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 CoStar Group Announces Second Quarter Revenue Growth of 15% and Sales Booking Growth of 39% Year-over-Year, Raises Full Year Earnings and Revenue Guidance
   Wednesday, July 26, 2017 4:19:00 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 June 30, 2017 was $237 million, an increase of 15% over revenue of $207 million in the second quarter of 2016. Company-wide net bookings were a record $37 million in the second quarter of 2017.

"We had an exceptional first half of 2017 and I am very pleased that our investments in sales, marketing, technology and research have resulted in acceleration in top-line growth and extremely strong momentum in bookings," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "Our newly minted Global Research Center in Richmond has grown to over 600 professionals driving our research productivity to new heights. Our increased research proactivity with the broker and owner community is delivering higher quality data and analytics, making CoStar’s outstanding services even better. There is no doubt that stronger research is a significant factor in our bookings and revenue growth in the first half of 2017."

Florance continued, "CoStar Suite had its best sales quarter ever, with bookings up 23%, while revenue increased 13% year-over-year. We achieved accelerated revenue growth in our Commercial Property and Land marketplaces, which grew 17% year-over-year fueled by robust sales of LoopNet Premium Lister and our new tiered advertising sales to owners. Apartments.com revenue also grew an impressive 24% year-over-year and delivered very strong sales bookings in the quarter."

Year 2016-2017 Quarterly Results - Unaudited
(in millions, except per share data)
                                              2016                              2017
                                              Q1      Q2       Q3      Q4       Q1      Q2
Revenues                                      $  200  $   207  $  213  $  218   $  227  $  237
Net income                                    17      16       23      30       22      22
Net income per share - diluted                0.52    0.48     0.72    0.91     0.68    0.68
Weighted average outstanding shares - diluted 32.4    32.4     32.4    32.5     32.6    32.7
EBITDA                                        48      46       58      64       55      44
Adjusted EBITDA                               58      56       67      75       64      54
Non-GAAP net income                           31      29       36      42       34      28
Non-GAAP net income per share - diluted       0.95    0.91     1.11    1.29     1.05    0.86

Net income for the second quarter of 2017 increased to $22 million or $0.68 per diluted share compared to net income of $16 million in the second quarter of 2016. EBITDA in the second quarter of 2017 was $44 million.

Non-GAAP net income (defined below) for the quarter ended June 30, 2017 was $28 million or $0.86 per diluted share. Adjusted EBITDA (which excludes stock-based compensation and other items as defined below) was $54 million for the second quarter of 2017.

As of June 30, 2017, the Company had approximately $575 million in cash, cash equivalents and long term investments, while short and long-term debt outstanding, net of debt issuance costs, totaled approximately $305 million.

2017 Outlook

"We exceeded our second quarter top and bottom line estimates, and we are raising our full year 2017 revenue and earnings guidance," stated Scott Wheeler, Chief Financial Officer of CoStar Group.

The Company expects revenue to be in a range of approximately $954 million to $960 million for the full year of 2017, increasing the midpoint by $7 million from the prior outlook. For the third quarter of 2017, the Company expects revenue of approximately $243 million to $245 million.

For the full year of 2017, the Company expects non-GAAP net income per diluted share (defined below) in a range of approximately $4.42 to $4.52. For the third quarter of 2017, the Company expects non-GAAP net income per diluted share of approximately $1.09 to $1.15.

The preceding forward-looking statements reflect CoStar Group’s expectations as of July 26, 2017, 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, transitions, restructurings, 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) amortization of acquired intangible assets, (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.

