Business
CoStar Group First Quarter 2020 Revenues Increase 19% Year-over-Year, with Net Income of $73 Million, EBITDA of $100 Million, and Cash Position of $1.9 Billion
WASHINGTON--(BUSINESS WIRE)-- CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online
About this update from Costar Group, Inc.
[{"type":"text","content":" WASHINGTON--(BUSINESS WIRE)--\nCoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended March 31, 2020, was $392 million, an increase of 19% over revenue of $328 million for the first quarter of 2019. Traffic to CoStar Group’s information and marketplace platforms, Apartments.com, CoStar, LoopNet, Lands of America, Realla, and Belbex reached record levels in the first quarter 2020 both individually and in aggregate with an average of 55 million total, monthly unique visitors, up from 49 million monthly unique visitors in the first quarter of 2019.\n\n\n“We are pleased with our very strong results in the first quarter of 2020,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “As with every business, the COVID-19 pandemic has upended our normal operations. The pandemic hit operations in CoStar’s Beijing office first giving us advance warning and some time to prepare to transition 100% of our North American and European operations to 100% digital remote work. We believe that 95% of CoStar Group’s staff have successfully transitioned to working remotely over the past six weeks at 90% productivity. We believe that our products remain mission critical to the vast majority of our clients as they deal with pandemic driven market disruptions.\"\n\n\nFlorance continued, “We generated Company-wide net new sales bookings of $48 million in the first quarter of 2020, which is an outstanding achievement given the unprecedented events in March. Demonstrating the value of our marketplaces, LoopNet had its best sales quarter ever and Apartments.com turned in its second-best sales quarter ever. As a result, we were able to achieve overall revenue growth of 19% in the first quarter of 2020, with Apartments.com growing revenue 20% and LoopNet revenues up 23% year-over-year compared to the first quarter of 2019.”\n\n\n\n\nYear 2019-2020 Quarterly Results - Unaudited\n\n\n\n\n\n(in millions, except per share data)\n\n\n\n\n\n \n\n\n \n\n2019\n\n\n \n\n2020\n\n\n\n\n\n \n\n\n \n\nQ1\n\n\n \n\nQ2\n\n\n \n\nQ3\n\n\n \n\nQ4\n\n\n \n\nQ1\n\n\n\n\n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n\n\n\nRevenues\n\n\n \n\n$328\n\n\n \n\n$344\n\n\n \n\n$353\n\n\n \n\n$375\n\n\n \n\n$392\n...