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MarketScreener Homepage  >  Equities  >  Nasdaq  >  CoStar Group, Inc.    CSGP

COSTAR GROUP, INC.

(CSGP)
  Report
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CoStar : Third Quarter 2020 Revenues Increase 21% Year-over-Year with Third Quarter Sales of $53 Million Increasing 53% Above Second Quarter 2020 Sales

10/29/2020 | 11:35am EST

WASHINGTON--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, 2020, was $426 million, an increase of 21% over revenue of $353 million for the third quarter of 2019. Net income for the third quarter of 2020 was $58 million, or $1.48 per diluted share. Adjusted EBITDA (which excludes stock-based compensation, acquisition and integration related costs and other items as described below) for the third quarter of 2020 was $134 million, an increase of 3% compared to adjusted EBITDA of $129 million for the third quarter of 2019.

'Our business delivered outstanding results in the third quarter, clearly demonstrating the mission critical nature of our information products and the strong countercyclical performance of our marketplaces. We delivered $53 million of company-wide net new sales bookings in the third quarter of 2020 with LoopNet reaching an all-time high sales quarter, increasing sales over 130% from the third quarter of 2019,' said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. 'For the third straight quarter we set record levels of traffic to our platforms, achieving 69 million monthly unique visitors in the third quarter, a 33% increase over the third quarter of 2019. It is evident that our online platforms and marketing investments are proving highly effective in the current environment.'

'Apartments.com continues to go from strength to strength,' continued Florance. 'Our third quarter sales increased 59% over prior year levels and revenue growth accelerated to 23% over the third quarter of 2019. As a result of our increased marketing investments, we are delivering a record number of quality leads to our customers. The result is that the largest property managers and apartment communities continue to shift more and more of their marketing dollars to Apartments.com, while reducing their levels of spending on other advertising networks.'

Yesterday afternoon, CoStar completed the acquisition of Emporis, a Germany-based provider of international commercial real estate data and images. With over 700,000 building records and 600,000 images, Emporis brings valuable research content from over 100 countries in every major region around the world, which the Company plans to integrate into the CoStar Suite international platform.

Year 2019-2020 Quarterly Results - Unaudited

(in millions, except per share data)

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Revenues

$328

$344

$353

$375

$392

$397

$426

Net income

85

63

79

88

73

60

58

Net income per share - diluted

2.33

1.73

2.15

2.39

1.98

1.60

1.48

Weighted average outstanding shares - diluted

36.6

36.6

36.7

36.7

36.8

37.7

39.4

EBITDA

113

94

113

125

100

109

108

Adjusted EBITDA

125

110

129

142

124

129

134

Non-GAAP net income

92

82

96

103

90

88

89

Non-GAAP net income per share - diluted

2.53

2.23

2.61

2.82

2.44

2.34

2.26

Non-GAAP net income (which excludes amortization of acquired intangible assets, stock-based compensation and other items as described below) for the third quarter of 2020 was $89 million or $2.26 per diluted share.

2020 Outlook

The Company expects revenue in the range of $1.644 billion to $1.650 billion for the full year of 2020, representing growth of approximately 18% for the year, and revenue for the fourth quarter of 2020 in the range of $429 million to $435 million, representing revenue growth of 15% year-over-year at the midpoint of the range.

The Company expects adjusted EBITDA in a range of $525 million to $530 million for the full year of 2020, an increase of 4% at the midpoint of the range compared to 2019. For the fourth quarter of 2020, the Company expects adjusted EBITDA in a range of $139 million to $144 million.

We expect full-year 2020 non-GAAP net income per diluted share in a range of $9.39 to $9.49 based on 38.3 million shares. For the fourth quarter of 2020, we expect non-GAAP net income per diluted share in a range of $2.34 to $2.44 based on 39.5 million shares. These ranges include an estimated non-GAAP tax rate of 25% for the full year and the fourth quarter 2020.

The preceding guidance does not include any operating results from the proposed RentPath acquisition.

The preceding forward-looking statements reflect CoStar Group's expectations as of October 27, 2020, including forward-looking non-GAAP financial measures on a consolidated basis, based on current estimates, expectations, observations and trends. Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, including uncertainties as a result of the COVID-19 pandemic and responses to it by, and the impact on, global economies, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Reconciliation of EBITDA, adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share to their GAAP basis results are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income, can be found within the tables included in this release.

