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[Operator Instructions]. CoStar Group’s websites attracted an average of approximately 62 million unique monthly visitors in aggregate in the second quarter of 2020. Good evening and thank you all for joining us to discuss the fourth quarter and full year 2019 results for the CoStar Group.

Our focus on Ten-X right now is it's integrating the platforms. Our field sales force shortly thereafter sold 5 times the number of signature ads value in Q4 than they did in the quarter prior year. The happening there. Thank you. Here we go.

By contrast, RentPath was priced out and resorted to purchasing a volume of keywords such as apartments for rent under $500 in Los Angeles. A live audio webcast of the conference will be available in listen-only mode through the Investors section of the CoStar Group website: https://investors.costargroup.com. But don't get excited, because there's only tens of millions of opportunities down there in that segment. I'll now turn the call back over to presenters for closing remarks. That suggested the tenant is finding the property first and sharing it with their broker. Yes, always there to help. We have thousands of examples, suggesting that tenants now find their space on LoopNet. And I'm assuming that, that pent-up demand carried over into Q3. We anticipate our adjusted EBITDA margin for the fourth quarter of 2020 will be at or above the 38% adjusted EBITDA margin we achieved in the fourth quarter of 2019. Sarah Bowman Spray . Unfortunately we can't talk about booking or booking momentum in the first quarter until our first quarter conference call, which will be the third week or fourth week of April, Tuesday evening 5:00 PM and we'll be happy to update it then. LoopNet had the highest sales quarter ever in the third quarter as a result of all-time high traffic, improved marketing efforts and a strong effort by our combined CoStar-LoopNet sales team. So in terms of how we incent the CoStar sales force on LoopNet production, I will take a shot at that. Commercial property and land revenues grew 38% year-over-year in the third quarter of 2020, slightly ahead of our expectations. At this point, 84% of the team has achieved their first sales and 100% of the 1st October class is now selling. I'm just curious about Q3 new bookings. Durst wants to make sure that they have the biggest, most prominent presence on the Internet for the best building in Times Square. Now we'll look at some of our performance metrics for the quarter. To ask your questions during the session, you need to press star one on your. Our next question comes from Sterling Auty with JP Morgan. We'll build income and expense models that customers can use to build their assumptions on acquisitions, valuations or developments. Is it something that starts picking up in 2Q, 3Q and just building from there or is it more of a hump? Next question will come from the line of Mayank Tandon of Needham. The mission of the Ten-X platform is to sell the property faster, at the best price possible and with greater certainty of close. For the fourth quarter of 2020, we expect adjusted EBITDA in the range of $139 million to $144 million. That's 3% of the 350,000, five to 100 unit key units, are advertising. Apartments.com has enough budget resources, continuing to invest in these keywords and spread the cost out across a large customer base. And as you do that -- and then also, we're -- yes, so as we do that, we're making good progress there. Most of the improvement came from our higher revenue with some additional benefit in lower G&A costs than expected. In summary, we had a fantastic 2019 and we've set ourselves up for a great performance in 2020 and beyond. It was the largest third quarter ever recorded at CoStar, showing that apartment demand has simply been pent up during the first few months of the quarantine. In the third quarter of 2020, all of our businesses performed well and continued to be solid, resilient and showed the performance that we saw as we exited the second quarter. We will create our biggest digital presence targeting 2 billion impressions through display advertising and retargeting an increased presence on social media, making sure we're there whenever renters are online.

Good afternoon or evening Andy, Scott and Sarah. And then in the online travel world the OTA's like Bookings.com or Expedia has spent -- invested large sums of money to build direct traffic that are independent of Google intermediation.

