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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.
CoStar
CoStar
CoStar Revenue by Segment
CoStar Revenue by Geographic Location
Revenue by Segment
CoStar Revenue
CapyFin.comInformation Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLoopNet Revenue
CapyFin.comResidential Revenue
CapyFin.comOther Revenues Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- These ranges include an estimated non-GAAP tax rate of 26% for the full year and the second quarter of 2024.
- 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.
- The company does not intend to update its forward-looking statements until its next quarterly results announcement.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income