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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, 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)

 

 

 

2100 McKinney Avenue, 12th Floor

Dallas, Texas

 

75201

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(214) 979-6100

 

 

(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 October 20, 2020 was 335,456,246.

 

 

 

 


 

FORM 10-Q

September 30, 2020

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

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

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

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

 

25

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

49

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

50

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

51

 

 

 

 

 

Item 1A.

 

Risk Factors

 

51

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

 

 

 

 

 

Item 6.

 

Exhibits

 

52

 

 

 

 

 

Signatures

 

53

 

 

 

 


 

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,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,481,924

 

 

$

971,781

 

Restricted cash

 

 

164,633

 

 

 

121,964

 

Receivables, less allowance for doubtful accounts of $111,777 and $72,725 at

   September 30, 2020 and December 31, 2019, respectively

 

 

3,997,998

 

 

 

4,466,674

 

Warehouse receivables

 

 

1,211,886

 

 

 

993,058

 

Prepaid expenses

 

 

284,947

 

 

 

282,741

 

Contract assets

 

 

282,031

 

 

 

328,012

 

Income taxes receivable

 

 

62,736

 

 

 

93,915

 

Other current assets

 

 

285,220

 

 

 

276,319

 

Total Current Assets

 

 

7,771,375

 

 

 

7,534,464

 

Property and equipment, net

 

 

818,333

 

 

 

836,206

 

Goodwill

 

 

3,744,269

 

 

 

3,753,493

 

Other intangible assets, net of accumulated amortization of $1,496,563 and $1,358,528 at

   September 30, 2020 and December 31, 2019, respectively

 

 

1,333,917

 

 

 

1,379,546

 

Operating lease assets

 

 

1,057,992

 

 

 

997,966

 

Investments in unconsolidated subsidiaries

 

 

392,569

 

 

 

426,711

 

Real estate under development

 

 

228,038

 

 

 

185,508

 

Non-current contract assets

 

 

177,801

 

 

 

201,760

 

Deferred tax assets, net

 

 

95,380

 

 

 

73,864

 

Non-current income taxes receivable

 

 

39,467

 

 

 

139,136

 

Other assets, net

 

 

687,935

 

 

 

668,542

 

Total Assets

 

$

16,347,076

 

 

$

16,197,196

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,428,845

 

 

$

2,436,084

 

Compensation and employee benefits payable

 

 

1,222,607

 

 

 

1,324,990

 

Accrued bonus and profit sharing

 

 

808,353

 

 

 

1,261,974

 

Operating lease liabilities

 

 

189,641

 

 

 

168,663

 

Contract liabilities

 

 

132,499

 

 

 

108,671

 

Income taxes payable

 

 

50,965

 

 

 

30,207

 

Short-term borrowings:

 

 

 

 

 

 

 

 

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

   committed to purchase)

 

 

1,191,834

 

 

 

977,175

 

Other

 

 

5,028

 

 

 

4,534

 

Total short-term borrowings

 

 

1,196,862

 

 

 

981,709

 

Current maturities of long-term debt

 

 

1,526

 

 

 

1,814

 

Other current liabilities

 

 

120,974

 

 

 

122,339

 

Total Current Liabilities

 

 

6,152,272

 

 

 

6,436,451

 

Long-term debt, net of current maturities

 

 

1,783,212

 

 

 

1,761,245

 

Non-current operating lease liabilities

 

 

1,125,005

 

 

 

1,057,758

 

Non-current tax liabilities

 

 

84,633

 

 

 

85,966

 

Deferred tax liabilities, net

 

 

71,892

 

 

 

34,593

 

Non-current income taxes payable

 

 

40,562

 

 

 

93,647

 

Other liabilities

 

 

495,198

 

 

 

454,424

 

Total Liabilities

 

 

9,752,774

 

 

 

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; 335,438,893 and 334,752,283

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

 

 

3,354

 

 

 

3,348

 

Additional paid-in capital

 

 

1,064,849

 

 

 

1,115,944

 

