CoStar Group Inc - CSGP STOCK NEWS

CoStar Group (NASDAQ: CSGP) has acquired BureauxLocaux, a leading commercial real estate portal in France, enhancing its international expansion efforts. BureauxLocaux boasts over 60,000 listings and 425,000 monthly website visits. This acquisition aligns with CoStar's strategy to strengthen its presence in Europe, with BureauxLocaux serving over 90% of France's top commercial property brokers. The transaction is expected to leverage CoStar's resources to accelerate BureauxLocaux's growth in a market valued at €40 billion in annual transactions.

CoStar Group, Inc. (NASDAQ: CSGP) has appointed Jay Lybik as the National Director of Multifamily Analytics to enhance its analytics in the U.S. multifamily sector. Lybik brings over 25 years of experience in real estate research, previously serving as Vice President of Research Services at Institutional Property Advisors and Vice President of Market Research at Equity Residential. His leadership is expected to provide clients with deeper insights and improve CoStar's analytics team capabilities.

CoStar Group, Inc. (NASDAQ: CSGP) reported Q2 2021 revenue of $480 million, a 21% increase from $397 million in Q2 2020. Net income was $61 million or $0.16 per share. Adjusted EBITDA rose to $150 million, with a 17% increase year-over-year. The company achieved a 47% growth in net new bookings and record traffic on Apartments.com, which saw a 30% rise in unique visitors. CoStar raised its 2021 revenue forecast to between $1.940 billion and $1.950 billion. However, adjusted EBITDA guidance was lowered to $605 million to $615 million.

CoStar Group, Inc. (NASDAQ: CSGP) will report its Q2 2021 financial results on July 27, 2021, after the market closes. Management will hold a conference call at 5:00 PM EDT to discuss the results and future outlook. A live audio webcast will be accessible via the CoStar Group Investors webpage, with a replay available later. The company expects to announce Q3 2021 results on October 26, 2021, and Q4 2021 results on February 22, 2022. CoStar is a leading provider of commercial real estate information and analytics, serving extensive client needs in the sector.

CoStar Group (NASDAQ: CSGP) has announced a ten-for-one stock split approved by its Board of Directors, aimed at enhancing accessibility for investors and employees. The record date for this stock dividend is set for June 17, 2021, with shareholders receiving nine additional shares for each held share. The distribution will take place post-market on June 25, 2021, with trading adjusted to the split commencing on June 28, 2021. This move reflects CoStar's commitment to increasing shareholder value and engagement among investors.

CoStar Group (NASDAQ: CSGP) clarified its independence from Chinese firm CoStar Group Co., Ltd., which is subject to U.S. investment restrictions due to alleged ties to the defense sector. The announcement follows the Biden Administration's June 2021 Executive Order that included this Chinese company in a list of 59 entities under scrutiny. CoStar Group, founded in 1987, is a leader in commercial real estate data and analytics, maintaining the largest database in the sector and providing comprehensive online services for market insights.

CoStar Group (NASDAQ: CSGP) announced the completion of its $156 million cash acquisition of Homes.com, following FTC approval. This acquisition aims to enhance the online real estate experience for buyers, sellers, and agents by integrating Homes.com with Homesnap, which CoStar acquired in December 2020. CoStar plans to provide a marketplace that connects agents to clients without commission cuts, retaining agents' leads. Homes.com is projected to generate an incremental $10 million in revenue but will incur approximately $15 million in negative adjusted EBITDA for 2021 due to a business model transition.

CoStar Group (NASDAQ:CSGP) reported Q1 2021 revenue of $458 million, a 17% increase from Q1 2020. Net income stood at $74 million ($1.88/share), with non-GAAP net income at $108 million ($2.75/share), reflecting a 20% growth. EBITDA rose 35% to $136 million. CoStar's sales team booked $52 million in net new bookings, a 10% increase year-over-year. The company also raised its 2021 revenue guidance to $1.930-$1.945 billion, anticipating 17% growth. The outlook includes adjusted EBITDA of $645-$655 million for the year, an 18% year-over-year rise.

CoStar Group (NASDAQ: CSGP) has announced a definitive agreement to acquire Homes.com from Dominion Enterprises for $156 million in cash. Homes.com is a prominent residential listing portal serving over 500,000 agents with 5 million monthly visitors and nearly 1.8 million property listings. This acquisition aims to enhance CoStar's offerings by merging Homes.com with its existing platform Homesnap, potentially generating $5-10 million in additional revenue in the latter half of 2021. The deal is expected to close in the first half of 2021, subject to regulatory approval.