Company Quick10K Filing
CoStar Group
Price594.58 EPS8
Shares37 P/E70
MCap21,793 P/FCF62
Net Debt-1,390 EBIT389
TEV20,403 TEV/EBIT52
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-23
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-07-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-24
8-K 2020-06-03
8-K 2020-05-26
8-K 2020-05-13
8-K 2020-04-29
8-K 2020-04-28
8-K 2020-03-25
8-K 2020-02-25
8-K 2020-02-11
8-K 2019-12-12
8-K 2019-10-22
8-K 2019-09-30
8-K 2019-09-30
8-K 2019-07-23
8-K 2019-06-05
8-K 2019-04-23
8-K 2019-02-26
8-K 2018-10-23
8-K 2018-07-24
8-K 2018-06-06
8-K 2018-04-23
8-K 2018-02-21
8-K 2018-01-17

CSGP 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 csgp-06302020xex311.htm
EX-31.2 csgp-06302020xex312.htm
EX-32.1 csgp-06302020xex321.htm
EX-32.2 csgp-06302020xex322.htm

CoStar Group Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.83.02.31.50.80.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.80.50.2-0.0-0.3-0.62012201420172020
Ops, Inv, Fin

csgp-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______

Commission file number 0-24531
 csgp-20200630_g1.jpg
CoStar Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware
52-2091509
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1331 L Street, NW
Washington,DC20005
(Address of principal executive offices) (Zip Code)

(202) 346-6500
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:  
Title of each classTrading SymbolName of each exchange on which registered
Common Stock ($0.01 par value)CSGPNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company



 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No x

As of July 24, 2020, there were 39,367,098 shares of the registrant’s common stock outstanding.






COSTAR GROUP, INC.
FORM 10-Q
TABLE OF CONTENTS
 
PART I FINANCIAL INFORMATION 
Item 1. 
  
  
  
Item 2. 
Item 3. 
Item 4. 
PART II OTHER INFORMATION
Item 1. 
Item 1A. 
Item 2. 
Item 3. 
Item 4. 
Item 5. 
Item 6. 

3


PART I — FINANCIAL INFORMATION

Item 1.Financial Statements

COSTAR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenues                                                                          $397,159  $343,760  $789,006  $672,185  
Cost of revenues  74,040  71,918  152,949  143,071  
Gross profit  323,119  271,842  636,057  529,114  
Operating expenses:    
Selling and marketing (excluding customer base amortization)130,461  119,075  255,568  207,169  
Software development  39,001  28,455  80,611  56,383  
General and administrative   57,403  42,337  116,276  82,413  
Customer base amortization  14,935  7,175  26,419  14,857  
 241,800  197,042  478,874  360,822  
Income from operations  81,319  74,800  157,183  168,292  
Interest (expense) income(3,596) 4,678  (1,945) 8,890  
Other (expense) income(474) 538  367  539  
Income before income taxes   77,249  80,016  155,605  177,721  
Income tax expense16,889  16,768  22,452  29,304  
Net income  $60,360  $63,248  $133,153  $148,417  
Net income per share - basic $1.61  $1.74  $3.60  $4.09  
Net income per share - diluted    $1.60  $1.73  $3.57  $4.06  
Weighted-average outstanding shares - basic 37,524  36,310  36,998  36,273  
Weighted-average outstanding shares - diluted37,734  36,627  37,256  36,597  

See accompanying notes.

4


COSTAR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income$60,360  $63,248  $133,153  $148,417  
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment863  (767) (12,086) (387) 
Unrealized gain on investments    189    
Reclassification adjustment for realized loss on investments included in net income
    541    
Total other comprehensive income (loss)863  (767) (11,356) (387) 
Total comprehensive income$61,223  $62,481  $121,797  $148,030  
See accompanying notes.

5


COSTAR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

June 30,
2020
December 31,
2019
ASSETS 
Current assets:  
Cash, cash equivalents and restricted cash $3,548,405  $1,070,731  
Accounts receivable127,030  96,788  
Less: Allowance for credit losses(13,363) (4,548) 
Accounts receivable, net113,667  92,240  
Prepaid expenses and other current assets28,576  36,194  
Total current assets3,690,648  1,199,165  
Long-term investments  10,070  
Deferred income taxes, net4,372  5,408  
Property and equipment, net104,316  107,529  
Lease right-of-use assets112,641  115,084  
Goodwill2,009,117  1,882,020  
Intangible assets, net437,550  421,196  
Deferred commission costs, net91,712  89,374  
Deposits and other assets13,868  9,232  
Income tax receivable14,806  14,908  
Total assets$6,479,030  $3,853,986  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$26,864  $7,640  
Accrued wages and commissions56,748  53,087  
Accrued expenses45,726  38,680  
Income taxes payable22,764  10,705  
Lease liabilities30,905  29,670  
Deferred revenue80,358  67,274  
Total current liabilities263,365  207,056  
Long-term debt745,000    
Deferred income taxes, net93,934  87,096  
Income taxes payable20,738  20,521  
Lease and other long-term liabilities131,672  133,720  
Total liabilities1,254,709  448,393  
Total stockholders' equity$5,224,321  $3,405,593  
Total liabilities and stockholders’ equity$6,479,030  $3,853,986  
See accompanying notes.
6


