Would an Achilles tendon be okay? All right. Anyway, thanks again for all of you joining us, both here and online. We're really excited for you for joining us here for CoStar's 2024 Investor Day. Before I turn it over to Andy Florance, CoStar CEO and founder, I'd like to review our Safe Harbor Statement. That's part of the day. Certain portions of the discussion today may contain forward-looking statements, including the company's outlook and expectations for the fourth quarter and full year 2024, based on current beliefs and assumptions. Forward-looking statements involve many risks, including uncertainties, assumptions, estimates, and other factors that can cause actual results that differ materially from such statements. Important factors that can cause actual results that differ include, but are not limited to, those stated in CoStar Group's press release issued at earnings time and in our filings with the SEC, including our most recent annual report on Form 10-K and subsequent reports on Form 10-Q under the heading Risk Factors. All forward-looking statements are based on information available to CoStar on the date of this conference. And today, we assume no obligation to update these statements, whether as a result of new information, future events, or otherwise. As a reminder, today's event is being webcast live and in color, and the link is also available on our website under Investors. It'll be available for a period of time. And with that, I'd like to turn the call and the day over to our founder and CEO, Andy Florance. Andy. Let's take the mic down a little bit. I don't want anyone to hear me today. It's better if they just think they're at Investor Day. Okay, good, so welcome, everyone. Deeply appreciate everyone who came here today to see our operations here in Richmond and to meet a good number of the management team. Not everyone, but a good number of the management team. Who came from more than 3,000 miles away? 2,000? New York. Okay. Okay, but so I think it'll be an informative day. I think it'll be an interesting day. You all see Chris and Rich and myself. I think it's important to actually see some of the 6,000-some people who are actually producing our products and the management team, some of the top 20, 30 folks who are running the company. I think today we're going to be moving between a number of different buildings so you can see some of the different things happening. That is not going to lend itself well to webcast. We are not going to be webcasting from the construction site or moving between the buildings. So there will be. We're going to be streaming the first couple of hours as we're in place here. And then we're going to be, as we move around and see some of the folks doing content, research, sales, different things in different areas, that will not be webcast. But just if you are on the webcast, take my word for it. It's super impressive. You're blown away by it, and you'd love it. And the folks who are here will get to experience it, and they can tell you about it. Today we're going to give you a brief sort of view of what we're going to do. We're going to have four or five presentations here. I don't actually know the exact order, but we're going to be covering STR. We're going to be covering CoStar. We're going to be covering research. We're going to be covering a number of things here. We're going to go and tour some of the upper floors in this building where we have the growing Homes dedicated home sales team upstairs. I believe this is normally a home sales training room, so you get a sense of the scale of that growth by the number of people that are in here. We're also going to take a tour through the Apartments.com mid-market or group of salespeople who are selling to the folks who have smaller communities around the country. We're then going to head over to Byrd Street, which are two buildings that we're subletting or that we're leasing or subletting space in across the river where we have a lot of research operations. We'll walk you through and show you some of that. And then we're going to head over to 501 Fifth, where we have more research operations, software development. And we're going to tour you through some of the content production where we actually produce neighborhood videos, do some of the geography, do some systems work over there. We're going to do a couple of presentations as we walk around there. And then we are going to do a hard hat tour through the construction site. I'll just be transparent. I want you to get a feeling of what a pain it is to be in four or five buildings and how nice it will be to one day be in one building because you'll experience just a touch of what it's like to move between buildings in Richmond. You'll get to see that new building, which will be pretty impressive. It'll be a fantastic tool for recruiting whoever we want in talent into our facility. We're looking for one brave investor today who's present. You can't be virtual to actually climb the main tower. There is a really sketchy piece of scaffolding stairs that goes up 30-some stories up to the top of that concrete. We'll look for one volunteer who's willing to go report to the rest of the group the view they see up there. It's actually a little nerve-wracking. So all right. So what I'd love to do to begin is I want to—that, by the way, you want to pop that? That's this morning from over here. So we're basically in this building. And these are the two buildings where we have a bunch of research facilities. That's Byrd Street. This is one of the most deeply unsexy buildings in Richmond. And then we're going to be heading over to 501, which we occupy and own all of that. And then we're going to be touring this new facility here. The building we're in right now here, we purchased, I don't know, two years ago, something like that. I think we purchased it for $144 per sq ft. It comes with five acres. You could actually build a million-sq ft building on this site. So this is like a steal and a deal and a half. But that gives you some sense of where we're going to be going and my photography skills from this morning. So to begin, I want to introduce some of our team. So back here, we've got our management team. And I would ask that you guys come forward as your pictures come up here and just introduce yourselves briefly. So I've got myself. I'm already up here. Chris and Frank and Lisa and Gene and Fred, maybe just come up real quick and introduce yourselves and talk a little bit about your orgs and your incredible resumes and how you're changing the world. I guess I go first because my picture's first. Thank you. Thank you, Andy. Many of you know me already. I spent a lot of time with you over the last five months. Excited to be here. Excited to be at CoStar. As Andy said, we've got a great management team. You get a lot of time to interact with them today. But if you have questions during the day, obviously, Rich and I are here to answer them. So we'll be with you all day. So feel free to, as you interact, if you have additional questions, reach out to me. Thanks. Hi, Frank Simuro. I've been at CoStar 25 years next week. I head up software development, and we're going to be taking a tour over to 501. We'll look at a little bit of what's going on over there for software. We're in five hubs around the country for software development, and I'll also be giving a fascinating presentation at the end about our software platform, so I look forward to talking to you about that. I remember Frank's interview 25 years ago, clear as day. He passed. Hey there. My name is Fred Saint. I'm the President of Apartments.com. I came over in the LoopNet acquisition in 2012. My entire tenure will have me at 25 years February. So Frank's got big seniority on me. I run Apartments. We have an 800-person organization there. I'm very proud of what we've done with that business. We acquired it in 2014. We've grown it tenfold plus in that time period. It's the largest business at CoStar Group, doing over $1 billion of revenue. 500 of that 800-member team is our sales force, which I'm extremely proud of. And I'll tell you more about that in one of our breakout sessions. So I've had the pleasure of knowing Fred for quite some time. He is a brilliant executive who's created enormous value here at CoStar Group. I am going to call Fred out and annoy the hell out of him. So I met him first in New York City many, many years ago at a restaurant on 6th Avenue and 57th Street. He and a couple of recent Wharton grads wanted to meet with me to sell me their commercial real estate marketplace company. He walked through the brilliance of his ideas for the commercial real estate marketplace. He was looking for $35-$40 million for the business. As the conversation went on, I learned that they were pre-revenue. And then as the conversation further went on, they were pre-site and they were pre-registration and logon. And I thought, "Man, this guy is bold. He's trying to sell me something for $35 million, and they haven't done any code yet." So I thought he was a nice guy, but dismissed it. As the years have gone on, he built LoopNet from a product doing a couple, SafeRent was the thing he eventually created. This guy works harder than anyone you can imagine in building that up. Then he sold that to LoopNet. We bought LoopNet. He took LoopNet from a couple of $20-$30 million product to $200 million, something like that. Then he's the guy who's been at the helm with Apartments as we've gone from $75 million GAAP, $85 million revenue to over a billion. So he's done a great job. Having worked with the guy for 25 years, I just learned last week that when I had my little stint in the reserves, his dad was my boss's boss's boss's boss's boss's boss's boss. He was a commander of NATO forces in Europe when I was the most junior soldier in the U.S. Army. He hates it when I say that. You done? Yeah, I'm done. Wait till I say, wait till you hear what I say about you. No. Hi, everyone. I'm Lisa Ruggles. I think I met some of you a couple of years ago when you were here. I have better higher seniority than both Fred and Frank. I have been here for 25 years, and I run our research operations. You'll see lots of my people today. We're in Byrd and at 501 South 5th Street. We also have research operations in London, Paris, Freiburg, Germany, and Madrid, and Singapore. So really look forward to showing you a little bit more about what we do here at CoStar. It's really all of the data collected for CoStar and that runs the platforms, and we'll talk a little bit more about that in a little bit. Lisa, how many people in your org? Over 1,600. Yeah. Is that stressful? Not a little bit. A little bit. Yeah. Thank you. Hi, everyone. I'm Gene Boxer. I'm CoStar Group's General Counsel. I'm just happy not to be the newbie anymore since I joined in March 2023, and so I have a few years on Chris. In one of my former lives, I was general counsel of a global commercial real estate firm that was a large client, still is a large client of CoStar, and have a lot of respect for what the company built over the years, so I'm very excited to be here. I lead a 22-person, not quite 1,600, legal team, a legal dream team, and I'll be talking about one of the things that we do later today. Glad to be here. Thank you. Thank you, Gene. Morning, everyone. My name is Robin Rossmann, and I'm CoStar Group's managing director for Europe. A little introduction about myself. I was born into a German family. I grew up in South Africa. I then made the United Kingdom my home 20 years ago. During that 20 years, I've had the great privilege of living in a number of different countries. Here in the great US of A, where I actually got to change my name. So I went from Robin Rossmann to Robin Rossmann. Thanks, Amanda. As well as South Korea, Dubai, the Middle East, and a number of European countries. During my 20 years, I have lived and breathed data and real estate every day. And during the last 10 years, I've had the great privilege of running the best businesses in the space, including my current role, which is enabling CoStar Group to achieve massive growth in Europe. And it is a huge opportunity. If we just achieve the same success we've done in the U.S., we'll be able to build a $2 billion revenue business there. And we've got great foundations. We've got a team right across Europe, 667 people in 16 different offices. We have a huge client base, 13,500 paying customers across 43 of the 44 different countries in Europe. I'll let you guess what the 44th missing country is. It begins with an R and ends with an Usher. And our information product is the best there is in Europe. We have 33,000 subscribers and about 100,000 commercial real estate professionals that access our news every day, week, or month. In our marketplaces, we are able in the commercial real estate side to have the biggest range of listings, just about 200,000 listings, as well as 700,000 residential listings and 59 million monthly visitors. You can see why I'm excited. Fantastic. You're welcome, Robin, for giving you a new name. I'm Amanda Hite. I think I'm the person who gave Robin the new name because of the Southern accent. But I run the STR business. January will be 19 years I've been with the business. I came through the acquisition into CoStar in 2019. I'm going to tell you a little bit about STR and the transformation we've undertaken at CoStar this morning. But I'll tell you the team that I have is about 200 people in 15 countries. The team that I'm overseeing is focused on continuing to grow the business, the revenue, and the participation to make sure that we are still the largest global provider of proprietary information in hotel benchmarking in the world. We are selling. Then we have a big data operations team that is responsible for bringing in that data and making sure that we have the highest quality of that confidential data. I'll tell you a little bit more about the product in my time this morning. All right. Thank you all. My name is Mark McDonald. I'm the President of CoStar Real Estate Manager and Virtual Premise, which you'll hear a little bit more about this morning. I oversee about 300 people largely across Atlanta and northern New Jersey responsible for a SaaS product for lease management, lease accounting, and transactions used by corporate real estate teams, finance, and accounting teams within large organizations. I've been a CoStar employee for 16 years. Came over as part of the Virtual Premise acquisition, which was CoStar's first acquisition in the lease management space back in 2011, and excited to talk a little bit more later on today around what our plans are relative to integrating further within CoStar and scaling lease management across the business. Thank you. Good morning. I am a native Austinite, so if we were in Austin today, my customers would tell you, "Howdy." We are blessed to serve incredible clients, and our employees are people who love the land business. I've only been with CoStar for 10 years. Lands of America, as it originated, has been around for about 18 years, and during that time, we've grown from, well, I remember 6 million. You remember 2 million. It's quite a bit different now, and I'll tell you more about that later, but the folks that we have with us have been with us for even longer than I've been with this business, and that's really a testament to the love that they have for the customers that we serve. It's the thing that gets them through kind of the rough times. We all have those moments. They love the sectors that we're in. You'll see that land crosses a lot of different components: residential, agricultural, energy, conservation, recreation, and that's what keeps everybody going, so we've got 100 people in our org. We've got 45 people that are spread out across the country. They are living and working with our customers in these rural communities. They're there face to face because this is a relationship business, and so we've got them in Des Moines. We've got them in Bozeman. We've got them in West Texas, South Texas, and so forth, so I'm excited about this business. I'm excited to tell you more about it soon. Grant, former Congressman Paul Ryan emailed me this morning, texted me this morning and he saw one of your Land salespeople's Jeep pickup trucks that you guys drive around, Bozeman, and