2024 Q1 Form 10-K Financial Statement

#000105735224000013 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $656.4M $640.1M $2.455B
YoY Change 12.33% 11.64% 12.49%
Cost Of Revenue $141.2M $136.3M $491.5M
YoY Change 18.46% 24.82% 18.72%
Gross Profit $515.2M $503.8M $1.964B
YoY Change 10.76% 8.54% 11.03%
Gross Profit Margin 78.49% 78.71% 79.98%
Selling, General & Admin $464.6M $353.8M $1.371B
YoY Change 47.15% 32.53% 34.06%
% of Gross Profit 90.18% 70.23% 69.84%
Research & Development $82.40M $69.80M $267.6M
YoY Change 23.74% 22.25% 21.13%
% of Gross Profit 15.99% 13.85% 13.63%
Depreciation & Amortization $33.30M $28.70M $107.5M
YoY Change 29.94% 2.86% -22.04%
% of Gross Profit 6.46% 5.7% 5.47%
Operating Expenses $558.0M $434.5M $1.681B
YoY Change 42.0% 28.94% 27.61%
Operating Profit -$42.80M $69.30M $282.3M
YoY Change -159.26% -45.5% -37.4%
Interest Expense $56.20M $59.70M $213.6M
YoY Change 29.05% 85.05% 564.9%
% of Operating Profit 86.15% 75.66%
Other Income/Expense, Net -$1.900M $3.700M $5.400M
YoY Change -427.02% 3233.33% 59.62%
Pretax Income $11.50M $132.7M $501.3M
YoY Change -90.12% -16.82% 3.05%
Income Tax $4.800M $36.30M $126.6M
% Of Pretax Income 41.74% 27.35% 25.25%
Net Earnings $6.700M $96.40M $374.7M
YoY Change -92.31% -22.49% 1.42%
Net Earnings / Revenue 1.02% 15.06% 15.26%
Basic Earnings Per Share $0.02 $0.92
Diluted Earnings Per Share $0.02 $0.24 $0.92
COMMON SHARES
Basic Shares Outstanding 408.4M shares 408.4M shares 405.3M shares
Diluted Shares Outstanding 407.3M shares 406.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.952B $5.216B $5.216B
YoY Change -2.06% 4.99% 4.99%
Cash & Equivalents $4.952B $5.200B $5.216B
Short-Term Investments
Other Short-Term Assets $61.40M $70.20M $70.20M
YoY Change 1.94% 9.77% 9.77%
Inventory
Prepaid Expenses
Receivables $197.4M $190.0M $190.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.216B $5.476B $5.476B
YoY Change -1.54% 5.6% 5.6%
LONG-TERM ASSETS
Property, Plant & Equipment $865.9M $472.2M $552.0M
YoY Change 161.73% 46.99% 37.44%
Goodwill $2.384B $2.386B
YoY Change 2.83% 3.09%
Intangibles $365.0M $313.7M
YoY Change 16.83% -4.74%
Long-Term Investments
YoY Change
Other Assets $193.8M $189.7M $189.7M
YoY Change 7.84% 12.32% 12.32%
Total Long-Term Assets $3.818B $3.444B $3.444B
YoY Change 18.61% 7.06% 7.06%
TOTAL ASSETS
Total Short-Term Assets $5.216B $5.476B $5.476B
Total Long-Term Assets $3.818B $3.444B $3.444B
Total Assets $9.035B $8.920B $8.920B
YoY Change 6.08% 6.16% 6.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.6M $23.10M $23.10M
YoY Change 258.77% -18.83% -18.83%
Accrued Expenses $326.0M $163.0M $320.8M
YoY Change 276.14% 82.91% 39.39%
Deferred Revenue $117.1M $104.2M
YoY Change -0.59% 0.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.200M $3.100M $3.100M
YoY Change
Total Short-Term Liabilities $573.8M $455.8M $455.8M
YoY Change 43.08% 22.32% 22.32%
LONG-TERM LIABILITIES
Long-Term Debt $990.8M $990.5M $990.5M
YoY Change 0.13% 0.13% 0.13%
Other Long-Term Liabilities $81.20M $98.10M $98.10M
YoY Change -7.08% 4.01% 4.01%
Total Long-Term Liabilities $990.8M $990.5M $1.089B
YoY Change 0.13% 0.13% 0.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $573.8M $455.8M $455.8M
Total Long-Term Liabilities $990.8M $990.5M $1.089B
Total Liabilities $1.692B $1.581B $1.581B
YoY Change 9.06% 3.18% 3.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.204B
YoY Change 20.48%
Common Stock $4.100M
YoY Change 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.343B $7.339B $7.339B
YoY Change
Total Liabilities & Shareholders Equity $9.035B $8.920B $8.920B
YoY Change 6.08% 6.16% 6.16%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $6.700M $96.40M $374.7M
YoY Change -92.31% -22.49% 1.42%
Depreciation, Depletion And Amortization $33.30M $28.70M $107.5M
YoY Change 29.94% 2.86% -22.04%
Cash From Operating Activities $139.6M $148.5M $489.5M
