Selected Financial Data
since 2005
Income Statement
CoStar Group Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Income from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 2,182,399) | 450,949) | 369,453) |
| Dec 31, 2021 | 1,944,135) | 432,337) | 292,564) |
| Dec 31, 2020 | 1,659,019) | 289,202) | 227,128) |
| Dec 31, 2019 | 1,399,719) | 363,547) | 314,963) |
| Dec 31, 2018 | 1,191,832) | 273,564) | 238,334) |
| Dec 31, 2017 | 965,230) | 173,816) | 122,695) |
| Dec 31, 2016 | 837,630) | 144,905) | 85,071) |
| Dec 31, 2015 | 711,764) | 11,455) | (3,465) |
| Dec 31, 2014 | 575,936) | 80,878) | 44,869) |
| Dec 31, 2013 | 440,943) | 54,154) | 29,734) |
| Dec 31, 2012 | 349,936) | 27,440) | 9,915) |
| Dec 31, 2011 | 251,738) | 21,771) | 14,656) |
| Dec 31, 2010 | 226,260) | 22,775) | 13,289) |
| Dec 31, 2009 | 209,659) | 31,835) | 18,693) |
| Dec 31, 2008 | 212,428) | 39,788) | 24,623) |
| Dec 31, 2007 | 192,805) | 17,852) | 15,951) |
| Dec 31, 2006 | 158,889) | 14,081) | 12,410) |
| Dec 31, 2005 | 134,338) | 7,342) | 6,457) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial results from 2005 to 2022 reveals a period of sustained revenue expansion coupled with significant volatility in operational profitability, followed by a phase of substantial margin improvement.
- Revenue Growth Trends
- Revenues exhibited a consistent upward trajectory over the 17-year period, growing from 134.3 million US dollars in 2005 to 2.18 billion US dollars by 2022. Growth was steady during the first several years, with a notable acceleration occurring after 2012. The revenue stream scaled significantly between 2013 and 2022, crossing the 1 billion dollar threshold in 2017 and continuing to expand annually, representing a compound increase of over 1,500% from the baseline year.
- Operational Performance and Volatility
- Income from operations generally trended upward but experienced a sharp contraction in 2015, where it fell to 11.4 million US dollars from 80.8 million US dollars in the previous year. This represents a significant anomaly in an otherwise positive growth trend. Following this decline, operational income recovered rapidly, exceeding 144 million US dollars in 2016 and reaching a peak of 450.9 million US dollars by 2022. A temporary dip was observed in 2020, where income from operations fell to 289.2 million US dollars before rebounding in subsequent years.
- Net Income and Profitability
- Net income mirrored the operational trends, showing a general increase from 6.4 million US dollars in 2005 to 369.4 million US dollars in 2022. The year 2015 stood out as the only period of net loss within the analyzed timeframe, recording a deficit of 3.4 million US dollars. Post-2015, net income saw exponential growth, peaking at 314.9 million US dollars in 2019. While 2020 saw a decline to 227.1 million US dollars, the company returned to growth, ending the period with its highest recorded net income in 2022.
- Margin Analysis
- The relationship between revenue and income suggests a shift in the company's cost structure and scalability. In the early years, operating margins remained relatively lean. The significant drop in 2015 suggests a period of high one-time expenses or strategic investments that temporarily eroded profitability. However, the period from 2016 to 2022 indicates improved operational efficiency, as income from operations grew at a faster rate than revenues, suggesting the realization of economies of scale.
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Balance Sheet: Assets
CoStar Group Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 5,185,867) | 8,402,470) |
| Dec 31, 2021 | 3,988,125) | 7,256,871) |
| Dec 31, 2020 | 3,888,512) | 6,915,420) |
| Dec 31, 2019 | 1,199,165) | 3,853,986) |
| Dec 31, 2018 | 1,213,298) | 3,312,957) |
| Dec 31, 2017 | 1,287,935) | 2,873,441) |
| Dec 31, 2016 | 627,491) | 2,185,063) |
| Dec 31, 2015 | 472,733) | 2,079,571) |
| Dec 31, 2014 | 599,811) | 2,083,682) |
| Dec 31, 2013 | 308,466) | 1,256,982) |
| Dec 31, 2012 | 199,563) | 1,165,139) |
| Dec 31, 2011 | 583,183) | 771,035) |
| Dec 31, 2010 | 239,173) | 439,648) |
| Dec 31, 2009 | 247,407) | 404,579) |
| Dec 31, 2008 | 212,483) | 334,384) |
| Dec 31, 2007 | 205,678) | 321,843) |
| Dec 31, 2006 | 178,751) | 275,437) |
| Dec 31, 2005 | 146,538) | 248,059) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet asset structure demonstrates a trajectory of substantial expansion, transitioning from a modest asset base in 2005 to a multi-billion dollar position by 2022. The growth is characterized by two distinct phases: a period of steady accumulation followed by a phase of aggressive scaling starting around 2019.
