CoStar Group 2019 Net Income Increases 32% Year-over-Year on Revenue Growth of 17%

CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the year ended December 31, 2019, was $1.4 billion, an increase of 17% over revenue of $1.2 billion for the full year of 2018. Revenue for the fourth quarter ended December 31, 2019, was $375 million, an increase of 19% over revenue of $316 million for the fourth quarter of 2018.

Net income for the year ended December 31, 2019 was $315 million, an increase of 32% compared to net income of $238 million for the full year of 2018. Net income for the fourth quarter of 2019 was $88 million or $2.39 per diluted share, an increase of 5% compared to net income of $84 million for the fourth quarter of 2018. EBITDA for the full year of 2019 was $445 million, an increase of 27% compared to EBITDA of $351 million for the full year of 2018.

“2019 was a banner year for CoStar Group in both revenue and sales growth,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “We reported $1.4 billion in revenue for the full year, adding over $200 million of revenue over the full year 2018. Our team delivered outstanding net new sales bookings of $210 million, up 24% over 2018. Over the past year, we have been talking about the huge potential for the next chapter of LoopNet. In the fourth quarter of 2019, we saw concrete results when we sold 5X the LoopNet Signature Ads compared to the same quarter a year ago. Our Apartments.com team had an exceptional year, growing Multifamily revenue 21% year-over-year. We have had great success this past year selling solutions to the massive, relatively untapped sub-100-unit apartment market and the residential rental market.”

"We are now even more excited about the potential of a great company like STR combined with CoStar’s resources and technology." Florance continued, “Our immediate focus is on creating a more powerful STR by consolidating disparate STR products and CoStar into one seamlessly integrated platform. We expect STR to contribute revenue in the range of $61 to $63 million in 2020."

Year 2018-2019 Quarterly Results - Unaudited

(in millions, except per share data)

2018

2019

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Revenues

$

274

$

297

$

306

$

316

$

328

$

344

$

353

$

375

Net income

52

44

59

84

85

63

79

88

Net income per share - diluted

1.44

1.20

1.61

2.29

2.33

1.73

2.15

2.39

Weighted average outstanding shares - diluted

36.4

36.5

36.5

36.5

36.6

36.6

36.7

36.7

EBITDA

70

64

91

125

113

94

113

125

Adjusted EBITDA

84

85

110

139

125

110

129

142

Non-GAAP net income

60

60

79

102

92

82

96

103

Non-GAAP net income per share - diluted

1.65

1.66

2.16

2.81

2.53

2.23

2.61

2.82

Adjusted EBITDA (which excludes stock-based compensation, acquisition and integration related costs and other items as described below) for the full year of 2019 was $507 million, an increase of 21% compared to adjusted EBITDA of $418 million for the full year of 2018.

Non-GAAP net income (which excludes amortization of acquired intangible assets, stock-based compensation and other items as described below) for the full year of 2019 was $373 million or $10.19 per diluted share, an increase of $72 million or 24% versus the full year of 2018.

2020 Outlook

The Company expects revenue in the range of $1.650 billion to $1.665 billion for the full year of 2020, representing growth of 18% to 19% for the year. This guidance includes an estimated full year 2020 revenue contribution from STR of $61 to $63 million. We expect revenue for the first quarter of 2020 in the range of $387 million to $392 million, representing revenue growth of 19% at the midpoint of the range.

The Company expects adjusted EBITDA in a range of $520 million to $530 million for the full year of 2020, an increase of 4% at the midpoint of the range. For the first quarter of 2020, the Company expects adjusted EBITDA in a range of $115 million to $120 million.

We expect full-year 2020 non-GAAP net income per diluted share in a range of $10.20 to $10.40 based on 36.8 million shares. For the first quarter of 2020, we expect non-GAAP net income per diluted share in a range of $2.25 to $2.35 based on 36.7 million shares. These ranges include a non-GAAP tax rate of 25%.

The preceding guidance does not include any operating results from the proposed RentPath acquisition.

