CoStar Group, Inc.
CoStar Group Announces Fourth Quarter and Full Year 2023 Financial Results and 2024 Outlook
Summary
CoStar Group, Inc. reported a 13% year-over-year increase in full-year 2023 revenue, reaching $2.46 billion. The company's commercial information and marketplace businesses saw a 14% revenue growth with improved profit margins to 40%. Key highlights include Apartments.com crossing the $1 billion annual run rate in January 2024, and Homes.com achieving a 600% year-over-year growth in average monthly unique visitors. CoStar also launched its biggest brand campaign during Super Bowl LVIII. For 2024, the company expects revenue to grow between 12% to 13% year-over-year, with adjusted EBITDA margins expected to be around 7%.
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About CoStar Group, Inc.
CoStar Group, Inc. is a leading provider of information, analytics, and marketing services for the commercial real estate industry. The company's primary function is to offer comprehensive data solutions that professionals rely on to evaluate, buy, sell, finance, and invest in commercial properties. CoStar Group impacts sectors including real estate investment, property management, and urban planning through its databases and analytics tools. Its extensive suite of products, such as CoStar, LoopNet, and Apartments.com, delivers detailed property listings, market analysis, and a vast network for connecting buyers, sellers, and renters. Founded in 1987 and based in Washington, D.C., CoStar Group plays a crucial role in enhancing the transparency and efficiency of the real estate marketplace, serving a diverse clientele from brokers and appraisers to government agencies and developers.
Official SEC Documents
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