CSGP - Earnings call transcript Q2 2021

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Operator

Good day and thank you for standing by. Welcome to the Q2 2021 CoStar Group Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would now like to hand the conference over to your host, Mr. of President Vice Warmington, Investor Relations. Bill

now may begin. You

Bill Warmington

thank Thank second joining for Good quarter and you, evening you us Group. results the all of Chris. XXXX CoStar to discuss the

Andy and company’s I today forward-looking Florance, quarter Scott Before the may year our would harbor contain our I outlook statements, for to CFO; call third of statement. the over Certain Wheeler, CoStar’s and portions and Founder; XXXX. turn expectations CEO full and review safe the like including to the discussion

many statements in with at are include net Group’s quarterly costargroup.com other along and those detail are for Important Room. information, in shown to comparable but results information on events to Forward-looking non-GAAP the report guidance call. our our from The CoStar to Factors. assumptions, factors EBITDA, website in new available Form non-GAAP actual heading issued these release statements, on otherwise. that with risks, assumes recent or All this include, CoStar financial press non-GAAP GAAP directly are this today filings whether statements. forward-looking most under involve measures our as uncertainties, on the located differ not EBITDA, today, on estimates discussed limited date release of the the result can measures of obligation most definitions adjusted to on and Reconciliation a factors forward-looking no release report such terms. press available issued results of including cause update earlier future income on differ the Press and XX-K statements that CoStar to, Risk annual and can our XX-Q under Form cause those actual SEC, to in press materially based stated call, is

how to being today’s and As call turn under access with the website I our And to is on the this over of refer press Investors. available to Please CEO, a replay call today’s link to and call. conference Florance. on release reminder, that, webcast, like Andy is also our would the Founder

Andrew Florance

grew increase unique second websites CoStar by new level last XX% years. were subscription marketplace XX start quarter bookings in XXXX the of than visitors. the evidenced did second quarter CoStar of is people believe its pandemic. growth a CoStar at XXXX in in year-over-year in the Suite results, sequentially almost Good In bookings second in revenue to our you Group’s of XXXX earnings Good Bill. Asia-Pac call. our million quarter CoStar for $XXX $XX you, in to million employees. for a the saw thank guidance the XXXX substantial were us grew of high-end joining $XXX to marketplace Group evening, second the demand bookings quarter adjusted as for million $XXX Total CoStar Thank ahead And range. on of year-over-year the for million XX% million, strongest times that more had year Group year-over-year of visited our marketplace revenue. indicator of future morning above the million EBITDA increase of well XX% information of up range. growth and quarter $XXX high-end same the a the Net in a leading was guidance our a everyone. the $XX XX% We year’s total, audience quarter of Suite Leading ago. and almost

more estate commercial the high. revenue high this strengths double-digits months This CoStar CoStar tale of driving only module second and product return the basis, modules not fraction Suite. to states business quarter on rate for demand quarterly that a impressive, getting As of quarter XXXX information, normally because multiyear sales, basic just it an the offer our the of operations. modules value be for have does by renewal principals companies a Historically, heat cities, we sold could like fourth The firms is exclude is XX.X%. clients well of solid modules geography feels believe renewal offering year, various it XX% could reached is the I real high of That’s to cease renewal rate covering impressive for Overall, retire, those we estate a the of indicators. for key all remain Suite’s the we just them. plus. comparable countries. both commercial ago. clients property in examples solutions expectations just Suite real extraordinarily geographical CoStar buying organic few weaknesses and or economy rate result, cities, economy two expect X tax of in Clients a one information, covering were approaching ahead and with at CoStar as a

costs which our requires grown Through of primary to approximately it internationally, we our As stage Effective us to clients less. to $XXX CoStar. we’ve team money clients modules. days, have is and and sales we clients, selling firms full per sales Suite we limited products revenue, partial XXX Friday, effort, client upgraded as started to CoStar our as an client monthly their existing in of to this incremental more now service, now upsell. the coverage early clients global simply to focus it call early product only increase to the product, expand offer about currently are continue full generating per subscribe more XXX,XXX month, XX,XXX Perversely, less average effort product. for month. new CoStar the than full team’s offer who with upselling our more CoStar The There

certainly if after rates that’s We renewal incremental more that generate the process clients Promoter with our by towards to These almost us Score annual revenue, results $XX this as Promoter in clients by the initial surveyed to upgrades they of our leaning roughly believe XX. even conversation X after assurance We We upsell upgrade, or or incremental Scores. overwhelmingly are Net as In quality a encouraging $XX of quarter CMBS expect as range. first business. satisfied revenue Net this than Of CoStar. the value-add million cost we see increase, data evidenced result million increasing a generator. didn’t that upgrade of an into had see the more a it XXX a integrate they they possible. higher higher-end upsell believe Clients just in X/Xrds about upgrading, were year, to may this team their gave

generated the million sales data our levels, signing has as very value revenue disposed to And annual loan detailed half metrics, this detailed have information. positive with revenue already maturity over about received have we clients feedback of the was CMBS origination of our financial content. later X,XXX We accessing X.X year, that we loan and continue type data, data that plan new quarter last of X loans. loan net prepayment that CMBS month the volumes, expense loan will CMBS Since monthly times. which Later We detailed data distressed to as more revenue plan in releases, over than over in the million second include increase. CMBS and data year of estimate Analytics, property in this clients launch Over the to date. XXX,XXX to across new Analytics well include information markets. launch used property of the users and by from extensively, CMBS XX,XXX and aggregates

as quarter CoStar work hard progressing the Risk on CoStar solution with expertise is also Analytics, underwriting, product. Lender management, at plans a that release lenders developed to of the through surveillance we’ve lenders first We’re for and for with CoStar anticipated, full the a in leverages support CoStar risk XXXX. compliance with

The loan these We analytics to That the the these will the origination specialized for high-value applications. accounting and regulatory will underwriting. U.S. are release and believe reporting first tools focus meet portfolio have on on and Lender to in risk tools regulatory help focus releases Subsequent lender potential said, requirements. become surveillance standard lenders

