CoStar Group, Inc. (NASDAQ:CSGP) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 05:00 pm ET


CoStar Group, Inc. (NASDAQ:CSGP) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the CoStar Group's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

[Operator Instructions]. I would now like to hand the conference over to your speaker today, Sarah Spray, Investor Relations. Thank you. Please go ahead.

Sarah Spray

Thank you. Good evening and thank you all for joining us to discuss the second quarter 2020 results of the CoStar Group. Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Scott Wheeler, our CFO, I would like to review our safe harbor statement. Certain portions of the discussion today may contain forward-looking statements, including expectations for the third quarter and full year 2020.

Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause actual results to differ materially from such statements. Important factors that can cause actual results to differ include, but are not limited to, those stated in CoStar Group's press release issued earlier today and in our filings with the SEC including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, under the heading Risk Factors.

All forward-looking statements are based on information available to CoStar on the date of this call. CoStar assumes no obligation to update these statements whether as a result of new information, future events or otherwise.

Reconciliation to the most directly comparable GAAP measure to the non-GAAP financial measures discussed on this call including EBITDA, adjusted EBITDA, non-GAAP net income and forward-looking non-GAAP guidance are shown in detail in our press release issued today along with definitions for those terms.

The press release is available on our website located at under Press Room. As a reminder, today's conference call is being webcast and the link is also available on our website under Investors. Please refer to today's press release on how to access replay of this call.

And with that, I would like to turn over to our Founder and CEO, Andy Florance.

Andrew C. Florance

Thank you, Sarah. Good evening and thank you for joining us today for CoStar's second quarter 2020 earnings call. A caveat, I see a large thunderstorm rolling into my position, so if I get disconnected, Scott Wheeler, our CFO will pick up my script and deliver it, not quite as well as I do, but he'll muddle through.

So going into the second quarter, it has been one of the most difficult to predict quarters in my decades of experience. It'd be hard to ever imagine the scale of dislocation our country is experiencing. Yet, despite the challenges we face so far, our team here at CoStar Group has performed exceptionally well turning in one of our strongest quarters ever.

We grew revenue 16%, increased adjusted EBITDA 17%, set a record sales month, raised $2.7 billion in equity and debt into the equity and debt markets and acquired Ten-X all while working 100% from remote locations.

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