← Filings of CSGP
Tables in the 10-K of COSTAR GROUP, INC.
60 tables with numbers, filed Feb 22, 2024. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Glossary of Terms | 4 |
| PART I | | |
| Item 1. | Business | 7 |
| Item 1A. | Risk Factors | 20 |
| Item 1B. | Unresolved Staff Comments | 32 |
| Item 1C | Cybersecurity | 33 |
| Item 2. | Properties | 34 |
| Item 3. | Legal Proceedings | 34 |
First 8 of 30 rows. The CSV has all of them.
Table 2 after “The following abbreviations or acronyms used in this Annual Report on Form 10-K (this "Report") are defined below:”
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| Abbreviation or Acronym | Definition |
| 2020 Credit Agreement | The second amended and restated credit agreement, dated July 1, 2020, which amended and restated in its entirety the then-existing credit agreement originally entered into on April 1, 2014, as amended by the first amendment to the second amended and restated credit agreement, dated May 8, 2023. |
| ACH | Automated Clearing House |
| ADR | Average daily rate |
| Apartments.com Network | Apartments.com, the flagship brand of our network of apartment marketing sites, and its network of rental websites |
| ARS | Auction rate securities |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
First 8 of 26 rows. The CSV has all of them.
| Abbreviation or Acronym | Definition |
| OnTheMarket | The legal entity OnTheMarket Plc, the operator of onthemarket.com, a leading U.K. residential property portal. |
| OnTheMarket Acquisition | CoStar UK's acquisition of OnTheMarket completed in December 2023, pursuant to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers. The acquisition has been implemented by means of a court-sanctioned scheme of arrangement under the U.K. Companies Act 2006 |
| RentPath | RentPath Holdings, Inc. |
| RevPAR | Revenue per available room |
| ROU | Right-of-use |
| RRSP | A Canadian registered retirement savings plan |
| SEC | U.S. Securities and Exchange Commission |
First 8 of 25 rows. The CSV has all of them.
Table 4 after “ISSUER PURCHASES OF EQUITY SECURITIES”
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| 2023 | Total Number ofSharesPurchased(1) | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |
| October 1 through 31 | 12,677 | | $76.89 | | — | — |
| November 1 through 30 | 14,445 | | 73.48 | | — | — |
| December 1 through 31 | 8,252 | | 88.25 | | — | — |
| Total | 35,374 | | $78.15 | | — | — |
| ___________________ | | | | | | |
| Company / Index | 12/31/18 | 12/31/19 | | 12/31/20 | 12/31/21 | 12/31/22 | | 12/31/23 | | |
| CoStar Group, Inc. | $100.00 | | $177.36 | | $273.99 | | $234.27 | | $229.09 | $259.06 |
| S&P 500 Index | 100.00 | | 131.49 | | 155.68 | | 200.37 | | 164.08 | 207.21 |
| S&P 500 Internet Services & Infrastructure Index | 100.00 | | 134.46 | | 156.09 | | 178.95 | | 137.79 | 160.76 |
Table 6 after “The following table provides our selected consolidated results of operations for the indicated periods (in millions and as a percentage of t”
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| Year Ended December 31, | | | | | | | |
| 2023 | 2022 | | 2021 | | | | |
| Revenues | $2,455.0 | | 100% | | $2,182.4 | 100% | $1,944.1 | 100% |
| Cost of revenues | 491.5 | | 20 | | 414.0 | 19 | 357.2 | 18 |
| Gross profit | 1,963.5 | | 80 | | 1,768.4 | 81 | 1,586.9 | 82 |
| Operating expenses: | | | | | | | | |
| Selling and marketing (excluding customer base amortization) | 989.9 | | 40 | | 684.2 | 31 | 622.0 | 32 |
| Software development | 267.6 | | 11 | | 220.9 | 10 | 201.0 | 10 |
First 8 of 18 rows. The CSV has all of them.
Table 7 after “The following table provides our revenues by type of service (in millions and as a percentage of total revenue):”
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| Year Ended December 31, | | | | | | | |
| 2023 | 2022 | | 2021 | | | | |
| CoStar | $925.2 | | 38% | | $837.0 | 38% | $722.8 | 37% |
| Information services | 170.9 | | 7 | | 157.4 | 7 | 141.7 | 7 |
| Multifamily | 914.2 | | 37 | | 745.4 | 34 | 678.7 | 35 |
| LoopNet | 264.8 | | 11 | | 230.9 | 11 | 207.5 | 11 |
| Residential | 46.1 | | 2 | | 73.7 | 3 | 74.6 | 4 |
| Other marketplaces | 133.8 | | 5 | | 138.0 | 6 | 118.8 | 6 |
First 8 of 10 rows. The CSV has all of them.