- Total Asset Growth Trends
- Total assets exhibited a consistent upward trend, increasing from 248 million in 2005 to 8.40 billion by 2022. A significant acceleration in growth occurred between 2013 and 2015, where the asset base approximately doubled. The most pronounced expansion was observed between 2019 and 2020, during which total assets grew from 3.85 billion to 6.91 billion, representing an increase of approximately 79% within a single fiscal year.
- Current Asset Volatility and Expansion
- Current assets showed higher historical volatility than total assets. After a period of relative stability between 2005 and 2010, a sharp spike occurred in 2011, followed by a significant contraction in 2012. Following this volatility, current assets grew steadily until 2019, after which they entered a hyper-growth phase, surging from 1.19 billion in 2019 to 5.18 billion by 2022.
- Asset Composition Analysis
- The relationship between current assets and total assets indicates shifts in the company's financial structure. In 2005, current assets represented roughly 59% of total assets. This proportion decreased significantly by 2012, falling to approximately 17%, which suggests a strategic reallocation of capital toward long-term assets. This trend reversed in the latter part of the period; by 2022, current assets once again constituted a majority of the balance sheet, accounting for approximately 62% of total assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
CoStar Group Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, net | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 372,615) | 1,532,349) | 989,210) | 6,870,121) |
| Dec 31, 2021 | 338,689) | 1,545,199) | 987,944) | 5,711,672) |
| Dec 31, 2020 | 330,850) | 1,540,061) | 986,715) | 5,375,359) |
| Dec 31, 2019 | 207,056) | 448,393) | —) | 3,405,593) |
| Dec 31, 2018 | 154,159) | 291,015) | —) | 3,021,942) |
| Dec 31, 2017 | 146,666) | 222,191) | —) | 2,651,250) |
| Dec 31, 2016 | 154,946) | 530,850) | 338,339) | 1,654,213) |
| Dec 31, 2015 | 135,281) | 535,791) | 355,112) | 1,543,780) |
| Dec 31, 2014 | 119,290) | 570,136) | 385,000) | 1,513,546) |
| Dec 31, 2013 | 111,553) | 329,120) | 153,125) | 927,862) |
| Dec 31, 2012 | 101,638) | 338,796) | 170,625) | 826,343) |
| Dec 31, 2011 | 61,782) | 111,858) | —) | 659,177) |
| Dec 31, 2010 | 54,926) | —) | —) | 381,502) |
| Dec 31, 2009 | 43,747) | —) | —) | 359,006) |
| Dec 31, 2008 | 29,136) | —) | —) | 303,421) |
| Dec 31, 2007 | 38,237) | —) | —) | 281,805) |
| Dec 31, 2006 | 24,145) | —) | —) | 250,110) |
| Dec 31, 2005 | 22,037) | —) | —) | 224,796) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a period of significant expansion, characterized by a consistent and substantial increase in stockholders' equity and a strategic shift in the liability structure, particularly during the 2020 fiscal year.
- Stockholders' Equity Growth
- A sustained upward trajectory in stockholders' equity is observed from 2005 to 2022. The equity base grew from 224.8 million US dollars in 2005 to 6.87 billion US dollars by the end of 2022. This represents a comprehensive increase in the company's net asset value, with growth accelerating notably after 2016.
- Liability Trends and Leverage
- Total liabilities remained relatively contained until 2019, after which a sharp increase occurred. Total liabilities rose from 448.4 million US dollars in 2019 to 1.54 billion US dollars in 2020. This spike was primarily driven by a surge in long-term debt, which jumped from an unreported or negligible level in 2019 to 986.7 million US dollars in 2020, remaining stable at approximately 989 million US dollars through 2022.
- Current Obligations
- Current liabilities have demonstrated a steady long-term increase, rising from 22.0 million US dollars in 2005 to 372.6 million US dollars in 2022. A notable acceleration in these short-term obligations is evident between 2019 and 2020, where the amount increased by approximately 59% in a single year.
- Solvency and Capital Structure
- Despite the significant increase in total liabilities in 2020, the overall capital structure remains heavily weighted toward equity. The growth in stockholders' equity has consistently outpaced the growth of total liabilities, suggesting that the increase in long-term debt was managed within a framework of strong solvency and a robust equity cushion.