COSTAR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Common StockAdditional
Paid-In Capital
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Total
Stockholders’
Equity
 SharesAmount
Balance at December 31, 201936,668  $366  $2,473,338  $(8,585) $940,474  $3,405,593  
Net income
—  —  —  —  72,793  72,793  
Other comprehensive loss
—  —  —  (12,219) —  (12,219) 
Exercise of stock options
41  1  9,232  —  —  9,233  
Restricted stock grants
83  1  (1) —  —    
Restricted stock grants surrendered
(56) (1) (30,144) —  —  (30,145) 
Stock-based compensation expense
—  —  15,006  —  —  15,006  
Employee stock purchase plan
4  —  2,550  —  —  2,550  
Balance at March 31, 2020
36,740  $367  $2,469,981  $(20,804) $1,013,267  $3,462,811  
 Net income —  —  —  —  60,360  60,360  
Other comprehensive income
—  —  —  863  —  863  
Exercise of stock options
11  —  2,924  —  —  2,924  
Restricted stock grants
11  —    —  —    
Restricted stock grants surrendered
(17) —  (3,509) —  —  (3,509) 
Stock-based compensation expense
—  —  8,609  —  —  8,609  
Employee stock purchase plan
4  —  2,292  —  —  2,292  
 Stock issued for equity offering, net of transaction costs
2,634  26  1,689,945  —  —  1,689,971  
Balance at June 30, 2020
39,383  $393  $4,170,242  $(19,941) $1,073,627  $5,224,321  
See accompanying notes.
7


COSTAR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

Common StockAdditional
Paid-In Capital
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Total
Stockholders’
Equity
 SharesAmount
Balance at December 31, 201836,446  $364  $2,419,812  $(11,688) $613,454  $3,021,942  
Cumulative effect of adoption of new accounting standard, net of tax
—  —  —  —  12,057  12,057  
Balance at January 1, 201936,446  $364  2,419,812  (11,688) 625,511  3,033,999  
Net income—  —  —  —  85,169  85,169  
Other comprehensive income—  —  —  380  —  380  
Exercise of stock options79  1  10,637  —  —  10,638  
Restricted stock grants132  1  (1) —  —    
Restricted stock grants surrendered(43) —  (18,679) —  —  (18,679) 
Stock-based compensation expense—  —  12,034  —  —  12,034  
Management stock purchase plan—  —  3,491  —  —  3,491  
Employee stock purchase plan4  —  1,582  —  —  1,582  
Balance at March 31, 201936,618  $366  $2,428,876  $(11,308) $710,680  $3,128,614  
Net income
—  —  —  —  63,248  63,248  
Other comprehensive loss
—  —  —  (767) —  (767) 
Exercise of stock options
15  —  3,001  —  —  3,001  
Restricted stock grants
4  —  —  —  —    
Restricted stock grants surrendered
(17) —  (5,546) —  —  (5,546) 
Stock-based compensation expense
—  —  13,706  —  —  13,706  
Employee stock purchase plan
4  —  1,815  —  —  1,815  
Balance at June 30, 2019
36,624  $366  $2,441,852  $(12,075) $773,928  $3,204,071  
See accompanying notes.
8


COSTAR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Six Months Ended
June 30,
 20202019
Operating activities:  
Net income$133,153  $148,417  
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization52,235  38,413  
Amortization of deferred commissions costs29,662  25,550  
Amortization of debt issuance costs508  438  
Realized loss on investments541    
Non-cash lease expense12,400  10,859  
Stock-based compensation expense24,053  25,845  
Deferred income taxes, net3,569  6,359  
Credit loss expense15,688  5,224  
Foreign currency, net(789)   
Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable(37,364) (10,898) 
Income taxes payable12,328  (5,577) 
Prepaid expenses and other current assets4,371  1,751  
Deferred commissions(