Table 8 after “The following table provides a comparison of our selected consolidated results of operations for the years ended December 31, 2023 and 2022 ”
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| 2023 | 2022 | | Increase (Decrease) | Increase (Decrease) | |
| Revenues: | | | | | | |
| CoStar | $925.2 | | $837.0 | | $88.2 | 10.5% |
| Information services | 170.9 | | 157.4 | | 13.5 | 8.6 |
| Multifamily | 914.2 | | 745.4 | | 168.8 | 22.6 |
| LoopNet | 264.8 | | 230.9 | | 33.9 | 14.7 |
| Residential | 46.1 | | 73.7 | | (27.6) | (37.4) |
| Other marketplaces | 133.8 | | 138.0 | | (4.2) | (3.0) |
First 8 of 23 rows. The CSV has all of them.
| Exhibit No. | Description |
| 3.1 | Fourth Amended and Restated Certificate of Incorporation of CoStar Group, Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on June 7, 2021). |
| 3.2 | Fourth Amended and Restated By-Laws of CoStar Group, Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 9, 2022). |
| 4.1 | Specimen Common Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 of the Registrant (Reg. No. 333-174214) filed with the SEC on June 3, 2011). |
| 4.2 | Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Incorporated by reference to Exhibit 4.2 to the Registrant's Annual Report on Form 10-K filed with the SEC on February 23, 2022). |
| 4.3 | Indenture, dated as of July 1, 2020, by and among CoStar Group, Inc., as issuer, the guarantors named therein and Wilmington Trust, National Association, as trustee, relating to the 2.800% Senior Notes due 2030, including the form of 2.800% Senior Notes due 2030 (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 1, 2020). |
| *10.1 | CoStar Group, Inc. 2016 Stock Incentive Plan (Incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-8 of the Registrant (Reg. No. 333-212278) filed with the SEC on June 28, 2016). |
| *10.2 | First Amendment to the CoStar Group, Inc. 2016 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed April 25, 2018). |
First 8 of 16 rows. The CSV has all of them.
| Exhibit No. | Description |
| *10.11 | Form of CoStar Group, Inc. 2016 Plan Nonqualified Stock Option Grant Agreement between the Registrant and Andrew C. Florance (Incorporated by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q filed July 28, 2016). |
| *10.12 | Form of 2007 Plan Restricted Stock Grant Agreement between the Registrant and certain of its officers, directors and employees (Incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed June 22, 2007). |
| *10.13 | Form of 2007 Plan Restricted Stock Unit Agreement between the Registrant and certain of its officers and employees (Incorporated by reference to Exhibit 10.8 to the Registrant's Annual Report on Form 10-K filed February 20, 2014). |
| *10.14 | Form of 2007 Plan Incentive Stock Option Grant Agreement between the Registrant and certain of its officers and employees (Incorporated by reference to Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K filed February 24, 2009). |
| *10.15 | Form of 2007 Plan Incentive Stock Option Grant Agreement between the Registrant and Andrew C. Florance (Incorporated by reference to Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K filed February 24, 2009). |
| *10.16 | Form of 2007 Plan Nonqualified Stock Option Grant Agreement between the Registrant and certain of its officers and employees (Incorporated by reference to Exhibit 10.10 to the Registrant’s Annual Report on Form 10-K filed February 24, 2009). |
| *10.17 | Form of 2007 Plan Nonqualified Stock Option Grant Agreement between the Registrant and certain of its directors (Incorporated by reference to Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K filed February 24, 2009). |
First 8 of 23 rows. The CSV has all of them.
| Exhibit No. | Description |
| 31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
| 31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
| 32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
| 32.2 | Certification of Principal Financial Officer pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
| 97 | CoStar Group, Inc. Clawback Policy, effective September 13, 2023 (filed herewith). |
| 101.INS | The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL: (i) Consolidated Statements of Operations; (ii) Consolidated Statements of Comprehensive Income; (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
First 8 of 13 rows. The CSV has all of them.
| Signature | Capacity | Date |
| /s/ Michael R. Klein | Chairman of the Board | February 21, 2024 |
| Michael R. Klein | | |
| /s/ Andrew C. Florance | Chief Executive Officer and | February 21, 2024 |
| Andrew C. Florance | President and a Director | |
| (Principal Executive Officer) | |
| /s/ Scott T. Wheeler | Chief Financial Officer | February 21, 2024 |
| Scott T. Wheeler | (Principal Financial and Accounting Officer) | |
First 8 of 22 rows. The CSV has all of them.
