CoStar Group Third Quarter 2019 Revenue Grows 15% and Net Income Increases 34% Year-over-Year; Company Closes STR Acquisition

CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended September 30, 2019, was $353 million, an increase of 15% over revenue of $306 million for the third quarter of 2018. Net income for the third quarter of 2019 was $79 million, an increase of 34% over net income of $59 million for the third quarter of 2018.

EBITDA for the third quarter of 2019 was $113 million, an increase of 24% versus EBITDA of $91 million for the third quarter of 2018. Adjusted EBITDA (which excludes stock-based compensation, acquisition and integration related costs and other items as described below) for the third quarter of 2019 was $129 million, an increase of 18% compared to adjusted EBITDA of $110 million for the third quarter of 2018.

Earlier today, CoStar completed the previously announced acquisition of STR, Inc. and STR Global, Ltd. for an aggregate consideration of approximately $450 million in cash, subject to certain adjustments per the definitive agreements.

“We achieved very strong third quarter 2019 financial results,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “We continue to deliver excellent results as we generated Company-wide net new bookings of $50 million in the third quarter, an increase of 27% year-over-year. Through the first three quarters of this year, our quarterly net new bookings average was $52 million, a 32% increase over the average quarterly bookings for the comparable period in 2018. We are also very pleased with the continued growth of Apartments.com, which generated 20% year-over year revenue growth in the third quarter of 2019 and is now at an annual revenue run rate of over $500 million.”

Florance continued, “We are very excited about closing our acquisition of STR so quickly. We believe that combining STR’s superior hospitality service offerings with CoStar will benefit all industry participants as we work together to create valuable new and improved tools.”

Year 2018-2019 Quarterly Results - Unaudited

(in millions, except per share data)

 

2018

2019

 

Q1

Q2

Q3

Q4

Q1

Q2

Q3

 

 

 

 

 

 

Revenues

 

$

274

 

$

297

 

$

306

 

$

316

$

328

 

$

344

 

$

353

Net income

 

52

 

44

 

59

 

84

85

 

63

 

79

Net income per share - diluted

 

1.44

 

1.20

 

1.61

 

2.29

2.33

 

1.73

 

2.15

Weighted average outstanding shares - diluted

 

36.4

 

36.5

 

36.5

 

36.5

36.6

 

36.6

 

36.7

 

 

 

 

 

 

EBITDA

 

70

 

64

 

91

 

125

113

 

94

 

113

Adjusted EBITDA

 

84

 

85

 

110

 

139

125

 

110

 

129

Non-GAAP net income

 

60

 

60

 

79

 

102

92

 

82

 

96

Non-GAAP net income per share - diluted

 

1.65

 

1.66

 

2.16

 

2.81

2.53

 

2.23

 

2.61

“CoStar Group profitability continues to be exceptional with year-over-year growth in net income of 34% in the third quarter of 2019,” said Florance. “I am very pleased that we have grown net income while investing for the future growth of the business.”

Non-GAAP net income for the third quarter of 2019 (which excludes amortization of acquired intangible assets, stock-based compensation and other items as described below) was $96 million or $2.61 per diluted share, an increase of $17 million or 22% versus the third quarter of 2018.

2019 Outlook

The Company expects that STR will contribute between $3 million to $4 million in revenue in the fourth quarter of 2019. Due to the impact of integration costs and purchase accounting adjustments for deferred revenue, we expect STR adjusted EBITDA of negative $5 million to $6 million in the fourth quarter of 2019. These estimated results for STR are included in our revised outlook.

The Company is increasing revenue guidance to a range of $1.385 billion to $1.391 billion for the full year of 2019, an increase of $2 million at the midpoint of the range compared to the prior outlook. We expect revenue for the fourth quarter of 2019 in the range of $360 million to $366 million, representing revenue growth of 15% over the fourth quarter of 2018 at the midpoint of the range.

The Company expects adjusted EBITDA in a range of $494 million to $500 million for the full year of 2019, a decrease of $5 million at the midpoint of the range. For the fourth quarter of 2019, the Company expects adjusted EBITDA in a range of $129 million to $135 million.

We expect full-year 2019 non-GAAP net income per diluted share in a range of $9.90 to $10.02 based on 36.6 million shares, a decrease of $0.11 at the midpoint versus the previously provided outlook. For the fourth quarter of 2019, we expect non-GAAP net income per diluted share in a range of $2.52 to $2.64 based on 36.7 million shares. These ranges include a non-GAAP tax rate of 25%.

