Latest news with #AndyFlorance
Yahoo
15-05-2025
- Business
- Yahoo
CoStar Group's Homes.com and Matterport Recognized in the T3 Sixty 2025 Tech 200
Annual list highlights the best technology products for brokerages, teams and agents, reflective of CoStar Group's significant impact on the real estate industry ARLINGTON, Va., May 15, 2025--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics and 3D digital twin technology in the property markets, today announced that T3 Sixty recognized Matterport, and VHT Studios by Matterport among its annual 2025 Tech 200 list. The Tech 200 list recognizes the industry's best-in-class technology products for brokerages, teams and agents, with this year's list highlighting 200 products across 130 companies that underscore critical trends in real estate, like the surge of artificial intelligence and market consolidation. is the second largest residential real estate marketplace in the country. Matterport, which CoStar Group acquired in February 2025, is the global leader in 3D digital twin technology. Together, and Matterport allow CoStar Group to continue transforming and digitizing the real estate industry through market-leading technology, property data innovation and artificial intelligence capabilities, creating an unparalleled solution for agents, buyers, sellers and renters. is the first major U.S. real estate portal to focus on helping homeowners and agents leverage the marketing power of the internet to bring more potential buyers to their listings. Within just one year of operation, the Network achieved 104 million average monthly unique visitors and grew unaided consumer awareness to 36% in the first quarter of 2025, up from just 4% before the February 2024 launch. On average, Member agents are winning 61% more listings than comparable non-Member agents, a result of having a real estate portal that works for home sellers, not against them. CoStar Group acquired Matterport to further invest in artificial intelligence, computer vision, and machine learning to improve property analytics, optimize operational efficiency, and broaden the use of digital twin technologies throughout the real estate industry. Spanning 177 countries and virtually every real estate sector, Matterport's 3D technology powers immersive experiences, including 3D tours now featured across CoStar Group's prominent businesses: CoStar, LoopNet, and "Our leading businesses at CoStar Group, including and Matterport, prioritize transparency, efficiency, technology and innovation," said Andy Florance, Founder and Chief Executive Officer at CoStar Group. "Through strategic investments in technology, research, artificial intelligence and analytics, we're delivering unparalleled products, insights and virtual experiences that empower both consumers and real estate professionals. We are at the forefront of technology-driven innovation across the real estate industry, a distinction we're proud to see reflected in our recognition on the Tech 200 List." About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology. 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; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, 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 130 million average monthly unique visitors in the first quarter of 2025, 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 View source version on Contacts News Media Contact Matthew BlocherCoStar Group(202) 346-6775mblocher@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
15-05-2025
- Business
- Business Wire
CoStar Group Founder and CEO Andy Florance Recognized on Commercial Observer's Power 100 List
ARLINGTON, Va.--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics and 3D digital twin technology in the property markets, announced today that Andy Florance, Founder and Chief Executive Officer has been named to Commercial Observer's prestigious Power 100 list for the third consecutive year. Published annually, the Power 100 List recognizes the most influential people, businesses, and organizations shaping the future of commercial real estate. Mr. Florance's recognition on the list underscores the exceptional performance and growth CoStar Group continued to experience in 2024. The company reported $2.74 billion for the year, marking an 11% increase from the previous year's $2.46 billion. This momentum has continued with CoStar Group reporting $732 million in revenue for the first quarter of 2025, up 12% year-over-year and marking its 56th consecutive quarter of double-digit revenue growth. Under Mr. Florance's leadership, CoStar Group continues to demonstrate strong momentum across its industry-leading businesses, led by which has become the second largest and fastest-growing residential real estate marketplace in the country. Recent strategic acquisitions, including Visual Lease and 3D digital twin leader Matterport, have allowed CoStar Group to expand its global reach and technological edge. also delivered a standout quarter, generating $282 million in revenue, up 11% year-over-year, and adding 4,300 new properties, the highest in nearly a decade. 