That night, she and her husband slept in their cellar. The commander curled up next to the wounded soldier on the kitchen floor.

When Ms. Kozyr stepped outside the next morning, to check on her calf and pigs, she passed by the kitchen and peered through the window.

The soldier’s hands were curled, his body stiff. He was dead.

She started crying at the memory of it, pulling a small rag out of her pocket and wiping her eyes. But she did not question the counteroffensive.

“It needed to be done,” she said. And then she repeated herself, a little more softly. “It needed to be done.”

Oleksandra Mykolyshyn and Oleksandr Chubko contributed reporting from Mykolaiv, Ukraine, and Thomas Gibbons-Neff from Pokrovsk, Ukraine.

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ADDING MULTIMEDIA Cornerstone Building Brands CEO Rose Lee Named 2022 Pinnacle Award Recipient by Asian American Business Development Center

CARY, N.C.–(BUSINESS WIRE)–Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, today announced that President and CEO Rose Lee was named a 2022 Pinnacle Award recipient by the Asian American Business Development Center (AABDC). The Pinnacle Award recognizes individuals widely acknowledged as leaders in their fields and at the top of their professional careers. It is the highest honor of the AABDC’s annual Outstanding 50 Asian Americans in Business Awards program. As a Pinnacle Award recipient, Lee joins a prestigious group of more than 30 prominent Asian American business leaders who have been recognized since the award’s inception in 2004.

“It is a tremendous honor to be recognized alongside such accomplished peers. As the AABDC marks its 21st anniversary, this award underscores the dedication and impact of Asian American business leaders across many industries,” said Lee. “I draw strength from this community as I work to ensure the continued success of Cornerstone Building Brands and advance the contribution and visibility of Asian American business leaders. I also congratulate my fellow Pinnacle Award winner, Reshma Kewalramani, and all the 2022 Outstanding 50 Asian Americans in Business Award recipients.”

“Rose Lee is an accomplished member of a select group of CEOs who are not just Asian Americans, but also female. Rose is accustomed to being one of the few, whether as an aerospace engineer or steadily rising through the business leadership ranks in manufacturing industries traditionally dominated by men,” said John Wang, founder and president of the Asian American Business Development Center. “AABDC is pleased to have selected Rose for the Pinnacle Award in 2022. I know she works tirelessly to shine in her leadership role while striving to close the gender gap in her industry and to promote a workplace that is diverse and equitable.”

Lee has served as President and CEO and a member of the board of directors of Cornerstone Building Brands since September 2021. Lee is the first female Korean American CEO of a Fortune 1000 company and will chair The Manufacturing Institute’s Women MAKE America Initiative in 2023, where she currently serves as vice chair. She is also an independent board member of Honeywell and was recently named to the National Association of Manufacturers board of directors.

Prior to joining Cornerstone Building Brands, Lee was President of DuPont Water & Protection reporting segment. Earlier in her career, Lee held senior leadership positions at Saint-Gobain, Booz Allen & Hamilton and Pratt & Whitney.

About Asian American Business Development Center (AABDC)

The Asian American Business Development Center, Inc. is a 501(c)(3) non-profit organization established in 1994. It assists Asian American businesses in strengthening their capacity to compete in the mainstream market, to expand business opportunities and to promote recognition of Asian American businesses’ contributions to the general economy.

About Cornerstone Building Brands

Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play. For more information, visit us at www.cornerstonebuildingbrands.com.

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KB Home Reports 2022 Third Quarter Results

LOS ANGELES–(BUSINESS WIRE)–KB Home (NYSE: KBH) today reported results for its third quarter ended August 31, 2022.

“KB Home achieved record third quarter financial results, with substantial year-over-year growth in revenues, margins and diluted earnings per share,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer. “Although we experienced a shortfall in deliveries relative to our expectation due to extended build times and ongoing supply chain constraints, which will also impact our 2022 fourth quarter, our results demonstrate our larger scale, excellent portfolio of communities and a healthy balance sheet.”

“The long-term outlook for the housing market remains favorable. However, the combination of rising mortgage interest rates, ongoing inflation and other macro concerns has caused many prospective buyers to pause on their homebuying decision. While we continue to navigate these uncertain conditions, we believe we are well positioned with our Built-to-Order business model and a significant backlog of over 10,700 homes, which we expect to deliver over the next three quarters, representing potential future housing revenues of approximately $5.3 billion.”

“We are being more selective with respect to land investments, as reflected in our significantly lower spend in the third quarter. At the same time, we continued to return capital to stockholders through additional share repurchases, along with our regular quarterly dividend. We intend to remain thoughtful in our capital allocation decisions, focused on driving returns to further increase long-term stockholder value,” concluded Mezger.

Three Months Ended August 31, 2022 (comparisons on a year-over-year basis)

  • Revenues grew 26% to $1.84 billion.
  • Homes delivered increased 6% to 3,615.
  • Average selling price rose 19% to $508,700.
  • Homebuilding operating income grew 91% to $325.1 million. The homebuilding operating income margin increased 610 basis points to 17.7% as a result of improvements in both the housing gross profit margin and selling, general and administrative expense ratio. Excluding total inventory-related charges of $8.5 million for the current quarter and $6.7 million for the year-earlier quarter, the homebuilding operating income margin was 18.1%, compared to 12.1%.

