Year 2021-2022 Quarterly Results - Unaudited | ||||||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||
2021 | 2022 | |||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||
Revenues | $458 | $480 | $499 | $507 | $516 | $536 | $557 | |||||||||||||||||||
Net income | 74 | 61 | 64 | 93 | 89 | 83 | 72 | |||||||||||||||||||
Net income per share - diluted(1) | 0.19 | 0.16 | 0.16 | 0.24 | 0.23 | 0.21 | 0.18 | |||||||||||||||||||
Weighted average outstanding shares - diluted(1) | 394 | 394 | 394 | 395 | 394 | 394 | 396 | |||||||||||||||||||
EBITDA | 136 | 133 | 123 | 173 | 158 | 140 | 129 | |||||||||||||||||||
Adjusted EBITDA | 160 | 150 | 144 | 193 | 178 | 159 | 153 | |||||||||||||||||||
Non-GAAP net income | 108 | 103 | 99 | 138 | 123 | 112 | 118 | |||||||||||||||||||
Non-GAAP net income per share - diluted(1) | 0.27 | 0.26 | 0.25 | 0.35 | 0.31 | 0.28 | 0.30 | |||||||||||||||||||
__________________________ |
CoStar Group, Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations - Unaudited | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | $ | 556,921 | $ | 499,319 | $ | 1,609,054 | $ | 1,437,349 | ||||||||||||||||||
Cost of revenues | 108,364 | 92,597 | 304,814 | 270,911 | ||||||||||||||||||||||
Gross profit | 448,557 | 406,722 | 1,304,240 | 1,166,438 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling and marketing (excluding customer base amortization) | 185,395 | 180,055 | 510,736 | 483,354 | ||||||||||||||||||||||
Software development | 56,912 | 53,143 | 162,520 | 148,500 | ||||||||||||||||||||||
General and administrative | 91,270 | 64,671 | 246,576 | 186,747 | ||||||||||||||||||||||
Customer base amortization | 29,651 | 19,121 | 60,621 | 55,885 | ||||||||||||||||||||||
363,228 | 316,990 | 980,453 | 874,486 | |||||||||||||||||||||||
Income from operations | 85,329 | 89,732 | 323,787 | 291,952 | ||||||||||||||||||||||
Interest income (expense), net | 10,656 | (7,943) | (461) | (23,698) | ||||||||||||||||||||||
Other income, net | 1,389 | 1,546 | 3,596 | 2,343 | ||||||||||||||||||||||
Income before income taxes | 97,374 | 83,335 | 326,922 | 270,597 | ||||||||||||||||||||||
Income tax expense | 25,084 | 19,031 | 81,841 | 70,933 | ||||||||||||||||||||||
Net income | $ | 72,290 | $ | 64,304 | $ | 245,081 | $ | 199,664 | ||||||||||||||||||
Net income per share - basic | $ | 0.18 | $ | 0.16 | $ | 0.62 | $ | 0.51 | ||||||||||||||||||
Net income per share - diluted | $ | 0.18 | $ | 0.16 | $ | 0.62 | $ | 0.51 | ||||||||||||||||||
Weighted-average outstanding shares - basic | 394,712 | 392,419 | 393,650 | 392,101 | ||||||||||||||||||||||
Weighted-average outstanding shares - diluted | 396,209 | 394,295 | 394,973 | 394,036 | ||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 72,290 | $ | 64,304 | $ | 245,081 | $ | 199,664 | ||||||||||||||||||
Income tax expense | 25,084 | 19,031 | 81,841 | 70,933 | ||||||||||||||||||||||
Income before income taxes | 97,374 | 83,335 | 326,922 | 270,597 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 36,596 | 26,330 | 82,601 | 77,450 | ||||||||||||||||||||||
Stock-based compensation expense | 18,138 | 16,299 | 54,097 | 46,988 | ||||||||||||||||||||||
Acquisition and integration related costs | 1,095 | 5,012 | 3,238 | 15,475 | ||||||||||||||||||||||
Restructuring and related costs | 191 | — | 191 | — | ||||||||||||||||||||||
Settlements and impairments | 4,100 | — | 4,100 | — | ||||||||||||||||||||||
Other expense | 2,063 | 934 | 6,162 | 2,791 | ||||||||||||||||||||||
Non-GAAP income before income taxes | 159,557 | 131,910 | 477,311 | 413,301 | ||||||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 25 | % | 26 | % | 25 | % | ||||||||||||||||||
Assumed provision for income tax expense | (41,485) | (32,978) | (124,101) | (103,325) | ||||||||||||||||||||||
