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CoStar Group, Inc.$278.96($1.91)(.68%)

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 CoStar Group Grows Net Income $28 Million Year-over-Year
   Wednesday, October 26, 2016 7:03:00 PM ET

CoStar Group, Inc. (CSGP ), the leading provider of commercial real estate information, analytics and online marketplaces, announced today that revenue for the quarter ended September 30, 2016 was $213 million, an increase of 12.5% over revenue of $189 million in the third quarter of 2015. Net income for the third quarter of 2016 increased to $23 million or $0.72 per diluted share compared to a net loss of $(5) million in the third quarter of 2015. EBITDA in the third quarter of 2016 was $58 million compared to $22 million in the third quarter of 2015, an increase of 161%. EBITDA margin was 27% in the third quarter of 2016 compared to 12% in the third quarter of 2015.

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"We achieved another strong quarter of profitable revenue growth in the third quarter of 2016," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "Our focus on investing in growth and cost management has generated net income and EBITDA through the first nine months of 2016 that is as high or higher than in any other 12 month period in our history. Net new sales of our flagship service CoStar Suite continued to accelerate. Year-to-date in 2016, we have outpaced CoStar Suite net new sales over the same time period in 2015 by 33%."

"Our expansion into multifamily has been a tremendous success. In just two and a half years, we have transformed Apartments.com. At the time of the acquisition in the first quarter of 2014, Apartments.com averaged 7.8 million visits a month according to comScore and generated annual revenue of $86 million, placing it third among internet listing sites. In the third quarter of 2016, Apartments.com is now number one in visits averaging 21 million visits a month according to comScore and we believe we are number one in annualized revenue we generate in the multifamily space. From November 2015 to September 2016, Apartments.com visits are up 39% while our next closest competitor is down 10% according to comScore."

Year 2015-2016 Quarterly Results - Unaudited
(in millions, except per share data)
                                              2015                                2016
                                              Q1       Q2       Q3       Q4       Q1      Q2      Q3
Revenues                                      $   159  $   171  $   189  $  193   $  200  $  207  $  213
Net income (loss)                             (6)      (15)     (5)      23       17      16      23
Net income (loss) per share - diluted         (0.19)   (0.47)   (0.17)   0.71     0.52    0.48    0.72
Weighted average outstanding shares - diluted 31.8     31.9     32.0     32.3     32.4    32.4    32.4
EBITDA                                        14       (1)      22       55       48      46      58
Adjusted EBITDA                               24       11       36       65       58      56      67
Non-GAAP Net Income                           11       2        17       36       31      29      36
Non-GAAP Net Income per share - diluted       0.34     0.08     0.53     1.10     0.95    0.91    1.11

CoStar Suite revenue for the third quarter of 2016 of $103 million increased 13% versus the third quarter of 2015 and 14% excluding the impact of foreign currency movements. Compared to the third quarter of 2015, multifamily revenue increased 17% in the third quarter of 2016, and 22% for the same period on a pro forma basis (defined below), adjusting for non-core services that were shut down after the Apartment Finder acquisition.

Non-GAAP net income (defined below) for the quarter ended September 30, 2016 was $36 million or $1.11 per diluted share, an increase of $19 million compared to non-GAAP net income of $17 million in the third quarter of 2015. Adjusted EBITDA (which excludes stock-based compensation and other items as defined below) was $67 million for the third quarter of 2016 versus $35 million in the third quarter of 2015, which is an increase of 89% year-over-year. Adjusted EBITDA margin was 32% for the third quarter of 2016 versus 19% for the third quarter of 2015.

Company-wide net bookings were $26 million in the third quarter of 2016. This is the sixth quarter in a row of over $25 million in quarterly net bookings. Strong net bookings in the third quarter were achieved in spite of headwinds that resulted from our plan to shut down the LoopNet information products and our reduced sales efforts for LoopNet Premium Searcher ahead of the planned integration with CoStar Suite.

As of September 30, 2016, the Company had approximately $533 million in cash, cash equivalents and investments, which is an increase of approximately $58 million in the third quarter of 2016. Short and long-term debt outstanding, net of debt issuance costs, totaled approximately $338 million as of September 30, 2016.

2016 Outlook "The Company continued to deliver strong revenue growth and better than expected earnings in the third quarter of 2016," stated Scott T. Wheeler, Chief Financial Officer of CoStar Group. "With our continued focus on profitable growth, we are again increasing our full-year earnings forecast."

The Company expects revenue of approximately $835 million to $838 million for the full year of 2016. For the fourth quarter of 2016, the Company expects revenue of approximately $216 million to $219 million.

For the full year of 2016, the Company expects non-GAAP net income per diluted share (defined below) in a range of approximately $4.20 to $4.25, raising the midpoint by $0.13 from the prior outlook, and by $0.55 from the Company’s initial 2016 guidance. For the fourth quarter of 2016, the Company expects non-GAAP net income per diluted share of approximately $1.23 to $1.28.

The preceding forward-looking statements reflect CoStar Group’s expectations as of October 26, 2016, including forward-looking non-GAAP financial measures on a consolidated basis. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact amounts or timing of investments, transition, 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 EBITDA, adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share and all of the 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 (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, and (iv) 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 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, and (vi) settlements and impairments. From this figure, we then subtract an assumed provision for income taxes to arrive at non-GAAP net income. The company assumes 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. 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.

Pro-forma Revenue Definition Pro-forma revenue growth rates presented in this release include the addition of Apartment Finder core online marketplace revenue recognized prior to the June 1, 2015 acquisition date and exclude any pre- or post- acquisition revenue for discontinued Apartment Finder services such as Finder Social.

Earnings Conference Call Management will conduct a conference call at 11:00 AM EDT on Thursday, October 27, 2016 to discuss earnings results for the third quarter of 2016 and the Company’s outlook. The audio portion of the conference call will be broadcast live over the Internet at www.costargroup.com/investors/events. To join the conference call by telephone, please dial (800) 398-9367 (from the United States and Canada) or (612) 332-0632 (from all other countries) and refer to conference code 403281. 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 403281. 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          Nine Months Ended
                                               September 30,               September 30,
                                               2016          2015          2016          2015
Revenues                                       $   212,711   $   189,078   $   619,319   $    518,755
Cost of revenues                               42,222        53,728        127,801       143,758
Gross margin                                   170,489       135,350       491,518       374,997
Operating expenses:
Selling and marketing                          75,414        80,506        231,086       242,418
Software development                           19,357        17,048        56,539        49,040
General and administrative                     30,572        31,074        88,275        86,346
Purchase amortization                          5,550         7,153         17,602        21,260
                                               130,893       135,781       393,502       399,064
Income (loss) from operations                  39,596        (431)         98,016        (24,067)
Interest and other income                      344           42            587           473
Interest and other expense                     (2,498)       (2,363)       (7,462)       (7,060)
Income (loss) before income taxes              37,442        (2,752)       91,141        (30,654)
Income tax expense (benefit), net              14,241        2,610         35,643        (4,199)
Net income (loss)                              $   23,201    $   (5,362)   $   55,498    $    (26,455)
Net income (loss) per share - basic            $   0.72      $   (0.17)    $   1.73      $    (0.83)
Net income (loss) per share - diluted          $   0.72      $   (0.17)    $   1.71      $    (0.83)
Weighted average outstanding shares - basic    32,186        31,980        32,152        31,934
Weighted average outstanding shares - diluted  32,440        31,980        32,423        31,934
CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures-Unaudited
(in thousands, except per share data)
Reconciliation of Net Income (Loss) to Non-GAAP Net Income
                                                  Three Months Ended                                                            Nine Months Ended
                                                  September 30,                                                                 September 30,
                                                  2016                                   2015                                   2016                                   2015
Net income (loss)                                 $                 23,201               $                 (5,362)              $                 55,498               $                 (26,455)
Income tax expense (benefit), net                 14,241                                 2,610                                  35,643                                 (4,199)
Income (loss) before income taxes                 37,442                                 (2,752)                                91,141                                 (30,654)
Purchase amortization and other related costs     11,286                                 17,117                                 34,721                                 44,147
Stock-based compensation expense                  9,311                                  9,312                                  26,981                                 25,169
Acquisition and integration related costs         --                                     1,787                                  2,258                                  5,347
Restructuring and related costs                   66                                     2,279                                  66                                     2,279
Settlements and impairments                       --                                     --                                     --                                     2,778
Non-GAAP income before income taxes               58,105                                 27,743                                 155,167                                49,066
Assumed rate for income tax expense, net *        38                                  %  38                                  %  38                                  %  38                                  %
Assumed provision for income tax expense, net     (22,080)                               (10,542)                               (58,963)                               (18,645)
Non-GAAP net income                               $                 36,025               $                 17,201               $                 96,204               $                 30,421
Net income (loss) per share - diluted             $                 0.72                 $                 (0.17)               $                 1.71                 $                 (0.83)
Non-GAAP net income per share - diluted**         $                 1.11                 $                 0.53                 $                 2.97                 $                 0.94
Weighted average outstanding  shares - basic      32,186                                 31,980                                 32,152                                 31,934
Weighted average outstanding  shares - diluted**  32,440                                 32,229                                 32,423                                 32,229
* A 38% tax rate is assumed in order to approximate the Company’s long-term effective corporate tax rate.