    • The housing gross profit margin increased 520 basis points to 26.7%. Excluding the inventory-related charges associated with housing operations of $5.9 million in the current quarter and $6.7 million in the year-earlier quarter, the housing gross profit margin improved to 27.0% from 22.0%. This improvement primarily reflected the favorable pricing and housing supply/demand environment when most buyers contracted to purchase the homes delivered in the current quarter.
    • Selling, general and administrative expenses as a percentage of housing revenues improved 100 basis points to 8.9%, primarily reflecting a 70-basis point decrease in external sales commissions and increased operating leverage from higher revenues.
    • Land sale losses of $2.6 million were comprised solely of an inventory impairment charge related to a planned future land sale.
  • The Company’s financial services operations generated pretax income of $4.6 million, compared to $9.4 million, primarily reflecting a decrease in the equity in income of its mortgage banking joint venture, KBHS Home Loans, LLC (“KBHS”) due to a sharp increase in the volume and duration of buyers’ interest rate lock commitments made during the 2022 second quarter that pulled forward KBHS’ earnings into that period.
  • Total pretax income grew 87% to $326.2 million and, as a percentage of revenues, increased 580 basis points to 17.7%.
  • The Company’s income tax expense and effective tax rate were $70.9 million and approximately 22%, respectively, compared to $24.1 million and approximately 14%. The higher effective tax rate was mainly due to a combination of higher pretax income and a decrease in the federal tax credits the Company earned from building energy-efficient homes. The current quarter tax credits mainly resulted from recent legislation that extended the energy tax credits for homes delivered after December 31, 2021.
  • Net income of $255.3 million and diluted earnings per share of $2.86 increased 70% and 79%, respectively.

Nine Months Ended August 31, 2022 (comparisons on a year-over-year basis)

  • Homes delivered increased slightly to 9,952.
  • Average selling price rose to $497,200, up 21%.
  • Revenues of $4.96 billion increased 23%.
  • Pretax income grew 67% to $787.2 million.
  • Net income increased 54% to $600.3 million and diluted earnings per share rose 61% to $6.63.

Backlog and Net Orders (comparisons on a year-over-year basis)

  • Ending backlog value increased 9% to $5.26 billion. Ending backlog units were up slightly to 10,756.
  • Reflecting lower demand stemming from higher mortgage interest rates, inflation and various other macroeconomic and geopolitical concerns, net orders of 2,040 and net order value of $979.0 million decreased 50% and 51%, respectively. Monthly net orders per community were 3.1, compared to 6.6.

    • Gross orders decreased 30% to 3,137. The cancellation rate as a percentage of gross orders was 35%, compared to 9%.
  • The Company’s average community count and ending community count each increased 8% to 221 and 227, respectively.

Balance Sheet as of August 31, 2022 (comparisons to November 30, 2021)

  • The Company had total liquidity of $928.8 million, with $195.4 million of cash and cash equivalents and $733.4 million of available capacity under its unsecured revolving credit facility.
  • Inventories grew 19% to $5.74 billion.

    • Investments in land acquisition and development for the three months ended August 31, 2022 decreased 29% to $556.0 million, compared to $779.3 million for the year-earlier period. The Company intentionally reduced its land acquisitions due to softening homebuyer demand.
    • The Company’s lots owned or under contract totaled 79,098, compared to 86,768.

      • Of the Company’s total lots, approximately 65% were owned and 35% were under contract.
      • The Company’s 51,105 owned lots represented a supply of approximately 3.7 years, based on homes delivered in the trailing 12 months.
  • Notes payable increased by $346.2 million to $2.03 billion, mainly reflecting borrowings outstanding under the Company’s unsecured revolving credit facility.

    • The Company’s debt to capital ratio was 36.8%, compared to 35.8%. The ratio was 39.6% at August 31, 2021.
    • On June 22, 2022, the Company completed the issuance of $350.0 million in aggregate principal amount of 7.25% senior notes due 2030. On July 7, 2022, the Company used the net proceeds from the issuance together with cash on hand to retire its $350.0 million of 7.50% senior notes prior to their maturity. The Company recognized a $3.6 million loss on this early extinguishment of debt.
    • On August 25, 2022, the Company entered into a senior unsecured term loan with various lenders (“Term Loan”) pursuant to which the lenders have committed to lend the Company up to $310.0 million, which may be increased up to $400.0 million provided additional lender commitments the Company is pursuing are obtained. As of August 31, 2022, the Company had not drawn under the Term Loan.
  • Stockholders’ equity expanded 16% to $3.49 billion, mainly reflecting net income growth.

    • In the 2022 third quarter, pursuant to a Board of Directors authorization in the 2022 second quarter, the Company repurchased approximately 1.6 million shares of its outstanding common stock at a total cost of $50.0 million, bringing its total repurchases in 2022 to approximately 3.1 million shares at a total cost of $100.0 million. As of August 31, 2022, the Company had approximately $200.0 million remaining under its Board of Directors repurchase authorization.
    • Book value per share of $40.79 increased 26% year over year.

Guidance

The Company is providing the following current guidance for its 2022 fourth quarter:

  • Housing revenues in the range of $1.95 billion to $2.05 billion.
  • Average selling price expected to be approximately $503,000.
  • Homebuilding operating income as a percentage of revenues of approximately 16.7%, assuming no inventory-related charges.

    • Housing gross profit margin in the range of 25.0% to 26.0%, assuming no inventory-related charges.
    • Selling, general and administrative expenses as a percentage of housing revenues anticipated to be approximately 8.8%.
  • Effective tax rate of approximately 24%.
  • Ending community count in the range of 235 to 250.

Conference Call

The conference call to discuss the Company’s 2022 third quarter earnings will be broadcast live TODAY at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen, please go to the Investor Relations section of the Company’s website at kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers—from those buying their first home to experienced buyers—allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America, and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.

