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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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