0001057352false00010573522025-02-182025-02-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2025
COSTAR GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-24531
52-2091509
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
1201 Wilson Blvd.,Arlington,VA22209
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (202) 346-6500
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:  
Title of each classTrading SymbolName of each exchange on which registered
Common Stock ($0.01 par value)CSGPNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02     Results of Operations and Financial Condition.

On February 18, 2025, CoStar Group, Inc. (“CoStar Group” or the “Company”) announced its financial and operating results for the quarter and year ended December 31, 2024. The full text of the press release (the “Press Release”) issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 and the Press Release shall be considered “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), nor shall it be deemed incorporated by reference into any reports or filings with the Securities and Exchange Commission (the “SEC”), whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 7.01    Regulation FD Disclosure.

CoStar Group hereby furnishes the presentation (the “Investor Presentation”) that the Company intends to use from time to time on or after February 18, 2025. CoStar Group may use the Investor Presentation with investors, analysts, lenders, insurers, vendors, clients, employees and others. The Investor Presentation is furnished herewith as Exhibit 99.2 and also will be made available on the Company’s website at costargroup.com.

The information contained in the Investor Presentation is summary information that should be considered in the context of the Company’s filings with the SEC and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation is current as of February 18, 2025. To the extent that estimates, targets or other forward-looking statements are included in the Investor Presentation, the Company specifically disclaims any duty or obligation to publicly update or revise such information, except as required by applicable law.

The information contained in this Item 7.01 and the Investor Presentation shall be considered “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act, nor shall it be deemed incorporated by reference into any reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits.    

Exhibit No.Description
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COSTAR GROUP, INC.
By:
Date:February 18, 2025/s/ Christian M. Lown
Name: Christian M. Lown
Title: Chief Financial Officer



Exhibit 99.1

newcostargroupa39.jpg

CoStar Group 2024 Full Year Revenue Increased 11% Year-over-Year;
Q4 24 Net Income Increased 13%, EBITDA Increased 43% & Adjusted EBITDA Increased 47% from Q3 24
Homes.com Network Solidifies its Position as the Number Two Residential Real Estate Marketplace in the United States;
Board Approves Stock Repurchase Program

ARLINGTON, VA – February 18, 2025 - 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, 2024 was $2.74 billion, up 11% over revenue of $2.46 billion for the full year of 2023. Revenue for the fourth quarter of 2024 was $709 million, an increase of 11% over revenue of $640 million for the fourth quarter of 2023. Net income was $139 million for the year ended December 31, 2024, compared to $375 million for the year ended December 31, 2023, and net income was $60 million for the fourth quarter of 2024.
In February 2025, the Board of Directors of CoStar Group approved a stock repurchase program which authorizes, but does not obligate, the repurchase of up to $500 million of the Company’s common stock. The program has no time limit and can be discontinued at any time at the Company’s discretion.

“CoStar Group delivered another strong year of profitable revenue growth in 2024 and in the fourth quarter of 2024 we achieved our 55th consecutive quarter of double-digit revenue growth while exceeding the top-end of our guidance range in both revenue and Adjusted EBITDA,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Full year 2024 revenue grew 11% compared to 2023 as Net Income, EBITDA and Adjusted EBITDA increased significantly throughout 2024. In 2024, Apartments.com achieved $1.07 billion in revenue, growing 17% compared to 2023. CoStar, our flagship offering, generated revenue of $1.02 billion and grew 10% year-over-year. CoStar Group's commercial information and marketplace brands1 delivered exceptional results with 43% profit margins for 2024. CoStar Group delivered a 17% increase year-over-year in average monthly unique visitors to 134 million in the fourth quarter of 2024 according to Google Analytics.”
Florance continued, “In less than one year, the Homes.com Network has become the second largest residential real estate marketplace in the United States. We reached an audience of 110 million average monthly unique visitors in the fourth quarter, nearly doubling Realtor.com's 62 million average monthly unique visitors2. Homes.com is benefiting consumers, sellers and their agents. Consumers are using what we believe is the best site in the U.S. to find a home. Homes.com Members are gaining more exposure for their listings across the internet that helps them sell homes faster while building their brands and winning 58% more listings3. Our dedicated sales force has grown to 275 representatives with increasing productivity of tenured reps and rising customer NPS scores.”

1 References to “commercial information and marketplace brands” refer to our consolidated financial position and results excluding the impact of our Residential brands, which are Homes.com and OnTheMarket.
2 Based on: (1) the Homes.com Network (which includes Homes.com, the Apartments Network, and the Land Network) average monthly unique visitors (110 million) for the quarter ended December 31, 2024, according to Google Analytics, and (2) Realtor.com’s average monthly unique users (62 million) of Realtor.com’s web and mobile sites according to internal data, for the quarter ended December 31, 2024, as reported in News Corp’s press release on February 5, 2025, and (3) Zillow Group’s average monthly unique users (204 million) for the quarter ended December 31, 2024, as reported in Zillow Group’s shareholder letter dated February 11, 2025.
3 Based on CoStar Group's internal analysis comparing Members to non-Members on Homes.com.



