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CoStar Group Reports Strong First Quarter 2024 Results Following Successful Monetization of Homes.com
WASHINGTON, April 23, 2024 — CoStar Group, Inc. (NASDAQ: CSGP), a leader in online real estate marketplaces, analytics, and information, announced a significant rise in its Q1 2024 results, propelled by the successful monetization of Homes.com.
Q1 2024 Financial Highlights
- Revenue Growth: CoStar Group reported a 12% year-over-year increase in revenue, reaching $656 million compared to $584 million in Q1 2023.
- Net Income: The company saw a net income of $7 million, with a diluted earnings per share of $0.02.
- Record Net New Bookings: Net new bookings hit a record $86 million, with Homes.com contributing nearly $40 million in its first quarter of sales.
- Strong Traffic Growth: Residential Network traffic reached a record 156 million monthly unique visitors in March, a substantial increase bolstered by Homes.com’s launch.
Product Performance and Strategic Success
- Homes.com Launch: Launched on February 12, 2024, Homes.com rapidly achieved nearly $40 million in net new bookings, marking the most successful sales launch in CoStar’s history.
- Marketplace Traffic and Awareness: The aggressive marketing strategies for Homes.com significantly raised its unaided awareness from 4% in Q4 2023 to 24% by March 2024.
- Sustained Growth Across Platforms: Apartments.com and CoStar continued their strong performance, each crossing $250 million in revenue for the quarter and reaching a $1 billion annualized run rate.
2024 Financial Outlook
- Increased Revenue Forecasts: CoStar Group has raised its full-year revenue forecast to between $2.76 billion and $2.77 billion, anticipating about 13% growth year-over-year.
- Q2 2024 Revenue Projections: Revenue for Q2 is expected to be between $674 million and $679 million, representing roughly 12% growth year-over-year.
- Adjusted EBITDA Guidance: The company has increased its full-year adjusted EBITDA forecast to a range of $185 million to $205 million, with Q2 expected to contribute between $5 million and $10 million.
Executive Insights
Andy Florance, Founder and CEO of CoStar Group, expressed enthusiasm about the quarter’s outcomes, particularly highlighting the explosive start for Homes.com. “With less than two months of selling in the first quarter, Homes.com membership subscriptions reached nearly $40 million in net new bookings," Florance stated. He further emphasized the potential for continued robust sales and revenue growth across their platforms.
Scott Wheeler, CFO of CoStar Group, also shared optimism about the company's revised financial outlook, reflecting confidence in their strategic initiatives and market positioning.
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