WASHINGTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), commercial real estate's leading provider of information, analytics and marketing services, announced today that revenue for the third quarter of 2012 was $96.0 million versus $63.8 million in the third quarter of 2011, which represents an increase of 50% year-over-year.
Non-GAAP net income (defined below) in the third quarter of 2012 was $13.1 million or $0.47 per diluted share which represents an increase of $5.9 million or 82% year-over-year. Net income in the third quarter of 2012 increased to $6.8 million or an increase of 196% year-over-year.
Adjusted EBITDA (defined below) was $25.6 million for the third quarter of 2012, which is an increase of 83% year-over-year. Adjusted EBITDA margins for the third quarter of 2012 increased to 26.7% from 21.9% in the third quarter of 2011. EBITDA (defined below) in the third quarter of 2012 was $19.6 million versus $6.0 million in the third quarter of 2011, an increase of 227% year-over-year.
"I am very pleased with the progress we are making on the integration of LoopNet," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. "All areas of our business are coming together to realize the synergies associated with the LoopNet acquisition and provide the best products and services to the participants in commercial real estate. In particular, our combined sales force is successfully cross-selling CoStar's information services and LoopNet's marketing solutions to our respective customer bases. As a result, we have added an all-time high number of new customers in the third quarter, and we are seeing the positive effects on our revenue and earnings."
| Year 2011-2012 Quarterly Results - Unaudited | |||||||
| (in millions, except per share data) | |||||||
| 2011 | 2012 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Revenues | $59.6 | $62.1 | $63.8 | $ 66.2 | $68.6 | $85.2 | $96.0 |
| EBITDA | 10.5 | 7.1 | 6.0 | 11.0 | 11.9 | 8.2 | 19.6 |
| Net income (loss) | 4.5 | 2.6 | 2.3 | 5.2 | 5.1 | (6.7) | 6.8 |
| Net income (loss) per share - diluted | 0.22 | 0.12 | 0.09 | 0.20 | 0.20 | (0.25) | 0.24 |
| Weighted average outstanding shares - diluted | 21.0 | 22.4 | 25.3 | 25.4 | 25.5 | 26.5 | 27.7 |
| Adjusted EBITDA | 12.6 | 14.3 | 14.0 | 16.0 | 15.3 | 20.4 | 25.6 |
| Non-GAAP Net Income | 6.2 | 7.3 | 7.2 | 8.4 | 8.2 | 10.5 | 13.1 |
| Non-GAAP Net Income per share - diluted | 0.29 | 0.33 | 0.28 | 0.33 | 0.32 | 0.39 | 0.47 |
In the third quarter of 2012, the Company's 12-month trailing renewal rate for annual subscription-based services was 94% and the renewal rate for CoStar's over 5,000 customer firms of five years or longer was 99%. Both remain at all-time highs.
As of September 30, 2012, the Company had approximately $151.8 million in cash, cash equivalents, short-term and long-term investments. This represents an increase of $22.7 million from the second quarter of 2012. Short and long-term debt associated with the LoopNet acquisition totaled approximately $170.6 million as of September 30, 2012.
The third quarter of 2012 was the first full quarter including LoopNet. The transaction closed on April 30, 2012.
2012 Outlook
"Based on the strong earnings results in the third quarter of 2012, we are raising our annual guidance for non-GAAP net income per diluted share (defined below) to a range of approximately $1.59 to $1.64 for the year, an increase of $0.16 at the midpoint," stated Brian J. Radecki, Chief Financial Officer of CoStar. For the fourth quarter of 2012, the Company expects non-GAAP net income per diluted share of $0.40 to $0.45.
"I am excited that the progress we are making integrating the companies is translating to cost synergies as reflected in our third quarter results and increased earnings guidance," continued Radecki. As disclosed last quarter, the Company plans to invest in marketing initiatives totaling $0.10 to $0.12 of non-GAAP net income per diluted share in order to drive revenue synergies through cross-selling. These programs will be aligned with selling activities throughout Q4 of 2012 and into Q1 of 2013.
For the full year of 2012, the Company is also raising the lower end of estimates for revenue to a range of approximately $347 million to $349 million. For the fourth quarter of 2012, the Company expects revenue in the range of $97 million to $99 million.