Year 2023-2024 Quarterly Results - Unaudited
(in millions, except per share data)
20232024
Q1Q2Q3Q4Q1Q2Q3Q4
Revenues$584$606$625$640$656$678$693$709
Net income8710191967195360
Net income per share - diluted
0.210.250.220.240.020.050.130.15
Weighted average outstanding shares - diluted
406407407408407407408408
EBITDA981058998(13)125173
Adjusted EBITDA123127112130124176112

2025 Outlook
The Company expects revenue in the range of $2.985 billion to $3.015 billion for the full year of 2025, representing year-over-year growth of approximately 10% at the midpoint of the range. The Company expects revenue for the first quarter of 2025 in the range of $711 million to $716 million, representing revenue growth of approximately 9% year-over-year at the midpoint of the range.

“We expect adjusted EBITDA for the full year of 2025 in the range of $375 to $405 million, a margin of 13% at the midpoint of the range. For the first quarter of 2025, we expect adjusted EBITDA in the range of $25 million to $35 million.” said Chris Lown, CFO of CoStar Group.

The preceding forward-looking statements reflect CoStar Group’s expectations as of February 18, 2025 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 and adjusted EBITDA 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.

Earnings Conference Call
Management will conduct a conference call to discuss the fourth quarter and full year 2024 results and the Company’s outlook at 5:00 PM ET on February 18, 2025. 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,
2024202320242023
Revenues$709.4 $640.1 $2,736.2 $2,455.0 
Cost of revenues140.9 136.3 558.5 491.5 
Gross profit568.5 503.8 2,177.7 1,963.5 
Operating expenses: 
Selling and marketing (excluding customer base amortization)308.5 246.7 1,364.3 989.9 
Software development82.2 69.8 325.3 267.6 
General and administrative124.9 107.1 439.1 381.5 
Customer base amortization12.9 10.9 44.3 42.2 
528.5 434.5 2,173.0 1,681.2 
Income from operations40.0 69.3 4.7 282.3 
Interest income, net47.2 59.7 212.5 213.6 
Other (expense) income, net(2.2)3.7 (7.1)5.4 
Income before income taxes85.0 132.7 210.1 501.3 
Income tax expense25.2 36.3 71.4 126.6 
Net income$59.8 $96.4 $138.7 $374.7 
Net income per share — basic$0.15 $0.24 $0.34 $0.92 
Net income per share — diluted$0.15 $0.24 $0.34 $0.92 
Weighted-average outstanding shares — basic406.9 405.8 406.3 405.3 
Weighted-average outstanding shares — diluted408.4 407.5 407.8 406.9 


CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures - Unaudited
(in millions)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Net income$59.8$96.4$138.7$374.7
Amortization of acquired intangible assets in cost of revenues7.08.429.931.5
Amortization of acquired intangible assets in operating expenses12.810.944.342.2
Depreciation and other amortization13.19.444.133.8
Interest income, net(47.2)(59.7)(212.5)(213.6)
Other expense (income), net(1)
2.2(3.7)7.1(5.4)
Income tax expense25.236.371.4126.6
EBITDA$72.9$98.0$123.0$389.8
Stock-based compensation expense21.821.289.085.0
Acquisition and integration related costs16.710.729.412.9
Restructuring and related costs0.50.20.74.1
Settlements and impairments——(1.3)(0.1)
Adjusted EBITDA$111.9$130.1$240.8$491.7
(1) Includes $6.5 million and $28.6 million of amortization and depreciation expense associated with lessor activities for the three and twelve months ended December 31, 2024, respectively.


CoStar Group, Inc.
Condensed Consolidated Balance Sheets - Unaudited
(in millions)
December 31,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$4,681.0 $5,215.9 
Accounts receivable210.7 213.2 
Less: Allowance for credit losses(22.8)(23.2)
Accounts receivable, net187.9 190.0 
Prepaid expenses and other current assets81.3 70.2 
Total current assets4,950.2 5,476.1 
Deferred income taxes, net30.6 4.3 
Property and equipment, net1,014.9 472.2 
Lease right-of-use assets103.0 79.8 
Goodwill2,527.6 2,386.2 
Intangible assets, net433.2 313.7 
Deferred commission costs, net169.6 167.7 
Deposits and other assets27.7 19.7 
Total assets$9,256.8 $8,919.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$47.0 $23.1 
Accrued wages and commissions133.3 117.8 
Accrued expenses and other current liabilities179.7 163.0 
Income taxes payable23.2 7.7 
Lease liabilities32.0 40.0 
Deferred revenue137.1 104.2 
Total current liabilities552.3 455.8 
Long-term debt, net991.9 990.5 
Deferred income taxes, net7.6 36.7 
Income taxes payable25.0 18.2 
Lease and other long-term liabilities126.5 79.9 
Total liabilities$1,703.3 $1,581.1 
Total stockholders’ equity7,553.5 7,338.6 
Total liabilities and stockholders’ equity$9,256.8 $8,919.7 



