2021 Q4 Form 10-K Financial Statement

#000105735222000027 Filed on February 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $506.8M $1.944B $444.4M
YoY Change 14.04% 17.19% 18.59%
Cost Of Revenue $86.33M $357.2M $78.15M
YoY Change 10.46% 15.62% 4.21%
Gross Profit $420.5M $1.587B $366.2M
YoY Change 14.8% 17.54% 22.19%
Gross Profit Margin 82.97% 81.62% 82.41%
Selling, General & Admin $210.7M $878.7M $253.3M
YoY Change -16.84% 5.18% 66.86%
% of Gross Profit 50.1% 55.37% 69.16%
Research & Development $50.49M $201.0M $40.00M
YoY Change 26.22% 23.39% 12.99%
% of Gross Profit 12.01% 12.67% 10.92%
Depreciation & Amortization $37.17M $139.6M $33.00M
YoY Change 12.63% 19.34% 37.5%
% of Gross Profit 8.84% 8.79% 9.01%
Operating Expenses $280.1M $1.155B $311.0M
YoY Change -9.95% 8.83% 56.5%
Operating Profit $140.4M $432.3M $55.21M
YoY Change 154.27% 49.49% -45.33%
Interest Expense -$7.433M -$31.62M -$7.900M
YoY Change -5.91% 81.78% -1739.0%
% of Operating Profit -5.29% -7.31% -14.31%
Other Income/Expense, Net $419.0K $3.252M -$900.0K
YoY Change -146.56% -493.23% 200.0%
Pretax Income $133.4M $404.0M $46.44M
YoY Change 187.18% 49.08% -59.37%
Income Tax $40.47M $111.4M $10.65M
% Of Pretax Income 30.34% 27.58% 22.94%
Net Earnings $92.90M $292.6M $35.79M
YoY Change 159.58% 28.81% -59.3%
Net Earnings / Revenue 18.33% 15.05% 8.05%
Basic Earnings Per Share $0.75 $0.91
Diluted Earnings Per Share $235.5K $0.74 $0.91
COMMON SHARES
Basic Shares Outstanding 394.9M shares 392.2M shares 39.42M shares
Diluted Shares Outstanding 394.2M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.827B $3.827B $3.756B
YoY Change 1.9% 1.9% 250.79%
Cash & Equivalents $3.827B $3.827B $3.694B
Short-Term Investments
Other Short-Term Assets $36.18M $36.18M $28.70M
YoY Change 26.07% 26.07% -20.72%
Inventory
Prepaid Expenses
Receivables $124.8M $124.8M $103.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.988B $3.988B $3.889B
YoY Change 2.56% 2.56% 224.27%
LONG-TERM ASSETS
Property, Plant & Equipment $271.4M $372.1M $126.3M
YoY Change 114.87% 58.28% 17.48%
Goodwill $2.321B $2.236B
YoY Change 3.8% 18.81%
Intangibles $435.7M $426.7M
YoY Change 2.09% 1.32%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $128.7M $128.7M $114.1M
YoY Change 12.77% 12.77% 9.71%
Total Long-Term Assets $3.269B $3.269B $3.027B
YoY Change 7.99% 7.99% 14.02%
TOTAL ASSETS
Total Short-Term Assets $3.988B $3.988B $3.889B
Total Long-Term Assets $3.269B $3.269B $3.027B
Total Assets $7.257B $7.257B $6.915B
YoY Change 4.94% 4.94% 79.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.24M $22.24M $15.73M
YoY Change 41.39% 41.68% 105.92%
Accrued Expenses $81.68M $189.7M $110.3M
YoY Change -25.95% -15.3% 185.17%
Deferred Revenue $95.50M $74.90M
YoY Change 27.5% 11.34%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $338.7M $338.7M $330.9M
YoY Change 2.37% 2.35% 59.79%
LONG-TERM LIABILITIES
Long-Term Debt $987.9M $987.9M $986.7M
YoY Change 0.12% 0.13%
Other Long-Term Liabilities $119.9M $119.9M $149.5M
YoY Change -19.79% -19.79% -3.05%
Total Long-Term Liabilities $987.9M $1.108B $986.7M
YoY Change 0.12% -2.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $338.7M $338.7M $330.9M
Total Long-Term Liabilities $987.9M $1.108B $986.7M
Total Liabilities $1.545B $1.545B $1.540B
YoY Change 0.33% 0.33% 243.46%
SHAREHOLDERS EQUITY
Retained Earnings $1.460B $1.168B
YoY Change 25.06% 24.15%
Common Stock $3.946M $3.943M
YoY Change 0.08% 977.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.712B $5.712B $5.375B
YoY Change
Total Liabilities & Shareholders Equity $7.257B $7.257B $6.915B
YoY Change 4.94% 4.94% 79.44%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $92.90M $292.6M $35.79M
YoY Change 159.58% 28.81% -59.3%
Depreciation, Depletion And Amortization $37.17M $139.6M $33.00M
YoY Change 12.63% 19.34% 37.5%