Table 13 after “INDEX TO CONSOLIDATED FINANCIAL STATEMENTS”
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| Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 42) | F-2 |
| Consolidated Statements of Operations | F-6 |
| Consolidated Statements of Comprehensive Income | F-7 |
| Consolidated Balance Sheets | F-8 |
| Consolidated Statements of Changes in Stockholders’ Equity | F-9 |
| Consolidated Statements of Cash Flows | F-10 |
| Notes to Consolidated Financial Statements | F-12 |
Table 14 after “(in millions, except per share data)”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Revenues | $2,455.0 | | $2,182.4 | | $1,944.1 |
| Cost of revenues | 491.5 | | 414.0 | | 357.2 |
| Gross profit | 1,963.5 | | 1,768.4 | | 1,586.9 |
| Operating expenses: | | | | | |
| Selling and marketing (excluding customer base amortization) | 989.9 | | 684.2 | | 622.0 |
| Software development | 267.6 | | 220.9 | | 201.0 |
First 8 of 21 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Net income | $374.7 | | $369.5 | | $292.6 |
| Other comprehensive income (loss), net of tax | | | | | |
| Foreign currency translation adjustment | 11.5 | | (23.3) | | (4.9) |
| Total other comprehensive income (loss) | 11.5 | | (23.3) | | (4.9) |
| Total comprehensive income | $386.2 | | $346.2 | | $287.7 |
Table 16 after “(in millions, except per share data)”
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| December 31, | | |
| 2023 | 2022 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $5,215.9 | | $4,968.0 |
| Accounts receivable | 213.2 | | 166.1 |
| Less: Allowance for credit losses | (23.2) | | (12.2) |
| Accounts receivable, net | 190.0 | | 153.9 |
First 8 of 41 rows. The CSV has all of them.
| Common Stock | AdditionalPaid-In Capital | | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders’ Equity | | | |
| Shares | Amount | | | | | | | |
| Balance at January 1, 2021 | 394.3 | | $3.9 | | $4,204.7 | | $(0.9) | $1,167.5 | $5,375.2 |
| Net income | — | | — | | — | | — | 292.6 | 292.6 |
| Other comprehensive loss | — | | — | | — | | (4.9) | — | (4.9) |
| Exercise of stock options | 0.2 | | — | | 6.3 | | — | — | 6.3 |
| Restricted stock issued | 0.9 | | — | | — | | — | — | — |
| Restricted stock grants surrendered | (0.6) | | — | | (33.3) | | — | — | (33.3) |
First 8 of 28 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Operating activities: | | | | | |
| Net income | $374.7 | | $369.5 | | $292.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 107.5 | | 137.9 | | 139.6 |
| Amortization of deferred commissions costs | 95.2 | | 76.1 | | 63.4 |
| Amortization of Senior Notes discount and issuance costs | 2.4 | | 2.4 | | 2.3 |
First 8 of 41 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Supplemental cash flow disclosures: | | | | | |
| Interest paid | $30.7 | | $29.9 | | $31.5 |
| Income taxes paid | $163.2 | | $169.2 | | $82.1 |
| Supplemental non-cash investing and financing activities: | | | | | |
| Consideration owed for acquisitions | $7.6 | | $— | | $0.1 |
| Accrued capital expenditures and non-cash landlord incentives | $28.9 | | $14.7 | | $2.1 |
Table 20 after “The components of accumulated other comprehensive loss, net of tax, were as follows (in millions):”
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| As of December 31, | | |
| 2023 | 2022 | |
| Foreign currency translation loss | $(17.6) | | $(29.1) |
| Total accumulated other comprehensive loss | $(17.6) | | $(29.1) |
Table 21 after “Stock-based compensation expense for stock options, restricted stock awards and restricted stock units issued under equity incentive plans, ”
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| Year Ended December 31, | | | | | | |
| 2023 | 2022 | | 2021 | | | |
| Cost of revenues | $14.3 | | $12.6 | | | $11.2 | |
| Selling and marketing (excluding customer base amortization) | 9.1 | | 7.8 | | 7.8 | | 6.3 |
| Software development | 17.5 | | 13.0 | | | 12.5 | |
| General and administrative | 44.1 | | 41.8 | | | 33.7 | |
| Total stock-based compensation expense | $85.0 | | $75.2 | | | $63.7 | |
Table 22 after “The Company provides information, analytics and online marketplaces to the commercial real estate industry, hospitality industry, residentia”
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| Year Ended December 31, | | | | | | | | | | | | | | | | |
| 2023 | 2022 | | 2021 | | | | | | | | | | | | | |
| North America | International | | Total | North America | International | | Total | North America | International | | Total | | | | | |
