2024-04-23 23:35:23 ET
CoStar Group, Inc. (CSGP)
Q1 2024 Earnings Conference Call
April 23, 2024 05:00 PM ET
Company Participants
Cyndi Eakin - Head of Investor Relations
Andrew Florance - Founder and Chief Executive Officer
Scott Wheeler - Chief Financial Officer
Conference Call Participants
Peter Christiansen - Citi
George Tong - Goldman Sachs
Alexei Gogolev - JPMorgan
Ryan Tomasello - KBW
Stephen Sheldon - William Blair
Surinder Thind - Jefferies
Heather Balsky - Bank of America
Presentation
Operator
Good day and thank you for standing by. Welcome to the CoStar Group First Quarter 2024 Earnings Call. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to Cyndi Eakin, Head of Investor Relations, who will read the Safe Harbor statement. Cyndi, you may begin.
Cyndi Eakin
Well, thank you, Josh. Good evening and thank you all for joining us to discuss the first quarter 2024 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Scott Wheeler, our CFO, I would like to review our Safe Harbor statement.
Certain portions of this discussion today may contain forward-looking statements, including the company's outlook and expectations for the second quarter and the full year of 2024, based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause the actual results to differ materially from such statements.
Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and in our filings with the SEC, including our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q under the heading "Risk Factors". All forward-looking statements are based on the information available to CoStar on the date of this call. CoStar assumes no obligation to update these statements whether as a result of new information, future events or otherwise.
Reconciliation to the most directly comparable GAAP measure of any non-GAAP financial measures discussed on this call are shown in detail in our press release issued today, along with definitions for those terms. The press release is available on our Website, located at costargroup.com under "Press Room". As a reminder, today's conference call is being webcast and the link is also available on our Website under "Investors". Please refer to today's press release on how to access the replay of this call.
And with that, I would like to turn the call over to our Founder and CEO, Andy Florance.
Andrew Florance
Good -- good evening everyone. Thank you for joining us for CoStar Group's first quarter 2024 earnings call. First quarter 2024 revenue was $656 million, a 12% increase over first quarter of '23, coming in above the high-end of our guidance range and above consensus estimates. Both apartments.com and CoStar surpassed the $1 billion revenue mark in the first quarter, a tremendous milestone for the company. Congratulations to both teams....
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CoStar Group, Inc. (CSGP) Q1 2024 Earnings Call Transcript