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Mar 31, 2020
CoStar Q1 2020 Earnings Report
CoStar Group's Q1 2020 performance, marked by a 19% year-over-year revenue increase and strong net income, was driven by the company's successful transition to remote work and the mission-critical nature of its products.
Key Takeaways
CoStar Group reported a strong first quarter in 2020, with revenue increasing by 19% year-over-year to $392 million. Net income was $73 million, and adjusted EBITDA reached $124 million. The company successfully transitioned its operations to remote work and saw record traffic to its platforms.
CoStar Group's Q1 2020 revenues increased 19% year-over-year, reaching $392 million.
Net income for Q1 2020 was $73 million, with diluted earnings per share of $1.98.
Adjusted EBITDA for Q1 2020 was $124 million.
The company withdrew its full-year 2020 guidance due to the uncertainty caused by the COVID-19 pandemic.
Forward Guidance
The Company expects revenue for the second quarter of 2020 in the range of $387 million to $392 million, representing revenue growth of 13% compared to the second quarter of 2019 at the midpoint of the range. The Company expects adjusted EBITDA in a range of $110 million to $115 million for the second quarter of 2020, representing growth of 2% year-over-year at the midpoint of the range. We expect second quarter 2020 non-GAAP net income per diluted share in a range of $2.02 to $2.12 based on 36.8 million shares.
Positive Outlook
- Revenue for Q2 2020 is expected to be between $387 million and $392 million.
- Q2 2020 revenue growth expected to be 13% compared to Q2 2019 at the midpoint of the range.
- Adjusted EBITDA for Q2 2020 is expected to be between $110 million and $115 million.
- Q2 2020 adjusted EBITDA growth is expected to be 2% year-over-year at the midpoint of the range.
- Non-GAAP net income per diluted share for Q2 2020 is expected to be between $2.02 and $2.12 based on 36.8 million shares.
Challenges Ahead
- Full year 2020 guidance was withdrawn due to the rapidly changing environment and continued uncertainty resulting from the global impact of the pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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