CoStar said revenue for the 3 months ended June 30, 2024 increased $72 million, or 12%, to $678 million. The company cited an increase of $40 million (18%) in Multifamily revenue and an increase of $24 million (10%) in CoStar revenue as the main drivers.

10-QQuarterly reportFiled Jul 25, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

CoStar said revenue for the 3 months ended June 30, 2024 increased $72 million, or 12%, to $678 million. The company cited an increase of $40 million (18%) in Multifamily revenue and an increase of $24 million (10%) in CoStar revenue as the main drivers.
CoStar said selling and marketing expenses for the 3 months rose $108 million, or 43%, to $358 million, and that marketing expenses increased by $93 million. North America EBITDA decreased $74 million, or 71%, to $31 million. The company attributed the decline to higher marketing, personnel and professional services costs.
CoStar said net cash provided by operating activities for the 6 months ended in 2024 was $198 million, down from $298 million in the same period a year earlier. Net cash used in investing activities was $478 million. The company cited the purchase of an office building in Arlington, Virginia for $343 million and the expansion of its Richmond campus as the main factors.
CoStar said on April 21, 2024 it entered into an Agreement and Plan of Merger with Matterport. It estimated the cash consideration at about $940 million (excluding cash in lieu of fractional shares), based on $2.75 per share in cash, and said it plans to fund it with cash on hand. On July 3, 2024, the company received a Second Request from the FTC. CoStar said it continues to expect the transaction to close in Q4 2024.

Key figures

Quarter ended June 30, 2024

Revenue: $678M
Operating income: −$16M
Net income: $19M
EPS: $0.05
Gross profit: $542M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2024 Revenue $678 million

CoStar said revenue for the 3 months ended June 30, 2024 increased $72 million, or 12%, to $678 million. The company cited an increase of $40 million (18%) in Multifamily revenue and an increase of $24 million (10%) in CoStar revenue as the main drivers.

Source · Based on the MD&A text of the filing

Selling and Marketing Expenses and North America EBITDA

CoStar said selling and marketing expenses for the 3 months rose $108 million, or 43%, to $358 million, and that marketing expenses increased by $93 million. North America EBITDA decreased $74 million, or 71%, to $31 million. The company attributed the decline to higher marketing, personnel and professional services costs.

Source · Based on the MD&A text of the filing

First-Half Operating Cash Flow and Investing Cash Use

CoStar said net cash provided by operating activities for the 6 months ended in 2024 was $198 million, down from $298 million in the same period a year earlier. Net cash used in investing activities was $478 million. The company cited the purchase of an office building in Arlington, Virginia for $343 million and the expansion of its Richmond campus as the main factors.

Source · Based on the MD&A text of the filing

Matterport Merger Agreement and FTC Second Request

CoStar said on April 21, 2024 it entered into an Agreement and Plan of Merger with Matterport. It estimated the cash consideration at about $940 million (excluding cash in lieu of fractional shares), based on $2.75 per share in cash, and said it plans to fund it with cash on hand. On July 3, 2024, the company received a Second Request from the FTC. CoStar said it continues to expect the transaction to close in Q4 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.