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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 March 31, 2020

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

 

 

(Registrant's telephone number, including area code)

 

 

 

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

Securities registered pursuant to Section 12(g) of the Act:

None

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 April 27, 2020 was 335,166,810.

 

 

 

 


 

FORM 10-Q

March 31, 2020

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets at March 31, 2020 and December 31, 2019

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Equity for the three months ended March 31, 2020 and 2019

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2.

 

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

 

22

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

39

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

41

 

 

 

 

 

Item 1A.

 

Risk Factors

 

41

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

 

 

 

 

 

Item 6.

 

Exhibits

 

44

 

 

 

 

 

Signatures

 

45

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

CBRE GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

628,451

 

 

$

971,781

 

Restricted cash

 

 

104,244

 

 

 

121,964

 

Receivables, less allowance for doubtful accounts of $80,543 and $72,725 at

   March 31, 2020 and December 31, 2019, respectively

 

 

4,262,264

 

 

 

4,466,674

 

Warehouse receivables

 

 

1,273,259

 

 

 

993,058

 

Contract assets

 

 

329,988

 

 

 

328,012

 

Prepaid expenses

 

 

287,556

 

 

 

282,741

 

Income taxes receivable

 

 

88,153

 

 

 

93,915

 

Other current assets

 

 

289,672

 

 

 

276,319

 

Total Current Assets

 

 

7,263,587

 

 

 

7,534,464

 

Property and equipment, net

 

 

800,869

 

 

 

836,206

 

Goodwill

 

 

3,673,758

 

 

 

3,753,493

 

Other intangible assets, net of accumulated amortization of $1,390,807 and $1,358,528 at

   March 31, 2020 and December 31, 2019, respectively

 

 

1,339,786

 

 

 

1,379,546

 

Operating lease assets

 

 

997,793

 

 

 

997,966

 

Investments in unconsolidated subsidiaries

 

 

422,910

 

 

 

426,711

 

Non-current contract assets

 

 

200,673

 

 

 

201,760

 

Real estate under development

 

 

170,932

 

 

 

185,508

 

Deferred tax assets, net

 

 

89,046

 

 

 

73,864

 

Non-current income taxes receivable

 

 

29,510

 

 

 

139,136

 

Other assets, net

 

 

691,400

 

 

 

668,542

 

Total Assets

 

$

15,680,264

 

 

$

16,197,196

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,365,003

 

 

$

2,436,084

 

Compensation and employee benefits payable

 

 

1,237,963

 

 

 

1,324,990

 

Accrued bonus and profit sharing

 

 

693,806

 

 

 

1,261,974

 

Operating lease liabilities

 

 

183,159

 

 

 

168,663

 

Contract liabilities

 

 

106,995

 

 

 

108,671

 

Income taxes payable

 

 

81,758

 

 

 

30,207

 

Short-term borrowings:

 

 

 

 

 

 

 

 

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

   committed to purchase)

 

 

1,258,832

 

 

 

977,175

 

Other

 

 

5,208

 

 

 

4,534

 

Total short-term borrowings

 

 

1,264,040

 

 

 

981,709

 

Current maturities of long-term debt

 

 

1,718

 

 

 

1,814

 

Other current liabilities

 

 

130,984

 

 

 

122,339

 

Total Current Liabilities

 

 

6,065,426

 

 

 

6,436,451

 

Long-term debt, net of current maturities

 

 

1,754,518

 

 

 

1,761,245

 

Non-current operating lease liabilities

 

 

1,045,708

 

 

 

1,057,758

 

Non-current tax liabilities

 

 

92,119

 

 

 

85,966

 

Deferred tax liabilities, net

 

 

50,686

 

 

 

34,593

 

Non-current income taxes payable

 

 

40,562

 

 

 

93,647

 

Other liabilities

 

 

461,698

 

 

 

454,424

 

Total Liabilities

 

 

9,510,717

 

 

 

9,924,084

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

CBRE Group, Inc. Stockholders’ Equity:

 

 

 

 

 

 

 

 

Class A common stock; $0.01 par value; 525,000,000 shares authorized; 335,145,077 and 334,752,283

   shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

 

3,351

 

 

 

3,348

 

Additional paid-in capital

 

 

1,026,768

 

 

 

1,115,944

 

Accumulated earnings

 

 

5,950,263

 

 

 

5,793,149

 

Accumulated other comprehensive loss

 

 

(851,039

)

 

 

(679,748

)

Total CBRE Group, Inc. Stockholders’ Equity

 

 

6,129,343

 

 

 

6,232,693

 

Non-controlling interests

 

 

40,204

 

 

 

40,419

 

