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 year ended December 31, 2022 was $2.18 billion, an increase of 12% over revenue of $1.94 billion for the full year of 2021. Revenue for the fourth quarter of 2022 was $573 million, an increase of 13% over revenue of $507 million for the fourth quarter of 2021. Net income for the year ended December 31, 2022, was $369 million, an increase of 26% compared to net income of $293 million for the full year of 2021. Net income for the fourth quarter of 2022 was $124 million, or $0.31 per diluted share, an increase of 34% compared to net income of $93 million for the fourth quarter of 2021. Adjusted EBITDA was $672 million for the full year and $182 million for the fourth quarter of 2022. “2022 was an outstanding year for CoStar Group,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “We delivered 12% year over year revenue growth while setting a record for full year net new sales bookings of $305 million, an increase of 41% over 2021. Our two largest product platforms, CoStar and Apartments.com, delivered revenue growth of 15% and 16%, respectively, in the fourth quarter, while LoopNet revenue grew 12% to end the year. I believe our efforts to expand our sales team in 2022 are starting to pay off,” continued Florance. “I’m particularly pleased with the revenue growth acceleration in Apartments.com, which began the year with 6% year-over-year revenue growth in the first quarter and ended the year with 16% year-over-year revenue growth in the fourth quarter,” stated Florance. "Net new bookings for Apartments.com in the fourth quarter were the highest ever, increasing 177% compared to the same period in 2021. This performance is expected to return Apartments.com to 20% or higher revenue growth during 2023,” continued Florance. “We've made great progress on our residential strategy in 2022,” stated Florance. “Traffic to our Homes.com network has passed 20 million unique monthly visitors and has doubled in the last few months. Our new product received an incredible response from agents at the National Association of Realtors trade show recently, while our 'your listing, your lead' strategy is delivering hundreds of thousands of valuable consumer leads directly to listing agents. Given the strong momentum of Homes.com, we plan to increase our residential investments in the year ahead,” continued Florance. Year 2021-2022 Quarterly Results - Unaudited (in millions, except per share data)   2021   2022   Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4                     Revenues $458 $480 $499 $507   $516 $536 $557 $573 Net income 74 61 64 93   89 83 72 124 Net income per share - diluted(1) 0.19 0.16 0.16 0.24   0.23 0.21 0.18 0.31 Weighted average outstanding shares - diluted(1) 394 394 394 395   394 394 396 406                     EBITDA 136 133 123 173   158 140 129 155 Adjusted EBITDA 160 150 144 193   178 159 153 182 Non-GAAP net income 108 103 99 138   123 112 118 153 Non-GAAP net income per share - diluted(1) 0.27 0.26 0.25 0.35   0.31 0.28 0.30 0.38 __________________________                   (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. 2023 Outlook The Company expects revenue in the range of $2.46 billion to $2.48 billion for the full year of 2023, representing growth of approximately 13% year-over-year at the midpoint of the range. The Company expects revenue for the first quarter of 2023 in the range of $575 million to $580 million, representing revenue growth of approximately 12% year-over-year at the midpoint of the range. The Company expects adjusted EBITDA in the range of $500 million to $520 million for the full year of 2023. For the first quarter of 2023, the Company expects adjusted EBITDA in the range of $111 million to $116 million. The Company expects full year 2023 non-GAAP net income per diluted share in a range of $1.06 to $1.09 based on 408 million shares. For the first quarter of 2023, the Company expects non-GAAP net income per diluted share in a range of $0.25 to $0.26 based on 407 million shares. These ranges include an estimated non-GAAP tax rate of 26% for the full year and the first quarter of 2023. The preceding forward-looking statements reflect CoStar Group’s expectations as of February 21, 2023, 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 2023, 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 fourth quarter and full year 2022 results and the Company’s outlook at 5:00 PM EST on Tuesday, February 21, 2023. 