he said, "Is this actually your cool pickup truck?" I said, "No, it's Grant's, one of Grant's salespeople's. My license plate is Land.com, which has struck up a number of conversations with people that know us as Lands of America and Lands of Texas. Their salespeople do some serious long-distance sales calls. They might drive 10 hours to go meet a client. Good morning, everyone. My name's Ben Drew. And like a few others in this room, I find myself a long way from home. I grew up in London. I lived in Massachusetts for a little over 10 years. And I find myself now in Richmond, having moved here six months ago to join CoStar as president of LoopNet. Why did I join CoStar? Well, I was incredibly excited to be part of a company that is realizing its full potential. And I wanted to be part of the journey with LoopNet to take it to $1 billion in revenue. Everything I've seen over the first six months makes me think that is possible and is going to happen here. So I'm really excited to be part of that. We have a great start. We have about 300 people wholly dedicated to LoopNet. Over half of them are actually going out to clients or to prospective clients, pitching the product, doing demos, doing servicing meetings with them all over the country, and also in Canada and the U.K. and beyond as well. These are people who have a mix of some who have been here for 25 years, some who've been here for two or three days. So the full range of people. And they come from all sorts of backgrounds in digital advertising, sales, as well as real estate professionals. Beyond that, I also look after the LoopNet marketing team, which is over in the Byrd building you'll see later. I look after the LoopNet product team and also the Ten-X team, which is the group that runs all the auctions, the commercial real estate auctions that you'll see on LoopNet as well. I'm looking forward to getting into a little bit of conversation with you later about it, but for now, I'll hand over to Jason. Thank you, Ben. And good morning to you, ladies and gentlemen. My name's Jason Tebb. I'm Managing Director of OnTheMarket. I've been in the residential real estate sector pretty much all my working life, starting as a junior salesperson, trainee salesperson in the early 2000s, printing off photocopies of details and flipping through Rolodexes before CRMs were a thing. And I worked my way up in the conventional way through to management and senior management. And I've been fortunate over the period to run a number of the largest U.K. property firms in the country, predominantly in the residential real estate market and lettings, new homes, Land, and investments too. I joined OnTheMarket, which is a residential U.K. platform, in December 2020 with the task to turn around the business, which through the hard work of my team, we successfully did within that three-year period. OnTheMarket was set up as a business to challenge the duopoly of the two market leaders who had become increasingly removed from the customers that put them there in the first place. And it was around that challenge that we really saw the growth and the potential of that business. And that's why I had my conversation with Andy in July last year. We shared many of the same visions and the vision for the future, which is about continuing to challenge those market leaders who go off into the distance and largely ignore their customer base. And we've always prided ourselves on a business that listened and delivered for its customers and really are an agent-friendly portal and platform. So it was an honor and a pleasure to continue those conversations and complete on the business acquisition in December of last year. And so we're coming up to a full year under CoStar ownership now. And later on today, I'll give you a little more of an update on the progress, significant progress that we've made in that time. Thank you. Rich, you already got to talk. I know. I don't know why I'm up here. But thank you, folks. I just did want to say one thing about when I first met Andy. The first thing I ever said to him was, "Congratulations on building a $1 billion market cap company, something I know I couldn't do." And today, it's an honor to be here and represent the management team and talk to all of you about the story as we've grown up to an over $30 billion company. So all the best and onward and upward from here. My name's Chris Mumford. And that story is the reason I'm here. I'm brought in as the Chief Marketing Officer across marketplaces. And I'm a four-month veteran now. Focused solely on Homes.com for the last four months. And we're going to be talking a little bit more about that as we take you around on a tour. I'm a local Richmonder. I'm an amazing find. I was a diamond in the rough. Spent my entire career here the last 25 years working for The Martin Agency, which is a premier and one of the best advertising agencies in the world. And working there, I had the privilege to work across a lot of categories with some of the biggest and most successful brands in the world: Walmart, Discover Card, UPS. And probably my biggest claim to fame is GEICO. We helped take GEICO from a $12 billion company back in 2008. We really started working with them in 1997. But I took over in 2008 and took it to a $40 billion company by the time I left in 2023. I've seen the same kind of potential here, and I'm very excited to be here and be a part of building this billion-dollar business at Homes.com. Thanks. If you don't like the caveman ad or the GEICO ad, that's the GEICO ad. That's him. Yeah, sorry about that. Hello? I'll just talk loud. Here. Good morning, everyone. I'm Mark Swartz. I lead the CoStar sales team. And I've been with the company now just under 10 years. Prior to joining CoStar, I spent 21 years at Bloomberg leading a number of management positions over there. Our team of CoStar salespeople is about 400 or so around the world. And I'm actually super proud of what the CoStar team has been able to accomplish over the last year, I think in what can arguably be one of the most challenging commercial real estate markets. The team has contributed significantly and generated great amounts of net new for our investors over that course of time. When I think of a similar time and a similar challenging marketplace, I look back to 2008 and 2009 during my time at Bloomberg, where they were actually went nine months almost flat to negative in sales. What arguably could be what we've done really blows my mind with how valuable our data is to the marketplace. We're fortunate to have a great product team who gives us an amazing tool to go out and sell to our customers. Thank you. Hi, I'm Paige Forrest. It's nice to see you all today. I am the senior VP of sales for Apartments.com, our biggest business, our largest sales force, not only here at the CoStar Group, but in residential real estate. I, as you heard from Fred, have a 500-person strong team. Myself, I have over 30 years of experience in the multifamily space. I've had the unique privilege of being a competitor of the CoStar Group and then running their largest business, which I can tell you is much better to be on this side. My team is all over the United States and Canada. You'll get to tour our mid-market floor, where we have about 120 people focused on the mid-market segment. But we also have the majority, 75% of our team is across the U.S. and Canada, meeting each and every day with property managers, whether you have a 10-unit building or your Greystar. Super proud of the almost 700,000 quality interactions that we conduct on an annual basis while still maintaining customer satisfaction of a 94 NPS. So we're looking forward to the next billion. I hope you guys caught the little dig she threw. So she clarified that she runs the largest business at CoStar Group. The intended audience for that comment was not you. The intended audience for that comment was Mark Swartz. She was just pointing out that she crossed him. And she's just reminding him. Mark, you OK? We had a little race to a billion. Yeah. We're partners in crime. It's all good. Have a great week. Good morning. Is this on? Yes, good morning. My name is Elizabeth Winkle. And I have been at CoStar for 17 years. And I lead CoStar product. And I came to that role after having launched and run the STR Global business out of London and then working to establish what the continued path for growth for STR was going to be and worked alongside Amanda Hite in what ended up being the sale of STR to CoStar. And it was during those conversations that got me so excited about the opportunity with CoStar. We used to say at STR that we were an inch wide and a mile deep in hospitality. And meeting Andy and the management team, Lisa and Frank, it was incredible to hear what they were doing across all property types. And I knew at the time I wanted to be a part of it. And it seemed like a perfect marriage from an STR perspective as well. And it has been. So for the past five years, I've been part of CoStar. Two years ago, I moved to Richmond to lead the product team. My responsibility is the information services product, our original product. And I am enabling Mark to surpass Paige. So that is my goal by building incredible product and taking all of that amazing research data that Lisa's team is collecting and turning it into insights and actionable decision-making to be able to continue the entire life cycle of real estate transactions. What we've done over the past few years is we've also integrated our proprietary information services and operational modules of Lender and the STR benchmarking. We will continue to be able to bring those critical proprietary data sets to those users to be able to continue to make the best decisions in the industry and continue to provide value to owners, corporate tenants, retailers across the spectrum. Thank you so much. Look forward to talking to you more later today. I need to point out that Amanda, I'm sorry, not Amanda, Elizabeth did a lot in creating STR Global. I mean, you set up the operations in Beijing, in Japan, in Australia, in Thailand, South Africa, obviously throughout Europe. As the lead of the CoStar product, she has a track record of success taking a product around the world to multiple cultures, legal systems, everything else. Your team in Beijing is really quite impressive. Their dancing skills are phenomenal. They actually dance at the company meeting. It's pretty impressive. Thank you, Andy. Thank you all. Hi, everyone. I'm Livia Sponzeller, the VP of Product for Homes.com. I've been with CoStar for five years. That headshot is from my very first day at CoStar. I think I'm due for a new one. But previous to Homes.com, I was on the LoopNet product team. My team now is primarily based in our Rosslyn building. I get to work with a team of highly talented and very passionate product managers, designers, SEO, SEM specialists. And we all share the core belief that home shopping and residential marketing can be greatly improved in America and then eventually around the world. So I'm grateful to have a wide breadth of talent and also a pretty deep depth and talent in specific areas that will help drive our roadmap forward next year, specifically in new homes. We'll share more later. Our team philosophy is to create the best consumer experience possible, and that's done with intuitive and intentional design, but we couple that and we've spent truly hours fixating on font sizes, color palettes, pixels. We have no shame in doing that from our new Rosslyn office, but we couple that with a focus on expediency for product features because we believe that speed to market is a feature in and of itself, especially in this climate for residential marketing, so I'm excited to share a little bit more about our roadmap later today with you all. Livia and I share one commonality in that my father, who was a successful architect, his very first project was the old Fannie Mae headquarters in Washington, DC. It became a historic landmark. It tells you a little bit about how long my mom's been around. Livia's father is the renovation architect that just completed the renovation of my dad's first project. Livia and I share a skill, which is from the back of a room in a product sprint review, she can spot that the 20-point font is actually 19-point font and politely correct it. That's right. All right, thank you. Thank you. Morning, everyone. I'm Andy Stearns. I'm the Head of Sales for Homes.com. I'm a relative newbie, but I appreciate Chris and Ben taking that honor away from me as the newest executive on the team. I joined CoStar in March of this year. I was really drawn to the opportunity to really transform residential real estate and was just compelled by the vision that Andy has cast for the business. My experience is not in real estate. I've spent the better part of 20 years at American Express and Capital One building go-to-market teams and go-to-market strategies moving all over the country. My relevant real estate experience is my wife and I are in our 12th house in a 16-year marriage. And so I've bought and sold a lot of houses, but thrilled to be on this side now and leading the team here. I'm also fortunate that almost my entire team is right upstairs in this building. And you get to see them later today. And I'll give a presentation later this morning with some additional details on the team. Andy, if I said that your father at one point was the CEO of the company that produced Monopoly, is that true? That is true. OK, don't bring that up again. OK, I will not. Hi, my name is John Vecchioni. I've been with the company for 17 years now. I lead our CoStar Risk Analytics business, which has since become the Lender business, or as we say in Boston, the Lenda business. We just actually moved into a new office up there. So if any of you are in town, feel free to stop by. It's nice. Is it nice? Have you seen it? No. It's beautiful. So we have a great team up there, about 30 people, small team, but we pack a huge punch. It's littered with PhDs and CFAs and MBAs and JDs. And what we really do is build very sophisticated models for the lending industry to help them with their regulatory requirements. So stress testing, CECL, things like that. I can talk about it a little bit later. But over the time, we've gone from modeling to really integrating everything into our larger CoStar platform. And that's allowed us to really scale out. So the business has been growing quite a bit. So very excited to be here today. Thanks. So now you've just heard from three 150 IQ product managers. And John. Wow. Good morning. My name is Erik Noe. I'm the Senior Vice President of Content here at CoStar. My background was in journalism for a lot of years. I spent 10 years at ABC News in New York running the digital operation there. And like a lot of journalists, I moved seven or eight years ago into more of the content marketing space. I've been here at CoStar for about a year and a half, like Chris and Andy mentioned. I'm here because I sat down with Andy about a year and a half ago. And he laid out a vision of the ambition he's pretty good at that of what we want to do from a content perspective here at CoStar. And for a content creator and manager to hire a bunch of humans to create content to support a product was a pretty unique opportunity. And so that's what brought me down here. If you've seen our marketing, you know that at Homes.com, we've done your homework. So my team has a slice of that. The first big part of it, obviously, is the massive trove of data that we have here at CoStar. My team's layer of that is we research and write content around every neighborhood, city, eventually park, and school in the country. So as mentioned, a massively ambitious program that we're tackling. We started with mapping every neighborhood in the country. We've now moved on to cities and, as mentioned, sort of parks and schools to come beyond that. So I don't have PhDs and JDs and those types of people on my team. But our content group is about 350 people, mostly based here in Richmond. We have a small group up in New York as well who are working on condos-oriented content. They're made up of writers, researchers. We have video editors, videographers. We have a team of voiceover artists. We have some composers and sound engineers because we score and voice every