‘Wow’ earnings for Apartments.com parent
22 Feb 2017
It was a “wow!” year for CoStar Group Inc., the parent of Apartments.com.
The company grew its EBITDA in FY2016 to $215 million U.S., more than double the $90 million in FY2015. And other numbers, while not quite as impressive, were also pretty remarkable.
Revenue grew 18 percent from $712 million in FY2015 to $838 million in FY2016. Q4 revenue grew 13 percent year-over-year, to $218 million. CEO / founder Andrew C. Florance said the company expects to reach $1 billion in revenue in FY2018 with a 40 percent margin during Q4 of that financial year.
“Our investments in Apartments.com also produced outstanding results, with multifamily, net new bookings up over 60 percent in the fourth quarter of 2016 year-over-year,” the company’s earnings release said.
In addition to Apartments.com, CoStar (Nasdaq: CSGP) operates Apartamentos.com, a Spanish-language site it launched earlier this month; ApartmentFinder.com, and a large real estate data research business employing hundreds of economists. It competes with RentPath, which operates Rent.com, Apartment Guide (print and online), Lovely.com and other sites.