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 December 31,   Year Ended December 31,     2022   2021   2022 2021 Revenues   $ 573,345     $ 506,786     $ 2,182,399   $ 1,944,135   Cost of revenues     109,194       86,330       414,008     357,241   Gross profit     464,151       420,456       1,768,391     1,586,894                     Operating expenses:                 Selling and marketing (excluding customer base amortization)     173,486       138,653       684,222     622,007   Software development     58,403       52,522       220,923     201,022   General and administrative     92,161       69,964       338,737     256,711   Customer base amortization     12,939       18,932       73,560     74,817         336,989       280,071       1,317,442     1,154,557                     Income from operations     127,162       140,385       450,949     432,337   Interest income (expense), net     32,586       (7,923 )     32,125     (31,621 ) Other income (expense), net     (213 )     909       3,383     3,252   Income before income taxes     159,535       133,371       486,457     403,968   Income tax expense     35,163       40,471       117,004     111,404   Net income   $ 124,372     $ 92,900     $ 369,453   $ 292,564                     Net income per share - basic   $ 0.31     $ 0.24     $ 0.93   $ 0.75   Net income per share - diluted   $ 0.31     $ 0.24     $ 0.93   $ 0.74                     Weighted-average outstanding shares - basic     404,185       392,538       396,284     392,210   Weighted-average outstanding shares - diluted     406,087       394,532       397,752     394,160                     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 December 31,   Year Ended December 31,     2022   2021   2022   2021 Net income   $ 124,372     $ 92,900     $ 369,453     $ 292,564   Income tax expense     35,163       40,471       117,004       111,404   Income before income taxes     159,535       133,371       486,457       403,968   Amortization of acquired intangible assets     19,978       26,176       102,579       103,626   Stock-based compensation expense     21,110       16,721       75,207       63,709   Acquisition and integration related costs     2,167       3,243       5,405       18,718   Restructuring and related costs     1,984       —       2,175       —   Settlements and impairments     1,969       —       6,069       —   Other expense, net     —       4,112       6,162       6,903   Non-GAAP income before income taxes     206,743       183,623       684,054       596,924   Assumed rate for income tax expense(1)     26 %     25 %     26 %     25 % Assumed provision for income tax expense     (53,753 )     (45,906 )     (177,854 )     (149,231 ) Non-GAAP net income   $ 152,990     $ 137,717     $ 506,200     $ 447,693                     Net income per share - diluted   $ 0.31     $ 0.24     $ 0.93     $ 0.74   Non-GAAP net income per share - diluted   $ 0.38     $ 0.35     $ 1.27     $ 1.14                     Weighted average outstanding shares - basic     404,185       392,538       396,284       392,210   Weighted average outstanding shares - diluted     406,087       394,532       397,752       394,160   __________________________                 (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 December 31,   Year Ended December 31,     2022   2021   2022   2021 Net income   $ 124,372     $ 92,900     $ 369,453     $ 292,564   Amortization of acquired intangible assets in cost of revenues     7,039       7,244       29,019       28,809   Amortization of acquired intangible assets in operating expenses     12,939       18,932       73,560       74,817   Depreciation and other amortization     7,928       6,880       29,127       29,018   Interest (income) expense, net     (32,586 )     7,923       (32,125 )     31,621   Other (income) expense, net     213       (909 )     (3,383 )     (3,252 ) Income tax expense     35,163       40,471       117,004       111,404   EBITDA   $ 155,068     $ 173,441     $ 582,655     $ 564,981   Stock-based compensation expense     21,110       16,721       75,207       63,709   Acquisition and integration related costs     2,167       3,243       5,405       18,718   Restructuring and related costs     1,984       —       2,175       —   Settlements and impairments     1,969       —       6,069       —   Adjusted EBITDA   $ 182,298     $ 193,405     $ 671,511     $ 647,408   CoStar Group, Inc. Condensed Consolidated Balance Sheets - Unaudited (in thousands)               December 31, 2022   December 31, 2021 ASSETS         Current assets:         Cash and cash equivalents   $ 4,967,970     $ 3,827,126   Accounts receivable     166,140       138,191   Less: Allowance for credit losses     (12,195 )     (13,374 ) Accounts receivable, net     153,945       124,817   Prepaid expenses and other current assets     63,952       36,182   Total current assets     5,185,867       3,988,125             Deferred income taxes, net     9,722       5,034   Lease right-of-use assets     80,392       100,680   Property and equipment, net     321,250       271,431   Goodwill     2,314,759       2,321,015   Intangible assets, net     329,306       435,662   Deferred commission costs, net     142,482       101,879   Deposits and other assets     16,687       21,762   Income tax receivable     2,005       11,283   Total assets   $ 8,402,470     $ 7,256,871   LIABILITIES AND STOCKHOLDERS' EQUITY         Current liabilities:         Accounts payable   $ 28,460     $ 22,244   Accrued wages and commissions     104,988       81,794   Accrued expenses     89,113       81,676   Income taxes payable     10,438       31,236   Lease liabilities     36,049       26,268   Deferred revenue     103,567       95,471   Total current liabilities     372,615       338,689             Long-term debt, net     989,210       987,944   Deferred income taxes, net     76,202       98,656   Income taxes