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Published: 2022-10-25 00:00:00 ET
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Exhibit 99.1

newcostargroupa39a.jpg

CoStar Group Third Quarter 2022 Revenue Increased 12% and Net New Bookings Grew 62% Year-over-Year. Apartments.com Climbs to Double-Digit Revenue Growth



WASHINGTON – October 25, 2022 - CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, announced today that revenue for the quarter ended September 30, 2022 was $557 million, an increase of 12% over revenue of $499 million for the third quarter of 2021.

Net income for the third quarter of 2022 was $72 million, or $0.18 per diluted share. Non-GAAP net income for the third quarter of 2022 (which excludes amortization of acquired intangible assets, stock-based compensation, and other items as described below) was $118 million or $0.30 per diluted share, an increase of 19% compared to the third quarter of 2021. EBITDA for the third quarter of 2022 was $129 million.

“We delivered outstanding results across all of our business lines in the third quarter, with Apartments.com leading the way” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “Net new bookings totaled $76 million in the third quarter of 2022, up 62% over the third quarter of 2021. Year-to-date our sales results have already exceeded the net new bookings for the full year 2021, and we still have one quarter left to go. Both revenue and profit in the third quarter of 2022 were at or above the high end of our guidance range and we are raising our forecast for the year.”

“Apartments.com sales continue to accelerate,” continued Florance. “Our Apartments.com sales team delivered record sales in September, bringing our net new bookings to $90 million on a year-to-date basis in 2022, an increase of 192% compared to the same period of 2021. Revenue growth for Apartments.com accelerated to 11% in the third quarter, and we now expect revenue growth of 16% in the fourth quarter of 2022. Revenue growth for CoStar was even stronger with a 17% increase in the third quarter 2022 over third quarter 2021 on a constant currency basis.”



Year 2021-2022 Quarterly Results - Unaudited
(in millions, except per share data)
20212022
Q1Q2Q3Q4Q1Q2Q3
Revenues$458$480$499$507$516$536$557
Net income74616493898372
Net income per share - diluted(1) 
0.190.160.160.240.230.210.18
Weighted average outstanding shares - diluted(1) 
394394394395394394396
EBITDA136133123173158140129
Adjusted EBITDA160150144193178159153
Non-GAAP net income10810399138123112118
Non-GAAP net income per share - diluted(1) 
0.270.260.250.350.310.280.30
__________________________
(1) Certain prior period amounts have been retroactively adjusted to reflect the ten-for-one stock split effected in the form of a stock dividend in June 2021.

2022 Outlook
The Company is raising its revenue guidance to a range of $2.175 billion to $2.180 billion for the full year of 2022, an increase of $5 million at the midpoint of the range compared to the prior outlook. The Company expects revenue for the fourth quarter of 2022 in the range of $565 million to $570 million, representing revenue growth of approximately 12% over the fourth quarter of 2021 at the midpoint of the range.

The Company is raising its adjusted EBITDA guidance to a range of $665 million to $670 million for the full year of 2022, an increase of $48 million at the midpoint of the range compared to the prior outlook. For the fourth quarter of 2022, the Company expects adjusted EBITDA in a range of $176 million to $181 million.

“Our financial results in the third quarter and improved 2022 revenue outlook demonstrate the strength of our products and resilience of our subscription-based business model,” said Scott Wheeler, Chief Financial Officer of CoStar Group. “We are making great progress with our Residential investment strategy while managing investment levels well below our initial estimates. This results in our improved profit outlook for 2022.”

The Company expects full year 2022 non-GAAP net income per diluted share in a range of $1.25 to $1.26 based on 397 million shares, an increase of $0.15 per diluted share compared to the prior outlook. For the fourth quarter of 2022, the Company expects non-GAAP net income per diluted share in a range of $0.35 to $0.36 based on 405 million shares. These ranges include an estimated non-GAAP tax rate of 26% for the full year and the fourth quarter of 2022.

The preceding forward-looking statements reflect CoStar Group’s expectations as of October 25, 2022, including forward-looking non-GAAP financial measures on a consolidated basis, based on current estimates, expectations, observations, and trends. Given the risk factors, rapidly evolving economic environment, and uncertainties and assumptions discussed in this release and in our quarterly reports on Form 10-Q and annual reports on Form 10-K, 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 to their GAAP basis results are shown in detail below, along with definitions for those terms. A reconciliation of forward-looking non-GAAP guidance to the most directly comparable GAAP measure, net income, can be found within the tables included in this release.

