Home Business Wire CoStar Group 2023 Revenue Increased 13%, Apartments.com Crosses $1 Billion in Annualized...

CoStar Group 2023 Revenue Increased 13%, Apartments.com Crosses $1 Billion in Annualized Run Rate Revenue in January 2024, and Homes.com Crosses $1 Million in Annualized Daily Net New Sales Bookings in February 2024

WASHINGTON–(BUSINESS WIRE)–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 year ended December 31, 2023 was $2.46 billion, an increase of 13% over revenue of $2.18 billion for the full year of 2022. Revenue for the fourth quarter of 2023 was $640 million, an increase of 12% over revenue of $573 million for the fourth quarter of 2022. Net income was $375 million for the year ended December 31, 2023, compared to $369 million for the year ended December 31, 2022, and net income was $96 million for the fourth quarter of 2023.


“Once again CoStar Group delivered exceptional results in our commercial information and marketplace businesses1 for the full year 2023, while at the same time devoting major time and resources towards launching the new Homes.com,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Our commercial information and marketplace businesses grew revenue by 14% in 2023 in the worst commercial real estate market in decades and delivered 40% profit margins in 2023, our highest profit levels ever. For the full year of 2023, we generated strong net new bookings totaling $286 million.”

“We launched our first marketing and branding campaign for Homes.com with four commercials in Super Bowl LVIII which was watched by an estimated 123 million viewers. The next day on Monday, February 12th we began monetizing Homes.com, selling subscriptions to residential real estate agents. Our, ‘your listing, your lead’ business model which puts the agent’s name and company on their listings and sends the consumer lead to them rather than to their competitors, not surprisingly, has been very well received. By Friday February 16th we were selling more than $1.1 million in net new bookings in a day. Within the first week, we have sold almost $4.5 million in net new bookings.

“We believe Homes.com is the fastest growing residential property site in the United States, with average monthly unique visitors increasing 600% year over year, according to Google Analytics,” stated Florance. “Our Residential Network2 traffic reached 95 million monthly average unique visitors in Q4 2023 and is now the second most highly trafficked network of residential sites and growing.

“Apartments.com had a standout year in 2023 with revenue growth of 23% over the prior year, adding almost $170 million of incremental revenue in just twelve months. Our sales team delivered a remarkable 34% growth rate in net new bookings, and we now have over 70,000 properties advertising on Apartments.com. For eight straight quarters Apartments.com has held the number one position in the industry in terms of monthly unique visitor traffic, according to Google Analytics. Apartments.com is now our single largest business in CoStar Group, with annualized run rate revenue exceeding $1 billion in January of this year,” continued Florance.

Year 2022-2023 Quarterly Results – Unaudited

(in millions, except per share data)

 

2022

 

2023

 

Q1

Q2

Q3

Q4

 

Q1

Q2

Q3

Q4

 

 

 

 

 

 

 

 

 

 

Revenues

$516

$536

$557

$573

 

$584

$606

$625

$640

Net income

89

83

72

124

 

87

101

91

96

Net income per share – diluted

0.23

0.21

0.18

0.31

 

0.21

0.25

0.22

0.24

Weighted average outstanding shares – diluted

394

394

396

406

 

406

407

407

408

 

 

 

 

 

 

 

 

 

 

EBITDA

158

140

129

155

 

98

105

89

98

Adjusted EBITDA

178

159

153

182

 

123

127

112

130

Non-GAAP net income

123

112

118

153

 

118

127

120

133

Non-GAAP net income per share – diluted

0.31

0.28

0.30

0.38

 

0.29

0.31

0.30

0.33

2024 Outlook

The Company expects revenue in the range of $2.75 billion to $2.77 billion for the full year of 2024, representing year-over-year growth of approximately 12% to 13%. The Company expects revenue for the first quarter of 2024 in the range of $645 million to $650 million, representing revenue growth of approximately 11% year-over-year at the midpoint of the range.

“2024 marks the turning point in the investment cycle for our residential business as we launched our first Homes.com membership product. Our adjusted EBITDA outlook for 2024 reflects the peak of our residential investment,” said Scott Wheeler, CFO of CoStar Group. “We expect adjusted EBITDA for the full year to range from $170 million to $190 million, and for the first quarter of 2024 we expect negative adjusted EBITDA of approximately $10 million. Our outlook includes another year of record profitability in 2024 in the commercial information and marketplace businesses.”

