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    CoStar Group Inc (CSGP)

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    Business Description

    CoStar Group, Inc. (CSGP) is a leading provider of information, analytics, and online marketplaces for the real estate industry, primarily operating in the United States and the United Kingdom. The company offers a comprehensive real estate database and operates a prominent online marketplace for real estate and apartment listings, catering to various commercial property types such as office, retail, industrial, multifamily, commercial land, mixed-use, and hospitality . CoStar Group's principal product lines include CoStar, Information Services, and Multifamily, with subscription-based services accounting for a significant portion of its revenue .

    1. CoStar - Provides a subscription-based platform offering commercial real estate intelligence, including data on properties, tenants, and market status.
    2. Multifamily - Offers advertising services for rental units through its flagship brand, Apartments.com, and earns transaction-based revenue from tenant applications and rental payment processing.
    3. Information Services - Delivers real estate and lease management solutions, along with benchmarking and analytics for the hospitality industry.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Andrew C. FloranceFounder, President, and CEO1987Andrew C. Florance founded CoStar Group in 1987 and has been serving as a director since then. He has led the company from a start-up to a market-leading position, including its IPO in July 1998 .
    Scott T. WheelerChief Financial OfficerJanuary 2016Scott T. Wheeler has been the CFO of CoStar Group since January 2016. He previously held senior financial roles at Experian plc and worked at Avery Dennison and General Electric .
    Lisa C. RugglesSenior Vice President, Global OperationsNovember 1999Lisa C. Ruggles joined CoStar Group in November 1999 and has held various roles, becoming Senior Vice President, Global Operations in 2022. She has been key in launching CoStar's research coverage in multiple markets .
    Frederick G. SaintPresident, Marketplaces2000Frederick G. Saint joined CoStar Group in 2000 through the acquisition of LoopNet. He became President, Marketplaces in September 2018, overseeing product, marketing, and business development .
    Frank A. SimuroChief Technology OfficerDecember 1999Frank A. Simuro has been with CoStar Group since December 1999, initially as Director of Information Systems. He became CTO in March 2015, focusing on operational efficiency and database technologies .
    Michael J. DesmaraisChief Human Resources OfficerJuly 2019Michael J. Desmarais has been the Chief Human Resources Officer since July 2019. He previously held senior HR roles at Goldman Sachs & Co. and began his career in public accounting .
    Jonathan BoxerGeneral Counsel and Corporate SecretaryMarch 2022Jonathan Boxer joined CoStar Group in March 2022 as General Counsel and Corporate Secretary. He has extensive experience in legal and compliance functions, mergers and acquisitions, and enterprise risk management .
    Christian M. LownChief Financial Officer and Principal Financial OfficerJuly 1, 2024 (expected)Christian M. Lown will serve as CFO and Principal Financial Officer starting July 1, 2024 .
    Rich SimonelliHead of Investor RelationsJuly 11, 2024 (expected)Rich Simonelli was appointed as Head of Investor Relations on July 11, 2024. He rejoined CoStar Group from Compass, having previously held a similar role at CoStar for nine years .

    Questions to Ask Management

    1. "Given that core bookings were down 34% in the quarter and 38% year-to-date , how do you anticipate this will impact revenue growth in 2025, and what strategies are you implementing to mitigate these headwinds?"

    2. "With the aggressive investment in Homes.com already impacting margins , can you provide more clarity on how next year's investment levels will trend relative to this year, and what impact this will have on overall profitability?"

    3. "You have set ambitious targets to expand the Homes.com sales force to over 600 by the end of 2025 ; what challenges do you foresee in scaling the sales team so rapidly, and how will you ensure consistent sales productivity and effective onboarding?"

    4. "Homes.com operates in a highly competitive market dominated by established players like Zillow and Realtor.com ; what specific strategies are you employing to capture market share from these entrenched competitors, and how sustainable is your current growth trajectory?"

    5. "While Homes.com's unaided awareness and Net Promoter Score have increased significantly , how are you translating this increased consumer engagement into meaningful revenue growth, and can you provide evidence that this is leading to higher sales conversions for your agent members?"

    Debt Maturity Schedule

    YearAmount Due (in billions)Debt TypeInterest Rate% of Total Debt
    2030$1.02.800% Senior Notes2.800%100% = (1.0B / 1.0B) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Google - Mentioned as a potential competitor due to its far-reaching web presence and substantial data aggregation capabilities, which could allow it to enter the commercial real estate marketing arena .
    • Zillow - Already has a presence in residential real estate and the apartment rentals industry, and could use its resources to further expand in the online apartment rentals industry, creating greater competition among internet listing services .

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1994PresentCurrent auditor