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h
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
OR
☐ |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from _______________ to _______________
Commission File Number
001-32205

CBRE GROUP, INC.
(Exact name of Registrant as specified in its charter)
Delaware |
|
94-3391143 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
|
|
|
400 South Hope Street, 25th Floor Los Angeles, California |
|
90071 |
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
(213) 613-3333 |
|
Not applicable |
(Registrant's telephone number, including area code) |
|
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A Common Stock, $0.01 par value per share |
“CBRE” |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of Class A common stock outstanding at July 31, 2019 was 336,335,679.
FORM 10-Q
June 30, 2019
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. |
Financial Statements |
CBRE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)
|
|
June 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
535,618 |
|
|
$ |
777,219 |
|
Restricted cash |
|
|
77,607 |
|
|
|
86,725 |
|
Receivables, less allowance for doubtful accounts of $68,991 and $60,348 at
June 30, 2019 and December 31, 2018, respectively |
|
|
4,001,003 |
|
|
|
3,668,591 |
|
Warehouse receivables |
|
|
1,365,928 |
|
|
|
1,342,468 |
|
Contract assets |
|
|
323,247 |
|
|
|
307,020 |
|
Prepaid expenses |
|
|
290,254 |
|
|
|
254,892 |
|
Income taxes receivable |
|
|
53,764 |
|
|
|
71,684 |
|
Other current assets |
|
|
237,796 |
|
|
|
245,611 |
|
Total Current Assets |
|
|
6,885,217 |
|
|
|
6,754,210 |
|
Property and equipment, net |
|
|
746,490 |
|
|
|
721,692 |
|
Goodwill |
|
|
3,663,789 |
|
|
|
3,652,309 |
|
Other intangible assets, net of accumulated amortization of $1,270,236 and $1,180,393 at
June 30, 2019 and December 31, 2018, respectively |
|
|
1,331,281 |
|
|
|
1,441,308 |
|
Operating lease assets |
|
|
949,216 |
|
|
|
— |
|
Investments in unconsolidated subsidiaries |
|
|
307,308 |
|
|
|
216,174 |
|
Deferred tax assets, net |
|
|
83,015 |
|
|
|
51,703 |
|
Other assets, net |
|
|
752,819 |
|
|
|
619,397 |
|
Total Assets |
|
$ |
14,719,135 |
|
|
$ |
13,456,793 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,063,845 |
|
|
$ |
1,919,827 |
|
Compensation and employee benefits payable |
|
|
1,086,973 |
|
|
|
1,121,179 |
|
Accrued bonus and profit sharing |
|
|
704,730 |
|
|
|
1,189,395 |
|
Operating lease liabilities |
|
|
173,496 |
|
|
|
— |
|
Contract liabilities |
|
|
109,511 |
|
|
|
82,227 |
|
Income taxes payable |
|
|
37,735 |
|
|
|
68,100 |
|
Short-term borrowings: |
|
|
|
|
|
|
|
|
Warehouse lines of credit (which fund loans that U.S. Government Sponsored
Enterprises have committed to purchase) |
|
|
1,349,988 |
|
|
|
1,328,761 |
|
Revolving credit facility |
|
|
230,000 |
|
|
|
— |
|
Total short-term borrowings |
|
|
1,579,988 |
|
|
|
1,328,761 |
|
Current maturities of long-term debt |
|
|
2,258 |
|
|
|
3,146 |
|
Other current liabilities |
|
|
128,913 |
|
|
|
90,745 |
|
Total Current Liabilities |
|
|
5,887,449 |
|
|
|
5,803,380 |
|
Long-term debt, net of current maturities |
|
|
1,766,564 |
|
|
|
1,767,260 |
|
Non-current operating lease liabilities |
|
|
996,228 |
|
|
|
— |
|
Non-current tax liabilities |
|
|
178,990 |
|
|
|
172,626 |
|
Deferred tax liabilities, net |
|
|
51,588 |
|
|
|
107,425 |
|
Other liabilities |
|
|
447,786 |
|
|
|
596,200 |
|
Total Liabilities |
|
|
9,328,605 |
|
|
|
8,446,891 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Equity: |
|
|
|
|
|
|
|
|
CBRE Group, Inc. Stockholders’ Equity: |
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Class A common stock; $0.01 par value; 525,000,000 shares authorized;
336,329,975 and 336,912,783 shares issued and outstanding at
June 30, 2019 and December 31, 2018, respectively |
|
|
3,363 |
|
|
|
3,369 |
|
Additional paid-in capital |
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|
1,162,002 |
|
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1,149,013 |
|
Accumulated earnings |
|
|
4,898,932 |
|
|
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4,504,684 |
|
Accumulated other comprehensive loss |
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|
(717,660 |
) |
|
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(718,269 |
) |
Total CBRE Group, Inc. Stockholders’ Equity |
|
|
5,346,637 |
|
|
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4,938,797 |
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Non-controlling interests |
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43,893 |
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|
71,105 |
|
Total Equity |
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5,390,530 |
|
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5,009,902 |
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Total Liabilities and Equity |
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$ |
14,719,135 |
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$ |
13,456,793 |
|
The accompanying notes are an integral part of these consolidated financial statements.
