COSTAR GROUP INC

Previous wording

CoStar is our subscription-based integrated platform for commercial real estate intelligence, which includes information about office, industrial, retail, multifamily, hospitality, and student housing properties, properties for sale, comparable sales, tenants, space available for lease, industry professionals and their business relationships, industry news and market status and provides benchmarking for the hospitality industry, lease analytical capabilities, and risk management capabilities. CoStar's revenue growth rate for the six months ended June 30, 2024 was consistent with the revenue growth rate for the six months ended June 30, 2023. We expect CoStar's revenue growth rate for the year ending December 31, 2024 to be consistent with the revenue growth rate for the year ended December 31, 2023, due to converting legacy STR customers to our new CoStar-based benchmarking product offsetting lower inflation-based price adjustments.

Current wording

CoStar is our subscription-based integrated platform for commercial real estate intelligence, which includes information about office, industrial, retail, multifamily, hospitality, and student housing properties, properties for sale, comparable sales, tenants, space available for lease, industry professionals and their business relationships, industry news and market status and provides benchmarking for the hospitality industry, lease analytical capabilities, and risk management capabilities. CoStar's revenue growth rate for the nine months ended September 30, 2024 was consistent with the revenue growth rate for the nine months ended September 30, 2023. We expect CoStar's revenue growth rate for the year ending December 31, 2024 to be consistent with the revenue growth rate for the year ended December 31, 2023, due to converting legacy STR customers to our new CoStar-based benchmarking product offsetting lower inflation-based price adjustments.

Previous wording

We provide real estate and lease management technology solutions, including lease administration, lease accounting and abstraction services, through our CoStar Real Estate Manager service offerings, as well as portfolio and debt analysis, management and reporting capabilities through our CoStar Risk Analytics service offerings. We also provide data and reports on an ad hoc basis to customers in the hospitality industry. We earn revenue on ad hoc transactions as reports or data are delivered to customers. We provide information services internationally, through our Business Immo, Belbex, and Thomas Daily businesses in France, Spain, and Germany, respectively. Information Services' revenues for the six months ended June 30, 2024 decreased compared to the revenues for the six months ended June 30, 2023 due to converting legacy STR customers to our new CoStar based benchmarking product. We expect the Information Services revenues for the year ending December 31, 2024 to decrease compared to the revenues for the year ended December 31, 2023 due to converting legacy STR customers to our new CoStar-based benchmarking product.

Current wording

We provide real estate and lease management technology solutions, including lease administration, lease accounting and abstraction services, through our CoStar Real Estate Manager service offerings, as well as portfolio and debt analysis, management and reporting capabilities through our CoStar Risk Analytics service offerings. We also provide data and reports on an ad hoc basis to customers in the hospitality industry. We earn revenue on ad hoc transactions as reports or data are delivered to customers. We provide information services internationally, through our Business Immo, Belbex, and Thomas Daily businesses in France, Spain, and Germany, respectively. Information Services' revenues for the nine months ended September 30, 2024 decreased compared to the revenues for the nine months ended September 30, 2023 due to converting legacy STR customers to our new CoStar-based benchmarking product. We expect the Information Services revenues for the year ending December 31, 2024 to decrease compared to the revenues for the year ended December 31, 2023 due to converting legacy STR customers to our new CoStar-based benchmarking product.

Previous wording

Apartments.com is the flagship brand of our apartment marketing network of subscription-based advertising services and provides property management companies and landlords with a comprehensive advertising destination for their available rental units and offers renters a platform for searching for available rentals. This network also earns transaction-based revenue primarily from providing online tenant applications, including background and credit checks, and rental payment processing. Multifamily's revenue growth rate for the six months ended June 30, 2024 moderated compared to the revenue growth rate for the six months ended June 30, 2023 due to lower inflation-based price adjustments. We expect the Multifamily revenue growth rate for the year ending December 31, 2024 to moderate compared to the revenue growth rate for the year ended December 31, 2023 due to lower inflation-based price adjustments.