** 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.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
                                                  Three Months Ended                                                            Nine Months Ended
                                                  September 30,                                                                 September 30,
                                                  2016                                   2015                                   2016                                   2015
Net income (loss)                                 $                 23,201               $                 (5,362)              $                 55,498               $                 (26,455)
Purchase amortization in cost of revenues         5,736                                  9,964                                  17,119                                 22,887
Purchase amortization in operating expenses       5,550                                  7,153                                  17,602                                 21,260
Depreciation and other amortization               6,794                                  5,403                                  18,320                                 14,860
Interest income                                   (344)                                  (42)                                   (587)                                  (473)
Interest expense                                  2,498                                  2,363                                  7,462                                  7,060
Income tax expense (benefit), net                 14,241                                 2,610                                  35,643                                 (4,199)
EBITDA                                            $                 57,676               $                 22,089               $                 151,057              $                 34,940
Stock-based compensation expense                  9,311                                  9,312                                  26,981                                 25,169
Acquisition and integration related costs         --                                     1,787                                  2,258                                  5,347
Settlements and impairments                       --                                     --                                     --                                     2,778
Restructuring and related costs                   66                                     2,279                                  66                                     2,279
Adjusted EBITDA                                   $                 67,053               $                 35,467               $                 180,362              $                 70,513
CoStar Group, Inc.
Condensed Consolidated Balance Sheets - Unaudited
(in thousands)
                                            September 30,     December 31,
                                            2016              2015
                                            (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents                   $     522,099     $     421,818
Short-term investments                      1,171             --
Accounts receivable, net                    47,461            40,276
Income tax receivable                       1,049             430
Prepaid expenses and other current assets   11,663            10,209
Total current assets                        583,443           472,733
Long-term investments                       9,911             15,507
Deferred income taxes, net                  8,153             9,107
Property and equipment, net                 85,366            88,311
Goodwill                                    1,256,353         1,252,945
Intangible assets, net                      207,113           238,318
Deposits and other assets                   2,248             2,650
Total assets                                $     2,152,587   $     2,079,571
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses       $     89,770      $     76,397
Current portion of long-term debt           21,825            16,746
Deferred revenue                            41,864            42,138
Total current liabilities                   153,459           135,281
Long-term debt, less current portion        315,694           338,366
Deferred gain on sale of building           19,346            21,239
Deferred rent                               29,193            29,628
Deferred income taxes, net                  9,185             4,585
Income taxes payable                        7,012             6,692
Stockholders’ equity                        1,618,698         1,543,780
Total liabilities and stockholders’ equity  $     2,152,587   $     2,079,571
CoStar Group, Inc.
Results of Segments-Unaudited
(in thousands)
                               Three Months Ended                                                                                     Nine Months Ended
                               September 30,                                                                                          September 30,
                               2016                                                            2015                                   2016                                                            2015
Revenues
North America                  $                              205,637                          $     182,556                          $                              598,757                          $      500,059
International
External customers             7,074                                                           6,522                                  20,562                                                          18,696
Intersegment revenue *         3                                                               4                                      24                                                              25
Total International revenue    7,077                                                           6,526                                  20,586                                                          18,721
Intersegment eliminations      (3)                                                             (4)                                    (24)                                                            (25)
Total revenues                 $                              212,711                          $     189,078                          $                              619,319                          $      518,755
EBITDA
North America **               $                              56,305                           $     20,993                           $                              148,296                          $      32,816
International ***              1,371                                                           1,096                                  2,761                                                           2,124
Total EBITDA                   $                              57,676                           $     22,089                           $                              151,057                          $      34,940
*Intersegment revenue recorded during 2015 and 2016 was attributable to services performed for the Company’s wholly owned subsidiary, CoStar Portfolio Strategy by Grecam S.A.S. ("Grecam"), a wholly owned subsidiary of CoStar Limited, the Company’s wholly owned U.K. holding company.
