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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 June 30, 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 July 22, 2020 was 335,277,797.

 

 

 

 


 

FORM 10-Q

June 30, 2020

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2020 and December 31, 2019

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Equity for the three and six months ended June 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

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

 

24

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

46

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

47

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

48

 

 

 

 

 

Item 1A.

 

Risk Factors

 

48

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

48

 

 

 

 

 

Item 6.

 

Exhibits

 

49

 

 

 

 

 

Signatures

 

50

 

 

 

 


 

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,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,214,213

 

 

$

971,781

 

Restricted cash

 

 

99,521

 

 

 

121,964

 

Receivables, less allowance for doubtful accounts of $94,368 and $72,725 at

   June 30, 2020 and December 31, 2019, respectively

 

 

4,134,789

 

 

 

4,466,674

 

Warehouse receivables

 

 

765,130

 

 

 

993,058

 

Prepaid expenses

 

 

315,823

 

 

 

282,741

 

Contract assets

 

 

288,896

 

 

 

328,012

 

Income taxes receivable

 

 

103,067

 

 

 

93,915

 

Other current assets

 

 

267,996

 

 

 

276,319

 

Total Current Assets

 

 

7,189,435

 

 

 

7,534,464

 

Property and equipment, net

 

 

824,748

 

 

 

836,206

 

Goodwill

 

 

3,695,742

 

 

 

3,753,493

 

Other intangible assets, net of accumulated amortization of $1,439,882 and $1,358,528 at

   June 30, 2020 and December 31, 2019, respectively

 

 

1,330,599

 

 

 

1,379,546

 

Operating lease assets

 

 

1,063,529

 

 

 

997,966

 

Investments in unconsolidated subsidiaries

 

 

386,123

 

 

 

426,711

 

Real estate under development

 

 

191,425

 

 

 

185,508

 

Non-current contract assets

 

 

189,583

 

 

 

201,760

 

Deferred tax assets, net

 

 

102,858

 

 

 

73,864

 

Non-current income taxes receivable

 

 

34,414

 

 

 

139,136

 

Other assets, net

 

 

691,958

 

 

 

668,542

 

Total Assets

 

$

15,700,414

 

 

$

16,197,196

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,329,218

 

 

$

2,436,084

 

Compensation and employee benefits payable

 

 

1,101,275

 

 

 

1,324,990

 

Accrued bonus and profit sharing

 

 

638,349

 

 

 

1,261,974

 

Operating lease liabilities

 

 

191,895

 

 

 

168,663

 

Contract liabilities

 

 

128,415

 

 

 

108,671

 

Income taxes payable

 

 

107,549

 

 

 

30,207

 

Short-term borrowings:

 

 

 

 

 

 

 

 

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

   committed to purchase)

 

 

753,894

 

 

 

977,175

 

Revolving credit facility

 

 

451,000

 

 

 

 

Other

 

 

5,295

 

 

 

4,534

 

Total short-term borrowings

 

 

1,210,189

 

 

 

981,709

 

Current maturities of long-term debt

 

 

1,540

 

 

 

1,814

 

Other current liabilities

 

 

144,468

 

 

 

122,339

 

Total Current Liabilities

 

 

5,852,898

 

 

 

6,436,451

 

Long-term debt, net of current maturities

 

 

1,763,113

 

 

 

1,761,245

 

Non-current operating lease liabilities

 

 

1,118,476

 

 

 

1,057,758

 

Non-current tax liabilities

 

 

93,300

 

 

 

85,966

 

Deferred tax liabilities, net

 

 

72,607

 

 

 

34,593

 

Non-current income taxes payable

 

 

40,562

 

 

 

93,647

 

Other liabilities

 

 

474,407

 

 

 

454,424

 

Total Liabilities

 

 

9,415,363

 

 

 

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; 335,240,052 and 334,752,283

   shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

3,352

 

 

 

3,348

 

Additional paid-in capital

 

 

1,046,999

 

 

 

1,115,944

 

Accumulated earnings

 

