2024 Q1 Form 10-K Financial Statement

#000113811824000006 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.935B $8.950B $31.95B
YoY Change 7.07% 9.22% 3.64%
Cost Of Revenue $6.475B $7.093B $25.68B
YoY Change 7.8% 9.14% 5.92%
Gross Profit $1.460B $1.857B $6.274B
YoY Change 3.94% 9.51% -4.78%
Gross Profit Margin 18.4% 20.75% 19.64%
Selling, General & Admin $1.111B $1.206B $4.562B
YoY Change -8.1% -8.24% -2.38%
% of Gross Profit 76.1% 64.94% 72.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $158.0M $157.0M $622.0M
YoY Change -2.16% -1.63% 1.45%
% of Gross Profit 10.82% 8.45% 9.91%
Operating Expenses $1.269B $1.363B $5.184B
YoY Change -7.4% -7.52% -2.42%
Operating Profit $204.0M $494.0M $1.117B
YoY Change 445.97% 122.74% -26.12%
Interest Expense -$94.00M $88.00M $99.00M
YoY Change -182.99% -147.64% -38.12%
% of Operating Profit -46.08% 17.81% 8.86%
Other Income/Expense, Net $9.000M $39.00M $61.00M
YoY Change 263.64% 2242.34% -614.16%
Pretax Income $119.0M $631.0M $1.277B
YoY Change -22.28% 940.7% -22.99%
Income Tax -$29.00M $136.0M $250.0M
% Of Pretax Income -24.37% 21.55% 19.58%
Net Earnings $126.0M $477.0M $986.0M
YoY Change 7.79% 488.08% -29.94%
Net Earnings / Revenue 1.59% 5.33% 3.09%
Basic Earnings Per Share $0.41 $3.20
Diluted Earnings Per Share $0.41 $1.55 $3.15
COMMON SHARES
Basic Shares Outstanding 305.7M shares 304.8M shares 308.4M shares
Diluted Shares Outstanding 308.5M shares 312.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.044B $1.265B $1.265B
YoY Change -15.21% -4.04% -4.04%
Cash & Equivalents $1.044B $1.265B $1.265B
Short-Term Investments
Other Short-Term Assets $365.0M $315.0M $106.0M
YoY Change -40.27% -43.45% -86.08%
Inventory $0.00
Prepaid Expenses $308.0M $333.0M
Receivables $6.172B $6.370B $6.888B
Other Receivables $1.010B $912.0M $912.0M
Total Short-Term Assets $9.444B $9.666B $9.171B
YoY Change 4.4% 13.34% 7.53%
LONG-TERM ASSETS
Property, Plant & Equipment $900.0M $907.0M $1.937B
YoY Change 8.01% 8.49% -1.18%
Goodwill $5.554B $5.129B
YoY Change 12.57% 5.35%
Intangibles $2.298B $2.100B
YoY Change 6.74% -4.55%
Long-Term Investments $1.298B $1.374B $1.374B
YoY Change 0.22% 4.27% 4.27%
Other Assets $1.610B $1.547B $2.856B
YoY Change 41.91% 39.41% 96.09%
Total Long-Term Assets $13.52B $12.88B $13.38B
YoY Change 12.82% 7.49% 11.62%
TOTAL ASSETS
Total Short-Term Assets $9.444B $9.666B $9.171B
Total Long-Term Assets $13.52B $12.88B $13.38B
Total Assets $22.96B $22.55B $22.55B
YoY Change 9.2% 9.92% 9.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.415B $3.562B $3.562B
YoY Change 13.51% 15.7% 15.7%
Accrued Expenses $2.420B $3.257B $3.257B
YoY Change -6.04% -3.63% -3.63%
Deferred Revenue $304.0M $297.6M
YoY Change 15.95% 7.71%
Short-Term Debt $1.666B $682.4M $666.0M
YoY Change -16.35% 2.03% -0.41%
Long-Term Debt Due $19.00M $9.000M $45.00M
YoY Change -95.62% -97.9% -90.24%
Total Short-Term Liabilities $8.233B $8.243B $7.976B
YoY Change -5.56% 0.01% -3.23%
LONG-TERM LIABILITIES
Long-Term Debt $3.282B $2.804B $2.829B
YoY Change 202.14% 158.26% 147.33%
Other Long-Term Liabilities $871.0M $903.0M $2.676B
YoY Change -16.63% -10.94% 19.48%
Total Long-Term Liabilities $4.153B $3.707B $5.505B
YoY Change 94.88% 76.55% 62.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.233B $8.243B $7.976B
Total Long-Term Liabilities $4.153B $3.707B $5.505B
Total Liabilities $13.87B $13.48B $14.28B
YoY Change 11.93% 13.21% 12.8%
SHAREHOLDERS EQUITY
Retained Earnings $9.263B $9.188B
YoY Change 5.14% 4.02%
Common Stock $3.000M $3.000M
YoY Change -3.47% -3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.261B $8.267B $8.267B
YoY Change
Total Liabilities & Shareholders Equity $22.96B $22.55B $22.55B
YoY Change 9.2% 9.92% 9.92%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $126.0M $477.0M $986.0M
YoY Change 7.79% 488.08% -29.94%
Depreciation, Depletion And Amortization $158.0M $157.0M $622.0M
YoY Change -2.16% -1.63% 1.45%
Cash From Operating Activities -$492.0M $853.4M $480.0M
YoY Change -33.94% 4.8% -70.54%
INVESTING ACTIVITIES
Capital Expenditures $68.00M $93.73M $305.0M
YoY Change 12.8% -5.46% 17.24%
Acquisitions
YoY Change
Other Investing Activities -$16.00M -$50.14M $6.000M
YoY Change 292.73% -61.3% 31478.95%
Cash From Investing Activities -$900.0M -$143.9M -$681.0M
YoY Change 682.15% -37.09% -18.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $665.0M
YoY Change -64.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.192B -752.3M $154.0M
YoY Change 56.63% 35.95% -108.72%
NET CHANGE
Cash From Operating Activities -$492.0M 853.4M $480.0M
Cash From Investing Activities -$900.0M -143.9M -$681.0M
Cash From Financing Activities $1.192B -752.3M $154.0M
Net Change In Cash -$244.0M -42.81M -$34.00M
YoY Change 186.86% -232.96% -97.0%
FREE CASH FLOW
Cash From Operating Activities -$492.0M $853.4M $480.0M
Capital Expenditures $68.00M $93.73M $305.0M
Free Cash Flow -$560.0M $759.6M $175.0M
YoY Change -30.44% 6.22% -87.22%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:28.5pt">Nature of Operations</span><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “the company,” “we,” “us” and “our”), was incorporated on February 20, 2001. We are the world’s largest commercial real estate services and investment firm, based on 2023 revenue, with leading global market positions in most lines of business we serve. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is focused on providing services to real estate investors and occupiers. For investors, we provide capital markets (property sales and mortgage origination), mortgage servicing, property leasing, investment management, property management, valuation and development services, among others. For occupiers, we provide facilities management, project management, transaction (both property sales and leasing) and consulting services, among others. We generate revenue from both management fees (large multi-year portfolio and per-project contracts) and commissions on transactions. As of December 31, 2023, the company has more than 130,000 employees (including Turner &amp; Townsend employees) serving clients in more than 100 countries providing services under the following brand names: “CBRE” (real estate advisory and outsourcing services); “CBRE Investment Management” (investment management); “Trammell Crow Company” (primarily U.S. development); “Telford Homes” (U.K. development) and “Turner &amp; Townsend Holdings Limited” (Turner &amp; Townsend).</span></div>
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