2012 Q2 Form 10-Q Financial Statement

#000105735212000117 Filed on July 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $85.22M $62.13M
YoY Change 37.18% 11.34%
Cost Of Revenue $28.17M $22.41M
YoY Change 25.7% 9.86%
Gross Profit $57.05M $39.72M
YoY Change 43.65% 11.87%
Gross Profit Margin 66.94% 63.93%
Selling, General & Admin $45.51M $30.13M
YoY Change 51.06% 14.54%
% of Gross Profit 79.77% 75.85%
Research & Development $7.977M $5.135M
YoY Change 55.35% 25.24%
% of Gross Profit 13.98% 12.93%
Depreciation & Amortization $2.446M $2.354M
YoY Change 3.91% -30.76%
% of Gross Profit 4.29% 5.93%
Operating Expenses $57.06M $35.81M
YoY Change 59.37% 15.88%
Operating Profit -$13.00K $3.909M
YoY Change -100.33% -15.02%
Interest Expense $1.200M $200.0K
YoY Change 500.0% 0.0%
% of Operating Profit 5.12%
Other Income/Expense, Net -$700.0K
YoY Change
Pretax Income $8.171M $7.117M
YoY Change 14.81% 51.43%
Income Tax $5.628M $1.450M
% Of Pretax Income 68.88% 20.37%
Net Earnings -$6.710M $2.637M
YoY Change -354.46% -20.09%
Net Earnings / Revenue -7.87% 4.24%
Basic Earnings Per Share -$0.25 $0.12
Diluted Earnings Per Share -$0.25 $0.12
COMMON SHARES
Basic Shares Outstanding 26.47M shares 22.01M shares
Diluted Shares Outstanding 26.47M shares 22.43M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.2M $551.2M
YoY Change -81.1% 174.78%
Cash & Equivalents $103.3M $547.6M
Short-Term Investments $800.0K $3.600M
Other Short-Term Assets $30.20M $13.20M
YoY Change 128.79% 59.04%
Inventory
Prepaid Expenses
Receivables $19.52M $13.30M
Other Receivables $5.800M $900.0K
Total Short-Term Assets $159.6M $578.6M
YoY Change -72.41% 163.72%
LONG-TERM ASSETS
Property, Plant & Equipment $43.23M $37.10M
YoY Change 16.51% -39.28%
Goodwill $717.2M
YoY Change
Intangibles $186.0M
YoY Change
Long-Term Investments $25.00M $29.00M
YoY Change -13.79% -1.36%
Other Assets $10.30M $15.20M
YoY Change -32.24% 149.18%
Total Long-Term Assets $981.7M $179.3M
YoY Change 447.51% -8.57%
TOTAL ASSETS
Total Short-Term Assets $159.6M $578.6M
Total Long-Term Assets $981.7M $179.3M
Total Assets $1.141B $757.9M
YoY Change 50.59% 82.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.307M $4.100M
YoY Change 53.83% 24.24%
Accrued Expenses $18.78M $28.90M
YoY Change -35.01% 4.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.94M
YoY Change
Total Short-Term Liabilities $85.26M $60.20M
YoY Change 41.63% 31.15%
LONG-TERM LIABILITIES
Long-Term Debt $161.9M $0.00
YoY Change
Other Long-Term Liabilities $926.0K $51.80M
YoY Change -98.21% 2626.32%
Total Long-Term Liabilities $162.8M $51.80M
YoY Change 214.29% 2626.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.26M $60.20M
Total Long-Term Liabilities $162.8M $51.80M
Total Liabilities $338.7M $112.0M
YoY Change 202.41% 134.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $802.6M $645.9M
YoY Change
Total Liabilities & Shareholders Equity $1.141B $757.9M
YoY Change 50.59% 82.41%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$6.710M $2.637M
YoY Change -354.46% -20.09%
Depreciation, Depletion And Amortization $2.446M $2.354M
YoY Change 3.91% -30.76%
Cash From Operating Activities $24.20M $7.600M
YoY Change 218.42% -46.1%
INVESTING ACTIVITIES
Capital Expenditures -$3.100M -$4.100M
YoY Change -24.39% 51.85%
Acquisitions
YoY Change
Other Investing Activities -$631.7M $200.0K
YoY Change -315950.0% -96.87%
Cash From Investing Activities -$634.8M -$3.900M
YoY Change 16176.92% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $247.9M
YoY Change 61875.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.9M 251.6M
YoY Change -34.46% 125700.0%
NET CHANGE
Cash From Operating Activities 24.20M 7.600M
Cash From Investing Activities -634.8M -3.900M
Cash From Financing Activities 164.9M 251.6M
Net Change In Cash -445.7M 255.3M
YoY Change -274.58% 1302.75%
FREE CASH FLOW
Cash From Operating Activities $24.20M $7.600M
Capital Expenditures -$3.100M -$4.100M
Free Cash Flow $27.30M $11.70M
YoY Change 133.33% -30.36%

Facts In Submission

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us-gaap Finite Lived Intangible Assets Amortization Method
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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7770000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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20093000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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17645000 USD
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us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Translation Adjustments
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254000 USD
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us-gaap Gross Profit
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us-gaap Gross Profit
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7117000 USD
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4087000 USD
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CY2011Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Deposits
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CoStar Group, Inc. (the &#8220;Company&#8221; or &#8220;CoStar&#8221;) provides information, analytic and marketing services to the commercial real estate and related business community through its comprehensive, proprietary database of commercial real estate information covering the United States (&#8220;U.S.&#8221;) and parts of the United Kingdom ("U.K.") and France, as well as its complementary online marketplace of commercial real estate listings. The Company operates within </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> operating segments, U.S. and International, and its services are typically distributed to its clients under subscription-based license agreements that renew automatically, a majority of which have a term of one year.</font></div></div>
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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CY2011Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2012Q2 us-gaap Net Income Loss
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us-gaap Operating Expenses
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CY2011Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Productive Assets
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9887000 USD
us-gaap Payments To Acquire Productive Assets
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6117000 USD
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2012Q2 us-gaap Property Plant And Equipment Net
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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2187000 USD
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us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
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us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
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CY2011Q3 us-gaap Restructuring Charges
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CY2012Q1 us-gaap Restructuring Reserve
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CY2010Q4 us-gaap Restructuring Reserve
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CY2012Q2 us-gaap Restructuring Reserve
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us-gaap Restructuring Reserve Accrual Adjustment
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78000 USD
us-gaap Restructuring Reserve Accrual Adjustment
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us-gaap Revenues
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CY2011Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Sale Leaseback Transaction Net Proceeds
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CY2012Q2 us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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27526000 USD
CY2011Q2 us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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35566000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2012Q2 us-gaap Stockholders Equity
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us-gaap Tax Benefit From Stock Options Exercised
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us-gaap Tax Benefit From Stock Options Exercised
TaxBenefitFromStockOptionsExercised
0 USD
CY2011Q2 us-gaap Tax Benefit From Stock Options Exercised
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652000 USD
CY2011Q4 us-gaap Unamortized Debt Issuance Expense
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900000 USD
CY2012Q2 us-gaap Unamortized Debt Issuance Expense
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11100000 USD
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25797000 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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26465000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21695000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21271000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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26465000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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25797000 shares
CY2012Q2 csgp Accumulated Other Comprehensive Income Loss Investment Securities Adjustment Net Of Tax
