CoStar Group reports Q1 GAAP EPS (4c), consensus 11c

Reports Q1 revenue $732.2M, consensus $729.55M. The company reported a Q1 GAAP net loss per share of (4c), which included a negative impact of $31 million associated with the Matterport acquisition; this may not compare to the consensus estimate for adjusted EPS. Reports Q1 Adjusted EBITDA $65.6M. Net new bookings in CoStar were up 68% year-over-year and LoopNet net new bookings were up 200% year-over-year. Apartments.com added 4,300 properties in the quarter. “CoStar Group (CSGP) delivered another strong quarter of results achieving 12% year-over-year revenue growth in Q1 2025, our 56th quarter of double-digit revenue growth as we met the top-end of our revenue guidance and exceeded the top-end of our Adjusted EBITDA guidance,” said Andy Florance Founder and Chief Executive Officer of CoStar Group. “Once again, CoStar Group’s commercial information and marketplace brands1 delivered exceptional results with a 43% profit margin for Q1 2025. We are gaining sales momentum across the board. In Q1 2025, our commercial real estate businesses, CoStar and LoopNet, had very strong annualized net new bookings with CoStar up 68% year-over-year, the highest level since Q3 2023 and LoopNet generating an impressive 200% increase year-over-year, which was LoopNet’s highest level since Q3 2022. In Q1 2025, Apartments.com added 4,300 properties, the most properties in one quarter since Q1 2016. Today, our dedicated Homes.com salesforce has grown to 370 representatives and we believe we will be at 500 sales reps by the end of June, as we continue to gain sales momentum. In April, Homes.com’s demo-to-close rate increased to over 50%, the highest ever by any CoStar Group sales team. This demonstrates the strong demand for Homes.com.”