And so, integrated CoStar. one we This international Canada release at a will premium the and In U.S. for first the version released system. our new databases CoStar our to of standard April, into priced offering. UK, be

that in of of information. We estate product, We million real countries have view this on we properties viewed know in as times. CoStar that X.X outside a XX,XXX have crosses need XX property loaded home-country of days gathered additional their CoStar information recently across one leaders clients’ to of that multiple basic We countries there gather to Emporis many international few We week the commercial and trillions so borders internationally. additional clear dollars since global to we a buildings up through about to summit launched weeklong existing of our for of and excited win In million of capital In obtained of more expand hundreds cross-border international of dozen confirmation X for users of strategy. We believe where our growth Oddly, October facilities create new And can is a a meet. over staff for presents countries expertise. We really XX expansion plan a about to that Iceland of a into Iceland thousands is opportunity it’s places opportunity CoStar we’re much evaluate value scale can good tens opportunity. we unique international spot time. in we addition, that our our this without acquisition customers invest quarantine, annually, senior to and clients. leverage of believe believe thousands XXX XXXX. from corporations our the and

believe CoStar enhancements win to for years. increase sell of Lenders, existing the more We have will XXX customers. CMBS, value information, to product help international we next been the hospitality have student service us that our existing CoStar and our Beyond customers future over over we additional housing, enhancements planning X these that and customers, more

and provide of XX% in on LoopNet we Diamond, September are by in quarter Gold and sales, unparalleled price of a restarting this XX% for our contract primarily well CoStar strength XXXX second revenue benefits annual our that we year-over-year, CoStar and growth our year. the Given clients. Platinum Ads, see the performance, branding driven exposure renewals adjustments as good in grew renewals clients’ as in

The positioned very than uniquely office competitor historical during quarter I brokers ads media seen the marketplace a well help need Dreams message PGA received. net standards we’ve during who campaign at contracts premier their News, to connecting back and enhance May and market you the investors. Championship elevated years marketing seen many the marketing high accelerate LoopNet delivered as a with primetime brand, or impressions available. the those We’ve commercial We people may own possibly remain the the the owners broadcast XX estate Open. and hope other Or also owners you saw a the is well rates serves TV, most that and the to outlets. Space for LoopNet our We value bring believe value the to and done traffic earned leading LoopNet LoopNet commercial streaming have clients media to broad-based LoopNet real to workplace. growth the billion real ideal in social CNBC, vacancy first support CNN, channels. over U.S. many X also estate of these believe In properties renewal increase to of ever. more new and solution across In are that is launched fill painful with best tenants and campaign LoopNet’s LoopNet advertisements properties that pieces as valuable marketplace, both highest our we’ve NBC by I as have closest Office annual vacancies. almost MSNBC, and XXXX. and times quarter, visibility sales in high and of for our rate June, XX% seen

SEM Traffic LoopNet of the our XXXX quarter to coupled up enhanced Dreams our in advertising network sites has monthly of of QX. optimization to the XXXX. network led approximately campaign XX unique for the LoopNet average visitors is quarter in of Space investment traffic compared XX% Our year-over-year million with second SEO and the record across to second

on owners seen time more this the XXXX overall We’ve activity with with about on companies them increased are that with XX% as Fortune second the are and from candidates LoopNet LoopNet the spending quarter ads in for site traffic well highest searching up QX. quality XXXX. seeing year-over-year. level of activity the and quarter brokers properties search Diamond best XXX the on Platinum are also the show The compared to listings XX% We

salesforce improvements the product e-commerce CoStar any XX% Our the productive and than so The salesforce with in Today, in e-commerce results checkout past products in of quarter delivering combined and are workflows. sales CoStar-LoopNet mobile new to so being with CoStar yielded quarter which the suboptimal on over rising X the flow sell for in a more market been. is based have as we on investments LoopNet, on about they’re business positive exceptional responsive vast. year-over-year is as X the years relying CoStar both results, XXXX selling ever basis, second the

continue the in shift We of a early we’re commercial marketing stages to property. major believe to in online that offline

building to Richmond, team we training professional So are Virginia. in leadership of recruiting facilities the sellers support LoopNet centralized a and dedicated

LoopNet – on The LoopNet view join the the models current to a year’s sales grow first year. or is their so quarter to shift more have critical advertising Our so business as has market properly this beyond have long class is this more a of must new properties. online much as foundation potential strong brand property must We by XX a expect to and end for to year business. property to journey, believe as the the third growth the come building the

continues platform customers. deliver unprecedented to value Apartments.com to our Our

continue outlets to Our we traditional have consumer Goldblum Twitch, media, the and primetime up second Jeff As Tok, Aren’t QX The sports alone. up new unique across into been campaign second expanded and we campaign most quarter investments network will to our XXX top And million. impressions campaign a such saw video-on-demand, including multiple television runs including The have? result audio, into as and ad the billion campaign top delivering streaming Tik million in and XXXX with programming. new consumer social outlets in programs. X.X heavily has and starring ever record year-over-year XX% quarter, partners record more. more visits we XX% visitors XXX Esports effective

every of game XXXX. running now on the and on aired are As more Apartments.com, advertise to to of the properties XX% the make increase continue Olympics. paying More are in currently Finals There we’ve over beginning in properties NBA Apartments.com. already an XX,XXX decision and across since

with staying In existing our customers addition, are us longer.

increased value Our got we’ve is, traffic are trifecta, because and the consistently to the believe ever. by have rates a LoopNet, and we’ve for exposure renewal years Apartments their delivered and our renewal We X Site their our levels at customers’ represents highest past exceptional reason the at highest over reach now CoStar for rates. this That’s customers. vacancies.

visitors of XXXX, apartment pandemic traffic XXXX. significantly up the in the the quarter first quarter Looking up visits start for has back the to increased of XX% site of with XX% and second

up beginning As held whopping have our We with what pandemic. cut charge essentially a quality during advertising a March more consumer result flat last the lead basis. leads our package to leads our high per we advertised properties increased because we XXX% in are of than on half subscription since year, clients XXX%, rates the

and half organic growth lead driving the period traffic competitive and growing reducing unintended of of Our revenue in advantage for success time. creating such consequence our sale growth and short strong had off

lowest growth. higher ad lead on level leads growth, average leads to upgrade ad often The lead to packages many Diamond and flow our second leads month The success ad essentially average our With level to of from they much surge packages silver month. second leads our level upgrading from Silver per so Diamond clients organic the XXX XXXX. XX needed our leads more add traffic average so ad our client the Silver. stopped received in to lowest in and spend highest the received beyond clients XXXX, the slowing end generating quarter per XXX quarter Silver level

the problem in soon believe the temporary ideal lead was decreased, adjusting not Fortunately, increased. demand We pandemic. the closer will the price the price conditions soaring. have dot.com, apartments, by apartments before to our for are discounts rents this is upward our actual per to rates a level eviction easily and that’s expire lead reduce solved high-class Vacancy per has are moratoriums

