COSTAR GROUP, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 0-24531 | 52-2091509 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1331 L Street, NW, Washington, DC | 20005 |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report.) |
COSTAR GROUP, INC. | |
By: | |
Date: April 26, 2017 | /s/ Scott T. Wheeler |
Name: Scott T. Wheeler | |
Title: Chief Financial Officer | |
Year 2016-2017 Quarterly Results - Unaudited | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||
2016 | 2017 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||
Revenues | $ | 200 | $ | 207 | $ | 213 | $ | 218 | $ | 227 | ||||||
Net income | 17 | 16 | 23 | 30 | 22 | |||||||||||
Net income per share - diluted | 0.52 | 0.48 | 0.72 | 0.91 | 0.68 | |||||||||||
Weighted average outstanding shares - diluted | 32.4 | 32.4 | 32.4 | 32.5 | 32.6 | |||||||||||
EBITDA | 48 | 46 | 58 | 64 | 55 | |||||||||||
Adjusted EBITDA | 58 | 56 | 67 | 75 | 64 | |||||||||||
Non-GAAP net income | 31 | 29 | 36 | 42 | 34 | |||||||||||
Non-GAAP net income per share - diluted | 0.95 | 0.91 | 1.11 | 1.29 | 1.05 |
CoStar Group, Inc. | ||||||||
Condensed Consolidated Statements of Operations-Unaudited | ||||||||
(in thousands, except per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Revenues | $ | 226,553 | $ | 199,739 | ||||
Cost of revenues | 51,346 | 42,900 | ||||||
Gross margin | 175,207 | 156,839 | ||||||
Operating expenses: | ||||||||
Selling and marketing | 76,402 | 75,204 | ||||||
Software development | 22,374 | 17,635 | ||||||
General and administrative | 33,995 | 27,476 | ||||||
Customer base amortization | 4,774 | 6,223 | ||||||
137,545 | 126,538 | |||||||
Income from operations | 37,662 | 30,301 | ||||||
Interest and other income | 429 | 84 | ||||||
Interest and other expense | (2,686 | ) | (2,509 | ) | ||||
Income before income taxes | 35,405 | 27,876 | ||||||
Income tax expense | 13,275 | 11,155 | ||||||
Net income | $ | 22,130 | $ | 16,721 | ||||
Net income per share - basic | $ | 0.69 | $ | 0.52 | ||||
Net income per share - diluted | $ | 0.68 | $ | 0.52 | ||||
Weighted average outstanding shares - basic | 32,276 | 32,085 | ||||||
Weighted average outstanding shares - diluted | 32,563 | 32,382 |
CoStar Group, Inc. | ||||||||
Reconciliation of Non-GAAP Financial Measures-Unaudited | ||||||||
(in thousands, except per share data) | ||||||||
Reconciliation of Net Income to Non-GAAP Net Income | ||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Net income | $ | 22,130 | $ | 16,721 | ||||
Income tax expense | 13,275 | 11,155 | ||||||
Income before income taxes | 35,405 | 27,876 | ||||||
Amortization of acquired intangible assets and other related costs | 10,893 | 11,919 | ||||||
Stock-based compensation expense | 9,357 | 8,331 | ||||||
Acquisition and integration related costs | 362 | 1,447 | ||||||
Settlements and impairments | (760 | ) | — | |||||
Non-GAAP income before income taxes | 55,257 | 49,573 | ||||||
Assumed rate for income tax expense * | 38 | % | 38 | % | ||||
Assumed provision for income tax expense | (20,998 | ) | (18,838 | ) | ||||
Non-GAAP net income | $ | 34,259 | $ | 30,735 | ||||
Net income per share - diluted | $ | 0.68 | $ | 0.52 | ||||
Non-GAAP net income per share - diluted | $ | 1.05 | $ | 0.95 | ||||
Weighted average outstanding shares - basic | 32,276 | 32,085 | ||||||
Weighted average outstanding shares - diluted | 32,563 | 32,382 | ||||||
* A 38% tax rate is assumed in order to approximate the Company's long-term effective corporate tax rate. | ||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | ||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Net income | $ | 22,130 | $ | 16,721 | ||||
Amortization of acquired intangible assets in cost of revenues | 6,119 | 5,696 | ||||||
Amortization of acquired intangible assets in operating expenses | 4,774 | 6,223 | ||||||
Depreciation and other amortization | 6,405 | 5,602 | ||||||
Interest and other income | (429 | ) | (84 | ) | ||||
Interest and other expense | 2,686 | 2,509 | ||||||
Income tax expense | 13,275 | 11,155 | ||||||
EBITDA | $ | 54,960 | $ | 47,822 | ||||
Stock-based compensation expense | 9,357 | 8,331 | ||||||
Acquisition and integration related costs | 362 | 1,447 | ||||||
Settlements and impairments | (760 | ) | — | |||||
Adjusted EBITDA | $ | 63,919 | $ | 57,600 |
