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CoStar
🇺🇸 NASDAQ:CSGP
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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.

Total Revenue
$392M
Previous year: $328M
+19.3%
EPS
$0.24
Previous year: $0.25
-4.0%
EBITDA
$100M
Previous year: $113M
-11.5%
Adjusted EBITDA
$124M
Previous year: $125M
-1.2%
Gross Profit
$313M
Previous year: $257M
+21.6%
Cash and Equivalents
$1.93B
Previous year: $1.23B
+56.4%
Total Assets
$4.68B
Previous year: $3.55B
+32.0%

CoStar

CoStar

CoStar Revenue by Segment

CoStar Revenue by Geographic Location

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.
  • The rapidly evolving economic environment creates risk factors.
  • There are uncertainties and assumptions discussed in the release and in the company's quarterly reports.
  • Actual results may differ materially.
  • The company does not intend to update its forward-looking statements until its next quarterly results announcement.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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