piece of content we do as well, so it's a really diverse group doing a ton of work, and we'll be excited to show you a little flavor of that when we tour around the buildings later today. Can we get a PhD up here again? Exactly. I'll pass to the PhD. Can you hear me? Yeah. I am a guy with a PhD. I am the Chief Geographer for CoStar. I build an intelligent mapping system and answer the question of where in all of our products and as we move towards GeoAI. That is my role. And you'll get to see with Eric. We'll be touring around. And you'll get to see some of our work. Thank you. So if you were here last year, you've probably seen a few new names and probably continued growth in that senior leadership team and some outstanding talent. And then we have Sergio, Tom, Alex. How long have you been here, Tom? Sergio? Alex? Thank you. All right. So now, I would ask John to endure his patience. So if you saw the first roadshow 25 years ago, you've seen a couple of these things before. But one of my high school friends reached out last night and said, oh, I'm excited about your investor day. I can't wait to watch it. So that tells me that there's a pretty broad audience of people watching this. So we are going to cover a couple of fundamentals as quickly as possible before we get to the more in-depth content for those people who are not as familiar as John Ettinger. John Ettinger was the last presentation I made on our IPO at Kaufmann Funds. Do you remember that day? I was a little tired. OK, great. OK, so everything you're going to see today is our core mission statement, supports our core mission statement, which is, I think, a phenomenal opportunity for a group of people to work on, huge impact, huge value creation, one of the things that you're just really lucky to have a chance to try to build on and deliver on. So we basically are digitizing commercial real estate and residential real estate and rural real estate and hospitality real estate. It's an industry that was offline, opaque, disconnected, highly inefficient. Now it is becoming sophisticated, transparent, visible. What you can do with the bits and bytes around real estate is unbelievable. We believe it is absolutely a $100 billion-plus opportunity. It is the largest asset class that exists at $300 trillion globally. It dwarfs. It absolutely dwarfs securities, the total value of all companies. It dwarfs the total value of all debt. It dwarfs all the currency, then one supply, then two supply. It is the biggest asset class by far. Trades, moves, needs to be valued, and needs marketplaces. We have built an amazing proprietary data set, a bunch of models, a bunch of systems, communities that create that value. We're bringing billions of people a year through our different platforms from around the world with a phenomenal core business mission. We've had 54 consecutive quarters. We're always trying to do 96%. We're always trying to have high subscription revenue, look for opportunities to have very predictable, visible revenue streams. And why is Warren Buffett there? I'll tell you why Warren Buffett is there. I believe at this point, I am the fourth longest serving S&P 500 CEO founder. And I've got this guy in front of me. And he's 94. He's a fantastic business person. That gives me 33 more years, which is pretty exciting. And when you're trying to capture the value of a $300 trillion asset class, it is a multi-decadal amazing process. And we are well less than a quarter of the way through that mission and that opportunity. So some of the folks you met today will actually be here when we're approaching 100 billion in revenue. All right. So you're probably familiar with third quarter highlights: $693 million, two businesses, double-digit revenue growth, traffic to the sites: 163 million, massive growth in traffic, Homes.com traffic: 130 million. Solidly, in just a year, the number two player in that space and growing. Full year, $2.72 billion is what we're looking to, net income $1.2 million, $122 million, and non-GAAP $275. Super exciting. You can see our growth building broader and broader communities. These communities we're building are absolutely essential. So as you bring people together who are buying or selling businesses or buying and selling farms or buying and leasing apartment buildings or buying and selling, investing in commercial real estate, as you bring that demand side through, you bring the information supply side through. So as these numbers are growing, your content is growing. And so the relevancy of your marketplaces is growing. We're growing it in multiple segments. We're growing it in multiple countries. That is a long-range value predictor. What you're going to experience a little bit of today is just that upper left-hand number there. You're going to be seeing some of the people that make all this possible. You're going to be seeing lots of folks in some pretty interesting roles doing some pretty interesting work and understand our company, hopefully, a little more in depth and the proprietary nature of some of the company through those people and the talents they're providing. This is something we've had in our roadshow slide. It's like we began really with CoStar. We began with Office in DC doing commercial information, expanding to multiple segments, began moving into marketplaces with LoopNet, moved into Apartments.com. That was a period of time where a number of investors were concerned about the fact that we were moving into quasi-B2C or B2C with quasi-commercial real estate, justifying the move into residential. That obviously has been super successful. We're now moving, showing success in B2C with Apartments.com. We're moving into a fantastic opportunity. We're well positioned to dominate in with Homes.com. But I think that one of the things that is important to understand is everything is continuing to grow back from the origin. So when you guys leave today, I will be today and tomorrow, I'll be focusing a lot of my efforts on an exciting new product we're working on back here. So while we're moving into these new opportunities, we are still harvesting tremendous potential value back here at the beginning. And I'll share a little bit of that with you today, some examples of that, concrete examples that I think have huge value. So there's value being created both domestically and potentially internationally with originals. So they're all growing. And we're moving into additional segments. So I'm sure today there'll be questions about Homes.com and so on and so forth. I just want to remind everybody, as you look at a $300 trillion global asset class, if you wonder why we're doing Homes.com, as you look at the value of real estate, it's quite clear why we're doing Homes.com and growing into that area. It is a massive component. And the reality is real estate, through my career, used to be fairly discrete in segments. And it is increasingly becoming circles of union. The segments are circles of union. In the beginning of my career, Jones Lang LaSalle, I remember the 12 people on staff there in the Washington, D.C. office in 1986 doing office space in downtown Washington. Last year, leaving the Super Bowl, trying to go to an alternative airport, I am driving through the desert for like 50-60 miles. And as I am driving through the desert in the middle of nowhere on a dirt road, I am seeing signs for JLL selling farms in the, actually, not farms. There is nothing growing, dead land out in Vegas. And this month, through a connection from that Super Bowl, someone that runs a large residential shop ended up signing a, how much was that, Mark? Yeah. This month, we signed a $10 million contract for commercial through a residential player. So that going into Homes is the source of doing a $10 million deal in CoStar, as an example, just this month, one example. So these different segments are becoming deeper and more deeply interconnected. And it will be one through time. OK, obviously, we are fortunate to have a number of very large TAMs. You had Mark and Paige talking about who had the bigger business. And what you didn't hear was a very ambitious Andy Stearns is not yet claiming he's got the biggest business. But in his mind, he's thinking he wants to have a bigger business than Paige. Am I right, Andy? Yeah. OK, again, continued double-digit revenue growth, strong growth, multiple different segments growing, more segments to come, amazing resiliency through all kinds of markets. As you know, we have gone through an unprecedented disruption in the commercial real estate markets. It doesn't take much to keep up with the fact that the office industry has been deeply challenged. All commercial real estate has been deeply challenged. Transaction volumes have gone through the floor. But our company has continued to grow through that. We're not going to go into it in depth. But we've been through, since when the pandemic began to today, we've been through a couple of pretty tough years in commercial real estate. Our clients have been through an incredibly tough couple of years. In residential real estate, as you talk to folks, they feel some of the pain with volumes down from 6.5 million homes sold to 4.4 million homes sold. I do believe we are actually seeing the turning point in the commercial. So when you look at things like leading indicators, like the availability rate in office space is actually arcing down. The spread between availability and vacancy is beginning to close. There's no supply. Leasing is positive. So six months from now, you'll start reading that the office market is actually returning six to nine months from now. But we're pretty good through time, having been through four or five cycles. I'm pretty good at seeing when the end of the cycle is coming. So the death of office space is greatly exaggerated. And with that comes health back through the other segments. So very proud of the fact that with high subscription base, very diverse product segments, we are very resilient through all sorts of environments. And again, for those of you who've been with us for a while, amazing growth and diversification, both in product geography and client type. So as you look at this, there are major segments that are not here today but will be here in five or six years. So five or six years from now, there's going to be two more major colors. One is going to be corporate America. corporate America is going to be, as intensive user, I believe, will be as intensive user of the CoStar information products as brokers are or banks or owners. Obviously, residential agents are an amazing growth opportunity. Owner here is hugely skewed to apartment property managers. But that whole sector is growing dramatically. And I'll show you a couple of things later today that are going to drive some of that growth. Continued track record of growth with acquisitions, most recent being Visual Lease. I believe my colleague Mark described it as Virtual Premise. That was 20 years ago. It's Visual Lease. Phenomenal track record with any number of these, we have been able to grow tenfold. So BizBuySell has grown tenfold since we first worked with them. Lands of America, we picked them up with $2.5 million. And it's what, Graham, today? $52 million. $52 million. $2.5 million to $52 million. LoopNet, pure LoopNet was $54 million. We moved $300 million into the CoStar bucket. And we moved $284 million into the marketplace bucket. So a number of these acquisitions have been hugely successful. Apartments, $75 million GAAP, $1.1 billion today. So onward and upward, no shortage there. So obligatory, I'm going to run through some of the things we're doing with Homes.com. We'll be showing a lot more of this as we tour around, walk around the building. But just for folks online, I need to run through this quickly. Our vision and our goal, and we are well on the way to establishing Homes.com as the number one residential real estate marketplace. I believe we're the thought leader in that space now. We are definitely setting the pace in that industry. Over 130 million people coming into the network each month, 11,000 member agents, millions and millions of leads, growing bookings, phenomenal traffic performance. At the heart, we have a better business model. It is super simplistic. I think the best ideas are super simple. It's so simple, a lot of people don't understand it because it's so obviously simple. The point of a residential portal is to sell the home. All the money in residential real estate that's being earned in the industry is sellers paying people to sell their home. The buyers don't pay anything to buy the home to the agent. So if you're monetizing at the agent level, the value is in selling the home. And though the home buyers are spending trillions, it's all about buying and selling homes. Our competitors domestically are all about selling buyer agency. Buyer agency leads to a very small segment. So as we focus on selling the home and we focus on simple things like Your Listing, Your Lead, which is something you do when you're focusing on selling the homes, we have a better business model. I believe with conviction, we have a better business model. And that is proving out. But you are changing an industry in the United States. We are not changing the industry globally. Globally, everyone else around the world is doing what we're doing here in the United States. So we're changing the United States. But we're actually bringing the United States into sort of harmony with what's happened successfully and very profitably in every other market in the world. So again, actually providing a product to Jan so that when she is selling a home, her name is on her ad. I know this sounds like rocket science. But imagine going back in the day, Real Estate Classifieds, and you're a real estate agent. And you're placing a classified to sell a house. And then you put the name and phone number of the agent selling the house down the street on your classified ad. What's wrong with that picture? It's obviously deeply flawed. So putting the people who are selling the homes back in and focusing on selling the home rather than potential buyer agency is a simple message. Now, our clients who are members of Homes.com are winning 50% more listings in control groups than non-clients. And the reason they're winning 50% more listings is they can go to their home sellers. And as the people who are potentially going to hire them to have a listing, they can tell them, "I am going to market your property effectively on the internet," which is not currently happening. Buying Facebook ads to lookalike audiences is not an effective way to market a home. Putting your home for sale up in the MLS that then goes into a platform that doesn't respect frequency, reach, impressions is not an effective way to market. So our clients can actually present a better solution for selling people's homes. We are seeing that they are selling the clients' homes faster and for more money. There's no better value proposition than that in the industry. Again, I've had the chance to sit down with a number of these folks on the left. The models that focus on selling the homes, be it Rightmove at what? Rightmove's at a 74% margin. REA Group is at, what, a 56% margin. Scout24 is probably up at a, I don't know, 50%-60% margin. The folks who focus on selling the homes are infinitely more successful than the companies that focus on selling buyer agency leads to 5%. Now, I know this because you're seeing one of our two residential portal competitors. If you listen to some of their presentations, they'll be talking a lot about they're trying hard to get away from buyer broker revenue as their revenue model because they are clearly acknowledging that our vision for how to build a portal going forward was the correct one. And they're now following that. But they have faced the challenge of cannibalizing their core business and their core revenue model. So you're going to see this up close when you see actually people cranking away producing content. This is working. And then I'm sure you guys are all familiar with our investment in marketing. I know you guys love our investment in marketing. You're very supportive of that. But what we really are is we are an aggregator of marketing for a million folks. And we're an aggregator of marketing for five, six million people selling