While the CoStar sales team will continue to sell CoStar for the foreseeable future, we have named James Moon, a veteran Apartments.com leadership team, to Senior Vice President leading LoopNet sales. As we discussed earlier, given its crippling debt burden, RentPath was simply not able to buy enough traffic from Google or to build a consumer marketing brand to give their sites a recognizable brand. Scott Wheeler So that would be a pretty big change when an investment broker in London can see and compare a property in London or Edinburgh to a property in Toronto or Vancouver or New Mexico or Madrid. 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 CoStar’s Quarterly Report on Form 10-Q for the quarter ended March 31, 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). This flattening of prices around pre-COVID levels is consistent with what we're hearing from clients. The 2020 leasing season has simply been delayed, and higher vacancies and expensive, newly delivered product are an expanded opportunity set for Apartments.com to help owners to fill those units. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. It's important to building enough scale, that we can build more direct traffic to our sites that are not subject to Google price increases. So it puzzles me a little bit because I would have expected a higher default rate at this point for people paying their apartment right now. Brokers transact across multiple property types, local government deals with all kinds of property types. I expect that the questions at the end of this call will be similar to every prior call and that someone will rightfully ask where are you with merger and acquisitions. That's probably 10 times the price point or more that a Greystar is paying for 100-unit plus committee. Similarly, LoopNet revenue was up 19% year-over-year in the third quarter. But when we look at STR on a stand-alone basis, on a global enterprise they are growing around this 10% year-over-year, similar to what it was doing just before we bought it, and as you pointed out, we expect we'll be able to grow that revenue 20% or more. The tool will have enhanced portfolio analytics. Our third quarter adjusted EBITDA of $134 million was approximately $9 million above the top end of our guidance range.

The purchase accounting impacts to revenue and EBITDA primarily impact the fourth quarter 2019 and the first two quarters of 2020. Third quarter over second quarter 2020, the Apartments.com network added 14.5 million visits sequentially, while RentPath went down 5.3 million visits. Fourth quarter revenue of $375 million was up 19% over the fourth quarter of 2018. The commercial real estate information resources we already had allowed us to quickly innovate the marketplace solutions LoopNet offered, making them more valuable to searchers. Now, keep in mind when that starts to happen and it's integrated into a CoStar Suite platform that those revenue growth will show up in CoStar Suite and not in info services. The signature ads are featured prominently across multiple CoStar Group's CRE marketplaces, information solutions and newsletters. So we've built in really this year, we've built in a -- the 20% growth is almost entirely from our large directions field sales team in large Apartments. We generally invest in smaller companies only to obtain strategic new product solutions or for the purpose of research and development. I think you launched Madrid like several years ago, and then you did that deal in U.K., Realla, I believe, and then you got this deal announced today.

Acquiring Emporis allows us to integrate their 700,000 building records and over 600,000 images across 100 countries into CoStar, providing a jump-start to our international data collection efforts. You're going after the middle-market and I/O subsegments of the multifamily space this year.

And while we look at Google as providing a competitive element to the company, we also look at them as a very important partner. We will be able to use this data to inform our forecast models and analytics and to enhance our overall research efforts.

With these strong sales, our third quarter revenue of $426 million came in $6 million above the high end of our guidance range, resulting in 21% year-over-year growth in the third quarter, which was over 200 basis points above our forecast. They've earned our respect as a very capable group of competitors with great relationships in the industry. So, my question, Andy, is with that as a backdrop, is there any desire to expand CoStar's footprint in housing beyond the rental market? I think this sort of expands our brand and have them view us a little bit more like a Bloomberg, a global player, really moving away from what started life as an outsourcing function for these broker terms or owners to becoming more of a unique, completely different animal that's a vast global network of valuable commercial real estate data.

I think it's in line with the coffee budget.

WASHINGTON – October 1, 2020 -- CoStar Group, Inc. (NASDAQ: CSGP) will announce financial results for the third quarter 2020 following the market close on Tuesday, October 27, 2020. Beyond this, we've identified additional 50 international cities that we plan to add to Costar with cost-efficient data collection efforts initiated over the course of the next 24 months. With 40 million people having found their next place on apartments.com, the campaign establishes Apartments.com as the most popular site for renting an apartment. The surge in leasing demand is coming at the perfect time as there's a record amount of space set to deliver in the near term, much of which remains available. Please refer to today's press release on how to replay this call. All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Joseph P. Goodwin -- JMP Securities LLC -- Analyst. Second, we're building a large Richmond based sales team focused on selling into the mid-market apartment opportunity and single rental opportunity. 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. Today, Apartments.com is 6 times the size it was when we acquired it, LoopNet is over 4 times, Real Estate Manager is almost 6 times as big, and COMPS.com is over 8 times as big. Such statements include, but are not limited to, statements about CoStar Group'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. Most of the growth is in the LoopNet side, but that's freeing up resources on the CoStar side. And then LoopNet performed strongly across all the months.

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