Traffic to CoStar Group’s Marketplaces Grew
29% in the Fourth Quarter
CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of
commercial real estate information, analytics and online
marketplaces, announced today that revenue for the year ended
December 31, 2020, was $1.66 billion, an increase of 19% over
revenue of $1.4 billion for the full year of 2019. Revenue for the
fourth quarter ended December 31, 2020, was $444 million, an
increase of 19% over revenue of $375 million for the fourth quarter
of 2019.
Net income for the year ended December 31, 2020, was $227
million, or $5.93 per diluted share. EBITDA for the full year of
2020 was $406 million and includes one-time charges of $59.5
million related to the now terminated RentPath acquisition.
Excluding these one-time charges, EBITDA for the full year of 2020
was $466 million, an increase of 5% compared to EBITDA of $445
million for the full year of 2019. Net Income, excluding the
one-time charges, was approximately $271 million, or $7.08 per
diluted share.
Adjusted EBITDA (which excludes stock-based compensation,
acquisition and integration related costs and other items as
described below) for the fourth quarter ended December 31, 2020,
was $167 million, an increase of 18% compared to adjusted EBITDA of
$142 million for the fourth quarter of 2019. Adjusted EBITDA for
the year ended December 31, 2020 was $553 million, an increase of
9% compared to adjusted EBITDA of $507 million for the full year of
2019.
“2020 was an exceptional year for CoStar Group in many ways,”
said Andrew C. Florance, Founder and Chief Executive Officer of
CoStar Group. “Following the initial pandemic disruption early in
the year, we demonstrated that our business is strongly
countercyclical as our sales rebounded strongly in the second half
of the year. In the fourth quarter, we delivered annualized net new
sales of $49 million, bringing our total sales bookings to over
$100 million in the second half of 2020. Revenue increased by over
a quarter of a billion dollars in 2020. I am particularly pleased
that CoStar Suite had its best sales quarter of 2020 in the fourth
quarter, more than doubling the third quarter sales level. Unique
visitors to our marketplaces increased by over 20% for the year and
by 29% in the fourth quarter as the pandemic led more people to
shop for real estate online. We raised $2.7 billion in the debt and
equity markets and completed the acquisitions of Ten-X, Emporis,
and Homesnap, and are well into developing additional important
acquisition opportunities – all while working remotely.”
“Apartments.com turned in its strongest performance since we
first launched the platform in 2015,” continued Florance, “with
revenues growing 22% to almost $600 million. Apartments.com net new
sales increased 35% for the year, network visits grew 20% to over 1
billion in 2020, and quality leads to our customers increased over
20%. We believe that our increased investment in marketing for
Apartments.com in 2020 was a key driver in our performance and
produced outstanding results.”
The LoopNet marketplace network also had a record year, with
revenue growth of 20% in 2020 and average monthly unique visitors
of approximately 9.4 million in the fourth quarter of 2020, an
increase of 37% over the fourth quarter of 2019. Our highest ad
levels — gold, diamond, and platinum — are proving to be strongly
countercyclical, with revenue growing almost 50% in 2020 and net
new sales increasing 100% during the year. In 2020, we invested in
marketing and successfully accelerated Apartments.com growth. In
2021, we plan to significantly accelerate our investment in
LoopNet’s marketing and sales force and believe we will similarly
accelerate LoopNet’s growth.
Year 2019-2020 Quarterly
Results - Unaudited
(in millions, except per share
data)
2019
2020
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Revenues
$328
$344
$353
$375
$392
$397
$426
$444
Net income
85
63
79
88
73
60
58
36
Net income per share - diluted
2.33
1.73
2.15
2.39
1.98
1.60
1.48
0.91
Weighted average outstanding shares -
diluted
36.6
36.6
36.7
36.7
36.8
37.7
39.4
39.4
EBITDA
113
94
113
125
100
109
108
88
Adjusted EBITDA
125
110
129
142
124
129
134
167
Non-GAAP net income
92
82
96
103
90
88
89
112
Non-GAAP net income per share -
diluted
2.53
2.23
2.61
2.82
2.44
2.34
2.26
2.85
Non-GAAP net income (which excludes amortization of acquired
intangible assets, stock-based compensation and other items as
described below) for the full year of 2020 was $380 million or
$9.91 per diluted share. Non-GAAP net income for the fourth quarter
of 2020 was $112 million or $2.85 per diluted share.
