Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

CoStar Group Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net income	100,520)	87,131)	124,372)	72,290)	83,473)	89,318)	92,900)	64,304)	61,148)	74,212)	35,789)	58,186)	60,360)	72,793)	87,927)	78,619)	63,248)	85,169)	83,509)	58,759)	43,835)	52,231)
Depreciation and amortization	26,063)	25,627)	27,902)	45,856)	31,937)	32,190)	37,168)	33,874)	33,106)	35,410)	33,033)	31,676)	27,979)	24,256)	23,930)	18,822)	18,754)	19,659)	19,743)	20,433)	20,584)	16,983)
Amortization of deferred commissions costs	23,378)	21,889)	20,709)	19,377)	18,413)	17,583)	16,663)	15,881)	15,530)	15,317)	15,499)	15,355)	14,915)	14,747)	14,232)	13,639)	13,143)	12,407)	12,071)	11,967)	12,269)	12,006)
Amortization of Senior Notes discount and issuance costs	600)	597)	594)	593)	590)	588)	585)	583)	581)	578)	576)	574)	216)	292)	219)	219)	219)	219)	219)	221)	217)	219)
Non-cash lease expense	7,378)	6,769)	15,381)	8,028)	7,543)	7,537)	7,367)	7,982)	6,653)	6,483)	7,525)	6,401)	6,139)	6,261)	6,379)	5,510)	5,662)	5,197)	—)	—)	—)	—)
Stock-based compensation expense	21,826)	20,045)	21,110)	18,138)	18,112)	17,847)	16,721)	16,299)	15,144)	15,545)	12,667)	16,730)	8,873)	15,180)	13,271)	13,139)	13,816)	12,029)	10,621)	8,953)	11,228)	10,412)
Deferred income taxes, net	(4,082)	(2,907)	(9,527)	(6,730)	(4,735)	(10,211)	7,910)	6,326)	4,465)	5,464)	(18,342)	3,243)	744)	2,825)	(5,068)	6,929)	2,657)	3,702)	(3,978)	3,353)	2,440)	1,851)
Credit loss expense	9,255)	4,683)	4,841)	6,578)	3,569)	3,321)	3,131)	1,711)	4,266)	1,820)	3,817)	5,707)	9,505)	6,183)	3,520)	2,234)	3,039)	2,185)	2,023)	1,662)	1,426)	1,431)
Other operating activities, net	263)	277)	(665)	(625)	(1,119)	(30)	(664)	34)	112)	(136)	300)	236)	(789)	541)	105)	—)	—)	—)	73)	—)	—)	—)
Accounts receivable	(8,444)	(32,157)	(10,226)	(2,859)	(19,594)	(13,724)	(11,915)	(9,189)	(917)	(7,609)	(1,987)	3,233)	(10,751)	(26,613)	3,783)	2,101)	(5,063)	(5,835)	(8,781)	(13,949)	(2,578)	(2,511)
Prepaid expenses and other current assets	1,515)	(5,735)	(675)	(20,387)	3,537)	(385)	3,947)	(4,253)	(11,744)	(2,823)	(2,209)	(226)	2,533)	1,838)	(13,490)	(2,505)	1,545)	206)	1,301)	14,703)	(8,133)	(9,522)
Deferred commissions	(32,747)	(32,281)	(32,921)	(29,720)	(28,326)	(25,829)	(22,240)	(17,876)	(16,844)	(15,078)	(15,651)	(16,582)	(15,599)	(16,523)	(17,897)	(15,394)	(19,668)	(13,729)	(12,076)	(11,867)	(13,291)	(16,263)
Accounts payable and other liabilities	68,153)	(13,731)	21,103)	(11,967)	46,679)	(32,581)	(2,139)	4,562)	30,577)	(63,051)	53,505)	9,548)	22,229)	15,564)	10,087)	(15,027)	7,623)	15,068)	(689)	3,176)	(20,907)	4,288)
Lease liabilities	(6,553)	(10,006)	(9,781)	(11,683)	(8,110)	(7,822)	(7,308)	(7,922)	(7,886)	(7,788)	(9,250)	(7,121)	(7,159)	(6,967)	(5,655)	(6,810)	(8,234)	(4,743)	—)	—)	—)	—)
Income taxes payable, net	(26,693)	39,609)	9,792)	(1,281)	(68,924)	41,154)	9,443)	(12,998)	(3,141)	12,556)	20,190)	(22,166)	10,704)	1,624)	(8,361)	13,361)	(13,888)	8,311)	9,632)	—)	—)	—)
Deferred revenue	(4,924)	13,797)	2,297)	(4,032)	(3,897)	12,417)	1,596)	(348)	1,468)	14,680)	(4,935)	(6,380)	(4,745)	18,248)	(4,614)	1,892)	1,925)	8,708)	1,425)	3,908)	(2,726)	5,272)
Other assets	(344)	(391)	725)	(86)	2,244)	(666)	(2,652)	(41)	(82)	2,273)	241)	8,278)	(7,972)	1,215)	(605)	(279)	295)	(59)	(319)	48)	1,968)	(3,412)
Changes in operating assets and liabilities, net of acquisitions	(10,037)	(40,895)	(19,686)	(82,015)	(76,391)	(27,436)	(31,268)	(48,065)	(8,569)	(66,840)	39,904)	(31,416)	(10,760)	(11,614)	(36,752)	(22,661)	(35,465)	7,927)	(9,507)	(3,981)	(45,667)	(22,148)
Adjustments to reconcile net income to net cash provided by operating activities	74,644)	36,085)	60,659)	9,200)	(2,081)	41,389)	57,613)	34,625)	71,288)	13,641)	94,979)	48,506)	56,822)	58,671)	19,836)	37,831)	21,825)	63,325)	31,265)	42,608)	2,497)	20,754)
Net cash provided by operating activities	175,164)	123,216)	185,031)	81,490)	81,392)	130,707)	150,513)	98,929)	132,436)	87,853)	130,768)	106,692)	117,182)	131,464)	107,763)	116,450)	85,073)	148,494)	114,774)	101,367)	46,332)	72,985)
Proceeds from sale and settlement of investments	—)	—)	864)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	10,259)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale of property and equipment and other assets	—)	—)	25,063)	—)	5,019)	15)	367)	44)	201)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of Richmond assets	(29,908)	(15,713)	(3,639)	(5,866)	(25,664)	—)	(141)	—)	(364)	(123,259)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchases of property and equipment and other assets	(4,884)	(3,917)	(14,915)	(12,913)	(18,330)	(12,416)	(43,687)	(8,440)	(2,474)	(10,619)	(6,210)	(29,355)	(5,649)	(7,133)	(2,035)	(29,775)	(4,958)	(9,429)	(7,831)	(5,950)	(7,234)	(8,617)
Cash paid for acquisitions, net of cash acquired	—)	—)	58)	—)	(6,331)	—)	(40,377)	(4,319)	(147,833)	(442)	(234,073)	(7,500)	(184,070)	(432)	(423,835)	—)	(13,721)	—)	(78,295)	—)	—)	(340,074)
Net cash (used in) provided by investing activities	(34,792)	(19,630)	7,431)	(18,779)	(45,306)	(12,401)	(83,838)	(12,715)	(150,470)	(134,320)	(240,283)	(36,855)	(189,719)	2,694)	(425,870)	(29,775)	(18,679)	(9,429)	(86,126)	(5,950)	(7,234)	(348,691)
Proceeds from long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	999,210)	—)	745,000)	—)	—)	—)	—)	—)	—)	—)	—)
Payments of debt issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(900)	(15,747)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments of long-term debt	—)	—)	—)	—)	(2,155)	—)	—)	—)	—)	—)	—)	(745,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchase of restricted stock to satisfy tax withholding obligations	(814)	(21,631)	(2,849)	(504)	(296)	(19,459)	(4,008)	(901)	(738)	(27,667)	(4,816)	(398)	(3,509)	(30,144)	(2,537)	(815)	(5,546)	(18,679)	(661)	(1,272)	(7,002)	(15,392)
Proceeds from equity offering, net of transaction costs	—)	—)	(470)	746,170)	—)	—)	—)	—)	—)	—)	—)	(177)	1,690,148)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from exercise of stock options and employee stock purchase plan	10,444)	5,731)	2,763)	3,437)	3,635)	3,705)	3,021)	2,701)	3,200)	9,124)	2,111)	11,656)	6,218)	10,295)	2,110)	6,275)	4,634)	12,061)	1,303)	11,554)	3,598)	10,616)
Other financing activities	—)	—)	—)	—)	—)	—)	(354)	—)	(57)	—)	—)	—)	(1,650)	—)	(1,534)	—)	(123)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	9,630)	(15,900)	(556)	749,103)	1,184)	(15,754)	(1,341)	1,800)	2,405)	(18,543)	(3,605)	249,544)	1,691,207)	725,151)	(1,961)	5,460)	(1,035)	(6,618)	642)	10,282)	(3,404)	(4,776)
Effect of foreign currency exchange rates on cash and cash equivalents	(353)	(10)	1,599)	(1,465)	(2,251)	(581)	205)	(1,336)	242)	(606)	1,227)	19)	1,812)	(2,117)	1,180)	(328)	(364)	(46)	(660)	(191)	(845)	448)
Net increase (decrease) in cash and cash equivalents	149,649)	87,676)	193,505)	810,349)	35,019)	101,971)	65,539)	86,678)	(15,387)	(65,616)	(111,893)	319,400)	1,620,482)	857,192)	(318,888)	91,807)	64,995)	132,401)	28,630)	105,508)	34,849)	(280,034)

Net income: Net income shows volatility yet an overall upward trajectory from 2018 to mid-2023, with fluctuations evident each quarter. Significant increases are noted in late 2021 and the first quarter of 2023, reflecting periods of enhanced profitability. However, some quarters in 2020 experienced lower net income, indicating challenges during that period.
