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Sep 30, 2021
CoStar Q3 2021 Earnings Report
CoStar's revenue increased by 17% year-over-year, with CoStar accelerating to double-digit revenue growth and net sales reaching an all-time high.
Key Takeaways
CoStar Group reported a strong third quarter with revenue of $499 million, a 17% increase year-over-year. The company's CoStar performance improved with double-digit growth rates. Net income for the quarter was $64 million, or $0.16 per diluted share, while non-GAAP net income was $99 million, or $0.25 per diluted share.
CoStar Group's revenue for Q3 2021 was $499 million, a 17% increase year-over-year.
Net income for Q3 2021 was $64 million, or $0.16 per diluted share.
Non-GAAP net income for Q3 2021 was $99 million, or $0.25 per diluted share.
EBITDA for Q3 2021 was $123 million, a 13% 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.comLoopNet Revenue
CapyFin.comResidential Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is adjusting its revenue guidance for the full year of 2021 to a new range of $1.935 billion to $1.940 billion, representing growth of approximately 17% year-over-year at the midpoint of the range. Revenue for the fourth quarter of 2021 is expected to be in the range of $498 million to $503 million, representing year-over-year revenue growth of approximately 13% at the midpoint of the range.
Positive Outlook
- Full year revenue guidance increased to $1.935B - $1.940B, representing 17% growth.
- Q4 revenue is expected to be $498M - $503M, a 13% year-over-year increase.
- Full year adjusted EBITDA guidance increased to $615M - $620M, representing 12% growth.
- Q4 adjusted EBITDA is expected to be $161M - $166M.
- Full year non-GAAP net income per diluted share guidance increased to $1.07 - $1.08.
Challenges Ahead
- Multifamily revenue expectations were reduced.
- Fourth quarter revenue growth is projected to be lower than the current quarter.
- Ultra-low vacancy rates in Multifamily slowed sales results.
- Uncertainty surrounding the impact of the COVID-19 pandemic.
- Volatility in the international and U.S. economy and the commercial real estate industry
Revenue & Expenses
Visualization of income flow from segment revenue to net income