2021 Outlook
The Company expects revenue in the range of $1.925 billion to
$1.945 billion for the full year of 2021, representing growth of
approximately 17% year-over-year at the midpoint of the range. This
guidance includes an estimated 2021 revenue contribution from
Homesnap of approximately $50 million. We expect revenue for the
first quarter of 2021 in the range of $450 million to $455 million,
representing revenue growth of 15% year-over-year at the midpoint
of the range.
The Company expects adjusted EBITDA in a range of $640 million
to $650 million for the full year of 2021, an increase of 17% at
the midpoint of the range compared to 2020. Homesnap is expected to
have negative adjusted EBITDA of approximately $5 million for the
year. For the first quarter of 2021, the Company expects adjusted
EBITDA in a range of $140 million to $145 million.
We expect full year 2021 non-GAAP net income per diluted share
in a range of $10.83 to $11.03 based on 39.7 million shares. For
the first quarter of 2021, we expect non-GAAP net income per
diluted share in a range of $2.33 to $2.43 based on 39.5 million
shares. These ranges include an estimated non-GAAP tax rate of 25%
for the full year and the first quarter 2021.
The preceding forward-looking statements reflect CoStar Group’s
expectations as of February 23, 2021, 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, 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, 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 EST on
Tuesday, February 23, 2021 to discuss earnings results for the
fourth quarter and year ended 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/6192488 . 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 December
31,
Year Ended December 31,
2020
2019
2020
2019
Revenues
$
444,393
$
374,726
$
1,659,019
$
1,399,719
Cost of revenues
78,154
74,996
308,968
289,239
Gross profit
366,239
299,730
1,350,051
1,110,480
Operating expenses:
Selling and marketing (excluding customer
base amortization)
133,576
99,845
535,778
408,596
Software development
41,573
36,580
162,916
125,602
General and administrative
118,100
50,797
299,698
178,740
Customer base amortization
17,780
11,522
62,457
33,995
311,029
198,744
1,060,849
746,933
Income from operations
55,210
100,986
289,202
363,547
Interest (expense) income
(7,914)
3,439
(17,395)
16,742
Other (expense) income
(855)
9,880
(827)
10,660
Income before income taxes
46,441
114,305
270,980
390,949
Income tax expense
10,652
26,378
43,852
75,986
Net income
$
35,789
$
87,927
$
227,128
$
314,963
Net income per share - basic
$
0.91
$
2.42
$
5.97
$
8.67
Net income per share - diluted
$
0.91
$
2.39
$
5.93
$
8.60
Weighted-average outstanding shares -
basic
39,137
36,359
38,073
36,310
Weighted-average outstanding shares -
diluted
39,395
36,674
38,326
36,630
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 December
31,
Year Ended December 31,
2020
2019
2020
2019
Net income
$
35,789
$
87,927
$
227,128
$
314,963
Income tax expense
10,652
26,378
43,852
75,986
Income before income taxes
46,441
114,305
270,980
390,949
Amortization of acquired intangible
assets
24,784
17,406
88,132
55,352
Stock-based compensation expense
12,667
13,271
54,104
52,255
Acquisition and integration related
costs
65,892
3,651
92,523
6,679
Restructuring and related costs
—
—
413
3,054
Other (income) expense
—
(10,750)
113
(10,750)
Non-GAAP income before income taxes
149,784
137,883
506,265
497,539
Assumed rate for income tax expense *
25
%
25
%
25
%
25
%
Assumed provision for income tax
expense
(37,446)
(34,470)
(126,566)
(124,385)
Non-GAAP net income
$
112,338
$
103,413
$
379,699
$
373,154
Net income per share - diluted
$
0.91
$
2.39
$
5.93
$
8.60
Non-GAAP net income per share -
diluted
$
2.85
$
2.82
$
9.91
$
10.19
Weighted average outstanding shares -
basic
39,137
36,359
38,073
36,310
Weighted average outstanding shares -
diluted
39,395
36,674
38,326
36,630
* A 25% tax rate is assumed for 2020 and
2019, which approximates our statutory federal and state corporate
tax rate.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
Three Months Ended December
31,
Year Ended December 31,
2020
2019
2020
2019
Net income
$
35,789
$
87,927
$
227,128
$
314,963
Amortization of acquired intangible assets
in cost of revenues
7,004
5,854
25,675
21,357
Amortization of acquired intangible assets
in operating expenses
17,780
11,552
62,457
33,995
Depreciation and other amortization
8,249
6,524
28,812
25,813
Interest expense (income)
7,914
(3,439)
17,395
(16,742)
Other expense (income)
855
(9,880)
827
(10,660)
Income tax expense
10,652
26,378
43,852
75,986
EBITDA
$
88,243
$
124,916
$
406,146
$
444,712
Stock-based compensation expense
12,667
13,271
54,104
52,255
Acquisition and integration related
costs
65,892
3,651
92,523
6,679
Restructuring and related costs
—
—
413
3,054
Adjusted EBITDA
$
166,802
$
141,838
$
553,186
$
506,700
CoStar Group, Inc.