Non-GAAP Financial Measures
For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this release and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, please refer to the Company’s latest periodic report.



EBITDA is a non-GAAP financial measure that represents GAAP net income attributable to CoStar Group before interest (expense) income and other (expense) income, loss on debt extinguishment, income taxes, depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that represents EBITDA before stock-based compensation expense, acquisition- and integration-related costs, restructuring costs, and settlements and impairments incurred outside the Company’s normal course of business. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues for the period.

Non-GAAP net income is a non-GAAP financial measure determined by adjusting GAAP net income attributable to CoStar Group for stock-based compensation expense, acquisition- and integration-related costs, restructuring costs, settlement and impairment costs incurred outside the Company's normal course of business and loss on debt extinguishment, as well as amortization of acquired intangible assets and other related costs, and then subtracting an assumed provision for income taxes. In 2022, the Company is assuming a 26% tax rate in order to approximate its statutory corporate tax rate excluding the impact of discrete items.

Non-GAAP net income per diluted share is a non-GAAP financial measure that represents non-GAAP net income divided by the number of diluted shares outstanding for the period used in the calculation of GAAP net income per diluted share. For periods with GAAP net losses and non-GAAP net income, the weighted average outstanding shares used to calculate non-GAAP net income per share includes potentially dilutive securities that were excluded from the calculation of GAAP net income per share as the effect was anti-dilutive.

Operating Metrics
Net new bookings is calculated based on the annualized amount of change in the Company's sales bookings resulting from new subscription-based contracts and changes to existing subscription-based contracts for the period reported. Information regarding net new bookings is not comparable to, nor should it be substituted for, an analysis of the Company's revenues over time.

Earnings Conference Call
Management will conduct a conference call to discuss the third quarter 2022 results and the Company’s outlook at 5:00 PM EST on Tuesday, October 25, 2022. A live audio webcast of the conference will be available in listen-only mode through the Investors section of the CoStar Group website: https://investors.costargroup.com. A replay of the webcast audio will also be available in the Investors section of our website for a period of time following the call.








CoStar Group, Inc.
Condensed Consolidated Statements of Operations - Unaudited
(in thousands, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Revenues$556,921 $499,319 $1,609,054 $1,437,349 
Cost of revenues108,364 92,597 304,814 270,911 
Gross profit448,557 406,722 1,304,240 1,166,438 
Operating expenses:
Selling and marketing (excluding customer base amortization)185,395 180,055 510,736 483,354 
Software development56,912 53,143 162,520 148,500 
General and administrative91,270 64,671 246,576 186,747 
Customer base amortization29,651 19,121 60,621 55,885 
363,228 316,990 980,453 874,486 
Income from operations85,329 89,732 323,787 291,952 
Interest income (expense), net 10,656 (7,943)(461)(23,698)
Other income, net1,389 1,546 3,596 2,343 
Income before income taxes97,374 83,335 326,922 270,597 
Income tax expense25,084 19,031 81,841 70,933 
Net income     $72,290 $64,304 $245,081 $199,664 
Net income per share - basic
$0.18 $0.16 $0.62 $0.51 
Net income per share - diluted$0.18 $0.16 $0.62 $0.51 
Weighted-average outstanding shares - basic
394,712 392,419 393,650 392,101 
Weighted-average outstanding shares - diluted
396,209 394,295 394,973 394,036 





CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures - Unaudited
(in thousands, except per share data)
Reconciliation of Net Income to Non-GAAP Net Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income $72,290 $64,304 $245,081 $199,664 
Income tax expense25,084 19,031 81,841 70,933 
Income before income taxes97,374 83,335 326,922 270,597 
Amortization of acquired intangible assets36,596 26,330 82,601 77,450 
Stock-based compensation expense18,138 16,299 54,097 46,988 
Acquisition and integration related costs1,095 5,012 3,238 15,475 
Restructuring and related costs191 — 191 — 
Settlements and impairments4,100 — 4,100 — 
Other expense2,063 934 6,162 2,791 
Non-GAAP income before income taxes159,557 131,910 477,311 413,301 
Assumed rate for income tax expense(1)
26 %25 %26 %25 %
Assumed provision for income tax expense (41,485)(32,978)(124,101)(103,325)
Non-GAAP net income$118,072 $98,932 $353,210 $309,976 
Net income per share - diluted$0.18 $0.16 $0.62 $0.51 
Non-GAAP net income per share - diluted$0.30 $0.25 $0.89 $0.79 
Weighted average outstanding shares - basic394,712 392,419 393,650 392,101 
Weighted average outstanding shares - diluted396,209 394,295 394,973 394,036 
__________________________
(1) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income $72,290 $64,304 $245,081 $199,664 
Amortization of acquired intangible assets in cost of revenues6,945 7,209 21,980 21,565 
Amortization of acquired intangible assets in operating expenses29,651 19,121 60,621 55,885 
Depreciation and other amortization7,224 6,610 21,199 22,138 
Interest (income) expense, net(10,656)7,943 461 23,698 
Other income, net(1,389)(1,546)(3,596)(2,343)
Income tax expense25,084 19,031 81,841 70,933 
EBITDA$129,149 $122,672 $427,587 $391,540 
Stock-based compensation expense18,138 16,299 54,097 46,988 
Acquisition and integration related costs1,095 5,012 3,238 15,475 
Restructuring and related costs191 — 191 — 
Settlements and impairments4,100 — 4,100 — 
Adjusted EBITDA$152,673 $143,983 $489,213 $454,003 


CoStar Group, Inc.
Condensed Consolidated Balance Sheets - Unaudited
(in thousands)
September 30,
2022		December 31,
2021
ASSETS
Current assets:
Cash, cash equivalents and restricted cash$4,774,465 $3,827,126 
Accounts receivable157,104 138,191 
Less: Allowance for credit losses(9,334)(13,374)
Accounts receivable, net147,770 124,817 
  Income tax receivable9,278 — 
Prepaid expenses and other current assets75,074 36,182 
Total current assets5,006,587 3,988,125 
Deferred income taxes, net5,032 5,034 
Property and equipment, net306,319 271,431 
Lease right-of-use assets94,262 100,680 
Goodwill2,301,739 2,321,015 
Intangible assets, net343,232 435,662 
Deferred commission costs, net129,815 101,879 
Deposits and other assets16,872 21,762 
Income tax receivable2,005 11,283 
Total assets$8,205,863 $7,256,871 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$31,435 $22,244 
Accrued wages and commissions83,041 81,794 
Accrued expenses77,275 81,676 
Income taxes payable39 31,236 
Lease liabilities34,063 26,268 
Deferred revenue100,053 95,471 
Total current liabilities325,906 338,689 
Long-term debt, net988,890 987,944 
Deferred income taxes, net 80,611 98,656 
Income taxes payable 14,603 12,496 
Lease and other long-term liabilities88,941 107,414 
Total liabilities$1,498,951 $1,545,199 
Total stockholders' equity6,706,912 5,711,672 
Total liabilities and stockholders' equity$8,205,863 $7,256,871 





CoStar Group, Inc.
Condensed Consolidated Statements of Cash Flows - Unaudited
(in thousands)
 Nine Months Ended
September 30,
 20222021
Operating activities:  
Net income$245,081 $199,664 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization109,983 102,390 
Amortization of deferred commissions costs55,373 46,728 
Amortization of Senior Notes discount and issuance costs1,771 1,742 
Non-cash lease expense23,108 21,118 
Stock-based compensation expense54,097 46,988 
Deferred income taxes, net(21,676)16,255 
Credit loss expense13,468 7,797 
Other operating activities, net(1,774)10 
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable(36,177)(17,715)
Prepaid expenses and other current assets(17,235)(18,820)
Deferred commissions(83,875)(49,798)
Accounts payable and other liabilities2,131 (27,912)
Lease liabilities(27,615)(23,596)
Income taxes payable(29,051)(3,583)
Deferred revenue4,488 15,800 
Other assets1,492 2,150 
Net cash provided by operating activities293,589 319,218 
Investing activities:  
Proceeds from sale of property and equipment and other assets5,034 245 
Purchase of Richmond assets and other intangibles(31,530)(123,623)
Purchases of property and equipment and other assets(43,659)(21,533)
Cash paid for acquisitions, net of cash acquired(6,331)(152,594)
Net cash used in investing activities(76,486)(297,505)
Financing activities:  
Repayments of long-term debt assumed in acquisition(2,155)— 
Repurchase of restricted stock to satisfy tax withholding obligations(20,259)(29,306)
Proceeds from equity offering, net of transaction costs746,170 — 
Proceeds from exercise of stock options and employee stock purchase plan10,777 15,025 
Other financing activities— (57)
Net cash provided by (used in) financing activities734,533 (14,338)
Effect of foreign currency exchange rates on cash and cash equivalents(4,297)(1,700)
Net increase in cash, cash equivalents and restricted cash947,339 5,675 
Cash, cash equivalents and restricted cash at the beginning of period3,827,126 3,755,912 
Cash, cash equivalents and restricted cash at the end of period$4,774,465 $3,761,587 




