CoStar Group Second Quarter 2020 Revenues Increase 16% Year-over-Year with June Sales Reaching All Time Record of $22 Million While Cash Position Exceeds $3.5 Billion

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 June 30, 2020, was $397 million, an increase of 16% over revenue of $344 million for the second quarter of 2019. Net income for the second quarter of 2020 was $60 million, or $1.60 per diluted share. Adjusted EBITDA (which excludes stock-based compensation, acquisition and integration related costs and other items as described below) for the second quarter of 2020 was $129 million, an increase of 17% compared to adjusted EBITDA of $110 million for the second quarter of 2019.

“Our team delivered an outstanding set of results in the second quarter as we grew revenue 16%, increased adjusted EBITDA by 17%, set a record sales month, raised $2.7 billion dollars in the equity and debt markets and acquired Ten-X – all while working 100% from remote locations,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “Our results indicate that our business is not only resilient but is in fact clearly countercyclical. Traffic to our Apartments.com and LoopNet marketplaces are at record levels, exceeding pre-pandemic levels. We had 62 million monthly unique visitors on our platforms in the second quarter, an increase of 13% over our record traffic levels of 55 million monthly unique visitors reached in the first quarter of 2020.”

Florance continued, “We generated company-wide net new sales bookings of $35 million in the second quarter of 2020, with sales levels increasing each month to a record $22 million of annualized net new sales in June. Our Apartments.com platform delivered record sales, traffic and revenue in the second quarter, once again demonstrating that our solutions are mission critical to our clients, and even more so in an environment of limited person-to-person contact. Our increased brand marketing campaign is producing strong results, generating over three billion impressions in the second quarter, an increase of 57% over the second quarter of 2019. Our investment to create higher levels of brand awareness is driving record sales results.”

 

Year 2019-2020 Quarterly Results - Unaudited

(in millions, except per share data)

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Revenues

$328

$344

$353

$375

$392

$397

Net income

85

63

79

88

73

60

Net income per share - diluted

2.33

1.73

2.15

2.39

1.98

1.60

Weighted average outstanding shares - diluted

36.6

36.6

36.7

36.7

36.8

37.7

EBITDA

113

94

113

125

100

109

Adjusted EBITDA

125

110

129

142

124

129

Non-GAAP net income

92

82

96

103

90

88

Non-GAAP net income per share - diluted

2.53

2.23

2.61

2.82

2.44

2.34

 

Non-GAAP net income (which excludes amortization of acquired intangible assets, stock-based compensation and other items as described below) for the second quarter of 2020 was $88 million or $2.34 per diluted share.

2020 Outlook

With our strong financial results in the second quarter and the initial disruption from the COVID-19 pandemic behind us, we are reinstating guidance for the full year 2020.

The Company expects revenue in the range of $1.63 billion to $1.64 billion for the full year of 2020, representing growth of approximately 17% for the year. This guidance includes an estimated partial year 2020 revenue contribution from Ten-X of $25 to $30 million. We expect revenue for the third quarter of 2020 in the range of $415 million to $420 million, representing revenue growth of 18% year-over-year at the midpoint of the range.

The Company expects adjusted EBITDA in a range of $515 million to $525 million for the full year of 2020, an increase of 3% at the midpoint of the range compared to 2019. Ten-X is not expected to have a material impact on adjusted EBITDA in the second half of 2020. For the third quarter of 2020, the Company expects adjusted EBITDA in a range of $120 million to $125 million.

We expect full-year 2020 non-GAAP net income per diluted share in a range of $9.22 to $9.42 based on 38.3 million shares. For the third quarter of 2020, we expect non-GAAP net income per diluted share in a range of $2.00 to $2.10 based on 39.4 million shares. These ranges include an estimated non-GAAP tax rate of 25% for the full year and the third quarter.

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 July 28, 2020, including forward-looking non-GAAP financial measures on a consolidated basis, based on current estimates, expectations, observations and trends. Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, including uncertainties as a result of the COVID-19 pandemic and responses to it by, and the impact on, global economies, 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 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 (expense) income and other (expense) income, 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 EDT on Tuesday, July 28, 2020 to discuss earnings results for the second quarter 2020 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 (833) 714-0936 (from the United States and Canada) or +1 778 560 2890 (from all other countries) and refer to access code 9066087. 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
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Revenues

$

397,159

$

343,760

$

789,006

$

672,185

Cost of revenues

74,040

71,918

152,949

143,071

Gross profit

323,119

271,842

636,057

529,114

Operating expenses:

Selling and marketing (excluding customer base amortization)