Non-GAAP net income | $ | 118,072 | $ | 98,932 | $ | 353,210 | $ | 309,976 | ||||||||||||||||||
Net income per share - diluted | $ | 0.18 | $ | 0.16 | $ | 0.62 | $ | 0.51 | ||||||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.30 | $ | 0.25 | $ | 0.89 | $ | 0.79 | ||||||||||||||||||
Weighted average outstanding shares - basic | 394,712 | 392,419 | 393,650 | 392,101 | ||||||||||||||||||||||
Weighted average outstanding shares - diluted | 396,209 | 394,295 | 394,973 | 394,036 | ||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(1) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. | ||||||||||||||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 72,290 | $ | 64,304 | $ | 245,081 | $ | 199,664 | ||||||||||||||||||
Amortization of acquired intangible assets in cost of revenues | 6,945 | 7,209 | 21,980 | 21,565 | ||||||||||||||||||||||
Amortization of acquired intangible assets in operating expenses | 29,651 | 19,121 | 60,621 | 55,885 | ||||||||||||||||||||||
Depreciation and other amortization | 7,224 | 6,610 | 21,199 | 22,138 | ||||||||||||||||||||||
Interest (income) expense, net | (10,656) | 7,943 | 461 | 23,698 | ||||||||||||||||||||||
Other income, net | (1,389) | (1,546) | (3,596) | (2,343) | ||||||||||||||||||||||
Income tax expense | 25,084 | 19,031 | 81,841 | 70,933 | ||||||||||||||||||||||
EBITDA | $ | 129,149 | $ | 122,672 | $ | 427,587 | $ | 391,540 | ||||||||||||||||||
Stock-based compensation expense | 18,138 | 16,299 | 54,097 | 46,988 | ||||||||||||||||||||||
Acquisition and integration related costs | 1,095 | 5,012 | 3,238 | 15,475 | ||||||||||||||||||||||
Restructuring and related costs | 191 | — | 191 | — | ||||||||||||||||||||||
Settlements and impairments | 4,100 | — | 4,100 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 152,673 | $ | 143,983 | $ | 489,213 | $ | 454,003 | ||||||||||||||||||
CoStar Group, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets - Unaudited | ||||||||||||||
(in thousands) | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash, cash equivalents and restricted cash | $ | 4,774,465 | $ | 3,827,126 | ||||||||||
Accounts receivable | 157,104 | 138,191 | ||||||||||||
Less: Allowance for credit losses | (9,334) | (13,374) | ||||||||||||
Accounts receivable, net | 147,770 | 124,817 | ||||||||||||
Income tax receivable | 9,278 | — | ||||||||||||
Prepaid expenses and other current assets | 75,074 | 36,182 | ||||||||||||
Total current assets | 5,006,587 | 3,988,125 | ||||||||||||
Deferred income taxes, net | 5,032 | 5,034 | ||||||||||||
Property and equipment, net | 306,319 | 271,431 | ||||||||||||
Lease right-of-use assets | 94,262 | 100,680 | ||||||||||||
Goodwill | 2,301,739 | 2,321,015 | ||||||||||||
Intangible assets, net | 343,232 | 435,662 | ||||||||||||
Deferred commission costs, net | 129,815 | 101,879 | ||||||||||||
Deposits and other assets | 16,872 | 21,762 | ||||||||||||
Income tax receivable | 2,005 | 11,283 | ||||||||||||
Total assets | $ | 8,205,863 | $ | 7,256,871 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 31,435 | $ | 22,244 | ||||||||||
Accrued wages and commissions | 83,041 | 81,794 | ||||||||||||
Accrued expenses | 77,275 | 81,676 | ||||||||||||
Income taxes payable | 39 | 31,236 | ||||||||||||
Lease liabilities | 34,063 | 26,268 | ||||||||||||
Deferred revenue | 100,053 | 95,471 | ||||||||||||
Total current liabilities | 325,906 | 338,689 | ||||||||||||
Long-term debt, net | 988,890 | 987,944 | ||||||||||||
Deferred income taxes, net | 80,611 | 98,656 | ||||||||||||
Income taxes payable | 14,603 | 12,496 | ||||||||||||
Lease and other long-term liabilities | 88,941 | 107,414 | ||||||||||||
Total liabilities | $ | 1,498,951 | $ | 1,545,199 | ||||||||||