Depreciation and amortization: There is a consistent gradual increase in depreciation and amortization over time, indicating growing investments in long-lived assets or acquisitions. This increase reflects expanding operational scale and asset base.
Amortization of deferred commissions costs: This expense exhibits a steady upward trend, suggesting increased deferred commission assets being amortized, which may be associated with growing sales or customer acquisition activities.
Non-cash lease expense: Data available from late 2018 onward indicates a rising pattern in non-cash lease expenses, peaking notably in early 2023 and displaying overall growth over time, consistent with lease accounting changes and expanded lease obligations.
Stock-based compensation expense: This expense generally trends upward, with some volatility. Notable increases occurred around 2020 and 2021, reflecting intensified employee incentive programs or changes in equity-based compensation arrangements.
Deferred income taxes, net: The deferred income taxes exhibit volatility with swings between positive and negative amounts. This irregular pattern indicates fluctuating tax positions or timing differences, potentially influenced by tax planning strategies or changes in profitability.
Credit loss expense: Credit loss expense has fluctuated, with a marked surge during 2020, indicating increased credit risk or deteriorating receivables quality possibly related to economic disruptions. Subsequent quarters show partial normalization with ongoing variability.
Other operating activities, net: Other operating activities remain relatively minor in magnitude but show inconsistent fluctuations, signifying occasional atypical cash flows impacting operating results.
Accounts receivable: Accounts receivable changes are volatile, with significant negative adjustments in some quarters suggesting large collections or write-offs, and occasional positive changes indicative of increased sales on credit. The inconsistent pattern points to variability in sales collections and working capital management.
Prepaid expenses and other current assets: These assets show fluctuating changes, with alternating periods of increases and decreases, reflecting variable timing in payments or recognition of expenses and impacting short-term asset composition.
Deferred commissions: Deferred commissions demonstrate a consistent negative change, representing amortization exceeding new deferred commission capitalization, indicative of sustained investment in customer acquisition costs over time.
Accounts payable and other liabilities: Changes in accounts payable and other liabilities are highly volatile, with large swings between increases and decreases. This irregular behavior suggests fluctuations in payment cycles, vendor terms, or timing of liabilities recognition.
Lease liabilities: Lease liabilities changes show persistent negative values, indicating ongoing repayments or reductions in lease obligations. The trend is generally stable with some quarters showing increased lease-related outflows.
Income taxes payable, net: Income taxes payable show significant volatility with large positive and negative swings, pointing to irregular tax payment timings, adjustments, or disputes influencing cash tax positions.
Deferred revenue: Deferred revenue changes fluctuate between positive and negative, reflecting timing differences in revenue recognition and billing. The variability demonstrates dynamic customer payment behaviors or contract structures.
Other assets: Changes in other assets are relatively minor and erratic, indicating occasional adjustments or non-core asset movements without a clear trend.
Changes in operating assets and liabilities, net of acquisitions: This metric displays predominantly negative values, suggesting that operating assets and liabilities broadly absorb cash flow, with occasional temporary positive cash flow impacts, reflecting working capital fluctuations.
Adjustments to reconcile net income to net cash provided by operating activities: These adjustments are generally positive and substantial, indicating significant non-cash charges or income adjustments necessary for converting accounting net income to cash-based operating results.
Net cash provided by operating activities: Operating cash flow steadily increases with some quarter-to-quarter volatility, pointing to a growing business generating increasing cash from core operations despite transient decreases, notably in late 2019 and 2022.
Investing activities: Net cash used in investing activities is predominantly negative with large outflows in certain quarters linked to property and equipment purchases and acquisitions. Notable spikes in asset purchases occurred intermittently, signaling active investment and expansion strategies. Some quarters show small positive or less negative cash flows due to asset sales or divestitures.
Financing activities: Financing cash flow is highly variable with periods of large positive inflows from debt and equity issuance and significant outflows due to debt repayments, share repurchases for tax withholdings, and acquisition financing. Massive capital raises in 2020 and 2021 are evident, reflecting efforts to secure funding for growth or refinancing needs.
Effect of foreign currency exchange rates on cash: This effect fluctuates modestly around zero with occasional positive or negative impacts, indicating minor influences of currency translation on cash balances.
Net increase (decrease) in cash and cash equivalents: Cash balances show substantial fluctuations, with very large increases during capital raising and positive operating cash flow periods and notable decreases coinciding with heavy investing outflows or debt repayments. The overall pattern indicates dynamic cash management responding to operational needs and strategic investments.

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CoStar Group Inc. (NASDAQ:CSGP)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data