CoStar Group, Inc. (CSGP) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is JP and I will be your conference operator today. At this time, I would like to welcome everyone to the CoStar Group Second Quarter 2023 Earnings Call. All lines have been placed on mute to prevent background noise. After the speakers' remarks, there will be a question-and-answer session.

Now, Cyndi Eakin, Head of Investor Relations, will lead the safe harbor statement. Cyndi, you may begin.

Cyndi Eakin

Thank you, JP. Good evening, and thank you all for joining us to discuss the second quarter 2023 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Scott Wheeler, our CFO, I would like to review our safe harbor statement.

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the third quarter and full year 2023 based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause actual results to differ materially from such statements. Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q under the heading Risk Factors. All forward-looking statements are based on information available to CoStar at the date of this call. CoStar assumes no obligation to update these statements, whether as a result of new information, future events or otherwise.

Reconciliation to the most directly comparable GAAP measure of any non-GAAP financial measures discussed on this call are shown in detail in our press release issued today, along with definitions for those terms. The press release is available on our website located at costargroup.com under Press Room.

As a reminder, today's conference call is being webcast, and the link is also available on our website under Investors. Please refer to today's press release on how to access the replay of this call.

And with that, I would like to turn the call over to our Founder and CEO, Andy Florence.

Andy Florance

Thank you, Cyndi. It reminds me of summer camp, gather around the campfire kids. Cyndi is going to read the safe harbor statement again. All right. Let's be serious. Good evening, everyone, and thank you for joining us for CoStar Group's Second Quarter 2023 Earnings Call. Revenue for the second quarter of 2023 was $606 million or 13% growth year-over-year. Revenue growth in our Commercial Information and Marketplace business was an impressive 15% year-over-year. We continue to deliver strong double-digit revenue growth which, in this case, is particularly impressive during one of the most difficult property markets in decades.