Non-GAAP Financial Measures

For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company's financial condition and results of operations, please refer to the Company's latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before interest (expense) income and other (expense) income, loss on debt extinguishment, income taxes, depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before stock-based compensation expense, acquisition- and integration-related costs for pending and completed acquisitions, restructuring costs, and settlements and impairments incurred outside the Company's normal course of business.

Non-GAAP net income is a non-GAAP financial measure determined by adjusting GAAP net income attributable to CoStar Group for stock-based compensation expense, acquisition- and integration-related costs for pending and completed acquisitions, restructuring costs, settlement and impairment costs incurred outside the Company's normal course of business and loss on debt extinguishment, as well as amortization of acquired intangible assets and other related costs, and then subtracting an assumed provision for income taxes. In 2020, the Company is assuming a 25% tax rate in order to approximate our statutory corporate tax rate excluding the impact of discrete items.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. For periods with GAAP net losses and non-GAAP net income, the weighted average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Earnings Conference Call

Management will conduct a conference call at 5:00 PM EDT on Tuesday, October 27, 2020 to discuss earnings results for the third quarter 2020 and the Company's outlook. The audio portion of the conference call will be broadcast live over the Internet at investors.costargroup.com. To participate in the conference call, please register online in advance at http://www.directeventreg.com/registration/event/9987236. After registering, participants will receive dial-in information as well as a passcode and registrant ID. At the time of the call, participants will dial in using the numbers on the confirmation email and enter their passcode and ID, upon which they will be entered into the conference.

The webcast replay will also be available in the Investors section of CoStar Group's website for a period of time following the call.

CoStar Group, Inc.

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Revenues

$

425,620

$

352,808

$

1,214,626

$

1,024,993

Cost of revenues

77,865

71,172

230,814

214,243

Gross profit

347,755

281,636

983,812

810,750

Operating expenses:

Selling and marketing (excluding customer base amortization)

146,634

101,582

402,202

308,751

Software development

40,732

32,639

121,343

89,022

General and administrative

65,322

45,530

181,598

127,943

Customer base amortization

18,258

7,616

44,677

22,473

270,946

187,367

749,820

548,189

Income from operations

76,809

94,269

233,992

262,561

Interest (expense) income

(7,537

)

4,414

(9,482

)

13,304

Other (expense) income

(338

)

240

29

779

Income before income taxes

68,934

98,923

224,539

276,644

Income tax expense

10,748

20,304

33,200

49,608

Net income

$

58,186

$

78,619

$

191,339

$

227,036

Net income per share - basic

$

1.49

$

2.16

$

5.07

$

6.26

Net income per share - diluted

$

1.48

$

2.15

$

5.04

$

6.20

Weighted-average outstanding shares - basic

39,159

36,333

37,718

36,293

Weighted-average outstanding shares - diluted

39,401

36,652

37,970

36,615

CoStar Group, Inc.

Reconciliation of Non-GAAP Financial Measures - Unaudited

(in thousands, except per share data)

Reconciliation of Net Income to Non-GAAP Net Income

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Net income

$

58,186

$

78,619

$

191,339

$

227,036

Income tax expense

10,748

20,304

33,200

49,608

Income before income taxes

68,934

98,923

224,539

276,644

Amortization of acquired intangible assets

24,870

12,543

63,348

37,946

Stock-based compensation expense

16,730

13,139

41,437

38,984

Acquisition and integration related costs

7,887

2,287

26,631

3,028

Restructuring and related costs

413

806

413

3,054

Other expense

113

-

113

-

Non-GAAP income before income taxes

118,947

127,698

356,481

359,656

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(29,737

)

(31,925

)

(89,120

)

(89,914

)

Non-GAAP net income

$

89,210

$

95,773

$

267,361

$

269,742

Net income per share - diluted

$

1.48

$

2.15

$

5.04

$

6.20

Non-GAAP net income per share - diluted

$

2.26

$

2.61

$

7.04

$

7.37

Weighted average outstanding shares - basic

39,159

36,333

37,718

36,293

Weighted average outstanding shares - diluted

39,401

36,652

37,970

36,615

* A 25% tax rate is assumed for 2020 and 2019, which approximates our statutory corporate tax rate.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Net income

$

58,186

$

78,619

$

191,339

$

227,036

Amortization of acquired intangible assets in cost of revenues

6,612

4,957

18,671

15,503

Amortization of acquired intangible assets in operating expenses

18,258

7,586

44,677

22,443

Depreciation and other amortization

6,806

6,279

20,563

19,289

Interest expense (income)

