Costar Group (CSGP) FY2023 results: revenue $2.5 billion, up 12.5% on the year

Costar Group, Inc. (CSGP) reported revenue of $2.5 billion for fiscal 2023, the year ended 31 December 2023, up 12.5% on the year before. Net income was $375 million, up 1.4%, and diluted earnings per share $0.92. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$2.5 billion

+12.5% on the year

FY2016FY2023

Operating margin

11.5%

20.7% a year earlier

FY2016FY2023

Net income

$375 million

+1.4% on the year

FY2016FY2023

Diluted EPS

$0.92

-1.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,455	2,182	1,944	+12.5%
Cost of revenue	492	414	357	+18.7%
Gross profit	1,964	1,768	1,587	+11.0%
Gross margin	80.0%	81.0%	81.6%
Operating income	282	451	432	-37.4%
Operating margin	11.5%	20.7%	22.2%
Interest expense	31.0	32.3	32.3	-4.0%
Pre-tax income	501	486	404	+3.1%
Income tax	127	117	111	+8.5%
Effective tax rate	25.3%	24.1%	27.6%
Net income	375	369	293	+1.4%
Net margin	15.3%	16.9%	15.0%
Diluted EPS	$0.92	$0.93	$0.74	-1.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	490	479	470	+2.3%
Capital expenditure	118	35.2	124	+235.5%
Free cash flow	372	443	346	-16.2%
Free cash flow margin	15.1%	20.3%	17.8%
Cash from investing	-239	-69.1	-381
Cash from financing	-4.0	734	-15.7
Depreciation and amortisation	108	138	140	-21.7%
Share-based compensation	85.0	75.2	63.7	+13.0%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	407m	398m	394m	+2.3%
Shares outstanding at period end	408m	407m	395m	+0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	7,339	6,870	5,712	+6.8%
Debt	1,000	1,000	1,000	0.0%
Operating lease liabilities	66.0	76.0	99.4	-13.2%
Finance lease liabilities	9.9	0.0	n/a
Other liabilities	505	456	446	+10.7%
Total liabilities and equity	8,920	8,402	7,257	+6.2%
Fixed assets	472	321	271	+47.0%
Goodwill	2,386	2,315	2,321	+3.1%
Intangible assets	314	329	436	-4.7%
Cash and equivalents	5,200	5,000	3,800	+4.0%
Receivables	190	154	125	+23.4%
Other assets	358	283	304	+26.3%
Total assets	8,920	8,402	7,257	+6.2%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.