Recent CSGP transcripts
Associated CSGP filings
| Bill Warmington | Vice President, Investor Relations |
| Andy Florance | Founder, Director, President and Chief Executive Officer |
| Scott Wheeler | Chief Financial Officer |
| Sterling Auty | J.P. Morgan |
| Pete Christiansen | Citi |
| Ryan Tomasello | KBW |
| George Tong | Goldman Sachs |
| Jeff Meuler | Baird |
| Brett Huff | Stephens |
| Mario Cortellacci | Jefferies |
| Stephen Sheldon | William Blair |
Ladies and gentlemen, thank you for standing by and welcome to the CoStar Full Year and Fourth Quarter 2020 Group Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentations, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to your speaker today Mr. Bill Warmington. sir. ahead, go Please
Good discuss thank year the the results Angela. joining end all us of Group. to fourth CoStar evening you, you and for XXXX Thank quarter and
Andy and company's I today forward-looking Florance, quarter Scott Before the may year our would harbor contain our I outlook statements, for to CFO. call first of statement. the over Certain Wheeler, CoStar's and portions and Founder XXXX. turn expectations CEO full and review safe the like including to the discussion
many statements our with at are including net press quarterly costargroup.com other along and those detail are for Important Room. information, in shown to comparable but results information on events to Forward-looking non-GAAP the report guidance call. our our from The CoStar to Factors. assumptions, factors EBITDA, website in new available Form non-GAAP actual heading earlier these release statements on otherwise. that the risks, assumes annual or All this include, CoStar's financial press non-GAAP GAAP directly are this and with whether statements. forward-looking recent under involve measure most as uncertainties, on the located differ not EBITDA, today on estimates discussed limited date issued to SEC the result can measures of obligation most definitions adjusted to on subsequent Reconciliation a factors forward-looking no release on such terms. press available issued results of our cause update today future income Form differ the Press and and statements that CoStar to, Risk report in can filings XX-Q, under XX-K cause those actual including to in release materially based stated call is
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Well done, Bill.
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at Current While distressed above assets. seen and expected it's CMBS are XXXX. this of of now to difficult closure recession stage in timing are for rates the XXXX, amount and in the trending levels quantify last upwards increase
hundreds materialize for hundreds Our dollars the dollars to of next millions revenue three distressed of Ten-X. properties potential over billions of estimates indicate for potentially in implying will five of of years
and script section. Now of model. economy highlighted the I'm the CFO skip the strengths The going update challenges closer CoStar's XXXX business start of to of moving to my section
mission distinguished and in those record to outstanding double-digit LoopNet aggressively strong critical over products us to still call going revenue sheet in while investing opportunities. enabled and our and large Our this in investments. expansion Ten-X XXXX, subscription-based youthful, business simultaneously we to We're now going but the with to At I'm financial organic combined discipline deliver expect investments growth growth CFO. in successful our margin believe very results. multiple deliver In to balance Scott acquisition pursue point, we turn use Wheeler. the track
you Thank introduction. for that
You're welcome.
you, I march my Andy. vigor display and try as through today. youthful my I'll Thank comments
it financially sleep a bank, nightstand. new shiny much grade on investment billion So my both year strategically sitting for in a personally the was easier negative to leverage at great and a XXXX rating and I CoStar with $X.X and night find debt
scrambled February. certainly beat the that a we past in managed staged and this gave year pandemic we after Now great way to - we back back XXXX guidance original rally plans profit come the our
the and teams. value of all think our model, a our strength execution and the focus leaders the our of I compliment of business of it's great to product our
and the Of acquisitions throw typical course like CoStar way a along XXXX you exciting here in a feel starts few to in year Group.
providing add comments during I nor any mentioned will be business. excited Q&A the in to we're topic financial CoreLogic for his take our won't on But to session. questions any comments, potential this As Andy opportunities
the on onto color some So results.