The preceding forward-looking statements reflect CoStar Group’s expectations as of February 25, 2020, 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 for pending and completed acquisitions, 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 for pending and completed acquisitions, 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 2020, 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 EST on Tuesday, February 25, 2020 to discuss earnings results for the fourth quarter and full year 2019 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 (844) 721-7241 (from the United States and Canada) or (409) 207-6955 (from all other countries) and refer to access code 910916. The webcast replay will also be available in the Investor 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
December 31,

Year Ended
December 31,

2019

2018

2019

2018

Revenues

$

374,726

$

315,571

$

1,399,719

$

1,191,832

Cost of revenues

74,996

68,248

289,239

269,933

Gross profit

299,730

247,323

1,110,480

921,899

Operating expenses:

Selling and marketing (excluding customer base amortization)

99,845

69,152

408,596

359,858

Software development

36,580

25,580

125,602

100,937

General and administrative

50,797

39,001

178,740

156,659

Customer base amortization

11,522

7,933

33,995

30,881

198,744

141,666

746,933

648,335

Income from operations

100,986

105,657

363,547

273,564

Interest and other income

13,801

4,607

30,017

13,281

Interest and other expense

(482

)

(695

)

(2,615

)

(2,830

)

Income before income taxes

114,305

109,569

390,949

284,015

Income tax expense

26,378

26,060

75,986

45,681

Net income

$

87,927

$

83,509

$

314,963

$

238,334

Net income per share - basic

$

2.42

$

2.31

$

8.67

$

6.61

Net income per share - diluted

$

2.39

$

2.29

$

8.60

$

6.54

Weighted average outstanding shares - basic

36,359

36,136

36,310

36,058

Weighted average outstanding shares - diluted

36,674

36,474

36,630

36,448

 

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
December 31,

Year Ended
December 31,

2019

2018

2019

2018

Net income

$

87,927

$

83,509

$

314,963

$

238,334

Income tax expense

26,378

26,060

75,986

45,681

Income before income taxes

114,305

109,569

390,949

284,015

Amortization of acquired intangible assets

17,406

13,277

55,352

51,467

Stock-based compensation expense

13,271

12,125

52,255

42,718

Acquisition and integration related costs

3,651

1,484

6,679

21,683

Restructuring and related costs

3,054

2,314

Settlements and impairments

(10,750

)

(10,750

)

Non-GAAP income before income taxes

137,883

136,455

497,539

402,197

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(34,470

)

(34,113

)

(124,385

)

(100,549

)

Non-GAAP net income

$

103,413

$

102,342

$

373,154

$

301,648

Net income per share - diluted

$

2.39

$

2.29

$

8.60

$

6.54

Non-GAAP net income per share - diluted

$

2.82

$

2.81

$

10.19

$

8.28

Weighted average outstanding shares - basic

36,359

36,136

36,310

36,058

Weighted average outstanding shares - diluted

36,674

36,474

36,630

36,448

* 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
December 31,

Year Ended
December 31,

2019

2018

2019

2018

Net income

$

87,927

$

83,509

$

314,963

$

238,334

Amortization of acquired intangible assets in cost of revenues

5,854

5,344

21,357

20,586

Amortization of acquired intangible assets in operating expenses

11,552

7,933

33,995

30,881

Depreciation and other amortization

6,524

6,466

25,813

26,276

Interest and other income

(13,801

)

(4,607

)

(30,017

)

(13,281

)

Interest and other expense

482

695

2,615

2,830

Income tax expense

26,378

26,060

75,986

45,681

EBITDA

$

124,916

$

125,400

$

444,712

$

351,307

Stock-based compensation expense

13,271

12,125

52,255

42,718

Acquisition and integration related costs

3,651

1,484

6,679

21,683

Restructuring and related costs

3,054

2,314

Adjusted EBITDA

$

141,838

$

139,009

$

506,700

$

418,022

 

CoStar Group, Inc.

Condensed Consolidated Balance Sheets - Unaudited

(in thousands)

December 31,
2019

December 31,
2018

ASSETS

Current assets:

Cash and cash equivalents

$

1,070,731

$

1,100,416

Accounts receivable, less allowance of $5,097 and $5,709 as of December 31, 2019 and December 31, 2018, respectively