CoStar Group, Inc.
Condensed Consolidated Statements of Cash Flows - Unaudited
(in millions)
 Year Ended
December 31,
 20242023
Operating activities:
Net income$138.7 $374.7 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization146.9 107.5 
Amortization of deferred commissions costs116.7 95.2 
Amortization of Senior Notes discount and issuance costs2.8 2.4 
Non-cash lease expense32.7 30.0 
Stock-based compensation expense89.0 85.0 
Deferred income taxes, net(50.1)(37.2)
Credit loss expense36.4 35.0 
Other operating activities, net(1.3)(3.2)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(30.2)(66.6)
Prepaid expenses and other current assets(7.4)(16.2)
Deferred commissions(120.2)(120.2)
Accounts payable and other liabilities43.5 33.9 
Lease liabilities(38.0)(39.2)
Income taxes payable, net22.4 10.7 
Deferred revenue11.2 (1.3)
Other assets(0.5)(1.0)
Net cash provided by operating activities392.6 489.5 
Investing activities:
Proceeds from sale and settlement of investments— 3.8 
Proceeds from sale of property and equipment and other assets1.7 — 
Purchases of property, equipment, and other assets for new campuses(579.0)(117.5)
Purchases of property, equipment, and other assets(58.9)(25.3)
Cash paid for acquisitions, net of cash acquired(276.7)(99.6)
Net cash (used in) investing activities(912.9)(238.6)
Financing activities:
Repurchase of restricted stock to satisfy tax withholding obligations(29.5)(26.4)
Proceeds from exercise of stock options and employee stock purchase plan24.5 23.4 
Payments of debt issuance costs(3.6)— 
Principal repayments of finance lease obligations(5.1)(0.7)
Net cash (used in) provided by financing activities(13.7)(3.7)
Effect of foreign currency exchange rates on cash and cash equivalents(0.9)0.7 
Net (decrease) increase in cash and cash equivalents(534.9)247.9 
Cash and cash equivalents at beginning of year5,215.9 4,968.0 
Cash and cash equivalents at end of year$4,681.0 $5,215.9 


CoStar Group, Inc.
Disaggregated Revenues - Unaudited
(in millions)
Three Months Ended December 31,
20242023
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar $243.7 $16.6 $260.3 $227.3 $10.4 $237.7 
Information Services31.7 4.8 36.5 32.9 9.8 42.7 
Multifamily276.5 — 276.5 243.8 — 243.8 
LoopNet69.2 2.7 71.9 65.9 2.6 68.5 
Residential17.3 10.8 28.1 7.8 2.2 10.0 
Other Marketplaces36.1 — 36.1 37.4 — 37.4 
Total revenues$674.5 $34.9 $709.4 $615.1 $25.0 $640.1 
Year Ended December 31,
20242023
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar $957.3 $63.2 $1,020.5 $886.0 $39.2 $925.2 
Information Services115.2 20.7 135.9 132.4 38.5 170.9 
Multifamily1,067.3 — 1,067.3 914.2 — 914.2 
LoopNet270.9 10.8 281.7 255.4 9.4 264.8 
Residential58.9 41.7 100.6 43.9 2.2 46.1 
Other Marketplaces130.2 — 130.2 133.8 — 133.8 
Total revenues$2,599.8 $136.4 $2,736.2 $2,365.7 $89.3 $2,455.0 

CoStar Group, Inc.
Results of Segments - Unaudited
(in millions)
   
 Three Months Ended
December 31,		Year Ended
December 31,
 2024202320242023
EBITDA    
North America$84.1 $112.8 $181.5 $403.0 
International(11.2)(14.8)(58.5)(13.2)
Total EBITDA$72.9 $98.0 $123.0 $389.8 



CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures with Quarterly Results - Unaudited
(in millions)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
20232024
Q1Q2Q3Q4Q1Q2Q3Q4
Net income$87.1$100.5$90.6$96.4$6.7$19.2$53.0$59.8
Amortization of acquired intangible assets17.718.018.719.319.818.116.519.8
Depreciation and other amortization7.98.18.49.410.310.110.613.1
Interest income, net(43.5)(51.9)(58.4)(59.7)(56.2)(53.5)(55.6)(47.2)
Other (income) expense, net(1)
(0.6)(0.6)(0.5)(3.7)1.91.51.62.2
Income tax expense29.231.129.936.34.816.724.725.2
EBITDA(2)
$97.8$105.2$88.7$98.0$(12.7)$12.1$50.8$72.9
Stock-based compensation expense20.021.821.921.222.822.721.821.8
Acquisition and integration related costs1.7(0.2)0.810.72.36.04.416.7
Restructuring and related costs3.4(0.1)0.50.2——0.20.5
Settlements and impairments(0.1)—————(1.3)—
Adjusted EBITDA(2)
$122.9$126.8$111.9$130.1$12.4$40.8$75.9$111.9
__________________________
(1) Includes $5.5 million, $8.3 million, $8.3 million, and $6.5 million of amortization and depreciation expense associated with lessor activities for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024, respectively.
(2) Totals may not foot due to rounding.
CoStar Group, Inc.
Reconciliation of Forward-Looking Guidance - Unaudited
(in millions)
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA
Guidance RangeGuidance Range
For the Three Months EndingFor the Year Ending
March 31, 2025December 31, 2025
LowHighLowHigh
Net income(3)7 212 233 
Amortization of acquired intangible assets19 19 74 74 
Depreciation and other amortization13 13 51 51 
Interest income, net(43)(43)(168)(168)
Other (income) expense, net2 2 7 7 
Income tax (benefit) expense3 3 77 86 
Stock-based compensation expense27 27 115 115 
Acquisition and integration related costs7 7 7 7 
Adjusted EBITDA$25 $35 $375 $405 


Investor Relations:
Rich Simonelli
Head of Investor Relations
CoStar Group Investor Relations
(202) 346-5649
getrich@costar.com