Total stockholders' equity | 6,706,912 | 5,711,672 | ||||||||||||
Total liabilities and stockholders' equity | $ | 8,205,863 | $ | 7,256,871 |
CoStar Group, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows - Unaudited | |||||||||||
(in thousands) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 245,081 | $ | 199,664 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 109,983 | 102,390 | |||||||||
Amortization of deferred commissions costs | 55,373 | 46,728 | |||||||||
Amortization of Senior Notes discount and issuance costs | 1,771 | 1,742 | |||||||||
Non-cash lease expense | 23,108 | 21,118 | |||||||||
Stock-based compensation expense | 54,097 | 46,988 | |||||||||
Deferred income taxes, net | (21,676) | 16,255 | |||||||||
Credit loss expense | 13,468 | 7,797 | |||||||||
Other operating activities, net | (1,774) | 10 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (36,177) | (17,715) | |||||||||
Prepaid expenses and other current assets | (17,235) | (18,820) | |||||||||
Deferred commissions | (83,875) | (49,798) | |||||||||
Accounts payable and other liabilities | 2,131 | (27,912) | |||||||||
Lease liabilities | (27,615) | (23,596) | |||||||||
Income taxes payable | (29,051) | (3,583) | |||||||||
Deferred revenue | 4,488 | 15,800 | |||||||||
Other assets | 1,492 | 2,150 | |||||||||
Net cash provided by operating activities | 293,589 | 319,218 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment and other assets | 5,034 | 245 | |||||||||
Purchase of Richmond assets and other intangibles | (31,530) | (123,623) | |||||||||
Purchases of property and equipment and other assets | (43,659) | (21,533) | |||||||||
Cash paid for acquisitions, net of cash acquired | (6,331) | (152,594) | |||||||||
Net cash used in investing activities | (76,486) | (297,505) | |||||||||
Financing activities: | |||||||||||
Repayments of long-term debt assumed in acquisition | (2,155) | — | |||||||||
Repurchase of restricted stock to satisfy tax withholding obligations | (20,259) | (29,306) | |||||||||
Proceeds from equity offering, net of transaction costs | 746,170 | — | |||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 10,777 | 15,025 | |||||||||
Other financing activities | — | (57) | |||||||||
Net cash provided by (used in) financing activities | 734,533 | (14,338) | |||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (4,297) | (1,700) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 947,339 | 5,675 | |||||||||
Cash, cash equivalents and restricted cash at the beginning of period | 3,827,126 | 3,755,912 | |||||||||
Cash, cash equivalents and restricted cash at the end of period | $ | 4,774,465 | $ | 3,761,587 |
CoStar Group, Inc. | |||||||||||||||||||||||||||||||||||
Disaggregated Revenues - Unaudited | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 203,657 | $ | 9,033 | $ | 212,690 | $ | 174,071 | $ | 9,194 | $ | 183,265 | |||||||||||||||||||||||
Information Services | 32,524 | 8,489 | 41,013 | 29,177 | 6,749 | 35,926 | |||||||||||||||||||||||||||||
Multifamily | 189,536 | — | 189,536 | 171,125 | — | 171,125 | |||||||||||||||||||||||||||||
LoopNet | 57,126 | 1,775 | 58,901 | 52,103 | 424 | 52,527 | |||||||||||||||||||||||||||||
Residential | 19,351 | — | 19,351 | 24,747 | — | 24,747 | |||||||||||||||||||||||||||||
Other Marketplaces | 35,430 | — | 35,430 | 31,729 | — | 31,729 | |||||||||||||||||||||||||||||
Total revenues | $ | 537,624 | $ | 19,297 | $ | 556,921 | $ | 482,952 | $ | 16,367 | $ | 499,319 | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 590,141 | $ | 27,764 | $ | 617,905 | $ | 505,470 | $ | 26,958 | $ | 532,428 | |||||||||||||||||||||||
Information Services | 93,306 | 23,424 | 116,730 | 84,959 | 20,820 | 105,779 | |||||||||||||||||||||||||||||