their homes this year. We're an aggregator of marketing for a million residential agents, and as an aggregator of marketing, you better do marketing. A reminder I'll present multiple times today is as you build brands, so like GEICO or some of the other big brands out there, you do that over multiple years. You don't assess your ability to change an industry and behavior of 100 million people in less than a year, so it is a journey, and it's a journey that we went on with Apartments.com. It takes time, but we're in that process for good reason with good initial results. I'm sure you're seeing all that content. We're on virtually every channel. I was up in New York yesterday experiencing something I haven't experienced before, which is we were on the Drew Barrymore Show. I'm not really a daytime TV person. I've never seen the Drew Barrymore Show. But we had Tracy Tutor, who is with Bravo's show, Million Dollar Listing. She is our spokesperson. I should know her name in that segment. So she was on the Drew Barrymore Show. They're just talking about what a great site Homes.com is. So we're pushing the message out anywhere, everywhere, getting in the culture. And I think we're being effective. We're growing our unaided awareness. We're growing our unaided intent. Our aided awareness is now north of 90%. And we made tremendous progress in the first year. Now, Tracy Tutor did create a little bit of a problem for us because during the show, she did say that one of the things she loves about Homes.com is she had a client recently that bought a house and does podcasts. And the house is in the flight path from LAX. One of the things that's great about it, and so this person is really unhappy and needed to sell their house, and they're going to lose money. One of the things she loves about Homes.com is it has noise maps that you can actually see how noisy is a house in different times of the day. She said the cool thing about Homes.com is you can also turn on the mic and listen to what it sounds like in the home. I'm thinking, well, no, you can't do that. It's going to freak some people out. There's no mics. We can't listen to the homes. Anyhow, that'll be on December 10th if you want to hear that flub. December 6th? Friday. Friday. You can hear that flub Friday on the Drew Barrymore Show. Okay. Again, we began last year at 4% unaided awareness. We reached 33% unaided awareness in September. Good progress. We will keep marching through that. I believe we would like to be over 50% next year. Apartments is at what, 54%? Yeah. It took us, what, five years to get to 54% with Apartments. I'd like to see us by the end of next year get up to 50% with Homes. It'll be just in two years. Again, the results are there. Members listings are 11,000 members. I'm not sure the exact number today. Our 11,000 members are seeing their listing shared between consumers 34 times more. They're 62 times more likely to be favorited by consumers. They're 20% more likely to go under contract in the first 10 days. They are selling for $11,000 more. Most importantly, our members are winning 50% more listings. So if you think about that, if I was making $120K before, if I can pick up an incremental $60K of commissions, this all looks pretty good. Oh, by the way, residential commissions often work on gates where above $100K, you take a bigger split from the house. So 50% sometimes can mean a 60%-70% increase in income to the actual agent because they're getting a bigger split as they grow. So this is a message we're putting out there. Andy Stearns's team upstairs gets it. And they're communicating it. And they're being quite, quite successful. $22K, Andy? $2,200? Did Andy leave? $22,000 net? I'm sorry, $2,200 net? Correct. Yeah. This month. So I think we were talking. I think it's called 17 net? Now we're at $2,200 net. And that's because these folks now get this value proposition of helping people win more listings. Unfortunately, half the world initially heard half the world thought we were doing buyer agency diverted leads, which we never were, never did. So if you think you're buying a bicycle tire but you mistakenly buy a truck tire, there's an adjustment period. But now that people know what we actually sell, which is a fantastic tool to market the home, and because it's a fantastic tool to market the home, it's a fantastic tool to win more listings, we're having good success. And this room will be filled with 1,000 people over the next year who are going through the training program to sell Homes.com. Right, Andy? How's your stress level? He actually loves doing this stuff. All right. OnTheMarket, I'll let Jason. Jason's going to run through this a little bit later. But great first results in year one, growing the number of listings on the site, growing the sales leads we're delivering, growing the number of agents participating, the traffic up to 112% in year one. So great progress there. Apartments.com, we'll talk about that as we're walking around today. But we crossed through 1.1 billion annual visits. Number one in the space, hands down. 75,000 apartment communities participating. When we started, it was 18,000. Great brand awareness, highest quality leads. We are clearly the first go-to source. And I just want to. I don't know if it's going to be presented later today. But one of the things to think about is when I first met with Paige Forrest, and who was your partner in crime? This president? Terry Slattery. Nice guy. When we bought For Rent, one of our competitors, I sat down with Paige and Terry Slattery. We were just after we closed. We were talking about the nature of the industry. Terry and Paige had been in the apartment rental industry for 15 to 20 years longer than I had been. I was asking them about cycles and what that was like. I said, "Paige, what's it like in a down cycle when vacancy rates climb in the apartment industry? How bad does it get?" Paige took my question and said, "Oh, you don't understand, Andy. When the vacancy rate goes up, that's great for us." She said, "You don't understand that because now that Apartments.com is number one, the number one player in the industry gets the business consistently in an up or down cycle. The number one player is always the first go-to to keep the traffic coming through the community's leasing office. When the vacancy rate goes up, like we're in today, people will spend incrementally more on number one. But they will begin to spend on number two and number three and number four. So they start to launch lead flow two, lead flow three, lead flow four. So number two and three do better in high vacancy markets like we're in today. "And so did I get that correct, Paige? Yeah. So the way you know that someone's not number one is they have their highest growth during a high vacancy market. Okay. I hope as we walk around today and you meet some of these folks, our leaders will reclarify the fact that there is an enormous market opportunity at the lower end, the individual condos being rented out, the homes being rented out. That is an enormous and important growth opportunity for us. There will be synergies between Homes.com and Apartments.com as we address that lower end of the market. They're both really valid entry points into that lower end of the market. And again, you know this. It's been growing. But we would like to see this number. We'd like to come back in 2030 and show an equally impressive growth interval again. You get a little bit of view today on CoStar. You'll see a lot of people who work on CoStar. CoStar is super vibrant right now. Our logins are really doing very well. We're at the highest NPS scores we've seen, highest usage levels, great growth levels, 240,000 people using it. Again, from 140 countries now. We have folks from 140 different countries coming in and using CoStar. So very vibrant marketplace. I believe another 20, 30 years of good solid growth on this one. All right, and again, growing to multiple segments, and this will continue to grow, and the one I'm personally very focused on, I mean, John's going to talk to you how he's focused on banks. Amanda's very focused on selling more to hospitality. We have some fantastic initiatives on selling more to owners. I'm very focused on bringing corporate America more deeply into the product with our acquisition of Visual Lease and Real Estate Manager and tying that together with CoStar and integrating them. I believe we have a killer app for corporate real estate. Lisa's going to show you all the work that goes into producing CoStar. It's unfair to blow by 1,000 people worth of work in a two-second slide. But so be it. You'll see it in person. LoopNet, you bet, Ben Drew, who's going to be walking through some of that. You'll see some of the folks working on that today. Good solid play. I believe we are targeting in the intermediate term to generate $1 billion of revenue there, focusing more on value-based pricing such as we're doing with Homes.com and having success with, and continuing to build that product out under competent leadership. Again, we began the marketplace component of LoopNet probably at about $30 million of revenue grown to $280 million. And we're going to keep going. LoopNet is now operational in Europe. And over the course of the next couple of years, you'll see it become our main brand. Again, as you wander around the world and you look at the largest buildings with the biggest footprint, they're overwhelmingly the leasing activity is driven by the top 10,000 corporate companies globally, whether it be Samsung, Sony, Huawei, or Lufthansa, or Microsoft, or Salesforce. So building products that reach those facilities managers on a global basis will be great. Now, I gave one of our managers a break, Bob House, who's been with us for probably 15 years. I did not bring him out today to talk about BizBuySell. BizBuySell is doing what, 30? Do we have a CFO? Is that about right? Okay. Got that. So again, this is a fantastic business. We are having an impact for the world of small businesses being bought and sold in the United States. We're in this business because very often, again, I talked about these unions of these customer segments. Folks at Century 21 or Keller Williams or CB, the folks who have real estate licenses are also often selling the businesses. If you have a restaurant in Waynesboro, Virginia that's being sold for $1 million or $2 million, often it's being sold as a restaurant with the structure, with the land. The two intersect together, which is why we're in this business and doing well. It actually intersects well with LoopNet. There is strong cross-traffic between LoopNet and BizBuySell. If someone goes to BizBuySell and they buy a Quiznos franchise, then they go to LoopNet and look for a facility for it. We have people going into LoopNet and seeing a restaurant for sale, and they actually buy the business and operate it. I believe at one point I was seeing 40% cross-visitation between LoopNet and BizBuySell. We operate into BizBuySell, BizQuest, and LoopNet 65,000 paid listings of properties for sale. They're everything. They're restaurants. They're auto repair. They're paper printing, lumber. As analysts, this is the base EBITDA multiple. What a liquor store sells for is the lowest multiple, I believe, in any business. And then OpenAI or whatever it is, sort of multiple scales up from there. It's a great little sort of economic piece. I strongly encourage none of you to ever buy a liquor store. Being in the business of people trying to sell businesses they wish they hadn't bought, I think that is the source of the greatest regret of business owners is owning a liquor store. Traffic continues to steadily grow there. We are clearly a leader in that space. And again, the sort of folks who are buying from us are Century 21, Coldwell Banker, KW. Sometimes they're commercial. Sometimes they're residential. So again, these customer sets are all overlapping, which is super valuable. And then if you're buying a UPS store, if you're looking for Jiffy Lube, these folks are marketing their franchises on our platform, and they reach business buyers through that. And then that also people also need real estate after they buy the franchise. So we're involved in about $8 billion of transactions, we believe, a year on that platform. All right. I've got good news for you. That's the end of listening to me for hours and hours and hours. Who's up next? Let's get some real talents up here. So Lisa Ruggles who is our head of our research operations is going to be talking to you next. Okay. Thank you, Andy. I appreciate the introduction. Sergio is going to get me all set up here. So thanks very much for coming in today. We're excited to have you here. Like I said earlier, I oversee our research operations. You'll see a lot of those folks today over in the other two buildings. But I do want to go through. I'm only going to talk to you for about 10 minutes. And I have a 1,600-person organization. So I'm going to have to talk fast because we do a lot. So all of the data, content, photos that you see in CoStar, LoopNet, apartments, homes, other than the write-ups, is coming from my team. So thank you, Sergio. So as you probably already know, before CoStar, thousands of brokers and owners and tenants and lenders were all reinventing the wheel every day. They're all calling each other to find out what's happening in a market, what space is available, how the market's performing, who the tenants are of the building, actually walking buildings, which we do for them now. But so now CoStar collects all of that data. We collect it once for everyone. We put it in a really great software package that Elizabeth's team puts together. It has search capabilities and analytics. So they no longer have to spend all of that time collecting information and can spend that time doing deals and conducting business. To do that, we have to have a pretty large team. This is my direct reports. There's too many of them that work within the research operations. Most of these folks are here in Richmond. But we do have folks from the UK, France, and Spain, and Germany as well. We have over 1,600 people in my organization. And you can see here some of the buckets of the specialized research that our teams work in. We do have specialized research so that they can become experts in that segment of real estate. Okay? They work very closely together because it takes all of them to put the full package together within the industry. This is what it's all about. It's about the data. Currently, in CoStar, we have 8 million properties. We have just under a million listings that are active in CoStar. We have 5 million comps, 7 million lease comps, and 8 million tenant locations. And so this is what my team is responsible for updating on a regular basis. We make 23,000 calls a day. Well, some of those are incoming as well because our teams have very good relationships with brokers, owners, developers. So it's really a back-and-forth exchange of information. We also receive about 2,900 emails from clients every day that the researchers are responsible for responding to. Oftentimes, it's, "Hey, can you change the price on this listing?" or, "Can you add this listing?" But sometimes it's, "Hey, can you help me track down this information that I'm not able to find?" So it's really a back-and-forth. All of these calls and emails end up being about 6 billion database changes every year. So this is what it looks like. What do all those calls and emails turn out to be? This is what we've produced so far this year. We've added 835,000 listings. So remember, listings are coming on and off the market constantly. We maintain that traffic. 