'It is an incredible honor to be recognized alongside some of the most impactful leaders in the commercial real estate sector,' said Andy Florance, Founder and Chief Executive Officer of CoStar Group. 'As a leading provider of commercial and residential real estate data and analytics, we remain committed to offering advanced, innovative platforms that empower the industry to achieve new levels of growth and success. This recognition wouldn't be possible without the dedication of our global workforce and I'm excited to see what we will accomplish together this year.' About CoStar Group CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology. 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; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, 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 130 million average monthly unique visitors in the first quarter of 2025, 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
Yahoo
13-05-2025
- Business
- Yahoo
CSGP Q1 Earnings Call: Product Expansion, Cost Controls, and Guidance in Focus
Real estate data provider CoStar Group (NASDAQ:CSGP) met Wall Street's revenue expectations in Q1 CY2025, with sales up 11.5% year on year to $732.2 million. The company expects next quarter's revenue to be around $772.5 million, close to analysts' estimates. Its non-GAAP profit of $0.16 per share was 46.8% above analysts' consensus estimates. Is now the time to buy CSGP? Find out in our full research report (it's free). Revenue: $732.2 million vs analyst estimates of $730 million (11.5% year-on-year growth, in line) Adjusted EPS: $0.16 vs analyst estimates of $0.11 (46.8% beat) Adjusted EBITDA: $65.6 million vs analyst estimates of $30.51 million (9% margin, significant beat) Revenue Guidance for the full year is $3.14 billion at the midpoint, roughly in line with what analysts were expecting EBITDA guidance for the full year is $370 million at the midpoint, below analyst estimates of $389.9 million Operating Margin: -5.8%, in line with the same quarter last year Free Cash Flow was -$26 million, down from $136 million in the same quarter last year Market Capitalization: $31.8 billion CoStar's first quarter results reflected ongoing investment across its digital real estate platforms, with CEO Andy Florance emphasizing the continued strength in commercial information services and accelerating sales momentum in key brands like LoopNet, and the recently acquired Matterport. Management highlighted strong net new bookings and noted that operational cost controls contributed to profits above Wall Street's expectations, despite a challenging commercial real estate environment that has seen low transaction volumes and muted rent growth. Looking ahead, management attributed its full-year and next-quarter guidance to anticipated improvements in the real estate cycle and strategic expansion of sales capacity, especially at CFO Christian Lown reaffirmed that capital allocation would remain focused on scaling the sales force and integrating Matterport, while noting that cost-saving measures would continue to offset higher investments in growth initiatives. The company expects revenue growth to pick up in the second half of the year, driven in part by maturing sales teams and product integration. Management noted that revenue growth was supported by both product innovation and changes to go-to-market strategies, particularly in digital marketplaces. The following points summarize the most significant drivers and themes from the quarter: sales force expansion: CoStar added 56 new sales professionals in Q1 and plans further hiring, aiming to capitalize on a large addressable market in the multifamily segment and recent competitor exits. The absorption of experienced sales staff from Redfin's rent division was cited as a positive for pipeline growth and execution. LoopNet strategic pivot: A shift in sales strategy from focusing on selling high-value signature ads to broader subscription packages resulted in a surge in net new bookings. Management reported twice the productivity per sales representative compared to the prior year, reflecting improved alignment with customer needs. Matterport acquisition impact: The recently closed Matterport acquisition contributed to revenue and is expected to yield long-term benefits as the technology is embedded across CoStar's platforms. Management described opportunities to grow both R&D and sales, and to accelerate the adoption of Matterport's digital twin technology in real estate listings. brand and sales ramp: The dedicated sales force grew to 314 reps, with management pointing to improved Net Promoter Scores and a significant decline in early contract cancellations. The company's marketing campaign increased unaided brand awareness to 36%, while new pricing strategies and the launch of product options like Boost aim to further drive agent adoption. Cost optimization measures: Over $50 million in annualized savings were realized, primarily through reduced investment and a company-wide headcount reduction. These efforts helped deliver profitability above consensus, despite ongoing investments