Year 2022-2023 Quarterly Results - Unaudited | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
2022 | 2023 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||
Revenues | $516 | $536 | $557 | $573 | $584 | $606 | |||||||||||||||||
Net income | 89 | 83 | 72 | 124 | 87 | 101 | |||||||||||||||||
Net income per share - diluted | 0.23 | 0.21 | 0.18 | 0.31 | 0.21 | 0.25 | |||||||||||||||||
Weighted average outstanding shares - diluted | 394 | 394 | 396 | 406 | 406 | 407 | |||||||||||||||||
EBITDA | 158 | 140 | 129 | 155 | 98 | 105 | |||||||||||||||||
Adjusted EBITDA | 178 | 159 | 153 | 182 | 123 | 127 | |||||||||||||||||
Non-GAAP net income | 123 | 112 | 118 | 153 | 118 | 127 | |||||||||||||||||
Non-GAAP net income per share - diluted | 0.31 | 0.28 | 0.30 | 0.38 | 0.29 | 0.31 | |||||||||||||||||
CoStar Group, Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations - Unaudited | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues | $ | 605,906 | $ | 536,308 | $ | 1,190,272 | $ | 1,052,133 | ||||||||||||||||||
Cost of revenues | 112,362 | 100,971 | 231,558 | 196,450 | ||||||||||||||||||||||
Gross profit | 493,544 | 435,337 | 958,714 | 855,683 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling and marketing (excluding customer base amortization) | 250,026 | 181,344 | 476,260 | 325,341 | ||||||||||||||||||||||
Software development | 63,369 | 51,587 | 129,959 | 105,608 | ||||||||||||||||||||||
General and administrative | 90,563 | 77,345 | 180,071 | 155,306 | ||||||||||||||||||||||
Customer base amortization | 10,440 | 14,878 | 21,057 | 30,970 | ||||||||||||||||||||||
414,398 | 325,154 | 807,347 | 617,225 | |||||||||||||||||||||||
Income from operations | 79,146 | 110,183 | 151,367 | 238,458 | ||||||||||||||||||||||
Interest income (expense), net | 51,911 | (3,399) | 95,459 | (11,117) | ||||||||||||||||||||||
Other income, net | 609 | 1,343 | 1,190 | 2,207 | ||||||||||||||||||||||
Income before income taxes | 131,666 | 108,127 | 248,016 | 229,548 | ||||||||||||||||||||||
Income tax expense | 31,146 | 24,654 | 60,365 | 56,757 | ||||||||||||||||||||||
Net income | $ | 100,520 | $ | 83,473 | $ | 187,651 | $ | 172,791 | ||||||||||||||||||
Net income per share - basic | $ | 0.25 | $ | 0.21 | $ | 0.46 | $ | 0.44 | ||||||||||||||||||
Net income per share - diluted | $ | 0.25 | $ | 0.21 | $ | 0.46 | $ | 0.44 | ||||||||||||||||||
Weighted-average outstanding shares - basic | 405,429 | 393,342 | 404,960 | 393,119 | ||||||||||||||||||||||
Weighted-average outstanding shares - diluted | 406,751 | 394,478 | 406,454 | 394,356 |
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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | 100,520 | $ | 83,473 | $ | 187,651 | $ | 172,791 | ||||||||||||||||||
Income tax expense | 31,146 | 24,654 | 60,365 | 56,757 | ||||||||||||||||||||||
Income before income taxes | 131,666 | 108,127 | 248,016 | 229,548 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 17,976 | 22,815 | 35,657 | 46,005 | ||||||||||||||||||||||
Stock-based compensation expense | 21,826 | 18,112 | 41,871 | 35,959 | ||||||||||||||||||||||
Acquisition and integration related costs | (179) | 504 | 1,476 | 2,143 | ||||||||||||||||||||||
Restructuring and related costs | (51) | — | 3,371 | — | ||||||||||||||||||||||
Settlements and impairments | (30) | — | (107) | — | ||||||||||||||||||||||
Other expense, net | — | 2,063 | — | 4,099 | ||||||||||||||||||||||