92,240

89,192

Prepaid expenses and other current assets

36,194

23,690

Total current assets

1,199,165

1,213,298

Long-term investments

10,070

10,070

Deferred income taxes, net

5,408

7,469

Lease right-of-use assets

115,084

Property and equipment, net

107,529

83,303

Goodwill

1,882,020

1,611,535

Intangible assets, net

421,196

288,911

Deferred commission costs, net

89,374

76,031

Deposits and other assets

9,232

7,432

Income tax receivable

14,908

14,908

Total assets

$

3,853,986

$

3,312,957

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

7,640

$

6,327

Accrued wages and commissions

53,087

45,588

Accrued expenses

38,680

29,821

Deferred gain on the sale of building

2,523

Income taxes payable

10,705

14,288

Deferred rent

4,153

Lease liabilities

29,670

Deferred revenue

67,274

51,459

Total current liabilities

207,056

154,159

Deferred gain on the sale of building

13,669

Deferred rent

31,944

Deferred income taxes, net

87,096

69,857

Income taxes payable

20,521

17,386

Lease and other long-term liabilities

133,720

4,000

Total liabilities

$

448,393

$

291,015

Total stockholders’ equity

3,405,593

3,021,942

Total liabilities and stockholders’ equity

$

3,853,986

$

3,312,957

 

CoStar Group, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

Year Ended
December 31,

2019

2018

Operating activities:

Net income

$

314,963

$

238,334

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

Depreciation and amortization

81,165

77,743

Amortization of deferred commissions costs

53,421

48,313

Amortization of debt issuance costs

876

876

Non-cash lease expense

22,748

Loss on disposal of property and equipment

105

73

Stock-based compensation expense

52,255

41,214

Deferred income taxes, net

8,220

3,666

Bad debt expense

10,978

6,542

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(5,014

)

(27,819

)

Prepaid expenses and other current assets

(14,244

)

(1,651

)

Deferred commissions

(66,688

)

(53,497

)

Income tax receivable

(1,927

)

Accounts payable and other liabilities

17,751

(14,132

)

Lease liabilities

(25,442

)

Income taxes payable

(577

)

9,632

Deferred revenue

7,911

7,879

Other assets

(648

)

212

Net cash provided by operating activities

457,780

335,458

Investing activities:

Purchases of property and equipment and other assets

(46,197

)

(29,632

)

Cash paid for acquisitions, net of cash acquired

(437,556

)

(418,369

)

Net cash used in investing activities

(483,753

)

(448,001

)

Financing activities:

Repurchase of restricted stock to satisfy tax withholding obligations

(27,577

)

(24,327

)

Proceeds from exercise of stock options and employee stock purchase plan

25,080

27,071

Other financing activities

(1,657

)

Net cash (used in) provided by financing activities

(4,154

)

2,744

Effect of foreign currency exchange rates on cash and cash equivalents

442

(1,248

)

Net decrease in cash and cash equivalents

(29,685

)

(111,047

)

Cash and cash equivalents at the beginning of period

1,100,416

1,211,463

Cash and cash equivalents at the end of period

$

1,070,731

$

1,100,416

 

CoStar Group, Inc.

Disaggregated Revenues - Unaudited

(in thousands)

Three Months Ended December 31,

2019

2018

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

154,152

$

7,107

$

161,259

$

135,785

$

6,153

$

141,938

Information services

24,318

5,030

29,348

17,164

2,035

19,199

Online marketplaces

Multifamily

130,168

130,168

108,541

108,541

Commercial property and land

53,846

105

53,951

45,812

81

45,893

Total revenues

$

362,484

$

12,242

$

374,726

$

307,302

$

8,269

$

315,571

Year Ended December 31,

2019

2018

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

590,222

$

27,576

$

617,798

$

519,661

$

25,534

$

545,195

Information services

76,950

11,496

88,446

58,708

8,916

67,624

Online marketplaces

Multifamily

490,631

490,631

405,795

405,795

Commercial property and land

202,264

580

202,844

173,137

81

173,218

Total revenues

$

1,360,067

$

39,652

$

1,399,719

$

1,157,301

$

34,531

$

1,191,832

 

CoStar Group, Inc.

Results of Segments - Unaudited

(in thousands)

Three Months Ended
December 31,

Year Ended
December 31,

2019

2018

2019

2018

EBITDA

North America

$

125,457

$

128,131

$

451,699

$

358,036

International

(541

)

(2,731

)

(6,987

)

(6,729

)

Total EBITDA

$

124,916

$

125,400

$

444,712

$

351,307

 

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

Q4

Net income

$

52.2

$

43.8

$

58.8

$

83.5

$

85.2

$

63.2

$

78.6

$

87.9

Income tax expense

3.5

1.9

14.2

26.1

12.5

16.8

20.3

26.4

Income before income taxes

55.7

45.7

73.0

109.6

97.7

80.0

98.9

114.3

Amortization of acquired intangible assets

10.4

14.1

13.6

13.3

13.2

12.2

12.5

17.4

Stock-based compensation expense

10.4

11.2

9.0

12.1

12.0

13.8

13.1

13.3

Acquisition and integration related costs

3.5

9.5

7.2

1.5

0.2

0.5

2.3

3.7

Restructuring and related costs

2.3

0.1

2.2

0.8

Settlements and impairments

(10.8

)