Forward-Looking and Cautionary Statements

Certain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. If we update or revise any such statement(s), no assumption should be made that we will further update or revise that statement(s) or update or revise any other such statement(s). Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to the following: general economic, employment and business conditions; population growth, household formations and demographic trends; conditions in the capital, credit and financial markets; our ability to access external financing sources and raise capital through the issuance of common stock, debt or other securities, and/or project financing, on favorable terms; the execution of any securities repurchases pursuant to our board of directors’ authorization; material and trade costs and availability, including building materials, especially lumber, and appliances; consumer and producer price inflation; changes in interest rates, including those set by the Federal Reserve, which the Federal Reserve has increased sharply in the past few quarters and signaled an intention to aggressively further increase this year and potentially beyond to moderate inflation, available in the capital markets or from financial institutions and other lenders, and applicable to mortgage loans; our debt level, including our ratio of debt to capital, and our ability to adjust our debt level and maturity schedule; our compliance with the terms of our revolving credit facility; volatility in the market price of our common stock; home selling prices, including our homes’ selling prices, increasing at a faster rate than consumer incomes; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition from other sellers of new and resale homes; weather events, significant natural disasters and other climate and environmental factors; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government’s operations, and financial markets’ and businesses’ reactions to any such failure; government actions, policies, programs and regulations directed at or affecting the housing market (including the tax benefits associated with purchasing and owning a home, and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities; changes in existing tax laws or enacted corporate income tax rates, including those resulting from regulatory guidance and interpretations issued with respect thereto; changes in U.S. trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; disruptions in world and regional trade flows, economic activity and supply chains due to the military conflict in Ukraine, including those stemming from wide-ranging sanctions the U.S. and other countries have imposed or may further impose on Russian business sectors, financial organizations, individuals and raw materials, the impact of which may, among other things, increase our operational costs, exacerbate building materials and appliance shortages and/or reduce our revenues and earnings; the adoption of new or amended financial accounting standards and the guidance and/or interpretations with respect thereto; the availability and cost of land in desirable areas and our ability to timely develop acquired land parcels and open new home communities; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; costs and/or charges arising from regulatory compliance requirements or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and/or accruals; our ability to use/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned strategies and initiatives related to our product, geographic and market positioning, gaining share and scale in our served markets and in entering into new markets; our operational and investment concentration in markets in California; consumer interest in our new home communities and products, particularly from first-time homebuyers and higher-income consumers; our ability to generate orders and convert our backlog of orders to home deliveries and revenues, particularly in key markets in California; our ability to successfully implement our business strategies and achieve any associated financial and operational targets and objectives, including those discussed in this release or in other public filings, presentations or disclosures; income tax expense volatility associated with stock-based compensation; the ability of our homebuyers to obtain residential mortgage loans and mortgage banking services; the performance of mortgage lenders to our homebuyers; the performance of KBHS, our mortgage banking joint venture; information technology failures and data security breaches; an epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the control response measures that international (including China), federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.

KB HOME

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months and Nine Months Ended August 31, 2022 and 2021

(In Thousands, Except Per Share Amounts – Unaudited)

 

 

Three Months Ended August 31,

Nine Months Ended August 31,

 

2022

 

2021

 

2022

 

2021

Total revenues

$

1,844,895

 

$

1,467,102

 

$

4,963,746

 

$

4,049,732

 

Homebuilding:

 

 

 

 

Revenues

$

1,838,888

 

$

1,461,896

 

$

4,947,868

 

$

4,035,939

 

Costs and expenses

 

(1,513,778

)

 

(1,291,967

)

 

(4,188,736

)

 

(3,589,014

)

Operating income

 

325,110

 

 

169,929

 

 

759,132

 

 

446,925

 

Interest income

 

192

 

 

144

 

 

267

 

 

1,038

 

Equity in loss of unconsolidated joint ventures

 

(100

)

 

(182

)

 

(387

)

 

(5

)

Loss on early extinguishment of debt

 

(3,598

)

 

(5,075

)

 

(3,598

)

 

(5,075

)

Homebuilding pretax income

 

321,604

 

 

164,816

 

 

755,414

 

 

442,883

 

Financial services:

 

 

 

 

Revenues

 

6,007

 

 

5,206

 

 

15,878

 

 

13,793

 

Expenses

 

(1,510

)

 

(1,234

)

 

(4,219

)

 

(3,687

)

Equity in income of unconsolidated joint ventures

 

128

 

 

5,409

 

 

20,083

 

 

18,423

 

Financial services pretax income

 

4,625

 

 

9,381

 

 

31,742

 

 

28,529

 

Total pretax income

 

326,229

 

 

174,197

 

 

787,156

 

 

471,412

 

Income tax expense

 

(70,900

)

 

(24,100

)

 

(186,900

)

 

(80,900

)

Net income

$

255,329

 

$

150,097

 

$

600,256

 

$

390,512

 

Earnings per share:

 

 

 

 

Basic

$

2.94

 

$

1.66

 

$

6.82

 

$

4.26

 

Diluted

$

2.86

 

$

1.60

 

$

6.63

 

$

4.11

 

Weighted average shares outstanding:

 

 

 

 

Basic

 

86,487

 

 

90,076

 

 

87,538

 

 

91,290

 

Diluted

 

88,857

 

 

93,264

 

 

90,075

 

 

94,512

 

KB HOME

CONSOLIDATED BALANCE SHEETS

(In Thousands – Unaudited)

 

 

August 31,

2022

November 30,

2021

Assets

 

 

Homebuilding:

 

 

Cash and cash equivalents

$

195,402

$

290,764

Receivables

 

344,659

 

304,191

Inventories

 

5,736,702

 

4,802,829

Investments in unconsolidated joint ventures

 

46,521

 

36,088

Property and equipment, net

 

86,219

 

76,313

Deferred tax assets, net

 

156,278

 

177,378

Other assets

 

108,286

 

104,153

 

 

6,674,067

 

5,791,716

Financial services

 