7,537

(4,414

)

9,482

(13,304

)

Other expense (income)

338

(240

)

(29

)

(779

)

Income tax expense

10,748

20,304

33,200

49,608

EBITDA

$

108,485

$

113,091

$

317,903

$

319,796

Stock-based compensation expense

16,730

13,139

41,437

38,984

Acquisition and integration related costs

7,887

2,287

26,631

3,028

Restructuring and related costs

413

806

413

3,054

Adjusted EBITDA

$

133,515

$

129,323

$

386,384

$

364,862

CoStar Group, Inc.

Condensed Consolidated Balance Sheets - Unaudited

(in thousands)

September 30,
2020

December 31,
2019

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

3,867,805

$

1,070,731

Accounts receivable

119,219

96,788

Less: Allowance for credit losses

(14,205

)

(4,548

)

Accounts receivable, net

105,014

92,240

Prepaid expenses and other current assets

34,414

36,194

Total current assets

4,007,233

1,199,165

Long-term investments

-

10,070

Deferred income taxes, net

3,891

5,408

Property and equipment, net

127,280

107,529

Lease right-of-use assets

106,320

115,084

Goodwill

2,015,079

1,882,020

Intangible assets, net

414,608

421,196

Deferred commission costs, net

93,006

89,374

Deposits and other assets

15,102

9,232

Income tax receivable

14,806

14,908

Total assets

$

6,797,325

$

3,853,986

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

20,266

$

7,640

Accrued wages and commissions

63,341

53,087

Accrued expenses

54,753

38,680

Income taxes payable

256

10,705

Lease liabilities

31,494

29,670

Deferred revenue

75,001

67,274

Total current liabilities

245,111

207,056

Long-term debt, net

986,413

-

Deferred income taxes, net

97,022

87,096

Income taxes payable

21,114

20,521

Lease and other long-term liabilities

129,607

133,720

Total liabilities

$

1,479,267

$

448,393

Total CoStar, Inc. stockholders' equity

5,318,058

3,405,593

Total liabilities and stockholders' equity

$

6,797,325

$

3,853,986

CoStar Group, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

Nine Months Ended
September 30,

2020

2019

Operating activities:

Net income

$

191,339

$

227,036

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

83,911

57,235

Amortization of deferred commissions costs

45,017

39,189

Amortization of senior notes discount and issuance costs

1,082

657

Non-cash lease expense

18,801

16,369

Stock-based compensation expense

40,783

38,984

Deferred income taxes, net

6,812

13,288

Credit loss expense

21,395

7,458

Other operating activities, net

(12

)

-

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(34,131

)

(8,797

)

Income taxes payable

(9,838

)

7,784

Prepaid expenses and other current assets

4,145

(754

)

Deferred commissions

(48,704

)

(48,791

)

Other assets

1,521

(43

)

Accounts payable and other liabilities

47,341

7,664

Lease liabilities

(21,247

)

(19,787

)

Deferred revenue

7,123

12,525

Net cash provided by operating activities

355,338

350,017

Investing activities:

Proceeds from sale and settlement of investments

10,259

-

Purchases of property and equipment and other assets

(42,137

)

(44,162

)

Cash paid for acquisitions, net of cash acquired

(192,002

)

(13,721

)

Net cash used in investing activities

(223,880

)

(57,883

)

Financing activities:

Proceeds from long-term debt

1,744,210

-

Payments of debt issuance costs

(15,747

)

-

Payments of long-term debt

(745,000

)

-

Repurchase of restricted stock to satisfy tax withholding obligations

(34,051

)

(25,040

)

Proceeds from equity offering, net of transaction costs

1,689,971

-

Proceeds from exercise of stock options and employee stock purchase plan

28,169

22,970

Other financing activities

(1,650

)

(123

)

Net cash provided by (used in) financing activities

2,665,902

(2,193

)

Effect of foreign currency exchange rates on cash and cash equivalents

(286

)

(738

)

Net increase in cash, cash equivalents and restricted cash

2,797,074

289,203

Cash, cash equivalents and restricted cash at the beginning of period

1,070,731

1,100,416

Cash, cash equivalents and restricted cash at the end of period

$

3,867,805

$

1,389,619

CoStar Group, Inc.