payable     14,001       12,496   Lease and other long-term liabilities     80,321       107,414   Total liabilities   $ 1,532,349     $ 1,545,199             Total stockholders' equity     6,870,121       5,711,672   Total liabilities and stockholders' equity   $ 8,402,470     $ 7,256,871   CoStar Group, Inc. Condensed Consolidated Statements of Cash Flows - Unaudited (in thousands)       Year Ended December 31,   2022   2021 Operating activities:       Net income $ 369,453     $ 292,564   Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization   137,885       139,558   Amortization of deferred commissions costs   76,082       63,391   Amortization of Senior Notes discount and issuance costs   2,365       2,327   Non-cash lease expense   38,489       28,485   Stock-based compensation expense   75,207       63,709   Deferred income taxes, net   (31,203 )     24,165   Credit loss expense   18,309       10,928   Other operating activities, net   (2,439 )     (654 )         Changes in operating assets and liabilities, net of acquisitions:       Accounts receivable   (46,403 )     (29,630 ) Prepaid expenses and other current assets   (17,910 )     (14,873 ) Deferred commissions   (116,796 )     (72,038 ) Accounts payable and other liabilities   23,234       (30,051 ) Lease liabilities   (37,396 )     (30,904 ) Income taxes payable   (19,259 )     5,860   Deferred revenue   6,785       17,396   Other assets   2,217       (502 ) Other assets   —       —   Net cash provided by operating activities   478,620       469,731           Investing activities:       Proceeds from sale and settlement of investments   864       —   Proceeds from sale of property and equipment and other assets   30,097       612   Purchase of Richmond assets   (35,169 )     (123,764 ) Purchases of property and equipment and other assets   (58,574 )     (65,220 ) Cash paid for acquisitions, net of cash acquired   (6,273 )     (192,971 ) Net cash used in investing activities   (69,055 )     (381,343 )         Financing activities:       Proceeds from long-term debt   —       —   Payments of debt issuance costs   —       —   Payments of long-term debt   (2,155 )     —   Repurchase of restricted stock to satisfy tax withholding obligations   (23,108 )     (33,314 ) Proceeds from equity offering, net of transaction costs   745,700       —   Proceeds from exercise of stock options and employee stock purchase plan   13,540       18,046   Other financing activities   —       (411 ) Net cash provided by (used in) financing activities   733,977       (15,679 )         Effect of foreign currency exchange rates on cash and cash equivalents   (2,698 )     (1,495 ) Net increase in cash and cash equivalents   1,140,844       71,214   Cash and cash equivalents at beginning of year   3,827,126       3,755,912   Cash and cash equivalents at end of year $ 4,967,970     $ 3,827,126   CoStar Group, Inc. Disaggregated Revenues - Unaudited (in thousands)       Three Months Ended December 31,   2022   2021   North America   International   Total   North America   International   Total CoStar $ 210,042   $ 9,033   $ 219,075   $ 181,478   $ 8,915   $ 190,393 Information Services   31,645     9,007     40,652     28,764     7,112     35,876 Multifamily   198,016     —     198,016     170,051     —     170,051 LoopNet   59,341     1,955     61,296     53,046     1,613     54,659 Residential   16,182     —     16,182     20,644     —     20,644 Other Marketplaces   38,124     —     38,124     35,163     —     35,163 Total revenues $ 553,350   $ 19,995   $ 573,345   $ 489,146   $ 17,640   $ 506,786                                                 Year Ended December 31,   2022   2021   North America   International   Total   North America   International   Total CoStar $ 800,183   $ 36,797   $ 836,980   $ 686,948   $ 35,873   $ 722,821 Information Services   124,951     32,431     157,382     113,723     27,932     141,655 Multifamily   745,388     —     745,388     678,680     —     678,680 LoopNet   223,758     7,183     230,941     204,816     2,695     207,511 Residential   73,747     —     73,747     74,583     —     74,583 Other Marketplaces   137,961     —     137,961     118,885     —     118,885 Total revenues $ 2,105,988   $ 76,411   $ 2,182,399   $ 1,877,635   $ 66,500   $ 1,944,135                       CoStar Group, Inc. Results of Segments - Unaudited (in thousands)                   Three Months Ended December 31,   Year Ended December 31,   2022   2021   2022   2021 EBITDA               North America $ 154,788   $ 171,268   $ 577,242   $ 557,125 International   280     2,173     5,413     7,856 Total EBITDA $ 155,068   $ 173,441   $ 582,655   $ 564,981 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                           2021   2022     Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4                       Net income   $74.2 $61.1 $64.3 $92.9   $89.3 $83.5 $72.3 $124.4 Income tax expense   19.1 32.8 19.0 40.5   32.1 24.7 25.1 35.2 Income before income taxes   93.3 93.9 83.3 133.4   121.4 108.1 97.4 159.5 Amortization of acquired intangible assets   25.8 25.3 26.3 26.2   23.2 22.8 36.6 20.0 Stock-based compensation expense   15.5 15.1 16.3 16.7   17.8 18.1 