CoStar Group, Inc. (CSGP) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.339 Good day and thank you for standing by. Welcome to the Q4 and year-end 2025 00:00:05.339 -- 00:00:10.086 CoStar Group Earnings Conference Call. At this time, all participants are in a listen-only 00:00:10.086 -- 00:00:14.072 mode. Please be advised that today's conference is being recorded. 00:00:14.072 -- 00:00:17.537 After the speaker's presentation, there will be a question-and-answer session. 00:00:17.537 -- 00:00:22.564 To ask a question, please press star 1-1 on your telephone and wait for your 00:00:22.564 -- 00:00:27.453 name to be announced. To withdraw your question, please press star 1-1 again. 00:00:27.453 -- 00:00:31.720 I would now like to hand the conference over to your speaker today, Rich Simonelli, head 00:00:31.720 -- 00:00:33.944 of investor relations. 00:00:33.944 -- 00:00:39.634 Hello, and thank you for joining us to discuss the full year and fourth quarter 2025 00:00:39.634 -- 00:00:44.803 results of CoStar Group. Before I turn the call over to Andy Florence, CoStar CEO 00:00:44.803 -- 00:00:50.622 and founder, and Chris Lown, our CFO, I'd like to review our safe harbor statement. 00:00:50.622 -- 00:00:54.729 Certain portions of the discussion today may contain forward-looking statements, including 00:00:54.729 -- 00:00:59.758 the company's outlook and expectations for the first quarter, full year of 2026, 00:00:59.758 -- 00:01:05.148 and beyond. These statements are based on current beliefs and assumptions, and forward-looking 00:01:05.148 -- 00:01:09.556 statements involve many risks and certainties of assumptions, estimates, and other factors 00:01:09.556 -- 00:01:14.551 that can cause actual results to differ materially from such statements involved. 00:01:14.551 -- 00:01:18.279 Important factors that can...