Year 2021-2022 Quarterly Results - Unaudited | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||
Revenues | $458 | $480 | $499 | $507 | $516 | $536 | |||||||||||||||||
Net income | 74 | 61 | 64 | 93 | 89 | 83 | |||||||||||||||||
Net income per share - diluted(1) | 0.19 | 0.16 | 0.16 | 0.24 | 0.23 | 0.21 | |||||||||||||||||
Weighted average outstanding shares - diluted(1) | 394 | 394 | 394 | 395 | 394 | 394 | |||||||||||||||||
EBITDA | 136 | 133 | 123 | 173 | 158 | 140 | |||||||||||||||||
Adjusted EBITDA | 160 | 150 | 144 | 193 | 178 | 159 | |||||||||||||||||
Non-GAAP net income | 108 | 103 | 99 | 138 | 123 | 112 | |||||||||||||||||
Non-GAAP net income per share - diluted(1) | 0.27 | 0.26 | 0.25 | 0.35 | 0.31 | 0.28 | |||||||||||||||||
__________________________ |
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, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | $ | 536,308 | $ | 480,333 | $ | 1,052,133 | $ | 938,030 | ||||||||||||||||||
Cost of revenues | 100,971 | 89,566 | 196,450 | 178,314 | ||||||||||||||||||||||
Gross profit | 435,337 | 390,767 | 855,683 | 759,716 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling and marketing (excluding customer base amortization) | 181,344 | 164,612 | 325,341 | 303,299 | ||||||||||||||||||||||
Software development | 51,587 | 48,573 | 105,608 | 95,357 | ||||||||||||||||||||||
General and administrative | 77,345 | 58,226 | 155,306 | 122,076 | ||||||||||||||||||||||
Customer base amortization | 14,878 | 18,345 | 30,970 | 36,764 | ||||||||||||||||||||||
325,154 | 289,756 | 617,225 | 557,496 | |||||||||||||||||||||||
Income from operations | 110,183 | 101,011 | 238,458 | 202,220 | ||||||||||||||||||||||
Interest expense, net | (3,399) | (7,877) | (11,117) | (15,755) | ||||||||||||||||||||||
Other income, net | 1,343 | 847 | 2,207 | 797 | ||||||||||||||||||||||
Income before income taxes | 108,127 | 93,981 | 229,548 | 187,262 | ||||||||||||||||||||||
Income tax expense | 24,654 | 32,833 | 56,757 | 51,902 | ||||||||||||||||||||||
Net income | $ | 83,473 | $ | 61,148 | $ | 172,791 | $ | 135,360 | ||||||||||||||||||
Net income per share - basic | $ | 0.21 | $ | 0.16 | $ | 0.44 | $ | 0.35 | ||||||||||||||||||
Net income per share - diluted | $ | 0.21 | $ | 0.16 | $ | 0.44 | $ | 0.34 | ||||||||||||||||||
Weighted-average outstanding shares - basic | 393,342 | 392,306 | 393,119 | 391,942 | ||||||||||||||||||||||
Weighted-average outstanding shares - diluted | 394,478 | 394,098 | 394,356 | 393,906 | ||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 83,473 | $ | 61,148 | $ | 172,791 | $ | 135,360 | ||||||||||||||||||
Income tax expense | 24,654 | 32,833 | 56,757 | 51,902 | ||||||||||||||||||||||
Income before income taxes | 108,127 | 93,981 | 229,548 | 187,262 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 22,815 | 25,293 | 46,005 | 51,120 | ||||||||||||||||||||||
Stock-based compensation expense | 18,112 | 15,144 | 35,959 | 30,689 | ||||||||||||||||||||||
Acquisition and integration related costs | 504 | 2,001 | 2,143 | 10,463 | ||||||||||||||||||||||
Other expense | 2,063 | 786 | 4,099 | 1,857 | ||||||||||||||||||||||
Non-GAAP income before income taxes | 151,621 | 137,205 | 317,754 | 281,391 | ||||||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 25 | % | 26 | % | 25 | % | ||||||||||||||||||
