CoStar Group Inc (NAS:CSGP)
$ 82.12 +0.70 (+0.86%) Market Cap: 34.65 Bil Enterprise Value: 31.82 Bil PE Ratio: 283.17 PB Ratio: 3.93 GF Score: 93/100
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Q4 2024 CoStar Group Inc Earnings Call Transcript

Feb 18, 2025 / 10:00PM GMT
Release Date Price: $75.46 (+1.89%)

Key Points

Positve
  • CoStar Group Inc (CSGP) achieved a strong financial performance in 2024, with full-year revenue of $2.74 billion, marking an 11% increase over 2023.
  • The company reported its 55th consecutive quarter of double-digit revenue growth, showcasing consistent performance.
  • CoStar's commercial information and marketplace businesses achieved a robust 43% profit margin for the full year.
  • The Homes.com sales force expanded significantly, growing nearly sixfold to 277 salespeople, with plans to reach 500 by the end of 2025.
  • Apartments.com delivered strong results, with a 17% revenue growth in 2024 and a high NPS score of 94, indicating strong customer satisfaction.
Negative
  • The commercial real estate market has faced strong headwinds over the past four years, impacting CoStar's performance.
  • Despite growth, the company is still navigating a challenging high-interest rate environment and cautious lending landscape.
  • CoStar's international expansion efforts have not yet significantly impacted the P&L, indicating room for improvement.
  • The Homes.com segment is still in its early stages, with the sales team being relatively inexperienced, which may affect short-term performance.
  • The company is facing competition in the residential real estate market, with challenges in educating agents on its unique value proposition.
Operator

Good day, and thank you for standing by. Welcome to the Q4 2024 CoStar Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

I would now like to hand a conference over to your speaker today, Rich Simonelli, Head of Investor Relations.

Richard Simonelli
CoStar Group Inc - Head, Investor Relations

Hello, and thank you very much for joining us today to discuss the fourth-quarter 2024 and full-year 2024 results for the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Chris Lown, our CFO, I would like to review our Safe Harbor statement.

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the first quarter as well as full year 2025 based on management's current beliefs and expectations. Forward-looking statements involve many risks and uncertainties, assumptions and estimates and other factors that could cause actual results to differ

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