For the combined company, forward-looking non-GAAP net income per diluted share includes the non-GAAP net income of CoStar's existing business, the pro-rata non-GAAP net income of LoopNet for approximately eight months, as well as the impact of the reduction in LoopNet deferred revenue and higher interest expense related to the debt incurred to finance the acquisition. The Company issued approximately 1.9 million shares for the stock component of the merger consideration, which we estimate will result in fully diluted weighted shares of approximately 27.7 million for the fourth quarter and 26.8 million for the full year 2012.
The preceding forward-looking statements reflect CoStar's expectations as of October 24, 2012, including forward-looking non-GAAP financial measures on a consolidated basis – including LoopNet and related costs. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, restructuring, settlements or impairments will occur in any given quarter. 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 non-GAAP net income, EBITDA, adjusted EBITDA and all of the non-GAAP financial measures to their GAAP basis results are shown in detail below, along with definitions for those terms.
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, Inc. before (i) interest income (expense), (ii) provision for income taxes, and (iii) depreciation and amortization.
Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before (i) stock-based compensation expense, (ii) acquisition and integration related costs, (iii) restructuring charges and related costs, (iv) costs related to the acquisition and transition of the Company's corporate headquarters, and (v) settlements and impairments incurred outside the Company's normal business operations.
Non-GAAP net income is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group, Inc. before (i) purchase amortization and other related costs, (ii) stock-based compensation expense, (iii) acquisition and integration related costs, (iv) purchase accounting adjustments, (v) restructuring charges and related costs, (vi) costs related to the acquisition and transition of the Company's corporate headquarters, and (vii) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at non-GAAP net income. In 2011, we assumed a 40% tax rate, and in 2012 we assume a 38% tax rate in order to approximate our long-term effective corporate tax rate.
Non-GAAP net income per diluted share (also referred to as non-GAAP EPS) 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.
Earnings Conference Call
Management will conduct a conference call to discuss earnings results for the third quarter of 2012 and the Company's outlook for the fourth quarter of 2012 at 11:00 a.m. EDT on Thursday, October 25, 2012. The audio portion of the conference call will be broadcast live over the Internet at http://www.costar.com/investors.aspx. To join the conference call by telephone, please dial (800) 230-1096 (from the United States and Canada) or (612) 332-0107 (from all other countries) and refer to conference code 266046. An audio recording of the conference call will be available approximately one hour after the live call concludes and remain available for a period of time following the call. To access the recorded call, please dial (800) 475-6701 (from the U.S. and Canada) or (320) 365-3844 (from all other countries) using access code 266046. The webcast replay will also be available in the Investors section of CoStar's web site for a period of time following the call.
| CoStar Group, Inc. | ||||
| Condensed Consolidated Statements of Operations-Unaudited | ||||
| (in thousands, except per share data) | ||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||
| 2012 | 2011 | 2012 | 2011 | |
| Revenues | $ 96,001 | $ 63,829 | $ 249,853 | $ 185,574 |
| Cost of revenues | 30,882 | 21,175 | 83,388 | 66,153 |
| Gross margin | 65,119 | 42,654 | 166,465 | 119,421 |
| Operating expenses: | ||||
| Selling and marketing | 22,010 | 17,467 | 57,576 | 44,993 |
| Software development | 9,722 | 5,017 | 22,714 | 15,420 |