130,461

119,075

255,568

207,169

Software development

39,001

28,455

80,611

56,383

General and administrative

57,403

42,337

116,276

82,413

Customer base amortization

14,935

7,175

26,419

14,857

241,800

197,042

478,874

360,822

Income from operations

81,319

74,800

157,183

168,292

Interest (expense) income

(3,596

)

4,678

(1,945

)

8,890

Other (expense) income

(474

)

538

367

539

Income before income taxes

77,249

80,016

155,605

177,721

Income tax expense

16,889

16,768

22,452

29,304

Net income

$

60,360

$

63,248

$

133,153

$

148,417

Net income per share - basic

$

1.61

$

1.74

$

3.60

$

4.09

Net income per share - diluted

$

1.60

$

1.73

$

3.57

$

4.06

Weighted average outstanding shares - basic

37,524

36,310

36,998

36,273

Weighted average outstanding shares - diluted

37,734

36,627

37,256

36,597

 
 

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
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Net income

$

60,360

$

63,248

$

133,153

$

148,417

Income tax expense

16,889

16,768

22,452

29,304

Income before income taxes

77,249

80,016

155,605

177,721

Amortization of acquired intangible assets

20,989

12,208

38,478

25,403

Stock-based compensation expense

9,527

13,816

24,707

25,845

Acquisition and integration related costs

10,031

492

18,744

741

Restructuring and related costs

2,180

2,248

Non-GAAP income before income taxes

117,796

108,712

237,534

231,958

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(29,449

)

(27,178

)

(59,384

)

(57,989

)

Non-GAAP net income

$

88,347

$

81,534

$

178,150

$

173,969

Net income per share - diluted

$

1.60

$

1.73

$

3.57

$

4.06

Non-GAAP net income per share - diluted

$

2.34

$

2.23

$

4.78

$

4.75

Weighted average outstanding shares - basic

37,524

36,310

36,998

36,273

Weighted average outstanding shares - diluted

37,734

36,627

37,256

36,597

* A 25% tax rate is assumed for 2020 and 2019, which approximates our statutory corporate tax rate.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Net income

$

60,360

$

63,248

$

133,153

$

148,417

Amortization of acquired intangible assets in cost of revenues

6,054

5,033

12,059

10,546

Amortization of acquired intangible assets in operating expenses

14,935

7,175

26,419

14,857

Depreciation and other amortization

6,990

6,546

13,757

13,010

Interest expense (income)

3,596

(4,678

)

1,945

(8,890

)

Other expense (income)

474

(538

(367

)

(539

Income tax expense

16,889

16,768

22,452

29,304

EBITDA

$

109,298

$

93,554

$

209,418

$

206,705

Stock-based compensation expense

9,527

13,816

24,707

25,845

Acquisition and integration related costs

10,031

492

18,744

741

Restructuring and related costs

2,180

2,248

Adjusted EBITDA

$

128,856

$

110,042

$

252,869

$

235,539

 

CoStar Group, Inc.

Condensed Consolidated Balance Sheets - Unaudited

(in thousands)

June 30,
2020

December 31,
2019

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

3,548,405

$

1,070,731

Accounts receivable

127,030

96,788

Less: Allowance for credit losses

(13,363

)

(4,548

)

Accounts receivable, net

113,667

92,240

Prepaid expenses and other current assets

28,576

36,194

Total current assets

3,690,648

1,199,165

Long-term investments

10,070

Deferred income taxes, net

4,372

5,408

Property and equipment, net

104,316

107,529

Lease right-of-use assets

112,641

115,084

Goodwill

2,009,117

1,882,020

Intangible assets, net

437,550

421,196

Deferred commission costs, net

91,712

89,374

Deposits and other assets

13,868

9,232

Income tax receivable

14,806

14,908

Total assets

$

6,479,030

$

3,853,986

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

26,864

$

7,640

Accrued wages and commissions

56,748

53,087

Accrued expenses

45,726

38,680

Income taxes payable

22,764

10,705

Lease liabilities

30,905

29,670

Deferred revenue

80,358

67,274

Total current liabilities

263,365

207,056

Long-term debt

745,000

Deferred income taxes, net

93,934

87,096

Income taxes payable

20,738

20,521

Lease and other long-term liabilities

131,672

133,720

Total liabilities

$

1,254,709

$

448,393

Total CoStar, Inc. stockholders’ equity

5,224,321

3,405,593

Total liabilities and stockholders’ equity

$

6,479,030

$

3,853,986

 
 

CoStar Group, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

Six Months Ended
June 30,

2020

2019

Operating activities:

