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10-Q Filing

COSTAR GROUP, INC. CIK: 1057352 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001057352-23-000075
Period End Date 20230331
Filing Date 20230426
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance csgp-20230331_htm.xml
Balance Sheet 63 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.06B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.83B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.93B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.97B USD Point-in-time
Accounts receivable AccountsReceivableGrossCurrent $196.66M USD Point-in-time
Accounts receivable AccountsReceivableGrossCurrent $166.14M USD Point-in-time
Less: Allowance for credit losses AllowanceForDoubtfulAccountsReceivableCurrent $12.20M USD Point-in-time
Less: Allowance for credit losses AllowanceForDoubtfulAccountsReceivableCurrent $14.90M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $153.94M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $181.76M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $60.23M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $63.95M USD Point-in-time
Total current assets AssetsCurrent $5.19B USD Point-in-time
Total current assets AssetsCurrent $5.30B USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $9.72M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxAssetsNet $9.72M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $330.84M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $321.25M USD Point-in-time
Lease right-of-use assets OperatingLeaseRightOfUseAsset $76.17M USD Point-in-time
Lease right-of-use assets OperatingLeaseRightOfUseAsset $80.39M USD Point-in-time
Goodwill Goodwill $2.31B USD Point-in-time
Goodwill Goodwill $2.32B USD Point-in-time
Goodwill Goodwill $2.32B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $329.31M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $312.42M USD Point-in-time
Deferred commission costs, net DeferredCosts $142.48M USD Point-in-time
Deferred commission costs, net DeferredCosts $152.93M USD Point-in-time
Deposits and other assets DepositsAssetsNoncurrent $17.06M USD Point-in-time
Deposits and other assets DepositsAssetsNoncurrent $16.69M USD Point-in-time
Income tax receivable IncomeTaxesReceivableNoncurrent $2.00M USD Point-in-time
Income tax receivable IncomeTaxesReceivableNoncurrent $2.00M USD Point-in-time
Total assets Assets $8.52B USD Point-in-time
Total assets Assets $8.40B USD Point-in-time
Accounts payable AccountsPayableCurrent $28.46M USD Point-in-time
Accounts payable AccountsPayableCurrent $31.66M USD Point-in-time
Accrued wages and commissions EmployeeRelatedLiabilitiesCurrent $89.35M USD Point-in-time
Accrued wages and commissions EmployeeRelatedLiabilitiesCurrent $104.99M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $86.67M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $89.11M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $39.48M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $10.44M USD Point-in-time
Lease liabilities OperatingLeaseLiabilityCurrent $36.05M USD Point-in-time
Lease liabilities OperatingLeaseLiabilityCurrent $36.05M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $103.57M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $117.81M USD Point-in-time
Total current liabilities LiabilitiesCurrent $372.62M USD Point-in-time
Total current liabilities LiabilitiesCurrent $401.02M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $989.53M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $989.21M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $73.36M USD Point-in-time
Deferred income taxes, net DeferredIncomeTaxLiabilitiesNet $76.20M USD Point-in-time
Income taxes payable AccruedIncomeTaxesNoncurrent $15.29M USD Point-in-time
Income taxes payable AccruedIncomeTaxesNoncurrent $14.00M USD Point-in-time
Lease and other long-term liabilities LeaseAndOtherLiabilitiesNoncurrent $72.09M USD Point-in-time
Lease and other long-term liabilities LeaseAndOtherLiabilitiesNoncurrent $80.32M USD Point-in-time
Total liabilities Liabilities $1.53B USD Point-in-time
Total liabilities Liabilities $1.55B USD Point-in-time
Total stockholders' equity StockholdersEquity $6.97B USD Point-in-time
Total stockholders' equity StockholdersEquity $5.80B USD Point-in-time
Total stockholders' equity StockholdersEquity $6.87B USD Point-in-time
Total stockholders' equity StockholdersEquity $5.71B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $8.52B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $8.40B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $584.37M USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $515.83M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $95.48M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $119.20M USD 1 Quarter
Gross profit GrossProfit $465.17M USD 1 Quarter
Gross profit GrossProfit $420.35M USD 1 Quarter
Selling and marketing (excluding customer base amortization) SellingAndMarketingExpense $144.00M USD 1 Quarter