Non-GAAP income before income taxes | 171,208 | 151,621 | 330,284 | 317,754 | ||||||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 26 | % | 26 | % | 26 | % | ||||||||||||||||||
Assumed provision for income tax expense | (44,514) | (39,421) | (85,874) | (82,616) | ||||||||||||||||||||||
Non-GAAP net income | $ | 126,694 | $ | 112,200 | $ | 244,410 | $ | 235,138 | ||||||||||||||||||
Net income per share - diluted | $ | 0.25 | $ | 0.21 | $ | 0.46 | $ | 0.44 | ||||||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.31 | $ | 0.28 | $ | 0.60 | $ | 0.60 | ||||||||||||||||||
Weighted average outstanding shares - basic | 405,429 | 393,342 | 404,960 | 393,119 | ||||||||||||||||||||||
Weighted average outstanding shares - diluted | 406,751 | 394,478 | 406,454 | 394,356 | ||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | 100,520 | $ | 83,473 | $ | 187,651 | $ | 172,791 | ||||||||||||||||||
Amortization of acquired intangible assets in cost of revenues | 7,536 | 7,937 | 14,600 | 15,035 | ||||||||||||||||||||||
Amortization of acquired intangible assets in operating expenses | 10,440 | 14,878 | 21,057 | 30,970 | ||||||||||||||||||||||
Depreciation and other amortization | 8,087 | 7,010 | 16,033 | 13,975 | ||||||||||||||||||||||
Interest (income) expense, net | (51,911) | 3,399 | (95,459) | 11,117 | ||||||||||||||||||||||
Other income, net | (609) | (1,343) | (1,190) | (2,207) | ||||||||||||||||||||||
Income tax expense | 31,146 | 24,654 | 60,365 | 56,757 | ||||||||||||||||||||||
EBITDA | $ | 105,209 | $ | 140,008 | $ | 203,057 | $ | 298,438 | ||||||||||||||||||
Stock-based compensation expense | 21,826 | 18,112 | 41,871 | 35,959 | ||||||||||||||||||||||
Acquisition and integration related costs | (179) | 504 | 1,476 | 2,143 | ||||||||||||||||||||||
Restructuring and related costs | (51) | — | 3,371 | — | ||||||||||||||||||||||
Settlements and impairments | (30) | — | (107) | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 126,775 | $ | 158,624 | $ | 249,668 | $ | 336,540 |
CoStar Group, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets - Unaudited | ||||||||||||||
(in thousands) | ||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 5,205,295 | $ | 4,967,970 | ||||||||||
Accounts receivable | 196,255 | 166,140 | ||||||||||||
Less: Allowance for credit losses | (15,042) | (12,195) | ||||||||||||
Accounts receivable, net | 181,213 | 153,945 | ||||||||||||
Prepaid expenses and other current assets | 58,376 | 63,952 | ||||||||||||
Total current assets | 5,444,884 | 5,185,867 | ||||||||||||
Deferred income taxes, net | 9,724 | 9,722 | ||||||||||||
Property and equipment, net | 359,455 | 321,250 | ||||||||||||
Lease right-of-use assets | 79,491 | 80,392 | ||||||||||||
Goodwill | 2,321,205 | 2,314,759 | ||||||||||||
Intangible assets, net | 295,022 | 329,306 | ||||||||||||
Deferred commission costs, net | 162,391 | 142,482 | ||||||||||||
Deposits and other assets | 17,497 | 16,687 | ||||||||||||
Income tax receivable | 2,005 | 2,005 | ||||||||||||
Total assets | $ | 8,691,674 | $ | 8,402,470 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 61,546 | $ | 28,460 | ||||||||||
Accrued wages and commissions | 100,915 | 104,988 | ||||||||||||
Accrued expenses | 115,654 | 89,113 | ||||||||||||
Income taxes payable | 11,100 | 10,438 | ||||||||||||
Lease liabilities | 40,329 | 36,049 | ||||||||||||
Deferred revenue | 113,231 | 103,567 | ||||||||||||