Cash From Operating Activities $150.5M $469.7M $130.8M
YoY Change 15.07% -3.37% 21.34%
INVESTING ACTIVITIES
Capital Expenditures -$43.83M $123.8M -$6.200M
YoY Change 606.9% 210.0%
Acquisitions $193.0M
YoY Change -54.71%
Other Investing Activities -$40.01M -$192.4M -$234.1M
YoY Change -82.91% -53.74% -44.77%
Cash From Investing Activities -$83.84M -$381.3M -$240.3M
YoY Change -65.11% -17.84% -43.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -1.341M -$15.68M -3.600M
YoY Change -62.75% -100.59% 80.0%
NET CHANGE
Cash From Operating Activities 150.5M $469.7M 130.8M
Cash From Investing Activities -83.84M -$381.3M -240.3M
Cash From Financing Activities -1.341M -$15.68M -3.600M
Net Change In Cash 65.33M $71.21M -113.1M
YoY Change -157.77% -97.35% -64.67%
FREE CASH FLOW
Cash From Operating Activities $150.5M $469.7M $130.8M
Capital Expenditures -$43.83M $123.8M -$6.200M
Free Cash Flow $194.3M $346.0M $137.0M
YoY Change 41.85% -28.83% 24.77%

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ORGANIZATION <div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CoStar Group, Inc. (the “Company” or “CoStar”) provides information, analytics, online marketplace and auction services to the commercial real estate and related business community through its comprehensive, proprietary database of commercial real estate information and related tools. The Company provides online marketplaces for commercial real estate, apartment rentals, residential real estate, land for sale and businesses for sale, and its services are typically distributed to its clients under subscription-based agreements that typically renew automatically, a majority of which have a term of at least one year. The Company operates within two operating segments, North America, which includes the United States (“U.S.”) and Canada, and International, which primarily includes Europe, Asia-Pacific and Latin America. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 24, 2020, the Company acquired Ten-X Holding Company, Inc. and its subsidiaries ("Ten-X"), which operate an online auction platform for commercial real estate. On October 26, 2020, the Company acquired Emporis GmbH, a Germany-based provider of international commercial real estate data and images. On December 22, 2020, the Company acquired Homesnap, Inc. (“Homesnap”), which operates an online mobile software platform for residential real estate agents and brokers. On May 24, 2021, the Company acquired Homes Group, LLC ("Homes.com"), a residential real estate advertising and marketing services company primarily operating through its property listing and marketing portal, Homes.com. On October 1, 2021, the Company acquired Comreal Info, a French </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">société par actions simplifiée </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">("BureauxLocaux"), the owner and operator of BureauxLocaux, a leading commercial real estate digital marketplace in France. See Note 5 for further discussion of these acquisitions.</span></div>
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Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 credit losses, the useful lives and recoverability of long-lived and intangible assets, goodwill, income taxes, accounting for business combinations, stock-based compensation, estimating the Company's incremental borrowing rate for its leases, and 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 revenues and expenses. Actual results could differ from these estimates.
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3755912000 USD
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The Company’s customer base creates a lack of dependence on any individual customer that mitigates the risk of nonpayment of the Company’s accounts receivable.