Selling and marketing (excluding customer base amortization) SellingAndMarketingExpense $226.23M USD 1 Quarter
Software development ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost $54.02M USD 1 Quarter
Software development ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost $66.59M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $89.51M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $77.96M USD 1 Quarter
Customer base amortization AmortizationOfIntangibleAssets $16.09M USD 1 Quarter
Customer base amortization AmortizationOfIntangibleAssets $10.62M USD 1 Quarter
Total operating expenses OperatingExpenses $392.95M USD 1 Quarter
Total operating expenses OperatingExpenses $292.07M USD 1 Quarter
Income from operations OperatingIncomeLoss $72.22M USD 1 Quarter
Income from operations OperatingIncomeLoss $128.28M USD 1 Quarter
Interest income (expense), net InterestIncomeExpenseNonoperatingNet $-7.72M USD 1 Quarter
Interest income (expense), net InterestIncomeExpenseNonoperatingNet $43.55M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $864.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $581.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $116.35M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $121.42M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $32.10M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $29.22M USD 1 Quarter
Net income NetIncomeLoss $87.13M USD 1 Quarter
Net income NetIncomeLoss $89.32M USD 1 Quarter
Net income per share - basic (in USD per share) EarningsPerShareBasic $0.23 USD 1 Quarter
Net income per share - basic (in USD per share) EarningsPerShareBasic $0.22 USD 1 Quarter
Net income per share - diluted (in USD per share) EarningsPerShareDiluted $0.21 USD 1 Quarter
Net income per share - diluted (in USD per share) EarningsPerShareDiluted $0.23 USD 1 Quarter
Weighted-average outstanding shares - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 392.89M shares 1 Quarter
Weighted-average outstanding shares - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 404.49M shares 1 Quarter
Weighted-average outstanding shares - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 406.16M shares 1 Quarter
Weighted-average outstanding shares - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 394.23M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $87.13M USD 1 Quarter
Net income NetIncomeLoss $89.32M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $25.63M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $32.19M USD 1 Quarter
Amortization of deferred commissions costs AmortizationOfDeferredSalesCommissions $17.58M USD 1 Quarter
Amortization of deferred commissions costs AmortizationOfDeferredSalesCommissions $21.89M USD 1 Quarter
Amortization of Senior Notes discount and issuance costs AmortizationOfFinancingCostsAndDiscounts $588.00K USD 1 Quarter
Amortization of Senior Notes discount and issuance costs AmortizationOfFinancingCostsAndDiscounts $597.00K USD 1 Quarter
Non-cash lease expense NonCashLeaseExpense $7.54M USD 1 Quarter
Non-cash lease expense NonCashLeaseExpense $6.77M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $17.85M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $20.05M USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $-2.91M USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $-10.21M USD 1 Quarter
Credit loss expense ProvisionForDoubtfulAccounts $3.32M USD 1 Quarter
Credit loss expense ProvisionForDoubtfulAccounts $4.68M USD 1 Quarter
Other operating activities, net OtherOperatingActivitiesCashFlowStatement $277.00K USD 1 Quarter
Other operating activities, net OtherOperatingActivitiesCashFlowStatement $-30.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $32.16M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $13.72M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $385.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.74M USD 1 Quarter
Deferred commissions IncreaseDecreaseDeferredCommissions $-32.28M USD 1 Quarter
Deferred commissions IncreaseDecreaseDeferredCommissions $-25.83M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-13.73M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-32.58M USD 1 Quarter
Lease liabilities IncreaseDecreaseInLeaseLiability $-10.01M USD 1 Quarter
Lease liabilities IncreaseDecreaseInLeaseLiability $-7.82M USD 1 Quarter
Income taxes payable, net IncreaseDecreaseInAccruedIncomeTaxesPayable $41.15M USD 1 Quarter
Income taxes payable, net IncreaseDecreaseInAccruedIncomeTaxesPayable $39.61M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $13.80M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $12.42M USD 1 Quarter
Other assets IncreaseDecreaseLeaseRightofUseandOtherAssets $-391.00K USD 1 Quarter
Other assets IncreaseDecreaseLeaseRightofUseandOtherAssets $-666.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $130.71M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $123.22M USD 1 Quarter
Purchase of Richmond assets PaymentsToAcquirePropertyPlantAndEquipment $15.71M USD 1 Quarter