| CoStar | $886.0 | | $39.2 | | $925.2 | | $800.2 | | $36.8 | | $837.0 | | | $686.9 | | $35.9 | $722.8 |
| Information services | 132.4 | | 38.5 | | 170.9 | | 125.0 | | 32.4 | | 157.4 | | | 113.8 | | 27.9 | 141.7 |
| Multifamily | 914.2 | | — | | 914.2 | | 745.4 | | — | | 745.4 | | | 678.7 | | — | 678.7 |
| LoopNet | 255.4 | | 9.4 | | 264.8 | 223.7 | | 7.2 | 230.9 | 204.8 | | | 2.7 | | 207.5 | | |
| Residential | 43.9 | | 2.2 | | 46.1 | 73.7 | | — | 73.7 | 74.6 | | | — | | 74.6 | | |
First 8 of 10 rows. The CSV has all of them.
Table 23 after “Deferred revenue as of December 31, 2023 and 2022 was as follows (in millions):”
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| | December 31, | | |
| Balance | Balance Sheet Caption | 2023 | 2022 | |
| Current portion | Deferred revenue | $104.2 | | $103.6 |
| Non-current portion | Lease and other long-term liabilities | 0.1 | | 0.2 |
| Total deferred revenue | | $104.3 | | $103.8 |
Table 24 after “Changes in deferred revenue for the period were as follows (in millions):”
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| Balance at December 31, 2022(1) | $103.8 |
| Revenue recognized in the current period from the amounts in the beginning balance | (103.8) |
| New deferrals, net of amounts recognized in the current period | 103.4 |
| Effects of foreign currency | 0.9 |
| Balance at December 31, 2023(2) | $104.3 |
| __________________________ | |
Table 25 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| | December 31, | | |
| Balance | Balance Sheet Caption | 2023 | 2022 | |
| Current portion | Prepaid expenses and other current assets | $5.8 | | $4.0 |
| Non-current portion | Deposits and other assets | 8.0 | | 8.4 |
| Total contract assets | | $13.8 | | $12.4 |
Table 26 after “Commissions expense activity for the years ended December 31, 2023, 2022 and 2021, was as follows (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Commissions incurred | $173.5 | | $162.1 | | $117.3 |
| Commissions capitalized in the current period | (120.2) | | (116.8) | | (72.0) |
| Amortization of deferred commissions costs | 95.2 | | 76.1 | | 63.4 |
| Total commissions expense | $148.5 | | $121.4 | | $108.7 |
Table 27 after “The following tables detail the activity related to the allowance for credit losses for trade receivables by portfolio segment (in millions)”
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| Year Ended December 31, 2023 | | | | | | | | |
| CoStar | Information Services | | Multifamily | LoopNet | Other Marketplaces | | Total | |
| Beginning balance at December 31, 2022 | $4.5 | | $1.1 | | $4.3 | | $1.4 | $0.9 | $12.2 |
| Current-period provision (release) for expected credit losses | 22.1 | | 1.4 | | 4.9 | | 6.0 | 0.6 | 35.0 |
| Write-offs charged against the allowance, net of recoveries and other | (16.9) | | — | | (1.9) | | (4.7) | (0.5) | (24.0) |
| Ending balance at December 31, 2023 | $9.7 | | $2.5 | | $7.3 | | $2.7 | $1.0 | $23.2 |
| Year Ended December 31, 2022 | | | | | | | | |
| CoStar | Information Services | | Multifamily | LoopNet | Other Marketplaces | | Total | |
| Beginning balance at December 31, 2021 | $5.4 | | $1.8 | | $3.4 | | $2.0 | $0.8 | $13.4 |
| Current-period provision (release) for expected credit losses | 9.2 | | (0.6) | | 5.8 | | 3.8 | 0.1 | 18.3 |
| Write-offs charged against the allowance, net of recoveries and other | (10.1) | | (0.1) | | (4.9) | | (4.4) | — | (19.5) |
| Ending balance at December 31, 2022 | $4.5 | | $1.1 | | $4.3 | | $1.4 | $0.9 | $12.2 |
| Year Ended December 31, 2021 | | | | | | | | |
| CoStar | Information Services | | Multifamily | LoopNet | Other Marketplaces | | Total | |
| Beginning balance at December 31, 2020 | $5.6 | | $2.7 | | $4.4 | | $1.7 | $0.8 | $15.2 |
| Current-period provision for expected credit losses | 5.6 | | (0.4) | | 3.1 | | 2.6 | — | 10.9 |
| Write-offs charged against the allowance, net of recoveries and other | (5.8) | | (0.5) | | (4.1) | | (2.3) | — | (12.7) |
| Ending balance at December 31, 2021 | $5.4 | | $1.8 | | $3.4 | | $2.0 | $0.8 | $13.4 |
Table 30 after “The following table summarized the amounts recorded for acquired assets and assumed liabilities recorded at their fair value as of the closi”
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| Preliminary: December 12, 2023 |
| Cash and cash equivalents | $18.2 |
| Accounts receivable | 2.3 |
| Goodwill | 62.8 |
| Intangible assets | 55.2 |
| Accrued expenses | (12.7) |
| Accrued wages and commissions | (2.0) |
| Deferred income taxes, net | (3.0) |
First 8 of 10 rows. The CSV has all of them.
Table 31 after “The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the OnTheMarket Acquisition i”
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| Estimated Fair Value | Estimated Useful Life | | Amortization Method | |
| Customer base | $42.0 | | 8 | | Accelerated |
| Trade name | 10.2 | | 15 | | Straight-line |
| Technology | 3.0 | | 2 | | Straight-line |
| Total intangible assets | $55.2 | | | | |
Table 32 after “The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair values as of the acqu”
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| Final: May 24, 2021 |
| Cash and cash equivalents | $— |
| Accounts receivable | 1.8 |
| Lease right-of-use assets | 0.4 |
| Goodwill | 91.9 |
| Intangible assets | 53.4 |
| Deferred income taxes, net | 7.9 |
| Lease liabilities | (0.4) |
First 8 of 11 rows. The CSV has all of them.
Table 33 after “The following table summarizes the fair values (in millions) of the identifiable intangible assets acquired in the Homes.com Acquisition inc”
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| Estimated Fair Value | Estimated Useful Life | | Amortization Method | |
| Customer base | $32.0 | | 8 | | Accelerated |
| Trade name | 21.0 | | 15 | | Straight-line |
| Technology | 0.4 | | 2 | | Straight-line |
| Total intangible assets | $53.4 | | | | |
Table 34 after “The unaudited pro forma financial information presented below reflects the consolidated results of operations of the Company assuming the On”
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| Year Ended December 31, | | | |
| | 2023 | 2022 | |
| Revenue | | $2,494.0 | | $2,224.3 |
| Net income | | $371.9 | | $361.9 |
| Net income per share - basic | | $0.91 | | $0.91 |
| Net income per share - diluted | | $0.91 | | $0.91 |
Table 35 after “and was as follows (in millions, except per share data):”
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| Year Ended December 31, | |
| | 2021 |
| Revenue | | $1,962.1 |
| Net income | | $286.7 |
| Net income per share - basic | | $0.74 |
| Net income per share - diluted | | $0.73 |
Table 36 after “Lease costs related to the Company's operating and finance leases included in the consolidated statements of operations were as follows (in ”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Operating lease costs: | | | | | |
| Cost of revenues | $10.0 | | $8.4 | | $10.1 |
| Software development | 6.3 | | 7.2 | | 6.9 |
| Selling and marketing (excluding customer base amortization) | 15.4 | | 12.6 | | 11.9 |
| General and administrative | 4.0 | | 5.4 | | 5.9 |
| Total operating lease costs | 35.7 | | 33.6 | | 34.8 |
First 8 of 13 rows. The CSV has all of them.
Table 37 after “Supplemental balance sheet information related to operating leases was as follows ($ in millions):”
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| | Year Ended December 31, | | |
| Balance | Balance Sheet Location | 2023 | 2022 | |
| Operating lease liabilities | | $109.9 | | $118.3 |
| Less: imputed interest | | (7.0) | | (6.2) |
| Present value of lease liabilities | | 102.9 | | 112.1 |
| Less: current portion of lease liabilities | Lease liabilities | 36.9 | | 36.0 |
| Long-term lease liabilities | Lease and other long-term liabilities | $66.0 | | $76.1 |
| Weighted-average remaining lease term in years | | 3.9 | 3.6 | |
First 8 of 18 rows. The CSV has all of them.