So was revenue margins quarter. about the also the here, nicely in fourth Andy talked fourth quarter were in improved
continue our and over as by a third the $XX guidance that quarter the fantastic outperforming growth Apartments.com involves invest we've the support LoopNet. we began increased end million, our investments, will we and made which for the future later to grew to EBITDA up of year for which year in is this year and ended adjusted even marketing outcome marketing high the Our from
the adjusted and go million we fourth removed is quarter was extension settlement and Before charge or $XX net in sector income results, to noticed expenses. acquisition well year. our XXXX and proposed the is as includes the expenses. cost termination I EBITDA non-recurring cost earlier fourth as G&A one-time $XX through our related $XX.X quarter results payments we the of for include terminated that the This The million in for made our agreement. year RentPath terminated total share. as our purchase per million income the approximate that of our transaction recorded full charge The part million calculation of you fee the diluted A and year EBITDA income the as for related $XX.X for net charge $X.XX
a So little Suite will growth CoStar in We've onto and in performance sales projected we Suite and the continue. of seen bit expect we ahead expected in grew in fourth rates for both back services, which CoStar our what X% stronger the renewal X% year is quarterly than quarter sequential by October. revenue and in revenue
with passed growth quarter renewal latter in quarter outlook to for although the any Information occur Suite the difficult this for in X% X% X% services fourth STR the sequentially CoStar range of not We've of acquisition the expected which CoStar grew the most at year closed next Suite to to and impact get around economic of anticipate could the and growth of year. the the includes that first to environment quarter revenue expect comparables the The the rate XXXX part We assumed XXXX. strengthens we XX% the mid X% fourth in XXXX. increase significant is low revenue year we the point with representing throughout full our for XX% growth in if contract in increases year.
XXXX the Excluding in probably services and was fourth the for revenue quarter. information both in XXXX in line STR in year full with revenue
integrate that high levels our results As revenues real estate past we up Subscription in finally, business. of manager growth XX% XX% one-time for estate STR XXXX fourth the full were real and of into as we're in XXXX the increasing revenue in the move very and to quarter we CoStar. the encouraging products STR in implementations XXXX. results manager for remains year data work
towards range revenues subscriptions a XX% strong third the Andy the on sign of we quarter quarter took fourth CoStar year. approximately in while in XXXX. high year. We year value STR the in growth. another growth of Overall sector talked quarter not first of average STR Nevertheless all growth new information launching and of the operations the in up we year, know it XXXX. of in revenue fourth which at business during the sector the in in hotel cards to grew pricing XX% the all we sort US STR raise Revenue approximately increased XX% on the and with for starting revenue XX% per throughout as in STR sequentially the XXXX on increased and we number increased A and subscription of a XX% about around for as to Apartments increased our As the of work our The organic property some year. to as over products of to third in proved remain quarter XX%. the hotel in the the both did continuing property growth improving X% our the all positive customers and advertising room per over customers great and hospitality rate expect with fourth XXXX X% the revenue chin as services much up properties in X% up ad this down available quarter packages trade revenue by result in quarters continue The to revenues revenue double-digit had per XX% and fourth markets. we European XX% us XX% vital Retention is in in as to rates growth the year. as that
with the For XX% XX% over of XXXX, quarter to full business in XX% for in in sales I performance quarter. for revenue every to first growth a XX% the get approximately growing continued strong and and XX% we organically my growth year. a revenues alarm, it That see time expect Apartments goes was off
and quarter and and XX% full land the respectively. the XX% sector grew quarter Ten-X XX% including in dollar small full terms XXXX property of The for growth market in acquisition. exceed and fourth will on commercial the for growth We dollar expect the as we the revenue mid in the year was the Apartments efforts XXXX sectors. penetrating Organic impact continue property for both growth year focus to fourth revenue
in commercial for the a range both for Homesnap Organically for full expect acquisition. XX% Ten-X and to and we excluding property first year. revenue from revenue XX% and XXXX, the land For total growth the of quarter
We was the full growth signature XX% ad XX% revenue expect revenue growing full XX% of full for stronger basis. than of the growth for on and approximately year ever quarter. LoopNet year. in The the year XXXX XX% fourth a
growth grew the in market a the sharply particular by around small of to The continue revenue places was first and revenue our market against expect the comparisons. at were small year. with year-over-year for Revenue XXXX. in business plays growth XXXX rates single the quarter land and essentially fourth XX% in flat in LoopNet pandemic in impacted digits tougher XX% business at on quarter around to We XX%
of pro and lands the business expect in year-over-year in initial to strong forma rates both exceeding the XX% in acquisition. Both XXXX We Ten-X revenue sale since marketplaces delivering million with revenue in year our growth recover $XX increases $XX and revenue the revenue a in positive estimates XXXX. quarter to finish to in fourth and of growth X% delivered million range.
