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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 September 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 October 29, 2019 was 334,751,698.

 

 

 


 

FORM 10-Q

September 30, 2019

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

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

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Equity for the three and nine months ended September 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

 

35

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

54

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

55

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

55

 

 

 

 

 

Item 1A.

 

Risk Factors

 

55

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

56

 

 

 

 

 

Item 6.

 

Exhibits

 

57

 

 

 

 

 

Signatures

 

58

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

CBRE GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

577,460

 

 

$

777,219

 

Restricted cash

 

 

124,845

 

 

 

86,725

 

Receivables, less allowance for doubtful accounts of $77,293 and $60,348 at

   September 30, 2019 and December 31, 2018, respectively

 

 

4,057,751

 

 

 

3,668,591

 

Warehouse receivables

 

 

987,923

 

 

 

1,342,468

 

Advance warehouse funding

 

 

376,707

 

 

 

 

Contract assets

 

 

348,615

 

 

 

307,020

 

Prepaid expenses

 

 

282,640

 

 

 

254,892

 

Income taxes receivable

 

 

38,615

 

 

 

71,684

 

Other current assets

 

 

264,279

 

 

 

245,611

 

Total Current Assets

 

 

7,058,835

 

 

 

6,754,210

 

Property and equipment, net

 

 

782,004

 

 

 

721,692

 

Goodwill

 

 

3,627,327

 

 

 

3,652,309

 

Other intangible assets, net of accumulated amortization of $1,299,958 and $1,180,393 at

   September 30, 2019 and December 31, 2018, respectively

 

 

1,325,603

 

 

 

1,441,308

 

Operating lease assets

 

 

980,337

 

 

 

 

Investments in unconsolidated subsidiaries

 

 

328,580

 

 

 

216,174

 

Deferred tax assets, net

 

 

142,918

 

 

 

51,703

 

Other assets, net

 

 

795,338

 

 

 

619,397

 

Total Assets

 

$

15,040,942

 

 

$

13,456,793

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,085,391

 

 

$

1,919,827

 

Compensation and employee benefits payable

 

 

1,231,075

 

 

 

1,121,179

 

Accrued bonus and profit sharing

 

 

869,256

 

 

 

1,189,395

 

Operating lease liabilities

 

 

162,866

 

 

 

 

Contract liabilities

 

 

110,911

 

 

 

82,227

 

Income taxes payable

 

 

30,968

 

 

 

68,100

 

Short-term borrowings:

 

 

 

 

 

 

 

 

Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have

   committed to purchase)

 

 

1,348,610

 

 

 

1,328,761

 

Revolving credit facility

 

 

52,000

 

 

 

 

Other

 

 

4,058

 

 

 

 

Total short-term borrowings

 

 

1,404,668

 

 

 

1,328,761

 

Current maturities of long-term debt

 

 

1,897

 

 

 

3,146

 

Other current liabilities

 

 

130,938

 

 

 

90,745

 

Total Current Liabilities

 

 

6,027,970

 

 

 

5,803,380

 

Long-term debt, net of current maturities

 

 

1,748,264

 

 

 

1,767,260

 

Non-current operating lease liabilities

 

 

1,039,865

 

 

 

 

Non-current tax liabilities

 

 

207,845

 

 

 

172,626

 

Deferred tax liabilities, net

 

 

21,287

 

 

 

107,425

 

Other liabilities

 

 

436,731

 

 

 

596,200

 

Total Liabilities

 

 

9,481,962

 

 

 

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; 335,755,183 and 336,912,783

   shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

3,358

 

 

 

3,369

 

Additional paid-in capital

 

 

1,140,021

 

 

 

1,149,013

 

Accumulated earnings

 

 

5,155,531

 

 

 

4,504,684

 

Accumulated other comprehensive loss

 

 

(787,081

)

 

 

(718,269

)

Total CBRE Group, Inc. Stockholders’ Equity

 

 

5,511,829

 

 

 

4,938,797

 

Non-controlling interests

 

 

47,151

 

 

 

71,105

 

Total Equity

 

 

5,558,980

 

 

 

5,009,902

 

Total Liabilities and Equity

 

$

15,040,942

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

5,925,101

 

 

$

5,260,954

 

 

$

16,774,684

 

 

$

15,046,340

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

4,687,336

 

 

 

4,098,904

 

 

 

13,155,160

 

 

 

11,677,613

 

Operating, administrative and other

 

 

809,584

 

 

 

859,085

 

 

 

2,479,857

 

 

 

2,417,602

 

Depreciation and amortization

 

 

111,560

 

 

 

113,484

 

 

 

323,862

 

 

 

335,048

 

Intangible asset impairment

 

 

 

 

 

 

 

 

89,037

 

 

 

 

Total costs and expenses

 

 

5,608,480

 

 

 

5,071,473

 

 

 

16,047,916

 

 

 

14,430,263

 

Gain on disposition of real estate

 

 

9

 

 

 

236

 

 

 

19,266

 

 

 

12,565

 

Operating income

 

 

316,630

 

 

 

189,717

 

 

 

746,034

 

 

 

628,642

 

Equity income from unconsolidated subsidiaries

 

 

25,796

 

 

 

126,840

 

 

 

120,233

 

 

 

263,040

 

Other income

 

 

941

 

 

 

95,515

 

 

 

26,163

 

 

 

95,244

 

Interest expense, net of interest income

 

 

21,846

 

 

 

25,420

 

 

 

67,638

 

 

 

76,053

 

Write-off of financing costs on extinguished debt

 

 

 

 

 

 

 

 

2,608

 

 

 

27,982

 

Income before provision for income taxes

 

 

321,521

 

 

 

386,652

 

 

 

822,184

 

 

 

882,891

 

Provision for income taxes

 

 

63,468

 

 

 

94,963

 

 

 

169,867

 

 

 

211,446

 

Net income

 

 

258,053

 

 

 

291,689

 

 

 

652,317

 

 

 

671,445

 

Less:  Net income attributable to non-controlling interests

 

 

1,454

 

 

 

1,220

 

 

 

7,578

 

 

 

2,021

 

Net income attributable to CBRE Group, Inc.

