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Mar 31, 2021
CoStar Q1 2021 Earnings Report
CoStar Group's revenue increased by 17% year-over-year, with traffic to platforms up 47%.
Key Takeaways
CoStar Group reported a strong start to 2021 with revenue of $458 million, a 17% increase year-over-year. Net income was $74 million, or $1.88 per diluted share, and adjusted EBITDA was $160 million, up 29% year-over-year.
Revenue for the quarter ended March 31, 2021, was $458 million, an increase of 17% year-over-year.
Net income for the first quarter of 2021 was $74 million, or $1.88 per diluted share.
Adjusted EBITDA for the first quarter of 2021 was $160 million, an increase of 29% compared to the first quarter of 2020.
Company-wide net new bookings in the first quarter of 2021 increased 10% year-over-year.
CoStar
CoStar
CoStar Revenue by Segment
CoStar Revenue by Geographic Location
Revenue by Segment
CoStar Revenue
CapyFin.comInformation Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLoopNet Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is raising its revenue guidance for the full year of 2021 to a new range of $1.930 billion to $1.945 billion, representing growth of approximately 17% year-over-year at the midpoint of the range.
Positive Outlook
- Revenue for the second quarter of 2021 is expected to be in the range of $465 million to $470 million, representing revenue growth of approximately 18% over the second quarter of 2020 at the midpoint of the range.
- The Company is raising its adjusted EBITDA guidance for the full year of 2021 to a new range of $645 million to $655 million, representing growth of approximately 18% year-over-year at the midpoint of the range.
- For the second quarter of 2021, the Company expects adjusted EBITDA in a range of $130 million to $135 million.
- The Company is raising its non-GAAP net income per diluted share guidance for full-year 2021 from a range of $10.83 to $11.03 to a new range of $11.20 to $11.40 per share, based on 39.5 million shares.
- For the second quarter of 2021, we expect non-GAAP net income per diluted share in a range of $2.22 to $2.32 based on 39.4 million shares.
Challenges Ahead
- The 2021 outlook does not include estimates of results for the pending Homes.com acquisition.
- Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, including uncertainties as a result of the COVID-19 pandemic and responses to it by, and the impact on, global economies and the commercial real estate industry, actual results may differ materially.
- The risk that the trends stated or implied by this release or in the earnings conference call cannot or will not be sustained at the current pace or may increase or decrease, including trends related to revenue, net income, non-GAAP net income, EBITDA, adjusted EBITDA, site traffic and visitors, sales, renewal rates, leads and the number of Ten-X bidders
- The risk that the Company is unable to sustain current revenue, earnings, and net new sales growth rates, as well as renewal rates during the remainder of 2021 or increase them
- The risk that the Company’s investment plans change or that those investments do not produce the expected results, including accelerated growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income