337,000 sale comps, 432,000 lease comps. We've updated 311,000 multifamily vacancy observations. So we're calling apartment communities, asking, "What's your occupancy? What's your vacancy?" and really taking that secret shopping out of the mix that apartment communities used to have to do. We've also added over five million images to our database this year. You'll talk a little bit more with Frank Simuro later, who talks about how the technology all pulls this information together. So why do we make 23,000 phone calls a day? Because the data matters. This is an example of a public record report on a sale comp. And you could say, "Well, why don't you just take public record data and put it out there and link it to the buildings and all's good?" This public record report shows this building in DC sold for $103 million. When we did the research, we actually found that the property actually sold for $59 million, not $103 million. That's a big difference. We're also able to capture all of the details about the sale. We talk to the buyer and the seller to get the story of the comp. It's not about the property sold. It's why did the property sell? Did it sell because of the land value, and they're going to tear the property down? Was it part of a redevelopment? Those details matter in the sales comps, and we collect that information. We do have a lot of third-party data partners, but we don't just take this information and put it in CoStar and call it a day. We actually take this information and we improve on it, so this is an example of a Preqin data set that we received. You might be familiar with Preqin, collecting fund data. This is a Blackstone acquisition of PS Business Parks. Preqin's not in the business of knowing every property in the world. CoStar is in that business. They were showing 14 assets in this deal. Looking at CoStar and running the information and doing the research, we found there were actually 612 additional properties in that fund and in that acquisition. Here's another really good example of how our team works together in collecting data. Our researcher received an email from an owner saying, "Hey, can you take these three floors off the market? They were leased. It was a confidential deal." Okay? Okay, great. So we did that. But we have a reporter in Chicago. So our researcher said, "Hey, Ryan, there was a 96,000 sq ft leased in this building. Can you find out who took it? Use your reporter skills." He did. He talked to people that he knew in the industry and found out that this Dutch company, Adyen, leased the space. He got a scoop. He wrote an article about it. And now it's in CoStar. We show Adyen going from 2,000 sq ft of WeWork space to 96,000 sq ft of space. And that really shows the growth of that company in that market. And we show the movement of that tenant from one building to the next. We have owner research group that just are looking at institutional owners, who they are, who the company is, what's the hierarchy of the company, what's their investment strategy, and what their portfolio looks like. We have researchers that are just focused on CMBS. So they're matching CMBS loan data to properties in the CoStar database. Tenant research, we have a huge group of folks that are collecting tenant data. You will meet some of them later. They update tenants every 30 seconds. A tenant is updated. So don't distract them too much because that will impact our productivity. But we are averaging about a million tenants updated every year. And so that's a really important piece. They're actually going through and stacking the buildings floor by floor of who the tenants are in that space, how much space they occupy, when their leases are due to expire, and if they are growing or contracting as a business. Multifamily research is also conducted in our Byrd Street location. And I said earlier, we are calling multifamily communities on a daily basis. We actually track about 705,000 communities in North America, more recently adding into Canada. And that you'll see continue to grow. So it's about 30 million units in our database. This really does support both our CoStar product and our Apartments.com product. Also, a big part of their research is new construction, making sure that we capture that pipeline of multifamily construction. Hospitality research. Hospitality research is one of really our global research teams. They are here in Richmond, London, and Singapore, capturing all of the data needed for our STR hotel benchmarking. One of my favorite things is our research plane. Has anyone ever gone up in our research plane? Andy has. Well, if you're ever in a market where it is, we will happily take you up there. It's really one of our coolest toys in CoStar. And it's extremely effective. This is a good example of us doing a search and rescue pattern. We basically fly low and slow. I know if I bought a low and slow plane, nobody would steal it to go on business trips, and I could get some research done. And we fly seven days a week. We have two teams that rotate. And so when one team finishes their seven days, the next team comes in and takes over. So this plane is constantly in the air. And their main mission is to capture new construction. If you fly at 2,000 feet, you can see all of the dirt being moved in a community. And you can fly a market like Richmond in a day and know, pinpoint exactly all of the dirt being moved in Richmond. We know who owns the properties. We geocode the dirt movement. We photograph it. And then the researchers in-house call the owners and find out what they're building. And then we track it through its completion. We have award-winning journalists that work for us here at CoStar. We have about 78 journalists. And they are breaking real estate news every day. I must be out of time. It's flashing at me. They are actively tracking the market and reporting often scoops that nobody else knows about what's happening in the real estate market. And you can see here France, the U.K., U.S., Canada, Germany, Spain. And we have a very strong foundation for growth in Europe. What we are doing in Europe is the same exact business model that we've done here in the U.S. and in Canada. And that is boots on the ground, walking the streets, collecting every piece of property in that market. It's photographing the buildings, geocoding the buildings, collecting all of the data points, the tenants, if there's any signs on the buildings that show availability. And that's how we create that base layer of information that all other data gets layered on top of. It really gives us the head start on collecting information in a market. Photography is fundamental here at CoStar. This is our photographer action set. It comes with everything you see here, including our creative photographer, Ryan, who's laying on the floor that created this image. We have 421 photographers here at CoStar. We drive a lot of miles. We drive about 4 million miles annually collecting images. And then obviously, Matterport is a very important part of the photography that we provide to our clients. We've been working with Matterport for about 10 years. And we provide images, 3D scans for our CoStar apartments, LoopNet, tenants, and homes clients. We have really talented photographers. They do an outstanding job. We fly a lot of drones. We might crash a few drones every once in a while, mostly Andy, but they're very talented. They are capturing images that far surpass what we were capturing 25 years ago when I started, and it's worldwide. You see a lot of the images here from Europe that we're capturing, Germany, and our images have evolved over time. We were photographing buildings for a while, and then we started photographing cities and then photographing neighborhoods. So if you are on Homes.com, you're not just looking for a place to buy a house. You're looking for a place to live, and our photographers are capturing what it feels like to live in those neighborhoods. So if you live in Harpers Ferry, West Virginia, you can do this on a Saturday, and it's pretty fun. It's a great hike. I've done it. It's really showing the culture of a neighborhood, a culture of a city, and what it's like to live there. This is actually one of my favorite photos right now because it was the perfect time of day to get the shadows to play ball. And this is ultimately what they're creating on Homes.com. And you'll see a little bit more of that later with Livia. And I can't not wrap this up by saying we provide excellent data and information and service to our clients, that if we don't have a world-class customer service to support it, then that falls very flat. We have Susan Jeffers, who has been with the company for 38 years. And she's here in Richmond. And she runs a fantastic team of customer service folks that always get very high remarks. I believe that's probably a very good testament to the relationship that we have with our clients. I'm going to pass it off to Elizabeth, who's going to talk a little bit about the product that takes the data that I collect and makes it all usable. Thank you very much. Thank you. Thank you, Lisa. What you'll see is that Lisa and her organization make my team's jobs a lot easier. We have reliable, accurate, disciplined data on which to build world-class product. That is such a unique proposition. Thank you. Thank you, Sergio. All right, let's do it. I'm reshowing the mission statement that Andy showed earlier today, and the reason I'm doing that is because CoStar started with this original vision of digitizing real estate, started in Washington, D.C., four decades ago, and my team and I are privileged to be able to wake up every day and think about carrying out that vision and continue to deliver on that mission. We feel really honored that a quarter of a million subscribers, appraisers, owners, brokers, real estate professionals, corporate real estate decision-makers are logging into our product to make actionable, strategic, and operational decisions, and so with that, the team that I lead is concentrated in Richmond and in Boston. And we're hiring more and more people here in Richmond to build out the team here. Our range of experience is 10-30 years in commercial real estate, from appraisals and valuations to brokerage across all property types, and you heard Andy mention this, but it's really worth understanding, and you just saw this visualized with Lisa. We began with office inventory in Washington, D.C. We expanded into additional property types: retail, industrial, multifamily, hospitality, as well as expanding into new markets. We've added sale and lease transactions, owners, demographic, public record data, third-party data. We created market transparency. We developed powerful analytics, and then we've connected this data, and we're now realizing the full value of the commercial real estate life cycle, and that allows us to continue to enhance and evolve the product capabilities, and that's really where I want to focus because we have all of the component parts to be able to continue on this mission. And the three areas of focus for us over the next few years are really continued geographic growth and being able to expand. This is a global business. We talked about that earlier today. You saw that in Andy's presentation. And we know that capital flows all over the world. So the ability for us to continue our expansion. The one product everywhere, what you will see and I will show in some slides, is that this is not different versions of CoStar around the world. It's a single platform, a single product that every subscriber gets to use no matter where they are in the world. And because of that, as we acquire new businesses, our ability to integrate those businesses into CoStar, as we've done with STR, and also integrating the risk analytics business, the lender business into a single platform creates additional value. Additionally, we want to go ahead and continue the aggregation and connecting all of the data points to drive the operational insights, particularly using proprietary data sets. So just looking for an example with European expansion. We have all of the fundamentals to be able to go in and launch our product across Spain, France, Germany. And this is CoStar in Spain. This is our ability to go in because I imagine that most of you are English speakers. I'm going to go ahead and switch the language to English to make it a little bit be able to follow it. We have complete inventory. You heard about Lisa's giant organization, that boots on the ground, going and collecting all the inventory data. We're going in. We have all of the details. We have that beautiful photography. We capture images of the buildings. We understand what availabilities are in the market. We go in. We have all of the analytics that we've calculated: availability, vacancy, what are the rents. And it's a complete product. It's not a light version. It's not a differentiated version. It is the same product, whether you're a decision maker in Madrid or you're a decision maker in New York or you're looking to expand your operations from the United States into Europe. Additionally, we have the ability to continue to do all of our analytic charts that you're accustomed to. And it's not just across markets. We will have custom analytics, being able to drive into sub-markets, specific property types, and be able to do custom sets, custom analytics. This is work that we are actively working on. And we are in a position to continue to expand. I know Robin and others will talk about the international opportunity later. Additionally, as we think about owners, you've heard about the ownership opportunity. This past year, we have released our owner-aggregated solution, which aggregates all of our owner information. And I'll walk you through a little bit of that and talk about what's happening next. But we are at a really unique moment in the commercial real estate cycle. And we are primed for an opportunity to continue to see more transaction volume. We've seen a significant depression in that volume over the past year or so. And there's an opportunity for us to continue to push through and see a shift in that cycle. So over the past year, we've released our ownership aggregate view. We're looking at the ownership complete portfolio, where they're located, what assets. This is the connectivity of all of that data, understanding where their distribution of assets are, what are the top markets, what are the top investments from a property type perspective, what is their investment activity, are they acquirers, are they disposing of assets, what is the transaction volume over the last few years, looking at their leasing and occupier activity, that tenant information, all of that canvassing that's happening. We're actually able to tie that information in, so when you think about an owner's portfolio, you actually understand the tenant mix, tenant exposure, not only by company but by business mix. We also are looking at expanding into our retail solution, so retailers are a critical component, and we talked a lot about homes. But one of the nice things, when you think about the intersection and the Venn diagram that Andy mentioned earlier, commercial real estate, residential real estate, retailers play a critical role in that Venn diagram. CoStar has long looked at properties and spaces. And as we think about our opportunities with retailers, it really is a pivot to think about the world through a series of trade areas. And the opportunity that we have is not only with retailers but also retail center owners. And the features that we will be developing are complementary and differentiated for each of these audiences. And with that, I'm going to pass it on to Mark McDonald to talk about what we're doing with lease accounting and lease administration. And I thank you very much. As Sergio gets us going here on the slide deck, I'm going to talk a little bit about the Real Estate Manager and Visual Lease product lines within CoStar, and for the better part of 20 or 25 years, both companies independently have been digitizing the corporate real estate departments within large organizations, and that goes back from the early 2000s of a commercial real estate lease that's 40 pages long getting printed out and stuffed into a file cabinet in a basement somewhere to then translating that into a PDF document, to then going a little bit further and then now abstracting that key information into a database and now starting to perform some analytics and doing some interesting things with it, so I'm going to start off with kind of a background of both of the businesses. And then we'll talk about some of the similarities and differences and then where we see the combined entity going from there. In terms of the value and the products that we're offering to these corporations across America, three primary focuses, one being real estate lease administration. That is, again, distilling that information from a lease down into actionable data to be able to pay rents