CoStar Group, Inc.
Disaggregated Revenues - Unaudited
(in thousands)
Three Months Ended September 30,
20222021
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar $203,657 $9,033 $212,690 $174,071 $9,194 $183,265 
Information Services32,524 8,489 41,013 29,177 6,749 35,926 
Multifamily189,536 — 189,536 171,125 — 171,125 
LoopNet57,126 1,775 58,901 52,103 424 52,527 
Residential19,351 — 19,351 24,747 — 24,747 
Other Marketplaces35,430 — 35,430 31,729 — 31,729 
Total revenues$537,624 $19,297 $556,921 $482,952 $16,367 $499,319 
Nine Months Ended September 30,
20222021
North AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar $590,141 $27,764 $617,905 $505,470 $26,958 $532,428 
Information Services93,306 23,424 116,730 84,959 20,820 105,779 
Multifamily547,372 — 547,372 508,629 — 508,629 
LoopNet164,417 5,228 169,645 151,770 1,082 152,852 
Residential57,565 — 57,565 53,939 — 53,939 
Other Marketplaces99,837 — 99,837 83,722 — 83,722 
Total revenues$1,552,638 $56,416 $1,609,054 $1,388,489 $48,860 $1,437,349 



CoStar Group, Inc.
Results of Segments - Unaudited
(in thousands)
   
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
EBITDA    
North America$127,965 $119,823 $422,454 $385,857 
International1,184 2,849 5,133 5,683 
Total EBITDA$129,149 $122,672 $427,587 $391,540 



CoStar Group, Inc.
Reconciliation of Non-GAAP Financial Measures with Quarterly Results - Unaudited
(in millions, except per share data)
Reconciliation of Net Income to Non-GAAP Net Income
20212022
Q1Q2Q3Q4Q1Q2Q3
Net income                                                    $74.2$61.1$64.3$92.9$89.3$83.5$72.3
Income tax expense19.132.819.040.532.124.725.1
Income before income taxes93.393.983.3133.4121.4108.197.4
Amortization of acquired intangible assets25.825.326.326.223.222.836.6
Stock-based compensation expense15.515.116.316.717.818.118.1
Acquisition and integration related costs8.52.05.03.21.60.51.1
Restructuring and related costs——————0.2
Settlements and impairments——————4.1
Other expense 1.10.80.94.12.02.12.1
Non-GAAP income before income taxes(1)
144.2137.1131.8183.6166.1151.6159.6
Assumed rate for income tax expense (2)
25%25%25%25%26%26%26%
Assumed provision for income tax expense (36.0)(34.3)(33.0)(45.9)(43.2)(39.4)(41.5)
Non-GAAP net income(1)
$108.2$102.8$98.8$137.7$122.9$112.2$118.1
Non-GAAP net income per share - diluted(3)
$0.27$0.26$0.25$0.35$0.31$0.28$0.30
Weighted average outstanding shares - basic(3)
391.6392.3392.4392.5392.9393.3394.7
Weighted average outstanding shares - diluted(3)
393.7394.1394.3394.5394.2394.5396.2
__________________________
(1) Totals may not foot due to rounding.
(2) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period.
(3) Certain prior period amounts have been retroactively adjusted to reflect the ten-for-one stock split effected in the form of a stock dividend in June 2021.