56,522

 

44,202

Total assets

$

6,730,589

$

5,835,918

 

 

 

Liabilities and stockholders’ equity

 

 

Homebuilding:

 

 

Accounts payable

$

450,451

$

371,826

Accrued expenses and other liabilities

 

755,248

 

756,905

Notes payable

 

2,031,192

 

1,685,027

 

 

3,236,891

 

2,813,758

Financial services

 

3,090

 

2,685

Stockholders’ equity

 

3,490,608

 

3,019,475

Total liabilities and stockholders’ equity

$

6,730,589

$

5,835,918

KB HOME

SUPPLEMENTAL INFORMATION

For the Three Months and Nine Months Ended August 31, 2022 and 2021

(In Thousands, Except Average Selling Price – Unaudited)

 

 

 

 

 

 

Three Months Ended August 31,

Nine Months Ended August 31,

 

2022

2021

2022

2021

Homebuilding revenues:

 

 

 

 

Housing

$

1,838,888

 

$

1,461,648

 

$

4,947,868

 

$

4,035,033

 

Land

 

 

 

248

 

 

 

 

906

 

Total

$

1,838,888

 

$

1,461,896

 

$

4,947,868

 

$

4,035,939

 

 

 

 

 

 

 

 

 

 

 

Homebuilding costs and expenses:

 

 

 

 

Construction and land costs

 

 

 

 

Housing

$

1,347,999

 

$

1,147,448

 

$

3,711,863

 

$

3,176,643

 

Land

 

2,541

 

 

194

 

 

2,541

 

 

926

 

Subtotal

 

1,350,540

 

 

1,147,642

 

 

3,714,404

 

 

3,177,569

 

Selling, general and administrative expenses

 

163,238

 

 

144,325

 

 

474,332

 

 

411,445

 

Total

$

1,513,778

 

$

1,291,967

 

$

4,188,736

 

$

3,589,014

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

Interest incurred

$

31,778

 

$

29,605

 

$

89,102

 

$

91,807

 

Interest capitalized

 

(31,778

)

 

(29,605

)

 

(89,102

)

 

(91,807

)

Total

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

Other information:

 

 

 

 

Amortization of previously capitalized interest

$

35,979

 

$

37,544

 

$

99,757

 

$

109,794

 

Depreciation and amortization

 

9,074

 

 

7,707

 

 

25,745

 

 

23,499

 

 

 

 

 

 

 

 

 

 

 

Average selling price:

 

 

 

 

West Coast

$

717,500

 

$

641,100

 

$

725,900

 

$

616,700

 

Southwest

 

436,600

 

 

375,300

 

 

424,400

 

 

363,000

 

Central

 

413,800

 

 

327,500

 

 

392,100

 

 

317,500

 

Southeast

 

375,500

 

 

302,700

 

 

363,200

 

 

295,600

 

Total

$

508,700

 

$

426,800

 

$

497,200

 

$

412,000

 

KB HOME

SUPPLEMENTAL INFORMATION

For the Three Months and Nine Months Ended August 31, 2022 and 2021

(Dollars in Thousands – Unaudited)

 

 

 

 

 

Three Months Ended August 31,

Nine Months Ended August 31,

 

2022

2021

2022

2021

Homes delivered:

 

 

 

 

West Coast

 

1,156

 

1,035

 

3,099

 

2,925

Southwest

 

737

 

626

 

1,938

 

1,875

Central

 

1,072

 

1,174

 

3,142

 

3,417

Southeast

 

650

 

590

 

1,773

 

1,576

Total

 

3,615

 

3,425

 

9,952

 

9,793

 

 

 

 

 

 

 

 

 

 

Net orders:

 

 

 

 

West Coast

 

520

 

1,078

 

2,702

 

3,538

Southwest

 

430

 

818

 

1,897

 

2,609

Central

 

573

 

1,382

 

3,317

 

4,272

Southeast

 

517

 

807

 

2,248

 

2,258

Total

 

2,040

 

4,085

 

10,164

 

12,677

 

 

 

 

 

 

 

 

 

 

Net order value:

 

 

 

 

West Coast

$

317,329

$

785,430

$

2,007,677

$

2,502,397

Southwest

 

191,868

 

350,806

 

860,677

 

1,059,425

Central

 

272,288

 

575,737

 

1,472,381

 

1,592,424

Southeast

 

197,484

 

297,219

 

916,722

 

760,851

Total

$

978,969

$

2,009,192

$

5,257,457

$

5,915,097

 

 

 

 

 

 

 

 

 

 

 

August 31, 2022

August 31, 2021

 

Homes

Value

Homes

Value

Backlog data:

 

 

 

 

West Coast

 

2,044

$

1,523,092

 

2,637

$

1,851,237

Southwest

 

2,153

 

948,761

 

2,255

 

902,451

Central

 

4,086

 

1,789,006

 

3,892

 

1,440,443

Southeast

 

2,473

 

1,000,455

 

1,910

 

648,336

Total

 

10,756

$

5,261,314

 

10,694

$

4,842,467

KB HOME

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In Thousands, Except Percentages – Unaudited)

This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted housing gross profit margin, which is not calculated in accordance with generally accepted accounting principles (“GAAP”). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because it is not calculated in accordance with GAAP, this non-GAAP financial measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company’s operations.