| General and administrative | 19,617 | 16,631 | 59,602 | 43,375 |
| Purchase amortization | 4,824 | 535 | 9,038 | 1,624 |
| 56,173 | 39,650 | 148,930 | 105,412 | |
| Income from operations | 8,946 | 3,004 | 17,535 | 14,009 |
| Interest and other income (expense), net | (1,763) | 194 | (2,582) | 574 |
| Income before income taxes | 7,183 | 3,198 | 14,953 | 14,583 |
| Income tax expense, net | 404 | 887 | 9,752 | 5,103 |
| Net income | $ 6,779 | $ 2,311 | $ 5,201 | $ 9,480 |
| Net income per share - basic | $ 0.25 | $ 0.09 | $ 0.20 | $ 0.42 |
| Net income per share - diluted | $ 0.24 | $ 0.09 | $ 0.19 | $ 0.41 |
| Weighted average outstanding shares - basic | 27,243 | 24,973 | 26,279 | 22,505 |
| Weighted average outstanding shares - diluted | 27,673 | 25,317 | 26,691 | 22,903 |
| 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 | ||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||
| 2012 | 2011 | 2012 | 2011 | |
| Net income | $ 6,779 | $ 2,311 | $ 5,201 | $ 9,480 |
| Income tax expense, net | 404 | 887 | 9,752 | 5,103 |
| Income before income taxes | 7,183 | 3,198 | 14,953 | 14,583 |
| Purchase amortization and other related costs | 7,851 | 874 | 14,645 | 2,578 |
| Stock-based compensation expense | 3,739 | 1,845 | 8,667 | 6,110 |
| Acquisition and integration related costs | 2,275 | 5,798 | 12,917 | 11,128 |
| Restructuring and related costs | -- | 1,509 | -- | 1,509 |
| Settlements and Impairments | -- | (1,207) | -- | (1,479) |
| Non-GAAP Income before income taxes | 21,048 | 12,017 | 51,182 | 34,429 |
| Assumed rate for income tax expense, net * | 38% | 40% | 38% | 40% |
| Assumed provision for income tax expense, net | (7,998) | (4,807) | (19,449) | (13,772) |
| Non-GAAP Net Income | $ 13,050 | $ 7,210 | $ 31,733 | $ 20,657 |
| Net Income per share - diluted | $ 0.24 | $ 0.09 | $ 0.19 | $ 0.41 |
| Non-GAAP Net Income per share - diluted | $ 0.47 | $ 0.28 | $ 1.19 | $ 0.90 |
| Weighted average outstanding shares - diluted | 27,673 | 25,317 | 26,691 | 22,903 |
| * A 38% tax rate is assumed in 2012 in order to approximate the Company's long-term effective corporate tax rate. A 40% tax rate was assumed in 2011. | ||||
| Reconciliation of Net Income to EBITDA and Adjusted EBITDA | ||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||
| 2012 | 2011 | 2012 | 2011 | |
| Net income | $ 6,779 | $ 2,311 | $ 5,201 | $ 9,480 |
| Purchase amortization in cost of revenues | 3,027 | 339 | 5,607 | 954 |
| Purchase amortization in operating expenses | 4,824 | 535 | 9,038 | 1,624 |
| Depreciation and other amortization | 2,844 | 2,129 | 7,554 | 7,065 |
| Interest income (expense), net | 1,763 | (194) | 2,582 | (574) |
| Income tax expense, net | 404 | 887 | 9,752 | 5,103 |
| EBITDA | $ 19,641 | $ 6,007 | $ 39,734 | $ 23,652 |
| Stock-based compensation expense | 3,739 | 1,845 | 8,667 | 6,110 |
| Acquisition and integration related costs | 2,275 | 5,798 | 12,917 | 11,128 |
| Restructuring and related costs | -- | 1,509 | -- | 1,509 |
| Settlements and Impairments | -- | (1,207) | -- | (1,479) |
| Adjusted EBITDA | $ 25,655 | $ 13,952 | $ 61,318 | $ 40,920 |
| CoStar Group, Inc. | ||
| Condensed Consolidated Balance Sheets | ||
| (in thousands) | ||
|
September 30, 2012 |
December 31, 2011 |
|
| (Unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 129,462 | $ 545,280 |
| Short-term investments | 817 | 3,515 |
| Accounts receivable, net | 21,397 | 16,589 |
| Deferred income taxes, net | 15,145 | 11,227 |
| Income tax receivable | 6,560 | 850 |
| Prepaid and other current assets | 7,999 | 5,722 |
| Debt issuance costs | 2,953 | -- |
| Total current assets | 184,333 | 583,183 |
| Long-term investments | 21,561 | 24,584 |
| Deferred income taxes, net | -- | 10,224 |
| Property and equipment, net | 42,962 | 37,571 |
| Goodwill | 718,080 | 91,784 |
| Intangible and other assets, net | 178,205 | 20,530 |
| Deposits and other assets | 2,160 | 2,241 |
| Debt issuance costs | 7,358 | 918 |
| Total assets | $ 1,154,659 | $ 771,035 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 47,242 | $ 38,533 |
| Current portion of long-term debt | 13,125 | -- |