from low for price that door poised X,XXX price to The QX quarter short X of investment buildings building increase in increase X,XXX grade apartment door. unit XXX,XXX. jump XXXX as a We pretty believe XXX demand That massive units to XX% buildings door XX% from apartment of a XXXX second increased drive is employees price an per that increased big the second started of returned XX% gives a For a office per leads. in value $X,XXX rents to per The cities shifting in organizations star is that apartments grade turnover to in have in of just been X should XXX% plus left quarter work well. to remote as in QX XXX they resulting to back sales timeframe. the churn that apartment with XXXX soared of climbs XXXX. average investment has that

addition, move combined and with in our believe landlords more the turnover more increase more even raise best have for to value that to us seen. that we tenants avoid year to as fact providing In deliver continue lead rents, the clients as ever our We drives the every increases. this per rent value it quarter, our while customers will still third advertising allow rates to Apartments.com

again for billion than reps relatively our salesforce end believe once of sales XX effort. in all double by In penetration are Homes.com of to is a portion the our billion salesforce across $X that And rate and total, mid-market more a market are salesforce from we mid-market U.S. apartment of the $X repurposing remains the our Virginia, We Apartments.com. size low. multifamily have we’re join train year. component mid-market the opportunity Richmond, these of expect to of the as to our a almost growing segments excited really classes We team this we

last than industry hospitality double-digit a our exceptional salesforce levels. sales driven by lower that be to travel once year, will returned rates growth revenue revenue global The United seeing and were ability recovery valued is sales States. strong finally grow and price an encouraging growth we leisure primarily near-term our again our believe Although,

rates the We STR contribution affirms consistently spite the with year-over-year second critical hotels macro the performance in X% again solid STR’s basis the providing We backdrop hospitality quarter. nature saw growing are now data seeing levels. world of industry. challenging new of over around number positive forma revenue of STR net and XX%. signs the of during with pro which sales subscription grew renewal above the the on is pandemic a state of throughout the positive STR’s data pre-pandemic activity XX,XXX, of

we reports. product existing market Although, The almost the industry there and XXX,XXX STR, second and since hospitality pro into In the initial hospitality buyers all in the focused capital saving a sales and months transaction this platform Ten-X on number size XXXX activity have distinct revenues acquired We’ve XX our customer team subscription of like campaign tracks days better strong to in And a platform, effort was quarter locations. it. XX its targets highly and have of and contributed total, leads a CoStar account prospects. our an June increasing property At acquired the we potential vibrant performance size. Ten-X sell in certainty performed stopped the reports new increasingly elite CoStar and XX% transformation. prior have increasing brokers. it” is brokers hospitality the XX% This we’re XXXX, on of transformed pandemic with of market, only asset focused at Michael “Don’t and market of with quality revenue with – trailing sales users this executives levels. searches, high for a to the with including the and value grew CoStar very growing XX% on interest X,XXX year-over-year traffic users X months after views. by hospitality end of release of hotel data Ten-X’s Keegan-Michael Ten-X increasingly the increase over transaction CoStar hospitality XX,XXX to and lot analytic Key acquisition. XX group initial revenue successful CoStar, sub-market a deal campaign in launched basis been new Ten-X salespeople. to the XX% in and Connecting compared training the of driven forma of XX,XXX we’ve just campaign views and volume advertising, and subscribers our seeing one-year to on increase is a owners proposition selected resonating producing price Ten-X later sellers trained volume. speed, average focus June,

produce sellers. We’re the and and both working making supply the better which to significant both on demand business, for progress of are side together results synergistically buyers

groups, On XXXX in of to assets assets. XX% assets the number year-over-year assets second and the the platform of the XX% the grew value is But dollar good XXXX. proxy sold of brought grew And we which by quarter performing for in the supply a the side, second quarter of Ten-X closed XX%. of private institutional were client

that quarter of were XX%. was XX% the In year assets figure performing. of last second So that the

that Though The continuing properties market reflects asset quarter implemented ready the platform. distress. transformation in value property clearly is first sales reduction year this So card a of commercial there this a Ten-X platform be in working. we high surge distressed a from on should rate it rate into is

margins rate have solid properties. with even high really have We on those reductions, we value the

of platform. brought seeing increasing assets number an to We’re the value higher

side property is trade assets rate. demand grew student facility, moves of to XX% quarter total housing industrial $XX million the On-demand and that’s The percentage had portfolio as a in multi-building a the Ten-X platform, capital. my the to to per brought bidders of million assets million a and bidders supply and year-over-year. there’s $XXX right. quarter-over-quarter, known increased number platform. the per year-over-year, asset sold grew we platform a loan It’s improving effect network reflected quarter I second $XX think, year-over-year. bidders recycling and average approved synergistic The a year. this number the from The of X.X% total as X.X% average year the in second asset, The XXX% ago next asset of number XXX% Product distressed a XXX% pages of up detail Ten-X was traffic the

reached this offline of about is all-time for Second trade Notably, rate quarterly quarter an rate average twice of property the XX%. trade high sales. XXXX,

to revenue product Ten-X sales team Homesnap We about already subscribers an quarter total XX% to Homesnap our users second are and are quarter. revenue to experienced advertising with grew XX,XXX. the hired far grew agent Pro salespeople year adding Total $XX month a grew so expect of strong to is in XXX,XXX. of every XX,XXX are second excellent year-over-year new Ten-X XX% effective and SaaS our year-over-year XX% second year-end by Total the growing sales salesforce is agents have agents half training highly XX of those combined XXXX in And trained sales and paying XX,XXX offering producing ago. XX% XX%. registered XX% at XXXX. a from had salespeople. XX% the new of in versus the year spending is per per pipeline to of by Almost year from that more $XX end

very collaborate offer a inquiries clients agents listings grow in and their multimedia plan information in view and on photography offering website of interaction would agents collaborative, respond and of We they purchase with renters residential XD now CoStar acquired estate as access millions the and for from quality agent buyers Our to plan estate the recognized the portal have photographers stage unique this May with this marketing just valuable Homes.com, very and alive homebuyers best by A in millions portal the Homes.com a application of leading highest traffic between agents a marketing the of of homebuyers’ consumer be Once properties hundreds both better well videos with direct agents campaigns. real residential with local and believe instant professional to MLS, possible, brought real portfolio homebuyers marketing industry. collaborate us groups’ home with site this to productivity good connection by Homes.com tours. digital online to along architectural combination supported straight Homesnap trust. and photographs, to provision time accurate, to more provide agent’s sophisticated traffic, integrated content platform consists sale sets real and empowers and Homesnap for talented of experience. the year. sellers, portal a with and Homes.com manage We

providing agent team eliminate and We is have seller properties Homes.com. the committed Now the improve to relationship. homes Homesnap price for taken buyers integrating immediately this presentation and of experience that began compelling on work immersive and already steps an to residential gives and