The Company expects full year 2024 non-GAAP net income per diluted share in a range of $0.57 to $0.60 based on 409 million shares. For the first quarter of 2024, the Company expects non-GAAP net income per diluted share in a range of $0.06 to $0.07 based on 409 million shares. These ranges include an assumed rate for income tax expense estimated of 26% for the full year and the first quarter of 2024.

The preceding forward-looking statements reflect CoStar Group’s expectations as of February 20, 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. Annualization of historical results from short periods of time or small sample sizes may differ materially from actual results realized in future periods and may not take into account other future market conditions that may negatively affect those results. 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; depreciation and amortization.

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 and Other Definitions

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.

1 Commercial information and marketplace businesses are our consolidated financial position and results excluding the estimated impact of our residential brands which are Homes.com network and OnTheMarket, plc.

2 Our Residential Network consists of the following list of brands: Apartments.com, ApartmentFinder, FinderSites, ApartmentHomeLiving, WestSideRentals, ForRent, After55, CorporateHousing, ForRentUniversity, Move.com (ending in December 2022), Cozy.com, Off Campus Partners, Homes.com, Homesnap, CitySnap, and OnTheMarket, plc (beginning in January 2024).

Earnings Conference Call

Management will conduct a conference call to discuss the fourth quarter and full year 2023 results and the Company’s outlook at 5:00 PM ET on Tuesday, February 20, 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

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

Revenues

 

$

640.1

 

$

573.3

 

 

$

2,455.0

 

$

2,182.4

Cost of revenues

 

 

136.3

 

 

109.2

 

 

 

491.5

 

 

414.0

Gross profit

 

 

503.8

 

 

464.1

 

 

 

1,963.5

 

 

1,768.4

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing (excluding customer base amortization)

 

 

246.7

 

 

173.5

 

 

 

989.9

 

 

684.2

Software development

 

 

69.8

 

 

58.4

 

 

 

267.6

 

 

220.9

General and administrative

 

 

107.1

 

 

92.1

 

 

 

381.5

 

 

338.7

Customer base amortization

 

 

10.9

 

 

12.9

 

 

 

42.2

 

 

73.6

 

 

 

434.5

 

 

336.9

 

 

 

1,681.2

 

 

1,317.4

Income from operations

 

 

69.3

 

 

127.2

 

 

 

282.3

 

 

451.0

Interest income, net

 

 

59.7

 

 

32.6

 

 

 

213.6

 

 

32.1

Other income (expense), net

 

 

3.7

 

 

(0.2

)

 

 

5.4

 

 

3.4

Income before income taxes

 

 

132.7

 

 

159.6

 

 

 

501.3

 

 

486.5

Income tax expense

 

 

36.3

 

 

35.2

 

 

 

126.6

 

 

117.0

Net income

 

$

96.4

 

$

124.4

 

 

$

374.7

 

$

369.5

 

 

 

 

 

 

 

 

 

Net income per share — basic

 

$

0.24

 

$

0.31

 

 

$

0.92

 

$

0.93

Net income per share — diluted

 

$

0.24

 

$

0.31

 

 

$

0.92

 

$

0.93

 

 

 

 

 

 

 

 

 

Weighted-average outstanding shares — basic

 

 

405.8

 

 

404.2

 

 

 

405.3

 

 

396.3

Weighted-average outstanding shares — diluted

 

 

407.5

 

 

406.1

 

 

 

406.9

 

 

397.8

 
 
 
 

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

December 31,

 

Year Ended

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income

 

$

96.4

 

 

$

124.4

 

 

$

374.7

 

 

$

369.5

 

Income tax expense

 

 

36.3

 

 

 

35.2

 

 

 

126.6

 

 

 

117.0

 

Income before income taxes

 

 

132.7

 

 

 

159.6

 

 

 

501.3

 

 

 

486.5

 

Amortization of acquired intangible assets

 

 

19.3

 

 

 

20.0

 

 

 

73.7

 

 

 

102.6

 

Stock-based compensation expense

 

 

21.2

 

 

 

21.1

 

 

 

85.0

 

 

 

75.2

 

Acquisition and integration related costs

 

 

10.7

 

 

 

2.2

 

 

 

12.9

 

 

 

5.4

 

Restructuring and related costs

 

 

0.2

 

 

 

2.0

 

 

 

4.1

 

 

 

2.2

 

Settlements and impairments

 

 

 

 

 

2.0

 

 

 

(0.1

)

 

 