Disaggregated Revenues - Unaudited

(in thousands)

Three Months Ended September 30,

2020

2019

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

158,235

$

7,753

$

165,988

$

149,187

$

6,826

$

156,013

Information services

26,357

6,817

33,174

17,382

2,089

19,471

Online marketplaces

Multifamily

155,184

-

155,184

125,707

-

125,707

Commercial property and land

71,128

146

71,274

51,508

109

51,617

Total revenues

$

410,904

$

14,716

$

425,620

$

343,784

$

9,024

$

352,808

Nine Months Ended September 30,

2020

2019

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

473,363

$

22,634

$

495,997

$

436,070

$

20,469

$

456,539

Information services

77,069

19,023

96,092

52,632

6,466

59,098

Online marketplaces

Multifamily

438,185

-

438,185

360,463

-

360,463

Commercial property and land

184,096

256

184,352

148,418

475

148,893

Total revenues

$

1,172,713

$

41,913

$

1,214,626

$

997,583

$

27,410

$

1,024,993

CoStar Group, Inc.

Results of Segments - Unaudited

(in thousands)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

EBITDA

North America

$

107,906

$

115,973

$

322,611

$

326,648

International

579

(2,882

)

(4,708

)

(6,852

)

Total EBITDA

$

108,485

$

113,091

$

317,903

$

319,796

CoStar Group, Inc.

Reconciliation of Non-GAAP Financial Measures with 2019-2020 Quarterly Results - Unaudited

(in millions, except per share data)

Reconciliation of Net Income to Non-GAAP Net Income

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Net income

$85.2

$63.2

$78.6

$87.9

$72.8

$60.4

$58.2

Income tax expense

12.5

16.8

20.3

26.4

5.6

16.9

10.7

Income before income taxes

97.7

80.0

98.9

114.3

78.4

77.3

68.9

Amortization of acquired intangible assets

13.2

12.2

12.5

17.4

17.5

21.0

24.9

Stock-based compensation expense

12.0

13.8

13.1

13.3

15.2

9.5

16.7

Acquisition and integration related costs

0.2

0.5

2.3

3.7

8.7

10.0

7.9

Restructuring and related costs

0.1

2.2

0.8

-

-

-

0.4

Other (income) expense

-

-

-

(10.8)

-

-

0.1

Non-GAAP income before income taxes

123.2

108.7

127.6

137.9

119.8

117.8

118.9

Assumed rate for income tax expense *

25%

25%

25%

25%

25%

25%

25%

Assumed provision for income tax expense

(30.8)

(27.2)

(31.9)

(34.5)

(30.0)

(29.5)

(29.7)

Non-GAAP net income

$92.4

$81.5

$95.7

$103.4

$89.8

$88.3

$89.2

Non-GAAP net income per share - diluted

$2.53

$2.23

$2.61

$2.82

$2.44

$2.34

$2.26

Weighted average outstanding shares - basic

36.2

36.3

36.3

36.4

36.5

37.5

39.2

Weighted average outstanding shares - diluted

36.6

36.6

36.7

36.7

36.8

37.7

39.4

* A 25% tax rate is assumed for 2020 and 2019, which approximates our statutory corporate tax rate.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Net income

$85.2

$63.2

$78.6

$87.9

$72.8

$60.4

$58.2

Amortization of acquired intangible assets

13.2

12.2

12.5

17.4

17.5

21.0

24.9

Depreciation and other amortization

6.5

6.5

6.3

6.5

6.8

7.0

6.8

Interest (income) expense

(4.2)

(4.7)

(4.4)

(3.4)

(1.7)

3.6

7.5

Other (income) expense

-

(0.5)

(0.2)

(9.9)

(0.8)

0.4

0.3

Income tax expense

12.5

16.8

20.3

26.4

5.6

16.9

10.7

EBITDA

$113.2

$93.5

$113.0

$124.9

$100.2

$109.3

$108.4

Stock-based compensation expense

12.0

13.8

13.1

13.3

15.1

9.5

16.7

Acquisition and integration related costs

0.2

0.5

2.3

3.7

8.7

10.0

7.9

Restructuring and related costs

0.1

2.2

0.8

-

-

-

0.4

Adjusted EBITDA

$125.5

$110.0

$129.2

$141.9

$124.0

$128.8

$133.4

CoStar Group, Inc.