Those marketplace, split integrated residential acquired looked was technology residential the improvements you to approximately – to when our as be Apartments.com. XXXX sales a with worse products repurposing by we’re additional of using content build agents investment we first are sells you The of integration impressed in site. offering and level in might costs, estate the work lot second on estate middle to made to generating hundreds leaves of see a roughly market the in a so a additional we already But million. still just us. lot of well real many ahead for the or room we’re there ago. results tangible site how we’ve $XX on that XX% month month since Homes.com, in advertising to real work daily We probably matter the a In If are noticed we our made back of that improvements resources. a a marketing about bit Homesnap head comment portal May, them we half you have increase thousands had little and large site. order improvement into planning have at of for Investment the of as between for of them for is of sell

headquarters we’ve building today. building. this And within from most today of colleagues you seen calling in We’re our our

employees they’re pandemic, we discovered global last expect options. office. to believe offices that parents office productive. employees our employees not come report And a back evacuated our to company being HR of making that innovation more XX% approximately office essential in because collaboration, is to because daycare We to better grow March, safely our in culture. of bringing approximately remote and work vaccinated. numbers pleased that We was the We’re great have our to progress of are as the physically reopens, When work. have productivity Currently the XX% back school U.S., in our of

interest bank, the accrued of health trending cards plenty the levels U.S. XXXX In by of wage tells retail Leisure driven government XX% since at to occupancy in limited strongest staff well grateful hand. in the with who in growth the to well search combined office is unprecedented vacancy above of with real demand as time point. learning the collaborating, hot rates together of pre-pandemic XX-year the come our productivity, all supply recovery across to back travel most this grips the GXX back rates. to is I and and Group of market the year, with sector driving in estate have of strength above white growth workforce companies past lows Single-family other vaccination the see broad-base inventories vacation and in growing. well hospitality levels. The stimulus economies. plus have growth. great their ahead rent This to kept believe challenges well recovery that tight growth to and turn, CoStar fueling retail, and yet at our full feels low consumer resulting sales commercial of staff in game rebounding We’re apartments during XXXX. CEO activity June, experiencing Over XX% running the U.S. is while In so about cash sector. the getting is a we’re economy driven multifamily October challenges high is remains

QX highs pace in their multifamily a pre-pandemic growth QX supply in total deal industrial in XXXX, companies space averages and need QX As to actually and exceeded they today to markets, all-time in are question produce XXXX’s net negative lag T. in would despite early XXXX, surpassed closures signs realized of for is office and construction XXXX of and over sector XXXX did up “What and Distressed office. would and Q&A and T. expand since in sales investor QX the moderated. losses volume the I levels. elevates vacancy stand for show Volume record-high, running year-over-year, to supply above Wheeler?” suggest exceeded retail, rates Wheeler. first recovery. leasing the continues absorption, high lowest the growth XXXX. this their rose about consumer rent e-commerce occupancy persist, of call to in volume leasing level QX levels transaction QX retail to outpace Despite both in as XXXX, space Chief and XXXX spending to XXXX. like demand to Officer, increased Scott volume in pre-pandemic capital be, levels time beginning rise half drove turn bankruptcies decelerated on the In XX% Financial activity need and the goods, but in first they’re chains leasing volumes for X-year result, of while QX industrial our point, Scott office transaction At levels. does And might the T I X% Sublease

Scott Wheeler

Hmm.

And of one. remainder the decide you cover business. that to have to with summary. component that a ground right, the short I’ll in Great I like unsolved might keep for having we we mystery new call. leave was think increasing we guessing. lot Then just seems well that this that a All add this opportunities maybe call. keep of to I’ll answer to that’s just every

set this growing sales and EBITDA to Fortunately, delivered quarter, adjusted the results in We with summarize it’s of easy double-digit. bookings, revenue, financially. strong another all strong

of price revenue exceeding over quarter. a quarter to of increased Our or planned continues overall our profit not above growth quarter in outlook the short in the of return the both the the around the Revenue to of quarter year. quarter grew Roughly high-end rate improvement. our XX% growth half our of to the the quarter the X%. all of very the of in the the and XX% from X% improve Organic for Overall, of is properties we quarter, X% move results, the the for growth program, over Services Information X% quarter, This within Information the growth second from full-year quarter XX% average expect to XX% growth our remains historical for quarter. outlook on Real of return we year quarter in and range, around growth compared in second of rate, for include guidance was year. revenue expectations. XXXX third simply XX%, and which new material of XXXX, XXXX. when revenue revenue of CoStar and XXXX, and we which range, renewal product the expect and in quarter for full XX% advertising second that forecast the growth product, quarter improving Homes.com the XX% both range. the second September, property. quarter. our revenue and second the of to CoStar, the we the grew results coming last exceeding STR, versus XX% results grew growth We for with this as Subscription this are the in us, quarter, call LoopNet CoStar expectations first growth the revenue We the other approximately revenue XX% Services The single by second growth is to lower CoStar, improve upsell XX% X% quarter in and XXXX. Homesnap of quarter return increases the will into renewal the second strong in improved third revenue Multifamily Estate second first CoStar, expect the Revenue double-digit with of CoStar XXXX the to about period annual year-over-year and XX% the quarter XXXX. XXXX, growth quarter this launch X% talked with in Manager growth fourth to to for in fully improve. on CoStar CoStar to second from quarter exceeding now of revenue Improving second the at in in half strong now in of to end the Ten-X to rates With the in increasing quarter sales per strength revenue improves from X%

upgrading rapid for negative levels customers for second mix the the about, to impacts a sales which our higher-level reduced third creating in talked with shift, revenue packages. quarter Apartments.com, This in ad Andy increase generation fewer is lead the recently sales outlook quarter. growth As rate turn

growth fourth year-over-year new contract in rate pricing a implement approximately the of quarter expect in renewal revenue the third multifamily be the to as We improve quarter XX% to times. of at sequentially XXXX and we

above also less increase the and as Also, reopens XX% forecast growth to increased land LoopNet pricing revenue little assumed. continue are XXXX. of Andy growth ability combined both highest improved recent XXXX. the the grew LoopNet second Homes.com after layer into expectations revenue month, into XX% the for we CoStar in above a time. quarter salespeople team of expected the of this to XXXX, XX% contribute third and every the XX% into the with CoStar/LoopNet economy growth rates forecast bookings more a CoStar/LoopNet shift and year and in pro-forma was quarter, like second expect to Both LoopNet to and growth revenue our the new the well saw second hire of levels we expected the in sales-team, to Ten-X generated of XXXX, to the Commercial midmarket quarter our Ten-X below to the sales-team in Homesnap. second As the Apartments’ above rate. Accordingly, aggregate, revenue begins sales than quarter quarter long the delivered In and sellers revenue and revenue the expectations, for revenues quarter. well the to property XX% to above CoStar one of had over delivered mentioned, slightly they’ve year-over-year as XX% for compared Homesnap our and second combined