The preceding forward-looking statements reflect CoStar Group’s expectations as of October 22, 2019, including forward-looking non-GAAP financial measures on a consolidated basis. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, the Company does not intend to update its forward-looking statements until its next quarterly results announcement.

Reconciliation of EBITDA, adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share and other disclosed non-GAAP financial measures to their GAAP basis results are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income, can be found within the tables included in this release.

Non-GAAP Financial Measures

For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report.

EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before interest and other income (expense), loss on debt extinguishment, income taxes, depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before stock-based compensation expense, acquisition- and integration-related costs, restructuring costs and settlements and impairments incurred outside the Company’s normal course of business.

Non-GAAP net income is a non-GAAP financial measure determined by adjusting GAAP net income attributable to CoStar Group for stock-based compensation expense, acquisition- and integration-related costs, restructuring costs, settlement and impairment costs incurred outside the Company's normal course of business and loss on debt extinguishment, as well as amortization of acquired intangible assets and other related costs, and then subtracting an assumed provision for income taxes. In 2019, the Company is assuming a 25% tax rate in order to approximate our statutory corporate tax rate excluding the impact of discrete items.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. For periods with GAAP net losses and non-GAAP net income, the weighted average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Earnings Conference Call

Management will conduct a conference call at 5:00 PM EDT on Tuesday, October 22, 2019 to discuss earnings results for the third quarter and the Company’s outlook. The audio portion of the conference call will be broadcast live over the Internet at investors.costargroup.com. To join the conference call by telephone, please dial (800) 230-1059 (from the United States and Canada) or (612) 234-9959 (from all other countries) and refer to conference code 472986. An audio recording of the conference call will be available for replay approximately one hour after the call's completion and will remain available for a period of time following the call. To access the recorded conference call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 472986. The webcast replay will also be available in the Investors section of CoStar Group's website for a period of time following the call.

CoStar Group, Inc.

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

Revenues

$

352,808

$

305,525

$

1,024,993

$

876,261

Cost of revenues

71,172

72,072

214,243

201,685

Gross profit

281,636

233,453

810,750

674,576

Operating expenses:

Selling and marketing (excluding customer base amortization)

101,582

89,251

308,751

290,706

Software development

32,639

26,173

89,022

75,357

General and administrative

45,530

39,012

127,943

117,658

Customer base amortization

7,616

8,329

22,473

22,948

187,367

162,765

548,189

506,669

Income from operations

94,269

70,688

262,561

167,907

Interest and other income

5,358

3,035

16,216

8,674

Interest and other expense

(704

)

(717

)

(2,133

)

(2,135

)

Income before income taxes

98,923

73,006

276,644

174,446

Income tax expense

20,304

14,247

49,608

19,621

Net income

$

78,619

$

58,759

$

227,036

$

154,825

Net income per share - basic

$

2.16

$

1.63

$

6.26

$

4.30

Net income per share - diluted

$

2.15

$

1.61

$

6.20

$

4.25

Weighted average outstanding shares - basic

36,333

36,129

36,293

36,032

Weighted average outstanding shares - diluted

36,652

36,518

36,615

36,439

CoStar Group, Inc.

Reconciliation of Non-GAAP Financial Measures - Unaudited

(in thousands, except per share data)

Reconciliation of Net Income to Non-GAAP Net Income

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

Net income

$

78,619

$

58,759

$

227,036

$

154,825

Income tax expense

20,304

14,247

49,608

19,621

Income before income taxes

98,923

73,006

276,644

174,446

Amortization of acquired intangible assets

12,543

13,639

37,946

38,190

Stock-based compensation expense

13,139

8,953

38,984

30,593

Acquisition and integration related costs

2,287

7,171

3,028

20,199

Restructuring and related costs

806

2,314

3,054

2,314

Non-GAAP income before income taxes

127,698

105,083

359,656

265,742

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(31,925

)

(26,271

)

(89,914

)

(66,436

)

Non-GAAP net income

$

95,773

$

78,812

$

269,742

$

199,306

Net income per share - diluted

$

2.15

$

1.61

$

6.20

$

4.25

Non-GAAP net income per share - diluted

$

2.61

$

2.16

$

7.37

$

5.47

Weighted average outstanding shares - basic

36,333

36,129

36,293

36,032

Weighted average outstanding shares - diluted

36,652

36,518

36,615

36,439

* A 25% tax rate is assumed for 2019 and 2018, which approximates our statutory corporate tax rate.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