 

6,032,160

 

 

 

5,793,149

 

Accumulated other comprehensive loss

 

 

(838,517

)

 

 

(679,748

)

Total CBRE Group, Inc. Stockholders’ Equity

 

 

6,243,994

 

 

 

6,232,693

 

Non-controlling interests

 

 

41,057

 

 

 

40,419

 

Total Equity

 

 

6,285,051

 

 

 

6,273,112

 

Total Liabilities and Equity

 

$

15,700,414

 

 

$

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

5,381,384

 

 

$

5,714,073

 

 

$

11,270,552

 

 

$

10,849,583

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

4,399,537

 

 

 

4,445,790

 

 

 

9,112,211

 

 

 

8,467,824

 

Operating, administrative and other

 

 

770,806

 

 

 

877,397

 

 

 

1,560,872

 

 

 

1,670,273

 

Depreciation and amortization

 

 

116,384

 

 

 

106,479

 

 

 

230,178

 

 

 

212,302

 

Asset impairments

 

 

 

 

 

 

 

 

75,171

 

 

 

89,037

 

Total costs and expenses

 

 

5,286,727

 

 

 

5,429,666

 

 

 

10,978,432

 

 

 

10,439,436

 

(Loss) gain on disposition of real estate

 

 

(492

)

 

 

10

 

 

 

22,335

 

 

 

19,257

 

Operating income

 

 

94,165

 

 

 

284,417

 

 

 

314,455

 

 

 

429,404

 

Equity income from unconsolidated subsidiaries

 

 

19,480

 

 

 

21,773

 

 

 

40,111

 

 

 

94,437

 

Other income

 

 

5,220

 

 

 

4,369

 

 

 

5,027

 

 

 

25,222

 

Interest expense, net of interest income

 

 

17,950

 

 

 

24,600

 

 

 

33,966

 

 

 

45,792

 

Write-off of financing costs on extinguished debt

 

 

 

 

 

 

 

 

 

 

 

2,608

 

Income before provision for income taxes

 

 

100,915

 

 

 

285,959

 

 

 

325,627

 

 

 

500,663

 

Provision for income taxes

 

 

18,803

 

 

 

62,521

 

 

 

69,985

 

 

 

106,399

 

Net income

 

 

82,112

 

 

 

223,438

 

 

 

255,642

 

 

 

394,264

 

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

 

 

215

 

 

 

(293

)

 

 

1,550

 

 

 

6,124

 

Net income attributable to CBRE Group, Inc.

 

$

81,897

 

 

$

223,731

 

 

$

254,092

 

 

$

388,140

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.24

 

 

$

0.67

 

 

$

0.76

 

 

$

1.15

 

Weighted average shares outstanding for basic income per share

 

 

335,126,126

 

 

 

336,222,471

 

 

 

335,048,115

 

 

 

336,122,100

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.24

 

 

$

0.66

 

 

$

0.75

 

 

$

1.14

 

Weighted average shares outstanding for diluted income per share

 

 

337,361,419

 

 

 

340,508,931

 

 

 

338,549,805

 

 

 

340,334,315

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

82,112

 

 

$

223,438

 

 

$

255,642

 

 

$

394,264

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

25,936

 

 

 

(2,532

)

 

 

(146,438

)

 

 

(1,595

)

Amounts reclassified from accumulated other comprehensive

   loss to interest expense, net of tax

 

 

100

 

 

 

425

 

 

 

214

 

 

 

835

 

Unrealized losses on interest rate swaps, net of tax

 

 

 

 

 

(52

)

 

 

 

 

 

(111

)

Unrealized holding (losses) gains on available for sale debt

   securities, net of tax

 

 

(409

)

 

 

705

 

 

 

500

 

 

 

1,460

 

Other, net

 

 

(13,045

)

 

 

 

 

 

(13,045

)

 

 

1

 

Total other comprehensive income (loss)

 

 

12,582

 

 

 

(1,454

)

 

 

(158,769

)

 

 

590

 

Comprehensive income

 

 

94,694

 

 

 

221,984

 

 

 

96,873

 

 

 

394,854

 

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

   interests

 

 

275

 

 

 

(256

)

 

 

1,550

 

 

 

6,105

 

Comprehensive income attributable to CBRE Group, Inc.

