This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CoStar Group Grows Year-Over-Year Revenue 36% And EBITDA 49%

WASHINGTON, July 23, 2014 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the second quarter of 2014 was $147.7 million, an increase of approximately 36% over revenue of $109.0 million for the second quarter of 2013.

EBITDA in the second quarter of 2014 increased to $37.6 million compared to $25.3 million in the second quarter of 2013, which represents an increase of $12.3 million or 49% year-over-year. Adjusted EBITDA (defined below) was $45.3 million in the second quarter of 2014 versus $32.6 million in the second quarter of 2013, which is an increase of 39% year-over-year.

"In the second quarter of 2014, we closed our acquisition of Apartments.com, one of the leading internet apartment marketplaces," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "We are ahead of schedule and well on our way towards reaching three key goals with Apartments.com. We have achieved approximately $5.2 million in revenue synergies by converting 2,700 communities from indirect wholesale purchases to direct sales, which drove an overall 15% increase in our average revenue per apartment community. We have achieved approximately $5 million in annualized cost synergies. We also believe we have significantly improved the Apartments.com website which has resulted in a 27% quarter-over-quarter increase in leads generated for our clients. Overall, Apartments.com revenue growth accelerated to 16% year-over-year.

Florance continued, "Our LoopNet marketplace continues to show vibrant growth with 44.2 million profile views in the quarter, up 18% year-over-year. LoopNet revenues for the quarter were $27.5 million growing 6.2% over the prior quarter and LoopNet annual subscription revenue grew 148% year-over-year to $41.3 million in annualized revenue in the second quarter."

"The core CoStar U.S. product lines showed accelerating sales growth achieving $9.7 million of net new sales of subscription services on annual contracts which is an increase of 17% quarter-over-quarter and 6% year-over-year. Overall company-wide net new sales of subscription services on annual contracts totaled $16 million for the second quarter of 2014," stated Florance.

Year 2013-2014 Quarterly Results - Unaudited
(in millions, except per share data)
  2013 2014
  Q1 Q2 Q3 Q4 Q1 Q2
             
Revenues $104.0 $109.0 $112.3 $115.6 $119.1 $147.7
EBITDA 7.6 25.3 29.8 31.5 27.0 37.6
Net income (loss) (2.4) 8.3 11.1 12.8 9.7 8.2
Net income (loss) per share - diluted (0.09) 0.29 0.39 0.45 0.34 0.28
Weighted average outstanding shares - diluted 27.4 28.2 28.3 28.4 28.8 29.5
             
Adjusted EBITDA 25.7 32.6 37.7 40.8 37.0 45.3
Non-GAAP Net Income 13.0 17.2 20.2 22.2 19.8 23.5
Non-GAAP Net Income per share - diluted 0.47 0.61 0.71 0.78 0.69 0.80

"We raised $529 million in net proceeds in our successful equity offering to invest in the continued growth of the Company and to better position us for potential strategic acquisitions," added Florance.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs