Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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CoStar Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Liabilities Trends
- The proportion of total liabilities relative to total liabilities and stockholders' equity exhibited a significant increase from 8.78% in 2018 to a peak of 22.27% in 2020, before declining to 18.24% in 2022. This rise and subsequent fall suggest a period of increased leverage followed by partial deleveraging. Current liabilities as a percentage of total liabilities and equity showed minor fluctuations, peaking at 5.37% in 2019 and gradually decreasing to 4.43% by 2022, indicating a slight reduction in short-term obligations over the period.
- Current Liabilities Components
- Accounts payable steadily increased from 0.19% in 2018 to 0.34% in 2022, reflecting a growing share of payables within the capital structure. Accrued wages and commissions generally declined from 1.38% in 2018 and 2019 to a low of 1.13% in 2021, followed by a slight uptick to 1.25% in 2022. Accrued expenses increased significantly in 2020 to 1.6% before moderating to 1.06% in 2022. Income taxes payable diminished noticeably from 0.43% in 2018 to 0.12% in 2022, indicating reduced tax liabilities or better tax management.
- Long-Term Liabilities
- Long-term debt, initially unreported, constituted a considerable 14.27% of total liabilities and equity in 2020, decreasing to 11.77% by 2022. Deferred income taxes showed a declining trend from 2.11% in 2018 to 0.91% in 2022. Lease and other long-term liabilities rose sharply from 0.12% in 2018 to a peak of 3.47% in 2019, followed by a continuous decrease to 0.96% in 2022. Overall long-term liabilities increased substantially in 2020 to 17.49% but tapered to 13.8% in 2022, revealing a shift in the company's capital structure emphasizing long-term financing during the middle years with a moderation thereafter.
- Stockholders' Equity Components
- Stockholders' equity declined from 91.22% in 2018 to a low of 77.73% in 2020, then improved to 81.76% by 2022, reflecting changes in capital and retained earnings policies or profitability dynamics. Additional paid-in capital showed a downward trend from 73.04% in 2018 to a low of 58.61% in 2021, with a slight recovery to 60.29% in 2022, indicating possible share repurchases or capital return activities. Retained earnings fluctuated with a peak at 24.4% in 2019, a drop to 16.88% in 2020, and subsequent increases to 21.77% in 2022, capturing varying profitability or dividend strategies. Accumulated other comprehensive loss remained generally minimal but showed variability, reaching -0.35% in both 2018 and 2022.
- Notable Observations
- The data indicates a strategic increase in liabilities, especially long-term debt and lease liabilities, around 2020, potentially signaling investments or expansion financed by debt. Post-2020, a reduction in leverage and a recovery in equity proportions suggests a focus on solidifying the capital structure. The steady increase in accounts payable alongside a decline in accrued expenses and income taxes payable may reflect changes in supplier terms or tax planning. The variations in retained earnings and paid-in capital point toward active management of equity components to balance growth and shareholder returns.