CoStar Group, Inc. | ||||||||
Condensed Consolidated Balance Sheets - Unaudited | ||||||||
(in thousands) | ||||||||
March 31, 2017 | December 31, 2016 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 572,472 | $ | 567,223 | ||||
Accounts receivable, net | 49,557 | 48,537 | ||||||
Income tax receivable | 129 | 129 | ||||||
Prepaid expenses and other current assets | 12,005 | 11,602 | ||||||
Total current assets | 634,163 | 627,491 | ||||||
Long-term investments | 9,952 | 9,952 | ||||||
Deferred income taxes, net | 8,479 | 7,273 | ||||||
Property and equipment, net | 85,504 | 87,568 | ||||||
Goodwill | 1,263,484 | 1,254,866 | ||||||
Intangible assets, net | 191,472 | 195,965 | ||||||
Deposits and other assets | 2,101 | 1,948 | ||||||
Total assets | $ | 2,195,155 | $ | 2,185,063 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 95,153 | $ | 83,916 | ||||
Current portion of long-term debt | 6,961 | 31,866 | ||||||
Deferred revenue | 41,977 | 39,164 | ||||||
Total current liabilities | 144,091 | 154,946 | ||||||
Long-term debt, less current portion | 297,150 | 306,473 | ||||||
Deferred gain on sale of building | 18,084 | 18,715 | ||||||
Deferred rent | 31,800 | 31,589 | ||||||
Deferred income taxes, net | 19,521 | 18,386 | ||||||
Income taxes payable | 747 | 741 | ||||||
Stockholders' equity | 1,683,762 | 1,654,213 | ||||||
Total liabilities and stockholders' equity | $ | 2,195,155 | $ | 2,185,063 |
CoStar Group, Inc. | |||||||
Results of Segments-Unaudited | |||||||
(in thousands) | |||||||
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenues | |||||||
North America | $ | 219,341 | $ | 193,261 | |||
International | |||||||
External customers | 7,212 | 6,478 | |||||
Intersegment revenue * | 11 | 11 | |||||
Total International revenue | 7,223 | 6,489 | |||||
Intersegment eliminations | (11 | ) | (11 | ) | |||
Total revenues | $ | 226,553 | $ | 199,739 | |||
EBITDA | |||||||
North America | $ | 54,433 | $ | 46,864 | |||
International | 527 | 958 | |||||
Total EBITDA | $ | 54,960 | $ | 47,822 | |||
*Intersegment revenue recorded was attributable to services performed for the Company's wholly owned subsidiary, CoStar Portfolio Strategy by Grecam S.A.S. (“Grecam”), a wholly owned subsidiary of CoStar Limited, the Company’s wholly owned U.K. holding company. Intersegment revenue is recorded at an amount the Company believes approximates fair value. North America EBITDA includes a corresponding cost for the services performed by Grecam. |
CoStar Group, Inc. | ||||||||
Revenues by Services-Unaudited | ||||||||
(in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Information and analytics | ||||||||
CoStar Suite | $ | 109,979 | $ | 97,634 | ||||
Information services | 18,336 | 19,425 | ||||||
Online marketplaces | ||||||||
Multifamily | 63,991 | 52,238 | ||||||
Commercial property and land | 34,247 | 30,442 | ||||||
Total revenues | $ | 226,553 | $ | 199,739 |
CoStar Group, Inc. Reconciliation of Non-GAAP Financial Measures with 2016-2017 Quarterly Results - Unaudited | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Reconciliation of Net Income to Non-GAAP Net Income | |||||||||||||||||
2016 | 2017 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||||
Net income | $ | 16.7 | $ | 15.6 | $ | 23.2 | $ | 29.6 | $ | 22.1 | |||||||
Income tax expense | 11.2 | 10.2 | 14.2 | 16.0 | 13.3 | ||||||||||||
Income before income taxes | 27.9 | 25.8 | 37.4 | 45.5 | 35.4 | ||||||||||||
Amortization of acquired intangible assets | 11.9 | 11.5 | 11.3 | 10.8 | 10.9 | ||||||||||||
Stock-based compensation expense | 8.3 | 9.3 | 9.3 | 9.4 | 9.4 | ||||||||||||
Acquisition and integration related costs | 1.5 | 0.8 | — | — | 0.4 | ||||||||||||
Restructuring and related costs | — | — | 0.1 | 1.8 | — | ||||||||||||
Settlements and impairments | — | — | — | — | (0.8 | ) | |||||||||||
Non-GAAP income before income taxes | 49.6 | 47.5 | 58.1 | 67.5 | 55.3 | ||||||||||||
Assumed rate for income tax expense * | 38 | % | 38 | % | 38 | % | 38 | % | 38 | % | |||||||
Assumed provision for income tax expense | (18.9 | ) | (18.0 | ) | (22.1 | ) | (25.6 | ) | (21.0 | ) | |||||||
Non-GAAP net income | $ | 30.7 | $ | 29.4 | $ | 36.0 | $ | 41.8 | $ | 34.3 | |||||||
Non-GAAP net income per share - diluted | $ | 0.95 | $ | 0.91 | $ | 1.11 | $ | 1.29 | $ | 1.05 | |||||||