6.1

 

Other expense, net

 

 

(3.8

)

 

 

 

 

 

(3.8

)

 

 

6.2

 

Non-GAAP income before income taxes

 

 

180.3

 

 

 

206.9

 

 

 

673.0

 

 

 

684.2

 

Assumed rate for income tax expense(1)

 

 

26

%

 

 

26

%

 

 

26

%

 

 

26

%

Assumed provision for income tax expense

 

 

(46.9

)

 

 

(53.8

)

 

 

(175.0

)

 

 

(177.9

)

Non-GAAP net income

 

$

133.4

 

 

$

153.1

 

 

$

498.0

 

 

$

506.3

 

 

 

 

 

 

 

 

 

 

Net income per share – diluted

 

$

0.24

 

 

$

0.31

 

 

$

0.92

 

 

$

0.93

 

Non-GAAP net income per share – diluted

 

$

0.33

 

 

$

0.38

 

 

$

1.22

 

 

$

1.27

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding shares – basic

 

 

405.8

 

 

 

404.2

 

 

 

405.3

 

 

 

396.3

 

Weighted average outstanding shares – diluted

 

 

407.5

 

 

 

406.1

 

 

 

406.9

 

 

 

397.8

 

__________________________

(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

December 31,

 

Year Ended

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income

 

$

96.4

 

 

$

124.4

 

 

$

374.7

 

 

$

369.5

 

Amortization of acquired intangible assets in cost of revenues

 

 

8.4

 

 

 

7.0

 

 

 

31.5

 

 

 

29.0

 

Amortization of acquired intangible assets in operating expenses

 

 

10.9

 

 

 

12.9

 

 

 

42.2

 

 

 

73.6

 

Depreciation and other amortization

 

 

9.4

 

 

 

7.9

 

 

 

33.8

 

 

 

29.1

 

Interest income, net

 

 

(59.7

)

 

 

(32.6

)

 

 

(213.6

)

 

 

(32.1

)

Other (income) expense, net

 

 

(3.7

)

 

 

0.2

 

 

 

(5.4

)

 

 

(3.4

)

Income tax expense

 

 

36.3

 

 

 

35.2

 

 

 

126.6

 

 

 

117.0

 

EBITDA

 

$

98.0

 

 

$

155.0

 

 

$

389.8

 

 

$

582.7

 

Stock-based compensation expense

 

 

21.2

 

 

 

21.1

 

 

 

85.0

 

 

 

75.2

 

Acquisition and integration related costs

 

 

10.7

 

 

 

2.2

 

 

 

12.9

 

 

 

5.4

 

Restructuring and related costs

 

 

0.2

 

 

 

2.0

 

 

 

4.1

 

 

 

2.2

 

Settlements and impairments

 

 

 

 

 

2.0

 

 

 

(0.1

)

 

 

6.1

 

Adjusted EBITDA

 

$

130.1

 

 

$

182.3

 

 

$

491.7

 

 

671.6 

 

 
 
 
 

CoStar Group, Inc.

Condensed Consolidated Balance Sheets – Unaudited

(in millions)

 

 

 

 

 

 

 

December 31,

2023

 

December 31,

2022

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

5,215.9

 

 

$

4,968.0

 

Accounts receivable

 

 

213.2

 

 

 

166.1

 

Less: Allowance for credit losses

 

 

(23.2

)

 

 

(12.2

)

Accounts receivable, net

 

 

190.0

 

 

 

153.9

 

Prepaid expenses and other current assets

 

 

70.2

 

 

 

64.0

 

Total current assets

 

 

5,476.1

 

 

 

5,185.9

 

 

 

 

 

 

Deferred income taxes, net

 

 

4.3

 

 

 

9.7

 

Property and equipment, net

 

 

472.2

 

 

 

321.3

 

Lease right-of-use assets

 

 

79.8

 

 

 

80.4

 

Goodwill

 

 

2,386.2

 

 

 

2,314.8

 

Intangible assets, net

 

 

313.7

 

 

 

329.3

 

Deferred commission costs, net

 

 

167.7

 

 

 

142.5

 

Deposits and other assets

 

 

17.7

 

 

 

16.6

 

Income tax receivable

 

 

2.0

 

 

 

2.0

 

Total assets

 

$

8,919.7

 

 

$

8,402.5

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

 

23.1

 

 

 

28.6

 

Accrued wages and commissions

 

 

117.8

 

 

 

105.0

 