Current wording

Apartments.com is the flagship brand of our apartment marketing network of subscription-based advertising services and provides property management companies and landlords with a comprehensive advertising destination for their available rental units and offers renters a platform for searching for available rentals. This network also earns transaction-based revenue primarily from providing online tenant applications, including background and credit checks, and rental payment processing. Multifamily's revenue growth rate for the nine months ended September 30, 2024 moderated compared to the revenue growth rate for the nine months ended September 30, 2023 due to lower inflation-based price adjustments. We expect the Multifamily revenue growth rate for the year ending December 31, 2024 to moderate compared to the revenue growth rate for the year ended December 31, 2023 due to lower inflation-based price adjustments.

Previous wording

Our LoopNet network of commercial real estate websites offers subscription-based, online marketplace services that enable commercial property owners, landlords and real estate agents working on their behalf to advertise properties for sale or for lease and to submit detailed information about property listings. Commercial real estate agents, buyers, and tenants use the LoopNet network of online marketplace services to search for available property listings that meet their criteria. LoopNet's revenue growth rate for the six months ended June 30, 2024 decelerated compared to the revenue growth rate for the six months ended June 30, 2023 due to lower inflation-based price increases. We expect LoopNet's revenue growth rate for the year ended December 31, 2024 to decelerate compared to the revenue growth rate for the year ended December 31, 2023 as a result of disruptions related to transitioning sales and service activities to a dedicated LoopNet field sales team.

Current wording

Our LoopNet network of commercial real estate websites offers subscription-based, online marketplace services that enable commercial property owners, landlords and real estate agents working on their behalf to advertise properties for sale or for lease and to submit detailed information about property listings. Commercial real estate agents, buyers, and tenants use the LoopNet network of online marketplace services to search for available property listings that meet their criteria. LoopNet's revenue growth rate for the nine months ended September 30, 2024 decelerated compared to the revenue growth rate for the nine months ended September 30, 2023 due to lower inflation-based price increases. We expect LoopNet's revenue growth rate for the year ended December 31, 2024 to decelerate compared to the revenue growth rate for the year ended December 31, 2023 due to lower inflation-based price increases.

Previous wording

The Homes.com Acquisition and the OnTheMarket Acquisition have enabled us to expand our offerings to the residential for sale market. Homes.com is a homes-for-sale listings site that combines our proprietary research with listing information to allow homebuyers an informative and collaborative experience finding homes for sale or lease. Homes.com provides residential real estate professionals subscription-based access to applications that manage residential real estate agent workflow and receives transaction-based revenue for marketing campaigns delivered on third-party platforms. In February 2024, we began selling Homes.com memberships, on a subscription basis, which promote an agent's profile and listings on our website. OnTheMarket is a property portal in the U.K., which primarily offers subscriptions-based advertising services to agents. Residential's revenues for the six months ended June 30, 2024 increased compared to the six months ended June 30, 2023 due to the OnTheMarket Acquisition and the launch of our new Homes.com product, partially offset by lost revenue due to the discontinuation of certain products and services that were inconsistent with our long-term business strategy. We expect Residential's revenues for the year ending December 31, 2024 to increase compared to the year ended December 31, 2023 due to the OnTheMarket Acquisition and the launch of our new Homes.com product.

Current wording

The Homes.com Acquisition and the OnTheMarket Acquisition have enabled us to expand our offerings to the residential for sale market. Homes.com is a homes-for-sale listings site that combines our proprietary research with listing information to allow homebuyers an informative and collaborative experience finding homes for sale or lease. In February 2024, we began selling Homes.com memberships, which are subscription-based advertising services promoting an agent's profile and listings on our website. Homes.com also provides legacy products and services to residential real estate including subscription-based access to applications that manage residential real estate agent workflow and receives transaction-based revenue for marketing campaigns delivered on third-party platforms. OnTheMarket is a property portal in the U.K., which primarily offers subscriptions-based advertising services to agents. Residential's revenues for the nine months ended September 30, 2024 increased compared to the nine months ended September 30, 2023 due to the OnTheMarket Acquisition and the launch of our new Homes.com product, partially offset by lost revenue due to the discontinuation and reduced sales of certain products and services that were inconsistent with our long-term business strategy. We expect Residential's revenues for the year ending December 31, 2024 to increase compared to the year ended December 31, 2023 due to the OnTheMarket Acquisition and the launch of our new Homes.com product, partially offset by lost revenue due to the discontinuation and reduced sales of certain products and services that were inconsistent with our long-term business strategy.