on, an accounting compliance aspect of that, which is translating some value of those leases onto balance sheets and in financial statements across the board, and transaction management, which is a collaboration tool between internal corporate real estate teams, brokers, and other third parties that are participating in the transaction to actually get a lease signed, renewed, or disposed of. So those are really the key value drivers there with real estate and then accounting and finance being the two primary focus areas across the board. The business, both on the Real Estate Manager side and Visual Lease side, experienced pretty explosive growth starting in the 2018 and 2019 period as a result of an accounting change from FASB that took leases in a footnote in financial statements and then brought them on balance sheet. That really drove the need for corporations to get a better handle and control over their lease portfolios and then look at technology solution providers like us in order to enable that function. We've been doing this for close to 25 years. I think some key things to think through as it relates to our business and what we'll cover in Visual Lease is the stickiness of the solution once it is in place. So we have in the high 90s retention rates for our software and our software agreements. The Real Estate Manager product line typically deals with the large global corporates across the world. So we're focused on that Fortune 250-500 area. And I'll talk a little bit about the scale of leases that our customers are entering into our application and then, again, reporting on and transacting rent payments to landlords from the Real Estate Manager and VL or Visual Lease platforms to their accounting systems. So we're looking at over $4 billion in rent kind of leaving our platform and resulting in rent payments to landlords on a monthly basis. We're proud of our customer list. We serve a number of different categories in terms of vertical market. I think the important thing here to take away is you'll start to see these appear in other presentations throughout the day, and the overlap between the corporates that are using Real Estate Manager and VL to be able to manage and control for their lease portfolios then begin to overlap into some of the other product lines, so using CoStar data to be able to make informed decisions, looking at LoopNet in many cases to see what inventory is out there and being marketed, you start to see a lot of the, I think, overlaps and cross-sell opportunities across the other CoStar brands. This is also where the demand for leases is originating across the globe in terms of what Andy was talking about as it relates to the need for leasing. The way we go to market is twofold. So one, we have a direct sales force, but we also have relationships with accounting and finance service providers as well as real estate service providers that are doing two things. One, referral partnerships that help our go-to-market and top-of-funnel, but also in both cases, some of these logos licensing our product to deliver either accounting as a service or real estate as a service into corporate America. So it's an additional distribution channel for us and really helps the name recognition around the Real Estate Manager and VL lines. In early Q4 of this year, we did announce the acquisition of Visual Lease. In terms of talking a little bit about them, a very similar product offering and value produced to corporates. The same lease management, lease accounting integration capability is their value prop and their offer into corporate America as well, to be able to provide more control and mitigate risk across the lease portfolio for real estate. Very similar, 25 years in existence, again a very high and sticky retention rate, and you'll see the number of customers here being a little bit higher, and I'll talk about that a little bit more in just a second. The go-to-market, again very similar to the Real Estate Manager line. They leverage both accounting and real estate alliance firms, both for the partner channel and, again, technology partnerships in order to drive that pipeline, so in a number of cases, these are kind of pre-built connectors into IT infrastructure across corporate America that, again, help with the top-of-funnel types of approaches as we look to secure additional customers. In terms of the market structure and offering, Real Estate Manager has traditionally served the larger enterprises, both global and kind of the need set around software being a little higher. Visual Lease allows us to expand into the mid-market, grow both the number of customers and the number of leases that we're managing under platform. In general, calling to the scale to lease management, I'll focus on the top three sections here. The acquisition of Visual Lease now helps the combined business exceed $100 million in ARR, which is certainly something that we're proud of. It's 2,000 additional customers or 2,000 combined customers to be able to extend additional CoStar value to, both not just the lease management and lease accounting product, but the data side and then eventually some of the marketing products that we think can be leveraged by corporates. And then we're approaching a million real estate leases, actual lease and rent data that customers are managing within our platform. And I won't steal Andy's thunder, but we'll see some of the interesting things we think we can do with some of that information to really drive additional adoption of CoStar products really across corporate America. With that, I will turn it over to Amanda Hite at STR to run us through her business. Thank you. While Sergio is pulling up the presentation, I'll share. I'm going to give a little bit of an overview of the work that many of us in the room have done to put STR into CoStar over the last several years. We were acquired in 2019. We launched the hospitality data in the CoStar product in 2021. We got sidetracked by a little global pandemic. Thank you. But we put the hospitality data in the CoStar product in 2021 and then shifted our focus to the benchmarking, the hotel benchmarking business. So in 2023, we launched the benchmarking features within the CoStar product. And then earlier this year, we unlocked the full CoStar product for benchmarking clients. So in the middle of this year, we opened up the full product to all of our benchmarking clients. So STR has been in business for 39 years. Our focus is growing the proprietary data to do benchmarking in the hospitality industry. When we joined CoStar, we were at about 65,000 hotels that were participating with us. Today, we're at 85,000. Every month, we set a new record in terms of the growth of proprietary data that's coming into the product. And that spreads across 190 countries. So we have people on the ground for CoStar in 15 countries servicing and selling clients, but we are collecting data from hotels in 190 countries. And ultimately, for STR, my job, our job at STR is to make sure that we are growing revenue and that we are driving EBITDA growth. The way you do that in the benchmarking business is that you start with the proprietary data. We have to have that proprietary data to be able to scale our growth globally and continue to grow our revenue. And then I'll tell you, but I mean, Mark's beating me, getting to $100 million by acquiring a business. I guess I should have done it that way, Mark. But we will double our revenue at STR from our pre-acquisition level in the next year. So that is absolutely the drive in the path that we're on. Here's a sampling of some of our largest companies. The benchmarking business is focused on hotel brands, the operators of hotel properties, and the hotel owners. And before having our product in CoStar, STR did not do a very good job having a product for hotel owners. So that's where we've seen our biggest growth and where our path for sales will be. In addition to adding new properties and getting new properties on board, we have an incredible product offering for our hotel owners to be able to monitor a full portfolio. I'll show you some of that. We have digitized an industry by putting the STR benchmarking in the CoStar product. We have been on the journey since May of last year of moving all of our existing customers into the product. It is a change management process to go from Excel spreadsheets to logging into a website every day. The clients have been thrilled. Everyone was a little worried about what that was going to look like. They've been thrilled with the ease of use of bringing dynamic data together instead of printing out several different spreadsheets of different products and looking at them side by side, being able to log into the product. As a reminder, this is what we looked like before. These were the spreadsheets that we emailed out. We had almost 400 different product offerings of spreadsheets. It was à la carte pick and choose. Today, we have moved fully into the product. If you're a benchmarking customer, you go to CoStar.com, you log in, this is your landing page. So if you have more than one property, you're immediately put in, look at all of your properties across the world, where they are with the hero stats of how my portfolio is performing. Every single day, our benchmarking customers are monitoring the operations and performance managing their hotels. So when you have a large portfolio, you need to maybe look at it in different cuts. We have the ability to create clusters. I'm going to dive into the North American cluster. This is the 14 properties that make up my North American cluster of hotels that I need to monitor. We immediately Land them with, here are your top performers. If you're worried about some of the performers, you can go to your bottom performers and then look at how are they doing against their competitive sets. So this set of properties, they're below the 100 line, their RevPAR index, they're actually not gaining share. They're losing some market share against their competitive set. And when you look at the occupancy and ADR, it's sort of a mixed bag. They are growing RevPAR year over year. Some are doing it by gaining ADR. Some are doing it by gaining occupancy. But it gives you a really good visual look at the growth and the market share that you're gaining or losing against your competitors. So then I want to dig in and actually look at some of the properties on a historical basis. That was the last year. We have data back to 1985. You can't put that in a spreadsheet, so when you dig into the historical data, you can look at the KPIs, do a date selection so you can go all the way back in time for your properties and the competitive set performance. When I go in and look at the RevPAR index, yes, it's good to see the overall performance of the cluster, but I really need to understand which hotels within that cluster are either driving or detracting from the performance of the group, so looking at the individual, you've got the RevPAR index there. We've got several below 100. They're not gaining share. I need to focus on those. I click them. I'm able to see it and then dive into the performance of these individual properties. I'm going to go look at the list, choose the hotel. This is the corporate reporting piece is another Excel spreadsheet. So for our corporate reporting where you had more than one property, that's basically corporate reporting where we had to give you performance. You were aggregating. We were sending out a spreadsheet. You can look at the individual and you can look at a total aggregate, but you can't do anything else with that. So our corporate clients are taking the data outside of product and doing things with it within their own, whether they're building Tableau dashboards, however they decide to use it. We don't really always see that. So the beauty of being able to build it in CoStar is that our clients can use every piece of data in the product. They can export it if they need to, but every sort of analysis that you want to do at a portfolio level is here. So I'm going to show you the individual property. If you were a GM, this is where you would Land in the product. If you're a GM of a property, you only ever see one property, this is where you come. A lot of our users have multiple properties, though, so they'll go into the portfolio, do corporate reporting, and then as they are managing the performance of their hotels, they will eventually drill into this. This is one of the properties that was below 100 on the RevPAR index. So they want to come in. You immediately Land here with the performance of the hero stats of the property. And this is the STAR Report. If you see the tabs across the screen, this is basically the Excel spreadsheet that used to be emailed out. This is it at a glance when you come in. But where you really get the value of the product is when you dig into the historical performance trends. So we've got the same sort of graphing and charting that you know within the CoStar product. But at STR pre-acquisition, we had these analytical products that we sold as add-ons. Today, it's one solution. So Bandwidth is a favorite of properties. It wasn't widely used because it was an add-on, an additional cost. And now we have the one product, one price. You get everything. This is the Bandwidth analytics that you can see on your property. So a single property can view how you're performing within your competitive set. So this is the band of performance for occupancy for your competitive set. The line there shows you how well you've done in achieving the top performance or the bottom, or if you're somewhere in the middle of the band for occupancy and ADR for your set, and very quickly we also have markets, so we have all the market data. Our benchmarking clients are using that for industry performance data, but I think a really fun part to see our benchmarking clients really get the value of the full CoStar product. We have revenue managers on property at hotels that are using the tenant search, so that is a lead generation tool for them to go find business to negotiate corporate rates with the new tenants coming into the neighborhood near their hotel, and that's been really valuable to see for our clients to be able to use the product to generate new business in their hotels. So as I said, we're on a path to double our revenue from pre-acquisition. Before the acquisition, we were at a 25% EBITDA margin. We will reach 40% EBITDA margin next year and then continue to conquer the world to have every hotel in the world giving us their data. Thank you. I am going to hand it over to Grant to talk about lands. Some of us have a race to 100 million, not a billion. We also have a race with Homes, and I think they're leading that. They overtook us this year. So congratulations to Homes to finally overtaking Land. So I mentioned earlier that we absolutely love this business, and it doesn't just stop with our employees and our great members. It actually extends to our families. So this Thanksgiving, I had an opportunity to go to a cutting horse competition sponsored by Icon Global. Bernard Uechtritz, he made a name for himself selling the Waggoner Ranch, $750 million in 2017. And later that same year, he sold the Alcoa property outside of Austin for $250 million. So both those properties were listed on Land.com. Unfortunately, at the time, I think that we probably were charging him about $30 a month because our pricing strategy had not changed. And I'll tell you more about how that impacts our revenue right now. All right. So Land.com is the market leader in our space, like LoopNet, like Apartments, and soon like Homes.com. Our space is the rural ranch and real estate market. And we market these properties on behalf of our clients, wonderful folks that are doing some great work on behalf of their clients. We have an immense amount of traffic compared to the average competitor. So if you look at the competition, the average space, we have about 13 times their traffic. Our network consists of Land.com, LandWatch, and also Land and Farm. And if you compare that to our closest competitor, it's two and a half times the traffic. So our clients, they trust us immensely as a market leader. We've got 7,700 paying clients. We've got 47,000 paid listings as of just a couple of days ago. Each year, they trust