Accrued expenses

 

 

163.0

 

 

 

89.1

 

Income taxes payable

 

 

7.7

 

 

 

10.4

 

Lease liabilities

 

 

40.0

 

 

 

36.0

 

Deferred revenue

 

 

104.2

 

 

 

103.6

 

Total current liabilities

 

 

455.8

 

 

 

372.7

 

 

 

 

 

 

Long-term debt, net

 

 

990.5

 

 

 

989.2

 

Deferred income taxes, net

 

 

36.7

 

 

 

76.2

 

Income taxes payable

 

 

18.2

 

 

 

14.0

 

Lease and other long-term liabilities

 

 

79.9

 

 

 

80.3

 

Total liabilities

 

$

1,581.1

 

 

$

1,532.4

 

 

 

 

 

 

Total stockholders’ equity

 

 

7,338.6

 

 

 

6,870.0

 

Total liabilities and stockholders’ equity

 

$

8,919.7

 

 

$

8,402.5

 
 
 
 

CoStar Group, Inc.

Condensed Consolidated Statements of Cash Flows – Unaudited

(in millions)

 

 

 

Year Ended

December 31,

 

 

2023

 

 

 

2022

 

Operating activities:

 

 

 

Net income

$

374.7

 

 

$

369.5

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

107.5

 

 

 

137.9

 

Amortization of deferred commissions costs

 

95.2

 

 

 

76.1

 

Amortization of Senior Notes discount and issuance costs

 

2.4

 

 

 

2.4

 

Non-cash lease expense

 

30.0

 

 

 

38.5

 

Stock-based compensation expense

 

85.0

 

 

 

75.2

 

Deferred income taxes, net

 

(37.2

)

 

 

(31.2

)

Credit loss expense

 

35.0

 

 

 

18.3

 

Other operating activities, net

 

(3.2

)

 

 

(2.4

)

 

 

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

 

(66.6

)

 

 

(46.4

)

Prepaid expenses and other current assets

 

(16.2

)

 

 

(17.9

)

Deferred commissions

 

(120.2

)

 

 

(116.8

)

Accounts payable and other liabilities

 

33.9

 

 

 

23.2

 

Lease liabilities

 

(39.2

)

 

 

(37.4

)

Income taxes payable, net

 

10.7

 

 

 

(19.3

)

Deferred revenue

 

(1.3

)

 

 

6.8

 

Other assets

 

(1.0

)

 

 

2.2

 

Net cash provided by operating activities

 

489.5

 

 

 

478.7

 

 

 

 

 

Investing activities:

 

 

 

Proceeds from sale and settlement of investments

 

3.8

 

 

 

0.9

 

Proceeds from sale of property and equipment and other assets

 

 

 

 

30.1

 

Purchase and construction of Richmond assets

 

(117.5

)

 

 

(35.2

)

Purchases of property and equipment and other assets

 

(25.3

)

 

 

(58.6

)

Cash paid for acquisitions, net of cash acquired

 

(99.6

)

 

 

(6.3

)

Net cash used in investing activities

 

(238.6

)

 

 

(69.1

)

 

 

 

 

Financing activities:

 

 

 

Payments of long-term debt assumed in acquisition

 

 

 

 

(2.2

)

Repurchase of restricted stock to satisfy tax withholding obligations

 

(26.4

)

 

 

(23.0

)

Proceeds from equity offering, net of transaction costs

 

 

 

 

745.7

 

Proceeds from exercise of stock options and employee stock purchase plan

 

23.4

 

 

 

13.5

 

Other financing activities

 

(0.7

)

 

 

 

Net cash (used in) provided by financing activities

 

(3.7

)

 

 

734.0

 

 

 

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

0.7

 

 

 

(2.7

)

Net increase in cash and cash equivalents

 

247.9

 

 

 

1,140.9

 

Cash and cash equivalents at beginning of year

 

4,968.0

 

 

 

3,827.1

 

Cash and cash equivalents at end of year

$

5,215.9

 

 

$

4,968.0

 
 
 
 

CoStar Group, Inc.

