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CoStar reports one of it's best financial quarter

Jul. 24, 2019 9:15 AM ETBy: Pranav Ghumatkar, SA News Editor
  • CoStar Group CSGP reports Q2 revenue of $343.76M (+15.7% Y/Y); with North America accounting for $334.6M (+16.1% Y/Y) of revenues & rest $9.2M (+5.7% Y/Y) from international revenues.
  • Q2 overall margins: Gross increased 165 bps to 79.1%; Operating declined 536 bps to 57.3%; EBITDA increased 555 bps to 27.2% & adj. EBITDA also increased 335 bps to 32%.
  • The Company had ~$1.3B in cash, equivalents and long-term investments, and no outstanding debt.
  • “We have achieved one of our best financial quarters in our history & generated highest company-wide net new bookings with $59M, an increase of 32% Y/Y. Apartments.com showed exceptional momentum, with Q2 sales bookings surging 122% Y/Y.” said Andrew C. Florance, Founder and CEO of CoStar Group.
  • Q3 2019 Outlook: Revenue of $350-354M growth of 15% Y/Y; Adj. EPS $2.44-2.52 & Adj. EBITDA of $123-127M.
  • FY 2019 Outlook: Revenue of $1.38-1.39B growth of 15%-16% Y/Y; Adj. EPS $10.00-10.14 & Adj. EBITDA of $498-505M.
  • Previously: CoStar Group EPS beats by $0.23, beats on revenue (Jul. 23 2019)

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