News Media:
Matthew Blocher
Vice President
CoStar Group Corporate Marketing & Communications
(202) 346-6775
mblocher@costar.com

About CoStar Group
CoStar Group (NASDAQ: CSGP) is the global leader in commercial real estate information, analytics, and online marketplaces. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; and Homes.com, the fastest-growing residential real estate marketplace. CoStar Group’s industry-leading brands include STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 134 million average monthly unique visitors in the fourth quarter of 2024, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release and the Company’s earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “likely,” “might,” “believe,” “expect,” “observe,” “consider,” “think,” “intend,” “envision,” “will,” “should,” “could,” “would,” “plan,” “target,” “estimate,” “predict,” “continue,” “commit” and “potential” or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: our inability to attract and retain new clients; our inability to successfully develop and introduce new or upgraded information, analytics, and online marketplace services; our inability to compete successfully against existing or future competitors in attracting advertisers and in general; the effects of fluctuations and market cyclicality; the effects of global economic uncertainties and downturns or a downturn or consolidation in the real estate industry; our inability to hire qualified persons for, or retain and continue to develop our sales force, or unproductivity of our sales force; our inability to retain and attract highly capable management and operating personnel; the downward pressure that our internal and external investments may place on our operating margins; our inability to increase brand awareness; our inability to maintain or increase internet traffic to our marketplaces, and the risk that the methods, including Google Analytics, that we use to measure average monthly unique visitors to our portals may misstate the actual number of unique persons who visit our network of mobile applications and websites for a given month or may differ from the methods used by competitors; our inability to attract new advertisers; our inability to successfully identify, finance, integrate, and/or manage costs related to acquisitions; our inability to complete certain strategic transactions if a proposed transaction is subject to review or approval by regulatory authorities pursuant to applicable laws or regulations; our inability to complete the acquisition of Matterport, Inc. (“Matterport”) or otherwise realize the benefits of the pending Matterport acquisition; the effects of cyberattacks and security vulnerabilities, and technical problems or disruptions; the significant costs associated with undertaking a large infrastructure project to build out our campus in Richmond, Virginia; our inability to generate increased revenues from our current or future geographic expansion plans; the risks related to acceptance of credit cards and debit cards and facilitation of other customer payments; the effects of climate related events and other events beyond our control; the effects related to attention to environmental, social and governance matters; our inability to obtain and maintain accurate, comprehensive, or reliable data; our inability to obtain and maintain stable data feeds, or disruption of our data feeds; our inability to enforce or defend our ownership and use of intellectual property; the effects of use of new and evolving technologies, including artificial intelligence, on our ability to protect our data and intellectual property from misappropriation by third parties; our inability to defend against potential legal liability for collecting, displaying, or distributing information; our inability to obtain or retain listings from real estate brokers, agents, property owners, and apartment property managers; our inability to maintain or establish relationships with third-party listing providers; our inability to comply with the rules and compliance requirements of Multiple Listing Services; the risks related to international operations; the effects of foreign currency exchange rate fluctuations; our indebtedness; the effects of a lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; the effects of any actual or perceived failure to comply with privacy laws and standards; the effects of changes in tax laws, regulations, or fiscal and tax policies; the effects of third-party claims, litigation, regulatory proceedings, or government investigations; and risks related to return on investment. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group’s filings


from time to time with the Securities and Exchange Commission (the “SEC”), including in CoStar Group’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar Group’s other filings with the SEC (including Current Reports on Form 8-K) available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Fourth Quarter and Full Year 2024 Investor Presentation