1
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue |
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$ |
5,714,073 |
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$ |
5,111,434 |
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$ |
10,849,583 |
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$ |
9,785,386 |
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Costs and expenses: |
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Cost of services |
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4,445,790 |
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3,958,748 |
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8,467,824 |
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|
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7,578,709 |
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Operating, administrative and other |
|
|
877,397 |
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|
826,282 |
|
|
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1,670,273 |
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1,558,517 |
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Depreciation and amortization |
|
|
106,479 |
|
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|
113,399 |
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|
|
212,302 |
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|
221,564 |
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Intangible asset impairment |
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— |
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— |
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89,037 |
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|
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— |
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Total costs and expenses |
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5,429,666 |
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4,898,429 |
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10,439,436 |
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9,358,790 |
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Gain on disposition of real estate |
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10 |
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12,311 |
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19,257 |
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12,329 |
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Operating income |
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284,417 |
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225,316 |
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429,404 |
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438,925 |
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Equity income from unconsolidated subsidiaries |
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21,773 |
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96,021 |
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94,437 |
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136,200 |
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Other income (loss) |
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4,369 |
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|
4,009 |
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25,222 |
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(271 |
) |
Interest expense, net of interest income |
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24,600 |
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25,396 |
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45,792 |
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50,633 |
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Write-off of financing costs on extinguished debt |
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— |
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— |
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2,608 |
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|
27,982 |
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Income before provision for income taxes |
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|
285,959 |
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|
299,950 |
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|
500,663 |
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|
496,239 |
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Provision for income taxes |
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62,521 |
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|
70,319 |
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|
106,399 |
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|
116,483 |
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Net income |
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223,438 |
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|
|
229,631 |
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|
394,264 |
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|
379,756 |
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Less: Net (loss) income attributable to non-controlling interests |
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(293 |
) |
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|
964 |
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6,124 |
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|
801 |
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Net income attributable to CBRE Group, Inc. |
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$ |
223,731 |
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$ |
228,667 |
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$ |
388,140 |
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$ |
378,955 |
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Basic income per share: |
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Net income per share attributable to CBRE Group, Inc. |
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$ |
0.67 |
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$ |
0.67 |
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$ |
1.15 |
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$ |
1.12 |
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Weighted average shares outstanding for basic income per share |
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336,222,471 |
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339,081,556 |
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336,122,100 |
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338,986,354 |
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Diluted income per share: |
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Net income per share attributable to CBRE Group, Inc. |
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$ |
0.66 |
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$ |
0.67 |
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$ |
1.14 |
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$ |
1.10 |
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Weighted average shares outstanding for diluted income per share |
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340,508,931 |
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343,471,513 |
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340,334,315 |
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|
343,031,189 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands)
|
|
Three Months Ended |
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Six Months Ended |
|
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|
June 30, |
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June 30, |
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2019 |
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2018 |
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|
2019 |
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2018 |
|
Net income |
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$ |
223,438 |
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$ |
229,631 |
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$ |
394,264 |
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$ |
379,756 |
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Other comprehensive (loss) income: |
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Foreign currency translation loss |
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(2,532 |
) |
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(165,926 |
) |
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(1,595 |
) |
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(99,894 |
) |
Adoption of Accounting Standards Update 2016-01, net of tax |
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— |
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— |
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— |
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(3,964 |
) |
Amounts reclassified from accumulated other comprehensive
loss to interest expense, net of tax |
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425 |
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|
628 |
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|
835 |
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1,383 |
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Unrealized (losses) gains on interest rate swaps, net of tax |
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(52 |