| Income taxes payable | -- | 978 |
| Deferred revenue | 32,661 | 22,271 |
| Total current liabilities | 93,028 | 61,782 |
| Long-term debt, less current portion | 157,500 | -- |
| Deferred gain on sale of building | 29,440 | 31,333 |
| Deferred rent | 16,895 | 16,592 |
| Deferred income taxes, net | 38,142 | -- |
| Income taxes payable | 2,826 | 2,151 |
| Other long-term liabilities | 977 | -- |
| Stockholders' equity | 815,851 | 659,177 |
| Total liabilities and stockholders' equity | $ 1,154,659 | $ 771,035 |
| CoStar Group, Inc. | ||||
| Results of Segments-Unaudited | ||||
| (in thousands) | ||||
|
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||
| 2012 | 2011 | 2012 | 2011 | |
| Revenues | ||||
| United States | $ 91,153 | $ 59,192 | $235,606 | $171,768 |
| International | ||||
| External customers | 4,848 | 4,637 | 14,247 | 13,806 |
| Intersegment revenue * | 388 | 327 | 1,154 | 805 |
| Total international revenue | 5,236 | 4,964 | 15,401 | 14,611 |
| Intersegment eliminations | (388) | (327) | (1,154) | (805) |
| Total revenues | $ 96,001 | $ 63,829 | $249,853 | $185,574 |
| EBITDA | ||||
| United States | $ 22,688 | $ 6,828 | $ 46,302 | $ 26,451 |
| International ** | (3,047) | (821) | (6,568) | (2,799) |
| Total EBITDA | $ 19,641 | $ 6,007 | $ 39,734 | $ 23,652 |
| * Intersegment revenue is attributable to services performed by Property and Portfolio Research Ltd., a wholly owned subsidiary of Property and Portfolio Research, Inc. (PPR), for PPR. Intersegment revenue is recorded at what the Company believes approximates fair value. U.S. EBITDA includes a corresponding cost for the services performed by Property and Portfolio Research Ltd. for PPR. | ||||
| ** International EBITDA includes a corporate allocation of approximately $2,300,000 and $100,000 for the three months ended September 30, 2012 and 2011, and approximately $4,500,000 and $200,000 for the nine months ended September 30, 2012 and 2011, respectively. | ||||
| Reconciliation of Non-GAAP Financial Measures with 2011-2012 Quarterly Results - Unaudited | |||||||
| (in millions, except per share data) | |||||||
| Reconciliation of Net Income (Loss) to Non-GAAP Net Income | |||||||
| 2011 | 2012 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Net income (loss) | $ 4.5 | $ 2.6 | $ 2.3 | $ 5.2 | $ 5.1 | $ (6.7) | $ 6.8 |
| Income tax expense, net | 2.8 | 1.5 | 0.9 | 2.8 | 3.7 | 5.6 | 0.4 |
| Income (loss) before income taxes | 7.3 | 4.1 | 3.2 | 8.0 | 8.8 | (1.1) | 7.2 |
| Purchase amortization and other related costs | 0.8 | 0.8 | 0.9 | 1.1 | 1.0 | 5.8 | 7.9 |
| Stock-based compensation expense | 2.1 | 2.2 | 1.9 | 1.9 | 2.2 | 2.7 | 3.7 |
| Acquisition and integration related costs | 0.3 | 5.0 | 5.8 | 3.1 | 1.2 | 9.5 | 2.3 |
| Restructuring and related costs | -- | -- | 1.5 | -- | -- | -- | -- |
| Settlements and Impairments | (0.3) | -- | (1.2) | -- | -- | -- | -- |
| Non-GAAP Income before income taxes | 10.2 | 12.1 | 12.1 | 14.1 | 13.2 | 16.9 | 21.1 |
| Assumed rate for income tax expense, net * | 40% | 40% | 40% | 40% | 38% | 38% | 38% |
| Assumed provision for income tax expense, net | (4.0) | (4.8) | (4.9) | (5.7) | (5.0) | (6.4) | (8.0) |
| Non-GAAP Net Income | $ 6.2 | $ 7.3 | $ 7.2 | $ 8.4 | $ 8.2 | $ 10.5 | $ 13.1 |
| Non-GAAP Net Income per share - diluted | $ 0.29 | $ 0.33 | $ 0.28 | $ 0.33 | $0.32 | $ 0.39 | $ 0.47 |
| Weighted average outstanding shares - diluted | 21.0 | 22.4 | 25.3 | 25.4 | 25.5 | 26.9 | 27.7 |
| * A 38% tax rate is assumed in 2012 in order to approximate the Company's long-term effective corporate tax rate. A 40% tax rate was assumed in 2011. | |||||||
| Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | |||||||
| 2011 | 2012 | ||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Net income (loss) | $ 4.5 | $ 2.6 | $ 2.3 | $ 5.2 | $ 5.1 | $ (6.7) | $ 6.8 |
| Purchase amortization | 0.8 | 0.8 | 0.9 | 1.0 | 1.0 | 5.8 | 7.9 |
| Depreciation and other amortization | 2.6 | 2.4 | 2.1 | 2.2 | 2.3 | 2.4 | 2.8 |
| Interest expense (income), net | (0.2) | (0.2) | (0.2) | (0.2) | (0.2) | 1.1 | 1.7 |
