CoStar Group Q2 2024 10-Q Filed

TL;DR

**CoStar Group Q2 2024 10-Q is in! Financials and lease data updated.**

AI Summary

CoStar Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures related to leases and liabilities are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for CoStar Group, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting quarter.)
• 20240725 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• COSTAR GROUP, INC. (company) — Filer
• 0001057352 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240725 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) CSGP Nasdaq Global Select Ma
• $0.0001 — terport Class A common stock, par value $0.0001 per share Merger Sub I Matrix Merger S
• $94.62 — Share Price is greater than or equal to $94.62 (the "Ceiling Price"), then the Merger
• $77.42 — up Share Price is less than or equal to $77.42 (the "Floor Price"), then the Merger Ex
• $2.75 — o shall be equal to the quotient of (x) $2.75 divided by (y) the Average CoStar Group

Filing Documents

• csgp-20240630.htm (10-Q) — 1411KB
• csgp-063024xex311.htm (EX-31.1) — 11KB
• csgp-063024xex312.htm (EX-31.2) — 11KB
• csgp-063024xex321.htm (EX-32.1) — 7KB
• csgp-063024xex322.htm (EX-32.2) — 7KB
• csgp-20240630_g1.jpg (GRAPHIC) — 32KB
• 0001057352-24-000091.txt ( ) — 8448KB
• csgp-20240630.xsd (EX-101.SCH) — 52KB
• csgp-20240630_cal.xml (EX-101.CAL) — 97KB
• csgp-20240630_def.xml (EX-101.DEF) — 191KB
• csgp-20240630_lab.xml (EX-101.LAB) — 664KB
• csgp-20240630_pre.xml (EX-101.PRE) — 449KB
• csgp-20240630_htm.xml (XML) — 1492KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Changes in Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 2 Glossary of Terms The following abbreviations or acronyms used in this Quarterly Report on Form 10-Q (this "Report") are defined below: Abbreviation or Acronym Definition 2020 Credit Agreement The second amended and restated credit agreement, dated July 1, 2020, which amended and restated in its entirety the then-existing credit agreement originally entered into on April 1, 2014, as amended by the first amendment to the second amended and restated credit agreement, dated May 8, 2023 and was replaced by the 2024 Credit Agreement in May 2024 2023 Form 10-K CoStar Group's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 21, 2024 2024 Credit Agreement On May 24, 2024, the Company entered into a credit agreement replacing the Company's 2020 Credit Agreement ASU Accounting Standards Update Business Immo The legal entity BIH, a French socit par actions simplifie, the owner and operator of Business Immo, a leading commercial real estate news service provider in France CECL Current expected credit losses CODM Chief Operating Decision Maker CoStar Group (also the "Company," "we," "us" or "our") The legal entity, CoStar Group, Inc., a Delaware corporation, one or more of its consolidated subsidiaries or operating segments, or the entirety of CoStar Group, Inc. and its consolidated subsidiaries CoStar Group Share A share of the common stock of the Company, par value $0.01 per share CoStar UK The legal entity, CoStar UK Limited, a wholly owned subsidiary of CoStar Group CRI CoStar Realty Information, Inc., a Delaware corporation and wholly owned subsidiary of CoStar Group, Inc. DSUs Deferred Stock Units EBITDA Net income before interest income or expense, net; other income or expense, net; loss on debt extinguishment; income taxes; depreciation; and amortization ESG Environmental, Social, and Governance ESPP Employee Stock Purchase Plan EURIBOR Euro Interbank Offered Rate FASB Financ

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements COSTAR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 677.8 $ 605.9 $ 1,334.2 $ 1,190.3 Cost of revenues 135.8 112.4 277.0 231.6 Gross profit 542.0 493.5 1,057.2 958.7 Operating expenses: Selling and marketing (excluding customer base amortization) 358.4 250.0 724.5 476.2 Software development 79.6 63.4 162.0 130.0 General and administrative 109.9 90.6 208.4 180.1 Customer base amortization 10.2 10.4 21.2 21.0 558.1 414.4 1,116.1 807.3 (Loss) income from operations ( 16.1 ) 79.1 ( 58.9 ) 151.4 Interest income, net 53.5 51.9 109.7 95.4 Other (expense) income, net ( 1.5 ) 0.6 ( 3.4 ) 1.2 Income before income taxes 35.9 131.6 47.4 248.0 Income tax expense 16.7 31.1 21.5 60.3 Net income $ 19.2 $ 100.5 $ 25.9 $ 187.7 Net income per share - basic $ 0.05 $ 0.25 $ 0.06 $ 0.46 Net income per share - diluted $ 0.05 $ 0.25 $ 0.06 $ 0.46 Weighted-average outstanding shares - basic 406.0 405.4 405.8 405.0 Weighted-average outstanding shares - diluted 407.4 406.7 407.3 406.5 See accompanying notes. 5 COSTAR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 19.2 $ 100.5 $ 25.9 $ 187.7 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment ( 0.2 ) 3.4 ( 4.5 ) 7.4 Total other comprehensive (loss) income, net of tax ( 0.2 ) 3.4 ( 4.5 ) 7.4 Total comprehensive income $ 19.0 $ 103.9 $ 21.4 $ 195.1 See accompanying notes. 6 COSTAR GROUP, INC. CON DENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,919.5 $ 5,215.9 Accounts receivable 226.2 213.2 Less: Allowance for credit losses ( 22.4 ) ( 23.2 )

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View this 10-Q filing on SEC EDGAR