In Q3 2010, LoopNet has planned to meet with institutional investors in New York and Chicago among other locations and we will participate in the Pacific Crest Technology Leadership Forum in Vail, Colorado and in Morgan Keegan's Technology Conference in New York. We hope to see you at these events, but we will also make webcasts of our presentations available on the Investor Relations section of LoopNet’s website.I would now like to bring the following to your attention. On the call today, you may hear forward-looking statements about events and circumstances that have not yet occurred. Actual outcomes and results may differ materially from the expectations contained in these statements due to a number of risks and uncertainties. Please refer to the Company’s recent SEC filings at the SEC’s website at www.sec.gov for detailed discussions of the relevant risk and uncertainties. The company does not intend to update the forward-looking statements in this conference call, which are based on information available to us as of the date of this call. The press release distributed today that announced the company’s results is available on the company’s website at www. LoopNet.com in the Investor Relations section, under Financial Press Releases. The current report on Form 8-K furnished with respect to our press release is available on the company’s website in the Investor Relations section under SEC Filings and on the SEC’s website. You will also hear discussion of non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most comparable GAAP financial measures are contained in the press release distributed today and available on the Investor Relations section of the company’s website. Now, I will turn the call over to Rich Boyle, Chief Executive Officer and Chairman. Rich Boyle Thank you, Derek. I would like to welcome all of you to the LoopNet second quarter 2010 earnings call. On our call today, we will discuss our performance during Q2 2010, share with you our perspective on current conditions in the commercial real estate industry and discuss how these conditions are impacting our business.
We will also provide you with updates on a number of other important initiatives at the company, including an update on the progress we are making with new investments to expand the breadth and depth of services we provide to our customers. Following my prepared remarks and those of Brent Stumme, our Chief Financial Officer, we will be opening the line for questions.LoopNet delivered very strong results across the board in the second quarter and we made ongoing meaningful progress in developing key areas of our business for the future. We are increasingly confident that the first quarter of 2010 was an inflection point for our business as we moved past the worst of the cycle that began in August of 2007. Some of the key achievements from the second quarter that we would like to highlight are; exceeding the financial targets we set three months ago, increasing revenue year-over-year for the first time since the fourth quarter of 2008, increasing revenue sequentially at the fastest pace since the second quarter of 2008, increasing our base of premium members sequentially for the second consecutive quarter and only the second time since the third quarter of 2007, introducing initially in a beta release our new property research database service, signing a long-term expanded enterprise agreement with CB Richard Ellis which includes access to the new property research database service, advancing our efforts to integrate recent acquisitions, and continuing to accelerate our organic investment program to expand the breadth and depth of the services we provide to our customers. Revenue in Q2 of 2010 was $19.4 million compared to our guidance of $18.6 million to $18.8 million, and adjusted EBITDA was $7.2 million or $0.17 per share compared to our guidance of $6.4 million to $6.6 million. Our adjusted EBITDA margin for the quarter was 37.4%, which is above the high end of our stated target range for 2010 of low-to-mid 30s on a percentage basis.
While favorable timing issues on both the revenue and expense sides of the ledger aided us from a top line and margin perspective in the quarter, we think these better-than-expected results speak largely to the strength of our underlying business model, our financial discipline, increasing stabilization of industry conditions, and the ability of our team to execute. Equally important, several key operating and activity measures of our core business improved again in the quarter, many for the fourth consecutive time.Read the rest of this transcript for free on seekingalpha.com