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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

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2019 and December 31, 2018

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Equity for the three and six months ended June 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

33

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

52

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

52

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

 

 

 

 

 

Item 1A.

 

Risk Factors

 

53

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53

 

 

 

 

 

Item 6.

 

Exhibits

 

54

 

 

 

 

 

Signatures

 

55

 

 

 

 


 

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:

 

 

 

 

 

 

 

 

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

 

 

1,162,002

 

 

 

1,149,013

 

Accumulated earnings

 

 

4,898,932

 

 

 

4,504,684

 

Accumulated other comprehensive loss

 

 

(717,660

)

 

 

(718,269

)

Total CBRE Group, Inc. Stockholders’ Equity

 

 

5,346,637

 

 

 

4,938,797

 

Non-controlling interests

 

 

43,893

 

 

 

71,105

 

Total Equity

 

 

5,390,530

 

 

 

5,009,902

 

Total Liabilities and Equity

 

$

14,719,135

 

 

$

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)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

5,714,073

 

 

$

5,111,434

 

 

$

10,849,583

 

 

$

9,785,386

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

4,445,790

 

 

 

3,958,748

 

 

 

8,467,824

 

 

 

7,578,709

 

Operating, administrative and other

 

 

877,397

 

 

 

826,282

 

 

 

1,670,273

 

 

 

1,558,517

 

Depreciation and amortization

 

 

106,479

 

 

 

113,399

 

 

 

212,302

 

 

 

221,564

 

Intangible asset impairment

 

 

 

 

 

 

 

 

89,037

 

 

 

 

Total costs and expenses

 

 

5,429,666

 

 

 

4,898,429

 

 

 

10,439,436

 

 

 

9,358,790

 

Gain on disposition of real estate

 

 

10

 

 

 

12,311

 

 

 

19,257

 

 

 

12,329

 

Operating income

 

 

284,417

 

 

 

225,316

 

 

 

429,404

 

 

 

438,925

 

Equity income from unconsolidated subsidiaries

 

 

21,773

 

 

 

96,021

 

 

 

94,437

 

 

 

136,200

 

Other income (loss)

 

 

4,369

 

 

 

4,009

 

 

 

25,222

 

 

 

(271

)

Interest expense, net of interest income

 

 

24,600

 

 

 

25,396

 

 

 

45,792

 

 

 

50,633

 

Write-off of financing costs on extinguished debt

 

 

 

 

 

 

 

 

2,608

 

 

 

27,982

 

Income before provision for income taxes

 

 

285,959

 

 

 

299,950

 

 

 

500,663

 

 

 

496,239

 

Provision for income taxes

 

 

62,521

 

 

 

70,319

 

 

 

106,399

 

 

 

116,483

 

Net income

 

 

223,438

 

 

 

229,631

 

 

 

394,264

 

 

 

379,756

 

Less:  Net (loss) income attributable to non-controlling interests

 

 

(293

)

 

 

964

 

 

 

6,124

 

 

 

801

 

Net income attributable to CBRE Group, Inc.

 

$

223,731

 

 

$

228,667

 

 

$

388,140

 

 

$

378,955

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.67

 

 

$

0.67

 

 

$

1.15

 

 

$

1.12

 

Weighted average shares outstanding for basic income per share

 

 

336,222,471

 

 

 

339,081,556

 

 

 

336,122,100

 

 

 

338,986,354

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.66

 

 

$

0.67

 

 

$

1.14

 

 

$

1.10

 

Weighted average shares outstanding for diluted income per share

 

 

340,508,931

 

 

 

343,471,513

 

 

 

340,334,315

 

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

223,438

 

 

$

229,631

 

 

$

394,264

 

 

$

379,756

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

(2,532

)

 

 

(165,926

)

 

 

(1,595

)

 

 

(99,894

)

Adoption of Accounting Standards Update 2016-01, net of tax

 

 

 

 

 

 

 

 

 

 

 

(3,964

)

Amounts reclassified from accumulated other comprehensive

   loss to interest expense, net of tax

 

 

425

 

 

 

628

 

 

 

835

 

 

 

1,383

 

Unrealized (losses) gains on interest rate swaps, net of tax

 

 

(52

)

 

 

214

 

 

 

(111

)

 

 

817

 

Unrealized holding gains (losses) on available for sale debt

   securities, net of tax

 

 

705

 

 

 

(122

)

 

 

1,460

 

 

 

(627

)

Other, net

 

 

 

 

 

 

 

 

1

 

 

 

5,528

 

Total other comprehensive (loss) income

 

 

(1,454

)

 

 

(165,206

)

 

 

590

 

 

 

(96,757

)

Comprehensive income

 

 

221,984

 

 

 

64,425

 

 

 

394,854

 

 

 

282,999

 

Less: Comprehensive (loss) income attributable to non-controlling

   interests

 

 

(256

)

 

 

480

 

 

 

6,105

 

 

 

122

 

Comprehensive income attributable to CBRE Group, Inc.

 

$

222,240

 

 

$

63,945

 

 

$

388,749

 

 

$

282,877

 

 

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

 

 

 

June 30,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

394,264

 

 

$

379,756

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

212,302

 

 

 

221,564

 

Amortization and write-off of financing costs on extinguished debt

 

 

5,705

 

 

 

31,646

 

Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets

 

 

(114,283

)

 

 

(98,707

)

Intangible asset impairment

 

 

89,037

 

 

 

 

Gains on disposition of real estate held for investment

 

 

 

 

 

(3,197

)

Net realized and unrealized (gains) losses from investments

 

 

(25,222

)

 

 

271

 

Provision for doubtful accounts

 

 

11,438

 

 

 

11,809

 

Compensation expense for equity awards

 

 

65,580

 

 

 

61,675

 

Equity income from unconsolidated subsidiaries

 

 

(94,437

)

 

 

(136,200

)

Distribution of earnings from unconsolidated subsidiaries

 

 

97,561

 

 

 

131,395

 

Proceeds from sale of mortgage loans

 

 

10,099,268

 

 

 

7,019,614

 

Origination of mortgage loans

 

 

(10,090,347

)

 

 

(7,552,229

)

Increase in warehouse lines of credit

 

 

21,227

 

 

 

560,825

 

Tenant concessions received

 

 

12,931

 

 

 

16,130

 

Purchase of equity securities

 

 

(70,221

)

 

 

(41,389

)

Proceeds from sale of equity securities

 

 

38,495

 

 

 

37,715

 

Increase in receivables, prepaid expenses and other assets (including contract and lease assets)

 

 

(462,346

)

 

 

(197,768

)

Increase in accounts payable and accrued expenses and other liabilities (including contract

   and lease liabilities)

 

 

163,502

 

 

 

9,543

 

Decrease in compensation and employee benefits payable and accrued bonus and profit sharing

 

 

(552,302

)

 

 

(496,292

)

Increase in income taxes receivable/payable

 

 

(97,260

)

 

 

(41,830

)

Other operating activities, net

 

 

(21,724

)

 

 

(6,393

)

Net cash used in operating activities

 

 

(316,832

)

 

 

(92,062

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(100,674

)

 

 

(107,482

)

Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of

   cash acquired

 

 

(2,142

)

 

 

(264,702

)

Contributions to unconsolidated subsidiaries

 

 

(35,187

)

 

 

(21,042

)

Distributions from unconsolidated subsidiaries

 

 

10,273

 

 

 

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:

 

 

 

 

 

 

 

 

Proceeds from senior term loans

 

 

300,000

 

 

 

550,000

 

Repayment of senior term loans

 

 

(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

)