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Sep 30, 2022
CoStar Q3 2022 Earnings Report
CoStar Group's revenue increased by 12% and net new bookings grew by 62% year-over-year.
Key Takeaways
CoStar Group reported a revenue increase of 12% to $557 million compared to Q3 2021. Net income was $72 million, or $0.18 per diluted share, while non-GAAP net income was $118 million, or $0.30 per diluted share, a 19% increase year-over-year. The company is raising its revenue and adjusted EBITDA guidance for the full year 2022.
Revenue for the quarter ended September 30, 2022, was $557 million, a 12% increase year-over-year.
Net income for the third quarter of 2022 was $72 million, or $0.18 per diluted share.
Non-GAAP net income for the third quarter of 2022 was $118 million, or $0.30 per diluted share, a 19% increase year-over-year.
Net new bookings totaled $76 million in the third quarter of 2022, up 62% over the third quarter of 2021.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is raising its revenue guidance to a range of $2.175 billion to $2.180 billion for the full year of 2022 and expects revenue for the fourth quarter of 2022 in the range of $565 million to $570 million. The Company is raising its adjusted EBITDA guidance to a range of $665 million to $670 million for the full year of 2022 and expects adjusted EBITDA in a range of $176 million to $181 million for the fourth quarter of 2022. The Company expects full year 2022 non-GAAP net income per diluted share in a range of $1.25 to $1.26 and for the fourth quarter of 2022, the Company expects non-GAAP net income per diluted share in a range of $0.35 to $0.36.
Positive Outlook
- Raising revenue guidance for full year 2022 to $2.175 billion - $2.180 billion.
- Expecting Q4 2022 revenue in the range of $565 million - $570 million.
- Raising adjusted EBITDA guidance for full year 2022 to $665 million - $670 million.
- Expecting Q4 2022 adjusted EBITDA in the range of $176 million - $181 million.
- Expects full year 2022 non-GAAP net income per diluted share in a range of $1.25 to $1.26.
Challenges Ahead
- Actual results may differ materially from the results anticipated in the forward-looking statements.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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