 
This presentation of CoStar Group, Inc. (“CoStar Group” or the “Company”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “likely,” “might,” “believe,” “expect,” “observe,” “consider,” “think,” “intend,” “envision,” “will,” “should,” “could,” “would,” “plan,” “target,” “estimate,” “predict,” “continue,” “commit” and “potential” or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: our inability to attract and retain new clients; our inability to successfully develop and introduce new or upgraded information, analytics, and online marketplace services; our inability to compete successfully against existing or future competitors in attracting advertisers and in general; the effects of fluctuations and market cyclicality; the effects of global economic uncertainties and downturns or a downturn or consolidation in the real estate industry; our inability to hire qualified persons for, or retain and continue to develop our sales force, or unproductivity of our sales force; our inability to retain and attract highly capable management and operating personnel; the downward pressure that our internal and external investments may place on our operating margins; our inability to increase brand awareness; our inability to maintain or increase internet traffic to our marketplaces, and the risk that the methods, including Google Analytics, that we use to measure average monthly unique visitors to our portals may misstate the actual number of unique persons who visit our network of mobile applications and websites for a given month or may differ from the methods used by competitors; our inability to attract new advertisers; our inability to successfully identify, finance, integrate, and/or manage costs related to acquisitions; our inability to complete certain strategic transactions if a proposed transaction is subject to review or approval by regulatory authorities pursuant to applicable laws or regulations; our inability to complete the acquisition of Matterport, Inc. (“Matterport”) or otherwise realize the benefits of the pending Matterport acquisition; the effects of cyberattacks and security vulnerabilities, and technical problems or disruptions; the significant costs associated with undertaking a large infrastructure project to build out our campus in Richmond, Virginia; our inability to generate increased revenues from our current or future geographic expansion plans; the risks related to acceptance of credit cards and debit cards and facilitation of other customer payments; the effects of climate related events and other events beyond our control; the effects related to attention to environmental, social and governance matters; our inability to obtain and maintain accurate, comprehensive, or reliable data; our inability to obtain and maintain stable data feeds, or disruption of our data feeds; our inability to enforce or defend our ownership and use of intellectual property; the effects of use of new and evolving technologies, including artificial intelligence, on our ability to protect our data and intellectual property from misappropriation by third parties; our inability to defend against potential legal liability for collecting, displaying, or distributing information; our inability to obtain or retain listings from real estate brokers, agents, property owners, and apartment property managers; our inability to maintain or establish relationships with third-party listing providers; our inability to comply with the rules and compliance requirements of Multiple Listing Services; the risks related to international operations; the effects of foreign currency exchange rate fluctuations; our indebtedness; the effects of a lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; the effects of any actual or perceived failure to comply with privacy laws and standards; the effects of changes in tax laws, regulations, or fiscal and tax policies; the effects of third-party claims, litigation, regulatory proceedings, or government investigations; and risks related to return on investment. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group’s filings from time to time with the Securities and Exchange Commission (the “SEC”), including in CoStar Group’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar Group’s other filings with the SEC (including Current Reports on Form 8-K) available at the SEC’s website (www.sec.gov). All forward- looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation includes certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Organic Revenues and Acquired Revenues, which are used by our management and board of directors to measure operating performance and trends and to prepare our annual budget. You should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Reconciliation tables and other important information about the Company’s financial results and operating metrics used herein are included in the Appendix to this presentation. This presentation also contains estimates and statistical data made by independent parties and by CoStar Group related to market size, the housing rental market, agent users, site traffic, growth and other data about CoStar Group’s industry and performance. These data involve a number of assumptions and limitations, which may significantly impact their accuracy, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of future performance are necessarily subject to a high degree of uncertainty and risk. This presentation is not an offer or a solicitation of an offer to purchase any securities. Legal Disclaimer

 
Fourth Quarter and Full Year 2024 Highlights

 
• Full year 2024 Revenue of $2.74 billion increased 11% year-over-year, exceeding the high end of our guidance • Fourth quarter 2024 Revenue of $709 million increased 11% year-over-year for the 55th consecutive quarter of double-digit revenue growth • Full year 2024 Net Income of $139 million, EBITDA of $123 million and Adjusted EBITDA of $241 million exceeded the high end of our guidance • Fourth quarter 2024 Net Income increased 13%, EBITDA increased 43% & Adjusted EBITDA increased 47% from third quarter 2024 • Traffic to CoStar Group sites reached 134 million average monthly unique visitors in the fourth quarter, an increase of 17% year-over-year* • Homes.com Network solidified its position as the #2 U.S. residential real estate marketplace, reaching 110 million average monthly unique visitors in the fourth quarter, an increase of 11% year- over-year* Fourth Quarter and Full Year 2024 Highlights *Prior to June 1, 2024, we measured average monthly unique visitors for all CoStar Group sites using Google’s Universal Analytics. Beginning June 1, 2024, average monthly unique visitors are measured using Google Analytics 4 (GA4), the replacement for Universal Analytics. Due to the change in methodologies, unique visitors reported prior to June 1, 2024 may not provide a meaningful comparison to unique visitors in subsequent periods.

 
Year-over-Year Traffic Growth of 17% in Q4 2024 - 20 40 60 80 100 120 140 160 180 200 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 A ve ra g e M o n th ly U n iq u e V is it o rs ( in m ill io n s) 134 MILLION *Prior to June 1, 2024, we measured average monthly unique visitors for all CoStar Group sites using Google’s Universal Analy tics. Beginning June 1, 2024, average monthly unique visitors are measured using Google Analytics 4 (GA4), the replacement for Universal Analytics. Due to the change in methodologies, unique visitors reported prior to June 1, 2024 may not provide a meaningful comparison to unique visitors in subsequent periods.

 
Fourth Quarter and Year to Date 2024 Results Fourth Quarter Full Year Revenue $709 million 11% year-over-year growth $2,736 million 11% year-over-year growth Net Income $60 million $0.15 per diluted share $139 million $0.34 per diluted share Adjusted EBITDA $112 million $241 million Net New Bookings $53 million $250 million

 
2025 First Quarter and Full Year Outlook First Quarter Full Year Revenue $711 million to $716 million ~9% year-over-year growth $2.985 billion to $3.015 billion 10% year-over-year growth Adjusted EBITDA $25 million to $35 million 4% margin $375 million to $405 million 13% margin

 
Company Overview

 

 
39 years of real estate experience ~6,550 employees 3 billion+ annual visits to our websites $5 billion+ investment in research and technology 75 offices $4.7 billion in cash on hand 13 countries ~$29 billion market capitalization member of the 500 COMPANY OF THE YEAR Innovator of the Year Best Integrated Marketing Campaign CoStar Group is the Global Leader in Digitizing Real Estate *All numerical data as of December 31, 2024

 
39 Years of Growth and Innovation

 
A Global Leader in the Digital Transformation of the $300+ Trillion Real Estate Industry • Long growth runway: Global addressable market for real estate information and marketplaces estimated at > $100 billion. • Strong competitive position: Massive proprietary dataset built over 39 years with > $5 billion invested in research. • Leading Property Marketplaces: Hundreds of millions shop our online real estate marketplaces. • Successful growth track record: 55 consecutive quarters of double- digit revenue growth, both organic and through acquisitions. • Attractive financial model: 96% subscription revenue. 89% renewal rates. Strong margins, high free cash flow and a fortress balance sheet. *All data as of December 31, 2024. Subscription revenue includes all contracts regardless of term for 2024. Renewal rate is for Q4 2024 for contracts with 12 month or longer terms.