Reconciliation of Forward-Looking Guidance - Unaudited

(in thousands, except per share data)

Reconciliation of Forward-Looking Guidance, Net Income to Non-GAAP Net Income

Guidance Range

Guidance Range

For the Three Months

For the Twelve Months

Ended December 31, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

58,000

$

66,000

$

250,000

$

258,000

Income tax expense

20,000

21,000

53,000

54,000

Income before income taxes

78,000

87,000

303,000

312,000

Amortization of acquired intangible assets

25,000

25,000

88,000

88,000

Stock-based compensation expense

15,000

13,000

56,000

54,000

Acquisition and integration related costs

5,000

3,000

32,000

30,000

Restructuring and related costs

-

-

400

400

Non-GAAP income before income taxes

123,000

128,000

479,400

484,400

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(30,600

)

(31,700

)

(119,900

)

(121,100

)

Non-GAAP net income

$

92,400

$

96,300

$

359,500

$

363,300

Net income per share - diluted

$

1.47

$

1.67

$

6.53

$

6.74

Non-GAAP net income per share - diluted

$

2.34

$

2.44

$

9.39

$

9.49

Weighted average outstanding shares - diluted

39,500

39,500

38,300

38,300

* A 25% tax rate is assumed, which approximates our statutory corporate tax rate.

Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA

Guidance Range

Guidance Range

For the Three Months

For the Twelve Months

Ended December 31, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

58,000

$

66,000

$

250,000

$

258,000

Amortization of acquired intangible assets

25,000

25,000

88,000

88,000

Depreciation and other amortization

8,000

8,000

29,000

29,000

Interest and other expense, net

8,000

8,000

17,000

17,000

Income tax expense

20,000

21,000

53,000

54,000

Stock-based compensation expense

15,000

13,000

56,000

54,000

Acquisition and integration related costs

5,000

3,000

32,000

30,000

Restructuring and related costs

-

-

400

400

Adjusted EBITDA

$

139,000

$

144,000

$

525,400

$

530,400

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK's most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group's websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.

This news release and the Company's earnings conference call contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar's plans, objectives, expectations, beliefs and intentions and other statements including words such as 'hope,' 'anticipate,' 'may,' 'believe,' 'expect,' 'intend,' 'will,' 'should,' 'plan,' 'estimate,' 'predict,' 'continue' and 'potential' or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: uncertainty surrounding the impact of the COVID-19 pandemic, including volatility in the international and U.S. economy, worker absenteeism or decreased productivity, quarantines or other travel or health-related restrictions; the length and severity of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic; government and private actions taken to control the spread of COVID-19; the risk that the trends stated or implied by this release or in the earnings conference call cannot or will not be sustained at the current pace or may increase or decrease, including trends related to revenue, net income, non-GAAP net income, EBITDA, adjusted EBITDA, site traffic and visitors, leads generated, sales, renewal rates, and brand awareness; the risk that the Company is unable to sustain current revenue, earnings and net new sales bookings growth rates or increase them; the risk that CoStar and Emporis cannot be combined successfully or that the acquisition does not produce the expected results; the risk that revenues for the fourth quarter and full year 2020 will not be as stated in this press release; the risk that net income for the fourth quarter and full year 2020 will not be as stated in this press release; the risk that adjusted EBITDA for the fourth quarter and full year 2020 will not be as stated in this press release; the risk that non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter and full year 2020 will not be as stated in this press release; the risk that the tax rate estimates stated in this press release may change; and the possibility that the acquisition of RentPath does not close when expected or at all. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, each of which is filed with the SEC, including in the 'Risk Factors' section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: CoStar Group, Inc.

Disclaimer

CoStar Group Inc. published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 16:34:12 UTC


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Financials (USD)
Sales 2020 1 649 M - -
Net income 2020 253 M - -
Net cash 2020 2 918 M - -
P/E ratio 2020 134x
Yield 2020 -
Capitalization 34 995 M 34 995 M -
EV / Sales 2020 19,5x
EV / Sales 2021 16,6x
Nbr of Employees 4 337
Free-Float 98,8%
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Mean consensus BUY
Number of Analysts 14
Average target price 947,69 $
Last Close Price 887,79 $
Spread / Highest target 12,6%
Spread / Average Target 6,75%
Spread / Lowest Target -15,3%
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Managers
NameTitle
Andrew C. Florance President, Chief Executive Officer & Director
Michael R. Klein Chairman
Scott T. Wheeler Chief Financial Officer
Frank A. Simuro Chief Technology Officer
Jason Butler Chief Information Officer
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