Assumed provision for income tax expense | (39,421) | (34,301) | (82,616) | (70,348) | ||||||||||||||||||||||
Non-GAAP net income | $ | 112,200 | $ | 102,904 | $ | 235,138 | $ | 211,043 | ||||||||||||||||||
Net income per share - diluted | $ | 0.21 | $ | 0.16 | $ | 0.44 | $ | 0.34 | ||||||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.28 | $ | 0.26 | $ | 0.60 | $ | 0.54 | ||||||||||||||||||
Weighted average outstanding shares - basic | 393,342 | 392,306 | 393,119 | 391,942 | ||||||||||||||||||||||
Weighted average outstanding shares - diluted | 394,478 | 394,098 | 394,356 | 393,906 | ||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 83,473 | $ | 61,148 | $ | 172,791 | $ | 135,360 | ||||||||||||||||||
Amortization of acquired intangible assets in cost of revenues | 7,937 | 6,948 | 15,035 | 14,356 | ||||||||||||||||||||||
Amortization of acquired intangible assets in operating expenses | 14,878 | 18,345 | 30,970 | 36,764 | ||||||||||||||||||||||
Depreciation and other amortization | 7,010 | 7,028 | 13,975 | 15,528 | ||||||||||||||||||||||
Interest expense, net | 3,399 | 7,877 | 11,117 | 15,755 | ||||||||||||||||||||||
Other income, net | (1,343) | (847) | (2,207) | (797) | ||||||||||||||||||||||
Income tax expense | 24,654 | 32,833 | 56,757 | 51,902 | ||||||||||||||||||||||
EBITDA | $ | 140,008 | $ | 133,332 | $ | 298,438 | $ | 268,868 | ||||||||||||||||||
Stock-based compensation expense | 18,112 | 15,144 | 35,959 | 30,689 | ||||||||||||||||||||||
Acquisition and integration related costs | 504 | 2,001 | 2,143 | 10,463 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 158,624 | $ | 150,477 | $ | 336,540 | $ | 310,020 | ||||||||||||||||||
CoStar Group, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets - Unaudited | ||||||||||||||
(in thousands) | ||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash, cash equivalents and restricted cash | $ | 3,964,116 | $ | 3,827,126 | ||||||||||
Accounts receivable | 161,811 | 138,191 | ||||||||||||
Less: Allowance for credit losses | (9,638) | (13,374) | ||||||||||||
Accounts receivable, net | 152,173 | 124,817 | ||||||||||||
Income tax receivable | 9,278 | — | ||||||||||||
Prepaid expenses and other current assets | 55,194 | 36,182 | ||||||||||||
Total current assets | 4,180,761 | 3,988,125 | ||||||||||||
Deferred income taxes, net | 5,034 | 5,034 | ||||||||||||
Property and equipment, net | 298,361 | 271,431 | ||||||||||||
Lease right-of-use assets | 98,495 | 100,680 | ||||||||||||
Goodwill | 2,314,176 | 2,321,015 | ||||||||||||
Intangible assets, net | 385,245 | 435,662 | ||||||||||||
Deferred commission costs, net | 119,778 | 101,879 | ||||||||||||
Deposits and other assets | 16,893 | 21,762 | ||||||||||||
Income tax receivable | 2,005 | 11,283 | ||||||||||||
Total assets | $ | 7,420,748 | $ | 7,256,871 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 32,132 | $ | 22,244 | ||||||||||
Accrued wages and commissions | 84,545 | 81,794 | ||||||||||||
Accrued expenses | 91,168 | 81,676 | ||||||||||||
Income taxes payable | 1,841 | 31,236 | ||||||||||||
Lease liabilities | 35,426 | 26,268 | ||||||||||||
Deferred revenue | 104,838 | 95,471 | ||||||||||||
Total current liabilities | 349,950 | 338,689 | ||||||||||||
Long-term debt, net | 988,572 | 987,944 | ||||||||||||
Deferred income taxes, net | 87,657 | 98,656 | ||||||||||||
Income taxes payable | 14,112 | 12,496 | ||||||||||||
Lease and other long-term liabilities | 96,104 | 107,414 | ||||||||||||
Total liabilities | $ | 1,536,395 | $ | 1,545,199 | ||||||||||
Total stockholders’ equity | 5,884,353 | 5,711,672 | ||||||||||||
Total liabilities and stockholders' equity | $ | 7,420,748 | $ | 7,256,871 |
CoStar Group, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows - Unaudited | |||||||||||
(in thousands) | |||||||||||
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 172,791 | $ | 135,360 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 64,127 | 68,516 | |||||||||
Amortization of deferred commissions costs | 35,996 | 30,847 | |||||||||
Amortization of Senior Notes discount and issuance costs | 1,178 | 1,159 | |||||||||
Non-cash lease expense | 15,080 | 13,136 | |||||||||
Stock-based compensation expense | 35,959 | 30,689 | |||||||||
Deferred income taxes, net | (14,946) | 9,929 | |||||||||
Credit loss expense | 6,890 | 6,086 | |||||||||
Other operating activities, net | (1,149) | (24) | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (33,318) | (8,526) | |||||||||
Prepaid expenses and other current assets | 3,152 | (14,567) | |||||||||
Deferred commissions | (54,155) | (31,922) | |||||||||
Accounts payable and other liabilities | 14,098 | (32,474) | |||||||||
Lease liabilities | (15,932) | (15,674) | |||||||||
Income taxes payable | (27,770) | 9,415 | |||||||||
Deferred revenue | 8,520 | 16,148 | |||||||||
Other assets | 1,578 | 2,191 | |||||||||
Net cash provided by operating activities | 212,099 | 220,289 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment and other assets | 5,034 | 201 | |||||||||
Purchase of Richmond assets and other intangibles | (25,664) | (123,623) | |||||||||
Purchases of property and equipment and other assets | (30,746) | (13,093) | |||||||||
Cash paid for acquisitions, net of cash acquired | (6,331) | (148,275) | |||||||||
Net cash used in investing activities | (57,707) | (284,790) | |||||||||
Financing activities: | |||||||||||
Repayments of long-term debt assumed in acquisition | (2,155) | — | |||||||||
Repurchase of restricted stock to satisfy tax withholding obligations | (19,755) | (28,405) | |||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 7,340 | 12,324 | |||||||||
Other financing activities | — | (57) | |||||||||
Net cash used in financing activities | (14,570) | (16,138) | |||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (2,832) | (364) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 136,990 | (81,003) | |||||||||
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 | $ | 3,964,116 | $ | 3,674,909 |
CoStar Group, Inc. | |||||||||||||||||||||||||||||||||||
Disaggregated Revenues - Unaudited | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 197,380 | $ | 9,186 | $ | 206,566 | $ | 167,845 | $ | 9,134 | $ | 176,979 | |||||||||||||||||||||||
Information Services | 30,511 | 7,991 | 38,502 | 28,096 | 7,061 | 35,157 | |||||||||||||||||||||||||||||
Multifamily | 182,359 | — | 182,359 | 171,357 | — | 171,357 | |||||||||||||||||||||||||||||
LoopNet(1) | 54,603 | 1,694 | 56,297 | 50,731 | 364 | 51,095 | |||||||||||||||||||||||||||||
Residential(1) | 20,154 | — | 20,154 | 18,087 | — | 18,087 | |||||||||||||||||||||||||||||
Other Marketplaces(1) | 32,430 | — | 32,430 | 27,658 | — | 27,658 | |||||||||||||||||||||||||||||