**North America EBITDA includes an allocation of approximately $70,000 and $225,000 for the three months ended September 30, 2016 and 2015, respectively. North America EBITDA includes an allocation of approximately $379,000 and $763,000 for the nine months ended September 30, 2016 and 2015, respectively. This allocation represents costs incurred for International employees involved in development activities of the Company’s North America operating segment.
***International EBITDA includes a corporate allocation of approximately $113,000 and $74,000 for the three months ended September 30, 2016 and 2015, respectively.  International EBITDA includes a corporate allocation of approximately $246,000 and $200,000 for the nine months ended September 30, 2016 and 2015, respectively. This allocation represents costs incurred for North America employees involved in management and expansion activities of the Company’s International operating segment.
CoStar Group, Inc.
Revenues by Services-Unaudited
(in thousands)
                              Three Months Ended          Nine Months Ended
                              September 30,               September 30,
                              2016          2015          2016          2015
Information and analytics
CoStar Suite                  $   103,261   $   91,350    $   301,969   $   266,931
Information services          19,486        19,126        58,336        56,415
Online marketplaces
Multifamily                   57,654        49,312        164,752       110,187
Commercial property and land  32,310        29,290        94,262        85,222
Total revenues                $   212,711   $   189,078   $   619,319   $   518,755
CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures with 2015-2016 Quarterly Results - Unaudited
(in millions, except per share data)
Reconciliation of Net Income (Loss) to Non-GAAP Net Income
                                                  2015                                                                                                                                             2016
                                                  Q1                                  Q2                                  Q3                                  Q4                                   Q1                                                                                               Q2             Q3
Net income (loss)                                 $                (6.1)              $                (15.0)             $                (5.4)              $                23.0                $                16.7                                                                            $    15.6      $   23.2
Income tax expense (benefit), net                 0.6                                 (7.4)                               2.6                                 10.2                                 11.2                                                                                             10.2           14.2
Income (loss) before income taxes                 (5.5)                               (22.4)                              (2.8)                               33.2                                 27.9                                                                                             25.8           37.4
Purchase amortization and other related costs     13.5                                13.5                                17.1                                13.9                                 11.9                                                                                             11.5           11.3
Stock-based compensation expense                  7.4                                 8.4                                 9.3                                 9.4                                  8.3                                                                                              9.3            9.3
Acquisition and integration related costs         0.6                                 2.9                                 1.8                                 1.0                                  1.5                                                                                              0.8            --
Restructuring and related costs                   --                                  --                                  2.3                                 (0.3)                                --                                                                                               --             0.1
Settlements and impairments                       1.4                                 1.4                                 --                                  --                                   --                                                                                               --             --
Non-GAAP income before income taxes               17.4                                3.9                                 27.7                                57.2                                 49.6                                                                                             47.5           58.1
Assumed rate for income tax expense, net *        38                                % 38                                % 38                                % 38                                %  38                                %                                                              38        %    38       %
Assumed provision for income tax expense, net     (6.6)                               (1.5)                               (10.5)                              (21.7)                               (18.9)                                                                                           (18.0)         (22.1)
Non-GAAP net income                               $                10.8               $                2.4                $                17.2               $                35.5                $                30.7                                                                            $    29.4      $   36.0
Non-GAAP net income per share - diluted**         $                0.34               $                0.08               $                0.53               $                1.10                $                0.95                                                                            $    0.91      $   1.11
Weighted average outstanding  shares - basic      31.8                                32.0                                32.0                                32.0                                 32.1                                                                                             32.2           32.2
Weighted average outstanding  shares - diluted**  32.2                                32.3                                32.2                                32.3                                 32.4                                                                                             32.4           32.4
* A 38% tax rate is assumed in order to approximate the Company’s long-term effective corporate tax rate.
** 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.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
                                                  2015                                                                                                                                             2016
                                                  Q1                                  Q2                                  Q3                                  Q4                                   Q1                                                                                               Q2             Q3
Net income (loss)                                 $                (6.1)              $                (15.0)             $                (5.4)              $                23.0                $                16.7                                                                            $    15.6      $   23.2
Purchase amortization                             13.5                                13.5                                17.1                                13.9                                 11.9                                                                                             11.5           11.3
