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CoStar is the undisputed leader in commercial real estate data and analytics, with a proprietary database covering over 7 million commercial properties. It serves top-tier institutional investors, brokers, and property owners, embedding itself as the industry’s must-have intelligence platform. With 94% renewal rates for clients with over five years of tenure, CoStar’s subscription revenue stream is highly resilient, even in economic downturns.

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While Zillow dominates online real estate, CoStar’s Homes.com has rapidly emerged as the #2 U.S. residential real estate marketplace, reaching 110 million unique visitors per month. Unlike Zillow’s \"pay-to-play\" lead model, Homes.com's \"Your Listing, Your Lead\" approach empowers listing agents, a differentiation that could drive significant adoption among real estate professionals. CoStar is making a $1 billion+ investment in residential, signaling its commitment to becoming a true multi-sector real estate giant.

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CoStar benefits from a highly profitable SaaS-like model, with 80% gross margins and double-digit revenue growth for 55 consecutive quarters. Despite aggressive investments in marketing and expansion, CoStar has continued to expand EBITDA margins, demonstrating financial discipline alongside growth. Its robust balance sheet, $4.7 billion in cash, and minimal debt provides flexibility for strategic acquisitions.

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Residential Expansion

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CoStar France Expansion

International growth in key European markets, particularly the upcoming launch of CoStar France.

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AI & Digital Twin Integration

The Matterport acquisition will allow CoStar to enhance AI-powered property visualization, improving its value proposition.

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M&A

CoStar has a track record of successful acquisitions. The residential initiative will likely occupy management's attention for the coming years but who knows what they are likely to do next. The company maintains a large cash balance of $4.9B, providing the flexibility to acquire opportunistically

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Real estate markets are cyclical and sensitive to interest rates, economic downturns, and market sentiment. A prolonged downturn in commercial or residential real estate could impact advertising spending, transaction volumes, and overall demand for CoStar’s services.

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CoStar is betting big on Home.com to challenge Zillow’s dominance, but monetizing the platform and attracting paid subscribers will be a challenge. While the agent-friendly model is gaining traction, it remains to be seen if it can scale into a billion-dollar revenue business.

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CoStar’s aggressive expansion and acquisitions could attract regulatory scrutiny, particularly in data privacy and potential antitrust concerns. Competitors or policymakers may challenge its growing influence in commercial real estate data and online marketplaces.

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Residential Expansion

CoStar France Expansion

International growth in key European markets, particularly the upcoming launch of CoStar France.

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AI & Digital Twin Integration

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Frank A. Simuro, CoStar’s Chief Technology Officer, joined the Company in December 1999 as Director of Information Systems. He served as Senior Vice President of Information Systems from May 2005 to January 2008 and was promoted to Chief Information Officer in January 2008. Prior to joining CoStar, Mr. Simuro was Director of Data Warehousing at GRC International (“GRC”). Prior to GRC, Mr. Simuro was a technology consultant specializing in operational efficiency and database technologies. Mr. Simuro received a M.S. in information systems from George Washington University and a B.A. in computer science from State University of New York — Geneseo.

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Lisa Ruggles, Senior Vice President, Global Operations, joined CoStar Group in 1999. Ms. Ruggles launched CoStar’s research coverage throughout the United States, Canada, and Europe.

Having earned her Bachelor of Arts degree from Savannah College of Art and Design (SCAD), Ms. Ruggles brings a creative approach to business and problem solving. Among her many accomplishments at CoStar Group, Ms. Ruggles introduced the Toronto-based Research Center serving CoStar's Canadian clients and helped launch the collection of commercial real estate data across Europe. In 2018, she expanded CoStar’s news offering delivering breaking news on national and local commercial real estate happenings across North America and Europe.

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Andy Florance is the Founder and Chief Executive Officer of CoStar Group. Since the company’s founding in 1986, he has led the digitization of the world's real estate, empowering people to discover properties, insights, and connections that improve their businesses and lives.

From founding the company in his dorm room to successful IPO in July 1998, Andy has led CoStar Group’s expansion to its market-leading position today as a publicly traded enterprise included in the S&P 500 Index (NASDAQ: CSGP), the NASDAQ 100 and its prominent spot as a leading global provider of commercial and residential real estate information, analytics, and online marketplaces. CoStar Group serves more than one million clients in total, and its websites have received more than one billion visitors in the past twelve months alone.

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Christian M. Lown, Chief Financial Officer, maintains overall responsibility for the finance function, including investor relations, business development and facilities. Prior to joining CoStar Group, Lown served as executive vice president and chief financial officer at Freddie Mac.

Lown has more than 25 years of banking and finance experience. He was previously EVP and CFO at Navient Corporation. Prior to joining Navient in 2017, he was managing director, Financial Institutions Group at Morgan Stanley, where he co-led the Global FinTech and North America Banks and Diversified Finance investment banking practices. Lown joined Morgan Stanley in 2006 from UBS Investment Bank, where he served as director, Financial Institutions Group and director, of Asian Equity/Derivative Sales.

Before joining UBS in 2003, Lown held various positions at Credit Suisse First Boston, Peregrine Investment Bank, and Credit Lyonnaise Global Emerging Markets.

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