Accumulated earnings

 

 

6,216,292

 

 

 

5,793,149

 

Accumulated other comprehensive loss

 

 

(731,399

)

 

 

(679,748

)

Total CBRE Group, Inc. Stockholders’ Equity

 

 

6,553,096

 

 

 

6,232,693

 

Non-controlling interests

 

 

41,206

 

 

 

40,419

 

Total Equity

 

 

6,594,302

 

 

 

6,273,112

 

Total Liabilities and Equity

 

$

16,347,076

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

5,645,142

 

 

$

5,925,101

 

 

$

16,915,694

 

 

$

16,774,684

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

4,564,579

 

 

 

4,687,336

 

 

 

13,676,790

 

 

 

13,155,160

 

Operating, administrative and other

 

 

794,227

 

 

 

809,584

 

 

 

2,355,099

 

 

 

2,479,857

 

Depreciation and amortization

 

 

127,725

 

 

 

111,560

 

 

 

357,903

 

 

 

323,862

 

Asset impairments

 

 

 

 

 

 

 

 

75,171

 

 

 

89,037

 

Total costs and expenses

 

 

5,486,531

 

 

 

5,608,480

 

 

 

16,464,963

 

 

 

16,047,916

 

Gain on disposition of real estate

 

 

52,797

 

 

 

9

 

 

 

75,132

 

 

 

19,266

 

Operating income

 

 

211,408

 

 

 

316,630

 

 

 

525,863

 

 

 

746,034

 

Equity income from unconsolidated subsidiaries

 

 

32,376

 

 

 

25,796

 

 

 

72,487

 

 

 

120,233

 

Other income

 

 

7,947

 

 

 

941

 

 

 

12,974

 

 

 

26,163

 

Interest expense, net of interest income

 

 

17,829

 

 

 

21,846

 

 

 

51,795

 

 

 

67,638

 

Write-off of financing costs on extinguished debt

 

 

 

 

 

 

 

 

 

 

 

2,608

 

Income before provision for income taxes

 

 

233,902

 

 

 

321,521

 

 

 

559,529

 

 

 

822,184

 

Provision for income taxes

 

 

49,062

 

 

 

63,468

 

 

 

119,047

 

 

 

169,867

 

Net income

 

 

184,840

 

 

 

258,053

 

 

 

440,482

 

 

 

652,317

 

Less:  Net income attributable to non-controlling interests

 

 

708

 

 

 

1,454

 

 

 

2,258

 

 

 

7,578

 

Net income attributable to CBRE Group, Inc.

 

$

184,132

 

 

$

256,599

 

 

$

438,224

 

 

$

644,739

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.55

 

 

$

0.76

 

 

$

1.31

 

 

$

1.92

 

Weighted average shares outstanding for basic income per share

 

 

335,287,245

 

 

 

336,203,747

 

 

 

335,128,531

 

 

 

336,149,719

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to CBRE Group, Inc.

 

$

0.55

 

 

$

0.75

 

 

$

1.30

 

 

$

1.89

 

Weighted average shares outstanding for diluted income per share

 

 

337,665,848

 

 

 

341,100,182

 

 

 

338,255,859

 

 

 

340,590,007

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

184,840

 

 

$

258,053

 

 

$

440,482

 

 

$

652,317

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

106,201

 

 

 

(78,177

)

 

 

(40,237

)

 

 

(79,772

)

Amounts reclassified from accumulated other comprehensive

   loss to interest expense, net of tax

 

 

106

 

 

 

377

 

 

 

320

 

 

 

1,212

 

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

 

 

 

 

 

7

 

 

 

 

 

 

(104

)

Unrealized holding gains on available for sale debt securities,

   net of tax

 

 

811

 

 

 

881

 

 

 

1,311

 

 

 

2,341

 

Other, net

 

 

 

 

 

7,377

 

 

 

(13,045

)

 

 

7,378

 

Total other comprehensive income (loss)

 

 

107,118

 

 

 

(69,535

)

 

 

(51,651

)

 

 

(68,945

)

Comprehensive income

 

 

291,958

 

 

 

188,518

 

 

 

388,831

 

 

 

583,372

 

Less: Comprehensive income attributable to non-controlling

   interests

 

 

708

 

 

 

1,340

 

 

 

2,258

 

 

 

7,445

 

Comprehensive income attributable to CBRE Group, Inc.

