Loading...
•
Sep 30, 2023
CoStar Q3 2023 Earnings Report
CoStar Group's revenue increased by 12% year-over-year, marking 50 straight quarters of double-digit revenue growth. Net income also increased by 25% compared to the prior year.
Key Takeaways
CoStar Group reported strong Q3 2023 results with a 12% increase in revenue year-over-year, reaching $625 million. Net income rose by 25% to $91 million. The company is focused on investing in Homes.com and aims to begin monetization in the second quarter of 2024.
Revenue for the quarter ended September 30, 2023, was $625 million, a 12% increase year-over-year.
Net income for the third quarter was $91 million, a 25% increase year-over-year.
Net new bookings totaled $65 million for the third quarter.
Homes.com had 100 million unique visitors in September.
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
CoStar Group anticipates revenue between $630 million and $635 million and adjusted EBITDA between $123 million and $128 million for Q4 2023. The company expects full year revenue between $2.445 billion and $2.450 billion and adjusted EBITDA between $485 million and $490 million.
Positive Outlook
- Commercial information and marketplace business expected to deliver 12% year-over-year revenue growth in Q4 2023.
- Commercial information and marketplace business expected to deliver 14% year-over-year revenue growth for the full year 2023.
- Homes.com strategy is proving successful and has moved the company into second place in the U.S.
- Company is wisely accelerating investment in the residential marketplace in the second half of 2023.
- Non-GAAP net income per diluted share for Q4 2023 is expected to be in the range of $0.31 to $0.32.
Challenges Ahead
- Adjusted EBITDA for the full year 2023 is expected to be in the range of $485 million to $490 million.
- Adjusted EBITDA for the fourth quarter of 2023 is expected to be in the range of $123 million to $128 million.
- The company continues to demonstrate that their commercial information and marketplace businesses can deliver strong, double-digit revenue growth regardless of market cycles
- Non-GAAP net income per diluted share for the full year 2023 is expected to be in a range of $1.21 to $1.22
- Against one of the worst property markets in decades
Revenue & Expenses
Visualization of income flow from segment revenue to net income