Net income

$

78,619

$

58,759

$

227,036

$

154,825

Amortization of acquired intangible assets in cost of revenues

4,957

5,310

15,503

15,242

Amortization of acquired intangible assets in operating expenses

7,586

8,329

22,443

22,948

Depreciation and other amortization

6,279

6,794

19,289

19,810

Interest and other income

(5,358

)

(3,035

)

(16,216

)

(8,674

)

Interest and other expense

704

717

2,133

2,135

Income tax expense

20,304

14,247

49,608

19,621

EBITDA

$

113,091

$

91,121

$

319,796

$

225,907

Stock-based compensation expense

13,139

8,953

38,984

30,593

Acquisition and integration related costs

2,287

7,171

3,028

20,199

Restructuring and related costs

806

2,314

3,054

2,314

Adjusted EBITDA

$

129,323

$

109,559

$

364,862

$

279,013

CoStar Group, Inc.

Condensed Consolidated Balance Sheets - Unaudited

(in thousands)

September 30,
2019

December 31,
2018

ASSETS

Current assets:

Cash and cash equivalents

$

1,389,619

$

1,100,416

Accounts receivable, less allowance of $4,858 and $5,709 as of September 30, 2019 and December 31, 2018, respectively

91,325

89,192

Prepaid expenses and other current assets

23,778

23,690

Total current assets

1,504,722

1,213,298

Long-term investments

10,070

10,070

Deferred income taxes, net

4,426

7,469

Property and equipment, net

107,989

83,303

Lease right-of-use assets

105,516

Goodwill

1,616,538

1,611,535

Intangible assets, net

259,444

288,911

Deferred commission costs, net

85,623

76,031

Deposits and other assets

6,155

7,432

Income tax receivable

14,908

14,908

Total assets

$

3,715,391

$

3,312,957

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

8,082

$

6,327

Accrued wages and commissions

51,557

45,588

Accrued expenses

41,816

29,821

Deferred gain on the sale of building

2,523

Income taxes payable

9,116

14,288

Deferred rent

4,153

Lease liabilities

27,137

Deferred revenue

60,328

51,459

Total current liabilities

198,036

154,159

Deferred gain on the sale of building

13,669

Deferred rent

31,944

Deferred income taxes, net

83,120

69,857

Income taxes payable

17,172

17,386

Lease and other long-term liabilities

117,897

4,000

Total liabilities

$

416,225

$

291,015

Total stockholders’ equity

3,299,166

3,021,942

Total liabilities and stockholders’ equity

$

3,715,391

$

3,312,957

CoStar Group, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

 

 

Nine Months Ended
September 30,

 

2019

2018

Operating activities:

 

Net income

 

$

227,036

$

154,825

Adjustments to reconcile net income to net cash provided by operating activities:

 

Depreciation and amortization

 

57,235

58,000

Amortization of deferred commissions costs

 

39,189

36,242

Amortization of debt issuance costs

 

657

657

Stock-based compensation expense

 

38,984

30,593

Deferred income taxes, net

 

13,288

7,644

Bad debt expense

 

7,458

4,519

Changes in operating assets and liabilities, net of acquisitions:

 

Accounts receivable

 

(8,797

)

(19,038

)

Prepaid expenses and other current assets

 

(754

)

(2,952

)

Deferred commissions

 

(48,791

)

(41,421

)

Lease right-of-use and other assets

 

16,326

(1,396

)

Accounts payable and other liabilities

 

(4,339

)

(13,443

)

Deferred revenue

 

12,525

6,454

Net cash provided by operating activities

 

350,017

220,684

 

Investing activities:

 

Purchases of property and equipment and other assets

 

(44,162

)

(21,801

)

Cash paid for acquisitions, net of cash acquired

 

(13,721

)

(340,074

)

Net cash used in investing activities

 

(57,883

)

(361,875

)

 

Financing activities:

 

Repurchase of restricted stock to satisfy tax withholding obligations

 

(25,040

)

(23,666

)

Proceeds from exercise of stock options and employee stock purchase plan

 

22,970

25,768

Other financing activities

 

(123

)

Net cash (used in) provided by financing activities

 

(2,193

)

2,102

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

(738

)

(588

)

Net increase (decrease) in cash and cash equivalents

 

289,203

(139,677

)

Cash and cash equivalents at the beginning of period

 

1,100,416

1,211,463

Cash and cash equivalents at the end of period

 

$

1,389,619

$

1,071,786

CoStar Group, Inc.