Adjusted Housing Gross Profit Margin

The following table reconciles the Company’s housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company’s adjusted housing gross profit margin:

 

Three Months Ended August 31,

Nine Months Ended August 31,

 

2022

2021

2022

2021

Housing revenues

$

1,838,888

 

$

1,461,648

 

$

4,947,868

 

$

4,035,033

 

Housing construction and land costs

 

(1,347,999

)

 

(1,147,448

)

 

(3,711,863

)

 

(3,176,643

)

Housing gross profits

 

490,889

 

 

314,200

 

 

1,236,005

 

 

858,390

 

Add: Inventory-related charges (a)

 

5,923

 

 

6,701

 

 

6,830

 

 

11,222

 

Adjusted housing gross profits

$

496,812

 

$

320,901

 

$

1,242,835

 

$

869,612

 

Housing gross profit margin

 

26.7

%

 

21.5

%

 

25.0

%

 

21.3

%

Adjusted housing gross profit margin

 

27.0

%

 

22.0

%

 

25.1

%

 

21.6

%

(a)

Represents inventory impairment and land option contract abandonment charges associated with housing operations.

Adjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs excluding housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company’s performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that housing inventory impairment and land option contract abandonment charges have on housing gross profit margins, and allows investors to make comparisons with the Company’s competitors that adjust housing gross profit margins in a similar manner. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges. This financial measure assists management in making strategic decisions regarding community location and product mix, product pricing and construction pace.

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How the Car Market Is Shedding Light on a Key Inflation Question

In a recent speech pointedly titled “Bringing Inflation Down,” Lael Brainard, the Federal Reserve’s vice chair, zoomed in on the automobile market as a real-world example of a major uncertainty looming over the outlook for price increases: What will happen next with corporate profits.

Many companies have been able to raise prices beyond their own increasing costs over the past two years, swelling their profitability but also exacerbating inflation. That is especially true in the car market. While dealerships are paying manufacturers more for inventory, they have been charging customers even higher prices, sending their profits toward record highs.

Dealers could pull that off because demand has been strong and, amid disruptions in the supply of parts, there are too few trucks and sedans to go around. But — in line with its desire for the economy as a whole — the Fed is hoping both sides of that equation could be on the cusp of changing.

data, and several industry experts said they didn’t see a return to normal levels of output for years as supply problems continue. Prices are still increasing swiftly, and dealer profits remain sharply elevated with little sign of cracking.

Ford Motor said on Monday that it would spend $1 billion more on parts than it was planning to in the third quarter because some components had become more expensive and harder to find.

By contrast, the supply of used cars has rebounded after plunging in the pandemic, and prices have begun to depreciate at a wholesale level, where dealers buy their stock. But, so far, those dealers aren’t really passing those savings along to consumers. The price of a typical used car has stabilized around $28,000, up 9 percent from a year ago, based on Cox Automotive data. Official used-car inflation data is easing, but only slightly.

Why consumer used-car prices — and dealer profits — are taking time to moderate is something of a mystery. Jonathan Smoke, chief economist at Cox Automotive, said dealers might be basing their prices on what they paid earlier in the year, when costs were higher, for the cars sitting on their lots.

“Dealers are feeling it,” Mr. Smoke said of the price moderation. “But because they price their vehicles based on what they pay for them, the consumer isn’t seeing the price discounts yet.”

Some early instances of discounting are showing up. At the Buick and GMC dealership that Beth Weaver runs in Erie, Pa., demand for used cars has begun to slow down, and the business has sold a few vehicles at a loss.

rolling lockdowns in China.

The Fed could raise rates so much that it snuffs out demand, but given how much pent-up car-buying appetite exists, Mr. Murphy thinks it would take a lot.

“You probably would have to go farther on rates than they have so far, or even than they are expected to go,” he said. “There may be a point at which you have enough pain that you see a pause on demand.”

If demand continues to outstrip new-car supply and dealers continue to reap big profits, that could limit how quickly inflation will ease. If the mismatch is large enough for sellers to keep pushing up prices without losing customers, it could even continue to fuel inflation.

While the car market is just one industry, the uncertainty of its return to normal holds a few lessons for the Fed. For one thing, new-car production makes it clear that supply chain disruptions are improving but not gone.

More hopefully, the car industry could offer evidence that the laws of economics are likely to reassert themselves eventually. Used-car prices have at least stopped their ascent as inventory has grown, and experts say discounting is likely around the corner. If that happens, it could be evidence that companies won’t be able to keep prices and profits high indefinitely once supply catches up with demand.

But cars reinforce the prospect that the readjustment period could last a while.

Automakers are flirting with the idea of keeping production lower so there are fewer cars in the market and price cuts are less common. Mr. Smoke is skeptical that they will hold that line once it means ceding market share to competitors — but the process could take months or years.

“I’m hesitant to say that we won’t have discounting again,” Mr. Smoke said. “But it’s going to take a while to get back to that world.”

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Live Updates: U.N. Secretary General Warns of ‘Colossal Global Dysfunction’

Credit…Dave Sanders for The New York Times

The annual diplomatic gathering at the United Nations this week places the spotlight on its top chief, António Guterres, the secretary general, who is responsible for persuading an increasingly fractured and skeptical world that the U.N. — and, by extension, his position — is still vital for international order and multilateralism.

In his opening remarks Tuesday, Mr. Guterres said that the world was in peril, and geopolitical divides were undermining international law, trust in democratic institutions and all forms of international cooperation.

“We cannot go on like this,” Mr. Guterres said. “We have a duty to act. And yet we are gridlocked in colossal global dysfunction.”

In remarks that pivoted between alarm and hope, the secretary general made demands for collective action. He warned of a world burning because of climate change and said the U.N. charter and the ideals it presents are in jeopardy, alluding to Russia’s invasion of Ukraine and the inequalities that have exploded as food and energy prices rise.

“Let’s have no illusions. We are in rough seas,” Mr. Guterres said in one of the most blunt speeches he has delivered to world leaders.

Mr. Guterres identified three areas where he said world leaders should come together: peace and security, the climate crisis and addressing inequality in developing countries.