Depreciation and other amortization               4.3                                 5.1                                 5.4                                 5.7                                  5.6                                                                                              5.9            6.8
Interest income                                   (0.3)                               (0.1)                               (0.0)                               (0.1)                                (0.1)                                                                                            (0.2)          (0.3)
Interest expense                                  2.3                                 2.4                                 2.4                                 2.3                                  2.5                                                                                              2.5            2.5
Income tax expense (benefit), net                 0.6                                 (7.4)                               2.6                                 10.2                                 11.2                                                                                             10.2           14.2
EBITDA                                            $                14.3               $                (1.5)              $                22.1               $                55.0                $                47.8                                                                            $    45.6      $   57.7
Stock-based compensation expense                  7.4                                 8.4                                 9.3                                 9.4                                  8.3                                                                                              9.3            9.3
Acquisition and integration related costs         0.6                                 2.9                                 1.8                                 1.0                                  1.5                                                                                              0.8            --
Restructuring and related costs                   --                                  --                                  2.3                                 (0.3)                                --                                                                                               --             0.1
Settlements and impairments                       1.4                                 1.4                                 --                                  --                                   --                                                                                               --             --
Adjusted EBITDA                                   $                23.7               $                11.2               $                35.5               $                65.1                $                57.6                                                                            $    55.7      $   67.1
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, 2016           Ended December 31, 2016
                                               Low              High             Low               High
Net income                                     $      24,400    $      27,300    $      79,900     $      82,700
Income tax expense, net                        15,700           17,500           51,300            53,100
Income before income taxes                     40,100           44,800           131,200           135,800
Purchase amortization and other related costs  11,200           11,200           46,000            46,000
Stock-based compensation expense               10,000           9,000            37,000            36,000
Acquisition and integration related costs      --               --               2,300             2,300
Restructuring and related costs                3,000            2,000            3,000             2,000
Settlements and Impairments                    --               --               --                --
Non-GAAP income before income taxes            64,300           67,000           219,500           222,100
Assumed rate for income tax expense, net *     38            %  38            %  38             %  38             %
Assumed provision for income tax expense, net  (24,400)         (25,500)         (83,400)          (84,400)
Non-GAAP net income                            $      39,900    $      41,500    $      136,100    $      137,700
Net income per share - diluted                 $      0.75      $      0.84      $      2.47       $      2.55
Non-GAAP net income per share - diluted        $      1.23      $      1.28      $      4.20       $      4.25
Weighted average outstanding  shares - diluted 32,500           32,500           32,400            32,400
* A 38% tax rate is assumed in order to approximate the Company’s long-term effective 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, 2016           Ended December 31, 2016
                                               Low              High             Low               High
Net income                                     $      24,400    $      27,300    $      79,900     $      82,700
Purchase amortization and other related costs  11,200           11,200           46,000            46,000
Depreciation and other amortization            6,200            6,200            24,600            24,600
Interest and other expense (income), net       2,500            2,500            9,300             9,300
Income tax expense, net                        15,700           17,500           51,300            53,100
Stock-based compensation expense               10,000           9,000            37,000            36,000
Acquisition and integration related costs      --               --               2,300             2,300
Restructuring and related costs                3,000            2,000            3,000             2,000
Settlements and impairments                    --               --               --                --
Adjusted EBITDA                                $      73,000    $      75,700    $      253,400    $      256,000

About CoStar Group, Inc.

CoStar Group, Inc. (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 more than 10 million registered members. Apartments.com, ApartmentFinder.com and ApartmentHomeLiving.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. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move’s family of websites, which include realtor.com?, doorsteps.com and move.com. CoStar Group’s websites attracted an average of nearly 25 million unique monthly visitors in aggregate in the third quarter of 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of approximately 2,800 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 sales, bookings, earnings, profitability, revenue, unique visitors and total visits; the risk that the Company is unable to sustain current revenue and earnings growth rates or increase them; the risk that cost management efforts do not produce the expected results or continue to produce historical results; the risk that the Company’s plans with respect to the LoopNet information products, related sales efforts and the planned integration with CoStar Suite may change; the risk that revenues for the fourth quarter and full year 2016 will not be as stated in this press release; the risk that net income for the fourth quarter and full year 2016 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 2016 will not be as stated in this press release; the risk that adjusted EBITDA for the fourth quarter and full year 2016 will not be as stated in this press release. 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, 2015, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, 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.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/costar-group-grows-net-income-28-million-year-over-year-300352144.html

SOURCE CoStar Group, Inc.

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