Total revenues | $ | 517,437 | $ | 18,871 | $ | 536,308 | $ | 463,774 | $ | 16,559 | $ | 480,333 | |||||||||||||||||||||||
__________________________ | |||||||||||||||||||||||||||||||||||
(1) As of September 30, 2021, Commercial Property and Land revenue has been further disaggregated into LoopNet, Residential and Other Marketplaces. Prior period amounts have been adjusted to reflect this presentation. | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
CoStar | $ | 386,484 | $ | 18,731 | $ | 405,215 | $ | 331,399 | $ | 17,764 | $ | 349,163 | |||||||||||||||||||||||
Information Services | 60,782 | 14,935 | 75,717 | 55,782 | 14,071 | 69,853 | |||||||||||||||||||||||||||||
Multifamily | 357,836 | — | 357,836 | 337,504 | — | 337,504 | |||||||||||||||||||||||||||||
LoopNet(1) | 107,291 | 3,453 | 110,744 | 99,667 | 658 | 100,325 | |||||||||||||||||||||||||||||
Residential(1) | 38,214 | — | 38,214 | 29,192 | — | 29,192 | |||||||||||||||||||||||||||||
Other Marketplaces(1) | 64,407 | — | 64,407 | 51,993 | — | 51,993 | |||||||||||||||||||||||||||||
Total revenues | $ | 1,015,014 | $ | 37,119 | $ | 1,052,133 | $ | 905,537 | $ | 32,493 | $ | 938,030 | |||||||||||||||||||||||
__________________________ | |||||||||||||||||||||||||||||||||||
(1) As of September 30, 2021, Commercial Property and Land revenue has been further disaggregated into LoopNet, Residential and Other Marketplaces. Prior period amounts have been adjusted to reflect this presentation. |
CoStar Group, Inc. | |||||||||||||||||||||||
Results of Segments - Unaudited | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
EBITDA | |||||||||||||||||||||||
North America | $ | 138,527 | $ | 130,176 | $ | 294,489 | $ | 266,034 | |||||||||||||||
International | 1,481 | 3,156 | 3,949 | 2,834 | |||||||||||||||||||
Total EBITDA | $ | 140,008 | $ | 133,332 | $ | 298,438 | $ | 268,868 | |||||||||||||||
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 | |||||||||||||||||||||
Net income | $74.2 | $61.1 | $64.3 | $92.9 | $89.3 | $83.5 | ||||||||||||||||||||
Income tax expense | 19.1 | 32.8 | 19.0 | 40.5 | 32.1 | 24.7 | ||||||||||||||||||||
Income before income taxes | 93.3 | 93.9 | 83.3 | 133.4 | 121.4 | 108.1 | ||||||||||||||||||||
Amortization of acquired intangible assets | 25.8 | 25.3 | 26.3 | 26.2 | 23.2 | 22.8 | ||||||||||||||||||||
Stock-based compensation expense | 15.5 | 15.1 | 16.3 | 16.7 | 17.8 | 18.1 | ||||||||||||||||||||
Acquisition and integration related costs | 8.5 | 2.0 | 5.0 | 3.2 | 1.6 | 0.5 | ||||||||||||||||||||
Other expense | 1.1 | 0.8 | 0.9 | 4.1 | 2.0 | 2.1 | ||||||||||||||||||||
Non-GAAP income before income taxes(1) | 144.2 | 137.1 | 131.8 | 183.6 | 166.1 | 151.6 | ||||||||||||||||||||
Assumed rate for income tax expense (2) | 25% | 25% | 25% | 25% | 26% | 26% | ||||||||||||||||||||
Assumed provision for income tax expense | (36.0) | (34.3) | (33.0) | (45.9) | (43.2) | (39.4) | ||||||||||||||||||||
Non-GAAP net income(1) | $108.2 | $102.8 | $98.8 | $137.7 | $122.9 | $112.2 | ||||||||||||||||||||
Non-GAAP net income per share - diluted(3) | $0.27 | $0.26 | $0.25 | $0.35 | $0.31 | $0.28 | ||||||||||||||||||||
Weighted average outstanding shares - basic(3) | 391.6 | 392.3 | 392.4 | 392.5 | 392.9 | 393.3 | ||||||||||||||||||||
Weighted average outstanding shares - diluted(3) | 393.7 | 394.1 | 394.3 | 394.5 | 394.2 | 394.5 | ||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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 | |||||||||||||||||||||
