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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.
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.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com 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