CoStar Group Sees 234% Rise in EBITDA

Florance cites “an excellent first quarter with strong revenue growth.”

WASHINGTON, DC—CoStar Group Inc. said Wednesday its first-quarter revenues rose 26% from a year ago to $200 million. Its year-over-year gains in EBITDA were even better, soaring 234% to $48 million. A key contributing factor in the Y-O-Y growth was the expansion of online marketplaces geared toward apartment rentals, which represented 25% of total revenue in Q1.

“We had an excellent first quarter with strong revenue growth and margin expansion,” says Andrew Florance, the company’s founder and CEO.  ”We continue to deliver strong sales as net bookings in the first quarter of 2016 were $30 million, up 47% compared to first quarter of 2015. Net new sales on annual subscriptions were $25 million in the first quarter of 2016, up 53% compared to first quarter of 2015.”