Previous wording

Our other marketplaces include Ten-X, an online auction platform for commercial real estate, our BizBuySell network of sites, and our Land.com Network. The BizBuySell network provides online marketplaces for businesses and franchises for sale, and our Land.com Network provides online marketplaces for rural lands for sale. Other Marketplaces' revenues for the six months ended June 30, 2024 were consistent with the six months ended June 30, 2023. We expect other marketplaces revenues for the year ending December 31, 2024 to be consistent with the year ended December 31, 2023.

Current wording

Our other marketplaces include Ten-X, an online auction platform for commercial real estate, our BizBuySell network of sites, and our Land.com Network. The BizBuySell network provides online marketplaces for businesses and franchises for sale, and our Land.com Network provides online marketplaces for rural lands for sale. Other Marketplaces' revenues for the nine months ended September 30, 2024 were consistent with the nine months ended September 30, 2023. We expect other marketplaces revenues for the year ending December 31, 2024 to be consistent with the year ended December 31, 2023.

Previous wording

For the three months ended June 30, 2024 and 2023, our annualized net new bookings of subscription-based services on all contracts were$67 million and $82 million, respectively. Net new bookings is calculated based on the annualized amount of change in our sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported. Net new bookings is calculated on all subscription-based contracts without regard to contract term. Net new bookings is considered an operating metric that is an indicator of future subscription revenue growth and is also used as a metric of sales force productivity by us and investors. However, information regarding net new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. Revenues from our subscription-based contracts were approximately 96% and 95% of total revenues for the three months ended June 30, 2024 and 2023, respectively. The increase was due to increased sales in our multifamily subscription products.

Current wording

For the three months ended September 30, 2024 and 2023, our annualized net new bookings of subscription-based services on all contracts were$44 million and $65 million, respectively. Net new bookings is calculated based on the annualized amount of change in our sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported. Net new bookings is calculated on all subscription-based contracts without regard to contract term. Net new bookings is considered an operating metric that is an indicator of future subscription revenue growth and is also used as a metric of sales force productivity by us and investors. However, information regarding net new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. Revenues from our subscription-based contracts were approximately 96% and 95% of total revenues for the three months ended September 30, 2024 and 2023, respectively. The increase in the percentage of revenue from our subscription-based contracts was due to increased sales in our subscription products.

Previous wording

For both the trailing 12 months ended June 30, 2024 and 2023, our contract renewal rates for existing company-wide subscription-based services for contracts with a term of at least one year were approximately 90%, and, therefore, our cancellation rates for those services for the same periods were approximately 10%. Contract renewal rates are calculated on all subscription-based contracts with a term of at least one year. Our contract renewal rate is a quantitative measurement that is typically closely correlated with our revenue results. As a result, we believe that the rate may be a reliable indicator of short-term and long-term performance absent extraordinary circumstances. Our trailing 12-month contract renewal rate may decline as a result of negative economic conditions, consolidations among our customers, reductions in customer spending or decreases in our customer base. Revenues from our subscription-based contracts with a term of at least one year were approximately 81% for each of the trailing 12 months ended June 30, 2024 and 2023.

Current wording

For the trailing 12 months ended September 30, 2024 and 2023, our contract renewal rates for existing company-wide subscription-based services for contracts with a term of at least one year were approximately 89% and 90%, respectively, and, therefore, our cancellation rates for those services for the same periods were approximately 11% and 10%, respectively. Contract renewal rates are calculated on all subscription-based contracts with a term of at least one year. Our contract renewal rate is a quantitative measurement that is typically closely correlated with our revenue results. As a result, we believe that the rate may be a reliable indicator of short-term and long-term performance absent extraordinary circumstances. Our trailing 12-month contract renewal rate may decline as a result of negative economic conditions, consolidations among our customers, reductions in customer spending or decreases in our customer base. Revenues from our subscription-based contracts with a term of at least one year were approximately 81% of total revenues for each of the trailing 12 months ended September 30, 2024 and 2023.

Previous wording

In February 2024, we closed on the purchase of a building in Arlington, Virginia, and we plan to build out a space for our employees. The lease on our current Washington, DC headquarters ends in 2025.

