2015 Q2 Form 10-Q Financial Statement

#000105735215000056 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $170.7M $147.7M
YoY Change 15.54% 35.51%
Cost Of Revenue $44.63M $39.48M
YoY Change 13.05% 22.99%
Gross Profit $126.0M $108.2M
YoY Change 16.44% 40.74%
Gross Profit Margin 73.85% 73.27%
Selling, General & Admin $122.3M $67.14M
YoY Change 82.22% 45.22%
% of Gross Profit 97.08% 62.04%
Research & Development $16.84M $15.14M
YoY Change 11.23% 31.82%
% of Gross Profit 13.37% 13.99%
Depreciation & Amortization $5.133M $3.754M
YoY Change 36.73% 19.97%
% of Gross Profit 4.07% 3.47%
Operating Expenses $146.2M $91.32M
YoY Change 60.05% 48.21%
Operating Profit -$20.13M $16.91M
YoY Change -219.04% 10.64%
Interest Expense $2.354M $3.753M
YoY Change -37.28% 113.48%
% of Operating Profit 22.2%
Other Income/Expense, Net -$1.500M -$2.900M
YoY Change -48.28% 190.0%
Pretax Income -$1.455M $37.58M
YoY Change -103.87% 48.35%
Income Tax -$7.380M $4.969M
% Of Pretax Income 13.22%
Net Earnings -$14.97M $8.249M
YoY Change -281.43% -0.53%
Net Earnings / Revenue -8.77% 5.58%
Basic Earnings Per Share -$0.47 $0.28
Diluted Earnings Per Share -$0.47 $0.28
COMMON SHARES
Basic Shares Outstanding 31.99M shares 29.06M shares
Diluted Shares Outstanding 31.99M shares 29.49M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $351.8M $444.9M
YoY Change -20.93% 134.03%
Cash & Equivalents $351.8M $444.9M
Short-Term Investments
Other Short-Term Assets $43.20M $46.50M
YoY Change -7.1% 66.07%
Inventory
Prepaid Expenses
Receivables $54.38M $39.66M
Other Receivables $1.000M $0.00
Total Short-Term Assets $450.3M $531.0M
YoY Change -15.19% 117.01%
LONG-TERM ASSETS
Property, Plant & Equipment $85.44M $64.64M
YoY Change 32.18% 30.08%
Goodwill $1.247B $1.141B
YoY Change 9.25% 59.25%
Intangibles $263.8M $274.2M
YoY Change -3.78% 74.51%
Long-Term Investments $16.00M $21.60M
YoY Change -25.93% -0.46%
Other Assets $11.50M $13.70M
YoY Change -16.06% 90.28%
Total Long-Term Assets $1.624B $1.515B
YoY Change 7.14% 59.13%
TOTAL ASSETS
Total Short-Term Assets $450.3M $531.0M
Total Long-Term Assets $1.624B $1.515B
Total Assets $2.074B $2.046B
YoY Change 1.35% 70.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.778M $7.543M
YoY Change -10.14% 69.51%
Accrued Expenses $48.17M $29.53M
YoY Change 63.11% 26.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $20.00M
YoY Change 0.0% 1.58%
Total Short-Term Liabilities $141.3M $117.3M
YoY Change 20.49% 14.16%
LONG-TERM LIABILITIES
Long-Term Debt $355.0M $375.0M
YoY Change -5.33% 163.74%
Other Long-Term Liabilities $57.40M $54.80M
YoY Change 4.74%
Total Long-Term Liabilities $355.0M $375.0M
YoY Change -5.33% 163.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.3M $117.3M
Total Long-Term Liabilities $355.0M $375.0M
Total Liabilities $567.8M $575.2M
YoY Change -1.28% 74.07%
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 $1.506B $1.471B
YoY Change
Total Liabilities & Shareholders Equity $2.074B $2.046B
YoY Change 1.35% 70.96%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$14.97M $8.249M
YoY Change -281.43% -0.53%
Depreciation, Depletion And Amortization $5.133M $3.754M
YoY Change 36.73% 19.97%
Cash From Operating Activities -$3.200M $49.90M
YoY Change -106.41% 61.49%
INVESTING ACTIVITIES
Capital Expenditures -$6.200M -$7.300M
YoY Change -15.07% 69.77%
Acquisitions
YoY Change
Other Investing Activities -$172.0M -$583.7M
YoY Change -70.53%
Cash From Investing Activities -$178.1M -$591.0M
YoY Change -69.86% 13971.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $529.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.000M 762.3M
YoY Change -101.18% -20160.53%
NET CHANGE
Cash From Operating Activities -3.200M 49.90M
Cash From Investing Activities -178.1M -591.0M
Cash From Financing Activities -9.000M 762.3M
Net Change In Cash -190.3M 221.2M
YoY Change -186.03% 865.94%
FREE CASH FLOW
Cash From Operating Activities -$3.200M $49.90M
Capital Expenditures -$6.200M -$7.300M
Free Cash Flow $3.000M $57.20M
YoY Change -94.76% 62.5%

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The obligations under the 2014 Credit Agreement are guaranteed by all material subsidiaries of the Company and are secured by a lien on substantially all of the assets of the Company and those of its material subsidiaries, in each case subject to certain exceptions, pursuant to security and guarantee documents entered into on the Closing Date.
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Nature Of Operations
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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, analytics and online marketplace 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;), the United Kingdom (&#8220;U.K.&#8221;), Toronto, Canada and parts of France. The Company provides online marketplaces for commercial real estate listings, apartment rentals, lands for sale and businesses for sale. The Company operates within </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> operating segments, North America 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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one year</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, useful lives of property and equipment and intangible assets, recoverability of long-lived assets and intangible assets with definite lives, goodwill, income taxes, fair value of equity instruments, fair value of auction rate securities, accounting for business combinations, contingencies, among others. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenue and expenses. Actual results could differ from these estimates.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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