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5 portfolioSegment
CY2021Q4 csgp Number Of Classes Of Trade Receivables Based On Location
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2 numberOfReceivable
CY2021Q4 csgp Number Of Trade Receivables In Information Services Portfolio
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4 numberOfReceivable
CY2021Q4 csgp Number Of Trade Receivables In Multifamily Portfolio
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1 numberOfReceivable
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1399719000 USD
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74900000 USD
CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
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2500000 USD
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P5Y
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95500000 USD
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1200000 USD
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2200000 USD
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1944135000 USD
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1659019000 USD
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77363000 USD
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74578000 USD
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94143000 USD
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-204000 USD
CY2021Q4 us-gaap Contract With Customer Liability
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96724000 USD
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9000000 USD
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9000000 USD
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0 USD
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0 USD
CY2021 csgp Commissions Incurred
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117391000 USD
CY2020 csgp Commissions Incurred
CommissionsIncurred
97183000 USD
CY2019 csgp Commissions Incurred
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87043000 USD
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72038000 USD
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64355000 USD
CY2019 csgp Commissions Capitalizedinthe Current Period
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66688000 USD
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63391000 USD
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60516000 USD
CY2019 us-gaap Amortization Of Deferred Sales Commissions
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53421000 USD
CY2021 us-gaap Sales Commissions And Fees
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108744000 USD
CY2020 us-gaap Sales Commissions And Fees
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93344000 USD
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73776000 USD
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315000000 USD
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15110000 USD
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10928000 USD
CY2021 us-gaap Financing Receivable Allowance For Credit Loss Writeoff After Recovery
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12664000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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13374000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
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4548000 USD
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25212000 USD
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14650000 USD
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
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15110000 USD
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1962102000 USD
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1758612000 USD
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1483218000 USD
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286718000 USD
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197994000 USD
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271789000 USD
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0.74
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0.52
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0.75
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0.73
CY2020 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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0.51
CY2019 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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0.74
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34879000 USD
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32835000 USD
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27593000 USD
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134150000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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148975000 USD
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8512000 USD
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10998000 USD
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26268000 USD
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32648000 USD
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99370000 USD
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105329000 USD
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P4Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y
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0.031
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0.036
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19746000 USD
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22629000 USD
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357293000 USD
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292478000 USD
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85862000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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166153000 USD
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271431000 USD
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126325000 USD
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29000000 USD
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29000000 USD
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26000000 USD
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107000000 USD
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348407000 USD
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5572000 USD
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2235999000 USD
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87793000 USD
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CY2021Q4 us-gaap Goodwill
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20000000 USD
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0 USD
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426745000 USD
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0 USD
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403000000 USD
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104000000 USD
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88000000 USD
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55000000 USD
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171000000 USD
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87000000 USD
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71000000 USD
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59000000 USD
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47000000 USD
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39000000 USD
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0 USD
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0 USD
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1000000000 USD
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1000000000 USD
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12056000 USD
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13285000 USD
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986715000 USD
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986715000 USD
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5 occasion
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2327000 USD
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1658000 USD
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874000 USD
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1989000 USD
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1627000 USD
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1741000 USD
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24618000 USD
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3601000 USD
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3698000 USD
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3913000 USD
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4934000 USD
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18956000 USD
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15289000 USD
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45835000 USD
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291000000 USD
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38498000 USD
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4134000 USD
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5900000 USD
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28306000 USD
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34758000 USD
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5812000 USD
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6059000 USD
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13334000 USD
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110557000 USD
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122470000 USD
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5694000 USD
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11170000 USD
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104863000 USD
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111300000 USD
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25700000 USD
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23691000 USD
CY2021Q4 csgp Deferred Tax Liabilities Lease Rightof Use Assets
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22574000 USD
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27168000 USD
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2569000 USD
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2384000 USD
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21827000 USD
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13078000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
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125815000 USD
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112987000 USD
CY2021Q4 us-gaap Deferred Income Tax Liabilities
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198485000 USD
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179308000 USD
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93622000 USD
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68008000 USD
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409000000 USD
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5000000 USD
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20000000 USD
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12000000 USD
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56906000 USD
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82099000 USD
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21012000 USD
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11409000 USD
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14884000 USD
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-693000 USD
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13070000 USD
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14322000 USD
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
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12188000 USD
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10933000 USD
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21038000 USD
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15282000 USD
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-12787000 USD
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4762000 USD
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3135000 USD
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10369000 USD
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5949000 USD
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1777000 USD
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34854000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
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0 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
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0 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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2121000 USD
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
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5034000 USD
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2254000 USD
CY2021 us-gaap Income Tax Expense Benefit
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