Current wording

In February 2024, we closed on the purchase of a building in Arlington, Virginia, and we plan to build out a space for our employees currently in our Washington DC headquarters. The lease on our current Washington, DC headquarters ends in 2025.

Previous wording

In response to the concerns over inflation risk, the U.S. Federal Reserve raised interest rates over the last two years. It is currently unclear how the commercial real estate industry will ultimately be impacted by the current economic conditions. Rising interest rates or a period of elevated interest rates may reduce demand for all types of real estate. If the demand for office space or other real estate decreases significantly, there could be a downturn in the commercial real estate market that may materially adversely affect many of our customers. A depressed commercial real estate market would have a negative impact on our core customer base, which could impact our customers’ ability to subscribe and pay for our services and reduce demand for our services. Reduced demand and increased cancellations could cause our revenues or our revenue growth rates to decline and reduce our profitability.

Current wording

The macroeconomic outlook has been complex and evolving. It is currently unclear how the commercial real estate industry will ultimately be impacted by the current economic conditions. A sustained period of elevated interest rates may reduce demand for all types of real estate. If the demand for office space or other real estate decreases significantly, there could be a downturn in the commercial real estate market that may materially adversely affect many of our customers. A depressed commercial real estate market would have a negative impact on our core customer base, which could impact our customers’ ability to subscribe and pay for our services and reduce demand for our services. Reduced demand and increased cancellations could cause our revenues or our revenue growth rates to decline and reduce our profitability.

Previous wording

Revenues. Revenues increased $72 million, or 12%, to $678 million. The increase in our revenues primarily included:

Current wording

Revenues. Revenues increased $68 million, or 11%, to $693 million. The increase in our revenues primarily included:

Previous wording

•an increase in CoStar revenues of $24 million, or 10%, due to converting legacy STR customers to our new CoStar-based benchmarking product, as well as, higher sales volume driven by an increase in subscribers,

Current wording

•an increase in CoStar revenues of $24 million, or 10%, due to an increase the average price per subscriber and an increase in subscribers, as well as due to converting legacy STR customers to our new CoStar-based benchmarking product,

Previous wording

•a decrease in Information Services revenues of $17 million, or 20%, attributable to converting legacy STR customers to our new CoStar-based benchmarking product, partially offset by an increase in revenue from CoStar Real Estate Manager.

Current wording

•an increase in Residential revenues of $17 million, or 169%, due to the OnTheMarket Acquisition and the launch of the new Homes.com membership subscriptions, partially offset by the discontinuation and reduced sales of certain products and services that were inconsistent with our long-term business strategy,

Previous wording

Gross Profit and Cost of Revenues. Gross profit increased $49 million, or 10%, to $542 million, and the gross profit margin decreased from 81% to 80%. The increase in gross profit was due to higher revenues, partially offset by an increase in cost of revenues. Cost of revenues increased $23 million, or 21%, to $136 million and, as a percentage of revenues, increased from 19% to 20%. The increase in cost of revenues primarily included:

Current wording

Gross Profit and Cost of Revenues. Gross profit increased $51 million, or 10%, to $552 million, and the gross profit margin was consistent at 80%. Cost of revenues increased $17 million, or 14%, to $141 million and, as a percentage of revenues, was consistent at 20%. The increase in cost of revenues primarily included:

Previous wording

•an increase in personnel costs of $13 million related to rising headcount to support our residential research efforts and increases in salaries and benefits costs for our existing employees and

Current wording

•an increase in personnel costs of $13 million related to increases in salaries and benefits costs for our existing employees and rising headcount to support our residential research efforts and

Previous wording

Selling and Marketing Expenses (excluding customer base amortization). Selling and marketing expenses increased $108 million, or 43%, to $358 million and, as a percentage of revenues, increased from 41% to 53%. The increase primarily included:

Current wording

Selling and Marketing Expenses (excluding customer base amortization). Selling and marketing expenses increased $64 million, or 24%, to $331 million and, as a percentage of revenues, increased from 43% to 48%. The increase primarily included:

Previous wording

•an increase in marketing expenses of $93 million for advertising our brands and

Current wording

•an increase in marketing expenses of $38 million for advertising our brands,

Previous wording

•an increase in personnel costs of $15 million related to rising headcount in our sales force and in commissions expense due to increased sales volumes.