 
U.S. Real Estate Sources: Office – CoStar estimate Industrial – CoStar estimate Retail – CoStar estimate Rural Land – U.S. Department o f Agriculture Apartment – CoStar estimate Hotel – CoStar estimate Sing le Family – Federa l Reserve Flow of Funds and Urban Institute New Homes – Federa l Reserve Economic Data (FRED) Global Real Estate Sources: Global real estate value calculated by scaling U.S. real estate value based on the U.S. share of global GDP, Global GDP data from The World Bank United States China Germany UK India France Canada CoStar Group Offices Office (1986) Industrial (1994) Retail (2004) Rural Land (2011) Apartment (2014) Hotel (2019) Single Family Residential/ New Homes (2020) Global Real Estate: A $300 Trillion Asset Class U.S. REAL ESTATE $70 TRILLION (Year CoStar entered market) Based on 2023 Data GLOBAL REAL ESTATE $300 TRILLION

 
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $9 Billion $5 Billion $4 Billion Total North American Addressable Market >$15 Billion TAM Sources: CoStar, Apartments, LoopNet and Ten-X – CoStar estimate Homes.com – extrapolation of Borrell Associates “2019 Real Estate Advertisement Outlook” combined with CoStar estimate $6 Billion $40B+ North American Addressable Market, Global Market > $100B

 
$1.0B $1.1B$1.4B $1.7B $1.9B $2.2B $2.5B $2.7B 2019 2020 2021 2022 2023 2024 Costar Multifamily LoopNet Residential Information Services Other Marketplaces 5 YEAR CAGR 20% 9% 13% 11% 17% Strong Double-Digit Growth with Two Brands Over $1 Billion in Revenue 14% TOTAL 5 YEAR REVENUE CAGR 118% 2023-2024 only

 
10 60 110 160 210 260 - 100 200 300 400 500 600 700 800 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 55 Consecutive Quarters of Double-Digit Revenue Growth Regardless of Commercial Property Transaction Volumes • 96% subscription revenue • 80% annual contracts • Resilient through market cycles • Single, integrated global platform Q u a rt e rl y R e v e n u e (i n m il li o n s ) Great Recession 2009 Revenue: -1% All data as of December 31, 2024. High Inflation 2022-2024: +12% Growth Quarterly Revenue Transaction Volumes Pandemic 2020-2021: +18% Growth

 
CoStar 37% Information Services 5% Multifamily 39% LoopNet 10% Residential 4% 2024 REVENUE2008 REVENUE CoStar 92% Other RevenueInformation Services More Diversified with More Countercyclical Business Mix Since the Great Recession Marketplaces 58% Information & Analytics 42% Other Marketplaces 5% Information & Analytics 100% Based on interna l CoStar data as of December 2024.

 
REVENUE BY CLIENT SEGMENT TOP 1,000 CLIENTS: NONE MORE THAN ~2% *Revenue by client segment and by client extrapolated from December 2024 CoStar billing data. Diversified Client Base with Minimal Concentration Owner 38% Broker 21%Property Management 19% Other 10% Investor 5% Corporate/Retail 4% Lender 3%

 
$0 $100 $200 $300 $400 $500 $600 $700 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Organic 76% Acquired 24% 2024 REVENUE COMPOSITION Successful Acquisition and Integration Track Record M il li o n s Organic Revenue Acquired Revenue at the time of acquisition

 
High-Growth, High-Margin Subscription Business Model Double-Digit Revenue Growth ✓ 23% Revenue CAGR since IPO 27 years ago ✓ Double-digit revenue growth for 55 straight quarters Predictable Subscription Services Revenue ✓ 96% subscription revenue with 80% annual contracts ✓ 94% renewal rate for clients > 5 years Strong Operating Leverage ✓ 80% gross margin ✓ Commercial information and marketplace brands 43% profit margins Highly Cash Generative with Strong Balance Sheet ✓ Net cash provided by operating activities of $393 million for 2024 ✓ $4.7 billion cash versus $1 billion of debt Note: All data as of December 31, 2024 unless otherwise noted.

 
The fastest growing U.S. residential marketplace

 
Our Vision Establish Homes.com as the #1 residential real estate marketplace

 
Homes.com by the Numbers Millions of Leads 2.4M Residential For Sale and Rental Listings 110M Homes.com Network Average Monthly Unique Visitors $59M Annualized Net New Bookings ~11K Member Agents *Sources: Traffic data from Google Analytics for the fourth quarter of 2024. All other based on Internal data as of December 2024.