18.1 21.1 Acquisition and integration related costs   8.5 2.0 5.0 3.2   1.6 0.5 1.1 2.2 Restructuring and related costs   — — — —   — — 0.2 2.0 Settlements and impairments   — — — —   — — 4.1 2.0 Other expense, net   1.1 0.8 0.9 4.1   2.0 2.1 2.1 — Non-GAAP income before income taxes(1)   144.2 137.1 131.8 183.6   166.1 151.6 159.6 206.7 Assumed rate for income tax expense (2)   25% 25% 25% 25%   26% 26% 26% 26% Assumed provision for income tax expense   (36.0) (34.3) (33.0) (45.9)   (43.2) (39.4) (41.5) (53.8) Non-GAAP net income(1)   $108.2 $102.8 $98.8 $137.7   $122.9 $112.2 $118.1 $153.0                       Non-GAAP net income per share - diluted(3)   $0.27 $0.26 $0.25 $0.35   $0.31 $0.28 $0.30 $0.38                       Weighted average outstanding shares - basic(3)   391.6 392.3 392.4 392.5   392.9 393.3 394.7 404.2 Weighted average outstanding shares - diluted(3)   393.7 394.1 394.3 394.5   394.2 394.5 396.2 406.1 __________________________                     (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                           2021   2022     Q1 Q2 Q3 Q4   Q1 Q2 Q3 Q4                       Net income   $74.2 $61.1 $64.3 $92.9   $89.3 $83.5 $72.3 $124.4 Amortization of acquired intangible assets   25.8 25.3 26.3 26.2   23.2 22.8 36.6 20.0 Depreciation and other amortization   8.5 7.0 6.6 6.9   7.0 7.0 7.2 7.9 Interest (income) expense, net   7.9 7.9 7.9 7.9   7.7 3.4 (10.7) (32.6) Other (income) expense, net   0.1 (0.8) (1.5) (0.9)   (0.9) (1.3) (1.4) 0.2 Income tax expense   19.1 32.8 19.0 40.5   32.1 24.7 25.1 35.2 EBITDA(1)   $135.6 $133.3 $122.6 $173.4   $158.4 $140.0 $129.1 $155.1 Stock-based compensation expense   15.5 15.1 16.3 16.7   17.8 18.1 18.1 21.1 Acquisition and integration related costs   8.5 2.0 5.0 3.2   1.6 0.5 1.1 2.2 Restructuring and related costs   — — — —   — — 0.2 2.0 Settlements and impairments   — — — —   — — 4.1 2.0 Adjusted EBITDA(1)   $159.6 $150.4 $143.9 $193.4   $177.9 $158.6 $152.7 $182.3 __________________________                     (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 Range   Guidance Range   For the Three Months   For the Year Ending   Ending March 31, 2023   December 31, 2023   Low   High   Low   High Net income $ 71,000     $ 75,000     $ 314,000     $ 329,000   Income tax expense   25,000       26,000       110,000       115,000   Income before income taxes   96,000       101,000       424,000       444,000   Amortization of acquired intangible assets   18,000       18,000       69,000       69,000   Stock-based compensation expense   21,000       21,000       88,000       88,000   Acquisition and integration related costs   1,000       1,000       1,000       1,000   Settlements and impairments   —       —       —       —   Other expense, net   —       —       —       —   Non-GAAP income before income taxes   136,000       141,000       582,000       602,000   Assumed rate for income tax expense(1)   26 %     26 %     26 %     26 % Assumed provision for income tax expense   (35,400 )     (36,700 )     (151,300 )     (156,500 ) Non-GAAP net income $ 100,600     $ 104,300     $ 430,700     $ 445,500                   Net income per share - diluted $ 0.17     $ 0.18     $ 0.77     $ 0.81   Non-GAAP net income per share - diluted $ 0.25     $ 0.26     $ 1.06     $ 1.09                   Weighted average outstanding shares - diluted   406,600       406,600       407,700       407,700   __________________________               (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 Range   Guidance Range   For the Three Months   For the Year Ending   Ending March 31, 2023   December 31, 2023   Low   High   Low   High Net income $ 71,000     $ 75,000     $ 314,000     $ 329,000   Amortization of acquired intangible assets   18,000       18,000       69,000       69,000   Depreciation and other amortization   8,000       8,000       34,000       34,000   Interest (income), net   (33,000 )     (33,000 )     (116,000 )     (116,000 ) Other expense, net   —       —       —       —   Income tax expense   25,000       26,000       110,000       115,000   Stock-based compensation expense   21,000       21,000       88,000       88,000   Acquisition and integration related costs   1,000       1,000       1,000       1,000   Settlements and impairments   —       —       —       —   Adjusted EBITDA $ 111,000     $ 116,000     $ 500,000     $ 520,000   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 portfolio 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. 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 first quarter and full year 2023 will not be as stated in this press release; the risk that net income for the first quarter and full year 2023 will not be as stated in this press release; the risk that EBITDA for the first quarter and full year 2023 will not be as stated in this press release; the risk that adjusted EBITDA for the first quarter and full year 2023 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 first quarter and full year 2023 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 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; June 30, 2022 and September 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005775/en/