Business
CoStar Group First Quarter 2022 Revenue Increased 13% Year-over-Year and Net New Bookings Grew 31% to a Record $68 Million
WASHINGTON--(BUSINESS WIRE)-- CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the
About this update from Costar Group, Inc.
[{"type":"text","content":" WASHINGTON--(BUSINESS WIRE)--\nCoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, announced today that revenue for the quarter ended March 31, 2022, was $516 million, an increase of 13% over revenue of $458 million for the first quarter of 2021.\n\nNet income for the first quarter of 2022 was $89 million, an increase of 20% compared to net income of $74 million for the first quarter of 2021. EBITDA for the first quarter of 2022 was $158 million, an increase of 17% compared to EBITDA of $136 million for the first quarter of 2021.\n\n“We are off to an outstanding start to 2022 with our best sales quarter ever,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “Net new bookings totaled $68 million in the first quarter of 2022, up 31% over the first quarter of 2021. Our flagship product, CoStar, delivered three record sales quarters in a row and is growing 15% year-over-year. Both revenue and profit in the first quarter of 2022 were ahead of forecast and we are raising our guidance for the year.”\n\n“Apartments.com sales are rebounding as the first quarter sales increased 36% sequentially compared to the fourth quarter of 2021. This is the result of improving market conditions and high sales productivity,” continued Florance. “We are making strong progress on our residential initiatives, with unique visitors to our residential sites growing approximately 125% from 6 million in the first quarter of 2021 to 14 million in the most recent quarter. Our fast growing residential operations increased revenue in the first quarter by 63% year-over-year to $18 million. Finally, we are very excited about joining forces with our French companies, BureauxLocaux and Business Immo, and their teams, which we believe will be key catalysts in building a successful Pan-European business.\"\n\n\n\nYear 2021-2022 Quarterly Results - Unaudited\n\n\n\n\n\n(in millions, except per share data)\n\n\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2022\n\n\n\n\n\n \n\n\n\nQ1\n\n\n\nQ2\n\n\n\nQ3\n\n\n\nQ4\n\n\n\n \n\n\n\nQ1\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenues\n\n\n\n$458\n\n\n\n$480\n\n\n\n$499\n\n\n\n$507\n\n\n\n \n\n\n\n$516\n\n\n\n\n\nNet income\n\n\n\n74\n\n\n\n61\n\n\n\n64\n\n\n\n93\n\n\n\n \n\n\n\n8...