LoopNet improve in commercial revenue assume revenue will of as for many the this and LoopNet basis, not fourth to both XXXX. be of guidance. are focusing of growth and third quarters we build while in quarter growth land for report revenue combined the third quite half, XX% around the a and XX% of to of rate Organically, the to continue we to of full CoStar this half that year quarter the for our sales On CoStar XX% revenue LoopNet we fourth as on expect XXXX. expect approximately our previous sales and the and year, rate second Overall, sales-force. second quarter for third approximately to property and expect growth the standalone growth XX% we be and of more the sales-force CoStar/LoopNet We standalone forecasting we ahead

year. XX% effective of only our The tax expect the XXXX, of in to income of gross the was gross we effective Net tax through at rate line quarter we was came around includes and down Our in our margin the rate continue change tax rate to drop XX%. at quarter with And the XX% for second $XX the and affects quarter, million end second expect to margins to level expectations. back mid-XX% in international rest the the in incremental the an second modification effective the range impact into our of a This related that year. structure.

the residential million Resulting million. in adjusted we lower-than-expected and and Most up guidance. and to quarter year Adjusted came last higher above high-end was of revenue, points our the our $XX adjusted primarily above improved the quarter marketing is variances $XXX the guidance in EBITDA for It’s XXX XX% due some in second the growth expect will Second our in and spend, the of quarter. teams was our marketing, adjusted favorability cost EBITDA timing margin of midpoint of in approximately XX% of the range. timing half second investments of from was in EBITDA of second result of sales the EBITDA business. basis the the reverse quarter emerging year our that second the hiring

the metrics our with Now, for quarter, look the of starting performance at some sales-force.

XX totaled majority the second quarter, the sales-force of XX up as X quarter testament or XXXX rate renewal to increase from XXXX of XX% products. primarily since people is approximately addition end highest The XXXX. quarter This The rate annual due the really the first for of quarter the X% years investment XX% in continued of year their our who’ve XXXX a product, our around onto for a renewal our XX% The Apartments mid-market team. Homes.com of platform. of for and products the quarter of which of up quarter, renewal Homes.com increase XXXX. the in product. Homesnap accounted sales an from The from of second last of Our strong decrease second longer little to for last in quarter contracts are full and renewal growth revenue sell to first of quarter rate the an outlook success the the XXX people and been on from the of to people revenue XX% and quarter hanging over for the a the to third is quarter XX%, annual for contracts from talk result of our third the is a our the subscribers customers on quarter second nature mission-critical metric. adding our in Subscription was our People the I’ll XX%, deployed ago. the XXXX. have rate and of was we year at now of

reconfirming, for range the are and our revising include year, guidance improving and the to revenue slightly Homes.com. raising We

annual We in at expect $X.XXX growth full of year of the billion, implies which revenue range. billion of midpoint the a range XX%. $X.XXX rate to

range at expect $XXX we quarter, in representing $XXX third revenue million million, to of year-over-year growth the revenue the of For XX% the midpoint.

year development full EBITDA include the which related margin For for resources investment million, implies content expected business to range. mentioned. previously along we an outlook Approximately EBITDA of our adjusted million to technology, related outlook that $XX million and million XXXX, is the to of with Homes.com, to loss engagement and Andy at full our $XX range announced $XXX this of the with investment the of an adjusted to Accordingly, other incremental year be residential in XX% half revised marketing is the adjusted for midpoint have generation. EBITDA in of of the the half agent of $XXX

on EBITDA EBITDA million million expect quarter XX%. approximately adjusted $XXX of XXXX, third of in margin to $XXX adjusted We and the XX% between

we LoopNet of the very encouraged half The I’m this of marks all running quarter quarter year, lifting strong heavy campaigns our have in the your residential can few of rebound friend, for we continued it’s first of growth and continued marketplaces potential rules as for strong certainly we have everyone, the returning third of call to CoStar LoopNet, support. Apartments, Apartments.com, operator, you, our a quarter. and Ten-X to with spend, to the us. now And the throughout Thank almost have that up great from a our open highest you. Bill new our and Warmington. great third Overall, had work businesses. questions we marketing by marketing back behind the and Bill,

Bill Warmington

Thank you, session? Scott. Chris, for questions Q&A the would you the assemble please

Operator

Yes, sir.

Bill Warmington

a and to one good yourself make limit please one. it question And

Operator

comes of Chase. Morgan from Auty [Operator J.P. question first Instructions] Your Sterling

Your open. line is

Sterling Auty

Hi, Yeah, guys. thanks.

Am Scott on is to Wheeler my all, of guess I’m with First I T. Thomas. for T close? go going

Scott Wheeler

be Wow. good. would Timothy

Andrew Florance

to He knows – Sterling. for Google sure effectively what very job, this good I’m not use question. how

Sterling Auty

agree still that sees investment the is, investment for my how think in don’t Thank target it? I But that question, they about for an about everyone, looking target is think viable? context of you’re in you. know And margin with you us should the to the one of residential. maybe update XX% popular XXXX think question on give EBITDA. And your Can previous And how I get we is they to make opportunity. the that most

Scott Wheeler

hear about, we still resources consider out, those marching the you, our this marketing, comes targets. some hit XXXX as business. to for and the are Sterling. up we talked online And platform build good orders just additional to we the investments, Yeah, frequently, from we still Question with

depend improvements through residential traffic, like rest the year’s the to then, in relative so, things other look decide site Andy what integration A investment And need in program. on platforms. our the the for And we’ll to are we these integrations, mentioned to lot of improvements. the visitors, watch get site. via year versus in the our happened plan what next going of

We’ve just still to, and far. so on talked numbers have XXXX we that you those new make will all change residential. our we We way, can based intend estimates let guidance. or And know. plan for our Right to if now, is our changes no So about. what come

Andrew Florance

to goals. we communicate that. point there that pointing And is those want by would track question business, what would out little that we’ll And in doing on a different business the is for bit, that it’s clear definitely I be the the a core fundamental XXX%, And opportunity be really deflate But on performing invest business goal. solidly CoStar for a are well. significantly to at target Group of the that should

but bit what So it’s good. sounded little a it means, I probably hyperbolic. know don’t that

Sterling Auty

That just want but All sounds loaded I backend me, make to like sure. right. to

Andrew Florance

Thank you.