Disaggregated Revenues – Unaudited

(in millions)

 

 

 

Three Months Ended December 31,

 

2023

 

2022

 

North America

 

International

 

Total

 

North America

 

International

 

Total

CoStar

$

227.3

 

$

10.4

 

$

237.7

 

$

210.0

 

$

9.0

 

$

219.0

Information Services

 

32.9

 

 

9.8

 

 

42.7

 

 

31.7

 

 

9.0

 

 

40.7

Multifamily

 

243.8

 

 

 

 

243.8

 

 

198.0

 

 

 

 

198.0

LoopNet

 

65.9

 

 

2.6

 

 

68.5

 

 

59.3

 

 

2.0

 

 

61.3

Residential

 

7.8

 

 

2.2

 

 

10.0

 

 

16.2

 

 

 

 

16.2

Other Marketplaces

 

37.4

 

 

 

 

37.4

 

 

38.1

 

 

 

 

38.1

Total revenues

$

615.1

 

$

25.0

 

$

640.1

 

$

553.3

 

$

20.0

 

$

573.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2023

 

2022

 

North America

 

International

 

Total

 

North America

 

International

 

Total

CoStar

$

886.0

 

$

39.2

 

$

925.2

 

$

800.2

 

$

36.8

 

$

837.0

Information Services

 

132.4

 

 

38.5

 

 

170.9

 

 

125.0

 

 

32.4

 

 

157.4

Multifamily

 

914.2

 

 

 

 

914.2

 

 

745.4

 

 

 

 

745.4

LoopNet

 

255.4

 

 

9.4

 

 

264.8

 

 

223.7

 

 

7.2

 

 

230.9

Residential

 

43.9

 

 

2.2

 

 

46.1

 

 

73.7

 

 

 

 

73.7

Other Marketplaces

 

133.8

 

 

 

 

133.8

 

 

138.0

 

 

 

 

138.0

Total revenues

$

2,365.7

 

$

89.3

 

$

2,455.0

 

$

2,106.0

 

$

76.4

 

$

2,182.4

 
 
 
 

CoStar Group, Inc.

Results of Segments – Unaudited

(in millions)

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2023

 

2022

 

2023

 

2022

EBITDA

 

 

 

 

 

 

 

North America

$

112.8

 

 

$

154.8

 

$

402.9

 

 

$

577.3

International

 

(14.8

)

 

 

0.3

 

 

(13.2

)

 

 

5.4

Total EBITDA

$

98.0

 

 

$

155.1

 

$

389.7

 

 

$

582.7

 
 
 
 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2023

 

 

Q1

Q2

Q3

Q4

 

Q1

Q2

Q3

Q4

Net income

 

$89.3

$83.5

$72.3

$124.4

 

$87.1

$100.5

$90.6

$96.4

Income tax expense

 

32.1

24.7

25.1

35.2

 

29.2

31.1

29.9

36.3

Income before income taxes

 

121.4

108.1

97.4

159.5

 

116.4

131.7

120.5

132.7

Amortization of acquired intangible assets

 

23.2

22.8

36.6

20.0

 

17.7

18.0

18.7

19.3

Stock-based compensation expense

 

17.8

18.1

18.1

21.1

 

20.0

21.8

21.9

21.2

Acquisition and integration related costs

 

1.6

0.5

1.1

2.2

 

1.7

(0.2)

0.8

10.7

Restructuring and related costs

 

0.2

2.0

 

3.4

(0.1)

0.5

0.2

Settlements and impairments

 

4.1

2.0

 

(0.1)

Other expense (income), net

 

2.0

2.1

2.1

 

(3.8)

Non-GAAP income before income taxes(1)

 

166.1

151.6

159.6

206.7

 

159.1

171.2

162.4

180.3

Assumed rate for income tax expense (2)

 

26%

26%

26%

26%

 

26%

26%

26%

26%

Assumed provision for income tax expense

 

(43.2)

(39.4)

(41.5)

(53.8)

 

(41.4)

(44.5)

(42.2)

(46.9)

Non-GAAP net income(1)

 

$122.9

$112.2

$118.1

$153.0

 

$117.7

$126.7

$120.2

$133.4

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share – diluted

 

$0.31

$0.28

$0.30

$0.38

 

$0.29

$0.31

$0.30

$0.33

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding shares – basic

 

392.9

393.3

394.7

404.2

 

404.5

405.4

405.6

405.8

Weighted average outstanding shares – diluted

 

394.2

394.5

396.2

406.1

 

406.2

406.8

407.2

407.5

__________________________

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2023

 

 

Q1

Q2

Q3

Q4

 

Q1

Q2

Q3

Q4

Net income

 

$89.3

$83.5

$72.3

$124.4

 

$87.1

$100.5

$90.6

$96.4

Amortization of acquired intangible assets

 