Disaggregated Revenues - Unaudited

(in thousands)

 

 

Three Months Ended September 30,

 

2019

2018

 

North America

International

Total

North America

International

Total

Information and analytics

 

CoStar Suite

 

$

149,187

$

6,826

$

156,013

$

132,700

$

6,384

$

139,084

Information services

 

17,382

2,089

19,471

15,310

2,225

17,535

Online marketplaces

 

Multifamily

 

125,707

125,707

104,778

104,778

Commercial property and land

 

51,508

109

51,617

44,128

44,128

Total revenues

 

$

343,784

$

9,024

$

352,808

$

296,916

$

8,609

$

305,525

 

  

 

Nine Months Ended September 30,

 

2019

2018

 

North America

International

Total

North America

International

Total

Information and analytics

 

CoStar Suite

 

$

436,070

$

20,469

$

456,539

$

383,876

$

19,381

$

403,257

Information services

 

52,632

6,466

59,098

41,544

6,881

48,425

Online marketplaces

 

Multifamily

 

360,463

360,463

297,254

297,254

Commercial property and land

 

148,418

475

148,893

127,325

127,325

Total revenues

 

$

997,583

$

27,410

$

1,024,993

$

849,999

$

26,262

$

876,261

CoStar Group, Inc.

Results of Segments - Unaudited

(in thousands)

 

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

 

2019

2018

2019

2018

EBITDA

 

North America

 

$

115,973

$

94,088

$

326,648

$

229,905

International

 

(2,882

)

(2,967

)

(6,852

)

(3,998

)

Total EBITDA

 

$

113,091

$

91,121

$

319,796

$

225,907

CoStar Group, Inc.

Reconciliation of Non-GAAP Financial Measures with 2018-2019 Quarterly Results - Unaudited

(in millions, except per share data)

 

 

 

 

 

Reconciliation of Net Income to Non-GAAP Net Income

 

 

 

 

 

2018

2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Net income

$52.2

$43.8

$58.8

$83.5

$85.2

$63.2

$78.6

Income tax expense

3.5

1.9

14.2

26.1

12.5

16.8

20.3

Income before income taxes

55.7

45.7

73.0

109.6

97.7

80.0

98.9

Amortization of acquired intangible assets

10.4

14.1

13.6

13.3

13.2

12.2

12.5

Stock-based compensation expense

10.4

11.2

9.0

12.1

12.0

13.8

13.1

Acquisition and integration related costs

3.5

9.5

7.2

1.5

0.2

0.5

2.3

Restructuring and related costs

2.3

0.1

2.2

0.8

Non-GAAP income before income taxes

80.1

80.6

105.1

136.5

123.2

108.7

127.6

Assumed rate for income tax expense *

25%

25%

25%

25%

25%

25%

25%

Assumed provision for income tax expense

(20.0)

(20.1)

(26.3)

(34.1)

(30.8)

(27.2)

(31.9)

Non-GAAP net income

$60.1

$60.4

$78.8

$102.3

$92.4

$81.5

$95.7

Non-GAAP net income per share - diluted

$1.65

$1.66

$2.16

$2.81

$2.53

$2.23

$2.61

Weighted average outstanding shares - basic

35.9

36.1

36.1

36.1

36.2

36.3

36.3

Weighted average outstanding shares - diluted

36.4

36.5

36.5

36.5

36.6

36.6

36.7

 

 

 

 

 

* A 25% tax rate is assumed for 2019 and 2018, which approximates our statutory corporate tax rate.

 

 

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

 

 

 

 

 

2018

2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

 

 

 

 

 

Net income

$

52.2

 

$

43.8

 

$

58.8

 

$

83.5

$

85.2

 

$

63.2

 

$

78.6

Amortization of acquired intangible assets

10.4

 

14.1

 

13.6

 

13.3

13.2

 

12.2

 

12.5

Depreciation and other amortization

6.6

 

6.4

 

6.8

 

6.5

6.5

 

6.5

 

6.3

Interest and other income

(3.0

)

 

(2.6

)

 

(3.0

)

 

(4.6

)

(4.9

)

 

(5.9

)

 

(5.4

)

Interest and other expense

0.7

 

0.7

 

0.7

 

0.7

0.7

 

0.7

 

0.7

Income tax expense

3.5

 

1.9

 

14.2

 

26.1

12.5

 

16.8

 

20.3

EBITDA

$

70.4

 

$

64.3

 

$

91.1

 

$

125.5

$

113.2

 

$

93.5

 

$

113.0

Stock-based compensation expense

10.4

 

11.2

 

9.0

 

12.1

12.0

 

13.8

 

13.1

Acquisition and integration related costs

3.5

 

9.5

 

7.2

 

1.5

0.2

 

0.5

 

2.3

Restructuring and related costs

 

 

2.3

 

0.1

 

2.2

 

0.8

Adjusted EBITDA

$

84.4

 

$

85.1

 

$

109.6

 

$

139.0

$

125.5

 

$

110.0

 

$

129.2

CoStar Group, Inc.