Purchase of Richmond assets PaymentsToAcquirePropertyPlantAndEquipment - USD 1 Quarter
Purchases of property and equipment and other assets PaymentsToAcquirePropertyAndEquipmentAndOtherAssets $12.40M USD 1 Quarter
Purchases of property and equipment and other assets PaymentsToAcquirePropertyAndEquipmentAndOtherAssets $3.92M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-19.63M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-12.40M USD 1 Quarter
Repurchase of restricted stock to satisfy tax withholding obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $21.63M USD 1 Quarter
Repurchase of restricted stock to satisfy tax withholding obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $19.46M USD 1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan ProceedsFromExerciseOfStockOptionsAndEspp $3.71M USD 1 Quarter
Proceeds from exercise of stock options and employee stock purchase plan ProceedsFromExerciseOfStockOptionsAndEspp $5.73M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-15.75M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-15.90M USD 1 Quarter
Effect of foreign currency exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-581.00K USD 1 Quarter
Effect of foreign currency exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-10.00K USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $87.68M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $101.97M USD 1 Quarter
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.06B USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.83B USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.93B USD Point-in-time
Cash and cash equivalents at the beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.97B USD Point-in-time
Cash and cash equivalents at the end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.06B USD Point-in-time
Cash and cash equivalents at the end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.83B USD Point-in-time
Cash and cash equivalents at the end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.93B USD Point-in-time
Cash and cash equivalents at the end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.97B USD Point-in-time
Interest paid InterestPaidNet $14.96M USD 1 Quarter
Interest paid InterestPaidNet $14.47M USD 1 Quarter
Income taxes paid IncomeTaxesPaid $1.83M USD 1 Quarter
Income taxes paid IncomeTaxesPaid $1.17M USD 1 Quarter
Consideration owed for acquisitions OtherSignificantNoncashTransactionAmountsOwedForAcquisitions $59.00K USD 1 Quarter
Consideration owed for acquisitions OtherSignificantNoncashTransactionAmountsOwedForAcquisitions - USD 1 Quarter
Accrued capital expenditures and non-cash landlord incentives CapitalExpendituresIncurredButNotYetPaidAndNoncashLandlordIncentives $6.08M USD 1 Quarter
Accrued capital expenditures and non-cash landlord incentives CapitalExpendituresIncurredButNotYetPaidAndNoncashLandlordIncentives $7.78M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $6.97B USD Point-in-time
Beginning balance StockholdersEquity $5.80B USD Point-in-time
Beginning balance StockholdersEquity $6.87B USD Point-in-time
Beginning balance StockholdersEquity $5.71B USD Point-in-time
Net income NetIncomeLoss $87.13M USD 1 Quarter
Net income NetIncomeLoss $89.32M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $-6.36M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $4.09M USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $500.00K USD 1 Quarter
Restricted stock grants StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Restricted stock grants StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Restricted stock grants surrendered AdjustmentsToAdditionalPaidInCapitalRestrictedStockSurrendered $18.65M USD 1 Quarter
Restricted stock grants surrendered AdjustmentsToAdditionalPaidInCapitalRestrictedStockSurrendered $19.46M USD 1 Quarter
Employee stock purchase plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $5.81M USD 1 Quarter
Employee stock purchase plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $4.12M USD 1 Quarter
Management stock purchase plan AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $2.98M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $19.58M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $18.00M USD 1 Quarter
Ending balance StockholdersEquity $6.97B USD Point-in-time
Ending balance StockholdersEquity $5.80B USD Point-in-time
Ending balance StockholdersEquity $6.87B USD Point-in-time
Ending balance StockholdersEquity $5.71B USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $87.13M USD 1 Quarter
Net income NetIncomeLoss $89.32M USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-6.36M USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.09M USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-6.36M USD 1 Quarter
Total other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $4.09M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $82.96M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $91.22M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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