| Income tax expense, net | 2.8 | 1.5 | 0.9 | 2.8 | 3.7 | 5.6 | 0.4 |
| EBITDA | $ 10.5 | $ 7.1 | $ 6.0 | $ 11.0 | $11.9 | $ 8.2 | $ 19.6 |
| Stock-based compensation expense | 2.1 | 2.2 | 1.9 | 1.9 | 2.2 | 2.7 | 3.7 |
| Acquisition and integration related costs | 0.3 | 5.0 | 5.8 | 3.1 | 1.2 | 9.5 | 2.3 |
| Restructuring and related costs | -- | -- | 1.5 | -- | -- | -- | -- |
| Settlements and Impairments | (0.3) | -- | (1.2) | -- | -- | -- | -- |
| Adjusted EBITDA | $ 12.6 | $ 14.3 | $ 14.0 | $ 16.0 | $15.3 | $ 20.4 | $ 25.6 |
| Reconciliation of Forward-Looking Guidance, Net Income to Non-GAAP Net Income | ||||
| (in thousands, except per share data) | ||||
|
Guidance Range For the Three Months Ended December 31, 2012 |
Guidance Range For the Twelve Months Ended December 31, 2012 |
|||
| Low | High | Low | High | |
| Net income | $ 2,800 | $ 4,800 | $ 8,000 | $ 10,000 |
| Income tax expense, net | 2,500 | 3,900 | 12,200 | 13,600 |
| Income before income taxes | 5,300 | 8,700 | 20,200 | 23,600 |
| Purchase amortization and other related costs | 7,600 | 7,600 | 22,200 | 22,200 |
| Stock-based compensation expense | 3,500 | 3,000 | 12,200 | 11,700 |
| Acquisition and integration related costs | 1,300 | 600 | 14,200 | 13,500 |
| Non-GAAP Income before income taxes | 17,700 | 19,900 | 68,800 | 71,000 |
| Assumed rate for income tax expense, net * | 38% | 38% | 38% | 38% |
| Assumed provision for income tax expense, net | (6,726) | (7,562) | (26,144) | (26,980) |
| Non-GAAP Net Income | $ 10,974 | $ 12,338 | $ 42,656 | $ 44,020 |
| Net Income per share - diluted | $ 0.10 | $ 0.17 | $ 0.30 | $ 0.37 |
| Non-GAAP Net Income per share - diluted | $ 0.40 | $ 0.45 | $ 1.59 | $ 1.64 |
| Weighted average outstanding shares - diluted | 27,700 | 27,700 | 26,800 | 26,800 |
| * A 38% tax rate is assumed for 2012 in order to approximate the Company's long-term effective corporate tax rate. | ||||
About CoStar Group, Inc.
CoStar Group (Nasdaq:CSGP) is commercial real estate's leading provider of information, analytics and marketing services. 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. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 6.4 million registered members and 3.5 million unique monthly visitors. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe including the industry's largest professional research organization. For more information, visit www.costar.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 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 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 be sustained at the current pace, including trends related to sales, earnings, and revenue growth and renewal rates; the risk that the combination of CoStar and LoopNet does not result in or create the anticipated benefits for CoStar; the risk that the sales and marketing programs directed at cross-selling of services will not drive the anticipated revenue synergies through cross-selling or position the company for high margin revenue growth in 2013 and beyond or that such synergies may take longer to realize than expected; the risk that CoStar will not achieve continued strong revenue and earnings growth throughout 2012 and in 2013; the risk that revenues for the fourth quarter of 2012 and full year 2012 will not be as stated in this press release; the risk that non-GAAP net income per diluted share for the fourth quarter of 2012 and full year 2012 will not be as stated in this press release; the risk that the integration of LoopNet will not continue to result in anticipated cost savings or synergies; the risk that the additional marketing initiatives will not be executed as stated in this press release; and the risk that the businesses of LoopNet and CoStar may not be combined successfully or in a timely and cost-efficient manner. 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, 2011, and CoStar's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, each filed with the SEC, including in the "Risk Factors" section of each of these 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.