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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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