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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200225006019/en/
Scott Wheeler Chief Financial Officer (202) 336-6920
swheeler@costar.com
Sarah Spray Vice President Investor Relations (202) 346-6394
sspray@costar.com
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