in product and brand expansion. Management's outlook for the remainder of the year centers on continued investment in sales capacity, integration of recent acquisitions, and gradual improvement in real estate markets. The company expects these trends to support revenue growth and margin improvement in the back half of the year. Scaling sales across platforms: Expansion of dedicated sales teams—especially for and expected to accelerate revenue growth as new hires mature and contribute to bookings. Integration of Matterport technology: Embedding Matterport's digital twin solutions across CoStar's ecosystem is seen as a lever for increasing customer engagement and reducing churn, with management citing opportunities for enhanced product differentiation. Real estate market recovery: Management believes that improving fundamentals in the commercial real estate sector, including falling vacancy rates and higher transaction volumes, will support higher pricing and increased product adoption, although ongoing market uncertainty remains a risk. Alexei Gogolev (JPMorgan): Asked about industry reactions to changes in listing rules and the competitive dynamics with Zillow; CEO Andy Florance described agent sentiment as overwhelmingly negative toward certain competitor moves, viewing it as an opportunity for CoStar. Peter Christiansen (Citi): Inquired about the integration and monetization plans for Matterport; Florance and CFO Christian Lown highlighted plans for deep product integration and expanded R&D, expecting usage to drive engagement and retention across platforms. George Tong (Goldman Sachs): Questioned the sustainability of cost reductions and capital allocation; Lown confirmed the $900 million investment plan remains unchanged, with cost management focused on reallocating spend to more productive growth initiatives. Ryan Tomasello (KBW): Sought clarity on the drivers behind revenue growth deceleration in multifamily for Q2 and confidence in acceleration later in the year; Lown pointed to seasonal factors and the ramping sales force, with optimism for the second half. Stephen Sheldon (William Blair): Asked if CoStar could become more aggressive with pricing for its core suite as market conditions improve; Florance indicated that stronger market conditions could lead to higher price adjustments and volume growth. In the coming quarters, the StockStory team will be watching (1) the ramp-up and productivity of new sales hires for and and their impact on net new bookings, (2) the pace and effectiveness of Matterport's integration and the rollout of new digital twin features, and (3) early signs of a real estate market recovery reflected in transaction volumes and vacancy trends. Continued execution on cost management and successful product launches will also be important markers of progress. CoStar currently trades at a forward P/E ratio of 71×. Is the company at an inflection point that warrants a buy or sell? Find out in our free research report. Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Business Wire
09-05-2025
- Business
- Business Wire
CoStar Group Enters Binding Agreement to Acquire Leading Australian Property Marketplace Domain Holdings
ARLINGTON, Va.--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics and 3D digital twin technology in the property markets, announced today that it has entered a binding Scheme Implementation Deed (SID) to acquire 100% of the issued capital of Domain Holdings Australia Limited, a leading Australian property marketplace. In February 2025, CoStar Group acquired approximately 17% of the ordinary shares of Domain at A$4.20 per share for a total purchase price of approximately A$452 million ($285 million). Under the terms of SID, which followed a period of exclusive due diligence, CoStar Group has agreed to pay Domain shareholders a cash consideration of A$4.43 per share, less any special dividend declared or paid by Domain from May 9, 2025, for the balance of the shares by way of a Scheme of Arrangement (Scheme). The consideration to be offered to Domain shareholders values Domain at an implied enterprise value of A$3.0 billion. Accordingly, CoStar Group expects to spend approximately A$2.3 billion ($1.5 billion) to acquire the remaining approximately 83% of the ordinary shares of Domain that it doesn't otherwise own upon consummation of the Scheme. The Scheme is subject to the approval of Domain shareholders and the satisfaction of other conditions, including Court approval, the approval of the Australian Government's Foreign Investment Review Board, an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interest of Domain shareholders and no Material Adverse Change or Prescribed Occurrences occurring to Domain, as defined in the SID. The Domain Board has unanimously recommended that Domain shareholders vote in favor of the proposed Scheme in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Domain shareholders. Nine Entertainment Co. Holdings Limited (Nine), as the controlling shareholder of Domain, with 60.1% of the ordinary Domain shares outstanding, has advised Domain that it intends to vote all of the Domain shares it holds or controls in favor of the Scheme subject to the same qualifications. To succeed, the Scheme requires the approval of more than 75% of votes cast by eligible shareholders and a majority of shareholders voting by number. 