Table 38 after “Supplemental cash flow information related to leases was as follows (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | |
| Operating cash flows used in operating leases | $44.9 | | $41.6 | | $37.3 |
| Operating cash flows used in finance leases | $0.2 | | $— | | $— |
| Financing cash flows used in finance leases | $0.7 | | $— | | $— |
| ROU assets obtained in exchange for lease new obligations: | | | | | |
| Operating leases | $29.1 | | $20.0 | | $34.2 |
First 8 of 9 rows. The CSV has all of them.
Table 39 after “Property and equipment consists of the following (in millions):”
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| December 31, | | |
| 2023 | 2022 | |
| Leasehold improvements | $87.8 | | $108.9 |
| Furniture, office equipment and vehicles | 73.4 | | 52.6 |
| Computer hardware and software | 56.3 | | 43.8 |
| Aircrafts | 44.2 | | 44.2 |
| Land | 52.2 | | 52.2 |
| Buildings | 263.8 | | 105.1 |
First 8 of 11 rows. The CSV has all of them.
Table 40 after “The changes in the carrying amount of goodwill by operating segment consist of the following (in millions):”
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| North America | International | | Total | |
| Goodwill, December 31, 2021 | $2,145.8 | | $175.2 | | $2,321.0 |
| Acquisitions, including measurement period adjustments(1) | 3.4 | | 7.1 | | 10.5 |
| Effect of foreign currency translation | — | | (16.7) | | (16.7) |
| Goodwill, December 31, 2022 | 2,149.2 | | 165.6 | | 2,314.8 |
| Acquisitions, including measurement period adjustments | — | | 62.8 | | 62.8 |
| Effect of foreign currency translation | — | | 8.6 | | 8.6 |
| Goodwill, December 31, 2023 | $2,149.2 | | $237.0 | | $2,386.2 |
First 8 of 9 rows. The CSV has all of them.
Table 41 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| December 31, | Weighted- Average Amortization Period (in years) | | |
| 2023 | 2022 | | |
| Acquired technology and data | $36.3 | | $40.4 | 5 |
| Accumulated amortization | (21.0) | | (20.7) | |
| Acquired technology and data, net | 15.3 | | 19.7 | |
| Acquired customer base | 509.5 | | 464.2 | 10 |
| Accumulated amortization | (330.7) | | (287.0) | |
| Acquired customer base, net | 178.8 | | 177.2 | |
First 8 of 12 rows. The CSV has all of them.
Table 42 after “The table below presents the components of outstanding debt (in millions):”
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| December 31, | | |
| 2023 | 2022 | |
| 2.800% Senior Notes due July 15, 2030 | $1,000.0 | | $1,000.0 |
| 2020 Credit Agreement, due July 1, 2025 | — | | — |
| Total face amount of long-term debt | 1,000.0 | | 1,000.0 |
| Senior Notes unamortized discount and issuance costs | (9.5) | | (10.8) |
| Long-term debt, net | $990.5 | | $989.2 |
Table 43 after “For the years ended December 31, 2023, 2022 and 2021, the Company recognized interest expense as follows (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Interest on outstanding borrowings | $28.0 | | $28.0 | | $28.0 |
| Amortization of Senior Notes discount and issuance costs | 2.4 | | 2.3 | | 2.3 |
| Interest capitalized for construction in process | (1.6) | | — | | — |
| Commitment fees and other | 2.6 | | 2.0 | | 2.0 |
| Total interest expense | $31.4 | | $32.3 | | $32.3 |
Table 44 after “The components of the provision for income taxes attributable to operations consist of the following (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Current: | | | | | |
| Federal | $126.3 | | $116.3 | | $61.3 |
| State | 36.6 | | 31.2 | | 24.6 |
| Foreign | 0.9 | | 0.7 | | 1.3 |
| Total current | 163.8 | | 148.2 | | 87.2 |
| Deferred: | | | | | |
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Table 45 after “The components of deferred tax assets and liabilities consist of the following (in millions):”
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| December 31, | | |
| 2023 | 2022 | |
| Deferred tax assets: | | | |
| Allowance for credit losses | $5.8 | | $3.4 |
| Accrued compensation | 11.9 | | 4.6 |
| Stock compensation | 15.3 | | 20.4 |
| Net operating losses | 34.7 | | 26.8 |
| Accrued reserve and other | 5.8 | | 6.7 |
First 8 of 22 rows. The CSV has all of them.