The war in Ukraine, Mr. Guterres said, has “unleashed widespread destruction with massive violations of human rights and international humanitarian law.”

The conflict unexpectedly elevated Mr. Guterres’s role as a humanitarian mediator. He has bluntly condemned Russia for violating the U.N. charter and called for investigations into potential crimes against humanity in Ukraine. And early on, he opened investigations into the rippling affects of the war on rising food and energy and economic downturn.

But Mr. Guterres also reminded the audience of other crises still posing a threat to global stability, such as Afghanistan, Myanmar, the Democratic Republic of Congo, and Israel and Palestine.

Turning to climate, Mr. Guterres accused the fossil fuel industry of “feasting on hundreds of billions of dollars in subsidies and windfall profits” and called on the leaders of wealthy countries to issue additional levies to help vulnerable nations facing the irreparable damages of climate change.

“Today, I am calling on all developed economies to tax the windfall profits of fossil fuel companies,” he told the heads of state and other government officials gathered at the United Nations General Assembly hall. “Those funds should be redirected in two ways: to countries suffering loss and damage caused by the climate crisis, and to people struggling with rising food and energy prices.”

The call for action represents his most forceful comments yet on a lightning rod issue of loss and damage, which is polite diplomatic speak for reparations for poor countries that suffer the greatest effects of climate crisis but that bear little responsibility for it.

The issue of loss and damage financing is emerging as an important fault line in the upcoming climate negotiations in Egypt. The secretary general’s remarks sets up a potential showdown with the United States and the countries of Europe, who have long resisted the idea of a separate funding mechanism for loss and damage.

In the third part of his speech, Mr. Guterres emphasized the many challenges faced by developing countries, including food insecurity, debt and poverty, that has resulted in them “getting hit from all sides.”

“These cascading crises are feeding on each other, compounding inequalities, creating devastating hardship, delaying the energy transition, and threatening global financial meltdown,” Mr. Guterres said.

He called on banks to facilitate financial assistance for developing countries by lifting borrowing conditions and increasing their appetite for risk, while telling creditors to consider debt relief, particularly for climate funds. Mr. Guterres said the International Monetary Fund and major central banks must expand their liquidity facilities and currency lines significantly.

Somini Sengupta contributed reporting.

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How a Quebec Lithium Mine May Help Make Electric Cars Affordable

About 350 miles northwest of Montreal, amid a vast pine forest, is a deep mining pit with walls of mottled rock. The pit has changed hands repeatedly and been mired in bankruptcy, but now it could help determine the future of electric vehicles.

The mine contains lithium, an indispensable ingredient in electric car batteries that is in short supply. If it opens on schedule early next year, it will be the second North American source of that metal, offering hope that badly needed raw materials can be extracted and refined close to Canadian, U.S. and Mexican auto factories, in line with Biden administration policies that aim to break China’s dominance of the battery supply chain.

Having more mines will also help contain the price of lithium, which has soared fivefold since mid-2021, pushing the cost of electric vehicles so high that they are out of reach for many drivers. The average new electric car in the United States costs about $66,000, just a few thousand dollars short of the median household income last year.

lithium mines are in various stages of development in Canada and the United States. Canada has made it a mission to become a major source of raw materials and components for electric vehicles. But most of these projects are years away from production. Even if they are able to raise the billions of dollars needed to get going, there is no guarantee they will yield enough lithium to meet the continent’s needs.

eliminate this cap and extend the tax credit until 2032; used cars will also qualify for a credit of up to $4,000.

For many people in government and the auto industry, the main concern is whether there will be enough lithium to meet soaring demand for electric vehicles.

The Inflation Reduction Act, which President Biden signed in August, has raised the stakes for the auto industry. To qualify for several incentives and subsidies in the law, which go to car buyers and automakers and are worth a total of $10,000 or more per electric vehicle, battery makers must use raw materials from North America or a country with which the United States has a trade agreement.

rising fast.

California and other states move to ban internal combustion engines. “It’s going to take everything we can do and our competitors can do over the next five years to keep up,” Mr. Norris said.

One of the first things that Sayona had to do when it took over the La Corne mine was pump out water that had filled the pit, exposing terraced walls of dark and pale stone from previous excavations. Lighter rock contains lithium.

After being blasted loose and crushed, the rock is processed in several stages to remove waste material. A short drive from the mine, inside a large building with walls of corrugated blue metal, a laser scanner uses jets of compressed air to separate light-colored lithium ore. The ore is then refined in vats filled with detergent and water, where the lithium floats to the surface and is skimmed away.

The end product looks like fine white sand but it is still only about 6 percent lithium. The rest includes aluminum, silicon and other substances. The material is sent to refineries, most of them in China, to be further purified.

Yves Desrosiers, an engineer and a senior adviser at Sayona, began working at the La Corne mine in 2012. During a tour, he expressed satisfaction at what he said were improvements made by Sayona and Piedmont. Those include better control of dust, and a plan to restore the site once the lithium runs out in a few decades.

“The productivity will be a lot better because we are correcting everything,” Mr. Desrosiers said. In a few years, the company plans to upgrade the facility to produce lithium carbonate, which contains a much higher concentration of lithium than the raw metal extracted from the ground.

The operation will get its electricity from Quebec’s abundant hydropower plants, and will use only recycled water in the separation process, Mr. Desrosiers said. Still, environmental activists are watching the project warily.

Mining is a pillar of the Quebec economy, and the area around La Corne is populated with people whose livelihoods depend on extraction of iron, nickel, copper, zinc and other metals. There is an active gold mine near the largest city in the area, Val-d’Or, or Valley of Gold.

Mining “is our life,” said Sébastien D’Astous, a metallurgist turned politician who is the mayor of Amos, a small city north of La Corne. “Everybody knows, or has in the near family, people who work in mining or for contractors.”