- by of the revenue had approximately acquisition Now years years declined three per Ten-X $XX prior each to million of year.
the investment yet so conditions, revenue seasonality volumes the as about. revenue to for from is first for quarter-to-quarter well and to fourth Historical as transactional quarter. Andy one historical Ten-X seasonality transaction lower the integration data point metric fluctuate see economic our expect on but First in the positive not talked nature trend quarter of depending own Due indicates the a as initiatives. Ten-X we and far promising in volumes stronger in Ten-X typically
we pricing turnout acquisition with Our XXXX both we've result $XX that in quarter. up revenue. comprised rate XXXX. advertising handful to the completed million Homesnap We two-thirds around have of owned starts are Ten-X company our the the assumed $XX revenues not forecast to is making first into XXXX, commercial Ten-X what card distressed sale not December or and in approximately XX% XXXX. making revenue. we year revised I Homesnap cautious property did any for subscription see in days from and million relatively in our the this to revenue the of family Homesnap With business. of but forecast include late the how having land revenue outlook from our until our addition latest for advertising lift built assumes the of material investments for the marketing for net property consider approximately volume of
moving million the be revenue around quarter. in around to year-over-year to of Homesnap which million $XX expected approximately in the invest of typical first and rate negative approximate XX% this of CoStar $X in our adjustments growth. are Homesnap is XXX and million of XXXX for Our absorb of as compensation We cost acquisitions the in Pro XXXX with benefit the $XX Homesnap revenue forecast little employees for the continue both over acquisition business type assumes contribution forma deferred growth we that Profit a XXXX. is plan.
points continue fourth for strong our our from revenue and and two-fold from great Our and improvements percentage gross reflection platforms quarter business overtime. deliver of margin model. can subscription This year in underlying points believe We XX% growth was year to we XX% is inherent in margin the four-fold over produce the percentage up last the a leverage XXXX.
end We Net the I to of for to mentioned approximately the XXXX around Homesnap by around one-time affected expect results with of as million income gross XXXX. to of quarter year in margin $XX.X $XXX charges margins RentPath. XX% year we of XX% includes as for fourth improving in $XX impacted million the tax add relating our was and the early the full and million which XX%
of Our guidance approximately quarter above outperformance and EBITDA quarter was result level $XXX $X million The the the revenue, came from in in Fourth the effective in high the XX% quarter adjusted fourth up our year our of of points $X.X XX% the million a exact range. XXXX that guidance percentage mid-point investment improved billion last tax fourth operating for we was full bad $XX certainly were year. Homesnap. in million deploying debt on buy EBITDA margin balances five positive range. was lower spending sign. and a rate Ten-X of end and XX% and of million be in quarter $XXX December improvements earlier marketing of and adjusted $XXX of Cash and adjusted as million The the approximately from was of our a for XXXX, XX, is personnel in EBITDA approximately which flow generated year of to fourth in $XXX XX% cash to welcome million cash almost resulting full above the and
if addition, do In Virginia religiously. in I following news you've lately been Richmond, which
net metric $XXX second in the quarter parcel of anything sales achieved the year. the Richmond perhaps of teams sublease of year for and land days. fourth growth or third a Onto of us of which following that organic purchased We our keep in purchases first in is the subscription future Richmond new our the to planned it's adjacent disruption in a saw Both location Apartments. XXXX. sequential model under calls. recovery the first our XXXX with hear in leave these are in of business that half XXXX. You'll performance current expansion have flipper. for of provide on quarter strong Richmond variety sales I'll emerging earnings solid noticed the in in I recently strength for that to for of The trending in won't rounding these Homesnap both million pandemic another for quarter until continued we along We and options very out future CoStar Building become we in we've expected a quarter our double-digit the the improvement sales strong sales great in digital track bookings efforts a new million investments and property marketing coming $XX purchased occupied quarters? businesses a in we should commercial include half
Our people third quarter the quarter the of that's end of at fourth around over people XX approximately increase quarter salesforce XX of an from from fourth XXX XXXX. and the of totalled XXXX, the people
team quarter. LoopNet in last sales fourth accounted the We continue growth to our out sales our most team in as for the of build dedicative discussed which quarter we
XXXX, of end fourth the up. XXXX see annual quarter largest are was renewal people QX. slightly the better LoopNet It's our CoStar at our perspective XXX sales back for the sales for renewal great XXX around of XXX than with to people, The on contracts rate XX% with organizations in and XX% people. with Apartments So moving sales sales
similar a saw this there last earlier in rate in to If rest now. year later the But [ph] least it sustained can we you recall be for at to deeper though of as were looks concerns drop recession. concerns more what those renewal
