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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191022006116/en/
Scott Wheeler Chief Financial Officer (202) 336-6920
swheeler@costar.com
Richard Simonelli Investor Relations (202) 346-6394
rsimonelli@costar.com
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