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21:00
Jul 28 ◎

CSGP FY2026 Q2 Watch

CoStar Group, Inc. (CSGP) FY2026 Q2 Earnings Call

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Andy Florance

The expanding partnership with ChatGPT is driving increased visibility and potentially traffic for Apartments.com, validating OpenAI's platform for enterprise partnerships.

"In April, Apartments.com launched a ChatGPT partnership in 100 markets and have since expanded it to 500. According to Criteo, Apartments.com has greater visibility in chat GPT than any other competitor."

OPENAI WATCH

Andy Florance

Hiring CoStar's outgoing CFO, Chris Lown, as their new CFO signals a potential strategic priority for financial management at Allstate.

"We wish him Godspeed as he heads to Allstate to take the CFO seat there."

ALL WATCH

Andy Florance

The reduction in the revenue guidance is driven by a deliberate strategy at Apartments.com to maintain price integrity despite competitive pressure from Zillow, expecting to win back churned customers within a year based on ROI data. — This suggests CoStar is deliberately trading short-term revenue growth for long-term market share and pricing power, potentially squeezing Zillow's rental revenue model.

"The FTC and multiple state attorney generals have sued Zillow for allegedly entering an unlawful agreement that reduced competition in multifamily Rental Advertising, and CoStar Group has separately sued Zillow for the unauthorized use of"

ZG WATCH

Andy Florance

Matterport's business is accelerating under CoStar's ownership, with strong subscription revenue growth and record enterprise customer acquisition, indicating a positive trajectory for the Matterport brand.

"Matterport performed well in the second quarter. Subscription revenue grew 16% year over year, and we achieved Matterport's all-time best month of enterprise customer acquisition in June."

MTTR WATCH

Andy Florance

CoStar's acquisition of Zonda is expected to close in the second half of 2026, bringing a comprehensive data set for the new home construction market, which will expand CoStar's offerings.

"Zonda's comprehensive data set covers land development, construction activity, home sales, community performance, and builder operations, serving more than 3,000 builders, developers, lenders, manufacturers, and suppliers across North"

ZNDA WATCH

Christopher Lown

While revenue guidance was lowered, the affirmation and effective increase in profitability guidance signals management's commitment to margin expansion and confident cost control, leading to a positive read on the profit trajectory.

"We are affirming the adjusted EBITDA guidance that we provided last quarter, which calls for adjusted EBITDA to range from $780 to $820 million. This is an increase at the midpoint of $30 million from our 2026 guidance provided on our"

CSGP WATCH

Andy Florance

CoStar's UK portal, OnTheMarket, has overtaken Zoopla in property inventory, marking a significant competitive shift in the UK residential market.

"Total property inventory increased 12%, surpassing Zoopla and now for the first time making on the market the second largest property portal in the UK by inventory."

ZOOPLA WATCH

HIGH

21:00
Apr 28 ◎

CSGP FY2026 Q1 Watch

CoStar Group, Inc. (CSGP) FY2026 Q1 Earnings Call

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Andy Florence

eXp Realty is gaining a new distribution channel for its agents' listings, which could increase its listings' visibility and agent value proposition.

"In March 26, we significantly expand our relationship with eXp Realty, the largest residential firm by transaction size in 25. The new partnership lets eXp's A3000 agents prominently display pre-market coming soon listings on homes.com."

EXPI WATCH

Andy Florence

Data suggests that despite soft rental search demand on Google, CoStar's Apartments.com is gaining market share, implying a shift in consumer behavior away from generic search engines.

"According to Google, overall rental search demand remains soft. Even so, ComScore data shows Apartments.com network unique visitors up 3% year-over-year in March."

GOOGL WATCH

Andy Florence

Management expresses strong confidence in the company's growth trajectory, citing strong Q1 performance and improved profitability outlook.

"The day of this quarter across CRE, across apartments, especially across homes.com confirms one thing, the strategy is working. I've never been more confident in our plan to deliver double-digit revenue growth and significant earnings"

CSGP WATCH

Andy Florence

CoStar's strong ROI data for Homes.com subscribers suggests that the investment is beginning to translate into revenue growth, and management is raising prices. — If Homes.com can demonstrate a clear ROI to agents, it will increasingly compete for agent subscription dollars against Zillow and other portals, potentially shifting the competitive landscape.