Multifamily | 547,372 | — | 547,372 | 508,629 | — | 508,629 | |||||||||||||||||||||||||||||
LoopNet | 164,417 | 5,228 | 169,645 | 151,770 | 1,082 | 152,852 | |||||||||||||||||||||||||||||
Residential | 57,565 | — | 57,565 | 53,939 | — | 53,939 | |||||||||||||||||||||||||||||
Other Marketplaces | 99,837 | — | 99,837 | 83,722 | — | 83,722 | |||||||||||||||||||||||||||||
Total revenues | $ | 1,552,638 | $ | 56,416 | $ | 1,609,054 | $ | 1,388,489 | $ | 48,860 | $ | 1,437,349 | |||||||||||||||||||||||
CoStar Group, Inc. | |||||||||||||||||||||||
Results of Segments - Unaudited | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
EBITDA | |||||||||||||||||||||||
North America | $ | 127,965 | $ | 119,823 | $ | 422,454 | $ | 385,857 | |||||||||||||||
International | 1,184 | 2,849 | 5,133 | 5,683 | |||||||||||||||||||
Total EBITDA | $ | 129,149 | $ | 122,672 | $ | 427,587 | $ | 391,540 | |||||||||||||||
CoStar Group, Inc. | |||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures with Quarterly Results - Unaudited | |||||||||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||||||||
Reconciliation of Net Income to Non-GAAP Net Income | |||||||||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||
Net income | $74.2 | $61.1 | $64.3 | $92.9 | $89.3 | $83.5 | $72.3 | ||||||||||||||||||||||
Income tax expense | 19.1 | 32.8 | 19.0 | 40.5 | 32.1 | 24.7 | 25.1 | ||||||||||||||||||||||
Income before income taxes | 93.3 | 93.9 | 83.3 | 133.4 | 121.4 | 108.1 | 97.4 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 25.8 | 25.3 | 26.3 | 26.2 | 23.2 | 22.8 | 36.6 | ||||||||||||||||||||||
Stock-based compensation expense | 15.5 | 15.1 | 16.3 | 16.7 | 17.8 | 18.1 | 18.1 | ||||||||||||||||||||||
Acquisition and integration related costs | 8.5 | 2.0 | 5.0 | 3.2 | 1.6 | 0.5 | 1.1 | ||||||||||||||||||||||
Restructuring and related costs | — | — | — | — | — | — | 0.2 | ||||||||||||||||||||||
Settlements and impairments | — | — | — | — | — | — | 4.1 | ||||||||||||||||||||||
Other expense | 1.1 | 0.8 | 0.9 | 4.1 | 2.0 | 2.1 | 2.1 | ||||||||||||||||||||||
Non-GAAP income before income taxes(1) | 144.2 | 137.1 | 131.8 | 183.6 | 166.1 | 151.6 | 159.6 | ||||||||||||||||||||||
Assumed rate for income tax expense (2) | 25% | 25% | 25% | 25% | 26% | 26% | 26% | ||||||||||||||||||||||
Assumed provision for income tax expense | (36.0) | (34.3) | (33.0) | (45.9) | (43.2) | (39.4) | (41.5) | ||||||||||||||||||||||
Non-GAAP net income(1) | $108.2 | $102.8 | $98.8 | $137.7 | $122.9 | $112.2 | $118.1 | ||||||||||||||||||||||
Non-GAAP net income per share - diluted(3) | $0.27 | $0.26 | $0.25 | $0.35 | $0.31 | $0.28 | $0.30 | ||||||||||||||||||||||
Weighted average outstanding shares - basic(3) | 391.6 | 392.3 | 392.4 | 392.5 | 392.9 | 393.3 | 394.7 | ||||||||||||||||||||||
Weighted average outstanding shares - diluted(3) | 393.7 | 394.1 | 394.3 | 394.5 | 394.2 | 394.5 | 396.2 | ||||||||||||||||||||||
__________________________ | |||||||||||||||||||||||||||||
(1) Totals may not foot due to rounding. | |||||||||||||||||||||||||||||
(2) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. | |||||||||||||||||||||||||||||
(3) Certain prior period amounts have been retroactively adjusted to reflect the ten-for-one stock split effected in the form of a stock dividend in June 2021. | |||||||||||||||||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | |||||||||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||
Net income | $74.2 | $61.1 | $64.3 | $92.9 | $89.3 | $83.5 | $72.3 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 25.8 | 25.3 | 26.3 | 26.2 | 23.2 | 22.8 | 36.6 | ||||||||||||||||||||||
Depreciation and other amortization | 8.5 | 7.0 | 6.6 | 6.9 | 7.0 | 7.0 | 7.2 | ||||||||||||||||||||||