Total current liabilities | 442,775 | 372,615 | ||||||||||||
Long-term debt, net | 989,858 | 989,210 | ||||||||||||
Deferred income taxes, net | 69,280 | 76,202 | ||||||||||||
Income taxes payable | 16,978 | 14,001 | ||||||||||||
Lease and other long-term liabilities | 71,711 | 80,321 | ||||||||||||
Total liabilities | $ | 1,590,602 | $ | 1,532,349 | ||||||||||
Total stockholders' equity | 7,101,072 | 6,870,121 | ||||||||||||
Total liabilities and stockholders' equity | $ | 8,691,674 | $ | 8,402,470 |
CoStar Group, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows - Unaudited | |||||||||||
(in thousands) | |||||||||||
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 187,651 | $ | 172,791 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 51,690 | 64,127 | |||||||||
Amortization of deferred commissions costs | 45,267 | 35,996 | |||||||||
Amortization of Senior Notes discount and issuance costs | 1,197 | 1,178 | |||||||||
Non-cash lease expense | 14,147 | 15,080 | |||||||||
Stock-based compensation expense | 41,871 | 35,959 | |||||||||
Deferred income taxes, net | (6,989) | (14,946) | |||||||||
Credit loss expense | 13,938 | 6,890 | |||||||||
Other operating activities, net | 540 | (1,149) | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (40,601) | (33,318) | |||||||||
Prepaid expenses and other current assets | (4,220) | 3,152 | |||||||||
Deferred commissions | (65,028) | (54,155) | |||||||||
Accounts payable and other liabilities | 54,422 | 14,098 | |||||||||
Lease liabilities | (16,559) | (15,932) | |||||||||
Income taxes payable, net | 12,916 | (27,770) | |||||||||
Deferred revenue | 8,873 | 8,520 | |||||||||
Other assets | (735) | 1,578 | |||||||||
Net cash provided by operating activities | 298,380 | 212,099 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment and other assets | — | 5,034 | |||||||||
Purchase of Richmond assets | (45,621) | (25,664) | |||||||||
Purchases of property and equipment and other assets | (8,801) | (30,746) | |||||||||
Cash paid for acquisitions, net of cash acquired | — | (6,331) | |||||||||
Net cash used in investing activities | (54,422) | (57,707) | |||||||||
Financing activities: | |||||||||||
Repayments of long-term debt assumed in acquisition | — | (2,155) | |||||||||
Repurchase of restricted stock to satisfy tax withholding obligations | (22,445) | (19,755) | |||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 16,175 | 7,340 | |||||||||
Net cash used in financing activities | (6,270) | (14,570) | |||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (363) | (2,832) | |||||||||
Net increase in cash and cash equivalents | 237,325 | 136,990 | |||||||||
Cash and cash equivalents at the beginning of period | 4,967,970 | 3,827,126 | |||||||||
Cash and cash equivalents at the end of period | $ | 5,205,295 | $ | 3,964,116 |
CoStar Group, Inc. | |||||||||||||||||||||||||||||||||||
Disaggregated Revenues - Unaudited | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 219,573 | $9,596 | $ | 229,169 | $ | 197,380 | $ | 9,186 | $ | 206,566 | ||||||||||||||||||||||||
Information Services | 32,213 | 9,708 | 41,921 | 30,511 | 7,991 | 38,502 | |||||||||||||||||||||||||||||
Multifamily | 224,291 | — | 224,291 | 182,359 | — | 182,359 | |||||||||||||||||||||||||||||
LoopNet | 63,268 | 2,295 | 65,563 | 54,603 | 1,694 | 56,297 | |||||||||||||||||||||||||||||