Total Equity

 

 

6,169,547

 

 

 

6,273,112

 

Total Liabilities and Equity

 

$

15,680,264

 

 

$

16,197,196

 

 

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

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Revenue

 

$

5,889,168

 

 

$

5,135,510

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of revenue

 

 

4,712,674

 

 

 

4,022,034

 

Operating, administrative and other

 

 

790,066

 

 

 

792,876

 

Depreciation and amortization

 

 

113,794

 

 

 

105,823

 

Asset impairments

 

 

75,171

 

 

 

89,037

 

Total costs and expenses

 

 

5,691,705

 

 

 

5,009,770

 

Gain on disposition of real estate

 

 

22,827

 

 

 

19,247

 

Operating income

 

 

220,290

 

 

 

144,987

 

Equity income from unconsolidated subsidiaries

 

 

20,631

 

 

 

72,664

 

Other (loss) income

 

 

(193

)

 

 

20,853

 

Interest expense, net of interest income

 

 

16,016

 

 

 

21,192

 

Write-off of financing costs on extinguished debt

 

 

 

 

 

2,608

 

Income before provision for income taxes

 

 

224,712

 

 

 

214,704

 

Provision for income taxes

 

 

51,182

 

 

 

43,878

 

Net income

 

 

173,530

 

 

 

170,826

 

Less:  Net income attributable to non-controlling interests

 

 

1,335

 

 

 

6,417

 

Net income attributable to CBRE Group, Inc.

 

$

172,195

 

 

$

164,409

 

Basic income per share:

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.51

 

 

$

0.49

 

Weighted average shares outstanding for basic income per share

 

 

334,969,826

 

 

 

336,020,431

 

Diluted income per share:

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.51

 

 

$

0.48

 

Weighted average shares outstanding for diluted income per share

 

 

339,737,911

 

 

 

340,158,399

 

 

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

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

173,530

 

 

$

170,826

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

(172,374

)

 

 

937

 

Amounts reclassified from accumulated other comprehensive

   loss to interest expense, net of tax

 

 

114

 

 

 

410

 

Unrealized losses on interest rate swaps, net of tax

 

 

 

 

 

(59

)

Unrealized holding gains on available for sale debt securities,

   net of tax

 

 

909

 

 

 

755

 

Other, net

 

 

 

 

 

1

 

Total other comprehensive (loss) income

 

 

(171,351

)

 

 

2,044

 

Comprehensive income

 

 

2,179

 

 

 

172,870

 

Less: Comprehensive income attributable to non-controlling

   interests

 

 

1,275

 

 

 

6,361

 

Comprehensive income attributable to CBRE Group, Inc.

 

$

904

 

 

$

166,509

 

 

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)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

173,530

 

 

$

170,826

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

113,794

 

 

 

105,823

 

Amortization and write-off of financing costs on extinguished debt

 

 

1,501

 

 

 

4,175

 

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

 

 

(52,373

)

 

 

(53,517

)

Asset impairments

 

 

75,171

 

 

 

89,037

 

Net realized and unrealized losses (gains), primarily from investments

 

 

193

 

 

 

(20,853

)

Provision for doubtful accounts

 

 

9,059

 

 

 

1,867

 

Net compensation (reversal) expense for equity awards

 

 

(1,239

)

 

 

29,271

 

Equity income from unconsolidated subsidiaries

 

 

(20,631

)

 

 

(72,664

)

Distribution of earnings from unconsolidated subsidiaries

 

 

29,185

 

 

 

77,158

 

Proceeds from sale of mortgage loans

 

 

3,595,631

 

 

 

4,453,797

 

Origination of mortgage loans

 

 

(3,859,407

)

 

 

(4,646,348

)

Increase in warehouse lines of credit

 

 

281,657

 

 

 

232,446

 

Tenant concessions received

 

 

13,292

 

 

 

3,464

 

Purchase of equity securities

 

 

(3,559

)

 

 

(62,117

)

Proceeds from sale of equity securities

 

 

4,925

 

 

 

25,730

 

Decrease (increase) in real estate under development

 

 

7,742

 

 

 

(3,356

)

Decrease (increase) in receivables, prepaid expenses and other assets (including contract and

   lease assets)

 

 

52,796

 

 

 

(168,862

)

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

   lease liabilities)

 

 

(34,597

)

 

 

(33,982

)

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

 

 

(605,950

)

 

 

(510,405

)

Decrease (increase) in net income taxes receivable/payable

 

 

108,609

 

 

 

(11,344

)

Other operating activities, net

 

 

(25,610

)

 

 

(2,721

)

Net cash used in operating activities

 

 

(136,281

)