 

$

94,419

 

 

$

222,240

 

 

$

95,323

 

 

$

388,749

 

 

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,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

255,642

 

 

$

394,264

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

230,178

 

 

 

212,302

 

Amortization and write-off of financing costs on extinguished debt

 

 

3,082

 

 

 

5,705

 

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

 

 

(105,697

)

 

 

(114,283

)

Asset impairments

 

 

75,171

 

 

 

89,037

 

Net realized and unrealized gains, primarily from investments

 

 

(5,027

)

 

 

(25,222

)

Provision for doubtful accounts

 

 

29,923

 

 

 

11,438

 

Net compensation expense for equity awards

 

 

19,704

 

 

 

65,580

 

Equity income from unconsolidated subsidiaries

 

 

(40,111

)

 

 

(94,437

)

Distribution of earnings from unconsolidated subsidiaries

 

 

52,664

 

 

 

97,561

 

Proceeds from sale of mortgage loans

 

 

7,421,127

 

 

 

10,099,268

 

Origination of mortgage loans

 

 

(7,162,747

)

 

 

(10,090,347

)

(Decrease) increase in warehouse lines of credit

 

 

(223,281

)

 

 

21,227

 

Tenant concessions received

 

 

23,384

 

 

 

12,931

 

Purchase of equity securities

 

 

(6,627

)

 

 

(70,221

)

Proceeds from sale of equity securities

 

 

8,909

 

 

 

38,495

 

Decrease (increase) in real estate under development

 

 

701

 

 

 

(3,356

)

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

   lease assets)

 

 

276,065

 

 

 

(458,990

)

(Decrease) increase in accounts payable and accrued expenses and other liabilities (including

   contract and lease liabilities)

 

 

(130,264

)

 

 

163,502

 

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

 

 

(816,621

)

 

 

(528,754

)

Decrease (increase) in net income taxes receivable/payable

 

 

125,361

 

 

 

(97,260

)

Other operating activities, net

 

 

(25,473

)

 

 

(21,724

)

Net cash provided by (used in) operating activities

 

 

6,063

 

 

 

(293,284

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(134,149

)

 

 

(124,222

)

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

   acquired

 

 

(25,911

)

 

 

(2,142

)

Contributions to unconsolidated subsidiaries

 

 

(51,168

)

 

 

(35,187

)

Distributions from unconsolidated subsidiaries

 

 

63,972

 

 

 

10,273

 

Other investing activities, net

 

 

11,314

 

 

 

3,146

 

Net cash used in investing activities

 

 

(135,942

)

 

 

(148,132

)

 

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,

 

 

 

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

 

 

835,671

 

 

 

1,596,000

 

Repayment of revolving credit facility

 

 

(384,671

)

 

 

(1,366,000

)

Proceeds from notes payable on real estate

 

 

22,705

 

 

 

4,165

 

Repurchase of common stock

 

 

(50,028

)

 

 

(45,088

)

Units repurchased for payment of taxes on equity awards

 

 

(37,358

)

 

 

(9,565

)

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

 

 

(6,839

)

 

 

(28,517

)

Non-controlling interest contributions

 

 

1,428

 

 

 

41,977

 

Non-controlling interest distributions

 

 

(1,092

)

 

 

(2,563

)

Other financing activities, net

 

 

(2,853

)

 

 

(4,435

)

Net cash provided by financing activities

 

 

376,963

 

 

 

185,974

 

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

 

 

(27,095

)

 

 

4,723

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

219,989

 

 

 

(250,719

)

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

 

$

1,313,734

 

 

$

613,225

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

31,145

 

 

$

46,525

 

Income tax (refunds) payments, net

 

$

(53,829

)

 

$

208,876

 

 

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