Net income

$

133,153

$

148,417

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

Depreciation and amortization

52,235

38,413

Amortization of deferred commissions costs

29,662

25,550

Amortization of debt issuance costs

508

438

Realized loss on investments

541

Non-cash lease expense

12,400

10,859

Stock-based compensation expense

24,053

25,845

Deferred income taxes, net

3,569

6,359

Credit loss expense

15,688

5,224

Foreign currency, net

(789

)

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

(37,364

)

(10,898

)

Income taxes payable

12,328

(5,577

)

Prepaid expenses and other current assets

4,371

1,751

Deferred commissions

(32,122

)

(33,397

)

Other assets

(6,757

)

236

Accounts payable and other liabilities

37,793

22,691

Lease liabilities

(14,126

)

(12,977

)

Deferred revenue

13,503

10,633

Net cash provided by operating activities

248,646

233,567

Investing activities:

Proceeds from sale and settlement of investments

10,259

Purchases of property and equipment and other assets

(12,782

)

(14,387

)

Cash paid for acquisitions, net of cash acquired

(184,502

)

(13,721

)

Net cash used in investing activities

(187,025

)

(28,108

)

Financing activities:

Proceeds from long-term debt

745,000

Repurchase of restricted stock to satisfy tax withholding obligations

(33,653

)

(24,225

)

Proceeds from equity offering, net of transaction costs

1,690,148

Proceeds from exercise of stock options and employee stock purchase plan

16,513

16,695

Other financing activities

(1,650

)

(123

)

Net cash provided by (used in) financing activities

2,416,358

(7,653

)

Effect of foreign currency exchange rates on cash and cash equivalents

(305

)

(410

)

Net increase in cash, cash equivalents and restricted cash

2,477,674

197,396

Cash, cash equivalents and restricted cash at the beginning of period

1,070,731

1,100,416

Cash, cash equivalents and restricted cash at the end of period

$

3,548,405

$

1,297,812

 
 

CoStar Group, Inc.

Disaggregated Revenues - Unaudited

(in thousands)

Three Months Ended June 30,

2020

2019

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

157,793

$

7,260

$

165,053

$

145,910

$

6,915

$

152,825

Information services

25,022

5,514

30,536

18,659

2,118

20,777

Online marketplaces

Multifamily

145,541

145,541

120,488

120,488

Commercial property and land

56,006

23

56,029

49,505

165

49,670

Total revenues

$

384,362

$

12,797

$

397,159

$

334,562

$

9,198

$

343,760

Six Months Ended June 30,

2020

2019

North America

International

Total

North America

International

Total

Information and analytics

CoStar Suite

$

315,128

$

14,881

$

330,009

$

286,883

$

13,643

$

300,526

Information services

50,712

12,206

62,918

35,250

4,377

39,627

Online marketplaces

Multifamily

283,001

283,001

234,756

234,756

Commercial property and land

112,968

110

113,078

96,910

366

97,276

Total revenues

$

761,809

$

27,197

$

789,006

$

653,799

$

18,386

$

672,185

 
 

CoStar Group, Inc.

Results of Segments - Unaudited

(in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

EBITDA

North America

$

112,292

$

95,001

$

214,705

$

210,269

International

(2,994

)

(1,447

)

(5,287

)

(3,564

)

Total EBITDA

$

109,298

$

93,554

$

209,418

$

206,705

CoStar Group, Inc.

Reconciliation of Non-GAAP Financial Measures with 2019-2020 Quarterly Results - Unaudited

(in millions, except per share data)

Reconciliation of Net Income to Non-GAAP Net Income

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Net income

$85.2

$63.2

$78.6

$87.9

$72.8

$60.4

Income tax expense

12.5

16.8

20.3

26.4

5.6

16.9

Income before income taxes

97.7

80.0

98.9

114.3

78.4

77.2

Amortization of acquired intangible assets

13.2

12.2

12.5

17.4

17.5

21.0

Stock-based compensation expense

12.0

13.8

13.1

13.3

15.2

9.5

Acquisition and integration related costs

0.2

0.5

2.3

3.7

8.7

10.0

Restructuring and related costs

0.1

2.2

0.8

Settlements and impairments

(10.8

)

Non-GAAP income before income taxes

123.2

108.7

127.6

137.9

119.8

117.7

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(30.8

)

(27.2

)

(31.9

)

(34.5

)

(30.0

)

(29.4

)

Non-GAAP net income

$92.4

$81.5

$95.7

$103.4

$89.8

$88.3

Non-GAAP net income per share - diluted

$2.53

$2.23

$2.61

$2.82

$2.44

$2.34

Weighted average outstanding shares - basic

36.2

36.3

36.3

36.4

36.5

37.5

Weighted average outstanding shares - diluted

36.6

36.6

36.7

36.7

36.8

37.7

* A 25% tax rate is assumed for 2020 and 2019, which approximates our statutory corporate tax rate.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

