For our next question, we have Mayank Tandon from Needham. We are seeing more and more of these sales professionals put up impressive sales results in both LoopNet and CoStar simultaneously. For investment-grade apartment buildings, three to five star with 100 units plus average rents as started 12% from 1,464 unit in Q3 '20 to $1,634 in Q3 '21. In fact, I believe we have a big product release Thursday or Friday of this week, if you want to check out some of the incremental upgrades at the end of the week. Overall, I'm extremely pleased with the strong performance of Apartments.com marketplace and sales team and have increasing confidence in our ability to return to 20% revenue growth. Sterling Auty -- JPMorgan Chase & -- Analyst. For Ten-X effort and for the mid-market Apartments effort and for the LoopNet effort, I am looking at a centralized effort. The site reached their record 10 million unique monthly visitors in March. What has been the feedback from customers on the transition over to the global solutions package? Total revenue for the second quarter of 2021 grew 21%. Any preliminary thoughts on investment spending for '23 for residential? Actually, they look at it as a decrease in price. So we are holding off, driving a lot of activity in there until we can do that. Good evening. By SeekingAlpha on April 27, 2022. We're working with this on RPA, the agency we used to produce the excellent Apartments.com work to produce this upcoming campaign. Apartments.com processed $891 million in rental payments in the first quarter, up 27% from the first quarter last year. But I think that could happen in the next quarters. I'm thrilled with what's happening in Homesnap. If the plaintiffs in this case or other similar cases succeed, this could have a significant adverse effect on residential marketplaces that rely primarily on broker sharing commission revenue models. Pete, your line is open. And lately, they've been relatively smaller deals. Our expectation for full year 2022 residential revenue remains unchanged at $73 million. We've generated $55 million more revenue in the past quarter than we did in the same quarter. So at this point, what we're focused on with Residential is growing our selling operation of Homesnap. Total costs in the third quarter were lower than our forecast as a result of investment spending levels in our residential products. Residential revenue decreased 22% overall for the third quarter of last year as expected due to the runoff of the acquired nonstrategic revenue from Homes.com. The global hospitality industry is finally seeing an encouraging recovery driven primarily by leisure travel in the United States. Third-quarter adjusted earnings were $3.95 per share, beating the $3.18 average estimate of 24 analysts polled by Bloomberg. And then how much price is being baked into the 2021 guide for CoStar Suite? For the full year of 2021, we have revised our outlook to include the previously announced adjusted EBITDA loss of $15 million for Homes.com along with an incremental $25 million of investment in our residential business that Andy mentioned. With 60,000 apartment buildings on the platform, we have now reached an all-time high for participation. Approximately half of the revenue in the second half of 2021 in Other Marketplaces is from Ten-X. So we don't have -- we aren't really identifying clear-cut different trends from one market to another. We still have a lot of head of work. For our next question we have George Tong from Goldman Sachs. So we appreciate you joining us for our third quarter call today and as we move toward the end of 2021, I can't believe that we're actually doing that but here we are, we're working toward two important short-term milestones. Market-beating stocks from our award-winning analyst team. So for everyone out there, one question per participant, please. The uneven recovery of the hospitality industry continued in the third quarter but STR's revenue continue to grow at an impressive 13% year-over-year. In April, we released the first international version of CoStar. Did Apple Just Spell Doom for This Rare-Earth Elements Stock? The growth in the number of bidders is key because when there are three or more bidders in the auction, there is an 85% probability of transaction -- transacting and that's an excellent number that draws properties to our network. You're looking at -- we lost the first part of the question there. The effective tax rate includes an incremental impact of around 10% related to a modification to our international tax structure. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Revenue for CoStar was $213 million in the third quarter, representing a 17% increase over the same quarter a year ago on a constant currency basis. Before STR, CoStar Suite had minimal data on hotels. That campaign generated 58 million impressions of high impact creative across a variety of direct media partners, social media channels, as well as programmatic video and display partners. It's been hard to build sales forces effectively during this whole thing. In Capital Markets, total transaction volume in Q2 2021 increased and actually exceeded Q2 2019's levels. The investment is split roughly in two between marketing costs and additional technology and content generating resources. Once integrated, we plan to provide agents with instant access to manage their listings on Homes.com view and respond to inquiries, collaborate with clients and provision sophisticated digital marketing campaigns. So maybe you can just talk about what timing looks like there? On my math, I'm getting you guys kind of near $70 million or so of Ten-X, but I'm curious about kind of how to size up that opportunity over time. So you could get some leverage coming out of this, timing uncertain? The rate card reduction on high-value properties we implemented in the first quarter this year is clearly working. The rate card further segments our prices with larger communities that are receiving more value, commensurately paying higher rates. So when we bought Apartments.com 5, 6 years ago, they were generating I believe, sub 20 leads per property per month, maybe 10 to 15. Last March, as you know, we quickly evacuated all of our offices and our staff moved to safely work from home. I think that I believe that as people go into the churn as