Property / The Latest Financial News from CoStar Group
The Latest Financial News from CoStar Group
by Victoria Haviland
Leading commercial real estate data, analytics, and online marketplaces platform, CoStar Group, Inc., has released financial numbers ended September 30, 2020.
Key Highlights include:
Revenue was $426 million (up 21% year-over-year).
Net income was $58 million/$1.48 per diluted share.
Adjusted EBITDA, excluding stock-based compensation, acquisition, and integration-related costs, was $134 million (up 3% year-over-year).
Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group commented:
"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."
He also commented on website traffic levels as they have hit record numbers for the third consecutive quarter.
When it comes to acquisitions, CoStar has been busy. Most recently, the company agreed to acquire German international commercial real estate data and images provider, Emporis, in a move to spread its own offerings throughout Europe.
The latest news from CoStar is that it is currently in talks with CoreLogic, Warburg Pincus, and GTCR about a possible takeover. The company revealed in a statement:
"CoreLogic today confirmed it is engaging with third parties indicating preliminary interest based on public information in the potential acquisition of the company at a value at or above $80 per share."
A meeting to further discuss this agreement will take place later next month.
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Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.
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