CoStar Group Inc - CSGP STOCK NEWS

CoStar Group, Inc. (NASDAQ: CSGP) has appointed Gene Boxer as General Counsel and Corporate Secretary, effective immediately. Boxer, a seasoned legal professional with over 20 years of experience, will oversee legal and compliance functions, including SEC reporting, M&A, and corporate governance. His previous roles include Chief Strategy Officer at Sirius International Insurance Group and Global General Counsel at Cushman & Wakefield. CoStar expects Boxer's expertise in acquisitions and global management to enhance its growth strategy as it expands internationally.

CoStar Group, Inc. (NASDAQ: CSGP) has launched CoStar for Lenders, a groundbreaking platform integrating clients' commercial real estate loan portfolios with CoStar's extensive data and analytics. The platform features over 4.6 million sale comps and 10.5 million lease comps, aiding clients in compliance with the Current Expected Credit Losses (CECL) requirement. Developed over five years, it simplifies complex analytics for small and mid-sized lenders, enhancing risk management and regulatory reporting capabilities.

CoStar Group reported a strong financial performance for 2021, with revenue reaching $1.94 billion, a 17% increase from 2020. The fourth quarter saw revenue of $507 million, up 14%. Net income for the year rose 29% to $293 million, while fourth quarter net income surged 160% to $93 million. The company anticipates 2022 revenue between $2.145 billion and $2.165 billion, with significant investments planned for its residential products, potentially driving future growth.

CoStar Group, Inc. (NASDAQ: CSGP) launched the 2022 CoStar Impact Awards to celebrate exceptional commercial real estate projects and transactions from 2021 across 11 major U.S. markets. Nominations are open from February 9 to February 24, 2022, with winners announced in late March 2022. Categories include Best New Commercial Development and Best Lease Transaction. Winners will receive trophies and extensive promotion through CoStar's channels, recognizing their contributions to the commercial real estate industry.

CoStar Group, Inc. (NASDAQ: CSGP) will report its financial results for Q4 and the full year of 2021 on February 22, 2022, after market close. A conference call will follow at 5:00 PM EST to discuss the results and future outlook. Investors can access a live audio webcast on the CoStar Group website. The company also plans to release its Q1 2022 financial results on April 26, 2022. CoStar Group is a leading online real estate marketplace and analytics provider, serving various property sectors with an extensive suite of services.

CoStar Group (NASDAQ: CSGP) announced the expansion of its research and technology center in Richmond, Virginia. The new campus will consolidate operations for over 3,000 employees, making CoStar a leading employer in the area. The facility will focus on advanced technologies and research in the real estate sector, featuring a 750,000 square foot building complex that supports sustainability efforts. The expansion is expected to help foster innovation and collaboration, contributing to the firm’s growth over the next 5 to 10 years.

CoStar Group (NASDAQ: CSGP) reported a revenue increase to $499 million for Q3 2021, up 17% from $426 million in Q3 2020. Net income was $64 million, or $0.16 per diluted share. Non-GAAP net income rose to $99 million, an 11% increase year-over-year. EBITDA also rose to $123 million, a 13% increase. The company raised its full-year revenue guidance to $1.935-$1.940 billion, reflecting a 17% year-over-year growth at the midpoint. Adjusted EBITDA guidance was increased to $615-$620 million, while non-GAAP net income guidance per share was raised to $1.07-$1.08.

CoStar Group and the Real Estate Board of New York (REBNY) joint venture launched Citysnap, a public portal and app for the Residential Listing Service (RLS). Set to debut in Q2 2022, Citysnap promises comprehensive access to residential listings, aiding brokers and consumers alike. With over 40,000 active listings worth $50 billion, RLS offers data integrity and user-friendly search capabilities. Agents will benefit from lead capture through a 'your listing, your lead' policy. Citysnap marks a significant upgrade in real estate technology, enhancing transparency in NYC's market.