed strong revenue growth, driven by the successful launch of Homes.com monetization, leading to record net new bookings. The company's revenue increased by 12% year-over-year, with Apartments.com and CoStar achieving significant revenue milestones.
CoStar Group's Q1 2024 revenue increased by 12% year-over-year, reaching $656 million.
Homes.com monetization launched successfully, contributing nearly $40 million in net new bookings.
The company achieved a record $86 million in net new bookings for the quarter.
Apartments.com and CoStar both crossed $250 million in revenue, reaching $1 billion in annualized run rate revenue.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CoStar Group provided revenue guidance for the second quarter of 2024, expecting it to be in the range of $674 million to $679 million, representing approximately 12% year-over-year growth. The company also raised its full-year revenue and adjusted EBITDA guidance.
Positive Outlook
- Full year revenue is expected to be in the range of $2.76 billion to $2.77 billion for the full year of 2024 representing revenue growth of approximately 13% year-over-year at the midpoint of the range.
- Revenue for the second quarter of 2024 is expected in the range of $674 million to $679 million, representing revenue growth of approximately 12% year-over-year at the midpoint of the range.
- Adjusted EBITDA for the full year of 2024 is expected in the range of $185 million to $205 million, an increase of $15 million at the midpoint of the range from previous guidance.
- For the second quarter of 2024, adjusted EBITDA is expected in the range of $5 million to $10 million.
- Full year 2024 non-GAAP net income per diluted share is expected in a range of $0.58 to $0.62 based on 409 million shares.
Challenges Ahead
- Non-GAAP net income per diluted share for the second quarter of 2024, is expected in a range of $0.09 to $0.10 based on 409 million shares.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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