Interest (income) expense, net | 7.9 | 7.9 | 7.9 | 7.9 | 7.7 | 3.4 | (10.7) | ||||||||||||||||||||||
Other (income) expense, net | 0.1 | (0.8) | (1.5) | (0.9) | (0.9) | (1.3) | (1.4) | ||||||||||||||||||||||
Income tax expense | 19.1 | 32.8 | 19.0 | 40.5 | 32.1 | 24.7 | 25.1 | ||||||||||||||||||||||
EBITDA(1) | $135.6 | $133.3 | $122.6 | $173.4 | $158.4 | $140.0 | $129.1 | ||||||||||||||||||||||
Stock-based compensation expense | 15.5 | 15.1 | 16.3 | 16.7 | 17.8 | 18.1 | 18.1 | ||||||||||||||||||||||
Acquisition and integration related costs | 8.5 | 2.0 | 5.0 | 3.2 | 1.6 | 0.5 | 1.1 | ||||||||||||||||||||||
Restructuring and related costs | — | — | — | — | — | — | 0.2 | ||||||||||||||||||||||
Settlements and impairments | — | — | — | — | — | — | 4.1 | ||||||||||||||||||||||
Adjusted EBITDA(1) | $159.6 | $150.4 | $143.9 | $193.4 | $177.9 | $158.6 | $152.7 | ||||||||||||||||||||||
__________________________ | |||||||||||||||||||||||||||||
(1) Totals may not foot due to rounding. |
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 Year Ending | ||||||||||||||||||||||
Ending December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 113,000 | $ | 117,000 | $ | 359,000 | $ | 363,000 | |||||||||||||||
Income tax expense | 40,000 | 41,000 | 122,000 | 123,000 | |||||||||||||||||||
Income before income taxes | 153,000 | 158,000 | 481,000 | 486,000 | |||||||||||||||||||
Amortization of acquired intangible assets | 20,000 | 20,000 | 102,000 | 102,000 | |||||||||||||||||||
Stock-based compensation expense | 19,000 | 19,000 | 73,000 | 73,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 3,000 | 3,000 | |||||||||||||||||||
Settlements and impairments | — | — | 4,000 | 4,000 | |||||||||||||||||||
Other expense | — | — | 6,000 | 6,000 | |||||||||||||||||||
Non-GAAP income before income taxes | 192,000 | 197,000 | 669,000 | 674,000 | |||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 26 | % | 26 | % | 26 | % | |||||||||||||||
Assumed provision for income tax expense | (49,900) | (51,200) | (173,900) | (175,200) | |||||||||||||||||||
Non-GAAP net income | $ | 142,100 | $ | 145,800 | $ | 495,100 | $ | 498,800 | |||||||||||||||
Net income per share - diluted | $ | 0.28 | $ | 0.29 | $ | 0.90 | $ | 0.91 | |||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.35 | $ | 0.36 | $ | 1.25 | $ | 1.26 | |||||||||||||||
Weighted average outstanding shares - diluted | 405,300 | 405,300 | 397,300 | 397,300 | |||||||||||||||||||
__________________________ | |||||||||||||||||||||||
(1) The assumed tax rate approximates our statutory federal and state corporate tax rate for the applicable period. | |||||||||||||||||||||||
Reconciliation of Forward-Looking Guidance, Net Income to Adjusted EBITDA | |||||||||||||||||||||||
Guidance Range | Guidance Range | ||||||||||||||||||||||
For the Three Months | For the Year Ending | ||||||||||||||||||||||
Ending December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 113,000 | $ | 117,000 | $ | 359,000 | $ | 363,000 | |||||||||||||||
Amortization of acquired intangible assets | 20,000 | 20,000 | 102,000 | 102,000 | |||||||||||||||||||
Depreciation and other amortization | 9,000 | 9,000 | 30,000 | 30,000 | |||||||||||||||||||
Interest income, net | (25,000) | (25,000) | (24,000) | (24,000) | |||||||||||||||||||
Other (income) expense, net | — | — | (4,000) | (4,000) | |||||||||||||||||||
Income tax expense | 40,000 | 41,000 | 122,000 | 123,000 | |||||||||||||||||||
Stock-based compensation expense | 19,000 | 19,000 | 73,000 | 73,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 3,000 | 3,000 | |||||||||||||||||||
Settlements and impairments | — | — | 4,000 | 4,000 | |||||||||||||||||||
Adjusted EBITDA | $ | 176,000 | $ | 181,000 | $ | 665,000 | $ | 670,000 |