Condensed Consolidated Balance
Sheets - Unaudited
(in thousands)
December 31, 2020
December 31, 2019
ASSETS
Current assets:
Cash, cash equivalents and restricted
cash
$
3,755,912
$
1,070,731
Accounts receivable
119,059
96,788
Less: Allowance for credit losses
(15,110)
(4,548)
Accounts receivable, net
103,949
92,240
Prepaid expenses and other current
assets
28,651
36,194
Total current assets
3,888,512
1,199,165
Long-term investments
—
10,070
Deferred income taxes, net
4,983
5,408
Property and equipment, net
126,325
107,529
Lease right-of-use assets
108,740
115,084
Goodwill
2,235,999
1,882,020
Intangible assets, net
426,745
421,196
Deferred commission costs, net
93,274
89,374
Deposits and other assets
15,856
9,232
Income tax receivable
14,986
14,908
Total assets
$
6,915,420
$
3,853,986
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
15,732
$
7,640
Accrued wages and commissions
80,998
53,087
Accrued expenses
110,305
38,680
Income taxes payable
16,316
10,705
Lease liabilities
32,648
29,670
Deferred revenue
74,851
67,274
Total current liabilities
330,850
207,056
Long-term debt, net
986,715
—
Deferred income taxes, net
72,991
87,096
Income taxes payable
25,282
20,521
Lease and other long-term liabilities
124,223
133,720
Total liabilities
$
1,540,061
$
448,393
Total stockholders’ equity
5,375,359
3,405,593
Total liabilities and stockholders’
equity
$
6,915,420
$
3,853,986
CoStar Group, Inc.
Condensed Consolidated
Statements of Cash Flows - Unaudited
(in thousands)
Year Ended December 31,
2020
2019
Operating activities:
Net income
$
227,128
$
314,963
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
116,944
81,165
Amortization of deferred
commissions costs
60,516
53,421
Amortization of senior notes
discount and issuance costs
1,658
876
Non-cash lease expense
26,326
22,748
Stock-based compensation
expense
53,450
52,255
Deferred income taxes, net
(11,530)
8,220
Credit loss expense
25,212
10,978
Other operating activities,
net
288
105
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(36,118)
(5,014)
Income taxes payable
10,352
(577)
Prepaid expenses and other current
assets
1,936
(14,244)
Deferred commissions
(64,355)
(66,688)
Other assets
1,762
(648)
Accounts payable and other liabilities
100,846
17,751
Lease liabilities
(30,497)
(25,442)
Deferred revenue
2,188
7,911
Net cash provided by operating
activities
486,106
457,780
Investing activities:
Proceeds from sale and settlement of
investments
10,259
—
Purchases of property and equipment and
other assets
(48,347)
(46,197)
Cash paid for acquisitions, net of cash
acquired
(426,075)
(437,556)
Net cash used in investing activities
(464,163)
(483,753)
Financing activities:
Proceeds from long-term debt
1,744,210
—
Payments of debt issuance costs
(16,647)
—
Payments of long-term debt
(745,000)
—
Repurchase of restricted stock to satisfy
tax withholding obligations
(38,867)
(27,577)
Proceeds from equity offering, net of
transaction costs
1,689,971
—
Proceeds from exercise of stock options
and employee stock purchase plan
30,280
25,080
Other financing activities
(1,650)
(1,657)
Net cash provided by (used in) financing
activities
2,662,297
(4,154)
Effect of foreign currency exchange rates
on cash and cash equivalents
941
442
Net increase in cash, cash equivalents and
restricted cash
2,685,181
(29,685)
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
$
3,755,912
$
1,070,731
CoStar Group, Inc.
