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Mar 31, 2022
CoStar Q1 2022 Earnings Report
Revenue increased and net new bookings grew, marking an outstanding start to the year.
Key Takeaways
CoStar Group's Q1 2022 revenue reached $516 million, a 13% increase year-over-year, with net income rising by 20% to $89 million. The company experienced record sales, driven by strong performance in its flagship product, CoStar, and a rebound in Apartments.com sales. The company is raising its revenue and adjusted EBITDA guidance for the year.
Revenue for Q1 2022 reached $516 million, up 13% year-over-year.
Net income for Q1 2022 increased by 20% to $89 million.
Net new bookings grew by 31% to a record $68 million.
Residential operations revenue increased by 63% year-over-year to $18 million.
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.comResidential Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is raising its revenue guidance to a range of $2.15 billion to $2.17 billion for the full year of 2022 and expects revenue for the second quarter of 2022 in the range of $529 million to $534 million. The Company is raising its adjusted EBITDA guidance to a range of $585 million to $615 million for the full year of 2022 and expects adjusted EBITDA in a range of $123 million to $128 million for the second quarter of 2022.
Positive Outlook
- Revenue guidance raised to $2.15B - $2.17B for 2022.
- Revenue for Q2 2022 expected to be $529M - $534M.
- Adjusted EBITDA guidance raised to $585M - $615M for 2022.
- Adjusted EBITDA for Q2 2022 expected to be $123M - $128M.
- Full year 2022 non-GAAP net income per diluted share in a range of $0.98 to $1.03 based on 395 million shares
Challenges Ahead
- Actual results may differ materially due to risk factors and uncertainties.
- Economic environment and the real estate industry may impact results.
- COVID-19 pandemic and responses to it may affect global economies.
- Potential declines in revenues, revenue growth rates and profitability.
- Tax rate estimates may change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income