YoY Change 13.3% -19.74% 2.27%
INVESTING ACTIVITIES
Capital Expenditures $376.7M $66.80M $117.5M
YoY Change 2297.38% 260.03% 234.1%
Acquisitions $99.60M
YoY Change 1487.76%
Other Investing Activities -$95.80M -$95.80M
YoY Change -468.67% -488.04%
Cash From Investing Activities -$380.3M -$162.6M -$238.6M
YoY Change 1837.34% -2288.13% 245.52%
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 -$22.50M -700.0K -$3.700M
YoY Change 41.51% 25.9% -100.5%
NET CHANGE
Cash From Operating Activities $139.6M 148.5M $489.5M
Cash From Investing Activities -$380.3M -162.6M -$238.6M
Cash From Financing Activities -$22.50M -700.0K -$3.700M
Net Change In Cash -$264.3M -14.80M $247.9M
YoY Change -401.45% -107.71% -78.27%
FREE CASH FLOW
Cash From Operating Activities $139.6M $148.5M $489.5M
Capital Expenditures $376.7M $66.80M $117.5M
Free Cash Flow -$237.1M $81.70M $372.0M
YoY Change -320.55% -50.92% -16.11%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:28.5pt">ORGANIZATION </span><div style="margin-bottom:10pt;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 (the “Company”) provides information, analytics, online marketplaces 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 U.S. and Canada, and International, which primarily includes Europe, Asia-Pacific and Latin America. </span></div><div style="margin-bottom:10pt;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%">The Company acquired Homes.com, BureauxLocaux, Business Immo, and OnTheMarket in May 2021, October 2021, April 2022 and December 2023, respectively. Through our Homes.com Acquisition and OnTheMarket Acquisition, we also offer online platforms that manage workflow and marketing for residential real estate agents and brokers and provide portals for homebuyers to view residential property listings. See Note 5 for further discussion of these acquisitions.</span></div>
CY2023 csgp Subscription Based Licensing Agreement Minimum Term Years
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P1Y
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<div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>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 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.
CY2023 csgp Subscription Based Licensing Agreement Minimum Term Years
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CY2023 csgp Percentage Of Total Revenue
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CY2023 csgp Deferred Sales Commission Amortization Period
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk and Financial Instruments</span></div><div style="margin-bottom:10pt;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%">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. No single customer accounted for more than 5% of the Company’s revenues for each of the years ended December 31, 2023, 2022 and 2021. The carrying amount of the accounts receivable approximates the net realizable value. </span></div>The Company holds cash at major financial institutions that often exceed Federal Deposit Insurance Corporation-insured limits. The Company manages its credit risk associated with cash concentrations by diversifying cash holdings across AAA rated Government and Treasury Money Market Funds and multiple high quality financial institutions, and by periodically evaluating the credit quality of the primary financial institutions holding such deposits. The carrying value of cash approximates fair value. Historically, the Company has not experienced any losses due to such cash concentrations.
CY2023Q4 csgp Number Of Portfolio Segments
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CY2023Q4 csgp Number Of Trade Receivables In Loop Net Portfolio
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CY2023Q4 csgp Number Of Trade Receivables In Other Marketplaces Portfolio Segment
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