Disaggregated Revenues -
Unaudited
(in thousands)
Three Months Ended December
31,
2020
2019
North America
International
Total
North America
International
Total
Information and analytics
CoStar Suite
$
160,842
$
7,896
$
168,738
$
154,152
$
7,107
$
161,259
Information services
27,048
6,930
33,978
24,318
5,030
29,348
Online marketplaces
Multifamily
160,370
—
160,370
130,168
—
130,168
Commercial property and land
81,129
178
81,307
53,846
105
53,951
Total revenues
$
429,389
$
15,004
$
444,393
$
362,484
$
12,242
$
374,726
Year Ended December 31,
2020
2019
North America
International
Total
North America
International
Total
Information and analytics
CoStar Suite
$
634,205
$
30,530
$
664,735
$
590,222
$
27,576
$
617,798
Information services
104,117
25,953
130,070
76,950
11,496
88,446
Online marketplaces
Multifamily
598,555
—
598,555
490,631
—
490,631
Commercial property and land
265,225
434
265,659
202,264
580
202,844
Total revenues
$
1,602,102
$
56,917
$
1,659,019
$
1,360,067
$
39,652
$
1,399,719
CoStar Group, Inc.
Results of Segments -
Unaudited
(in thousands)
Three Months Ended December
31,
Year Ended December 31,
2020
2019
2020
2019
EBITDA
North America
$
88,241
$
125,457
$
410,852
$
451,699
International
2
(541)
(4,706)
(6,987)
Total EBITDA
$
88,243
$
124,916
$
406,146
$
444,712
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
Q4
Net income
$85.2
$63.2
$78.6
$87.9
$72.8
$60.4
$58.2
$35.8
Income tax expense
12.5
16.8
20.3
26.4
5.6
16.9
10.7
10.7
Income before income taxes
97.7
80.0
98.9
114.3
78.4
77.3
68.9
46.4
Amortization of acquired intangible
assets
13.2
12.2
12.5
17.4
17.5
21.0
24.9
24.8
Stock-based compensation expense
12.0
13.8
13.1
13.3
15.2
9.5
16.7
12.7
Acquisition and integration related
costs
0.2
0.5
2.3
3.7
8.7
10.0
7.9
65.9
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
149.8
Assumed rate for income tax expense *
25%
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)
(37.5)
Non-GAAP net income
$92.4
$81.5
$95.7
$103.4
$89.8
$88.3
$89.2
$112.3
Non-GAAP net income per share -
diluted
$2.53
$2.23
$2.61
$2.82
$2.44
$2.34
$2.26
$2.85
Weighted average outstanding shares -
basic
36.2
36.3
36.3
36.4
36.5
37.5
39.2
39.1
Weighted average outstanding shares -
diluted
36.6
36.6
36.7
36.7
36.8
37.7
39.4
39.4
* A 25% tax rate is assumed for 2020 and
2019, which approximates our statutory federal and state corporate
tax rate.