'We're pleased to have reached an agreement with Domain and to see Nine's support of this transformative transaction,' said Andy Florance, Founder and Chief Executive Officer of CoStar Group. 'As one of the first and most experienced digital real estate companies in the world, CoStar Group brings a proven track record of building high-traffic online marketplaces that deliver real value. With our technology, scale, and the innovation we're known for, we see a tremendous opportunity to enhance the Australian property market. By combining Domain's deep expertise with our global experience and best practices, we will build a more compelling user experience at a lower cost - driving greater value for agents, vendors, and home buyers. We will also create value for our customers globally by incorporating Domain's learnings and best practices into our marketplaces outside of Australia. We are confident this acquisition will foster more competition in Australia.' Domain is a leading property technology and services marketplace that is home to one of the largest portfolios of property brands in Australia, including Domain, Allhomes, Commercial Real Estate, Domain Insight and Pricefinder. Headquartered in Sydney, Domain reaches an average of 6.6 million Australians each month. Domain Chair and Non-Executive Director, Nick Falloon, said, 'The Domain Board has carefully considered the CoStar Group proposal and believes it represents compelling value and a high degree of certainty for Domain shareholders, through the cash offer and limited conditionality. This proposal reinforces the strong fundamentals of Domain, which we are confident will be further realized with CoStar Group's support.' The Scheme meeting, at which Domain shareholders will vote on the proposal, is expected to be held in mid-August 2025. Subject to the conditions of the Scheme being satisfied and Court approval, the Scheme is expected to be implemented in the third quarter of 2025. About CoStar Group CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology. 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; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, 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 130 million average monthly unique visitors in the first quarter of 2025, 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 Forward-Looking Statements This press release may include 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical fact, including statements regarding the proposed acquisition of Domain, the expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined businesses and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be 'forward-looking statements' for purposes of federal and state securities laws. These forward-looking statements, involve a number of risks and uncertainties that could significantly affect the financial or operating results of CoStar Group, Domain or the combined company. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'will,' and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. CoStar Group can give no assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with the ability to consummate the proposed transaction and the timing of the closing of the proposed transaction; the ability to successfully integrate operations and employees; the ability to realize anticipated benefits and synergies of the proposed transaction as rapidly or to the extent anticipated by financial analysts or investors; the potential impact of announcement of the proposed transaction or consummation of the proposed transaction on business relationships, including with employees, customers, suppliers and competitors; unfavorable outcomes of any legal proceedings that have been or may be instituted against CoStar Group or Domain; the ability to retain key personnel; costs, fees, expenses and charges related to the proposed transaction; general adverse economic conditions; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (the 'SEC') by CoStar Group and Domain. Moreover, other risks and uncertainties of which CoStar or Domain are not currently aware may also affect each of the companies' forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by CoStar Group on its website or otherwise.
AU Financial Review
01-05-2025
- Business
- AU Financial Review
CoStar boss says he can disrupt REA with $2.8b Domain takeover
The chief executive of American property giant CoStar says he will invest heavily and add new features to Domain to reel in market leader REA, which he told investors was ripe for disruption because it had underinvested. In his first public explanation for the proposed $2.8 billion takeover of Australia's second-biggest property classifieds business, Andy Florance said Domain's controlling shareholder, Nine Entertainment, had also not spent enough supporting what was a 'very profitable' company.