Most people support the lithium mine, but a significant minority oppose it, Mr. D’Astous said. Opponents fear that another lithium mine being developed by Sayona in nearby La Motte, Quebec, could contaminate an underground river.

Rodrigue Turgeon, a local lawyer and program co-leader for MiningWatch Canada, a watchdog group, has pushed to make sure the Sayona mines undergo rigorous environmental reviews. Long Point First Nation, an Indigenous group that says the mines are on its ancestral territory, wants to conduct its own environmental impact study.

Sébastien Lemire, who represents the region around La Corne in the Canadian Parliament, said he wanted to make sure that the wealth created by lithium mining flowed to the people of Quebec rather than to outside investors.

Mr. Lemire praised activists for being “vigilant” about environmental standards, but he favors the mine and drives an electric car, a Chevrolet Bolt.

“If we don’t do it,” he said at a cafe in La Corne, “we’re missing the opportunity of the electrification of transport.”

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Railroads’ Strategy Thrilled Wall Street, but Not Customers and Workers

America’s first commercial railroads were built almost two centuries ago. Freight rail has been a symbol of the nation’s economic might and ingenuity ever since.

In recent years, some of the biggest names on Wall Street have made significant investments in railroads, reaping big stock gains as railroads reported higher profits. But the underlying strategies that strengthened railroads’ bottom lines have caused friction with customers, regulators and particularly workers — giving rise to a contract dispute that threatened a nationwide shutdown of the railway system.

After losing ground to trucking in the mid-20th century, the rail industry managed to recover through decades of consolidation and a push for efficiency. Critics say those same dynamics created a system with thin staffing and minimal competition, making it particularly vulnerable to shocks like the coronavirus pandemic.

Those complaints were at the center of the contract impasse that left tens of thousands of workers prepared to walk off the job last week. A strike could have been economically devastating, paralyzing shipments of grain, chemicals and other cargo.

It was averted with less than a day to go when the Biden administration helped to broker a tentative agreement that addresses some of those issues and will be put to a vote of the rail unions’ members in the coming weeks.

The freight rail industry says it has worked hard to adapt to rapid changes — including the pandemic and, before that, a decline in demand for coal, a critical source of business.

“The industry has had to continually evolve to grow its other services,” said Ian Jefferies, the president of the Association of American Railroads, an industry group. To make up for the decline in coal, freight shippers have tried to transport more grain, truck trailers, shipping containers and other goods, he said.

according to the Surface Transportation Board, which monitors and regulates rates.

Prices started to increase in the early 2000s, driven by rising costs for labor, fuel, materials and supplies as well as a growing focus on profitability. From 2002 to 2019, long-distance trucking rates increased by 40 percent, according to a Transportation Department report published this year, while rail rates grew by 96 percent, though they are still well below historical levels, adjusted for inflation.

won a proxy battle for Canadian Pacific in 2012 and installed Mr. Harrison to lead the company.

Mr. Harrison brought his approach to Canadian Pacific, then to CSX in 2017, before his death that year. Other freight carriers and Wall Street increasingly took notice, and the practice has spread throughout the industry.

Many freight rail experts say P.S.R. brought necessary reforms to the industry, but they also say some practices, which can differ greatly among carriers, went too far or were poorly executed. Unions say the system has created miserable working conditions.

letter to shareholders.

“I’ll venture a rare prediction,” he wrote in February. “BNSF will be a key asset for Berkshire and our country a century from now.”

Peter S. Goodman and Clifford Krauss contributed reporting.

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A Welsh Village Embraces Its Bond With the Queen

ABERFAN, Wales — As the days count down to Queen Elizabeth II’s funeral on Monday, Gaynor Madgwick has been of two minds: Should she watch the ceremony from her home in South Wales or join the crowds in London to pay her respects in person?

Her brain says stay. Ms. Madgwick, 64, has feared crowds and confined spaces since an avalanche of slurry — a mixture of debris from a coal mine and water — cascaded down the hillside above her village of Aberfan in 1966. One of the worst civilian disasters in contemporary British history, the avalanche crushed the village school, killed 144 villagers, 116 of them children, and left Ms. Madgwick trapped, but alive, beneath the rubble.

Her heart says go. The queen built an unusually strong relationship with Aberfan, beginning in the days after that very disaster and extending through four visits the queen made to the village.

the death of Queen Elizabeth II — the ever-present backdrop to a century of dramatic social change — has felt like a rug snatched from beneath them, even if they never met or saw her.

reassessment of national identity that, in Wales, includes calls for an independent Welsh state.

Elizabeth arrived in Bonn on the first state visit by a British monarch to Germany in more than 50 years. The trip formally sealed the reconciliation between the two nations following the world wars.

Ms. Madgwick survived, her leg broken by a dislodged radiator. Her sister and brother, Marilyn and Carl, both died.

The scale of the disaster quickly made it a moment of national introspection and trauma, and the queen soon decided to visit.

One of the biggest regrets of her reign was that she did not go sooner, a leading aide later said, and some villagers say the eight-day delay rankled the community at the time. But today, the residents largely remember her arrival as a moving gesture of solidarity from someone they never expected to lay eyes on.

research published in the British Journal of Psychiatry.

Other wings of the British state angered the village by refusing to prosecute any coal industry officials for negligence. Successive governments also declined to cover the whole cost of removing other dangerous slurry tips near the village, forcing villagers to dip into donations intended for survivors, until they were finally fully reimbursed in 2007.

But the queen’s concern for Aberfan meant that she was seen as separate from the state’s indifference, despite being its titular head.

