Florance stated: "We increased the organic revenue growth rate of LoopNet Premium Membership sales 140%, taking it from 5% in the fourth quarter of 2011 to 12% in the fourth quarter of 2012. From the third quarter to the fourth quarter of 2012, we also increased the average new sales price for LoopNet Premium Membership from $56 to $69 and reduced the cancellation rate from 6.1% to 5.6%. The fourth quarter 2012 cancellation rate for LoopNet Premium Membership is the lowest it has been since the third quarter of 2007."
"We expect the LoopNet cross-selling opportunity to continue to drive highly profitable double digit revenue growth for the foreseeable future. We believe that as we grow past the $100 million revenue quarter milestone we are well positioned to achieve our goal of exiting the fourth quarter of 2014 at an annual revenue run rate of $500 million with 30-35% margins," said Florance.
With the acquisition of LoopNet, CoStar Group now operates websites that have over 10 million unique monthly visitors in aggregate.
EBITDA (defined below) in the fourth quarter of 2012 was $20.5 million versus $11.0 million in the fourth quarter of 2011, which is an increase of 86% year-over-year. EBITDA for the year ended December 31, 2012 was $60.2 million which is an increase of 74% over EBITDA of $34.6 million for the full year of 2011. Adjusted EBITDA (defined below) was $25.1 million for the fourth quarter of 2012, which is an increase of 57% year-over-year. Adjusted EBITDA for the year ended December 31, 2012 was $86.4 million, up $29.5 million or 52% from $56.9 million for the full year of 2011.Non-GAAP net income (defined below) in the fourth quarter of 2012 was $12.6 million or $0.46 per diluted share, which represents an increase of $4.2 million or 50% year-over-year. Non-GAAP net income for the year ended December 31, 2012 was $44.4 million or $1.65 per diluted share, which represents an increase of 53% over non-GAAP net income of $29.1 million for the full year of 2011. Net income in the fourth quarter of 2012 was $4.7 million or $0.17 per diluted share and $9.9 million or $0.37 per diluted share for the year ended December 31, 2012.
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