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-2733000 USD
CY2011Q4 csgp Accumulated Other Comprehensive Income Loss Investment Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesAdjustmentNetOfTax
-2678000 USD
CY2012Q2 csgp Amortization Expense Capitalized Product Development Costs
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48000 USD
CY2011Q2 csgp Amortization Expense Capitalized Product Development Costs
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0 USD
csgp Amortization Expense Capitalized Product Development Costs
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0 USD
csgp Amortization Expense Capitalized Product Development Costs
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95000 USD
csgp Auction Rate Securities Upon Acquisition
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0 USD
CY2012Q2 csgp Auction Rate Securities Upon Acquisition
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442000 USD
csgp Auction Rate Securities Upon Acquisition
AuctionRateSecuritiesUponAcquisition
442000 USD
CY2011Q2 csgp Auction Rate Securities Upon Acquisition
AuctionRateSecuritiesUponAcquisition
0 USD
CY2012Q2 csgp Auction Rate Securities Variable Rate Debt Instruments Interest Rate Reset Period In Days
AuctionRateSecuritiesVariableRateDebtInstrumentsInterestRateResetPeriodInDays
reset approximately every 28 days
csgp Auction Rate Securities Variable Rate Debt Instruments Interest Rate Reset Period In Days
AuctionRateSecuritiesVariableRateDebtInstrumentsInterestRateResetPeriodInDays
reset approximately every 28 days
CY2011Q3 csgp Business Acquisition Contingent Consideration Cash Payment
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1600000 USD
CY2011Q2 csgp Business Acquisition Contingent Consideration Cash Payment
BusinessAcquisitionContingentConsiderationCashPayment
500000 USD
CY2011Q3 csgp Business Acquisition Deferred Consideration Liability Reversal
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1200000 USD
CY2011Q2 csgp Common Stock Issued In Equity Offering In Period
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4312500 shares
csgp Debt Issuance Legal Fees
DebtIssuanceLegalFees
2300000 USD
CY2012Q1 csgp Default Interest Rate Spread Per Annum
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0.02
CY2012Q2 csgp Deferred Gain On Sale Of Building Noncurrent
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30071000 USD
CY2011Q4 csgp Deferred Gain On Sale Of Building Noncurrent
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31333000 USD
CY2012Q1 csgp Excess Cash Flow Payment Maturity Period Within Issuance Of Financial Statements
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P10D
csgp Fair Value Inputs Discount Rate
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0.054
csgp Fair Value Liabilities Deferred Consideration Upon Acquisition
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0 USD
csgp Fair Value Liabilities Deferred Consideration Upon Acquisition
FairValueLiabilitiesDeferredConsiderationUponAcquisition
2011000 USD
CY2011Q2 csgp Fair Value Liabilities Deferred Consideration Upon Acquisition
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0 USD
CY2012Q2 csgp Fair Value Liabilities Deferred Consideration Upon Acquisition
FairValueLiabilitiesDeferredConsiderationUponAcquisition
2011000 USD
CY2012Q1 csgp Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Adjustments
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAdjustments
0 USD
CY2011 csgp Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Adjustments
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1207000 USD
CY2012Q1 csgp First Excess Cash Flow Repayment Percentage
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0.5
CY2012Q2 csgp Intangible Asset Net Book Value
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398000 USD
CY2011Q4 csgp Intangible Asset Net Book Value
IntangibleAssetNetBookValue
493000 USD
CY2011Q2 csgp Liabilities Deferred Consideration Fair Value Disclosuredeferred Consideration
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2786000 USD
CY2012Q1 csgp Libor Maturity Period
LiborMaturityPeriod
P1M
CY2012Q1 csgp Maximum Debt Service Coverage Ratio For Two Quarters After Closing
MaximumDebtServiceCoverageRatioForTwoQuartersAfterClosing
1.5
CY2012Q1 csgp Maximum Total Leverage Ratio After Eight Fiscal Quarters
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2.50
CY2012Q1 csgp Maximum Total Leverage Ratio For Fifth Through Eighth Quarters After Closing Date
MaximumTotalLeverageRatioForFifthThroughEighthQuartersAfterClosingDate
2.75