 

$

291,250

 

 

$

187,178

 

 

$

386,573

 

 

$

575,927

 

 

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,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

440,482

 

 

$

652,317

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

357,903

 

 

 

323,862

 

Amortization and write-off of financing costs on extinguished debt

 

 

4,632

 

 

 

7,196

 

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

 

 

(179,506

)

 

 

(191,103

)

Asset impairments

 

 

75,171

 

 

 

89,037

 

Net realized and unrealized gains, primarily from investments

 

 

(12,974

)

 

 

(26,163

)

Provision for doubtful accounts

 

 

49,498

 

 

 

18,083

 

Net compensation expense for equity awards

 

 

41,841

 

 

 

98,958

 

Equity income from unconsolidated subsidiaries

 

 

(72,487

)

 

 

(120,233

)

Distribution of earnings from unconsolidated subsidiaries

 

 

103,796

 

 

 

145,588

 

Proceeds from sale of mortgage loans

 

 

11,565,281

 

 

 

15,786,800

 

Origination of mortgage loans

 

 

(11,727,227

)

 

 

(15,381,864

)

Increase in warehouse lines of credit

 

 

214,659

 

 

 

19,849

 

Increase in advance warehouse funding

 

 

 

 

 

(376,707

)

Tenant concessions received

 

 

28,617

 

 

 

18,367

 

Purchase of equity securities

 

 

(8,932

)

 

 

(81,369

)

Proceeds from sale of equity securities

 

 

11,210

 

 

 

45,333

 

Increase in real estate under development

 

 

(68,178

)

 

 

(3,356

)

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

   lease assets)

 

 

610,058

 

 

 

(644,586

)

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

   contract and lease liabilities)

 

 

(128,693

)

 

 

158,708

 

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

 

 

(550,932

)

 

 

(194,592

)

Decrease (increase) in net income taxes receivable/payable

 

 

118,736

 

 

 

(132,583

)

Other operating activities, net

 

 

(12,313

)

 

 

(36,793

)

Net cash provided by operating activities

 

 

860,642

 

 

 

174,749

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(190,546

)

 

 

(196,031

)

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

   acquired

 

 

(25,923

)

 

 

(14,844

)

Contributions to unconsolidated subsidiaries

 

 

(72,058

)

 

 

(84,648

)

Distributions from unconsolidated subsidiaries

 

 

66,409

 

 

 

20,960

 

Other investing activities, net

 

 

15,631

 

 

 

2,864

 

Net cash used in investing activities

 

 

(206,487

)

 

 

(271,699

)

 

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,

 

 

 

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

 

 

 

2,683,000

 

Repayment of revolving credit facility

 

 

(835,671

)

 

 

(2,631,000

)

Proceeds from notes payable on real estate

 

 

40,263

 

 

 

5,243

 

Repayment of notes payable on real estate

 

 

(24,704

)

 

 

 

Repurchase of common stock

 

 

(50,028

)

 

 

(94,088

)

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

 

 

(34,400

)

 

 

(36,089

)

Units repurchased for payment of taxes on equity awards

 

 

(41,627

)

 

 

(16,573

)

Non-controlling interest contributions

 

 

1,977

 

 

 

46,513

 

Non-controlling interest distributions

 

 

(2,471

)

 

 

(3,798

)

Other financing activities, net

 

 

(334

)

 

 

(5,171

)

Net cash used in financing activities

 

 

(111,324

)

 

 

(51,963

)

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

 

 

9,981

 

 

 

(12,726

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND

   RESTRICTED CASH

 

 

552,812

 

 

 

(161,639

)

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

 

$

1,646,557

 

 

$

702,305

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for: