CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online
real estate marketplaces, information and analytics in the property
markets, announced today that revenue for the quarter ended June
30, 2024 was $678 million, up 12% over revenue of $606 million for
the quarter ended June 30, 2023. Net income was $19 million in the
second quarter of 2024 and net income per diluted share was
$0.05.
“We achieved another strong quarter of results in terms of
revenue, sales and traffic to our websites,” said Andy Florance,
Founder and CEO of CoStar Group. “Overall revenue grew 12%
year-over-year, and our two billion-dollar run rate businesses
continue to deliver double-digit revenue growth with Apartments.com
growing at 18% and CoStar at 10% over the second quarter of last
year. Our commercial information and marketplace businesses
continue to perform and delivered 41% profit margins in the second
quarter of 2024,” continued Florance.
“Homes.com net new bookings through June reached over $55
million, a significant milestone as it took Apartments.com two
years to achieve those results. Our Homes.com Network had 148
million monthly average unique visitors in the second quarter,
according to Google Analytics, maintaining our position as one of
the top two most heavily trafficked residential property
marketplaces in the U.S.” continued Florance. “Our unaided brand
awareness continues to climb and reached 27% in June 2024 as a
result of our aggressive brand marketing campaign."
Year 2023-2024 Quarterly
Results - Unaudited
(in millions, except per share
data)
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Revenues
$584
$606
$625
$640
$656
$678
Net income
87
101
91
96
7
19
Net income per share - diluted
0.21
0.25
0.22
0.24
0.02
0.05
Weighted average outstanding shares -
diluted
406
407
407
408
407
407
EBITDA
98
105
89
98
(13)
12
Adjusted EBITDA
123
127
112
130
12
41
Non-GAAP net income
118
127
120
133
42
61
Non-GAAP net income per share -
diluted
0.29
0.31
0.30
0.33
0.10
0.15
2024 Outlook
“This quarter’s results demonstrate the strength of our core
commercial business and the continued progress of our Homes.com
strategy,” said Chris Lown, CFO of CoStar Group. The Company now
expects revenue in the range of $2.735 billion to $2.745 billion
for the full year of 2024, representing revenue growth of
approximately 12% year-over-year at the midpoint of the range. 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.
“We now expect adjusted EBITDA for the full year of 2024 in the
range of $195 million to $205 million, an increase of $5 million at
the midpoint of the range from our previous guidance. For the third
quarter of 2024, we expect adjusted EBITDA in the range of $47
million to $52 million.”
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. These ranges include an estimated non-GAAP tax
rate of 26% for the full year and the third quarter of 2024.
The preceding forward-looking statements reflect CoStar Group’s
expectations as of July 23, 2024, including forward-looking
non-GAAP financial measures on a consolidated basis, based on
current estimates, expectations, observations, and trends. 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. Other than in publicly
available statements, the Company does not intend to update its
forward-looking statements until its next quarterly results
announcement.
Reconciliations of EBITDA, adjusted EBITDA, non-GAAP net income,
and non-GAAP net income per diluted share to the most directly
comparable GAAP measures are shown in detail below, along with
definitions for those terms. A reconciliation of forward-looking
non-GAAP guidance to the most directly comparable GAAP measure, net
income, can be found within the tables included in this
release.
Non-GAAP Financial Measures
For information regarding the purpose for which management uses
the non-GAAP financial measures disclosed in this release and why
management believes they provide useful information to investors
regarding the Company’s financial condition and results of
operations, please refer to the Company’s latest periodic
report.
EBITDA is a non-GAAP financial measure that represents GAAP net
income attributable to CoStar Group before interest income or
expense, net and other income or expense, net; loss on debt
extinguishment; income taxes and depreciation and amortization
expense.
Adjusted EBITDA is a non-GAAP financial measure that represents
EBITDA before stock-based compensation expense, acquisition- and
integration-related costs, restructuring costs, and settlements and
impairments incurred outside the Company’s ordinary course of
business. Adjusted EBITDA margin represents adjusted EBITDA divided
by revenues for the period.
Non-GAAP net income is a non-GAAP financial measure determined
by adjusting GAAP net income attributable to CoStar Group for
stock-based compensation expense, acquisition- and
integration-related costs, restructuring costs, settlement and
impairment costs incurred outside the Company's ordinary course of
business and loss on debt extinguishment, as well as amortization
of acquired intangible assets and other related costs, and then
subtracting an assumed provision for income taxes. In 2024, the
Company is assuming a 26% tax rate in order to approximate its
statutory corporate tax rate excluding the impact of discrete
items.
Non-GAAP net income per diluted share is a non-GAAP financial
measure that represents non-GAAP net income divided by the number
of diluted shares outstanding for the period used in the
calculation of GAAP net income per diluted share. For periods with
GAAP net losses and non-GAAP net income, the weighted average
outstanding shares used to calculate non-GAAP net income per share
includes potentially dilutive securities that were excluded from
the calculation of GAAP net income per share as the effect was
anti-dilutive.
Operating Metrics
Net new bookings is calculated based on the annualized amount of
change in the Company's sales bookings resulting from new
subscription-based contracts, changes to existing
subscription-based contracts and cancellations of
subscription-based contracts for the period reported. Information
regarding net new bookings is not comparable to, nor should it be
substituted for, an analysis of the Company's revenues over
time.
Earnings Conference Call
Management will conduct a conference call to discuss the second
quarter 2024 results and the Company’s outlook at 5:00 PM ET on
Tuesday, July 23, 2024. A live audio webcast of the conference will
be available in listen-only mode through the Investors section of
the CoStar Group website: https://investors.costargroup.com. A
replay of the webcast audio will also be available in the Investors
section of our website for a period of time following the call.
CoStar Group, Inc.
Condensed Consolidated
Statements of Operations - Unaudited
(in millions, except per share
data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenues
$
677.8
$
605.9
$
1,334.2
$
1,190.3
Cost of revenues
135.8
112.4
277.0
231.6
Gross profit
542.0
493.5
1,057.2
958.7
Operating expenses:
Selling and marketing (excluding customer
base amortization)
358.4
250.0
724.5
476.2
Software development
79.6
63.4
162.0
130.0
General and administrative
109.9
90.6
208.4
180.1
Customer base amortization
10.2
10.4
21.2
21.0
558.1
414.4
1,116.1
807.3
(Loss) income from operations
(16.1
)
79.1
(58.9
)
151.4
Interest income, net
53.5
51.9
109.7
95.4
Other (expense) income, net
(1.5
)
0.6
(3.4
)
1.2
Income before income taxes
35.9
131.6
47.4
248.0
Income tax expense
16.7
31.1
21.5
60.3
Net income
$
19.2
$
100.5
$
25.9
$
187.7
Net income per share - basic
$
0.05
$
0.25
$
0.06
$
0.46
Net income per share - diluted
$
0.05
$
0.25
$
0.06
$
0.46
Weighted-average outstanding shares -
basic
406.0
405.4
405.8
405.0
Weighted-average outstanding shares -
diluted
407.4
406.7
407.3
406.5
CoStar Group, Inc.
Reconciliation of Non-GAAP
Financial Measures - Unaudited
(in millions, except per share
data)
Reconciliation of Net Income
to Non-GAAP Net Income
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income
$
19.2
$
100.5
$
25.9
$
187.7
Income tax expense
16.7
31.1
21.5
60.3
Income before income taxes
35.9
131.6
47.4
248.0
Amortization of acquired intangible
assets
18.1
18.0
37.9
35.7
Stock-based compensation expense
22.7
21.8
45.5
41.9
Acquisition and integration related
costs
6.0
(0.2
)
8.3
1.5
Restructuring and related costs
—
(0.1
)
—
3.3
Settlements and impairments
—
—
—
(0.1
)
Non-GAAP income before income taxes
82.7
171.1
139.1
330.3
Assumed rate for income tax expense(1)
26.0
%
26.0
%
26.0
%
26.0
%
Assumed provision for income tax
expense
(21.5
)
(44.5
)
(36.2
)
(85.9
)
Non-GAAP net income
$
61.2
$
126.6
$
102.9
$
244.4
Net income per share - diluted
$
0.05
$
0.25
$
0.06
$
0.46
Non-GAAP net income per share -
diluted
$
0.15
$
0.31
$
0.25
$
0.60
Weighted average outstanding shares -
basic
406.0
405.4
405.8
405.0
Weighted average outstanding shares -
diluted
407.4
406.7
407.3
406.5
__________________________
(1) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income
$
19.2
$
100.5
$
25.9
$
187.7
Amortization of acquired intangible assets
in cost of revenues
7.9
7.5
16.7
14.6
Amortization of acquired intangible assets
in operating expenses
10.2
10.5
21.2
21.1
Depreciation and other amortization
10.1
8.1
20.4
16.0
Interest income, net
(53.5
)
(51.9
)
(109.7
)
(95.4
)
Other expense (income), net1
1.5
(0.6
)
3.4
(1.2
)
Income tax expense
16.7
31.1
21.5
60.3
EBITDA
$
12.1
$
105.2
$
(0.6
)
$
203.1
Stock-based compensation expense
22.7
21.8
45.5
41.9
Acquisition and integration related
costs
6.0
(0.2
)
8.3
1.5
Restructuring and related costs
—
(0.1
)
—
3.3
Settlements and impairments
—
—
—
(0.1
)
Adjusted EBITDA
$
40.8
$
126.7
$
53.2
$
249.7
__________________________
1 Includes $5.3 million and $8.9 million
of amortization and depreciation expense associated with lessor
income for the three and six months ended June 30, 2024,
respectively.
CoStar Group, Inc.
Condensed Consolidated Balance
Sheets - Unaudited
(in millions)
June 30, 2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
4,919.5
$
5,215.9
Accounts receivable
226.2
213.2
Less: Allowance for credit losses
(22.4
)
(23.2
)
Accounts receivable, net
203.8
190.0
Prepaid expenses and other current
assets
83.9
70.2
Total current assets
5,207.2
5,476.1
Deferred income taxes, net
4.3
4.3
Property and equipment, net
853.2
472.2
Lease right-of-use assets
69.3
79.8
Goodwill
2,383.6
2,386.2
Intangible assets, net
342.5
313.7
Deferred commission costs, net
178.9
167.7
Deposits and other assets
26.3
17.7
Income tax receivable
2.0
2.0
Total assets
$
9,067.3
$
8,919.7
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
101.0
$
23.1
Accrued wages and commissions
110.2
117.8
Accrued expenses and other current
liabilities
186.3
163.0
Income taxes payable
0.1
7.7
Lease liabilities
41.2
40.0
Deferred revenue
122.9
104.2
Total current liabilities
561.7
455.8
Long-term debt, net
991.2
990.5
Deferred income taxes, net
30.3
36.7
Income taxes payable
18.8
18.2
Lease and other long-term liabilities
69.6
79.9
Total liabilities
$
1,671.6
$
1,581.1
Total stockholders' equity
7,395.7
7,338.6
Total liabilities and stockholders'
equity
$
9,067.3
$
8,919.7
CoStar Group, Inc.
Condensed Consolidated
Statements of Cash Flows - Unaudited
(in millions)
Six Months Ended June
30,
2024
2023
Operating activities:
Net income
$
25.9
$
187.7
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
72.1
51.7
Amortization of deferred commissions
costs
56.3
45.3
Amortization of Senior Notes discount and
issuance costs
1.7
1.2
Non-cash lease expense
12.9
14.1
Stock-based compensation expense
45.5
41.9
Deferred income taxes, net
(6.4
)
(7.0
)
Credit loss expense
17.0
13.9
Other operating activities, net
0.1
0.5
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(31.1
)
(40.6
)
Prepaid expenses and other current
assets
(13.8
)
(4.2
)
Deferred commissions
(67.6
)
(65.0
)
Accounts payable and other liabilities
82.9
54.4
Lease liabilities
(14.8
)
(16.6
)
Income taxes payable, net
(7.0
)
12.9
Deferred revenue
19.0
8.9
Other assets
(3.5
)
(0.7
)
Net cash provided by operating
activities
189.2
298.4
Investing activities:
Purchases of property, equipment and other
assets for new campuses
(449.5
)
(45.6
)
Purchases of property and equipment and
other assets
(23.0
)
(8.8
)
Net cash used in investing activities
(472.5
)
(54.4
)
Financing activities:
Repurchase of restricted stock to satisfy
tax withholding obligations
(26.9
)
(22.5
)
Proceeds from exercise of stock options
and employee stock purchase plan
17.2
16.2
Principal repayments of finance lease
obligations
(2.2
)
—
Net cash used in financing activities
(11.9
)
(6.3
)
Effect of foreign currency exchange rates
on cash and cash equivalents
(1.2
)
(0.4
)
Net (decrease) increase in cash and cash
equivalents
(296.4
)
237.3
Cash and cash equivalents at the beginning
of period
5,215.9
4,968.0
Cash and cash equivalents at the end of
period
$
4,919.5
$
5,205.3
CoStar Group, Inc.
Disaggregated Revenues -
Unaudited
(in millions)
Three Months Ended June
30,
2024
2023
North America
International
Total
North America
International
Total
CoStar
$
237.1
$
15.9
$
253.0
$
219.6
$
9.6
$
229.2
Information Services
27.9
5.5
33.4
32.2
9.7
41.9
Multifamily
264.2
—
264.2
224.3
—
224.3
LoopNet
67.2
2.6
69.8
63.2
2.3
65.5
Residential
16.2
10.0
26.2
12.7
—
12.7
Other Marketplaces
31.2
—
31.2
32.3
—
32.3
Total revenues
$
643.8
$
34.0
$
677.8
$
584.3
$
21.6
$
605.9
Six Months Ended June
30,
2024
2023
North America
International
Total
North America
International
Total
CoStar
$
472.8
$
30.5
$
503.3
$
435.4
$
18.8
$
454.2
Information Services
55.3
11.1
66.4
64.3
19.2
83.5
Multifamily
519.0
—
519.0
435.0
—
435.0
LoopNet
133.6
5.3
138.9
124.4
4.4
128.8
Residential
24.6
20.2
44.8
25.9
—
25.9
Other Marketplaces
61.8
—
61.8
62.9
—
62.9
Total revenues
$
1,267.1
$
67.1
$
1,334.2
$
1,147.9
$
42.4
$
1,190.3
CoStar Group, Inc.
Results of Segments -
Unaudited
(in millions)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
EBITDA
North America
$
30.8
$
104.6
$
34.0
$
201.3
International
(18.7
)
0.6
(34.6
)
1.8
Total EBITDA
$
12.1
$
105.2
$
(0.6
)
$
203.1
CoStar Group, Inc.
Reconciliation of Non-GAAP
Financial Measures with Quarterly Results - Unaudited
(in millions, except per share
data)
Reconciliation of Net Income
to Non-GAAP Net Income
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Net income
$87.1
$100.5
$90.6
$96.4
$6.7
$19.2
Income tax expense
29.2
31.1
29.9
36.3
4.8
16.7
Income before income taxes
116.4
131.7
120.5
132.7
11.5
35.9
Amortization of acquired intangible
assets
17.7
18.0
18.7
19.3
19.8
18.1
Stock-based compensation expense
20.0
21.8
21.9
21.2
22.8
22.7
Acquisition and integration related
costs
1.7
(0.2)
0.8
10.7
2.3
6.0
Restructuring and related costs
3.4
(0.1)
0.5
0.2
—
—
Settlements and impairments
(0.1)
—
—
—
—
—
Other income, net
—
—
—
(3.8)
—
—
Non-GAAP income before income taxes(1)
159.1
171.2
162.4
180.3
56.4
82.7
Assumed rate for income tax expense(2)
26%
26%
26%
26%
26%
26%
Assumed provision for income tax
expense
(41.4)
(44.5)
(42.2)
(46.9)
(14.7)
(21.5)
Non-GAAP net income(1)
$117.7
$126.7
$120.2
$133.4
$41.7
$61.2
Non-GAAP net income per share -
diluted
$0.29
$0.31
$0.30
$0.33
$0.10
$0.15
Weighted average outstanding shares -
basic
404.5
405.4
405.6
405.8
405.6
406.0
Weighted average outstanding shares -
diluted
406.2
406.8
407.2
407.5
407.3
407.4
__________________________
(1) Totals may not foot due to
rounding.