Scott Wheeler

You bet.

Andrew Florance

It sounds like Thomas. [indiscernible]

Scott Wheeler

[ph]. [Colin] Thanks,

Operator

Christiansen Pete of from comes question next Citi. Your

is line Your open.

Peter Christiansen

That going going much. real Thanks understand decelerating Suite I be was Good guess, obviously, I wondering little improving the could and a question. performance dramatically. bit clearly what’s bit I I LoopNet would market. would don’t is comp the broader a if quite doing was there so the are an the is color Silver evening, growth which easy if did duty sales-force put we surprised guys. guys Ads. estate Silver And But, what’s just in presume the you point exactly maybe into you relationship dig here, more an sales for I’m you. Thank the coming here. on in out, more the that Obviously, that, I double are Ads to the have wondering is and could the from likely on, making on helpful. A, impact. CoStar just you little activity

Andrew Florance

Sure.

couple is is product great. product is, that well a traffic correct you’re received. The out really fantastic. point economy So so mean, good. the One looks The is I really performing marketing of core well. The The issues. is to

We have listen bucket, bucket news, that’s how we’re you that lot as are that salespeople adding people. we and them. fast sales to earnings by great And for call, a limited the hiring sales-force. and clearly scale hear of opportunity we can because this you in And we’re

ads. don’t We on the And we year, selling like the to a keep ads way on come Silver on Ads. just properties all next within algorithm to up optimal on is to would low-end focus ads more those sell for those end geographies. to upper more shift with want primary forever. those the don’t entry-level pricing price same And where demand-based the all in charge we’d rather we Our a

So until and prices to there There lot Silver in some a our we do we that. reduce to Ads. driving our we holding on areas can are of we are on Ads, prices where significantly off where many activity Silver want increase others want

Silver is basically So Silver while Ad some and we LoopNet where happened. some, move probably want of reducing times even then that Apartments.com, if at the that average on other to people a towards notice And way look wouldn’t you Ad. on areas, prices rebalancing the average the X increasing

we’re the with So that marketplace of more super hit to we’re now. it’s an But is the dynamic. fundamental evolving strong, and hitting things trying right

Scott Wheeler

XX% of the on Lister at that. top numbers of talked a mixes that add quarter. with Signature revenue Pete, for the And, of And LoopNet. about you Ads we growth is growing, can the into still growing revenue And XX%, growing Silver The that couple second if about digits. I just Ads that, it’s rate it’s mentioned, mid-single XX% for

So It’s It’s a smaller now. focus. it’s still primary growing. not right just level at the

Operator

question Your of David next of Bank America. comes from Chu

open. is line Your

David Chu

guys. thanks, Hi,

based clearly in macro just do recovering just second million. the XX was think back to like, have I what it takes COVID peak, think like Apartments? it you XXXX this wondering then, off rebounded when quarter like the a achievable? lows, prior to really will bookings get which of So, Is on be the And environment,

Andrew Florance

quarter the mentioned, cylinders think cranking. were all I you

CoStar had all Homesnap CoStar, like we have Apartments, Realla, Daily, you Estate now happening Belbex, are Land, quarter and So lot a you other contributors LoopNet. Apartments, LoopNet and things cranking. here. also BizBuySell, of Say, different great a Thomas Real for have Manager,

adjustments I think want organizational trying And lined a getting that in going your return is up, happen, to to There lot or past growth mode, sales-forces right. return quarters. on. you back your to us work is in have to you – lead the there I numbers, and an a X a normalcy. we’re all of get into could to But or flux are you think get and price next per want

lot have solid. and things We the on, going really a of all are good products

and just a right it’s more in now. this So of I friction transition think question environment

Scott Wheeler

produced now, look for you when sales-force CoStar/LoopNet and some are David, we time. at like level the the where bookings, highest And, we sales, the said quite

and and transactional Homesnap we piece they’re a subscription piece, and, we XXXX, are Ten-X very brand other say, our this about to go the have. metrics, we the Ten-X our we because quarter this. average as would and were we that Homesnap up in that multifamily at multifamily those convert the of best are have accounted X offerings talked the not to subscription new businesses residential ever before is And all style Andy transactional in other this if And businesses. in The mentioned, So had sales bookings. considered doing stage, thing we strong large

been is had have subscription. XX% now, that XX% range. about the right our of we XX%, So typically up revenue And plus in

in to and a Ten-X right Homesnap coming now is not we we there until those going subscription. element growth it’s to that you’re now convert have see in from our right So business, the bookings

that get return that would and to numbers about better a really But it’s the of sales move talked you versus about. numbers, the little So price that us in we that should multifamily we upward. talked lift out

Operator

John Your next Inc. of Campbell Stephens comes from question

is open. line Your

John Campbell

afternoon. Hey, guys, good

Andrew Florance

afternoon. Good

John Campbell

But, even think provide a you Andy, Hey, there. around into to I side, across the you I there’s strategy? that But, fully going content high hand know for reasons, the out but, relying I’m the split guys half. competitive without to, you guess, there just the and to peak on meaningfully solely residential that have extent back commentary your in the spend what kind of of marketing there; build in get in I investments traffic submitted way maybe to kind ad might of guessing can a aren’t Andy, just show level you more the the to back

Andrew Florance

You’re not wanting right show to about hand. our

the is old, right And quite So our simple, so it’s is the not where of I’m offering if United opportunity. contact the real what But can brutally see of a of a a at look all be property transactions it’s thank a you sale States website website push we’re going them. really the agent. XX% an States; the unique. at collaborates you which you now, to United masterpiece. It’s button something for Homes.com, that buyer clearly simple, if a estate in for that really look But the month with it’s and you got really and agent, the see you aware name at look and actually only phone website, number, – know

regularly So, with that estate in agents real puts those of XX% all a on million And our are site. clients. real and involved agents estate million our transactions communicate