Elsewhere in Britain, people have debated whether the queen could really ever rise beyond politics, given the monarch’s interest in maintaining her own role in Britain’s political system. But in Aberfan, there was less doubt.

“There’s no political agenda there,” said Jeff Edwards, 64, the last child to be rescued from the rubble. “The queen is above all that.”

In Aberfan, most people expressed sympathy for her family and respect for her sense of duty. But there are those, particularly among young generations, who have had a more ambivalent response to the queen’s death.

For some, the accession of King Charles III — as well as the abrupt appointment of his son William to his former role of Prince of Wales — is more problematic.

“I should be Prince of Wales, I’m more Welsh than Charles or William,” said Darren Martin, 47, a gardener in the village, with a laugh. Of the queen, he said: “Don’t get me wrong, I admire the woman. But I do think the time has come for us in Wales to be ruled by our own people.”

The abruptness of the queen’s death was a psychological jolt that has prompted, in some, a rethinking of long-held norms and doctrines.

“If things can change drastically like that, why can’t things change here?” asked Jordan McCarthy, 21, another gardener in Aberfan. “I would like Welsh independence.”

Of a monarchy, he added: “Only if they’re born and raised in Wales — that’s the only king or queen I’ll accept.”

Generally, though, the mood in Aberfan has been one of quiet mourning and deference. The local library opened a book of condolence. Villagers gathered in the pub to watch the new king’s speeches and processions. Some left bouquets beside the tree planted by the queen.

On Monday night, a men’s choir, founded by grieving relatives half a century ago, gathered for their biweekly practice. Proud Welshmen, they were preparing for their next performance — singing songs and hymns, some of them in Welsh, on the sidelines of the Welsh rugby team’s upcoming game.

But halfway through, the choir’s president, Steve Beasley, stood up.

“We all know about the queen,” Mr. Beasley said. “Please stand up for a minute’s silence.”

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Will Smith’s ‘Emancipation’: What Will Apple Do?

Apple has a Will Smith problem.

Mr. Smith is the star of “Emancipation,” a film set during the Civil War era that Apple envisioned as a surefire Oscar contender when it wrapped filming earlier this year. But that was before Mr. Smith strode onto the stage at the Academy Awards in March and slapped the comedian Chris Rock, who had made a joke about Mr. Smith’s wife, Jada Pinkett Smith.

Mr. Smith, who also won best actor that night, has since surrendered his membership in the Academy of Motion Picture Arts & Sciences and has been banned from attending any Academy-related events, including the Oscar telecast, for the next decade.

Now Apple finds itself left with a $120 million unreleased awards-style movie featuring a star no longer welcome at the biggest award show of them all, and a big question: Can the film, even if it succeeds artistically, overcome the baggage that now accompanies Mr. Smith?

Variety reported in May, however, that the film’s release would be pushed into 2023.

rushed the stage and slapped Mr. Rock. Later in the show, Mr. Smith won the best actor award for his work in “King Richard.”

video on his YouTube channel in which he said he was “deeply remorseful” for his behavior and apologized directly to Mr. Rock and his family.

provided to Variety. When his appeal was measured again in July, (before he released his video apology) it dropped to a 24 from a 39, what Henry Schafer, executive vice president of the Q Scores Company, called a “precipitous decline.”

Apple has delayed films before. In 2019, the company pushed back the release of one of its first feature films, “The Banker,” starring Anthony Mackie and Samuel L. Jackson, after a daughter of one of the men whose life served as a basis of the film raised allegations of sexual abuse involving her family. The film was ultimately released in March 2020 after Apple said it reviewed “the information available to us, including the filmmakers’ research.”

Many in Hollywood are drawn to Apple for its willingness to spend handsomely to acquire prominent projects connected with established talent. But the company has also been criticized for its unwillingness to spend much to market those same projects. Two people who have worked with the company, and who spoke on condition of anonymity to discuss dealings with Apple, said it usually created just one trailer for a film — a frustrating approach for those who are accustomed to the traditional Hollywood way of producing multiple trailers aimed at different audiences. Apple prefers to rely on its Apple TV+ app and in-store marketing to attract audiences.

Yet those familiar with Apple’s thinking believe that even if it chooses to release “Emancipation” this year, it will not feature the film in its retail outlets like it did for “CODA,” which in March became the first movie from a streaming service to win best picture. That achievement, of course, was overshadowed by the controversy involving Mr. Smith.

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CoStar Group, Inc. Announces Pricing of Common Stock Offering

WASHINGTON–(BUSINESS WIRE)–CoStar Group, Inc. (Nasdaq: CSGP) (“CoStar”) announced today that it has priced its offering of 10,656,436 shares of its common stock at a price of $70.38 per share. Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the offering. The offering is expected to close on September 20, 2022, subject to customary closing conditions. CoStar expects to use the net proceeds of the offering to fund all or a portion of the costs of any strategic acquisitions CoStar determines to pursue in the future, to finance the growth of its business and for working capital and other general corporate purposes.

The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Before you invest, you should read the prospectus in the registration statement and other documents CoStar has filed with the SEC for more complete information about CoStar and this offering. Copies of the prospectus supplement and preliminary prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone at (866) 471-2526, facsimile at (212) 902-9316 or by emailing prospectus-ny@ny.email.gs.com or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of the prospectus supplement and the accompanying prospectus.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information.

Forward-looking statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar’s plans, objectives, expectations and intentions, and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. Such statements are estimates reflecting our judgment, beliefs and expectations, not guarantees of future performance. They are subject to a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. More information about potential factors that could cause results or other outcomes to differ materially from those expressed or implied in the forward-looking statements can be found in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and preliminary prospectus supplement, dated September 14, 2022, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, and the company’s other filings with the SEC available at the SEC’s website (www.sec.gov). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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