Business
CoStar Group Second Quarter 2022 Net New Bookings Grew 66% and Net Income Increased 37% Year-over-Year
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 June 30, 2022, was $536 million, an increase of 12% over revenue of $480 million for the second quarter of 2021.\n\nNet income for the second quarter of 2022 was $83 million, an increase of 37% compared to net income of $61 million for the second quarter of 2021. EBITDA for the second quarter of 2022 was $140 million, an increase of 5% compared to EBITDA of $133 million for the second quarter of 2021.\n\n“We delivered outstanding results in the second quarter of 2022,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “With net new bookings of $84 million we easily surpassed the record sales results we set in the first quarter of this year. Our top three products, CoStar, Apartments.com and LoopNet, all achieved high double-digit sales increases over the second quarter of 2021. In addition, both revenue and profit in the second quarter of 2022 were ahead of forecast and we are raising our guidance for the year.”\n\n“I am particularly encouraged by the strong sales growth in Apartments.com and LoopNet\", continued Florance. \"Net new bookings increased over 130% in Apartments.com and over 40% for LoopNet on a year-over-year basis. It is increasingly clear that Multifamily market conditions continue to be more favorable, and our work to build a dedicated LoopNet sales team is paying off. We are also making strong progress on our residential growth initiatives with the on-time launch of Citysnap in New York City at the end of June.\"\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 \n\n2021\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n\n\n \n\n\n \n\nQ1\n\n\n\n \n\n\n\nQ2\n\n\n\n \n\n\n\nQ3\n\n\n\n \n\n\n\nQ4\n\n\n\n \n\n\n\n \n\n\n\nQ1\n\n\n\n \n\n\n\nQ2\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 \n\n \n\n\n\n\n\nRevenues\n\n\n \n\n$458\n\n\n\n \n\n\n\n$480\n\n\n\n \n\n\n\n$499\n\n\n\n \n\n\n\n$507\n\n\n\n \n\n\n\n \n\n\n\n$516\n\n\n\n \n\n\n\n$536\n\n\n\n\n\nNet income\n\n\n \n\n74\n\n\n\n \n\n\n\n61\n\n\n\n \n\n\n\n64\n\n\n\n \n\n\n\n93\n\n\n\n \n\n\n\n \n\n\n\n89\n\n\n\n \n\n\n\n83\...