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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.
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 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.
Challenges Ahead
- The revenue forecast is lower than prior guidance to reflect lower property transaction volume expectations in the second half of 2023, and the related impact on Ten-X revenue.
- The company acknowledges the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in the release and in their quarterly reports on Form 10-Q and annual reports on Form 10-K.
- Actual results may differ materially.
- The company does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
- There is a risk that tax rate estimates stated in the press release may change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income