(2) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Net income
$87.1
$100.5
$90.6
$96.4
$6.7
$19.2
Amortization of acquired intangible
assets
17.7
18.0
18.7
19.3
19.8
18.1
Depreciation and other amortization
7.9
8.1
8.4
9.4
10.3
10.1
Interest income, net
(43.5)
(51.9)
(58.4)
(59.7)
(56.2)
(53.5)
Other (income) expense, net(1)
(0.6)
(0.6)
(0.5)
(3.7)
1.9
1.5
Income tax expense
29.2
31.1
29.9
36.3
4.8
16.7
EBITDA(2)
$97.8
$105.2
$88.7
$98.0
$(12.7)
$12.1
Stock-based compensation expense
20.0
21.8
21.9
21.2
22.8
22.7
Acquisition and integration related
costs
1.7
(0.2)
0.8
10.7
2.3
6.0
Restructuring and related costs
3.4
(0.1)
0.5
0.2
—
—
Settlements and impairments
(0.1)
—
—
—
—
—
Adjusted EBITDA(2)
$122.9
$126.8
$111.9
$130.1
$12.4
$40.8
__________________________
(1) Includes $5.3 million and $8.9 million
of amortization and depreciation expense associated with lessor
income for the three and six months ended June 30, 2024,
respectively.
(2) Totals may not foot due to
rounding.
CoStar Group, Inc.
Reconciliation of
Forward-Looking Guidance - Unaudited
(in millions, except per share
data)
Reconciliation of
Forward-Looking Guidance, Net Income to Non-GAAP Net Income
Guidance Range
Guidance Range
For the Three Months
For the Year Ending
Ending September 30,
2024
December 31, 2024
Low
High
Low
High
Net income
$
22
$
26
$
107
$
114
Income tax expense
13
14
57
60
Income before income taxes
35
40
164
174
Amortization of acquired intangible
assets
17
17
72
72
Stock-based compensation expense
25
25
95
95
Acquisition and integration related
costs
8
8
24
24
Non-GAAP income before income taxes
85
90
355
365
Assumed rate for income tax expense(1)
26
%
26
%
26
%
26
%
Assumed provision for income tax
expense
(22
)
(23
)
(92
)
(95
)
Non-GAAP net income
63
67
263
270
Net income per share - diluted
$
0.05
$
0.06
$
0.26
$
0.28
Non-GAAP net income per share -
diluted
$
0.15
$
0.16
$
0.64
$
0.66
Weighted average outstanding shares -
diluted
408.0
408.0
407.8
407.8
__________________________
(1) The assumed tax rate approximates our
statutory federal and state corporate tax rate for the applicable
period.
Reconciliation of
Forward-Looking Guidance, Net Income to Adjusted EBITDA
Guidance Range
Guidance Range
For the Three Months
For the Year Ending
Ending September 30,
2024
December 31, 2024
Low
High
Low
High
Net income
$
22
$
26
$
107
$
114
Amortization of acquired intangible
assets
17
17
72
72
Depreciation and other amortization
10
10
41
41
Interest income, net
(50
)
(50
)
(208
)
(208
)
Other (income) expense, net
2
2
7
7
Income tax expense
13
14
57
60
Stock-based compensation expense
25
25
95
95
Acquisition and integration related
costs
8
8
24
24
Adjusted EBITDA
$
47
$
52
$
195
$
205
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real
estate marketplaces, information, and analytics in the property
markets. Founded in 1987, CoStar Group conducts expansive, ongoing
research to produce and maintain the largest and most comprehensive
database of real estate information. CoStar is the global leader in
commercial real estate information, analytics, and news, enabling
clients to analyze, interpret and gain unmatched insight on
property values, market conditions and availabilities.