Weighted average outstanding shares - basic | 32.1 | 32.2 | 32.2 | 32.2 | 32.3 | ||||||||||||
Weighted average outstanding shares - diluted | 32.4 | 32.4 | 32.4 | 32.5 | 32.6 | ||||||||||||
* A 38% tax rate is assumed in order to approximate the Company's long-term effective corporate tax rate. | |||||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | |||||||||||||||||
2016 | 2017 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||||
Net income | $ | 16.7 | $ | 15.6 | $ | 23.2 | $ | 29.6 | $ | 22.1 | |||||||
Amortization of acquired intangible assets | 11.9 | 11.5 | 11.3 | 10.8 | 10.9 | ||||||||||||
Depreciation and other amortization | 5.6 | 5.9 | 6.8 | 6.3 | 6.4 | ||||||||||||
Interest and other income | (0.1 | ) | (0.2 | ) | (0.3 | ) | (1.2 | ) | (0.4 | ) | |||||||
Interest and other expense | 2.5 | 2.5 | 2.5 | 2.6 | 2.7 | ||||||||||||
Income tax expense | 11.2 | 10.2 | 14.2 | 15.9 | 13.3 | ||||||||||||
EBITDA | $ | 47.8 | $ | 45.6 | $ | 57.7 | $ | 64.0 | $ | 55.0 | |||||||
Stock-based compensation expense | 8.3 | 9.3 | 9.3 | 9.4 | 9.4 | ||||||||||||
Acquisition and integration related costs | 1.5 | 0.8 | — | — | 0.4 | ||||||||||||
Restructuring and related costs | — | — | 0.1 | 1.8 | — | ||||||||||||
Settlements and impairments | — | — | — | — | (0.8 | ) | |||||||||||
Adjusted EBITDA | $ | 57.6 | $ | 55.7 | $ | 67.1 | $ | 75.2 | $ | 63.9 |
CoStar Group, Inc. | |||||||||||||||
Reconciliation of Forward-Looking Guidance-Unaudited | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Reconciliation of Forward-Looking Guidance, Net Income to Non-GAAP Net Income | |||||||||||||||
Guidance Range | Guidance Range | ||||||||||||||
For the Three Months | For the Twelve Months | ||||||||||||||
Ended June 30, 2017 | Ended December 31, 2017 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 4,900 | $ | 7,700 | $ | 91,500 | $ | 96,300 | |||||||
Income tax expense | 3,000 | 4,700 | 56,000 | 59,100 | |||||||||||
Income before income taxes | 7,900 | 12,400 | 147,500 | 155,400 | |||||||||||
Amortization of acquired intangible assets | 10,900 | 10,900 | 36,000 | 36,000 | |||||||||||
Stock-based compensation expense | 11,000 | 10,000 | 42,000 | 40,000 | |||||||||||
Acquisition and integration related costs | 1,000 | 500 | 2,000 | 1,500 | |||||||||||
Restructuring and related costs | — | — | — | — | |||||||||||
Settlements and impairments | — | — | (800 | ) | (800 | ) | |||||||||
Non-GAAP income before income taxes | 30,800 | 33,800 | 226,700 | 232,100 | |||||||||||
Assumed rate for income tax expense * | 38 | % | 38 | % | 38 | % | 38 | % | |||||||
Assumed provision for income tax expense | (11,700 | ) | (12,800 | ) | (86,100 | ) | (88,200 | ) | |||||||
Non-GAAP net income | $ | 19,100 | $ | 21,000 | $ | 140,600 | $ | 143,900 | |||||||
Net income per share - diluted | $ | 0.15 | $ | 0.24 | $ | 2.80 | $ | 2.94 | |||||||
Non-GAAP net income per share - diluted | $ | 0.58 | $ | 0.64 | $ | 4.30 | $ | 4.40 | |||||||
Weighted average outstanding shares - diluted | 32,700 | 32,700 | 32,700 | 32,700 | |||||||||||
* A 38% tax rate is assumed in order to approximate the Company's long-term effective corporate tax rate. | |||||||||||||||
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA | |||||||||||||||
Guidance Range | Guidance Range | ||||||||||||||
For the Three Months | For the Twelve Months | ||||||||||||||
Ended June 30, 2017 | Ended December 31, 2017 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 4,900 | $ | 7,700 | $ | 91,500 | $ | 96,300 | |||||||
Amortization of acquired intangible assets | 10,900 | 10,900 | 36,000 | 36,000 | |||||||||||
Depreciation and other amortization | 6,600 | 6,600 | 27,500 | 27,500 | |||||||||||
Interest and other expense, net | 2,600 | 2,600 | 10,400 | 10,400 | |||||||||||
Income tax expense | 3,000 | 4,700 | 56,000 | 59,100 | |||||||||||
Stock-based compensation expense | 11,000 | 10,000 | 42,000 | 40,000 | |||||||||||
Acquisition and integration related costs | 1,000 | 500 | 2,000 | 1,500 | |||||||||||
Restructuring and related costs | — | — | — | — | |||||||||||
Settlements and impairments | — | — | (800 | ) | (800 | ) | |||||||||
Adjusted EBITDA | $ | 40,000 | $ | 43,000 | $ | 264,600 | $ | 270,000 |
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