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Mar 31, 2023
CoStar Q1 2023 Earnings Report
CoStar Group's Q1 2023 earnings were released, showcasing revenue increase and net new bookings growth.
Key Takeaways
CoStar Group reported a 13% year-over-year increase in revenue, reaching $584 million for Q1 2023. Net new bookings grew by 17% to $80 million, and Apartments.com saw a 20% revenue increase.
CoStar Group's revenue increased by 13% year-over-year.
Apartments.com revenue grew by 20% in Q1 2023.
Net new bookings increased by 17% to $80 million.
Homes.com traffic reached over 27 million unique monthly visitors in March 2023.
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 now expects revenue in the range of $2.465 billion to $2.48 billion for the full year of 2023, representing growth of approximately 13% to 14% for the year.
Positive Outlook
- Revenue for the second quarter of 2023 is expected to be in the range of $603 million to $608 million, representing revenue growth of approximately 13% year-over-year at the midpoint of the range.
- Adjusted EBITDA is expected to be in the range of $505 million to $520 million for the full year of 2023.
- For the second quarter of 2023, the Company expects adjusted EBITDA in the range of $118 million to $123 million.
- The full year 2023 non-GAAP net income per diluted share outlook is raised to reflect higher expected rates of return on investments.
- The new outlook range for non-GAAP net income per diluted share is $1.21 to $1.24 based on 407 million shares, an increase of $0.15 per diluted share compared to the prior outlook.
Challenges Ahead
- 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, 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 and expectations related to revenue, revenue growth, net income, non-GAAP net income, EBITDA, adjusted EBITDA, adjusted EBITDA margin, sales, net new bookings, site traffic and visitors, leads, and renewal rates
- The risk that revenues for the second quarter and full year 2023 will not be as stated in this press release
- The risk that EBITDA for the second quarter and full year 2023 will not be as stated in this press release
- The risk that adjusted EBITDA for the second quarter and full year 2023 will not be as stated in this press release
Revenue & Expenses
Visualization of income flow from segment revenue to net income