to five into or addition based. compared our XXXX renewal we If XXXX. is discuss XXXX annual is have XX% shorter subscriptions in fourth fourth been quarter. the five quarter the due Ten-X with revenue the in points for or in XX% on customers subscription fourth renewal longer who fourth line portfolio rate this the The on XX% contracts accounts years quarter the our subscribers approximately of The decline last as the include of first for in fact now approximately quarter is contracts such of three, renewal of percentage I'll six revenue with in XX% In was months for quarter XXXX. the Subscription year. essentially in third outlook of for the line of down our rate year. nine entirely revenue duration to quarter rate the
implies the in to an which midpoint for We XX% expect the XXXX revenue $X.XXX range year growth full year. of annual the rate billion $X.XXX billion of in in
an approximately which of I previously, of Ten-X On basis and full mentioned organic acquired which As at the mid-XXXX. includes end the our Homesnap Homesnap the outlook million for acquired $XX in we excluding XXXX. we year impact
the expect year to growth rates XX% is the as expected year for anticipate growth to of be and expect will Suite. XX% CoStar in around XXXX. full growth the organic XX% We improve for first lower quarter approximately in the low quarter rate sequentially the be to We to XX% we organic range this the finish Throughout year of XX%.
of quarter year-over-year of revenue range. million in first the $XXX the For XX% range revenue XXXX, $XXX midpoint of of growth the the we expect at million to representing
million over to margin adjusted the expect of full the of the range. range $XXX year an XX% little implies adjusted a at in of this midpoint EBITDA XXXX, $XXX EBITDA million we which For
XX.X% the adjusted approximately in a points in Excluding achieved our and expected of than adjusted both to basis to margins by we XXXX. over Homesnap, to revenue the margins EBITDA XXXX of the XX% EBITDA improve are compared EBITDA XXX adjusted little
acquisition opportunities points over to XX% little to over to our of year-over-year in as Ten-X the basis in the have marketing business. to plan underlying significant our XXX margins growth as well XXXX Homesnap. the LoopNet overall So are We investment improving prior XXXX increase in we in support both
significant increase an LoopNet in million XXXX. about million about. We marketing a invest obviously XXXX much acquisition increase for same little over we time just The is XXXX spend increased and When the expect a with along a you negative it, sale think brings talked focused now million approximately few our of the had we're cost profit aggressively $XX as the our in Homesnap would of of Ten-X scale like able increased drag improving net company of in expect of [Indiscernible] around this cost increasing the the have marketing ago more to our investments increasingly $XXX while in growth with ones profitability. total $XX margins. remaining years marketing of on Andy at future that
about the growth our XXXX, without amount in around the be For XXXX example in marketing which results. probably Apartments.com. our $XXX same that year-over-year into made back to acquisitions we of It's when million expense happens was recent investments launched accounting
will XXXX. contrast all time, XXXX, at enter we out and marketing close profit size new than only levels. may it we our in to wiped $XXX generate Group's in a not that decrease to sectors. the XXXX only adjusted significant of more advantage CoStar recall million But that By investment This make can You $XXX investment in million not we profit. will EBITDA is we did continue growth as same market
of quarter for million EBITDA the of expect and and margin first last first an approximately to in XX% We EBITDA the year. compared of adjusted quarter of $XXX to approximately XXXX XX% million between $XXX $XX million adjusted
EBITDA quarters typically lower quarter. increases of second adjusted slightly the year, terms quarter than first In expense expect In the timing of second of the our quarter the across EBITDA as in remaining significantly adjusted move spend the marketing tail is with the up end marketing fourth first back as expected increasingly the to year. be EBITDA of the third adjusted near level off expected quarter the is quarter above quarter to we
net full income million year share based In terms non-GAAP on expect $XX.XX of $XX.XX diluted shares. earnings, to XX.X we of
$X.XX of based quarter the non-GAAP in to XXXX, per expect the XX.X million on range income first share $X.XX of shares. diluted For we net
our million track in XXXX achieve run this the the now you navigate as updating opportunities while was and objectives believe ended the the Group. an XXXX. the the the EBITDA to of strengthening the over and many I significant, growth results truly profit revenue rear-view grade same completed for look Thank over Now, in turn our The company we're we're CoStar for strong amazing We $XXX you acquisitions let's CoStar our in revenue organic call I flow operating year year back can financial on revenue rate long-term sheet cash transform debt. year forward mirror. with environment. in adjusted in to pursuing XXXX. growth growth business. continuing double-digit investment certainly to both in with our for and the and of strategic and total we despite and the We both and the $X XXXX for and economic equity you. company we supporting acquisitions global Bill, margins ways and nearly pandemic on billion XX% represent firmly so balance uncertain year generated
