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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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