Current wording

•an increase in personnel costs of $18 million related to rising headcount in our sales force, recruiting costs, and commissions expense, and

Previous wording

Software Development Expenses. Software development expenses increased $32 million, or 25%, to $162 million and, as a percentage of revenues, increased from 11% to 12%. The increase primarily included:

Current wording

Software Development Expenses. Software development expenses increased $13 million, or 19%, to $81 million and, as a percentage of revenues, increased from 11% to 12%. The increase primarily included:

Previous wording

•an increase in personnel costs of $12 million related to rising headcount and increases in salaries, stock-based compensation and benefits costs for our existing employees and

Current wording

•an increase in personnel costs of $10 million related to rising headcount and increases in salaries, stock-based compensation, and benefits costs for our existing employees and

Previous wording

•an increase of $3 million in software and equipment costs.

Current wording

•an increase of $2 million in software and equipment costs.

Previous wording

General and Administrative Expenses. General and administrative expenses increased $28 million, or 16%, to $208 million and, as a percentage of revenues, increased from 15% to 16%. The increase primarily included:

Current wording

General and Administrative Expenses. General and administrative expenses increased $11 million, or 12%, to $106 million and, as a percentage of revenues, was consistent at 15%. The increase primarily included:

Previous wording

•an increase in professional services of $14 million, primarily related to acquisition activities and costs to defend our intellectual property,

Current wording

•an increase in professional services of $12 million primarily related to acquisition activities and costs to defend our intellectual property.

Previous wording

Interest Income, Net. Interest income, net increased $2 million, or 3%, to $54 million. The increase was primarily due to an increase in interest earned on our cash equivalents.

Current wording

Interest Income, Net. Interest income, net decreased $3 million, or 5%, to $56 million. The decrease was primarily due to a decrease in our cash and cash equivalent balances.

Previous wording

Other (Expense) Income, Net. Other (expense) income, net was insignificant for both the three months ended June 30, 2024 and 2023.

Current wording

Other (Expense) Income, Net. Other (expense) income, net was insignificant for the three months ended September 30, 2024 and 2023.

Previous wording

Income Tax Expense. Income tax expense decreased $14 million, or 46%, to $17 million and the effective tax rate was 47% of income before income taxes compared to 24% of income before income taxes for the three months ended June 30, 2023. The decrease in income tax expense was primarily attributable to lower income before income taxes.

Current wording

Income Tax Expense. Income tax expense decreased $5 million, or 17%, to $25 million and the effective tax rate was 32% of income before income taxes compared to 25% of income before income taxes for the three months ended September 30, 2023. The decrease in income tax expense was primarily attributable to lower U.S. income and larger U.K. losses with no tax benefit.

Previous wording

We manage our business geographically in two operating segments, with our primary areas of measurement and decision-making being North America, which includes the U.S. and Canada, and International, which primarily includes Europe, Asia-Pacific, and Latin America. Management relies on an internal management reporting process that provides revenue and operating segment EBITDA. Management believes that operating segment EBITDA is an appropriate measure for evaluating the operational performance of our operating segments. EBITDA is used by management internally to measure our operating and management performance and to evaluate the performance of our business. However, this measure should be considered in addition to, not as a substitute for or superior to, (loss) income from operations or other measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for further information regarding our segment operating results.

Current wording

We manage our business geographically in two operating segments, with our primary areas of measurement and decision-making being North America, which includes the U.S. and Canada, and International, which primarily includes Europe, Asia-Pacific, and Latin America. Management relies on an internal management reporting process that provides revenue and operating segment EBITDA. Management believes that operating segment EBITDA is an appropriate measure for evaluating the operational performance of our operating segments. EBITDA is used by management internally to measure our operating and management performance and to evaluate the performance of our business. However, this measure should be considered in addition to, not as a substitute for or superior to, income from operations or other measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for further information regarding our segment operating results.