Earnings Conference Call

Management will conduct a conference call at 11:00 AM EDT on Thursday, July 27, 2017 to discuss earnings results for the second quarter of 2017 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 (877) 260-8896 (from the United States and Canada) or (612) 332-0632 (from all other countries) and refer to conference code 426643. 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 426643. 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                Six Months Ended
                                               June 30,                          June 30,
                                               2017             2016             2017             2016
Revenues                                       $   237,153      $   206,869      $   463,706      $   406,608
Cost of revenues                               55,273           42,679           106,619          85,579
Gross margin                                   181,880          164,190          357,087          321,029
Operating expenses:
Selling and marketing                          91,726           80,468           168,128          155,672
Software development                           23,144           19,547           45,518           37,182
General and administrative                     34,557           30,227           68,552           57,703
Customer base amortization                     4,570            5,829            9,344            12,052
                                               153,997          136,071          291,542          262,609
Income from operations                         27,883           28,119           65,545           58,420
Interest and other income                      605              159              1,034            243
Interest and other expense                     (2,693      )    (2,455      )    (5,379      )    (4,964      )
Income before income taxes                     25,795           25,823           61,200           53,699
Income tax expense                             3,611            10,247           16,886           21,402
Net income                                     $   22,184       $   15,576       $   44,314       $   32,297
Net income per share - basic                   $   0.68         $   0.48         $   1.37         $   1.01
Net income per share - diluted                 $   0.68         $   0.48         $   1.36         $   1.00
Weighted average outstanding shares - basic    32,406           32,186           32,341           32,135
Weighted average outstanding shares - diluted  32,739           32,448           32,651           32,415
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                                    Six Months Ended
                                                                  June 30,                                              June 30,
                                                                  2017                       2016                       2017                       2016
Net income                                                        $           22,184         $           15,576         $           44,314         $           32,297
Income tax expense                                                3,611                      10,247                     16,886                     21,402
Income before income taxes                                        25,795                     25,823                     61,200                     53,699
Amortization of acquired intangible assets                        9,340                      11,516                     20,233                     23,435
Stock-based compensation expense                                  10,103                     9,339                      19,460                     17,670
Acquisition and integration related costs                         411                        811                        772                        2,258
Settlements and impairments                                       --                         --                         (760                    )  --
Non-GAAP income before income taxes                               45,649                     47,489                     100,905                    97,062
Assumed rate for income tax expense *                             38                      %  38                      %  38                      %  38                      %
Assumed provision for income tax expense                          (17,347                 )  (18,046                 )  (38,344                 )  (36,884                 )
Non-GAAP net income                                               $           28,302         $           29,443         $           62,561         $           60,178
Net income per share - diluted                                    $           0.68           $           0.48           $           1.36           $           1.01
Non-GAAP net income per share - diluted                           $           0.86           $           0.91           $           1.92           $           1.86
Weighted average outstanding  shares - basic                      32,406                     32,186                     32,341                     32,135
Weighted average outstanding  shares - diluted                    32,739                     32,448                     32,651                     32,415
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
                                                                  Three Months Ended                                    Six Months Ended
                                                                  June 30,                                              June 30,
                                                                  2017                       2016                       2017                       2016
Net income                                                        $           22,184         $           15,576         $           44,314         $           32,297
Amortization of acquired intangible assets in cost of revenues    4,770                      5,687                      10,889                     11,383
Amortization of acquired intangible assets in operating expenses  4,570                      5,829                      9,344                      12,052
Depreciation and other amortization                               6,520                      5,924                      12,925                     11,526
Interest and other income                                         (605                    )  (159                    )  (1,034                  )  (243                    )
Interest and other expense                                        2,693                      2,455                      5,379                      4,964
Income tax expense                                                3,611                      10,247                     16,886                     21,402
EBITDA                                                            $           43,743         $           45,559         $           98,703         $           93,381
Stock-based compensation expense                                  10,103                     9,339                      19,460                     17,670
Acquisition and integration related costs                         411                        811                        772                        2,258
Settlements and impairments                                       --                         --                         (760                    )  --
Adjusted EBITDA                                                   $           54,257         $           55,709         $           118,175        $           113,309
CoStar Group, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
                                                                  June 30, 2017    December 31,
                                                                                   2016
                                                                  (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents                                         $    564,638     $    567,223
Accounts receivable, net                                          51,512           48,537
Income tax receivable                                             --               129
Prepaid expenses and other current assets                         19,837           11,602
Total current assets                                              635,987          627,491
Long-term investments                                             9,952            9,952
Deferred income taxes, net                                        7,834            7,273
Property and equipment, net                                       85,779           87,568
Goodwill                                                          1,280,271        1,254,866
Intangible assets, net                                            198,097          195,965
Deposits and other assets                                         2,099            1,948
Total assets                                                      $    2,220,019   $    2,185,063
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued expenses and other current liabilities  $    85,789      $    83,916
Current portion of long-term debt                                 21,945           31,866
Deferred revenue                                                  43,167           39,164
Total current liabilities                                         150,901          154,946
Long-term debt, less current portion                              282,881          306,473