) |
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214 |
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(111 |
) |
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|
817 |
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Unrealized holding gains (losses) on available for sale debt
securities, net of tax |
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705 |
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(122 |
) |
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1,460 |
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(627 |
) |
Other, net |
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— |
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— |
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|
1 |
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5,528 |
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Total other comprehensive (loss) income |
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(1,454 |
) |
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(165,206 |
) |
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590 |
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(96,757 |
) |
Comprehensive income |
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221,984 |
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|
64,425 |
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|
394,854 |
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|
282,999 |
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Less: Comprehensive (loss) income attributable to non-controlling
interests |
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(256 |
) |
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|
480 |
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|
6,105 |
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|
122 |
|
Comprehensive income attributable to CBRE Group, Inc. |
|
$ |
222,240 |
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$ |
63,945 |
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$ |
388,749 |
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$ |
282,877 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|
Six Months Ended |
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June 30, |
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2019 |
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2018 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
|
$ |
394,264 |
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$ |
379,756 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
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Depreciation and amortization |
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|
212,302 |
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|
221,564 |
|
Amortization and write-off of financing costs on extinguished debt |
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|
5,705 |
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|
31,646 |
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Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets |
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(114,283 |
) |
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(98,707 |
) |
Intangible asset impairment |
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|
89,037 |
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|
— |
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Gains on disposition of real estate held for investment |
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|
— |
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|
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(3,197 |
) |
Net realized and unrealized (gains) losses from investments |
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(25,222 |
) |
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|
271 |
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Provision for doubtful accounts |
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11,438 |
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|
11,809 |
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Compensation expense for equity awards |
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|
65,580 |
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|
61,675 |
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Equity income from unconsolidated subsidiaries |
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(94,437 |
) |
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(136,200 |
) |
Distribution of earnings from unconsolidated subsidiaries |
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|
97,561 |
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|
131,395 |
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Proceeds from sale of mortgage loans |
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10,099,268 |
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|
7,019,614 |
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Origination of mortgage loans |
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(10,090,347 |
) |
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(7,552,229 |
) |
Increase in warehouse lines of credit |
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21,227 |
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|
560,825 |
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Tenant concessions received |
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12,931 |
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|
16,130 |
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Purchase of equity securities |
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(70,221 |
) |
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(41,389 |
) |
Proceeds from sale of equity securities |
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|
38,495 |
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|
37,715 |
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Increase in receivables, prepaid expenses and other assets (including contract and lease assets) |
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(462,346 |
) |
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(197,768 |
) |
Increase in accounts payable and accrued expenses and other liabilities (including contract
and lease liabilities) |
|
|
163,502 |
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|
9,543 |
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Decrease in compensation and employee benefits payable and accrued bonus and profit sharing |
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(552,302 |
) |
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(496,292 |
) |
Increase in income taxes receivable/payable |
|
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(97,260 |
) |
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(41,830 |
) |
Other operating activities, net |
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(21,724 |
) |
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(6,393 |
) |
Net cash used in operating activities |
|
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(316,832 |
) |
|
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(92,062 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
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Capital expenditures |
|
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(100,674 |
) |
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(107,482 |
) |
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of
cash acquired |
|
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(2,142 |
) |
|
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(264,702 |
) |
Contributions to unconsolidated subsidiaries |
|
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(35,187 |
) |
|
|
(21,042 |
) |
Distributions from unconsolidated subsidiaries |
|
|
10,273 |
|
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|
28,235 |
|
Net proceeds from disposition of real estate held for investment |
|
|
— |
|
|
|
14,174 |
|
Purchase of equity securities |
|
|
(5,601 |
) |
|
|
(13,718 |
) |
Proceeds from sale of equity securities |
|
|
9,869 |
|
|
|
8,889 |
|
Purchase of available for sale debt securities |
|
|
(2,812 |
) |
|
|
(18,723 |
) |
Proceeds from the sale of available for sale debt securities |
|
|
1,466 |
|
|
|
4,121 |
|
Other investing activities, net |
|
|
224 |
|
|
|
(6,384 |
) |
Net cash used in investing activities |
|
|
(124,584 |
) |
|
|
(376,632 |
) |
The accompanying notes are an integral part of these consolidated financial statements.
4
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(Dollars in thousands)
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from senior term loans |
|
|
300,000 |
|
|
|
550,000 |
|
Repayment of senior term loans |
|
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(300,000 |
) |
|
|
— |
|
Proceeds from revolving credit facility |
|
|
1,596,000 |
|
|
|
2,000,000 |
|
Repayment of revolving credit facility |
|
|
(1,366,000 |
) |
|
|
(1,402,000 |
) |
Repayment of 5.00% senior notes (including premium) |
|
|
— |
|
|
|
(820,000 |
) |
Proceeds from notes payable on real estate |
|
|
4,165 |
|
|
|
1,153 |
|
Repayment of notes payable on real estate |
|
|
— |
|
|
|
(16,019 |
) |
Repurchase of common stock |
|
|
(45,088 |
) |
|
|
— |
|
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date) |
|
|
(28,517 |
) |
|
|
(11,183 |
) |
Repayment of debt assumed in acquisition of FacilitySource |
|
|
— |
|
|
|
(26,295 |
) |
|