"On average, a Homes.com subscriber earned 36,400 more in commissions in their first year as a member."

RDFN WATCH Z WATCH

Chris Lown

LoopNet's new asset-based pricing is dramatically expanding its inventory at both the high and low ends, leading to a surge in ad sales. — The move is not only increasing revenue but also opening a new inventory of smaller advertisers, which could pose a threat to traditional competitors and increase the value of CoStar's data moat.

"At the high end, the volume of silver listings sold at $300 or above per month grew 650% from February to March. At the low end, listings sold below $40 grew over 1100%."

MSCI WATCH

Andy Florence

OnTheMarket (OTM) is growing its inventory and competitive position against Zoopla, potentially pressuring Zoopla's market share and pricing power.

"On the Market has eclipsed Zoopla as the UK's number two portal by inventory and now has more new home listings than Rightmove."

ZOOPLA WATCH

Andy Florence

Rightmove faces increased competition from OnTheMarket in the new home listings segment, a key area of its business.

"On the Market has eclipsed Zoopla as the UK's number two portal by inventory and now has more new home listings than Rightmove."

RMV.L WATCH

HIGH

22:00
Feb 24 ◎

CSGP FY2025 Q4 Watch

CoStar Group, Inc. (CSGP) FY2025 Q4 Earnings Call

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Andy Florence

CoStar's new Homes AI product relies on Microsoft's Azure OpenAI models, indicating a deepening relationship and potential for increased cloud spend with Microsoft.

"This transformative home search experience is powered by Microsoft Azure OpenAI Advanced AI Models, integrated with several other large and small models, including some models from AWS, as well as our own proprietary AI model."

MSFT WATCH

Andy Florence

CoStar uses AWS models as part of its multi-model AI strategy, making Amazon a supplier of cloud and AI services to CoStar.

AMZN WATCH

Andy Florence

CoStar sees REA Group as a peer using its same portal model, but in a different market (Australia), where CoStar is investing through its Domain acquisition.

"The Homes.com business model is the global best practice for real estate portals, and it's utilized by REA Group, EDLista, Rightmove, Scout24, Hemnet, Domain, and many, many others."

REA.AX WATCH

Andy Florence

CoStar's investment in Domain is paying off, with record audience and strong revenue growth as they integrate the platform into their global ecosystem.

"In the fourth quarter, we had exceptional audience momentum, resulting in domain's strongest audience quarter on record. with an average of 8 million monthly unique audience."

DHG.AX WATCH

Andy Florence

CoStar is aggressively cutting costs at Matterport and preparing to scale the business with new products and sales hires to accelerate revenue growth.

"We eliminated approximately 120 million in cash and equity costs from the business in 25, mostly from duplicative public company costs. The market-leading Pro3 camera has been the workhorse for our customers for the past few years."

MTTR WATCH

Andy Florence

Management is confident about future profitability, with a clear shift from heavy investment to EBITDA expansion, indicating strong growth ahead.

"This result positions us well to achieve our guidance range of $740 million to $800 million full-year adjusted EBITDA in 2026. With a heavy lifting of Homes.com national brand launch behind us, we are entering a phase of significant EBITDA"

CSGP WATCH

Andy Florence

Apartments.com saw a significant decline in competitor's brand awareness and traffic, and is gaining properties (nearly 14,000) at a record pace, partly due to Zillow's rental traffic down 48% YoY. — This indicates a major shift in the multifamily rental market, with CoStar directly capitalizing on the weakness of its main competitors.

"Comscore's data that showed that Zillow's rental traffic was down 48% year-over-year, and Zillow's partner Redfin Rentals was down 46% year-over-year."

ZG WATCH RDFN WATCH

Andy Florence

CoStar's UK business is growing rapidly, gaining significant market share against competitors like Zoopla and Rightmove.

"In the UK, we had an excellent year on the market. We ended 25 with our 20th consecutive month of positive net new bookings. We now have about the same number of listings as the number two player in the United Kingdom, and we have more new"

OTMP.L WATCH

Andy Florence

CoStar benchmarks its Homes.com strategy against global portals like Rightmove, suggesting it believes this model is superior to US competitors.

"The Homes.com business model is the global best practice for real estate portals, and it's utilized by REA Group, EDLista, Rightmove, Scout24, Hemnet, Domain, and many, many others."

RMV.L WATCH

HIGH

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