Deferred gain on sale of building                                 17,454           18,715
Deferred rent                                                     31,077           31,589
Deferred income taxes, net                                        20,218           18,386
Income taxes payable                                              753              741
Stockholders’ equity                                              1,716,735        1,654,213
Total liabilities and stockholders’ equity                        $    2,220,019   $    2,185,063
CoStar Group, Inc.
Condensed Consolidated Statements of Cash Flows - Unaudited
(in thousands, unaudited)
                                                                                  Six Months Ended
                                                                                  June 30,
                                                                                  2017               2016
Operating activities:
Net income                                                                        $       44,314     $       32,297
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                     33,158             34,961
Amortization of debt issuance costs                                               1,487              1,610
Stock-based compensation expense                                                  19,460             17,670
Deferred income tax expense, net                                                  3,434              3,474
Provision for losses on accounts receivable                                       2,349              5,108
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable                                                               (5,177          )  (10,868         )
Prepaid expenses and other current assets                                         (7,887          )  (2,616          )
Deposits and other assets                                                         (103            )  482
Accounts payable and other liabilities                                            605                4,956
Deferred revenue                                                                  3,723              (380            )
Net cash provided by operating activities                                         95,363             86,694
Investing activities:
Proceeds from sale and settlement of investments                                  --                 4,700
Purchases of property and equipment and other assets                              (12,674         )  (7,394          )
Acquisitions, net of cash acquired                                                (45,068         )  (10,795         )
Net cash used in investing activities                                             (57,742         )  (13,489         )
Financing activities:
Payments of long-term debt                                                        (35,000         )  (20,000         )
Repurchase of restricted stock to satisfy tax withholding obligations             (13,456         )  (13,967         )
Proceeds from exercise of stock options and employee stock purchase plan          7,683              3,837
Net cash used in financing activities                                             (40,773         )  (30,130         )
Effect of foreign currency exchange rates on cash and cash equivalents            567                (742            )
Net increase (decrease) in cash and cash equivalents                              (2,585          )  42,333
Cash and cash equivalents at the beginning of period                              567,223            421,818
Cash and cash equivalents at the end of period                                    $       564,638    $       464,151
CoStar Group, Inc.
Results of Segments - Unaudited
(in thousands)
                              Three Months Ended                                                                                    Six Months Ended
                              June 30,                                                                                              June 30,
                              2017                                                           2016                                   2017                                                           2016
Revenues
North America                 $                             229,826                          $     199,859                          $                             449,167                          $                             393,120
International
External customers            7,327                                                          7,010                                  14,539                                                         13,488
Intersegment revenues *       11                                                             10                                     22                                                             21
Total International revenues  7,338                                                          7,020                                  14,561                                                         13,509
Intersegment eliminations     (11                                                         )  (10                                 )  (22                                                         )  (21                                                         )
Total revenues                $                             237,153                          $     206,869                          $                             463,706                          $                             406,608
EBITDA
North America                 $                             43,364                           $     45,127                           $                             97,797                           $                             91,991
International                 379                                                            432                                    906                                                            1,390
Total EBITDA                  $                             43,743                           $     45,559                           $                             98,703                           $                             93,381
*Intersegment revenues recorded were 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. Intersegment revenues are recorded at an amount the Company believes approximates fair value. North America EBITDA includes a corresponding cost for the services performed by Grecam for CoStar Portfolio Strategy.
CoStar Group, Inc.
Revenues by Services - Unaudited
(in thousands)
                              Three Months Ended          Six Months Ended
                              June 30,                    June 30,
                              2017          2016          2017          2016
Information and analytics
CoStar Suite                  $   113,794   $   101,074   $   223,773   $   198,708
Information services          18,312        19,425        36,648        38,850
Online marketplaces
Multifamily                   68,076        54,860        132,067       107,098
Commercial property and land  36,971        31,510        71,218        61,952
Total revenues                $   237,153   $   206,869   $   463,706   $   406,608
CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures with 2016-2017 Quarterly Results - Unaudited
(in millions, except per share data)
Reconciliation of Net Income to Non-GAAP Net Income
                                                2016                                                                                     2017
                                                Q1                    Q2                    Q3                    Q4                     Q1                    Q2
Net income                                      $         16.7        $         15.6        $         23.2        $         29.6         $         22.1        $         22.2
Income tax expense                              11.2                  10.2                  14.2                  16.0                   13.3                  3.6
Income before income taxes                      27.9                  25.8                  37.4                  45.5                   35.4                  25.8
Amortization of acquired intangible assets      11.9                  11.5                  11.3                  10.8                   10.9                  9.3
Stock-based compensation expense                8.3                   9.3                   9.3                   9.4                    9.4                   10.1
Acquisition and integration related costs       1.5                   0.8                   --                    --                     0.4                   0.4
Restructuring and related costs                 --                    --                    0.1                   1.8                    --                    --
Settlements and impairments                     --                    --                    --                    --                     (0.8                ) --
Non-GAAP income before income taxes             49.6                  47.5                  58.1                  67.5                   55.3                  45.6
Assumed rate for income tax expense *           38                  % 38                  % 38                  % 38                  %  38                  % 38                  %
Assumed provision for income tax expense        (18.9               ) (18.0               ) (22.1               ) (25.6               )  (21.0               ) (17.3               )