Previous wording

Segment Revenues. North America revenues increased $60 million, or 10%, to $644 million and included:

Current wording

Segment Revenues. North America revenues increased $55 million, or 9%, to $658 million and included:

Previous wording

•an increase in Residential revenues of $4 million due to revenue from the launch of the new Homes.com membership subscriptions partially offset by the discontinuation of certain products and services that were inconsistent with our long-term business strategy, and

Current wording

•an increase in Residential revenues of $7 million due to revenue from the launch of the new Homes.com membership subscriptions partially offset by the discontinuation and reduced sales of certain products and services that were inconsistent with our long-term business strategy,

Previous wording

The $12 million, or 57%, increase in International revenues was primarily attributable to the impact of the OnTheMarket Acquisition, as well as an increase in CoStar sales driven by an increase in subscribers.

Current wording

The $13 million, or 57%, increase in International revenues was primarily attributable to the impact of the OnTheMarket Acquisition, as well as an increase in CoStar sales.

Previous wording

Segment EBITDA. North America EBITDA decreased $74 million, or 71%, to $31 million. The decrease in North America EBITDA was primarily due to increases in marketing costs, personnel costs, and professional service fees, partially offset by increases in revenues described above. International EBITDA decreased $19 million to a loss of $19 million. The decrease in International EBITDA was primarily due to the OnTheMarket Acquisition and an increase in personnel costs associated with the expansion of our international research team.

Current wording

Segment EBITDA. North America EBITDA decreased $25 million, or 29%, to $64 million. The decrease in North America EBITDA was primarily due to increases in marketing costs, personnel costs, and professional service fees, partially offset by increases in revenues described above. International EBITDA decreased $13 million to a loss of $13 million. The decrease in International EBITDA was primarily due to the OnTheMarket Acquisition for which we have increased marketing expenses since acquisition and an increase in personnel costs associated with the expansion of our international research team.

Previous wording

The following table provides a comparison of our selected consolidated results of operations for the six months ended June 30, 2024 and 2023 (in millions, except percentages):

Current wording

The following table provides a comparison of our selected consolidated results of operations for the nine months ended September 30, 2024 and 2023 (in millions, except percentages):

Previous wording

Revenues. Revenues increased $144 million, or 12%, to $1.3 billion. The increase in our revenues primarily included:

Current wording

Revenues. Revenues increased $212 million, or 12%, to $2.0 billion. The increase in our revenues primarily included:

Previous wording

•an increase in Multifamily revenues of $40 million, or 18%, due to higher sales volume driven by an increase in the number of properties listed on our network and increases in pricing on renewals,

Current wording

•an increase in Multifamily revenues of $121 million, or 18%, due to an increase in the number of properties listed on our network and increases in pricing for existing customers,

Previous wording

•an increase in CoStar revenues of $49 million, or 11%, due to higher sales volume driven by an increase in subscribers, as well as converting legacy STR customers to our new CoStar-based benchmarking product,

Current wording

•an increase in CoStar revenues of $73 million, or 11%, due to an increase in subscribers and an increase in average price per subscriber, as well as converting legacy STR customers to our new CoStar-based benchmarking product,

Previous wording

•an increase in LoopNet revenues of $4 million, or 7%, due to an increase in the average price per listing, and

Current wording

•an increase in LoopNet revenues of $14 million, or 7%, due to an increase in the average price per listing and an increase in the number of paid listings, and

Previous wording

Gross Profit. Gross profit increased $99 million, or 10%, to $1.1 billion, and the gross profit percentage decreased from 81% to 79%. The increase in gross profit was due to higher revenues partially offset by an increase in cost of revenues. Cost of revenues increased $45 million, or 20%, to $277 million and, as a percentage of revenues, increased from 19% to 21%. The increase in cost of revenues primarily included:

Current wording

Gross Profit. Gross profit increased $150 million, or 10%, to $1.6 billion, and the gross profit percentage decreased from 80% to 79%. Cost of revenues increased $62 million, or 18%, to $418 million and, as a percentage of revenues, increased from 20% to 21%. The increase in cost of revenues primarily included:

Previous wording

•an increase in personnel costs of $26 million related to rising headcount to support our residential research efforts, and increases in salaries and benefits costs for our existing employees,

Current wording

•an increase in personnel costs of $39 million related to rising headcount to support our residential research efforts, and increases in salaries and benefits costs for our existing employees,

Previous wording

•an increase of $8 million in support costs for our researchers.

Current wording

•an increase of $17 million for web hosting costs and support costs for our researchers, and

Previous wording

•an increase of $3 million of payment processing fees.

Current wording

•an increase of $4 million of payment processing fees.