you for session. can the issue ground exciting today's So question-and-answer rules fun and
before items Two Q&A the evening. this start Scott. we you, Thank
so or be Angela, for to one. participants, per taking will an questions one First, that any And question it a probing we CoreLogic. our assemble questionnaires insightful exceptionally about reminder would bid not acquire second, please the queue. you the make
Auty J.P. is from with [Operator the Morgan. Instructions] Sterling first our go ahead. line of question Please
actually So terms now you comfort for you're pedal what the in of is the business, that the investment the right the you on marketing that across can lift gives spending Apartments segment? time making that multi-family gas for the
million a on I a over some it down we're But pedal still we bit. would We're got we're easing million that. pretty very at firmly. We're there it, off pace. $XXX increasing say that the little not aggressive well there
to to say had three a down hard That's and LoopNet while. a Ten-X will in with portfolio we in Apartments.com bit the over ROI we pretty the need Ten-X think across to think So LoopNet. impactful investments we've anything net new But of balance investment Apartments.com. similar there years and whole more we the be a little the not investment but for negative two and into those next about pedal
with Citi. Your question Christiansen the from line go next ahead. Please is of Pete
you feeling are other are M&A out environment. there Are acquisitions? how CoreLogic are about about the of potential you assets of outside and obviously interest that potential feeling Andy, there valuations how the for
Sure.
deal other with other than There out $X.X there actually billion $X are we things engaged here. that So developing. or up and billion are that
a definitely directions are I going took valuations my in a at off things have scepticism I that's same supporting this all participate. - just thing is going of wow, right blocks have deals by I market not the on good say a They you're my already the of me that valuations building all work - the to - around so us. heck to comfortable certainly total that hat very, the there valuation. occurring similar But occurring. with, valuations they're there They're couple strategic usually that familiar the [indiscernible] and of kinds recently are of valuation. left the seen places very theme. The for I've some recently on have things not We only couple would are and theme said, addressable seen some and relative now
also long-term focused But field. well performing it is context in are place there there [indiscernible] small, relatively a their or their maybe some out have growth. frothiness So in on. out field real value There's that their doesn't we're there but
is ahead. with of next Please line KBW. go Ryan Your from Tomasello question the
existing I traffic Andy, lot intend question, I one cost into the you was a There's think residential for entering talk a key And on that space. how you audience user strategy portal to about But considering residential could the side? the you hoping there deeper can synergies can competitive Apartments.com the any agents build base is consumer help that competition provide? to existing that think traffic well What to strong obviously of build dive advantage in effectively branded there. bit bring do traffic space. is you consume your Homesnap's
obviously organic about we've reasons. not strategy - but We're position that not thinking there now been a Yes effectively. to is cost so, share building very that we're some pathway to thinking this we and a our believe traffic right of in and for build on competitive
that We scepticism build generally that. up that. we does years clearly space do had traffic can seven the done proven there's time, build doing we've try And mean not apartment time significant in this successful were Anytime think priority we've up made and space these traffic new ultimately more I in that traffic space that and entered and Zillow enter in we things through obviously build can we particular, to a you we that. after a time. things how into through I through happen you traffic overnight. know to build building these
and your in revenue investments fund model and to revenue marketplace continue will traffic sorry, is and considerations it that we Definitely take component can the we think we components how growing more revenue to about working is to where and Homesnap guarantees it it is of one on stuff. We'll we're we what And traffic actually get I want useful less we the I as two there's build I I we're on as model And but can give how or marketplace important think no you revenue in have grow a useful model clear telling make you this a can't conditions a strong that on build or success sell detail your other a to pretty it. that one if model in to likely. and ability or get home traffic? it. drag excited market. any your I'm looking at. of a think is existing those on these pretty and see There's But things you have view
ahead. is of the question George with line Sachs. from next Please Your Tong Goldman go
base property tier revenue do sell plus sustainable land in client growth much growth believe LoopNet in lands? tier continue this to quarter in acceleration LoopNet up with to saw penetrated step XX% and of you the how in higher organic ads and Commercial you guiding property is and How XXXX. your further you and in XX% higher ads as you're commercial organic
I appreciate I that really do. question. really