Non-GAAP net income                             $         30.7        $         29.4        $         36.0        $         41.8         $         34.3        $         28.3
Non-GAAP net income per share - diluted         $         0.95        $         0.91        $         1.11        $         1.29         $         1.05        $         0.86
Weighted average outstanding  shares - basic    32.1                  32.2                  32.2                  32.2                   32.3                  32.4
Weighted average outstanding  shares - diluted  32.4                  32.4                  32.4                  32.5                   32.6                  32.7
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
                                                2016                                                                                     2017
                                                Q1                    Q2                    Q3                    Q4                     Q1                    Q2
Net income                                      $         16.7        $         15.6        $         23.2        $         29.6         $         22.1        $         22.2
Amortization of acquired intangible assets      11.9                  11.5                  11.3                  10.8                   10.9                  9.3
Depreciation and other amortization             5.6                   5.9                   6.8                   6.3                    6.4                   6.5
Interest and other income                       (0.1                ) (0.2                ) (0.3                ) (1.2                )  (0.4                ) (0.6                )
Interest and other expense                      2.5                   2.5                   2.5                   2.6                    2.7                   2.7
Income tax expense                              11.2                  10.2                  14.2                  15.9                   13.3                  3.6
EBITDA                                          $         47.8        $         45.6        $         57.7        $         64.0         $         55.0        $         43.7
Stock-based compensation expense                8.3                   9.3                   9.3                   9.4                    9.4                   10.1
Acquisition and integration related costs       1.5                   0.8                   --                    --                     0.4                   0.4
Restructuring and related costs                 --                    --                    0.1                   1.8                    --                    --
Settlements and impairments                     --                    --                    --                    --                     (0.8                ) --
Adjusted EBITDA                                 $         57.6        $         55.7        $         67.1        $         75.2         $         63.9        $         54.3
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 September 30, 2017                                  Ended December 31, 2017
                                               Low                          High                         Low                          High
Net income                                     $            24,000          $            27,000          $            99,000          $            105,000
Income tax expense                             12,500                       14,300                       54,000                       56,000
Income before income taxes                     36,500                       41,300                       153,000                      161,000
Amortization of acquired intangible assets     8,400                        8,300                        36,000                       36,000
Stock-based compensation expense               11,000                       10,000                       42,000                       40,000
Acquisition and integration related costs      2,000                        1,000                        3,000                        2,000
Restructuring and related costs                --                           --                           --                           --
Settlements and impairments                    --                           --                           (800                      )  (800                      )
Non-GAAP income before income taxes            57,900                       60,600                       233,200                      238,200
Assumed rate for income tax expense*           38                        %  38                        %  38                        %  38                        %
Assumed provision for income tax expense       (22,000                   )  (23,000                   )  (88,600                   )  (90,500                   )
Non-GAAP net income                            $            35,900          $            37,600          $            144,600         $            147,700
Net income per share - diluted                 $            0.73            $            0.82            $            3.03            $            3.21
Non-GAAP net income per share - diluted        $            1.09            $            1.15            $            4.42            $            4.52
Weighted average outstanding  shares - diluted 32,800                       32,800                       32,700                       32,700
* A 38% tax rate is assumed, which approximates our long-term effective corporate tax rate, excluding the impact of a discrete item related to excess tax benefits from stock-based compensation.
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA
                                               Guidance Range                                            Guidance Range
                                               For the Three Months                                      For the Twelve Months
                                               Ended September 30, 2017                                  Ended December 31, 2017
                                               Low                          High                         Low                          High
Net income                                     $            24,000          $            27,000          $            99,000          $            105,000
Amortization of acquired intangible assets     8,400                        8,300                        36,000                       36,000
Depreciation and other amortization            6,800                        6,800                        27,500                       27,500
Interest and other expense, net                2,600                        2,600                        9,600                        9,600
Income tax expense                             12,500                       14,300                       54,000                       56,000
Stock-based compensation expense               11,000                       10,000                       42,000                       40,000
Acquisition and integration related costs      2,000                        1,000                        3,000                        2,000
Restructuring and related costs                --                           --                           --                           --
Settlements and impairments                    --                           --                           (800                      )  (800                      )
Adjusted EBITDA                                $            67,300          $            70,000          $            270,300         $            275,300

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 over 5 million monthly unique visitors per month. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Westside Rentals 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. 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(R), doorsteps.com and move.com. CoStar Group’s websites attracted an average of over 37 million unique monthly visitors in aggregate in the second quarter of 2017. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,500 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, top-line growth, revenue, earnings, and research productivity; the risk that the Company is unable to sustain current revenue and earnings growth rates or increase them; the risk that revenues for the third quarter and full year 2017 will not be as stated in this press release; the risk that net income for the third quarter and full year 2017 will not be as stated in this press release; the risk that non-GAAP net income and non-GAAP net income per diluted share for the third quarter and full year 2017 will not be as stated in this press release; the risk that adjusted EBITDA for the third quarter and full year 2017 will not be as stated in this press release; and the risk that costs actually incurred in connection with the Xceligent litigation differ from estimates included within the Company’s forecast, which differences may be material. 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, 2016, and CoStar’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, 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.

All Contacts
Scott Wheeler
Chief Financial Officer
(202) 336-6920
swheeler@costar.com

Richard Simonelli
Vice President, Investor Relations
(202) 346-6394
rsimonelli@costar.com

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