 
Zillow Group Homes.com Network Realtor.com Homes.com Network is the #2 Residential Real Estate Marketplace Based on (1) Zillow Group’s average monthly unique users (204 million) for the quarter ended December 31, 2024, as reported in Zillow Group’s shareholder letter dated February 11, 2025, (2) the Homes.com Network (which includes Homes.com, the Apartments Network, and the Land Network) average monthly unique visitors (110 million) for the quarter ended December 31, 2024, according to Google Analytics, and (3) Realtor.com’s average monthly unique users (62 million) of Realtor.com’s web and mobile sites according to internal data, for the quarter ended December 31, 2024, as reported in News Corp’s press release on February 5, 2025. 204M 110M 62M A v e ra g e M o n th ly U n iq u e V is it o rs (i n m il lio n s )

 
A Better Business Model – “Your Listing, Your Lead” • The most powerful real estate digital marketing solution to sell a home • Agents are using Homes.com to sell homes faster, win more listings and grow their brands • Only Homes.com prominently displays the listing agent on the listing and connects you directly to the listing agent who knows the home best* • Competitor models divert leads from agents and their brands; taking buyer and seller leads from your listings *Comparison of Homes.com to other leading residential real estate marketplaces.

 
Homes.com Displays the Listing Agent, Firm & Buyer Agent Directory

 
The Real Estate Marketplaces Adhering to the Your Listing, Your Lead Principal are the Most Successful Billions in Net income (loss) for 10-year period from 2015-2024 from publicly filed financial statements. When full year 2024 was not available, most recently available data was used. ($1.5) ($1.0) ($0.5) $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 CoStar Group Rightmove REA Group Scout24 Your Listing, Your Lead ($1.5) ($1.0) ($0.5) $0.0 $0.5 $1.0 $1.5 $2.0 Zillow Redfin Not Your Listing, Your Lead

 
Our Proprietary Content Sets Us Apart. Consumers Aren’t Just Looking for a Home, They’re Looking for a Community 5,000+ Cities 2,000 Complete 40,000+ Parks Homes.com is digitizing rich content for communities across the U.S. 125,000+ Schools 65,000+ Condo Buildings 14,000 Complete Matterport 3D Virtual Tours on Homes.com Members Listings Available in 100 Markets Completed 21,000+ Neighborhoods * Based on Internal data as of December 31, 2024.

 
Marketing Campaign Supercharged “We’ve done your home work.”

 
BIGGEST invested BILLION Over a DOLLARS impressions of households BILLION 80 90% Reaching Real Estate Campaign Ever Working on behalf of the industry to help agents sign more buyer and seller agreements, drive demand for their listings and close more transactions.

 
Homes.com is EVERYWHERE No other competitors come close to our investment to drive leads to all agents

 
Member Agent Listings Sell Homes Faster and Win More Listings Than Non-Member Agents 4X more listing shares 6X more favorites 20% more likely to go under contract within first 10 days 58% more listings won in a month on average All data from internal CoStar database as of December 31, 2024, comparing member agent listings to nonmember agent listings.

 
Investing to Create the #1 Residential Portal in the UK Year-Over-Year Growth +75% Traffic +112% Unique Visitors +43% Total Stock on Site +23% Listings +42% Sales Leads *Year over year growth as of December 31, 2024. Traffic per Google Analytics. All other data from internal CoStar database as of December 31, 2024.

 
Discover your new home. Helping 100 million renters find their perfect fit.

 
17% Year-over-Year Revenue Growth 66% Unaided Brand Awareness ~1B Annual Visits 1M+ Rental Availabilities 43M Average Monthly Unique Visitors Apartments.com by the Numbers *All data as of December 31, 2024. Revenue is based on FY 2024. Traffic data for Apartments.com Network from Google Analytics FY 2024. Unaided brand awareness based on RPA survey question: When searching for “apartments”, what websites do you think of that list properties for rent? $1.1B Revenue

 
More Apartment Communities Advertise on Apartments.com APARTMENT COMMUNITIES ~75,000 now advertise on Apartments.com

 
Owners & Operators Rank Apartments.com #1 in Metrics that Matter ✓Best brand awareness ✓Highest-quality leads ✓Highest lead-to-lease conversion rate ✓Generating the most applications #1 Source: Market Connections Brand Study, Q2 2024 Responses from 645 owners/operators of 18K communities, 1.5M+ units

 
Tremendous Opportunity Ahead in the Small to Medium Property Space Data as of December 31, 2024 based on CoStar internal estimates. Annual revenue based on FY 2024. Excludes transactional revenue for Independent Owners. Unit Range Universe (Properties) Clients (Properties) Annual Subscription Revenue Run Rate ($M) Revenue Penetration TAM ($M) 1-49 22M 18K $72M 1% $6B 50-99 72K 12K $121M 17% $1B 100+ 107K 45K $883M 42% $2B Grand Total 23M 75K $1.1B 12% $9B $7B opportunity

 
Ten Years of Success for Apartments.com Growth Since Acquisition #1 13X 11X 4X #1 based on revenue in 2023 and 2024 vs. competitors. Revenue Run Rate based on Q4 2024 annualized including transactional revenue. 2014 ComScore traffic data. 2024 Google Analytics* traffic data average monthly 2014 for the year. Customer data from internal database as of December 31, 2014 and December 31, 2024. *Prior to June 1, 2024, we measured average monthly unique visitors for all CoStar Group sites using Google’s Universal Analytics. Beginning June 1, 2024, average monthly unique visitors are measured using Google Analytics 4 (GA4), the replacement for Universal Analytics. Due to the change in methodologies, unique visitors reported prior to June 1, 2024 may not provide a meaningful comparison to unique visitors in subsequent periods. 2014 2024 Industry Rank 5th place in highly fragmented online rental search industry The leading online rental marketplace Revenue $75 million $1.1 billion annual revenue run rate Traffic 4 million average monthly unique visitors ~43 million average monthly unique visitors Customers 18,000 communities ~75,000 communities

 
A global leader in commercial real estate information, analytics, and data-driven news

 
CoStar by the Numbers $1B Revenue 6M Sale Transactions 945K Listings 240K Subscribers 7M Commercial Properties 15M Lease Transactions Source: All data from CoStar internal database as of December 2024.