higher So is early on early, we these mean just I tier days it have ads. really
that So very standard with ad successful been placement. we've
which think have bringing advertising time site the I LoopNet LoopNet. In Apartments.com penetration. that's style out fully in first We into as high. began bring we've than markets CoStar some in higher is ads them aggressively penetrated We more potentially this. upselling too much just tiered But then focus Southern the began because we I developing LoopNet, and penetrated tier you X% doing we from might remember. year Florida, these We and less began acquired think information fact we're be In begun to really to out the last was levels separate we marketplace. too LoopNet, on XX%
LoopNet and components is, there's people doing moving. of properties I on. properly if are have top other want first penetration position for keeping One what eye But aggressively are the to or XX,XXX So and and prominence which have of this both level that an you really - moving. two into the that pay is we're those year move X,XXX have think we up is, to willing and that items you
for a comfortably or for long could a So decade it's more, we this long, that sustainable feel sustain time. I
Your next from Please go question line of with ahead. is Baird. the Meuler Jeff
Thanks. opportunity is, to is module just big opportunity like and the how when transition existing the for or upsell tenant how to of clients? the an uplift into suites going. you much typically of help item base that they comp still module see you up and revenue line Can that innovation etc? comps Suite, for is over much On tenant clients How that's size where do
Sure.
are it's into done give to in educated And And going Suite. when or CMBS powerful. should last a an But have order it's you probably and three we later, I'm have think give feel. do something four just opportunity going you Suite. XX%, I giving do I'm numbers typically are it these now the and to XX% in and I go the not doubling a So I the they're be for you, us that into you to numbers. this and as full international it believe the not precise of base anytime reflection guesstimate the on maybe coming we an we STR think think innovations is and equally that they time year. that on we another that that's bring as full to customer is
partial stop doesn't we - to it represent saves these it's well to we keep just these modules. lesser supporting brand doing to behind need leave actually As us solutions. time money - this, This our
And millions when more it's potential done. in comfortably. I think think think, revenues I importantly, I of So of it's the tens
I customer is the think happier.
appreciate don't - don't they they think they a just more and know have. I product much [indiscernible] what powerful
the Stephens. Huff is ahead. Please with go question next Brett Your line of from
My one question is, retention rate. Scott you the mentioned TTM
was of the of not as that that lot small as unpack tough business that. in a to large Is much spending That's the Thank what versus you last and Could XX there more? this that quarter us could think is lot gotten could you. It a give attention market? face in question quarter. out be CRE you lever we more it brokers thought? resilience maybe more? pretty paid I a obviously there in of that that said a going little a brokers Is we've a we XX comfort
out categories. beginning dropped the are the trickled that so of or off the to The size. bad also increase all time XX% in back to Brett. of were and by brokers bit little the quarter we with year. There renewal in the really that off year summer concerns has sure certainly down customer was rates type XXs in the Yes, second the brokers It customer customers from drop seeing five they anyone bottom the now part customer out where over these which was and debt. low increase we the - stabilized. as saw Large all you rates were stayed renewal sizes rates in and property really to the us. the recession well the from through into [indiscernible] closely we all all that in watched more went types recall, owner We six in at and was or if led went or at first last downturn was our as a last seeing customer small We're later year as in end that
like, those that picking stable sales a in feels rest are it So and operating way going out have our dropped are drop out were to the and up.
into and momentum of is think So is travel Direct good. good we that will XXXX. continue
go of is Mario question line next from Your ahead. Jefferies. with Please Cortellacci
can the with of even sort do I Maybe think of some just last And wanted the during room you GDP or there cycle, Is or on making QX being back to that? in actually to about more and ramping year economic was a of going on that retention success for pushed talk just the of with some sustainable in year less to that based a you frozen, thought less based or you QX in more [indiscernible]. the with your see, guys that XXXX. of it decision lot activity is the beat XXXX sales more in half and into maybe right continue your maybe even was guide
pandemic both and then will customer perspective. continued from there's response there going one We adoption and When the levels longer-term clearly accelerating. in XXXX traffic we mid stick that in online saw then especially a sales I with the marketplaces from in effectiveness think that a there's effect in record that our perspective the sales assumed, experience the to and
there's effectiveness can of certainly use eyeballs, that hit online Clearly customers online our the So advertising our big are there's effectiveness year. more the media tour in the to more and to properties.
