CoStar Group, Inc. (CSGP) Q1 2023 Earnings Call Transcript

CoStar Group, Inc. (NASDAQ:CSGP) Q1 2023 Earnings Conference Call April 25, 2023 5:00 PM ET

Company Participants

Cyndi Eakin - Head of Investor Relations

Andy Florance - Founder & Chief Executive Officer

Scott Wheeler - Chief Financial Officer

Conference Call Participants

George Tong - Goldman Sachs

Peter Christiansen - Citi

Stephen Sheldon - William Blair

John Campbell - Stephens

Ashish Sabadra - RBC

Mayank Tandon - Needham

Jeff Silber - BMO

Heather Balsky - Bank of America

Ryan Tomasello - KBW

Operator

Good afternoon. My name is Hannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoStar Group First Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Now Cyndi Eakin, Head of Investor Relations will read the Safe Harbor statement. Cyndi, you may begin.

Cyndi Eakin

Thank you, Hannah. Good evening, and thank you all for joining us to discuss the first quarter 2023 results of the CoStar Group.

Before I turn the call over to Andy Florance, CoStar's CEO and Founder; and Scott Wheeler, our CFO, I would like to review our Safe Harbor statement.

Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the second quarter and the full year of 2023, based on current beliefs and assumptions. Forward-looking statements involve many risks, uncertainties, assumptions, estimates and other factors that can cause actual results to differ materially from such statements.

Important factors that can cause actual results to differ include, but are not limited to those stated in CoStar Group's press release issued earlier today and in our filings with the SEC including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q under the heading Risk Factors. All forward-looking statements are based on the information available to CoStar on the date of this call. CoStar assumes no obligation to update these statements, whether as a result of new information, future events or otherwise.

Reconciliation to the most directly comparable GAAP measure of non-GAAP financial measures discussed on this call including EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per diluted share, and forward-looking non-GAAP guidance are also shown in detail on our press release issued today, along with definitions for those terms. The press release is available on our website located at costargroup.com under Press Room.