23.2

22.8

36.6

20.0

 

17.7

18.0

18.7

19.3

Depreciation and other amortization

 

7.0

7.0

7.2

7.9

 

7.9

8.1

8.4

9.4

Interest expense (income), net

 

7.7

3.4

(10.7)

(32.6)

 

(43.5)

(51.9)

(58.4)

(59.7)

Other (income) expense, net

 

(0.9)

(1.3)

(1.4)

0.2

 

(0.6)

(0.6)

(0.5)

(3.7)

Income tax expense

 

32.1

24.7

25.1

35.2

 

29.2

31.1

29.9

36.3

EBITDA(1)

 

$158.4

$140.0

$129.1

$155.1

 

$97.8

$105.2

$88.7

$98.0

Stock-based compensation expense

 

17.8

18.1

18.1

21.1

 

20.0

21.8

21.9

21.2

Acquisition and integration related costs

 

1.6

0.5

1.1

2.2

 

1.7

(0.2)

0.8

10.7

Restructuring and related costs

 

0.2

2.0

 

3.4

(0.1)

0.5

0.2

Settlements and impairments

 

4.1

2.0

 

(0.1)

Adjusted EBITDA(1)

 

$177.9

$158.6

$152.7

$182.3

 

$122.9

$126.8

$111.9

$130.1

__________________________

(1) 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 March 31, 2024

 

December 31, 2024

 

Low

 

High

 

Low

 

High

Net income

$

(5.0

)

 

$

(2.0

)

 

$

115.0

 

 

$

129.0

 

Income tax (benefit) expense

 

(2.0

)

 

 

(1.0

)

 

 

40.0

 

 

 

46.0

 

Income before income taxes

 

(7.0

)

 

 

(3.0

)

 

 

155.0

 

 

 

175.0

 

Amortization of acquired intangible assets

 

18.0

 

 

 

18.0

 

 

 

59.0

 

 

 

59.0

 

Stock-based compensation expense

 

24.0

 

 

 

24.0

 

 

 

99.0

 

 

 

99.0

 

Acquisition and integration related costs

 

 

 

 

 

 

 

 

 

 

 

Restructuring and related costs

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP income before income taxes

 

35.0

 

 

 

39.0

 

 

 

313.0

 

 

 

333.0

 

Assumed rate for income tax expense(1)

 

26

%

 

 

26

%

 

 

26

%

 

 

26

%

Assumed provision for income tax expense

 

(9.0

)

 

 

(10.0

)

 

 

(81.0

)

 

 

(87.0

)

Non-GAAP net income

$

26.0

 

 

$

29.0

 

 

$

232.0

 

 

$

246.0

 

 

 

 

 

 

 

 

 

Net income per share – diluted

$

(0.01

)

 

$

 

 

$

0.28

 

 

$

0.32

 

Non-GAAP net income per share – diluted

$

0.06

 

 

$

0.07

 

 

$

0.57

 

 

$

0.60

 

 

 

 

 

 

 

 

 

Weighted average outstanding shares – diluted

 

409.0

 

 

 

409.0

 

 

 

409.4

 

 

 

409.4

 

__________________________

 

 

 

 

 

 

 

(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 March 31, 2024

 

December 31, 2024

 

Low

 

High

 

Low

 

High

Net income

$

(5.0

)

 

$

(2.0

)

 

$

115.0

 

 

$

129.0

 

Amortization of acquired intangible assets

 

18.0

 

 

 

18.0

 

 

 

59.0

 

 

 

59.0

 

Depreciation and other amortization

 

12.0

 

 

 

12.0

 

 

 

53.0

 

 

 

53.0

 

Interest income, net

 

(56.0

)

 

 

(56.0

)

 

 

(198.0

)

 

 

(198.0

)

Other (income) expense, net

 

(3.0

)

 

 

(3.0

)

 

 

2.0

 

 

 

2.0

 

Income tax (benefit) expense

 

(2.0

)

 

 

(1.0

)

 

 

40.0

 

 

 

46.0

 

Stock-based compensation expense

 

24.0

 

 

 

24.0

 

 

 

99.0

 

 

 

99.0

 

Acquisition and integration related costs

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

(12.0

)

 

$

(8.0

)

 

$

170.0

 

 

$

190.0

 

 
 
 
 

Contacts

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

Read full story here

Se questo articolo ti è piaciuto e vuoi rimanere sempre informato sulle novità tecnologiche
css.php