Q2 2024 CoStar Group Inc Earnings Call Transcript
Key Points
- CoStar Group Inc (CSGP) reported a 12% year-over-year increase in Q2 2024 revenue, reaching $670 million, which was above the midpoint of their guidance range.
- Apartments.com saw an 18% revenue growth, while CoStar's core business grew by 10%, indicating strong performance in key segments.
- Adjusted EBITDA was significantly higher than expected at $41 million, surpassing both the guidance range and consensus estimates.
- The company achieved a record 183 million average monthly unique visitors to its global websites, an 81% increase over the prior year.
- Homes.com reported a 197% increase in average monthly unique visitors, demonstrating strong traction and user engagement.
- There was a noted shift in sales force focus, with many salespeople returning to their core products, impacting the growth momentum of Homes.com.
- Despite strong traffic numbers, the company revised its full-year residential revenue guidance down to $105-$110 million, reflecting a more conservative outlook.
- The transition of STR into CoStar led to a 20% year-over-year drop in revenue from information services.
- Commercial bookings were down year-over-year, attributed to the sales force's focus on Homes.com, indicating a substitution effect.
- The company faces challenges in building out a dedicated Homes.com sales team, which is crucial for future revenue growth.
Please stand by for streaming text
Good day, everyone, and thank you for standing by. Welcome to this Q2 2020 for CoStar Group earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session.
So participate, you will need to press star one on your telephone. You will then hear a message advising your hand is raised to withdraw your question simply press star one. Again, please be advised that today's conference is being recorded. I would now like to hand it over to the Head of Investor Relations. Cindy, I can please proceed.
Thank you, Carmen, and good evening, and thank you all for joining us to discuss the second quarter 2024 result of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder, and Chris Chris Lau, our CFO.
I would like to review our Safe Harbor statement. Certain portions of the discussion
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