Residential | 12,708 | — | 12,708 | 20,154 | — | 20,154 | |||||||||||||||||||||||||||||
Other Marketplaces | 32,254 | — | 32,254 | 32,430 | — | 32,430 | |||||||||||||||||||||||||||||
Total revenues | $ | 584,307 | $ | 21,599 | $ | 605,906 | $ | 517,437 | $ | 18,871 | $ | 536,308 | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 435,386 | $ | 18,796 | $ | 454,182 | $ | 386,484 | $ | 18,731 | $ | 405,215 | |||||||||||||||||||||||
Information Services | 64,313 | 19,237 | 83,550 | 60,782 | 14,935 | 75,717 | |||||||||||||||||||||||||||||
Multifamily | 434,988 | — | 434,988 | 357,836 | — | 357,836 | |||||||||||||||||||||||||||||
LoopNet | 124,447 | 4,353 | 128,800 | 107,291 | 3,453 | 110,744 | |||||||||||||||||||||||||||||
Residential | 25,861 | — | 25,861 | 38,214 | — | 38,214 | |||||||||||||||||||||||||||||
Other Marketplaces | 62,891 | — | 62,891 | 64,407 | — | 64,407 | |||||||||||||||||||||||||||||
Total revenues | $ | 1,147,886 | $ | 42,386 | $ | 1,190,272 | $ | 1,015,014 | $ | 37,119 | $ | 1,052,133 | |||||||||||||||||||||||
CoStar Group, Inc. | |||||||||||||||||||||||
Results of Segments - Unaudited | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
EBITDA | |||||||||||||||||||||||
North America | $ | 104,614 | $ | 138,527 | $ | 201,270 | $ | 294,489 | |||||||||||||||
International | 595 | 1,481 | 1,787 | 3,949 | |||||||||||||||||||
Total EBITDA | $ | 105,209 | $ | 140,008 | $ | 203,057 | $ | 298,438 | |||||||||||||||
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 | ||||||||||||||||||||||||||
2022 | 2023 | |||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |||||||||||||||||||||
Net income | $89.3 | $83.5 | $72.3 | $124.4 | $87.1 | $100.5 | ||||||||||||||||||||
Income tax expense | 32.1 | 24.7 | 25.1 | 35.2 | 29.2 | 31.1 | ||||||||||||||||||||
Income before income taxes | 121.4 | 108.1 | 97.4 | 159.5 | 116.4 | 131.7 | ||||||||||||||||||||
Amortization of acquired intangible assets | 23.2 | 22.8 | 36.6 | 20.0 | 17.7 | 18.0 | ||||||||||||||||||||
Stock-based compensation expense | 17.8 | 18.1 | 18.1 | 21.1 | 20.0 | 21.8 | ||||||||||||||||||||
Acquisition and integration related costs | 1.6 | 0.5 | 1.1 | 2.2 | 1.7 | (0.2) | ||||||||||||||||||||
Restructuring and related costs | — | — | 0.2 | 2.0 | 3.4 | (0.1) | ||||||||||||||||||||
Settlements and impairments | — | — | 4.1 | 2.0 | (0.1) | — | ||||||||||||||||||||
Other expense, net | 2.0 | 2.1 | 2.1 | — | — | — | ||||||||||||||||||||
Non-GAAP income before income taxes(1) | 166.1 | 151.6 | 159.6 | 206.7 | 159.1 | 171.2 | ||||||||||||||||||||
Assumed rate for income tax expense (2) | 26% | 26% | 26% | 26% | 26% | 26% | ||||||||||||||||||||
Assumed provision for income tax expense | (43.2) | (39.4) | (41.5) | (53.8) | (41.4) | (44.5) | ||||||||||||||||||||
Non-GAAP net income(1) | $122.9 | $112.2 | $118.1 | $153.0 | $117.7 | $126.7 | ||||||||||||||||||||
Non-GAAP net income per share - diluted | $0.31 | $0.28 | $0.30 | $0.38 | $0.21 | $0.25 | ||||||||||||||||||||
Weighted average outstanding shares - basic | 392.9 | 393.3 | 394.7 | 404.2 | 404.5 | 405.4 | ||||||||||||||||||||
Weighted average outstanding shares - diluted | 394.2 | 394.5 | 396.2 | 406.1 | 406.2 | 406.8 | ||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||
2022 | 2023 | |||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |||||||||||||||||||||
Net income | $89.3 | $83.5 | $72.3 | $124.4 | $87.1 | $100.5 | ||||||||||||||||||||