2019

2020

Q1

Q2

Q3

Q4

Q1

Q2

Net income

$85.2

$63.2

$78.6

$87.9

$72.8

$60.4

Amortization of acquired intangible assets

13.2

12.2

12.5

17.4

17.5

21.0

Depreciation and other amortization

6.5

6.5

6.3

6.5

6.8

7.0

Interest (income) expense

(4.2

)

(4.7

)

(4.4

)

(3.4

)

(1.7

)

3.6

Other (income) expense

(0.5

)

(0.2

)

(9.9

)

(0.8

)

0.4

Income tax expense

12.5

16.8

20.3

26.4

5.6

16.9

EBITDA

$113.2

$93.5

$113.0

$124.9

$100.2

$109.3

Stock-based compensation expense

12.0

13.8

13.1

13.3

15.1

9.5

Acquisition and integration related costs

0.2

0.5

2.3

3.7

8.7

10.0

Restructuring and related costs

0.1

2.2

0.8

Adjusted EBITDA

$125.5

$110.0

$129.2

$141.9

$124.0

$128.8

 
 

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

For the Three Months

For the Twelve Months

Ended September 30, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

39,000

$

45,000

$

239,000

$

250,000

Income tax expense

10,000

11,000

53,000

56,000

Income before income taxes

49,000

56,000

292,000

306,000

Amortization of acquired intangible assets

25,000

25,000

87,000

87,000

Stock-based compensation expense

15,000

14,000

55,000

53,000

Acquisition and integration related costs

16,000

15,000

37,000

35,000

Non-GAAP income before income taxes

105,000

110,000

471,000

481,000

Assumed rate for income tax expense *

25

%

25

%

25

%

25

%

Assumed provision for income tax expense

(26,300

)

(27,400

)

(118,000

)

(120,300

)

Non-GAAP net income

$

78,700

$

82,600

$

353,000

$

360,700

Net income per share - diluted

$

0.99

$

1.14

$

6.24

$

6.53

Non-GAAP net income per share - diluted

$

2.00

$

2.10

$

9.22

$

9.42

Weighted average outstanding shares - diluted

39,400

39,400

38,300

38,300

* 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 September 30, 2020

Ended December 31, 2020

Low

High

Low

High

Net income

$

39,000

$

45,000

$

239,000

$

250,000

Amortization of acquired intangible assets

25,000

25,000

87,000

87,000

Depreciation and other amortization

7,000

7,000

27,000

27,000

Interest and other expense, net

8,000

8,000

17,000

17,000

Income tax expense

10,000

11,000

53,000

56,000

Stock-based compensation expense

15,000

14,000

55,000

53,000

Acquisition and integration related costs

16,000

15,000

37,000

35,000

Adjusted EBITDA

$

120,000

$

125,000

$

515,000

$

525,000

 

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. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 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 approximately 62 million unique monthly visitors in aggregate in the second quarter of 2020. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,200 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.

This news release and the Company’s earnings conference call contain “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 and the assumptions and estimates used as a basis for the forward-looking statements. The following factors, among others, could cause or contribute to such differences: uncertainty surrounding the impact of the COVID-19 pandemic, including volatility in the international and U.S. economy, worker absenteeism or decreased productivity, quarantines or other travel or health-related restrictions; the length and severity of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic; government and private actions taken to control the spread of COVID-19; the risk that the trends stated or implied by this release or in the earnings conference call cannot or will not be sustained at the current pace or may increase or decrease, including trends related to revenue, net income, non-GAAP net income, EBITDA, adjusted EBITDA, site traffic and visitors, sales, renewal rates, impressions and brand awareness; the risk that the Company is unable to sustain current revenue, earnings and net new sales bookings growth rates or increase them; the risk that CoStar and Ten-X cannot be combined successfully or that the acquisition does not produce the expected results; the risk that Ten-X’s auction platform is not combined into the Company’s product offerings when and as expected; the risk that the Company’s estimated results for Ten-X, including partial year 2020 revenue contribution and adjusted EBITDA impact in the second half of 2020 will not be as expected and stated in this release; the risk that revenues for the third quarter and full year 2020 will not be as stated in this press release; the risk that net income for the third quarter and full year 2020 will not be as stated in this press release; the risk that adjusted EBITDA for the third 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 third quarter and full year 2020 will not be as stated in this press release; the risk that the tax rate estimates stated in this press release may change; the possibility that the Company’s investment plans or strategy may change; and the possibility that the acquisition of RentPath does not close when expected or at all. 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 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). 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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