Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
CoStar Group Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
Revenues exhibit a consistent upward trajectory over the analyzed period, growing from 273.7 million US dollars in the first quarter of 2018 to 605.9 million US dollars by the second quarter of 2023. This represents a steady expansion of the top line, characterized by sequential growth in almost every period.
- Gross Profitability
- Gross profit has scaled in tandem with revenue, increasing from 211.2 million US dollars to 493.5 million US dollars. While the cost of revenues has also increased, it has done so at a slower rate than total revenue, maintaining a strong and relatively stable gross margin throughout the five-year span.
- Operating Expense Trends
- Selling and marketing expenses demonstrate significant quarterly volatility, frequently spiking in the second quarters of various years, such as June 2019, June 2021, and June 2023. Software development costs show a more linear increase, rising from 22.9 million US dollars in March 2018 to 63.4 million US dollars in June 2023, indicating a sustained investment in product infrastructure. General and administrative expenses remained relatively stable until a sharp increase in December 2020, after which they settled into a higher baseline ranging between 77 million and 92 million US dollars.
- Operational Income Performance
- Income from operations has fluctuated, reflecting the volatility in operating expenses. While operational income reached a peak of 140.4 million US dollars in December 2021, it has experienced periodic contractions, particularly during quarters with aggressive marketing spend. Despite these fluctuations, the company has remained operationally profitable in every quarter recorded.
- Non-Operating Items and Net Income
- A notable shift is observed in interest income and expenses. After a period of net interest expenses between 2020 and 2021, there is a substantial pivot toward significant interest income starting in late 2022, reaching 51.9 million US dollars in June 2023. This surge in non-operating income has materially bolstered the bottom line, contributing to a net income of 100.5 million US dollars in the final quarter of the data set, effectively offsetting some of the increased operating expenditures.
The overall financial profile indicates a business in a growth phase, characterized by aggressive scaling of revenue and strategic investments in marketing and software. The recent increase in net income is driven not only by core operational growth but also by a significant increase in interest income.
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