Amortization of acquired intangible assets | 23.2 | 22.8 | 36.6 | 20.0 | 17.7 | 18.0 | ||||||||||||||||||||
Depreciation and other amortization | 7.0 | 7.0 | 7.2 | 7.9 | 7.9 | 8.1 | ||||||||||||||||||||
Interest expense (income), net | 7.7 | 3.4 | (10.7) | (32.6) | (43.5) | (51.9) | ||||||||||||||||||||
Other (income) expense, net | (0.9) | (1.3) | (1.4) | 0.2 | (0.6) | (0.6) | ||||||||||||||||||||
Income tax expense | 32.1 | 24.7 | 25.1 | 35.2 | 29.2 | 31.1 | ||||||||||||||||||||
EBITDA(1) | $158.4 | $140.0 | $129.1 | $155.1 | $97.8 | $105.2 | ||||||||||||||||||||
Stock-based compensation expense | 17.8 | 18.1 | 18.1 | 21.1 | 20.0 | 21.8 | ||||||||||||||||||||
Acquisition and integration related costs | 1.6 | 0.5 | 1.1 | 2.2 | 1.7 | (0.2) | ||||||||||||||||||||
Restructuring and related costs | — | — | 0.2 | 2.0 | 3.4 | (0.1) | ||||||||||||||||||||
Settlements and impairments | — | — | 4.1 | 2.0 | (0.1) | — | ||||||||||||||||||||
Adjusted EBITDA(1) | $177.9 | $158.6 | $152.7 | $182.3 | $122.9 | $126.8 | ||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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 September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 86,000 | $ | 90,000 | $ | 376,000 | $ | 383,000 | |||||||||||||||
Income tax expense | 32,000 | 33,000 | 138,000 | 141,000 | |||||||||||||||||||
Income before income taxes | 118,000 | 123,000 | 514,000 | 524,000 | |||||||||||||||||||
Amortization of acquired intangible assets | 19,000 | 19,000 | 73,000 | 73,000 | |||||||||||||||||||
Stock-based compensation expense | 23,000 | 23,000 | 89,000 | 89,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 1,000 | 1,000 | |||||||||||||||||||
Restructuring and related costs | — | — | 3,000 | 3,000 | |||||||||||||||||||
Non-GAAP income before income taxes | 160,000 | 165,000 | 680,000 | 690,000 | |||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 26 | % | 26 | % | 26 | % | |||||||||||||||
Assumed provision for income tax expense | (41,600) | (42,900) | (176,800) | (179,400) | |||||||||||||||||||
Non-GAAP net income | $ | 118,400 | $ | 122,100 | $ | 503,200 | $ | 510,600 | |||||||||||||||
Net income per share - diluted | $ | 0.21 | $ | 0.22 | $ | 0.92 | $ | 0.94 | |||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.29 | $ | 0.30 | $ | 1.24 | $ | 1.26 | |||||||||||||||
Weighted average outstanding shares - diluted | 407,000 | 407,000 | 406,800 | 406,800 | |||||||||||||||||||
__________________________ | |||||||||||||||||||||||
(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 September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 86,000 | $ | 90,000 | $ | 376,000 | $ | 383,000 | |||||||||||||||
Amortization of acquired intangible assets | 19,000 | 19,000 | 73,000 | 73,000 | |||||||||||||||||||
Depreciation and other amortization | 9,000 | 9,000 | 34,000 | 34,000 | |||||||||||||||||||
Interest income, net | (54,000) | (54,000) | (203,000) | (203,000) | |||||||||||||||||||
Other income, net | — | — | (1,000) | (1,000) | |||||||||||||||||||
Income tax expense | 32,000 | 33,000 | 138,000 | 141,000 | |||||||||||||||||||
Stock-based compensation expense | 23,000 | 23,000 | 89,000 | 89,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 1,000 | 1,000 | |||||||||||||||||||
Restructuring and related costs | — | — | 3,000 | 3,000 | |||||||||||||||||||
Adjusted EBITDA | $ | 115,000 | $ | 120,000 | $ | 510,000 | $ | 520,000 |