ROI a have fantastic to So if about that a we’re opportunity. work, so it’s people return understand excited that our we we’re think shareholders. can’t for love fantastic that afraid most We fact there’s the simple, it. not And

in fundamental work right – mentioned, software, the And invest not wildly working not flows we and are it, expensive. XX%. are weeks and but on We’re the up as lead to X afraid which the of we’re structures, I now,

but secret focused and plan still, XXXX magical dealing more laying of and don’t making the that stare analysts, magnitude, So it about for with I strategy think support with or first progress as we’re and can investors orders vision people have that the now. right will out that’s XXXX, we many, I we’re think right evolves, our it, more we’re have we now, on talk we’re of But the initiatives. some it’s we for that software

Operator

Your next of George Goldman Sachs. question Tong from comes

open. is line Your

George Tong

afternoon. Hi, thanks. Good

Andrew Florance

afternoon. Good

George Tong

a the reverse help can you in elaborate decelerated multifamily lead, quarter, the this you trend? to per return Apartments.com to initiatives price would revenue growth? revenue in on because plus to And in effective when bit growth more XX% expect reduction

Andrew Florance

an that’s George. question, excellent Well,

the the question. been the could would that. ad have number no at or have told years lead implausible, The it the was of that’s X X years level had lowest think ago at believed is site I level, the leads one generating per If lowest ago, unimaginable. I ad someone

and product we lead flow, throws the to super team very ads. meter of of them out property, we’ve a adjusting in Apartments.com, unit helping the more strata XXX XXX price property, ads. the value And property, generate reflect effectively we to the between one with money. are unit the end the worked the upper we’re revenue what some also for the and how unit appropriately XX it more we’re So properties very the are of high lot more at strategy. the rolling generating doing large And lead a these leadership unit property of nature lead little XXX is structure done new And and also the pricing

really gotten leads; And of could many been really issue have and have and things the be after news, that of and this this quarters. and one stronger strong it’s we’re don’t not in pretty I will very so fundamentally you it course our early next traffic, last XX as too don’t X leads, So begins it it gotten as take, out competitive have, the stronger, to month, other you over it’s kinds there’s – good the but have, it’s the months, you’ll strong will mean, the could has – But there. something and of position of is problems is getting advantage you recently. rolling way rolls is clearly out easy go an see couple

will power take you’ll rates engine to to go return throw time. we friction the it’s the as quarters wheels, us more those the off more see sustainable of dynamo and long more we the So throw and for power into a couple growth to will XXXX next and

Operator

question Ryan KBW. next Your from of comes Tomasello

is line Your open.

Ryan Tomasello

be unit there up think And – following just you thinking rates I’m start about thinking business curious, the next at the Apartments.com. you’re business and market that guess, I years. you business say you’re How when disruption to that the do question. over in how years Andy, growth But in over end you to the category slow? particular, backlog inevitably are sizing gap? the [Technical rallied. plus the next types growth the understanding around you right the price middle and X effective growth that really bridge large to and of beyond on could piece investing a taking the how the for about the Thanks outlook of market Difficulty] growth managing high X expect of near-term comments of as are how for forms what the few of starts

Andrew Florance

don’t actually actively and still high-end many into So, years, us getting and decades. the actual see are more, if high many we more leases. penetrated you many, many, think many, provide, we end, services if I the the can We for products facilitating slows not have XX%

at per price as within per or $XX lower weeks out $X we’re $XX If the you that we’re decades are little look lease. value not that lease. were of you to or table at would a end rent as to X communities as to of if say rent, the say And those hiring and lead or the the to many I X can per we lease, a as as maxing lease, per paying ratio lead $XXX bring leads. X month $XX those or charging $X, leads was where to $XXX

high the XX successfully what’s unit the those of not middle the level, level, at single-digit X max available the but single-digit out really the unit in growth going selling in level, and XX we’re level, lower unit end, we’re lot properties to end, the and exciting, or So it’s penetration X a unit we’re all areas.

after to it’s question to grow but that the also have to out a having without capture So continuing our to opportunity, to then manual of build intervention. capabilities salesforce e-com go

side a demand It good to anticipated little that’s harder and change last great news. So have the – model would we than But it’s quarters. bit. a to out ever we have the X and as in place the came be, does

So got growth. plus good of a decade solid XX% think I you’ve

Scott Wheeler

just can the to in we add growth universe faster over look that growing universal the Ryan, they’re general portfolio them out the you given properties XXX, now, right we And watched. at than when there our

quarters because presentation there. out the properties So has or just or growth of X the upper our of growth, into stayed X like actually, XX% the at for in despite end our universe XX%

go alone long up to let in one, So a penetrate lower one. we’ve the just ways top the penetrations move got those to

Operator

comes Cortellacci question Mario Jefferies. next Your of from

Your line open. is

Mario Cortellacci

thanks guys, the time. for Hi,

Andrew Florance

Mario. Hi,

Mario Cortellacci

product, much CoStar to the on have focused On I how there. Hi, know, you’re mean, the of thank commercial that I within looking the very lot pricing you. before talked switch. pricing real believe a But suite, I back global just opportunity I Obviously, you there’s guess, about looking market for and you guys on of there. estate closer upsell, getting the are turning kind ability that we

how And maybe guide suite. being about then price what CoStar the looks you like much baked there. into is can timing XXXX just So talk for

Andrew Florance

Okay.

we for price normal it are Yeah, begin to wait that when now. going So doing on now. so we’re escalations suite, CoStar

to for to – the a over XXX it’ll on a should there’s basis going above that in all You we’re over delay. X-year the We product it renewal moving least XX%. the functionality XXX the functionality contracts the to in put rates our And clearly next points of have at putting be right inflation. that couple think be I we’re into line period and all in are number. with have notice years. absolutely right conditions now you pricing product accelerating But these up And so the clients with XX.X%,

has sure I’ll And that. Thomas but what into him baked handle Mr. so, I’m not the guidance, let

Andy Thomas

start layer go to the Yeah, them next in thank a on the in. go months, of takes of increases renewals, Yeah, little obviously, while couple it in you. the so that

keep CoStar doing So in the mind that build but then we’re that’s growth the to think starts next conversions getting I increases. are other will points, in of basis our renewal which full XXX the price be the than in year. until larger will product, XX,XXX it so about to fourth clients really quarter, to those renewal get then the the But clients price the increases, increases, and

at looking good some we’re aggregate, next into lift year. in pretty going pricing So,

Andrew Florance

people’s XX,XXX prices. we’re increasing those Yeah, not

incredibly terms to We’re their with expand offering us. them attractive purchasing

Andy Thomas

in look Actually, at they it like a as decrease – they price…

Andrew Florance

decrease a it’s Yeah, in price.

