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Jun 30, 2021
CoStar Q2 2021 Earnings Report
CoStar Group's revenue increased by 21% year-over-year, and visitors to CoStar Group marketplaces increased by over 45% year-over-year.
Key Takeaways
CoStar Group announced strong second-quarter results with revenue of $480 million, a 21% increase year-over-year. Net income was $61 million, or $0.16 per diluted share, while non-GAAP net income was $103 million, or $0.26 per diluted share. The company saw significant growth across all businesses, with total revenue and profit exceeding forecasts and a substantial increase in visitors to its platforms.
CoStar Group's revenue for the second quarter of 2021 was $480 million, up 21% year-over-year.
Net income for the second quarter of 2021 was $61 million, or $0.16 per diluted share.
Non-GAAP net income for the second quarter of 2021 was $103 million, or $0.26 per diluted share, a 16% increase year-over-year.
Adjusted EBITDA for the second quarter of 2021 was $150 million, a 17% increase 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.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
CoStar Group is increasing its revenue guidance for the full year of 2021 to a new range of $1.940 billion to $1.950 billion. Revenue for the third quarter of 2021 is expected to be in the range of $495 million to $500 million. The Company is lowering its adjusted EBITDA guidance for the full year of 2021 to a new range of $605 million to $615 million. For the third quarter of 2021, the Company expects adjusted EBITDA in a range of $130 million to $135 million. The Company is lowering its non-GAAP net income per diluted share guidance for full-year 2021 to a new range of $1.04 to $1.06 per share. For the third quarter of 2021, we expect non-GAAP net income per diluted share in a range of $0.22 to $0.23 per share.
Positive Outlook
- Revenue guidance for full year 2021 increased to $1.940B - $1.950B.
- Q3 2021 revenue expected to be $495M - $500M.
- Homes.com acquisition to expand addressable market.
- Planned investment in residential technology and content in the second half of 2021.
- Focus on digitization of residential real estate and international markets to expand total addressable market.
Challenges Ahead
- Adjusted EBITDA guidance for full year 2021 lowered to $605M - $615M due to Homes.com.
- Q3 2021 adjusted EBITDA expected to be $130M - $135M.
- Non-GAAP net income per diluted share guidance for full year 2021 lowered to $1.04 - $1.06.
- Q3 2021 non-GAAP net income per diluted share expected to be $0.22 - $0.23.
- Uncertainty surrounding the impact of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income