In the fourth quarter of 2012, the Company's 12-month trailing renewal rate for annual subscription-based services was 94%, and the renewal rate for CoStar's over 5,000 customer firms that have been subscribers for five years or longer was 99%. Both rates remain at all-time highs.
As of December 31, 2012, the Company had approximately $177.7 million in cash, cash equivalents, short-term and long-term investments. This represents an increase of $25.9 million from the third quarter of 2012. Short and long-term debt associated with the LoopNet acquisition totaled approximately $170.6 million as of December 31, 2012.
"Based on the positive results of our cross-selling and integration initiatives, as well as the continued strength of our core information sales, we expect strong revenue and earnings growth in 2013," stated CoStar Group Chief Financial Officer Brian J. Radecki. For the first quarter of 2013, the Company expects revenue of approximately $101 million to $103 million, and approximately $424 million to $429 million for the full year 2013. The annual revenue outlook includes a reduction of approximately $5 million to $7 million from de-emphasizing or eliminating certain redundant services, but in the long term the Company expects to replace and even exceed these revenues by converting users of these services to higher quality services offered under annual subscriptions.For the first quarter of 2013, the Company expects non-GAAP net income per diluted share (defined below) of approximately $0.41 to $0.45. First quarter 2013 expenses include seasonally higher costs related to our annual sales conference, increased marketing expenses to support the LoopNet cross-selling initiative and standard annual increases in personnel expenses. For the full year of 2013, the Company expects non-GAAP net income per diluted share in a range of approximately $2.08 to $2.20. The annual outlook includes a reduction of approximately $0.08 to $0.12 of non-GAAP net income per diluted share related to eliminating or de-emphasizing certain services as noted above.
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