Cash Flow Statement

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

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	369,453)	292,564)	227,128)	314,963)	238,334)
Depreciation and amortization	137,885)	139,558)	116,944)	81,165)	77,743)
Amortization of deferred commissions costs	76,082)	63,391)	60,516)	53,421)	48,313)
Amortization of Senior Notes discount and issuance costs	2,365)	2,327)	1,658)	876)	876)
Non-cash lease expense	38,489)	28,485)	26,326)	22,748)	—)
Stock-based compensation expense	75,207)	63,709)	53,450)	52,255)	41,214)
Deferred income taxes, net	(31,203)	24,165)	(11,530)	8,220)	3,666)
Credit loss expense	18,309)	10,928)	25,212)	10,978)	6,542)
Other operating activities, net	(2,439)	(654)	288)	105)	73)
Accounts receivable	(46,403)	(29,630)	(36,118)	(5,014)	(27,819)
Prepaid expenses and other current assets	(17,910)	(14,873)	1,936)	(14,244)	(1,651)
Deferred commissions	(116,796)	(72,038)	(64,355)	(66,688)	(53,497)
Accounts payable and other liabilities	23,234)	(30,051)	100,846)	17,751)	(14,132)
Lease liabilities	(37,396)	(30,904)	(30,497)	(25,442)	—)
Income taxes payable	(19,259)	5,860)	10,352)	(577)	9,632)
Deferred revenue	6,785)	17,396)	2,188)	7,911)	7,879)
Other assets	2,217)	(502)	1,762)	(648)	(1,715)
Changes in operating assets and liabilities, net of acquisitions	(205,528)	(154,742)	(13,886)	(86,951)	(81,303)
Adjustments to reconcile net income to net cash provided by operating activities	109,167)	177,167)	258,978)	142,817)	97,124)
Net cash provided by operating activities	478,620)	469,731)	486,106)	457,780)	335,458)
Proceeds from sale and settlement of investments	864)	—)	10,259)	—)	—)
Proceeds from sale of property and equipment and other assets	30,097)	612)	—)	—)	—)
Purchase of Richmond assets	(35,169)	(123,764)	—)	—)	—)
Purchases of property and equipment and other assets	(58,574)	(65,220)	(48,347)	(46,197)	(29,632)
Cash paid for acquisitions, net of cash acquired	(6,273)	(192,971)	(426,075)	(437,556)	(418,369)
Net cash used in investing activities	(69,055)	(381,343)	(464,163)	(483,753)	(448,001)
Proceeds from long-term debt	—)	—)	1,744,210)	—)	—)
Payments of long-term debt	(2,155)	—)	(745,000)	—)	—)
Payments of debt issuance costs	—)	—)	(16,647)	—)	—)
Repurchase of restricted stock to satisfy tax withholding obligations	(23,108)	(33,314)	(38,867)	(27,577)	(24,327)
Proceeds from equity offering, net of transaction costs	745,700)	—)	1,689,971)	—)	—)
Proceeds from exercise of stock options and employee stock purchase plan	13,540)	18,046)	30,280)	25,080)	27,071)
Other financing activities	—)	(411)	(1,650)	(1,657)	—)
Net cash provided by (used in) financing activities	733,977)	(15,679)	2,662,297)	(4,154)	2,744)
Effect of foreign currency exchange rates on cash and cash equivalents	(2,698)	(1,495)	941)	442)	(1,248)
Net increase (decrease) in cash and cash equivalents	1,140,844)	71,214)	2,685,181)	(29,685)	(111,047)
Cash and cash equivalents at beginning of year	3,827,126)	3,755,912)	1,070,731)	1,100,416)	1,211,463)
Cash and cash equivalents at end of year	4,967,970)	3,827,126)	3,755,912)	1,070,731)	1,100,416)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	CoStar Group Inc. net cash provided by operating activities decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	CoStar Group Inc. net cash used in investing activities increased from 2020 to 2021 and from 2021 to 2022.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	CoStar Group Inc. net cash provided by (used in) financing activities decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

CoStar Group Inc. (NASDAQ:CSGP)

Cash Flow Statement