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Jun 30, 2022
CoStar Q2 2022 Earnings Report
CoStar Group's Q2 2022 performance showed strong growth with net new bookings increasing by 66% and net income increasing by 37% year-over-year.
Key Takeaways
CoStar Group reported strong Q2 2022 results, with revenue of $536 million, a 12% increase year-over-year, and net income of $83 million, a 37% increase year-over-year. The company's top three products, CoStar, Apartments.com, and LoopNet, all achieved high double-digit sales increases. CoStar Group is raising its revenue and adjusted EBITDA guidance for the year.
CoStar Group's revenue for Q2 2022 was $536 million, up 12% year-over-year.
Net income for Q2 2022 increased by 37% year-over-year to $83 million.
EBITDA for Q2 2022 was $140 million, up 5% year-over-year.
Net new bookings of $84 million surpassed the previous record set in Q1 2022.
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 $2.165 billion to $2.180 billion for the full year of 2022. The Company expects revenue for the third quarter of 2022 in the range of $552 million to $557 million. The Company is raising its adjusted EBITDA guidance to a range of $610 million to $630 million for the full year of 2022. For the third quarter of 2022, the Company expects adjusted EBITDA in a range of $130 million to $140 million. The Company expects full year 2022 non-GAAP net income per diluted share in a range of $1.09 to $1.13 based on 395 million shares. For the third quarter of 2022, the Company expects non-GAAP net income per diluted share in a range of $0.23 to $0.25 based on 395 million shares.
Positive Outlook
- Revenue guidance raised to $2.165B - $2.180B for full year 2022.
- Revenue for Q3 2022 expected to be $552M - $557M.
- Adjusted EBITDA guidance raised to $610M - $630M for full year 2022.
- Adjusted EBITDA for Q3 2022 expected to be $130M - $140M.
- Full year 2022 non-GAAP net income per diluted share expected to be $1.09 - $1.13.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from forward-looking statements.
- Potential declines in revenues, revenue growth rates and profitability due to COVID-19 impact.
- Tax rate estimates stated in the press release may change.
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income