Apartments.com is the leading online marketplace for renters
seeking great apartment homes, providing property managers and
owners a proven platform for marketing their properties. LoopNet is
the most heavily trafficked online commercial real estate
marketplace with over twelve million monthly global unique
visitors. STR provides premium data benchmarking, analytics, and
marketplace insights for the global hospitality industry. Ten-X
offers a leading platform for conducting commercial real estate
online auctions and negotiated bids. Homes.com is the fastest
growing online residential marketplace that connects agents,
buyers, and sellers. OnTheMarket is a leading residential property
portal in the United Kingdom. BureauxLocaux is one of the largest
specialized property portals for buying and leasing commercial real
estate in France. Business Immo is France’s leading commercial real
estate news service. Thomas Daily is Germany’s largest online data
pool in the real estate industry. Belbex is the premier source of
commercial space available to let and for sale in Spain. CoStar
Group’s websites attracted over 183 million monthly average unique
visitors in the second quarter of 2024. Headquartered in
Washington, DC, CoStar Group maintains offices throughout the U.S.,
Europe, Canada, and Asia. From time to time, we plan to utilize our
corporate website, CoStarGroup.com, as a channel of distribution
for material company information. For more information, visit
CoStarGroup.com.
This news release and the Company’s earnings conference call
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about CoStar Group's
plans, objectives, expectations, beliefs and intentions and other
statements including words such as “hope,” “anticipate,” “may,”
“believe,” “expect,” “intend,” “will,” “should,” “plan,”
“estimate,” “predict,” “continue” and “potential” or the negative
of these terms or other comparable terminology. Such statements are
based upon the current beliefs and expectations of management of
CoStar Group and are subject to many risks and uncertainties.
Actual results may differ materially from the results anticipated
in the forward-looking statements and the assumptions and estimates
used as a basis for the forward-looking statements. The following
factors, among others, could cause or contribute to such
differences: risks associated with the ability to consummate the
proposed transaction with Matterport, Inc. ("Matterport") and the
timing of the closing of the proposed transaction; the ability to
successfully integrate operations and employees; the ability to
realize anticipated benefits and synergies of the proposed mergers
as rapidly or to the extent anticipated by financial analysts or
investors; the potential impact of announcement of the proposed
mergers or consummation of the proposed Matterport transaction on
business relationships, including with employees, customers,
suppliers and competitors; unfavorable outcomes of any legal
proceedings that have been or may be instituted against CoStar or
Matterport; the ability to retain key personnel; costs, fees,
expenses and charges related to the proposed Matterport
transaction; the risk that the trends stated or implied by this
release or in the earnings conference call cannot or will not be
sustained at the current pace or may increase or decrease,
including trends and expectations related to revenue, revenue
growth, net income, non-GAAP net income, EBITDA, adjusted EBITDA,
adjusted EBITDA margin, sales, net new bookings, site traffic and
visitors, leads, and renewal rates; the risk that the Company is
unable to sustain current Company-wide or Homes.com net new
bookings; the risk that revenues for the third quarter and full
year 2024 will not be as stated in this press release; the risk
that net income for the third quarter and full year 2024 will not
be as stated in this press release; the risk that EBITDA for the
third quarter and full year 2024 will not be as stated in this
press release; the risk that adjusted EBITDA for the third quarter
and full year 2024 will not be as stated in this press release; the
risk that non-GAAP net income and non-GAAP net income per diluted
share for the third quarter and full year 2024 will not be as
stated in this press release; the risk that we may not successfully
integrate acquired businesses or assets and may not achieve
anticipated benefits of an acquisition, including expected
synergies; the risk that the tax rate estimates stated in this
press release may change and the risk that we may experience
declines in our revenues, revenue growth rates and profitability
due to the impact of economic conditions on the real estate
industry and our core customer base. More information about
potential factors that could cause results to differ materially
from those anticipated in the forward-looking statements include,
but are not limited to, those stated in CoStar Group’s filings from
time to time with the Securities and Exchange Commission (the
"SEC"), including in CoStar Group’s Annual Report on Form 10-K for
the year ended December 31, 2023 and Quarterly Report for the
quarterly period ended March 31, 2024, each of which is filed with
the SEC, including in the “Risk Factors” section of those filings,
as well as CoStar Group’s other filings with the SEC (including
Current Reports on Form 8-K) available at the SEC’s website
(www.sec.gov). All 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240723117420/en/
Investor Relations: Cyndi Eakin Senior Vice President
CoStar Group Investor Relations (202) 346-6784 ceakin@costar.com
News Media: Matthew Blocher Vice President CoStar Group
Corporate Marketing & Communications (202) 346-6775
mblocher@costar.com
CoStar (NASDAQ:CSGP)
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