CoStar Group Third Quarter 2018 Revenue Grows 23% and
Net Income Increases 72%Year-over-Year
WASHINGTON - October 23, 2018 - CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended September 30, 2018, was $306 million, an increase of 23% over revenue of $248 million for the third quarter of 2017.
Net income for the quarter ended September 30, 2018, increased $25 million to $59 million or $1.61 per diluted share compared to $34 million for the third quarter of 2017, an increase of 72%. Non-GAAP net income (defined below) for the quarter ended September 30, 2018, which excludes one-time costs associated with the acquisition of ForRent and other items, was $79 million or $2.16 per diluted share, an increase of $33 million or 70% versus the third quarter of 2017. Company-wide net new bookings were $40 million in the third quarter of 2018, an increase of 16% year-over-year.
“We achieved another excellent quarter of revenue growth, with exceptionally strong margin expansion,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “We surpassed $300 million in revenue in the third quarter and generated $110 million of adjusted EBITDA - both high water marks for the Company. We are confidently on our way to surpassing our goal of 40% adjusted EBITDA margin for the fourth quarter of 2018. I am particularly pleased with our strong sales growth given our team’s year-to-date focus on converting over 7,100 customers to the Apartments.com network.”
Florance continued, “Our Multifamily team has done an excellent job successfully integrating ForRent. We completed the combination of the ForRent.com website with the CoStar database in September, making ForRent the fastest ILS integration we have ever done. Our combined ForRent and Apartments.com sales team will now focus on expanding our Apartments.com customer base in the months ahead.”
Year 2017-2018 Quarterly Results - Unaudited
(in millions, except per share data)
Net income per share - diluted
Weighted average outstanding shares - diluted
Non-GAAP net income
Non-GAAP net income per share - diluted
The following information was filed by Costar Group Inc (CSGP) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: CSGP CIK: 1057352 Form Type:10-Q Quarterly Report Accession Number: 0001057352-18-000115 Submitted to the SEC: Wed Oct 24 2018 4:28:22 PM EST Accepted by the SEC: Wed Oct 24 2018 Period: Sunday, September 30, 2018 Industry: Business Services