v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenue
Revenues by operating segment and type of service consist of the following (in millions):
Three Months Ended June 30,
20252024
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar$251.6 $19.3 $270.9 $237.1 $15.9 $253.0 
Information Services35.7 3.6 39.3 27.9 5.5 33.4 
Multifamily292.3 — 292.3 264.2 — 264.2 
LoopNet72.6 3.1 75.7 67.2 2.6 69.8 
Residential17.1 11.3 28.4 16.2 10.0 26.2 
Other Revenues
74.7 — 74.7 31.2 — 31.2 
Total revenues$744.0 $37.3 $781.3 $643.8 $34.0 $677.8 
Six Months Ended June 30,
20252024
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar$499.2 $36.8 $536.0 $472.8 $30.5 $503.3 
Information Services71.7 7.4 79.1 55.3 11.1 66.4 
Multifamily574.8 — 574.8 519.0 — 519.0 
LoopNet142.6 5.9 148.5 133.6 5.3 138.9 
Residential33.6 22.0 55.6 24.6 20.2 44.8 
Other Revenues
119.5 — 119.5 61.8 — 61.8 
Total revenues$1,441.4 $72.1 $1,513.5 $1,267.1 $67.1 $1,334.2 
Deferred Revenue
Deferred revenue as of June 30, 2025 and December 31, 2024 was as follows (in millions):
BalanceBalance Sheet CaptionJune 30,
2025		December 31,
2024
Current portionDeferred revenue$187.4 $137.1 
Non-current portionLease and other long-term liabilities1.4 0.2 
Total deferred revenue$188.8 $137.3 
Changes in deferred revenue for the period were as follows (in millions):
Balance at December 31, 2024
$137.3 
Revenues recognized in the current period from the amounts in the beginning balance(101.0)
New deferrals, net of amounts recognized in the current period (1)
149.9 
Effects of foreign currency2.6 
Balance at June 30, 2025
$188.8 
__________________________
(1) This balance includes $32.1 million of new deferrals from an acquisition completed in 2025. See Note 5 for further discussion of acquisitions.
Contract Assets
Contract assets are generated when contractual billing schedules differ from revenue recognition timing and represent a conditional right to consideration for satisfied performance obligations that becomes a receivable when the conditions are satisfied. Contract assets as of June 30, 2025 and December 31, 2024 were as follows (in millions):
BalanceBalance Sheet CaptionJune 30,
2025		December 31,
2024
Current portionPrepaid expenses and other current assets$7.3 $5.8 
Non-current portionDeposits and other assets3.9 6.0 
Total contract assets$11.2 $11.8 
Revenues were reduced by $0.2 million and $0.6 million from contract assets for the three and six months ended June 30, 2025, respectively. Revenues were reduced by $0.4 million and $0.5 million from contract assets for the three and six months ended June 30, 2024, respectively.
Unsatisfied Performance Obligations
Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations was approximately $476.4 million at June 30, 2025, which the Company expects to recognize over the next eight years. This amount does not include contract consideration for contracts with a duration of one year or less.
Commissions
Commissions expense is included in selling and marketing expense (excluding customer base amortization) in the Company's condensed consolidated statements of operations. Commissions expense activity for the three and six months ended June 30, 2025 and 2024 was as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Commissions incurred$63.0 $44.7 $109.2 $96.5 
Commissions capitalized in the current period(45.6)(28.9)(78.5)(67.6)
Amortization of deferred commissions costs35.9 29.1 66.9 56.3 
Total commissions expense$53.3 $44.9 $97.6 $85.2 
The Company did not recognize any impairment losses on commissions during the six months ended June 30, 2025 and 2024.