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Costar Group Inc (CSGP) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Costar Group Inc

CIK: 1057352 Ticker: CSGP


Exhibit 99.1

newcostargroupa23.jpg

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)
 
2017
 
2018
 
 
Q1
Q2
Q3
Q4
 
Q1
Q2
Q3
 
 
 
 
 
 
 
 
 
Revenues
$
227

$
237

$
248

$
254

 
$
274

$
297

$
306

Net income
22

22

34

44

 
52

44

59

Net income per share - diluted
0.68

0.68

1.04

1.22

 
1.44

1.20

1.61

Weighted average outstanding shares - diluted
32.6

32.7

32.8

36.1

 
36.4

36.5

36.5

 
 
 
 
 
 
 
 

EBITDA
55

44

73

66

 
70

64

91

Adjusted EBITDA
64

54

84

78

 
84

85

110

Non-GAAP net income
34

28

46

45

 
60

60

79

Non-GAAP net income per share - diluted
1.05

0.86

1.41

1.25

 
1.65

1.66

2.16






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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Inside Costar Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Changes In Stockholders??? Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
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Acquisitions , Schedule Of Identified Assets And Liabilities Assumed (Details)
Acquisitions , Schedule Of Pro Forma Information (Details)
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Fair Value (Details)
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Investments (Tables)
Investments, Available-For-Sale Securities (Details)
Investments, Scheduled Maturities And Realized Gains And Losses (Details)
Long-Term Debt
Long-Term Debt (Details)
Organization
Organization (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers , Commissions (Details)
Revenue From Contracts With Customers , Contract Assets (Details)
Revenue From Contracts With Customers , Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers , Disaggregated Revenue (Details)
Revenue From Contracts With Customers , Performance Obligations (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Segment Reporting, Assets And Liabilities (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies , Debt Issuance Costs (Details)
Summary Of Significant Accounting Policies , Effect Of New Accounting Standard (Details)
Summary Of Significant Accounting Policies , Foreign Currency And Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Summary Of Significant Accounting Policies , Impact Of Adoption (Details)
Summary Of Significant Accounting Policies , Net Income Per Share (Details)
Summary Of Significant Accounting Policies , Recent Accounting Pronoucements (Details)
Summary Of Significant Accounting Policies , Revenue Recognition And Advertising Costs (Details)
Summary Of Significant Accounting Policies , Stock Based Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

Costar Group Inc provided additional information to their SEC Filing as exhibits

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

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