Non-GAAP income before income taxes

80.1

80.6

105.1

136.5

123.2

108.7

127.6

137.9

Assumed rate for income tax expense *

25

%

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

)

(34.5

)

Non-GAAP net income

$

60.1

$

60.4

$

78.8

$

102.3

$

92.4

$

81.5

$

95.7

$

103.4

Non-GAAP net income per share - diluted

$

1.65

$

1.66

$

2.16

$

2.81

$

2.53

$

2.23

$

2.61

$

2.82

Weighted average outstanding shares - basic

35.9

36.1

36.1

36.1

36.2

36.3

36.3

36.4

Weighted average outstanding shares - diluted

36.4

36.5

36.5

36.5

36.6

36.6

36.7

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

Q4

Net income

$

52.2

$

43.8

$

58.8

$

83.5

$

85.2

$

63.2

$

78.6

$

87.9

Amortization of acquired intangible assets

10.4

14.1

13.6

13.3

13.2

12.2

12.5

17.4

Depreciation and other amortization

6.6

6.4

6.8

6.5

6.5

6.5

6.3

6.5

Interest and other income

(3.0

)

(2.6

)

(3.0

)

(4.6

)

(4.9

)

(5.9

)

(5.4

)

(13.8

)

Interest and other expense

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.5

Income tax expense

3.5

1.9

14.2

26.1

12.5

16.8

20.3

26.4

EBITDA

$

70.4

$

64.3

$

91.1

$

125.5

$

113.2

$

93.5

$

113.0

$

124.9

Stock-based compensation expense

10.4

11.2

9.0

12.1

12.0

13.8

13.1

13.3

Acquisition and integration related costs

3.5

9.5

7.2

1.5

0.2

0.5

2.3

3.7

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

$

141.9

 

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 March 31, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

54,000

$

60,000

$

266,000

$

277,000

Income tax expense

11,000

12,000

75,000

78,000

Income before income taxes

65,000

72,000

341,000

355,000

Amortization of acquired intangible assets

19,000

19,000

72,000

72,000

Stock-based compensation expense

17,000

16,000

64,000

62,000

Acquisition and integration related costs

9,000

8,000

24,000

22,000

Non-GAAP income before income taxes

110,000

115,000

501,000

511,000

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(27,500

)

(28,800

)

(125,500

)

(128,300

)

Non-GAAP net income

$

82,500

$

86,200

$

375,500

$

382,700

Net income per share - diluted

$

1.47

$

1.63

$

7.23

$

7.53

Non-GAAP net income per share - diluted

$

2.25

$

2.35

$

10.20

$

10.40

Weighted average outstanding shares - diluted

36,700

36,700

36,800

36,800

* 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 March 31, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

54,000

$

60,000

$

266,000

$

277,000

Amortization of acquired intangible assets

19,000

19,000

72,000

72,000

Depreciation and other amortization

7,000

7,000

29,000

29,000

Interest and other expense, net

(2,000

)

(2,000

)

(10,000

)

(10,000

)

Income tax expense

11,000

12,000

75,000

78,000

Stock-based compensation expense

17,000

16,000

64,000

62,000

Acquisition and integration related costs

9,000

8,000

24,000

22,000

Adjusted EBITDA

$

115,000

$

120,000

$

520,000

$

530,000

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. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. 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 47 million unique monthly visitors in aggregate in the fourth quarter of 2019. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 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'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. Such statements are based upon the current beliefs and expectations of management of CoStar and are subject to many 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’s and STR’s products cannot be combined successfully into a seamless integrated platform when or as expected; the risk that the amount of revenue STR contributes in 2020 will not be as expected and stated in this release; the risk that revenues for the first quarter and full year 2020 will not be as stated in this press release; the risk that net income for the first quarter and full year 2020 will not be as stated in this press release; the risk that adjusted EBITDA for the first quarter and full year 2020 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 first quarter and full year 2020 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. 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, 2018, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, 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). All forward-looking statements are based on information available to CoStar on the date hereof, and 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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