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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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