We forecast CoStar?s revenues will grow in the low-double-digit percent range annually in 2023 and 2024 despite significant weakness in its key property end-markets. The company's highly recurring subscription-based contracts that are 12 months or greater in length account for 80% of revenues, and solid customer retention rates in the low-90% range support its resilient topline performance. Additionally, strong new business wins, which are the product of significant recent salesforce investments that have increased the sales staff more than 20%, are a key contributing factor. In 2024, we expect acquisition contributions and growth in its countercyclical advertising revenues should continue supporting healthy topline expansion despite pressure on CoStar?s more transactional revenues (less than 10% of revenues) and its smaller brokerage