us to advertise about 130,000-140,000 properties a year. These are paid listings. What that results in is immense growth. This, of course, is not just the fact that we are the market leader. We've made some very conscious decisions to change our business. Over time, we've implemented the early stages of the CoStar playbook. In the early years, we had decent growth around the $6-$8 million range until about 2016. That's when we really started to focus on growing our traffic, aggregating with the network, increasing the value to our clients. We introduced a field sales team. Previously, we had people sitting in Austin calling on these folks. We put people in the field to be where they're located in Bozeman, in Whitefish, in these different rural communities. And then lastly, we started pricing based on value. So the value that we provide, we're charging accordingly. And so that has really accelerated the growth through the years. I'll tell you that last one is actually a bit painful at times because I've been with Land for 10 years. We have folks in our business that have been with us for 12, 15 years, and they've got relationships with these clients. We've got clients who have been with us since the very beginning. And so they long for the days of $30 a month, $50 a month for unlimited listings. And I still hear about it, even though it's been a couple of years. But I know that we got it right when you consider we had several influential clients. We actually invested in a competitor. When their contracts came up for renewal, they canceled, took their ball and went home. Within six months, a number of those clients actually came back, still invested in this competition. Today, two years later, I know at least one of those is in the 98th percentile by revenue. So I mean, that tells you we've got product-market fit with our core customers. So we're in the early stages of implementing the playbook. There are a number of other chapters that we'll bring to bear. But the market of rural land in the United States is massive. So in the contiguous United States, 84% of it is classified as rural land. That's 1.6 billion acres in cropland and pasture land and timberland. Timber and crop are particularly valuable and opportunities for us. Plus, it's a $3 trillion asset class. There's definitely a lot of value to be created, a lot of value to be captured there. The demographics are such that we're actually seeing an acceleration in turnover of these properties. It's certainly an asset class where it doesn't turn over as frequently. The USDA does an annual survey of farmers in America. One of the questions they ask is demographic-based. The average farmer today, and this climbs every single year, is 58 years old. In a couple of years, most folks will be retired, but that's the average age. This asset class is turning over more quickly just based on the change in demographics. The types of listings on Land.com, they're really diverse. This is what I love about this business, is that it's not just one thing. This space is commercial. It needs to be occupied by a company like ours. But in the case of Land, it can be multiple things at the exact same time. They're not mutually exclusive. So for example, I live 16 miles west of Austin, and my neighborhood is bordered by several thousand acres owned by the city of Austin as conservation property. On the other side of that neighborhood, a 2,000-acre ranch owned by Michael Dell. And I know for a fact that it is only recreational property. He uses it for his Arabian horse farm. He lives about seven miles away. So it's purely recreational, maybe farm ranch. So if you were to list that property today, it would actually be all of these things except for timberland. Because the highest and best use of that property is actually mixed-use commercial, commercial on the frontage, residential for the rest of the property. And if you listed it today, I would highly recommend you take advantage of a Diamond listing on Land.com and also on LoopNet. Of course, we would be charging a lot more than $30 a month because we fixed our pricing strategy. Half of our listings actually fall into categories like that, where they should be marketed and advertised on Homes. They should be marketed and advertised on LoopNet. That 10% number at the very end, that is absolute. Those are pure commercial properties in rural communities. The 32% undeveloped kind of depends on where that Land is, whether or not it's in the development zone. But there's a tremendous opportunity for the right listing for the right client in order to bundle services, to upsell, to cross-sell for these listings. So quite frankly, our clients, they really need more of CoStar. So they're getting a lot from us, but they need a lot more of CoStar. Our average client portfolio is a quarter Homes because these are out in rural America, 10% being commercial. If you look at just absolute numbers, what percentage of our clients also have Homes or commercial in their portfolio? 51% of them actually transact in Homes. And 29% of them also transact in commercial properties. If you were to look at Homes.com, their customers. The reverse is likely true in this portfolio example. 27% of the listings currently on Homes.com are lot and land listings. So just unscientifically, that's probably true. Now, our clients are clamoring for more from us. We can provide a lot more value. We already have 500,000 proprietary sales comps that go back to 2008. And these sales comps are in locations like these nondisclosure states, of which there are 10. The largest one being Texas. We were founded as Lands of Texas, and so that's a very strong market for us. And in conversations with our top producing clients, they're asking for more information. And so we're going to do a much better job of helping to increase the quantity and increase the quality. We're already getting a ton of information from us. They already trust us with that information. And so we're going to spend a lot of time and energy this next year focused on providing that for them so that we can increase the value, monetize, and retain. So our initiatives this year mentioned the quantity and quality of the sales data. That's in the works. We have a field sales team developing great relationships with our high-value clients. We're going to continue to focus them that direction. We've got a mid-market sales team that is focused on landing and expanding accounts. So we're going to grow that headcount. We are refining our market-based pricing to increase the adoption of Signature Ads, not because we're not having success there, quite the opposite. What we're finding, though, is that very competitive markets, of course, drive demand for those Signature Ads. We introduced Diamond this year, and all that growth is in that most expensive, high-value, high-exposure product. But we do have markets where, quite frankly, they're paying Texas prices, and they shouldn't because the real estate's local, and so we're going to modify that pricing to make sure that we're charging appropriate prices in Western New Mexico. I'm particularly excited about this one. You see the overlap in a lot of our businesses, particularly on the marketplace side. Homes.com has grown their membership base tremendously. Those members, of course, have land listings. We want to provide them with a benefit on Land.com. So maybe at the end of this year, certainly Q1, that process will be in place so that the Homes members can take their appropriate land listings and get a benefit on Land.com. Then later on, we will do the same thing, getting land listings on Homes as appropriate. Again, maximizing the benefit of the CoStar ecosystem. As Andy mentioned, that information, of course, falls onto the data side of things as well. Quick plug. This is an easy item to check off the list. Later on this year, April, May, check out Ranch land listings on Amazon Prime. My wife was so excited when she learned that we were going to have a Super Bowl ad. I was talking about the royal we in CoStar. She was disappointed to find out that it wasn't Land.com with a Super Bowl ad. But this is something that she can get excited about, is we are the exclusive sponsors for Ranch land listings. Think of it like House Hunters for land. Features our clients, their listings, and how their clients actually use this property. So really fun stories that'll be coming out in April, May. They're already talking about a second season, talking about shooting in Canada. I've got a head of marketing that is really pushing us to take advantage of another chapter of the CoStar playbook and to go international. Thank you for your time today. I'm going to introduce Andy Stearns. Oh, Gene is going to come up. All right, Gene. Thanks, Grant. So I think I'm here for the market message, which is, don't steal from CoStar. And so as we get ourselves set up, you've heard. Just let me know when it's ready. Good to go? Okay. Awesome. Thank you. So you've heard earlier that we have thousands of researchers, software developers. We've spent 38 years and $5 billion plus developing this proprietary content. And unfortunately, there are people who want to take it. And so one of the most important jobs of the legal team, our 22-person dream team, is to basically deploy multiple strategies to prevent IP theft and ensure that we get paid for the value that we bring to our customers. So how do we do that? We deploy multiple strategies to protect our IP. I mean, some of this is obvious, but obviously, we copyright our CoStar-generated photographs. We enforce our online terms of use. We password protect our subscription databases. We implement technology to block people from stealing our data. Most importantly, though, we monitor product usage and web traffic, and most of the times, we resolve IP theft pretty quickly. Unfortunately, sometimes we don't. I think the message I want to leave you all with, and frankly, use this as an opportunity to tell folks that may be accessing our products and services inappropriately, we will not hesitate to sue to stop IP theft. Take that one message away. We copyright pretty much all the images that make it to production. Tyler here takes thousands of photos. That goes to quality control. By the time it gets into production, we literally copyright every one of those photos. If it's going to be used, we protect it. We actually copyright our images in batches every 45 days. You could see here, if you just look, this goes back to 2017, pretty consistently. Over 45 days, we do between 100,000 and 200,000 images copyrighted every 45 days. You see that big blip there? That's Homes.com's launch. You could see that since Homes.com launch, our proprietary photos and other content, we now do almost triple that to 350,000 to 400,000 copyright photos every 45 days. We actively protect our IP. We enforce our terms of use. So if you do things inappropriately, like try to scrape our data site or try to access our data and get more information you're allowed to get or breach our terms of use, you'll get a sign like this, access denied, temporarily blocked. When that happens, we're actually actively investigating that. Most of the time, you'll get some email that comes back from someone on our team saying, "Hey, just checking on what you're doing." The other thing we do is we monitor our IP. So now that we've copyrighted all those photos, we actually monitor that across the web. We use proprietary software and third-party providers. And you could see here, this is an example. You may know about this lawsuit we have against one of our competitors. Well, it's not sort of, I should say it's obvious. If you look at the photo we took, yes, there's a crest there. You see the CoStar wheel. But even if you take that wheel away, if you look at the photo, including the cars that are there, the license plates, we know that's our photo taken by our photographer and copyrighted. So obviously, we're not going to allow people to take that content and use it inappropriately. So if that happens, we'll try to stop it. If it doesn't stop, we will sue them. The other thing we do is we protect our passwords. We obviously have subscriptions, but sometimes people like Netflix, if you know people try to share their subscriptions and passwords with others, well, they'll get an email or a text. They'll ask to validate. We see that photo. We have technology to basically show, and we literally know where you live and where you're accessing our data. And so we'll find you. So again, marketing message number two is, don't steal from CoStar. We will find you. We know where you live. And then, just in terms of seeing how this works, turns out when you actually monitor this and you look at the email activity, so we're going to take some credit here. And I guess you would think of generally market cycles and a cycle where things get a little harder. People share passwords. They'll drop a subscription, but then they'll basically use the access from other folks. We'll find them. And just in the last year, we did over $2 million in net revenue that we added based on the efforts. And we think that's going to basically go up. During this market cycle, that will go up even more. And so our goal is to get into the President's Club. That's a pitch to Andy. If we can get to 3-4 million in terms of net new that we add, we want to get into President's Club. Again, don't steal from CoStar. The other thing is, I mean, we have this reputation for being very active to protect our intellectual property, but I just want to put this all in context. I mean, in the grand scheme of things, we've only gotten to the point where we've sued for copyright infringement, really just an infrequent number of times. Every time we've done that, we've been successful. But the number of suits that we have relative to other folks that have a lot of intellectual property, like Sony or Microsoft, is actually quite small. So we really pick and choose our battles. But if you're going to steal from us at mass scale, you're going to get sued. So anyway, with that market message, I'm going to leave it to the closer to finish this session. Thank you. All right. Well, Sergio gets us set up. First, I'm a little scared now going after Gene. But again, Andy Stearns, Head of Sales for Homes.com. I'm going to take you through two topics today relative to our sales organization. The first is actually share a bit more about how we are pitching this product, the value proposition, and how we bring it to market. A lot of what you'll see today are actually slides that we use to share with customers and talk about that value proposition. And then the second is to give you an update on the progress we're making in scaling the organization. And then when I wrap, we'll actually get to go upstairs and see what it looks like in action. So with that, we'll start with the value proposition. I think a key message to share here is we're not selling an also-ran product in Homes.com. We're selling a completely different solution that does not exist today in the world of digital advertising for residential real estate. And so a lot of the conversations we're having with agents is actually educating them on what we do, how we do it differently than other portals they may experience in their past. And so we always start with what's the problem in the world. 