Table 46 after “The Company’s provision for income taxes resulted in effective tax rates that varied from the statutory federal income tax rate as follows (”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Expected federal income tax provision at statutory rate | $105.3 | | $102.1 | | $84.8 |
| State income taxes, net of federal benefit | 27.4 | | 21.5 | | 21.0 |
| Increase (decrease) in valuation allowance | 1.9 | | (0.5) | | (5.0) |
| Research credits | (20.2) | | (17.5) | | (13.1) |
| Excess tax benefit | (5.9) | | (1.8) | | (10.9) |
| Tax reserves | 4.2 | | 1.5 | | (12.8) |
First 8 of 12 rows. The CSV has all of them.
Table 47 after “The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):”
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| Unrecognized tax benefit as of December 31, 2020 | $28.9 |
| Increase for current year tax positions | 3.1 |
| Decrease for prior year tax positions | (5.4) |
| Decrease for settlements with taxing authorities | (9.9) |
| Expiration of the statute of limitation for assessment of taxes | (1.9) |
| Unrecognized tax benefit as of December 31, 2021 | 14.8 |
| Increase for current year tax positions | 3.4 |
| Increase for prior year tax positions | 0.3 |
First 8 of 14 rows. The CSV has all of them.
Table 48 after “The following summarizes the Company's significant contractual obligations, including related payments due by period, as of December 31, 202”
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| Year Ending December 31, | Operating lease obligations | Finance lease obligations | | Long-term debt principal payments | Long-term debt principal interest payments | |
| 2024 | $39.0 | | $3.9 | | $— | $28.0 |
| 2025 | 25.4 | | 3.9 | | — | 28.0 |
| 2026 | 15.1 | | 3.9 | | — | 28.0 |
| 2027 | 13.1 | | 2.9 | | — | 28.0 |
| 2028 | 10.7 | | — | | — | 28.0 |
| Thereafter | 6.6 | | — | | 1,000.0 | 56.0 |
| Total | $109.9 | | $14.6 | | $1,000.0 | $196.0 |
Table 49 after “Summarized EBITDA information by operating segment consists of the following (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| North America | $403.0 | | $577.3 | | $557.1 |
| International | (13.2) | | 5.4 | | 7.9 |
| Total EBITDA | $389.8 | | $582.7 | | $565.0 |
Table 50 after “The reconciliation of net income to EBITDA consists of the following (in millions):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Net income | $374.7 | | $369.5 | | $292.6 |
| Amortization of acquired intangible assets in cost of revenues | 31.5 | | 29.0 | | 28.8 |
| Amortization of acquired intangible assets in operating expenses | 42.2 | | 73.6 | | 74.8 |
| Depreciation and other amortization | 33.8 | | 29.1 | | 29.1 |
| Interest (income) expense, net | (213.6) | | (32.1) | | 31.6 |
| Other (income), net | (5.4) | | (3.4) | | (3.3) |
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Table 51 after “Summarized information by operating segment consists of the following (in millions):”
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| December 31, | | |
| 2023 | 2022 | |
| Property and equipment, net | | | |
| North America | $465.7 | | $320.3 |
| International | 6.5 | | 1.0 |
| Total property and equipment, net | $472.2 | | $321.3 |
| Goodwill | | | |
| North America | $2,149.2 | | $2,149.2 |
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Table 52 after “The following table sets forth the calculation of basic and diluted net income per share (in millions, except per share data):”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Numerator: | | | | | |
| Net income | $374.7 | | $369.5 | | $292.6 |
| Denominator: | | | | | |
| Denominator for basic net income per share — weighted-average outstanding shares | 405.3 | | 396.3 | | 392.2 |
| Effect of dilutive securities: | | | | | |
| Stock options, restricted stock awards and restricted stock units | 1.6 | | 1.5 | | 2.0 |
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Table 53 after “The following table summarizes the shares underlying the unvested performance-based restricted stock and anti-dilutive securities excluded f”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Performance-based restricted stock awards | 0.2 | | 0.4 | | 0.4 |
| Anti-dilutive securities | 0.7 | | 1.0 | | 0.4 |
Table 54 after “Option activity was as follows:”
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| Number of Shares | Range of Exercise Price | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contract Life (in years) | Aggregate Intrinsic Value (in millions) | |
| Outstanding at December 31, 2020 | 2,023,100 | | $10.22 - $66.65 | | $34.18 | | 6.99 | $117.8 |
| Granted | 159,000 | | $91.98 | | $91.98 | | | |
| Exercised | (206,000) | | $20.49 - $39.82 | | $30.78 | | | |
| Outstanding at December 31, 2021 | 1,976,100 | | $10.22 - $91.98 | | $39.18 | | 6.24 | $80.8 |
| Granted | 202,100 | | $67.29 | | $67.29 | | | |
| Exercised | — | | | | | | | |
| Canceled or expired | — | | | | | | | |
First 8 of 16 rows. The CSV has all of them.
