CoStar Calls D.E. Shaw’s Claims on Homes.com ‘Highly Misleading’

CoStar Group issued a statement correcting what it called “highly misleading claims” from investor D.E. Shaw regarding company’s financial reporting practices for its Homes.com business.

• CoStar said it never reported Homes.com as separate segment
  • “CoStar Group changed our reporting segments from geography-based to product portfolio-based to align with how we run our business”
  • “Our new segment disclosure actually offers more transparency by providing audited revenue, EBITDA, Adjusted EBITDA and margin disclosures for both the Residential and Commercial segments in our recent 10-K, as well as continuing to provide disaggregated revenue disclosures”
  • “Investors should expect similar Homes.com disclosures on our earnings ...