people have to migrate back to where they were before to return to work. This strength in turn is fueling a broad-based recovery across the commercial real estate sector, with cash in the bank, plenty of accrued vacation time and vaccination cards in hand, leisure travel is driving a recovery in the hospitality sector. The LoopNet revenue increased 17% in the third quarter, marking the twelfth straight quarter of double-digit revenue growth. This was partially driven by our biggest marketing quarter of the year or we developed -- where we delivered 3.5 billion media impressions in the quarter. And yesterday, I was looking at a traffic chart that compared Apartments.com and Homes.com in the first 18 months after we began rebuilding them, and they matched perfectly. In total, we expect to more than double the size of our mid-market sales force by the end of the year. The growth is primarily due to the addition of the Homes.com sales team, the majority of which we have deployed to sell Homesnap products and mid-market apartments products. But I think that as it evolves and we can talk more with analysts and investors about the progress we're making and the vision we have for it. So, probably more than you're asking for, but a couple of thoughts. But the fundamental marketplace is super strong, and we're hitting the things we're trying to hit with that right now. And David, when you look at where we are now on the bookings, like we said, the CoStar LoopNet sales force produced its highest level for quite some time. We are continuing to see good progress in our penetration of the under 100-unit multifamily properties, both through our small mid-market sales team based in Richmond, Virginia and our self-service e-commerce offerings to our independent owners. Andrew C. Florance -- Founder, Director, President and Chief Executive Officer. On the international data opportunity, how important are these commercial marketplaces, Realla and Belbex, now the recent one in France, to your overall data gathering capabilities in these markets to pull back into the global CoStar data platform. LoopNet third quarter revenue was $59 million, up 13% over the prior year on a constant currency basis. Once again, the CoStar LoopNet sales team knocked it out of the park for the quarter. And as you go into residential, that's a pretty big theme with a lot of opportunities. Now, in addition, we are increasing the content on Homes.com to give consumers expanded options to find a place to live. He stressed how much we valued our relationship and how much he appreciates the great work we're doing for them. Thanks, Pete. There is almost $200 trillion of real estate in the world, and leading that effort to digitize it can unlock massive value. Welcome to the Q2 2021 CoStar Group Earnings Conference Call. But certainly looking back to that era, the Apartments.com required a ton of marketing investment, I think it was $150 million in its first year. CoStar Suite had its best net new sales quarter since 2019 and we appear to be moving past the pandemic disruption. And we have no further questions at this time. We plan to launch CoStar Suite in Montreal in Francais this summer and CoStar Suite in Madrid in Espanol later in this year. aren't we had? STR's Solid performance in spite of the challenging macro backdrop affirms the critical nature of STR's data of the hospitality industry. We're accelerating that growth rate dramatically. With strong sales momentum and an improving economic backdrop for advertising on Apartments.com, we now expect multifamily revenue growth of 16% in the fourth quarter and 10% for the full year of 2022. No one could have believed it. Two weeks ago, we announced a very important new partnership with the Real Estate Board of New York or REBNY to create Citysnap, the first-ever consumer-facing search website and mobile app for New York City's residential listing service are connected to that unique fleet of data of the agents maintained. At this point, the way commercial real estate works that's kind of silly, because 30%, 40% of your clients are coming in from out of town. [Operator Instructions]. Our subscription revenue was up 10% compared to the trailing 12-month revenue prior to the acquisition. So the beginning, early stage of pandemic, you saw spikes and say like, secondary, tertiary say in like in Richmond or San Diego, and you saw vacancies rise in markets like New York, then you see in New York shoot up and occupancy levels down in Vegas. And if we're more successful with adding salespeople that know how to do it and if the trend with the existing large CRE sales force, they keep on selling both CoStar and LoopNet, yes, we'll get some good acceleration. In the second quarter 2019, CoStar Group total revenue was $344 million, up 16% year-over-year. The third quarter 2021 trade rate remained strong at 71%, which we believe is about twice the average trade rate for offline traditional property sales. The capital markets have rebounded on the back of strong portfolio of trading activity and a return of large national buyers. Historically, we have sold CoStar on a module basis offering clients modules covering basic property information, comparable sales, tenant information and various geographical modules covering cities, states or countries. Your lines open. For our next question, we have John Campbell from Stephens Incorporated. We believe that we have many, many years of growth ahead for Apartments.com just through new client acquisition. So the growth we're seeing right now is on target, but it's still early days. So right now, if you watch squat bikes, you might see Ten-X ads. *Stock Advisor returns as of February 24, 2021, Bill Warmington -- Vice President, Investor Relations. We believe there is additional room to accelerate that growth rate of Homesnap. I expect a significant increase in distressed properties in the quarters to come. Our nationwide ad campaign has delivered over 12 billion media impressions and led to an all-time high in consumer brand awareness. And yeah, it'd be really odd if occupancy rates went higher. campaign we ran from February through March of this year targeted brokers and owners in an effort to elevate the LoopNet brand to top of their mind. Of the almost 1,300 clients, we surveyed in the third quarter who upgraded or had a