2024 Q2 Form 10-Q Financial Statement

#000113811824000014 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $8.391B $7.935B
YoY Change 8.69% 7.07%
Cost Of Revenue $6.793B $6.475B
YoY Change 9.93% 7.8%
Gross Profit $1.598B $1.460B
YoY Change 3.74% 3.94%
Gross Profit Margin 19.04% 18.4%
Selling, General & Admin $1.140B $1.111B
YoY Change 4.72% -8.1%
% of Gross Profit 71.35% 76.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $161.0M $158.0M
YoY Change 4.28% -2.16%
% of Gross Profit 10.08% 10.82%
Operating Expenses $1.301B $1.269B
YoY Change 4.67% -7.4%
Operating Profit $246.0M $204.0M
YoY Change -17.22% 445.97%
Interest Expense -$78.00M -$94.00M
YoY Change 54.5% -182.99%
% of Operating Profit -31.71% -46.08%
Other Income/Expense, Net $6.000M $9.000M
YoY Change 6.91% 263.64%
Pretax Income $174.0M $119.0M
YoY Change -33.48% -22.28%
Income Tax $32.00M -$29.00M
% Of Pretax Income 18.39% -24.37%
Net Earnings $130.0M $126.0M
YoY Change -35.45% 7.79%
Net Earnings / Revenue 1.55% 1.59%
Basic Earnings Per Share $0.42 $0.41
Diluted Earnings Per Share $0.42 $0.41
COMMON SHARES
Basic Shares Outstanding 306.8M shares 305.7M shares
Diluted Shares Outstanding 308.0M shares 308.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $928.0M $1.044B
YoY Change -26.42% -15.21%
Cash & Equivalents $928.0M $1.044B
Short-Term Investments
Other Short-Term Assets $357.0M $365.0M
YoY Change -67.06% -40.27%
Inventory
Prepaid Expenses $342.0M $308.0M
Receivables $6.304B $6.172B
Other Receivables $1.163B $1.010B
Total Short-Term Assets $9.653B $9.444B
YoY Change 1.94% 4.4%
LONG-TERM ASSETS
Property, Plant & Equipment $895.0M $900.0M
YoY Change -53.67% 8.01%
Goodwill $5.667B $5.554B
YoY Change 12.36% 12.57%
Intangibles $2.385B $2.298B
YoY Change 11.98% 6.74%
Long-Term Investments $1.309B $1.298B
YoY Change 0.17% 0.22%
Other Assets $1.634B $1.610B
YoY Change -0.62% 41.91%
Total Long-Term Assets $13.81B $13.52B
YoY Change 12.61% 12.82%
TOTAL ASSETS
Total Short-Term Assets $9.653B $9.444B
Total Long-Term Assets $13.81B $13.52B
Total Assets $23.46B $22.96B
YoY Change 7.96% 9.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.568B $3.415B
YoY Change 23.62% 13.51%
Accrued Expenses $2.448B $2.420B
YoY Change -6.65% -6.04%
Deferred Revenue $311.0M $304.0M
YoY Change 17.94% 15.95%
Short-Term Debt $1.908B $1.666B
YoY Change 20.27% -16.35%
Long-Term Debt Due $28.00M $19.00M
YoY Change -94.07% -95.62%
Total Short-Term Liabilities $8.629B $8.233B
YoY Change 5.84% -5.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.272B $3.282B
YoY Change 54.08% 202.14%
Other Long-Term Liabilities $885.0M $871.0M
YoY Change -61.21% -16.63%
Total Long-Term Liabilities $4.157B $4.153B
YoY Change -5.64% 94.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.629B $8.233B
Total Long-Term Liabilities $4.157B $4.153B
Total Liabilities $14.27B $13.87B
YoY Change 4.69% 11.93%
SHAREHOLDERS EQUITY
Retained Earnings $9.384B $9.263B
YoY Change 4.14% 5.14%
Common Stock $3.000M $3.000M
YoY Change -80.79% -3.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.356B $8.261B
YoY Change
Total Liabilities & Shareholders Equity $23.46B $22.96B
YoY Change 7.96% 9.2%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $130.0M $126.0M
YoY Change -35.45% 7.79%
Depreciation, Depletion And Amortization $161.0M $158.0M
YoY Change 4.28% -2.16%
Cash From Operating Activities $287.0M -$492.0M
YoY Change -2740.78% -33.94%
INVESTING ACTIVITIES
Capital Expenditures $67.00M $68.00M
YoY Change -10.34% 12.8%
Acquisitions
YoY Change
Other Investing Activities -$340.0M -$16.00M
YoY Change 89.39% 292.73%
Cash From Investing Activities -$407.0M -$900.0M
YoY Change 60.08% 682.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00M $1.192B
YoY Change -84.06% 56.63%
NET CHANGE
Cash From Operating Activities 287.0M -$492.0M
Cash From Investing Activities -407.0M -$900.0M
Cash From Financing Activities 50.00M $1.192B
Net Change In Cash -70.00M -$244.0M
YoY Change -243.97% 186.86%
FREE CASH FLOW
Cash From Operating Activities $287.0M -$492.0M
Capital Expenditures $67.00M $68.00M
Free Cash Flow $220.0M -$560.0M
YoY Change -357.02% -30.44%

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Basis of Presentation<div style="margin-top:12pt;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%">Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “CBRE,” “the company,” “we,” “us” and “our”), for the year ended December 31, 2023, which are included in our </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001138118/000113811824000006/cbre-20231231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2023 Annual Report on Form 10-K (2023 Annual Report)</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001138118/000113811824000006/cbre-20231231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2023 Annual Report</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion of our significant accounting policies and estimates.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financial Statement Preparation</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%">The accompanying consolidated financial statements have been prepared in accordance with the rules applicable to quarterly reports on Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (U.S.), or General Accepted Accounting Principles (GAAP), for annual financial statements. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts reported in our consolidated financial statements and accompanying notes and are based on our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust such estimates and assumptions when facts and circumstances dictate. Actual results may differ from these estimates and assumptions.</span></div>
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