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Jun 30, 2020
CoStar Q2 2020 Earnings Report
CoStar's revenue increased by 16% year-over-year, reaching $397 million for the quarter ended June 30, 2020.
Key Takeaways
CoStar Group reported a 16% increase in revenue to $397 million for Q2 2020. Net income was $60 million, or $1.60 per diluted share, and adjusted EBITDA increased by 17% to $129 million. The company experienced record sales in June and saw increased traffic to its Apartments.com and LoopNet marketplaces.
Revenue for the quarter ended June 30, 2020, was $397 million, up 16% year-over-year.
Net income for Q2 2020 was $60 million, or $1.60 per diluted share.
Adjusted EBITDA for Q2 2020 was $129 million, a 17% increase year-over-year.
The company had 62 million monthly unique visitors on its platforms, a 13% increase over Q1 2020.
Forward Guidance
CoStar Group expects revenue in the range of $1.63 billion to $1.64 billion for the full year 2020 and between $415 million and $420 million for Q3 2020. Adjusted EBITDA is expected to be in the range of $515 million to $525 million for the full year 2020 and between $120 million and $125 million for Q3 2020.
Positive Outlook
- Company expects revenue in the range of $1.63 billion to $1.64 billion for the full year of 2020, representing growth of approximately 17% for the year.
- Revenue for the third quarter of 2020 is expected in the range of $415 million to $420 million, representing revenue growth of 18% year-over-year at the midpoint of the range.
- Adjusted EBITDA in a range of $515 million to $525 million for the full year of 2020, an increase of 3% at the midpoint of the range compared to 2019.
- For the third quarter of 2020, the Company expects adjusted EBITDA in a range of $120 million to $125 million.
- Full-year 2020 non-GAAP net income per diluted share in a range of $9.22 to $9.42 based on 38.3 million shares.
Challenges Ahead
- Uncertainty surrounding the impact of the COVID-19 pandemic.
Historical Earnings Impact
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