 

 

(392,575

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(62,241

)

 

 

(56,979

)

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

   acquired

 

 

(25,897

)

 

 

(2,142

)

Contributions to unconsolidated subsidiaries

 

 

(32,155

)

 

 

(23,562

)

Distributions from unconsolidated subsidiaries

 

 

18,994

 

 

 

5,974

 

Other investing activities, net

 

 

9,068

 

 

 

2,771

 

Net cash used in investing activities

 

 

(92,231

)

 

 

(73,938

)

 

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)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from senior term loans

 

 

 

 

 

300,000

 

Repayment of senior term loans

 

 

 

 

 

(300,000

)

Proceeds from revolving credit facility

 

 

331,671

 

 

 

507,000

 

Repayment of revolving credit facility

 

 

(331,701

)

 

 

(171,000

)

Repurchase of common stock

 

 

(50,028

)

 

 

(45,088

)

Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)

 

 

(6,230

)

 

 

(17,185

)

Units repurchased for payment of taxes on equity awards

 

 

(36,873

)

 

 

(9,186

)

Non-controlling interest contributions

 

 

622

 

 

 

40,774

 

Non-controlling interest distributions

 

 

(497

)

 

 

(1,347

)

Other financing activities, net

 

 

(869

)

 

 

(3,940

)

Net cash (used in) provided by financing activities

 

 

(93,905

)

 

 

300,028

 

Effect of currency exchange rate changes on cash and cash equivalents and restricted cash

 

 

(38,633

)

 

 

(9,791

)

NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(361,050

)

 

 

(176,276

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING

   OF PERIOD

 

 

1,093,745

 

 

 

863,944

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD

 

$

732,695

 

 

$

687,668

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

27,290

 

 

$

33,606

 

Income tax (refunds) payments, net

 

$

(55,897

)

 

$

54,241

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

CBRE GROUP, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(Dollars in thousands)

 

 

 

 

CBRE Group, Inc. Shareholders

 

 

 

 

 

 

 

 

 

 

 

Class A

common

stock

 

 

Additional

paid-in

capital

 

 

Accumulated

earnings

 

 

Accumulated other

comprehensive loss

 

 

Non-

controlling

interests

 

 

Total

 

Balance at December 31, 2019

 

$

3,348

 

 

$

1,115,944

 

 

$

5,793,149

 

 

$

(679,748

)

 

$

40,419

 

 

$

6,273,112

 

Net income

 

 

 

 

 

 

 

 

172,195

 

 

 

 

 

 

1,335

 

 

 

173,530

 

Compensation reversal for equity awards

 

 

 

 

 

(1,239

)

 

 

 

 

 

 

 

 

 

 

 

(1,239

)

Units repurchased for payment of taxes on equity awards

 

 

 

 

 

(36,873

)

 

 

 

 

 

 

 

 

 

 

 

(36,873

)

Repurchase of common stock

 

 

 

 

 

(50,028

)

 

 

 

 

 

 

 

 

 

 

 

(50,028

)

Foreign currency translation loss

 

 

 

 

 

 

 

 

 

 

 

(172,314

)

 

 

(60

)

 

 

(172,374

)

Amounts reclassified from accumulated other

   comprehensive loss to interest expense, net of tax

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

114

 

Unrealized holding gains on available for sale debt

   securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

909

 

Contributions from non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

622

 

 

 

622

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(497

)

 

 

(497

)

Other

 

 

3

 

 

 

(1,036

)

 

 

(15,081

)

 

 

 

 

 

(1,615

)

 

 

(17,729

)

Balance at March 31, 2020

 

$

3,351

 

 

$

1,026,768

 

 

$

5,950,263

 

 

$

(851,039

)

 

$

40,204

 

 

$

6,169,547

 

 

 

 

 

CBRE Group, Inc. Shareholders

 

 

 

 

 

 

 

 

 

 

 

Class A

common

stock

 

 

Additional

paid-in

capital

 

 

Accumulated

earnings

 

 

Accumulated other

comprehensive loss

 

 

Non-

controlling

interests

 

 

Total

 

Balance at December 31, 2018

 

$

3,369

 

 

$

1,149,013

 

 

$

4,504,684

 

 

$

(718,269

)

 

$

71,105

 

 

$

5,009,902

 

Net income

 

 

 

 

 

 

 

 

164,409

 

 

 

 

 

 

6,417

 

 

 

170,826

 

Compensation expense for equity awards

 

 

 

 

 

29,271

 

 

 

 

 

 

 

 

 

 

 

 

29,271

 

Units repurchased for payment of taxes on equity awards

 

 

 

 

 

(9,186

)