Matterport Statistics from the CoStar Group 1Q2024 Earnings Call19764
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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 Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 5  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 6  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 7  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 11  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 12  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 13  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 15  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 18  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 19  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 21  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 24  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 25  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 26  Screen Grab from CoStar Group First Quarter 2024 Investor Presentation | Page 27 =================================== CoStar Group First Quarter 2024 Investor Presentation =================================== Matterport Statistics from the CoStar Group 1Q2024 Earnings Call Hi All, Below are the Matterport Statistics from the CoStar Group 1Q2024 Earnings Call on Tuesday, 23 April 2024 (Full Audio Recording | Full Transcript | Full Deck Speaker: CoStar CEO Andy Florance 1. Matterport has curated what is considered the largest and most precise collection of spatial property data worldwide, with over 12 million spaces captured in 177 countries and representing more than 38 billion square feet of digital commercial property under management. 2. Hundreds of thousands of new 3D digital twins for properties around the world are being added to this impressive database each month. 3. CoStar Group was one of the first adapters of Matterport's technology and currently has almost 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces. 4. In March of this year, there were over 7.4 million views of Matterport 3D tours on Apartments.com. Visitors who interact with the Matterport on Apartments.com spend 16.6 minutes on the site, which is 134% more than the 7.1 minutes time on site if they do not interact with a Matterport. 5. Properties with a Matterport generated 74 leads, which is 10x the seven leads generated for property without Matterport. 6. Currently, 50% to 60% of consumers looking for an apartment say they're comfortable selecting their next apartment without visiting the property at all. As we listen to corporate real estate executives who use loopnet, discussed their challenges of buying and leasing properties around the world. They tell us 3D digital twins are invaluable in facilitating technology for them. Speaker: CoStar Chief Financial Officer Scott Wheeler 7. Matterport has a history of strong revenue growth with a 5-year compound annual growth rate of 31%. Their subscription business represents 60% of the overall revenue and is growing over 20% per year, has a very high renewal rate similar to CoStar. We love this kind of business. 8. The Matterport subscriber customer base is highly diverse, [b]operating across a variety of vertical markets with no single customer over 3% of revenue. 9. Approximately 30% of their new 3D models, along with around 30% of revenue are generated outside of the United States. This customer and vertical market diversity creates a resilient financial growth profile just like CoStar. 10. Matterport enjoys significant operating leverage on incremental subscription revenue with gross margins of around 70%. This is scalable for high profit margins and cash generation. 11. Matterport has a strong and conservative balance sheet with over $400 million of cash and 0 debt. Sound familiar? The total purchase price of approximately $2 billion comes with around $400 million of cash and investments which is currently on the Matterport balance sheet, yielding an enterprise value of roughly $1.6 billion. Speaker: Bank of America Securities Stock Analyst Heather Balsky So on Matterport, I’m just curious a little bit to hear how you’re thinking about that business being part of CoStar going forward? There’s been some headlines around Homes.com, but curious about the broader business strategy and its existing sort of standalone business. Like how are you going to integrate it? How do you plan to use it more? And do you think you can do something to kind of jump start the existing sort of revenue growth strategy? Speaker: CoStar CEO Andrew Florance 12. That all those things together will allow us to significantly accelerate the sales or revenue of Matterport outside of it being used inside of anything in CoStar. In other words, outside of being used as part of Homes.com Apartments.com, LoopNet, so on and so forth. But — and I think Matterport penetration will have some slight different numbers on that. I’m confident sub 5% in the United States. I’m confident sub 1% in Europe. And at that — at those levels, I am a big believer in the value of a Matterport when you’re trying to sell a $500,000 or $1 million property. And then I think those adoption rates will ultimately go up 50% or more for digital twins with people moving real estate. 13. There was a time when only 5% of the real estate listings had a photo. So the digital twins is going to be — I think. And there are a number of different players out there, and our goal will be to try to capture a leading share of the digital twin. |
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MeshImages private msg quote post Address this user | |
| Wow, nice finds, very valuable content for my upcoming blog posts. Thank you for researching and posting, Dan! I will link to your site for references. Thank you! |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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Quote:Originally Posted by @MeshImages Cool! When you create these blog posts, can you link here to show the WGAN community how they can repurpose content based on the above stats? Best, |
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