CY2012Q1 csgp Maximum Total Leverage Ratio For Third And Fourth Quarters After Closing Date
MaximumTotalLeverageRatioForThirdAndFourthQuartersAfterClosingDate
3
CY2012Q1 csgp Maximum Total Leverage Ratio For Two Quarters After Closing
MaximumTotalLeverageRatioForTwoQuartersAfterClosing
3.25
CY2012Q2 csgp Minimum Contractual Maturities On Underlying Securities Involved In Auction Rate Securities In Years
MinimumContractualMaturitiesOnUnderlyingSecuritiesInvolvedInAuctionRateSecuritiesInYears
greater than twenty years
csgp Minimum Contractual Maturities On Underlying Securities Involved In Auction Rate Securities In Years
MinimumContractualMaturitiesOnUnderlyingSecuritiesInvolvedInAuctionRateSecuritiesInYears
greater than twenty years
CY2012Q2 csgp Number Of Business Segments
NumberOfBusinessSegments
2 operating_segments
CY2011Q2 csgp Number Of Class Action Lawsuits Brought By Alleged Loopnet Stockholders
NumberOfClassActionLawsuitsBroughtByAllegedLoopnetStockholders
3 class_action_lawsuits
CY2012Q2 csgp Number Of Days For Auction Rate Securities Variable Rate Debt Instruments Interest Rate Reset
NumberOfDaysForAuctionRateSecuritiesVariableRateDebtInstrumentsInterestRateReset
28
CY2011Q1 csgp Number Of Days For Auction Rate Securities Variable Rate Debt Instruments Interest Rate Reset
NumberOfDaysForAuctionRateSecuritiesVariableRateDebtInstrumentsInterestRateReset
28
CY2012Q2 csgp Number Of Distinct Intangible Asset
NumberOfDistinctIntangibleAsset
1 distinct_intangible_asset
CY2012Q2 csgp Par Value Of Company Held Auction Rate Securities
ParValueOfCompanyHeldAuctionRateSecurities
28500000 USD
CY2012Q2 csgp Period Deferred Cash Payment Is Due After Closing Of Acquisition
PeriodDeferredCashPaymentIsDueAfterClosingOfAcquisition
P2Y
csgp Proceeds From Exercise Of Stock Options And Espp
ProceedsFromExerciseOfStockOptionsAndEspp
5032000 USD
csgp Proceeds From Exercise Of Stock Options And Espp
ProceedsFromExerciseOfStockOptionsAndEspp
4540000 USD
CY2011Q2 csgp Proceeds From Exercise Of Stock Options And Espp
ProceedsFromExerciseOfStockOptionsAndEspp
3384000 USD
CY2012Q2 csgp Proceeds From Exercise Of Stock Options And Espp
ProceedsFromExerciseOfStockOptionsAndEspp
4575000 USD
CY2012Q2 csgp Restructuring Reserve Adjustment Sublease Revenue And Accretion
RestructuringReserveAdjustmentSubleaseRevenueAndAccretion
39000 USD
CY2012Q1 csgp Restructuring Reserve Adjustment Sublease Revenue And Accretion
RestructuringReserveAdjustmentSubleaseRevenueAndAccretion
54000 USD
CY2011 csgp Restructuring Reserve Adjustment Sublease Revenue And Accretion
RestructuringReserveAdjustmentSubleaseRevenueAndAccretion
262000 USD
CY2012Q1 csgp Second Excess Cash Flow Repayment Percentage
SecondExcessCashFlowRepaymentPercentage
0.25
CY2011Q4 csgp Segment Reporting Segment Gross Assets
SegmentReportingSegmentGrossAssets
846991000 USD
CY2012Q2 csgp Segment Reporting Segment Gross Assets
SegmentReportingSegmentGrossAssets
1224602000 USD
CY2011Q2 csgp Stock Issued During Period New Issues Cost Per Share Share
StockIssuedDuringPeriodNewIssuesCostPerShareShare
60
csgp Stock Options And Restricted Stock
StockOptionsAndRestrictedStock
424000 shares
CY2012Q2 csgp Stock Options And Restricted Stock
StockOptionsAndRestrictedStock
0 shares
CY2011Q2 csgp Stock Options And Restricted Stock
StockOptionsAndRestrictedStock
415000 shares
csgp Stock Options And Restricted Stock
StockOptionsAndRestrictedStock
0 shares
CY2012Q2 csgp Subscription Based Licensing Agreement Minimum Term Years
SubscriptionBasedLicensingAgreementMinimumTermYears
P1Y
CY2012Q1 csgp Third Excess Cash Flow Repayment Percentage
ThirdExcessCashFlowRepaymentPercentage
0
CY2012Q2 csgp Total Segment Liabilities
TotalSegmentLiabilities
395591000 USD
CY2011Q4 csgp Total Segment Liabilities
TotalSegmentLiabilities
160997000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001057352
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
28206438 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
COSTAR GROUP INC

Files In Submission

Name View Source Status
0001057352-12-000117-index-headers.html Edgar Link pending
0001057352-12-000117-index.html Edgar Link pending
0001057352-12-000117.txt Edgar Link pending
0001057352-12-000117-xbrl.zip Edgar Link pending
csgp-20120630.xml Edgar Link completed
csgp-20120630.xsd Edgar Link pending
csgp-20120630_cal.xml Edgar Link unprocessable
csgp-20120630_def.xml Edgar Link unprocessable
csgp-20120630_lab.xml Edgar Link unprocessable
csgp-20120630_pre.xml Edgar Link unprocessable
csgp-6302012x10q.htm Edgar Link pending
csgp-6302012xex311.htm Edgar Link pending
csgp-6302012xex312.htm Edgar Link pending
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