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CoStar
🇺🇸 NASDAQ:CSGP
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•
Dec 31, 2023

CoStar Q4 2023 Earnings Report

CoStar Group's Q4 2023 revenue increased by 12% and net income reached $96 million.

Key Takeaways

CoStar Group reported a 12% increase in revenue for Q4 2023, reaching $640 million. Net income for the quarter was $96 million. The company highlighted the growth of Apartments.com and the launch of Homes.com.

CoStar Group's Q4 2023 revenue grew by 12% year-over-year, amounting to $640 million.

Net income for Q4 2023 reached $96 million.

Apartments.com annualized run rate revenue exceeded $1 billion in January 2024.

Homes.com achieved over $1.1 million in net new sales bookings per day in February 2024.

Total Revenue
$640M
Previous year: $573M
+11.6%
EPS
$0.33
Previous year: $0.38
-13.2%
EBITDA
$98M
Adjusted EBITDA
$130M
Previous year: $182M
-28.5%
Gross Profit
$504M
Previous year: $464M
+8.5%
Cash and Equivalents
$5.22B
Previous year: $4.97B
+5.0%
Free Cash Flow
$177M
Previous year: $181M
-2.7%
Total Assets
$8.92B
Previous year: $8.4B
+6.2%

CoStar

CoStar

CoStar Revenue by Segment

CoStar Revenue by Geographic Location

Forward Guidance

CoStar Group anticipates revenue between $2.75 billion and $2.77 billion for full year 2024, with Q1 2024 revenue projected between $645 million and $650 million. Full year adjusted EBITDA is expected to range from $170 million to $190 million, while Q1 2024 adjusted EBITDA is expected to be negative $10 million.

Positive Outlook

  • Full year 2024 revenue is projected to be between $2.75 billion and $2.77 billion.
  • First quarter 2024 revenue is expected to be in the range of $645 million to $650 million.
  • The commercial information and marketplace businesses are expected to have another year of record profitability in 2024.
  • Full year 2024 non-GAAP net income per diluted share is projected in a range of $0.57 to $0.60.
  • First quarter 2024 non-GAAP net income per diluted share is expected in a range of $0.06 to $0.07.

Challenges Ahead

  • Adjusted EBITDA for the full year is expected to range from $170 million to $190 million, reflecting the peak of residential investment.
  • The company expects negative adjusted EBITDA of approximately $10 million for the first quarter of 2024.
  • The outlook includes assumptions about the rate for income tax expense, which may change.
  • Actual results may differ materially due to risk factors, the economic environment, and uncertainties.
  • Forward-looking statements will not be updated until the next quarterly results announcement.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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