 
$0 $50 $100 $150 $200 $250 Q u a rt e rl y R e v e n u e (i n m il li o n s ) 12% Revenue Growth Rate Ten Year CAGR CoStar Product Investments Expand the Market Size, Resulting in Long-Term Double-Digit Growth Total addressable market for CoStar – CoStar estimate. CAGR based on trailing twelve-month revenue as of 12/31/24. Owners / Investors Brokers / Appraisers Lenders Hospitality Tenants $4B U.S. MARKET SIZE

 
1 Based on December 31, 2024 In ternal Data. Drones 1,100+ Analysts and Economists 70 Researchers 1,600 Software Developers To facilitate the gathering of data 1,200 Data feeds and third-party dataJournalists Across North America & Europe 60 Automated data extraction Cessna capturing aerial insights 1 In-market canvassers 650+ Unparalleled Research Methodology

 
The #1 global commercial real estate marketplace

 
13M Average Monthly Unique Visitors Worldwide $282M Revenue 94% Fortune 1000 Companies Active on Site 11X #1 Google keywords than closest competitor 13% 5 Year Revenue CAGR LoopNet by the Numbers *All data as of December 31, 2024. Traffic data from Google Analytics. 380K CRE Brokers & Owners Advertising

 
0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 LoopNet Network crexi commercialcafe commercialsearch propertyshark buildout reonomy commercialmls Instantoffices vts totalcommercial propertycapsule officespace realnex rcm1 squarefoot LoopNet Network vs. Competitors Commanding Share of Traffic vs. Marketplace Competitors 83x Unique Visitors of the Avg. CRE Marketplace Competitor 6x Unique Visitors of the Nearest Competitor Source: SEMRush unique visitors for calendar month ending December 31, 2024; U.S. market

 
LoopNet Revenue Up 6x Since Acquisition $5 Billion North American TAM $15 Billion Global TAM Early Stages of a Massive Global Opportunity $0 $10 $20 $30 $40 $50 $60 $70 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q u a rt e rl y R e v e n u e i n M il li o n s Domestic International

 
LoopNet International Expansion Underway loopnet.ca LoopNet UK LoopNet FranceLoopNet Spain LoopNet Canada loopnet.co.uk loopnet.es loopnet.fr

 
Appendix

 
Non-GAAP Measures For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this presentation 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 filed with the SEC at www.sec.gov. 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 expense. 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. Organic revenues and acquired revenues are non-GAAP measures for reporting financial performance of the business. Organic revenues represent total company revenues excluding net revenues from acquired companies for the first four full quarters since the entities’ acquisition date. Acquired revenues represents revenues from acquired companies for the first four full quarters since the entities' acquisition date. After the completion of four full fiscal quarters, changes in revenues of acquired is treated as organic for future periods. For products discontinued after an acquisition, the lesser of the reported revenues or the actual revenues reported is included in acquired revenues.

 
Reconciliation of Net Income to Adjusted EBITDA - Unaudited The following table presents a reconciliation of CoStar Group’s Adjusted EBITDA, including forward-looking guidance range Adjusted EBITDA, to the most directly comparable GAAP financial measure, net income.

 
Use of Operating Metrics and Other Definitions CoStar Group reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans and make strategic decisions. This presentation includes Net New Bookings. Going forward, CoStar Group expects to use these operating metrics on a periodic basis to evaluate and provide investors with insight into the performance of the Company’s subscription-based services. Net New Bookings are 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. Other Definitions References to “commercial information and marketplace businesses” refer to our consolidated financial position and results excluding the impact of our Residential brands, which are Homes.com and OnTheMarket. Our “Homes.com Network” consists of the following list of U.S. only brands: Apartments.com, ApartmentFinder, FinderSites, ApartmentHomeLiving, WestSideRentals, ForRent, After55, CorporateHousing, ForRentUniversity, Cozy.com, Off Campus Partners, Homes.com, Homesnap, CitySnap, Land.com, Landandfarm.com, and LandWatch.com. Our “Apartments.com Network” consists of the following list of U.S. only brands: Apartments.com, ApartmentFinder, FinderSites, ApartmentHomeLiving, WestSideRentals, ForRent, After55, CorporateHousing, ForRentUniversity, Cozy.com, Off Campus Partners, rental-only listings on Homes.com. Our “Land.com Network” consists of the following U.S. only brands: Land.com, Landandfarm.com, and LandWatch.com.

 
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Document and Entity Information Document
Feb. 18, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 18, 2025
Entity Registrant Name COSTAR GROUP, INC.
Entity Central Index Key 0001057352
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 0-24531
Entity Tax Identification Number 52-2091509
Entity Address, Address Line One 1201 Wilson Blvd.,
Entity Address, City or Town Arlington,
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22209
City Area Code 202
Local Phone Number 346-6500
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Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock ($0.01 par value)
Trading Symbol CSGP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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