Andy Thomas

The much CoStar higher. of nationally, previously was price

actually well go let’s get this. This so So So they’re working it’s is far. like, bargain.” pretty a “Wow, good

Operator

Your Stephen William next Instructions] question Sheldon [Operator comes of from Blair.

Your line open. is

Stephen Sheldon

Hi, want suite, the bit and little ask about process. thanks. more a to upselling that CoStar I

do modules the potential with incremental about to point. customers also global noted the to that to $XX you plan pricing then, more full million guess, to you aggressive talked module, revenue you full that from on any revenue. plan $XX be that at in Is upselling also suite. uplift some And the I think there. of you existing would provide And how solution? think that you some customers million I at in to potential motion? I suite all move more number? detail guess, sunset Can detail that Just your I

Andrew Florance

is just Yeah, that it cancellation VP an Sales so modeling average after XX,XXX. to think assumes price I is our $XX the done, of increase. the some million that has rate assuming gone and It’s $XX million,

and So I the act, model the seeing the model. wouldn’t reviewed of have details I’ve that

aggressively the into we terms platform, platform. platform, with would had the the months. for prior onto a to be majority in would we’ve point, prior then common And the at revenue that how because In very XX efforts, those people typically in unified money. XX aggressive prior we sunset to of And of at once moving we you’re spending our efforts sell move of it, success some I look

platforms. X You’re that spending adding anybody separate value money really isn’t to maintain

that’s a similar geography then product. product focus XX buying and to of version one And terminal. to different a the of by does? of Bloomberg on for months, streamline not and getting one goal you’re what intensively somewhat sort our So XX is have and the to bunch We’re Bloomberg modules,

and platform. provides a we competitor value sort international, against having we very more any of go differentiates it think us unique As one proposition

Operator

question comes Baird. Jeff from Meuler of next Your

open. line Your is

Jeffrey Meuler

thank Yeah, you.

if maybe in then, still good Apartments.com just I’m caught the and like going retention, then results And when a Suite. QX the of guess happen? little retention, I clients magnitude that’s you trade-up with it that have meaningful the retention comment now, deceleration is doesn’t QX. guess, up, it QX. why that you Apartments’ into That’s And So, and is but the seasonally to by come on pulled sounds I expected. stable, a because normally just overall up the it’s didn’t of into struggling can client it going guess, revenue I really happen, specifically, you head does kind season see I first deceleration you trade when

Andrew Florance

high. number. Scott is be ever the extremely on rate is so renewal the will have Apartments.com Yeah, the highest It to been. clear, it’s

I a X/XXth there, we where started believe But think I on in XXXX. is basis I not it cancellation of from threw sure. in monthly rate it I’m the

it And during pandemic, So, the environment prices churn really is down jack aggressively. an the XX%. wasn’t to

lit got pandemic so, after And and out on And came of quarter, the sort then, markets after really you first out of there. the vaccinations fire.

of one I think quarter how So can we fast it’s think a a to question really happen quickly. you just respond that upsell, that. And But doesn’t of respond will again. I very that don’t it’s

buildings. back believe as churn, I price that And more to value are to and quarter, after next people before crank that making money ever. the ongoing increases people as I lead as these opportunity into than the apartment capture flow and return there these think good I that, in need following think as to as continue to eviction there. were moratorium plenty of go relieves, is they And have work, churn, to quarter the people our migrate from quarter, customers to where and

people’s we’re more well to to you’re for want if during pandemic. the haul, the jack you playing game value it’s that of now. capture But a, So don’t prices long positioned the

Scott Wheeler

ever had just point, last been. Apartments the sales the And on highest of record quarter rates you the year, levels these to then to And it’s the for the multifamily, XX% second pandemic. in quarter your is which we in surge given renewal the recall

second off quarter second surge annualizes in And that year. so, quarter this the

any bit a of level because weight since you have effect little in all a that cliff that hit goes when third you sales quarter quarter, those of same the we repeated So away. then. And haven’t sales

annualizing of weren’t strong look that So before on this you’ll you second as of in have the upsells some then at that the quarter year.

annualized in and $X growth third around sales million basis difference the it’s in it’s So on year second this in year. quarter is an the QX – the that which between in million, level the $X around difference rate last to

So works. it that’s mathematically how all

Andrew Florance

like on, your looking indicator is you’re And leading basically that visitors, to future at a growth business year-over-year revenue. in XX% this thing the number is focus one of if that unique

Scott Wheeler

Yeah. course, more volume. adding platform still whole And, of is the

year coming on these we got up time ended business does and portfolio, have do not, of if Homesnap, revenue basis, rest which we’ve our to and guidance when remarkably And for to continue great work on aggregate issues well, Apartments. then we the want do. fortunately, that where obviously that slightly from is we a the New Ten-X holding, increasing an what people are the through you still

Operator

no showing am at this I over now questions the time. would turn conference further to I back Andy. to like

proceed. may You

Andrew Florance

Thank you.

for for us you So we quarter joining enthusiasm our appreciate hope call today. I abundance the you the second in drivers our growth share business. of

Real I to Thomas didn’t CoStar Homesnap And BizBuySell, all buy agents, for a process me our the well. CoStar As sales. traffic is is happening they’re value lead way call. residential and traction. Homes us of X sell growing give customers. are talk great to ads how primary happening wish and Apartments’ record we’ve traffic, to driving estate. well Ten-X Daily, doing puts LoopNet Manager, revenue for strong creating net discussed, Suite and share on rebound the have flow really in fantastic, record And gaining and Realla, fantastic position signature one well. we’re as in in their about the real hours day consumers more and transforming growth of Belbex, and a is revenue begin they’d of goal We Estate our time growing Land,

rate XXXX, second $X run the revenue run is billion of important second to our year. milestones. of towards half through the $X we overall. our marketplaces billion is to As reaching One rate of the annualized And move run of working end in we’re goal X by revenue we’re going our the

business amazing also we’re international through that addressable investments to right rates. our core renewal to amazing we’re our numbers. in residential on triple focused good larger building milestones our traffic some our clearly much business, way now but core But and evidenced on market opportunity working our expansion. growth, And strong in as So by

with look you. Thank third quarter safe. our meeting XX. then, call you again So we stay for forward in October until And to

Operator

you day. This concludes have call. participation conference Thank for a today’s your and wonderful

now disconnect. may You

CoStar (CSGP) 28 Jul 212021 Q2 Earnings call transcript