Reconciliation of Net Income
to EBITDA and Adjusted EBITDA
2019
2020
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Net income
$85.2
$63.2
$78.6
$87.9
$72.8
$60.4
$58.2
$35.8
Amortization of acquired intangible
assets
13.2
12.2
12.5
17.4
17.5
21.0
24.9
24.8
Depreciation and other amortization
6.5
6.5
6.3
6.5
6.8
7.0
6.8
8.2
Interest (income) expense
(4.2)
(4.7)
(4.4)
(3.4)
(1.7)
3.6
7.5
7.9
Other (income) expense
—
(0.5)
(0.3)
(9.9)
(0.8)
0.4
0.3
0.9
Income tax expense
12.5
16.8
20.3
26.4
5.6
16.9
10.7
10.7
EBITDA
$113.2
$93.5
$113.0
$124.9
$100.2
$109.3
$108.4
$88.3
Stock-based compensation expense
12.0
13.8
13.1
13.3
15.1
9.5
16.7
12.7
Acquisition and integration related
costs
0.2
0.5
2.3
3.7
8.7
10.0
7.9
65.9
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
$166.9
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 Year Ending
Ending March 31, 2021
December 31, 2021
Low
High
Low
High
Net income
$
64,000
$
70,000
$
313,000
$
324,000
Income tax expense
11,000
12,000
89,000
92,000
Income before income taxes
75,000
82,000
402,000
416,000
Amortization of acquired intangible
assets
24,000
24,000
92,000
92,000
Stock-based compensation expense
17,000
16,000
68,000
66,000
Acquisition and integration related
costs
7,000
6,000
12,000
10,000
Non-GAAP income before income taxes
123,000
128,000
574,000
584,000
Assumed rate for income tax expense *
25
%
25
%
25
%
25
%
Assumed provision for income tax
expense
(30,800)
(32,000)
(144,000)
(146,000)
Non-GAAP net income
$
92,200
$
96,000
$
430,000
$
438,000
Net income per share - diluted
$
1.62
$
1.77
$
7.88
$
8.16
Non-GAAP net income per share -
diluted
$
2.33
$
2.43
$
10.83
$
11.03
Weighted average outstanding shares -
diluted
39,500
39,500
39,700
39,700
* A 25% tax rate is assumed, which
approximates our statutory federal and state corporate tax
rate.
Reconciliation of
Forward-Looking Guidance, Net Income to Adjusted EBITDA
Guidance Range
Guidance Range
For the Three Months
For the Year Ending
Ending March 31, 2021
December 31, 2021
Low
High
Low
High
Net income
$
64,000
$
70,000
$
313,000
$
324,000
Amortization of acquired intangible
assets
24,000
24,000
92,000
92,000
Depreciation and other amortization
9,000
9,000
32,000
32,000
Interest and other expense, net
8,000
8,000
34,000
34,000
Income tax expense
11,000
12,000
89,000
92,000
Stock-based compensation expense
17,000
16,000
68,000
66,000
Acquisition and integration related
costs
7,000
6,000
12,000
10,000
Adjusted EBITDA
$
140,000
$
145,000
$
640,000
$
650,000
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.
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. Homesnap is an
industry-leading online and mobile software platform that provides
user-friendly applications to optimize residential real estate
agent workflow and reinforce the agent-client relationship. CoStar
Group’s websites attract tens of millions of unique monthly
visitors. Headquartered in Washington, DC, CoStar maintains offices
throughout the U.S. and in Europe, Canada and Asia with a staff of
over 4,600 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, and sales; 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 acquisition opportunities do
not continue to develop or that any completed acquisitions do not
produce the expected results; the risk that the Company’s
investment plans change or that those investments do not produce
the expected results, including accelerated growth; the risk that
revenues for the first quarter and full year 2021 will not be as
stated in this press release; the risk that Homesnap revenues for
2021 differ from expectations; the risk that net income for the
first quarter and full year 2021 will not be as stated in this
press release; the risk that adjusted EBITDA for the first quarter
and full year 2021 will not be as stated in this press release; the
risk that Homesnap adjusted EBITDA for 2021 differs from
expectations; the risk that non-GAAP net income and non-GAAP net
income per diluted share for the first quarter and full year 2021
will not be as stated in this press release; and the risk that the
tax rate estimates stated in this press release may change. 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 Reports on Form
10-Q for the quarters ended March 31, 2020, June 30, 2020, and
September 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210223006069/en/
Scott Wheeler Chief Financial Officer (202) 336-6920
swheeler@costar.com Bill Warmington Vice President Investor
Relations (202) 346-5661 wwarmington@costar.com
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