and sale they actually effectively customer them more customers Zoom to through NPS more and professionally effective [indiscernible] generate effectiveness their On same with meetings connect side before. of year. it the throughout salesforce our Allowing working. high maintain in scores and our remote than per produce to able thousands sales have Apartments.com prospects other person They and the our
momentum we into LoopNet our building will with or out salesforce the marketplace. increase, see we're So either going property of year. we we the those in have translation don't in to backing [ph] trends of end midmarket our separate effects see of as space the at either build and LoopNet the next salesforce down into then the we which this those year growth we starting and the IO as same come
I think see we're still the same selling force and until strength that built to marketplace going speed. is as that momentum products year have we'll salesforce and same full throughout to the CoStar up the building LoopNet that well LoopNet
I us, the bright we sales lot our marketing certainly is to as good of a assume. with So behind I add have a bit LoopNet efforts of think and momentum future
Nathan take with And out make doesn't it it we'll Ten-X. [ph] it,
comes question Sheldon ahead. final of Blair. go from line your William with And the Stephen Please
to second XXXX supply of guess side. had any momentum investing Have not you or bidders? seen yet sales see Ten-X, distressed you have side more I upside? talked half any of On bringing the you in with up distress what you on in related you the any terms pick property then XXXX in in supply update the be activity Ten-X, momentum And and about potential on the assumed heavily on that in would
question second so with first. starting the Okay,
- doesn't distressed, happen. any property to will anymore, their return work Especially it We will LTV sheet doesn't pickup that doesn't that point have anymore as income folks at work and normalcy not just some possible their that anymore. work assumed a maybe calculate,
be could So I think - our in actually are June. that closed forecast. there we so it's but in We not
Yes.
been long. So it hasn't
the beers with sell and any jumped So the I my to And of this on demand results. I you was we both guys beginning first lot it's feet on expect the really a a other we're that's early wandering drinking bit side movement really just got in turn build. because really to side supply two the multi-family into component and that just bit. to a chatted through to front balls really we're because chipping Ten-X neighbour in and now neighbour We saw hello the day to how kind number he bidders to sold away, I little expect that I bought of bidders. many love just stopped with we blown them. had with of was really properties was fact their golf the lawn. had. four [Indiscernible] didn't and they say surprised he a
think a neighbour. visiting was actually I he
side. But of making in slower. think in we're that's brokerage So people. a - I some supply He's will that tell that marketing XXXX with going the to what will story big get the around. He's drive That's absolutely gets firm around.
Ten-X broad auction the the side. lot the value, about it. a That campaigns Ten-X sell reach So will it. media it. supply of Don't it. don't
hundreds are numbers in of having the while fantastic the use we players can they're on the bring prizes. and compelling. the in gamification performance and be them sales hope and those will that Our winning supply educate some product platform very of demonstrations to we of Also where fun side thousands as
of bring and side educate the I first they're the about side. drive think the in Virginia to all number Richmond, drive as side. We're people. Ruggles to educating and to on talk Lisa educate a supply They the will when market the supply time to should massive that sales then people the supply that team property grow we the them opportunities going that Ten-X grow will they
progress So all and rate total of number both coming the the I of can for anecdotal non-scale showing market bidders and good together, that of we on and from going end trade report really are very to a on number hope by property there results if up the to is all each the superior XXXX, marketplace email those to blast vastly things offline community of that's and significant cases an almost because buyers you a is an network the aggregating in effect online marketplace. potential the kind huge get properties to
that's I supply what share I we like can the demand hope real progress we're going. close. what really July But on So side I'm we've year since with working where the next pleased and done just side and towards. it's
I to over the the call and us. here after work on So Ten-X some with is of more way Head stuff his think on
So anyhow.
is that the question think I probably last we had.
correct. is That
There call up we and more year-end call we earnings fourth things going to and developments extra I look today. wrap you And so calls certainly think the in quarter forward we more this I robustness updating Bill on in joining us apologize on. future near interesting Scott, and the and I can our few are for you for appreciate earnings certainly
this for participating. call. Ladies you conference and Thank gentlemen, concludes today's
lines. disconnect your may You now
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