Net income | $74.2 | $61.1 | $64.3 | $92.9 | $89.3 | $83.5 | ||||||||||||||||||||
Amortization of acquired intangible assets | 25.8 | 25.3 | 26.3 | 26.2 | 23.2 | 22.8 | ||||||||||||||||||||
Depreciation and other amortization | 8.5 | 7.0 | 6.6 | 6.9 | 7.0 | 7.0 | ||||||||||||||||||||
Interest expense, net | 7.9 | 7.9 | 7.9 | 7.9 | 7.7 | 3.4 | ||||||||||||||||||||
Other (income) expense, net | 0.1 | (0.8) | (1.5) | (0.9) | (0.9) | (1.3) | ||||||||||||||||||||
Income tax expense | 19.1 | 32.8 | 19.0 | 40.5 | 32.1 | 24.7 | ||||||||||||||||||||
EBITDA(1) | $135.6 | $133.3 | $122.6 | $173.4 | $158.4 | $140.0 | ||||||||||||||||||||
Stock-based compensation expense | 15.5 | 15.1 | 16.3 | 16.7 | 17.8 | 18.1 | ||||||||||||||||||||
Acquisition and integration related costs | 8.5 | 2.0 | 5.0 | 3.2 | 1.6 | 0.5 | ||||||||||||||||||||
Adjusted EBITDA(1) | $159.6 | $150.4 | $143.9 | $193.4 | $177.9 | $158.6 | ||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||
(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, 2022 | December 31, 2022 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 63,000 | $ | 71,000 | $ | 310,000 | $ | 325,000 | |||||||||||||||
Income tax expense | 22,000 | 24,000 | 104,000 | 109,000 | |||||||||||||||||||
Income before income taxes | 85,000 | 95,000 | 414,000 | 434,000 | |||||||||||||||||||
Amortization of acquired intangible assets | 21,000 | 21,000 | 88,000 | 88,000 | |||||||||||||||||||
Stock-based compensation expense | 19,000 | 19,000 | 74,000 | 74,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 2,000 | 2,000 | |||||||||||||||||||
Other expense | — | — | 4,000 | 4,000 | |||||||||||||||||||
Non-GAAP income before income taxes | 125,000 | 135,000 | 582,000 | 602,000 | |||||||||||||||||||
Assumed rate for income tax expense(1) | 26 | % | 26 | % | 26 | % | 26 | % | |||||||||||||||
Assumed provision for income tax expense | (32,500) | (35,100) | (151,300) | (156,500) | |||||||||||||||||||
Non-GAAP net income | $ | 92,500 | $ | 99,900 | $ | 430,700 | $ | 445,500 | |||||||||||||||
Net income per share - diluted | $ | 0.16 | $ | 0.18 | $ | 0.79 | $ | 0.82 | |||||||||||||||
Non-GAAP net income per share - diluted | $ | 0.23 | $ | 0.25 | $ | 1.09 | $ | 1.13 | |||||||||||||||
Weighted average outstanding shares - diluted | 394,800 | 394,800 | 394,700 | 394,700 | |||||||||||||||||||
__________________________ | |||||||||||||||||||||||
(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, 2022 | December 31, 2022 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income | $ | 63,000 | $ | 71,000 | $ | 310,000 | $ | 325,000 | |||||||||||||||
Amortization of acquired intangible assets | 21,000 | 21,000 | 88,000 | 88,000 | |||||||||||||||||||
Depreciation and other amortization | 10,000 | 10,000 | 34,000 | 34,000 | |||||||||||||||||||
Interest expense, net | (5,000) | (5,000) | 1,000 | 1,000 | |||||||||||||||||||
Other income, net | — | — | (3,000) | (3,000) | |||||||||||||||||||
Income tax expense | 22,000 | 24,000 | 104,000 | 109,000 | |||||||||||||||||||
Stock-based compensation expense | 19,000 | 19,000 | 74,000 | 74,000 | |||||||||||||||||||
Acquisition and integration related costs | — | — | 2,000 | 2,000 | |||||||||||||||||||
Adjusted EBITDA | $ | 130,000 | $ | 140,000 | $ | 610,000 | $ | 630,000 |