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Jun 30, 2024
CoStar Q2 2024 Earnings Report
CoStar Group's revenue increased by 12% year-over-year, reaching $678 million, and net income was $19 million.
Key Takeaways
CoStar Group reported a revenue increase of 12% year-over-year, reaching $678 million for Q2 2024. The company's net income was $19 million, with a net income per diluted share of $0.05. The commercial information and marketplace businesses delivered 41% profit margins.
Revenue grew 12% year-over-year.
Apartments.com grew at 18% and CoStar at 10% over the second quarter of last year.
Homes.com net new bookings reached over $55 million through June.
CoStar Group's websites attracted over 183 million monthly average unique visitors.
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
The Company expects revenue for the third quarter of 2024 in the range of $692 million to $697 million, representing revenue growth of approximately 11% year-over-year at the midpoint of the range.The Company expects full year 2024 non-GAAP net income per diluted share in a range of $0.64 to $0.66 based on 408 million shares. For the third quarter of 2024, the Company expects non-GAAP net income per diluted share in a range of $0.15 to $0.16 based on 408 million shares.
Positive Outlook
- Revenue for the third quarter of 2024 is expected to grow approximately 11% year-over-year.
- Full year 2024 non-GAAP net income per diluted share is projected between $0.64 and $0.66.
- Third quarter 2024 non-GAAP net income per diluted share is expected to be in the range of $0.15 to $0.16.
- Full year adjusted EBITDA expected to be between $195 million and $205 million.
- Third quarter adjusted EBITDA is projected to be between $47 million and $52 million.
Challenges Ahead
- The forward-looking statements are subject to risks and uncertainties.
- Economic conditions could impact the real estate industry and CoStar's customer base.
- The company may not successfully integrate acquired businesses or assets.
- Tax rate estimates may change.
- Actual results may differ materially from anticipated results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income