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Jun 30, 2023
CoStar Q2 2023 Earnings Report
CoStar Group's Q2 2023 performance showed revenue increased 13% year-over-year, along with net new bookings of $82 million.
Key Takeaways
CoStar Group reported strong Q2 2023 results, with revenue reaching $606 million, a 13% increase year-over-year. Apartments.com revenue growth accelerated to 23%. The company's sales team delivered $82 million in net new bookings, the second-highest in its history. Traffic to CoStar Group's websites reached 105 million unique visitors in June.
Revenue for the quarter ended June 30, 2023, was $606 million, a 13% increase compared to the $536 million reported for the quarter ended June 30, 2022.
Net income for the second quarter was $101 million, a 20% increase year-over-year.
Net new bookings reached $82 million, marking the second-highest quarter in the company's history.
Traffic to all of CoStar Group’s web sites reached a new high of 105 million unique visitors in June.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects revenue in the range of $2.45 billion to $2.46 billion for the full year of 2023, representing year-over-year growth of approximately 13% at the midpoint of the range. The Company expects revenue for the third quarter of 2023 in the range of $622 million to $627 million, representing revenue growth of approximately 12% year-over-year at the midpoint of the range. The Company expects adjusted EBITDA in the range of $510 million to $520 million for the full year of 2023. For the third quarter of 2023, the Company expects adjusted EBITDA in the range of $115 million to $120 million. The Company expects full year 2023 non-GAAP net income per diluted share in a range of $1.24 to $1.26 based on 407 million shares. For the third quarter of 2023, the Company expects non-GAAP net income per diluted share in a range of $0.29 to $0.30 based on 407 million shares.
Positive Outlook
- Revenue for the full year of 2023 is expected to be in the range of $2.45 billion to $2.46 billion, representing year-over-year growth of approximately 13% at the midpoint of the range.
- Revenue for the third quarter of 2023 is expected to be in the range of $622 million to $627 million, representing revenue growth of approximately 12% year-over-year at the midpoint of the range.
- Adjusted EBITDA for the full year of 2023 is expected to be in the range of $510 million to $520 million.
- Adjusted EBITDA for the third quarter of 2023 is expected to be in the range of $115 million to $120 million.
- Full year 2023 non-GAAP net income per diluted share is expected to be in a range of $1.24 to $1.26 based on 407 million shares.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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