100% of home shoppers start their search on the internet. Not 60%, not 70%, 100% of people start on the internet. But the challenge is that all the places that you can find properties on the internet actually go after the real estate agent's sign, their listing, their leads, their brand. They don't have any ability in the existing world to actually elevate their brand, elevate the property of the person they represent, and market that property effectively. And as Andy said earlier, it's not rocket science. The point of a real estate agent is to market a property effectively and sell that as quickly as they can for the best possible price for their client. And so what do agents do instead in this world? They take out things like billboards or classified ads, or they mail postcards. In a world of digital advertising, the postcard is probably the most ineffective marketing message. You have a frequency of one. You have no targeting. You're going to an audience that you have no idea if they're interested in hearing that message. But this is what agents are left to. And so in the residential real estate space, there's a lot of offline marketing that happens because agents do not have the ability to take advantage of the digital age. And so our focus is really on helping real estate agents take advantage of the internet, make the internet work for them, and work for the clients that they represent. Our philosophy, and you've heard Andy talk about this many, many times over the last couple of years, we start with a philosophy of your listing, your lead. We believe that real estate agent goes out. They work hard to source that business. They win that listing from a consumer that's looking to sell their home. We believe that their name and face and brand should be on that listing. When a consumer wants to talk about that listing, they should be contacting the agent who represents that home. Similarly, on the other side of the transaction, we actually create the ability for agents to connect with their buyers. So if they are representing a buyer, they can actually create kind of a LinkedIn-style connection on Homes.com and then collaborate together on the site. Another one of the challenges that agents have in the industry is that when they're representing a buyer and that buyer goes to one of the existing portals, every time that buyer is there, the portal is trying to steal that customer from the agent and send it to somebody else. And so our approach was first to build the absolute best site. You'll hear more from Livia and team later, but an incredibly clean, sophisticated search site for consumers who are looking for a home and just incredible kind of cleanliness. It's ad-free. It's honest. You always can get to the actual agent on the property within a click and offers much, much more in-depth information, which you'll see when you get to see the content teams later today. We then backed it with a huge real estate marketing campaign to build an audience of consumer eyeballs on that site going and looking at properties, resulting in the fastest-growing portal, now solidly number two in the market in terms of traffic on a monthly basis when you look at the competitive set out there in the marketplace. And so on that foundation with a huge audience, a beautiful website, the membership we sell to agents actually has kind of three key components that I'll highlight. The first is on-site promotion. In every place on Homes.com, member agents and their listings are being elevated to kind of prime position, whether it's property search results here in the top left, whether it's in a directory for agents, whether it's on our neighborhood or school pages. Everywhere that a consumer goes on a site, they're going to see member agents and member listings being highlighted in those key positions, driving more traffic towards those particular agents versus agents overall. The second thing we do is we market agents and their listings off the site. We do this in a variety of ways. Retargeting is probably the most powerful. When a consumer comes to Homes.com and actually looks at an agent's profile or looks at their listings, and they then leave the site and go to The New York Times or CNN or ESPN, they're going to see advertisements for that agent and their listing, creating the loop where a customer who saw it once leaves. They didn't think about it for a couple of days. Now they see it again. That frequency starts to hit them, and they come back at the end of the week or on the weekend, and they say, "Hey, I just saw this ad. I want to show my shopping partner or my spouse this home that I saw on Homes.com." To date, we've shown about 3 billion ads online for our member agents and their properties on 30,000 different websites. It's not just CNN and ESPN, but on 30,000 different websites across the internet. We've driven 23 million return visits where the consumer sees that ad, clicks on it, and comes back to Homes.com across 2 million separate for-sale listings since we've launched, and then the third benefit is providing Matterport 3D tours and floor plans for member agents and their listings. This has been an incredible cross-functional effort between Lisa's team and the Homes team to create this capability, the ability to dispatch photographers out in the field to go to member agents' listings and create these incredible 3D tours, which really enhance the quality of that listing presentation on the website where a consumer can come in, and instead of seeing a stretched-out real estate photograph that you can't quite tell what's going on, you can actually walk around the property, see the house, and at the same time, see the floor plan and where you are within that property, and so at the end of the day, the pitch is with a better website, a better philosophy, and a massive audience, there's more eyes. There's more opportunities to sell homes for your customers, to grow your business, and increase the agent's brand visibility, but most importantly, help them move properties quickly, effectively, and for the most amount of money for their seller clients. Now, that story that I've just told really helps elevate the brand. It helps sell houses faster for more money. But one of the biggest benefits Andy mentioned earlier is member agents are actually winning 50% more listings. And how are they doing that? Well, they're actually able to take the credentials of being a Homes.com member and sell better to a potential listing customer. So there's a family that's ready to sell their house. Two agents are coming over on the evening, one after the next, to pitch how they're going to market the property. And the first agent, your traditional agent, comes in and says, "Great news. I'm going to give you a yard sign. I'm going to send a postcard out to a few thousand people. I'll tell the 100 people I know in the market. Maybe we'll take out a classified ad. And oh, by the way, I'll hang a picture of your house at my real estate office that nobody's ever been to." And so Sam heads out the door. Sally comes in behind him, ready to pitch these homeowners. And she's talking about 3D tours and floor plans, 24-hour open houses, advertising on the biggest brands on the internet, promoted on Homes.com, backed by a massive marketing campaign. And oh, by the way, I'll still put the yard sign in your front yard. And if you were in that home seller's shoes, which agent would you pick? Clearly, you'd pick the agent with a sophisticated, modern digital marketing plan to sell your house to 100 million people on Homes.com rather than the 100 people that Sam knows that he's going to go tell about your house, so that's a very abbreviated version of the pitch that we share with agents, but again, as I come back to the beginning, we're not just trying to sell a product that's slightly better than a competitor, we're actually selling a product that's fundamentally different, and so we really started talking in this language of there's a bright future ahead where agents can reharness the power of the internet for their own brand, for their own customers, and we're really in this mode of creating a movement. A lot of the work that my team does is actually educating agents. A lot of the conversation is talking about digital advertising and how they can leverage the power of the internet in a way they never have been able to before, and so I'm going to play a quick video here just to show you what the movement looks like in real life out of the National Association of Realtors show earlier this month. Homes.com empowers me to be able to get more viewings in front of my clients and to market my client's property. It's like a re al estate cheat code. The customer service rep, it's actually a relationship, and that's been the most valuable part. If you think about where Homes.com starts, you think about the parent company, CoStar, and what it's done. Why wouldn't I want to get in the same vehicle with a significantly large company that's looking to do the same, so we'll grow together. I'm there for it. The best part about that video is Magda is actually donating her winnings to build a school in Senegal for kids there, so very exciting story out of NAR. But that gives you a little bit of a flavor of the conversations we're having with agents, how we're talking about this value proposition, and really changing minds around what the internet should do for residential real estate, so let's now zoom into the sales organization, 99% of which sit in this building, and you'll get to meet them shortly after this presentation. First up, since I joined nine months ago, we've been recruiting seasoned executives to come in and help scale this organization, folks with decades of experience in operations and sales and analytics in real estate to actually help scale the organization. But it's not just the recruiting. We've actually had to build the entire infrastructure to allow us to scale the organization in an effective way. We're really focused on three target markets. The first is individual real estate agents. The second is the brokerages that they are affiliated with. And then the third is new home builders. The Homes.com Richmond sales team here is really focused on that agent-by-agent sales approach, working directly with real estate agents day in and day out. And then we're building a national account team working on brokerage partnerships and new home builders. Behind them, we've had to build the infrastructure, starting with a sales training program. Our new sales associates now go through a five-week training program. We put them on the phones with real estate agents within the first week, and so they really start to learn the process very early on. We've been doing upskill training with our more tenured associates. It's always a joke when we say tenured. The most tenured person up there has been here for about 10 months, but our tenured folks are getting additional training. We're doing sales leadership training for all the new leaders we're bringing in and focusing on women's sales development and some other initiatives with the team. There's a lot of work happening between sales and marketing to continue to increase the amount of leads and branding that we're putting out there from an agent perspective, improving things within our CRM, launching AI platforms to actually help us listen to calls at scale and get better and better, and then really optimizing the way we go to market, which includes better intelligence on which agents to prospect at which time, organizing the team geographically, testing our price points, and building out better management routines and reporting, and then all of that's reinforced by kind of three key things. The first is the way we recruit, the way we set expectations during the recruiting process, the retention efforts that we have. We're driving very high associate engagement on the team. We couple that with a very rigorous metrics-based performance management system where every single week we're scoring every single salesperson on the team. And those scores dictate what type of action we're taking the following week, really focused on taking high-will associates and upskilling them while making sure that we're moving out low-will associates that are not willing to come in and do the work as we ask. And then we couple all of those with a sales compensation plan really aligned with driving net new revenue, building a relationship with your customers, and incenting the sales team to perform. In 2024, to date, the Richmond sales team has not been organized geographically. They're calling prospects all over the country. We're moving to a territory-based model, which we believe will enhance productivity as our sales representatives get familiar with an area, build a referral network, know how to pronounce all the names of the towns in that area, know which neighborhoods the agents are working in, and so this will take place in the first quarter of next year. We're also organizing both our sales and retention efforts now around the moments that matter in an agent's lifecycle and starting to create actual triggers within the technology where one of our salespeople can see when one of these events happens for their agents, so whether they're marketing their brand, whether they're trying to generate leads for a new listing, they've won a listing, what happens then? They want to market the property. They've closed the deal. What happens after they've closed the deal? And so we're now tracking these things and actually feeding that data to the sales team so that they know somebody just won a listing. This is a great time to make a phone call and check in with that agent and make sure they've got a marketing plan for that property. All right, now the numbers. So we've been aggressively recruiting. I think this week alone, my team will see 98 candidates for sales associate roles. And so since July, we're up about 160% in headcount in production. We have more headcount in the building, but are not fully through their training process yet, with December at about 185 people in production at the beginning of the month. With this growth in the team, as we mentioned on the last quarter's earnings call, we've started to move the commercial reps from Apartments.com and CoStar and LoopNet, who've done a yeoman's job of helping us get the business off the ground, back to their day jobs 100%. And it's not just the headcount increase that's allowed us to do that. It's actually looking at the productivity of the full-time Homes salespeople relative to their commercial peers who are doing home sales as a part-time effort in addition to their day jobs. And so since July, the average rep on the Homes team has sold seven times more homes than the average commercial rep that was participating. They have twice the renewal rate of their customers when they come up for renewal. And their NPS is 17 points higher on average across those two populations. And so from a revenue mix perspective, we started at 5 or 10% of the revenue being driven by the Homes team early in the year. We've been in the 85% range in October and November. And our forecast for December, as we've now sunset all of the remaining commercial salespeople back to their day jobs 100%, 100% of the revenue for Homes going forward will be sold by the Homes team. At the same time that we were doing that migration, we have been focused on increasing productivity within the team. We used this four months in production stat on the last earnings call. What's happened since July is we've increased the per-rep productivity about 47%. And so these are working with these agents, the sales agents, to first tenure, and they grow up in their job, but also equipping them with more tools and technology and training to be better and better at what they do. And so we've seen a very nice uptick in the productivity on the team. And when you add all of that together, the total sales being generated by the team upstairs are up about 113% on a daily basis versus July, to give you a days- adjusted number. In November, we hit a big record in October and then cleared it in November. And we expect this growth to continue as we not only continue to improve productivity, but also continue to scale the sales team. And finally, in closing, our intention is to continue to rapidly scale this team. We have new hire classes starting every three to four weeks that will continue through all of next year and continue to increase the headcount at the same time that we're investing in the productivity improvements to deliver really powerful revenue outcomes next year for the Homes business. So that is the end of my presentation. I now get to shift gears. Oh, Andy's got a few things to say, and then we'll talk logistics. Yeah. So at this point, we're reaching the limits of a Zoom or a webcast. So at this point, we're going to be saying goodbye to our online audiences. Apparently, we have more people from Zillow on the line than we have investors here. But we're going to now walk around the building and see some stuff there. So at this point, I want to thank everyone for joining us. We're flattered. I guess if you have questions on the webcast, you can reach out to Rich Simonelli. He can give you follow-up. Thank you very much for joining us. With that, we can end our webcast.