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CoStar
🇺🇸 NASDAQ:CSGP
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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.

Total Revenue
$678M
Previous year: $606M
+11.9%
EPS
$0.15
Previous year: $0.31
-51.6%
Adjusted EBITDA
$40.8M
Previous year: $127M
-67.8%
Gross Profit
$542M
Previous year: $494M
+9.8%
Cash and Equivalents
$4.92B
Previous year: $5.21B
-5.5%
Free Cash Flow
$45M
Previous year: $145M
-69.0%
Total Assets
$9.07B
Previous year: $8.69B
+4.3%

CoStar

CoStar

CoStar Revenue by Segment

CoStar Revenue by Geographic Location

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

Company Overview

Full financial data and analysis

View CoStar