conversation about upgrading, about 2/3 gave us a net promoter score of 9 or 10. Total gross merchandise value sold in the third quarter increased 92% year-over-year. Accordingly, the combined revenue of CoStar and LoopNet was also above our forecast in the second quarter. Two weeks ago, we announced our agreement to acquire Homes.com, the next incremental step in building out our differentiated residential strategy. CoStar Group, Inc. (NASDAQ:CSGP) Q1 2022 Earnings Conference Call April 26, 2022 5:00 PM ET. Certain portions of the discussion today may contain forward-looking statements including the company's outlook and expectations for the second quarter and full year 2021. Your next question comes from David Chu of Bank of America. In the next few months, we'll complete all those integration efforts of Ten-X, enabling significant scale efficiencies. The Apartments.com network continues to make tremendous traffic gains as consumers view our advertising and experience our site. Do you want to add anything to that, not really? Please go ahead. CoStar lender is progressing as anticipated with plans for a full release in the first quarter of 2022. Our residential sales strategy should not be impacted as we are focused on a property advertising model. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and CoStar Groupwasn't one of them! The favorability is a combination of slower ramp ups in hiring and slightly lower marketing costs in the quarter. The intention of this campaign running through the rest of the year across broad-based media is to continue to elevate the LoopNet brand and increase brand awareness. If you ever think about the new job creation numbers, you might -- people might be expecting 208,000 new jobs this month. Andy Thomas -- President, CoStar Real Estate Manager. Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar -- 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 quarterly report on Form 10-Q under the heading Risk Factors. For the second quarter, we expect revenue in the range of $465 million to $470 million representing revenue growth of 18% year-over-year at the midpoint of the range. 10 stocks we like better than CoStar GroupWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Part of this reduction is actually a modification of how we count direct sales. But it's a multi-year effort and the first component is generally software, which doesn't really show up as anything terribly visible to the analysts or shareholders. Fourth quarter adjusted EBITDA is expected in the range of $161 million to $166 million for an adjusted EBITDA margin of around 32%. We're very excited to see 3D people here in our office. Overall, it feels like the heat economy is driving solid demand for CoStar Suite. In mid-October, CoStar further broadened its international coverage with the launch of the Montreal market, the 18th largest city in North America by population. Please go ahead. This full year range implies a fourth quarter revenue range of $498 million to $503 million, representing revenue growth of 13% year-over-year at the midpoint of the range. The campaign also serves as a message to the commercial real estate audience that LoopNet is a high-value marketplace, connecting premier properties with the most valuable tenants and investors. According to him, we are the single greatest source of leads for his communities and helped them have an amazingly successful year. We delivered another strong set of results this quarter with revenue, adjusted EBITDA and sales bookings all growing in the strong double digits. Given all the dry powder that you guys are still holding, I'm just wondering how we should think about the potential timing, maybe even sizing of deals over the next 12 months? Overall, we remain highly confident in our ability to continue to deliver double-digit organic growth revenue for many, many years to come. For the next question we have Jeff Meuler from Robert Baird. And then to your point, you recall last year, we had the surge in the second quarter of sales in apartments to these record levels given the pandemic. This strategy is similar to Bloomberg's successful comprehensive non-module offering strategy. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. As the new pricing begins to layer into the revenue every month, we expect revenue growth rates to continue to increase into 2022. CoStar Group last released its earnings data on July 26th, 2022. Subscription revenue on annual contracts accounted for 77% of our revenue in the second quarter, a decrease of 1% from the last quarter as a result of adding Homes.com to our metric. Goldman Sachs Raises Price Target on CoStar Group to $102 From $92, Reiterates Buy Rati.. President, Chief Executive Officer & Director. I think it's typically seasonally weaker in Q3 than Q2, which was the case this quarter. We also have other contributors now like Homesnap and Real, Manager, Thomas date lands are all cranking. We look forward to talking to you again. 53% of survey respondents said they will move by winter. And then in terms of peak efficiency, they probably start to get up to -- I think that LoopNet Apartments probably we would expect them to climb up at about 18 months to sort of full production level and Ten-X might be 24 months. We also believe that third-party lead analysis shows that our leads convert to leases at significantly higher rates than any of our competitors. So thank you for the opportunity. Thank you. Thank you all for joining us for CoStar Group's fourth quarter 2018, and year-end earnings call. Given that we are still very early with relatively low market penetration in this opportunity, we continue to hire aggressively and have increased the sales force by 26% since the end of last year. Our team did an outstanding job and though it was difficult, they all made it work for our clients, our shareholders and one another. Following the sale, the director now owns 20,734 shares of the company's stock, valued at approximately $1,636,327.28. We've added over 50 new sellers so far this year and plan to continue to expand both in the U.S. and internationally. We believe that this revenue, while it's good revenue, is less strategic, less durable and just playing less of it than the potential revenue generated by a potentially successful high-intent marketplace like Homes.com.