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Cash Flow Statement
CoStar Group Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 478,620) | (69,055) | 733,977) |
| Dec 31, 2021 | 469,731) | (381,343) | (15,679) |
| Dec 31, 2020 | 486,106) | (464,163) | 2,662,297) |
| Dec 31, 2019 | 457,780) | (483,753) | (4,154) |
| Dec 31, 2018 | 335,458) | (448,001) | 2,744) |
| Dec 31, 2017 | 234,703) | (72,267) | 480,430) |
| Dec 31, 2016 | 195,944) | (23,259) | (25,865) |
| Dec 31, 2015 | 131,245) | (215,502) | (20,504) |
| Dec 31, 2014 | 143,909) | (605,987) | 733,513) |
| Dec 31, 2013 | 108,298) | (18,966) | 10,405) |
| Dec 31, 2012 | 86,126) | (640,398) | 164,941) |
| Dec 31, 2011 | 25,685) | 58,366) | 254,780) |
| Dec 31, 2010 | 39,269) | (40,504) | 2,042) |
| Dec 31, 2009 | 39,569) | 3,408) | 2,172) |
| Dec 31, 2008 | 40,908) | 52,430) | 11,475) |
| Dec 31, 2007 | 51,799) | (40,398) | 8,161) |
| Dec 31, 2006 | 32,751) | (28,493) | 5,582) |
| Dec 31, 2005 | 22,919) | (38,732) | 7,412) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory between 2005 and 2022 is characterized by a consistent and substantial expansion in cash generation from operations, coupled with periodic, large-scale capital deployments and strategic financing events. The overall profile suggests a transition from a modest operational scale to a high-growth entity that utilizes both internal cash flows and external capital to fund significant investments.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a strong upward trend over the 17-year period. Starting at 22.9 million US dollars in 2005, the flow grew steadily until 2011, followed by a significant acceleration in 2012. A period of rapid growth occurred between 2016 and 2020, with cash flows increasing from 195.9 million US dollars to a peak of 486.1 million US dollars. Since 2020, operating cash flows have remained stable, oscillating between 469.7 million and 478.6 million US dollars.
- Investing Activity Patterns
- Investing activities are predominantly negative, indicating a sustained commitment to capital expenditure or acquisitions. Notable surges in outflows occurred in 2012 (640.4 million US dollars), 2014 (606.0 million US dollars), and during the 2018-2019 period. These spikes suggest strategic expansion phases. Conversely, infrequent positive inflows were observed in 2008, 2009, and 2011, signaling temporary divestments or asset liquidations. By 2022, investing outflows decreased significantly to 69.1 million US dollars.
- Financing Activity Dynamics
- Financing activities exhibit high volatility, characterized by massive periodic inflows used to support the company's investment strategy. Significant capital raises are evident in 2011, 2014, and 2017. The most prominent financing event occurred in 2020, with a net inflow of 2.66 billion US dollars, the largest single cash movement across all categories in the recorded period. While some years showed minor repayments or outflows, such as in 2015 and 2019, the general trend reflects a reliance on external financing to catalyze growth.
An analysis of the interaction between these three components reveals a strategic cycle where operating cash flows provide a baseline of stability, while large-scale financing events are timed to coincide with aggressive investing phases. The massive financing inflow of 2020 appears to have provided a substantial liquidity cushion, as evidenced by the subsequent stabilization of operating cash flows and the reduction in investing outflows by 2022.
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Per Share Data
CoStar Group Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 0.93 | 0.93 | 0.00 |
| Dec 31, 2021 | 0.75 | 0.74 | 0.00 |
| Dec 31, 2020 | 0.60 | 0.59 | 0.00 |
| Dec 31, 2019 | 0.87 | 0.86 | 0.00 |
| Dec 31, 2018 | 0.66 | 0.65 | 0.00 |
| Dec 31, 2017 | 0.37 | 0.37 | 0.00 |
| Dec 31, 2016 | 0.26 | 0.26 | 0.00 |
| Dec 31, 2015 | -0.01 | -0.01 | 0.00 |
| Dec 31, 2014 | 0.15 | 0.15 | 0.00 |
| Dec 31, 2013 | 0.11 | 0.11 | 0.00 |
| Dec 31, 2012 | 0.04 | 0.04 | 0.00 |
| Dec 31, 2011 | 0.06 | 0.06 | 0.00 |
| Dec 31, 2010 | 0.07 | 0.06 | 0.00 |
| Dec 31, 2009 | 0.10 | 0.09 | 0.00 |
| Dec 31, 2008 | 0.13 | 0.13 | 0.00 |
| Dec 31, 2007 | 0.08 | 0.08 | 0.00 |
| Dec 31, 2006 | 0.07 | 0.07 | 0.00 |
| Dec 31, 2005 | 0.04 | 0.03 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of per-share earnings from 2005 to 2022 reveals a long-term upward trajectory characterized by cyclical volatility and a significant growth acceleration in the latter half of the period.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibited a period of relative stability and modest fluctuations between 2005 and 2012, with basic EPS ranging from a low of 0.04 to a peak of 0.13 in 2008. A subsequent recovery occurred in 2013 and 2014, followed by a brief contraction in 2015 where earnings turned negative, reaching -0.01. From 2016 onward, a period of rapid expansion was observed, with basic EPS climbing from 0.26 to a peak of 0.87 in 2019. Despite a temporary decline to 0.60 in 2020, the trend resumed an upward path, ending the period at a maximum of 0.93 in 2022.
- Dilution Impact
- There is a consistent and minimal variance between basic and diluted earnings per share throughout the entire reporting period. The diluted EPS closely mirrors the basic EPS, typically trailing by only 0.01 or remaining identical. This suggests that the impact of potentially dilutive securities, such as stock options or convertible instruments, has remained negligible relative to the overall share count.
- Dividend Distribution
- No dividend payments were recorded for any year between 2005 and 2022. The absence of dividends per share indicates a corporate financial strategy focused on the retention of earnings to fund internal growth or other capital allocations rather than returning capital to shareholders through cash distributions.
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