Loading...
•
Sep 30, 2020
CoStar Q3 2020 Earnings Report
CoStar's Q3 2020 revenues increased 21% year-over-year, with third-quarter sales of $53 million, a 53% increase above second-quarter 2020 sales.
Key Takeaways
CoStar Group's Q3 2020 revenues reached $426 million, a 21% increase year-over-year. The company achieved record traffic to its platforms and strong sales growth in Apartments.com and LoopNet.
CoStar Group's Q3 2020 revenue increased by 21% year-over-year, reaching $426 million.
Net income for Q3 2020 was $58 million, or $1.48 per diluted share.
Adjusted EBITDA for Q3 2020 was $134 million, a 3% increase compared to Q3 2019.
Company-wide net new sales bookings reached $53 million in Q3 2020, with LoopNet sales increasing over 130% from Q3 2019.
CoStar
CoStar
CoStar Revenue by Segment
CoStar Revenue by Geographic Location
Revenue by Segment
Information Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company expects revenue in the range of $1.644 billion to $1.650 billion for the full year of 2020, representing growth of approximately 18% for the year, and revenue for the fourth quarter of 2020 in the range of $429 million to $435 million, representing revenue growth of 15% year-over-year at the midpoint of the range. The Company expects adjusted EBITDA in a range of $525 million to $530 million for the full year of 2020, an increase of 4% at the midpoint of the range compared to 2019.
Positive Outlook
- Full year 2020 revenue expected to grow approximately 18%.
- Q4 2020 revenue expected to grow 15% year-over-year.
- Full year 2020 adjusted EBITDA expected to increase 4% compared to 2019.
- Q4 2020 adjusted EBITDA expected in the range of $139 million to $144 million.
- Full-year 2020 non-GAAP net income per diluted share in a range of $9.39 to $9.49.
Challenges Ahead
- Uncertainty surrounding the impact of the COVID-19 pandemic.
- Risk that trends related to revenue, net income, and sales may not be sustained.
- Risk that CoStar and Emporis cannot be combined successfully.
- Risk that revenues for the fourth quarter and full year 2020 will not be as stated.
- Possibility that the acquisition of RentPath does not close when expected or at all.
Revenue & Expenses
Visualization of income flow from segment revenue to net income