 

$

256,599

 

 

$

290,469

 

 

$

644,739

 

 

$

669,424

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.76

 

 

$

0.86

 

 

$

1.92

 

 

$

1.97

 

Weighted average shares outstanding for basic income per share

 

 

336,203,747

 

 

 

339,477,316

 

 

 

336,149,719

 

 

 

339,151,807

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.75

 

 

$

0.85

 

 

$

1.89

 

 

$

1.95

 

Weighted average shares outstanding for diluted income per share

 

 

341,100,182

 

 

 

343,733,947

 

 

 

340,590,007

 

 

 

343,267,240

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

258,053

 

 

$

291,689

 

 

$

652,317

 

 

$

671,445

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

(78,177

)

 

 

(30,985

)

 

 

(79,772

)

 

 

(130,879

)

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

 

 

377

 

 

 

570

 

 

 

1,212

 

 

 

1,953

 

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

 

 

7

 

 

 

65

 

 

 

(104

)

 

 

882

 

Unrealized holding gains (losses) on available for sale debt

   securities, net of tax

 

 

881

 

 

 

22

 

 

 

2,341

 

 

 

(605

)

Other, net

 

 

7,377

 

 

 

(15

)

 

 

7,378

 

 

 

5,513

 

Total other comprehensive loss

 

 

(69,535

)

 

 

(30,343

)

 

 

(68,945

)

 

 

(127,100

)

Comprehensive income

 

 

188,518

 

 

 

261,346

 

 

 

583,372

 

 

 

544,345

 

Less: Comprehensive income attributable to non-controlling

   interests

 

 

1,340

 

 

 

1,357

 

 

 

7,445

 

 

 

1,479

 

Comprehensive income attributable to CBRE Group, Inc.

 

$

187,178

 

 

$

259,989

 

 

$

575,927

 

 

$

542,866

 

 

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)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

652,317

 

 

$

671,445

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

323,862

 

 

 

335,048

 

Amortization and write-off of financing costs on extinguished debt

 

 

7,196

 

 

 

33,405

 

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

 

 

(191,103

)

 

 

(156,973

)

Intangible asset impairment

 

 

89,037

 

 

 

 

Gain associated with remeasuring our investment in a joint venture entity to fair value at the

   date we acquired the remaining interest

 

 

 

 

 

(92,624

)

Gains on disposition of real estate held for investment

 

 

 

 

 

(3,197

)

Net realized and unrealized gains from investments

 

 

(26,163

)

 

 

(2,620

)

Provision for doubtful accounts

 

 

18,083

 

 

 

17,606

 

Compensation expense for equity awards

 

 

98,958

 

 

 

97,035

 

Equity income from unconsolidated subsidiaries

 

 

(120,233

)

 

 

(263,040

)

Distribution of earnings from unconsolidated subsidiaries

 

 

145,588

 

 

 

262,670

 

Proceeds from sale of mortgage loans

 

 

15,786,800

 

 

 

13,351,590

 

Origination of mortgage loans

 

 

(15,381,864

)

 

 

(13,979,299

)

Increase in warehouse lines of credit

 

 

19,849

 

 

 

668,974

 

Increase in advance warehouse funding

 

 

(376,707

)

 

 

 

Tenant concessions received

 

 

18,367

 

 

 

22,846

 

Purchase of equity securities

 

 

(81,369

)

 

 

(66,380

)

Proceeds from sale of equity securities

 

 

45,333

 

 

 

56,605

 

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

 

 

(647,942

)

 

 

(368,824

)

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

   lease liabilities)

 

 

158,708

 

 

 

85,648

 

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

 

 

(230,040

)

 

 

(136,257

)

Decrease in income taxes payable, net

 

 

(132,583

)

 

 

(21,642

)

Other operating activities, net

 

 

(36,793

)

 

 

(9,705

)

Net cash provided by operating activities

 

 

139,301

 

 

 

502,311

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(160,583

)

 

 

(151,893

)

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

   acquired

 

 

(14,844

)

 

 

(313,560

)

Contributions to unconsolidated subsidiaries

 

 

(84,648

)

 

 

(31,026

)

Distributions from unconsolidated subsidiaries

 

 

20,960

 

 

 

53,720

 

Net proceeds from disposition of real estate held for investment

 

 

 

 

 

14,174

 

Purchase of equity securities

 

 

(10,160

)

 

 

(15,931

)

Proceeds from sale of equity securities

 

 

14,261

 

 

 

11,402

 

Purchase of available for sale debt securities

 

 

(4,219

)

 

 

(20,860

)

Proceeds from the sale of available for sale debt securities

 

 

2,392

 

 

 

5,432

 

Other investing activities, net

 

 

590

 

 

 

(5,557

)

Net cash used in investing activities

 

 

(236,251

)

 

 

(454,099

)

 

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)

 

 

 

Nine Months Ended

 

 

 

September 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

 

 

2,683,000

 

 

 

2,913,000

 

Repayment of revolving credit facility

 

 

(2,631,000

)

 

 

(2,772,000

)

Repayment of