Table 55 after “The Company estimated the fair value of each option granted on the date of grant using the Black-Scholes option-pricing model, using the ass”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Dividend yield | 0% | | 0% | | 0% |
| Expected volatility | 35% | | 31% | | 30% |
| Risk-free interest rate | 3.96% | | 1.89% | | 0.56% |
| Expected life (in years) | 5 | 5 | | 5 | |
| Weighted-average grant date fair value | $28.87 | | $20.43 | | $25.09 |
Table 56 after “The following table summarizes information regarding options outstanding at December 31, 2023:”
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| Options Outstanding | Options Exercisable | | | | | | |
| Range of Exercise Price | Number of Shares | Weighted-Average Remaining Contractual Life (in years) | | Weighted- Average Exercise Price | | Number of Shares | Weighted- Average Exercise Price | |
| $20.49 - $27.35 | 346,000 | | 3.16 | | $20.49 | | 346,000 | $20.49 |
| $27.36 - $37.02 | 354,090 | | 4.16 | | $34.21 | | 354,090 | $34.21 |
| $37.03 - $53.24 | 385,670 | | 5.10 | | $39.82 | | 385,670 | $39.82 |
| $53.25 - $66.97 | 312,000 | | 6.10 | | $66.65 | | 312,000 | $66.65 |
| $66.98 - $91.98 | 501,900 | | 8.09 | | $77.77 | | 173,345 | $82.39 |
| 1,899,660 | | 5.53 | | $49.69 | | 1,571,105 | $44.32 |
Table 57 after “The assumptions used to estimate the fair value of awards with both a performance and a market condition were as follows:”
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| Year Ended December 31, | | | | |
| 2023 | 2022 | | 2021 | |
| Dividend yield | 0% | | 0% | | 0% |
| Expected volatility | 37% | | 34% | | 42% |
| Risk-free interest rate | 4.31% | | 1.71% | | 0.20% |
| Expected life (in years) | 3 | 3 | | 3 | |
| Weighted-average grant date fair value | $81.58 | | $71.19 | | $99.73 |
Table 58 after “The following table presents unvested restricted stock awards activity for the year ended December 31, 2023:”
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| Restricted Stock Awards — without Market Condition | Restricted Stock Awards — with Market Condition | | | | |
| Number of Shares | Weighted-Average Grant Date Fair Value per Share | | Number of Shares | Weighted-Average Grant Date Fair Value per Share | |
| Unvested restricted stock awards at December 31, 2022 | 2,061,894 | | $67.15 | | 620,880 | $80.55 |
| Granted | 1,096,446 | | $73.27 | | 283,440 | $81.58 |
| Vested | (787,883) | | $66.51 | | (90,408) | $72.69 |
| Canceled | (230,546) | | $68.58 | | (132,792) | $72.69 |
| Unvested restricted stock awards at December 31, 2023 | 2,139,911 | | $70.38 | | 681,120 | $83.56 |
Table 59 after “The following table presents unvested restricted stock units activity for the year ended December 31, 2023:”
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| Number of Units | Weighted-Average Grant Date Fair Value per Share | |
| Unvested restricted stock units at December 31, 2022 | 21,560 | | $65.24 |
| Granted | 10,465 | | $70.74 |
| Vested | (8,129) | | $65.77 |
| Canceled | (977) | | $68.34 |
| Unvested restricted stock units at December 31, 2023 | 22,919 | | $67.43 |
Table 60 after “The following tables presents the Matching RSU activity for the year ended December 31, 2023:”
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| Number of Matching RSU Shares | Weighted-Average Grant Date Fair Value per Share | |
| Unvested MSPP restricted stock units at December 31, 2022 | 180,431 | | $60.52 |
| Granted | 82,374 | | $67.36 |
| Vested | (52,710) | | $46.91 |
| Canceled | (13,128) | | $66.67 |
| Unvested MSPP restricted stock units at December 31, 2023 | 196,967 | | $66.61 |