Reconciliation of Forward-Looking Guidance - Unaudited

(in thousands, except per share data)

 

Reconciliation of Forward-Looking Guidance, Net Income to Non-GAAP Net Income

 

Guidance Range

Guidance Range

 

For the Three Months

For the Twelve Months

 

Ended December 31, 2019

Ended December 31, 2019

 

Low

High

Low

High

 

Net income

 

$

65,000

$

71,000

$

292,000

$

298,000

Income tax expense

 

22,000

24,000

72,000

74,000

Income before income taxes

 

87,000

95,000

364,000

372,000

Amortization of acquired intangible assets

 

16,000

16,000

54,000

54,000

Stock-based compensation expense

 

15,000

14,000

54,000

53,000

Acquisition and integration related costs

 

5,000

4,000

8,000

7,000

Restructuring and related costs

 

3,000

3,000

Non-GAAP income before income taxes

 

123,000

129,000

483,000

489,000

Assumed rate for income tax expense *

 

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

 

(30,600

)

(32,100

)

(120,800

)

(122,300

)

Non-GAAP net income

 

$

92,400

$

96,900

$

362,200

$

366,700

 

Net income per share - diluted

 

$

1.77

$

1.93

$

7.98

$

8.14

Non-GAAP net income per share - diluted

 

$

2.52

$

2.64

$

9.90

$

10.02

 

Weighted average outstanding shares - diluted

 

36,700

36,700

36,600

36,600

 

* A 25% tax rate is assumed, which approximates our statutory corporate tax rate.

 

Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA

 

 

Guidance Range

Guidance Range

 

For the Three Months

For the Twelve Months

 

Ended December 31, 2019

Ended December 31, 2019

 

Low

High

Low

High

Net income

 

$

65,000

$

71,000

$

292,000

$

298,000

Amortization of acquired intangible assets

 

16,000

16,000

54,000

54,000

Depreciation and other amortization

 

8,000

8,000

27,000

27,000

Interest and other expense, net

 

(2,000

)

(2,000

)

(16,000

)

(16,000

)

Income tax expense

 

22,000

24,000

72,000

74,000

Stock-based compensation expense

 

15,000

14,000

54,000

53,000

Acquisition and integration related costs

 

5,000

4,000

8,000

7,000

Restructuring and related costs

 

3,000

3,000

Adjusted EBITDA

 

$

129,000

$

135,000

$

494,000

$

500,000

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 6 million monthly unique visitors. Realla is the UK’s most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group’s websites attracted an average of over 51 million unique monthly visitors in aggregate in the third quarter of 2019. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,900 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar Group's financial expectations, the Company's plans, objectives, expectations 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. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to significant risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends stated or implied by this release cannot or will not be sustained at the current pace, including trends related to revenue, net income, non-GAAP net income, EBITDA, adjusted EBITDA, and sales bookings; the risk that the Company is unable to sustain current revenue, earnings and bookings growth rates or increase them; the risk that CoStar and STR cannot be combined successfully or that the acquisition does not produce the expected results, including creation of valuable new and improved tools; the risk that the Company’s estimated results for STR, including fourth quarter revenue and adjusted EBITDA, will not be as expected and stated in this release; the risk that revenues for the fourth quarter and full year 2019 will not be as stated in this press release; the risk that net income for the fourth quarter and full year 2019 will not be as stated in this press release; the risk that adjusted EBITDA for the fourth quarter and full year 2019 will not be as stated in this press release; the risk that non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter and full year 2019 will not be as stated in this press release; and the risk that the tax rate estimates stated in this press release are incorrect or may change. Additional factors that could cause results to differ materially from those anticipated in the forward-looking statements can be found in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2018, and CoStar’s Quarterly Report on Form 10-Q for the period ended June 30, 2019, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, and the Company’s other filings with the SEC available at the SEC’s website (www.sec.gov). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Scott Wheeler
Chief Financial Officer
(202) 336-6920
swheeler@costar.com

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