Reconciliation of Net Income to EBITDA and Adjusted EBITDA
20212022
Q1Q2Q3Q4Q1Q2Q3
Net income     $74.2$61.1$64.3$92.9$89.3$83.5$72.3
Amortization of acquired intangible assets25.825.326.326.223.222.836.6
Depreciation and other amortization8.57.06.66.97.07.07.2
Interest (income) expense, net7.97.97.97.97.73.4(10.7)
Other (income) expense, net 0.1(0.8)(1.5)(0.9)(0.9)(1.3)(1.4)
Income tax expense19.132.819.040.532.124.725.1
EBITDA(1)
$135.6$133.3$122.6$173.4$158.4$140.0$129.1
Stock-based compensation expense15.515.116.316.717.818.118.1
Acquisition and integration related costs8.52.05.03.21.60.51.1
Restructuring and related costs——————0.2
Settlements and impairments——————4.1
Adjusted EBITDA(1)
$159.6$150.4$143.9$193.4$177.9$158.6$152.7
__________________________
(1) Totals may not foot due to rounding.



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 RangeGuidance Range
 For the Three Months For the Year Ending
 Ending December 31, 2022 December 31, 2022
 LowHigh LowHigh
Net income$113,000 $117,000 $359,000 $363,000 
Income tax expense40,000 41,000 122,000 123,000 
Income before income taxes153,000 158,000 481,000 486,000 
Amortization of acquired intangible assets20,000 20,000 102,000 102,000 
Stock-based compensation expense19,000 19,000 73,000 73,000 
Acquisition and integration related costs— — 3,000 3,000 
Settlements and impairments— — 4,000 4,000 
Other expense— — 6,000 6,000 
Non-GAAP income before income taxes192,000 197,000  669,000 674,000 
Assumed rate for income tax expense(1)
26 %26 %26 %26 %
Assumed provision for income tax expense (49,900)(51,200) (173,900)(175,200)
Non-GAAP net income$142,100 $145,800  $495,100 $498,800 
      
Net income per share - diluted$0.28 $0.29  $0.90 $0.91 
Non-GAAP net income per share - diluted$0.35 $0.36  $1.25 $1.26 
      
Weighted average outstanding shares - diluted405,300 405,300 397,300 397,300 
__________________________     
(1) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period.
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA
Guidance RangeGuidance Range
For the Three MonthsFor the Year Ending
Ending December 31, 2022 December 31, 2022
LowHighLowHigh
Net income$113,000 $117,000 $359,000 $363,000 
Amortization of acquired intangible assets20,000 20,000 102,000 102,000 
Depreciation and other amortization9,000 9,000 30,000 30,000 
Interest income, net(25,000)(25,000)(24,000)(24,000)
Other (income) expense, net— — (4,000)(4,000)
Income tax expense40,000 41,000 122,000 123,000 
Stock-based compensation expense19,000 19,000 73,000 73,000 
Acquisition and integration related costs— — 3,000 3,000 
Settlements and impairments— — 4,000 4,000 
Adjusted EBITDA$176,000 $181,000 $665,000 $670,000 
    




Investor Relations:
Cyndi Eakin
Senior Vice President
CoStar Group Investor Relations
(202) 346-6784
ceakin@costar.com

News Media:
Matthew Blocher
Vice President
CoStar Group Corporate Marketing & Communications
(202) 346-6775
mblocher@costar.com

About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information.

This news release and the Company’s earnings conference call contain “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 plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of CoStar Group and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for 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 or in the earnings conference call cannot or will not be sustained at the current pace or may increase or decrease, including trends and expectations related to revenue, revenue growth, net income, non-GAAP net income, EBITDA, adjusted EBITDA, adjusted EBITDA margin, sales, net new bookings, site traffic and visitors, leads, and renewal rates; the risk that the Company is unable to sustain current Company-wide, CoStar, Apartments or LoopNet net new bookings; the risk that revenues for the fourth quarter and full year 2022 will not be as stated in this press release; the risk that net income for the fourth quarter and full year 2022 will not be as stated in this press release; the risk that EBITDA for the fourth quarter and full year 2022 will not be as stated in this press release; the risk that adjusted EBITDA for the fourth quarter and full year 2022 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 2022 will not be as stated in this press release; the risk that we may not successfully integrate acquired businesses or assets and may not achieve anticipated benefits of an acquisition, including expected synergies; the risk that the tax rate estimates stated in this press release may change and the risk that we may experience declines in our revenues, revenue growth rates and profitability due to the impact of the COVID-19 pandemic on the commercial real estate industry and economic conditions on the real estate industry and our core customer base. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group’s filings from time to time with the Securities and Exchange Commission, including in CoStar Group’s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Forms 10-Q for the quarters ended March 31, 2022 and June 30, 2022, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar Group’s other filings with the SEC (including Current Reports on Form 8-K) available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.