2014 Q2 Form 10-Q Financial Statement

#000119312514305068 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $2.127B $1.742B
YoY Change 22.09% 8.8%
Cost Of Revenue $1.314B $1.019B
YoY Change 29.02% 12.19%
Gross Profit $812.3M $723.2M
YoY Change 12.33% 4.36%
Gross Profit Margin 38.19% 41.51%
Selling, General & Admin $566.2M $499.5M
YoY Change 13.35% 3.54%
% of Gross Profit 69.7% 69.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.30M $44.30M
YoY Change 42.89% 15.67%
% of Gross Profit 7.79% 6.13%
Operating Expenses $566.2M $499.5M
YoY Change 13.36% -4.1%
Operating Profit $206.0M $187.6M
YoY Change 9.8% 8.64%
Interest Expense $28.47M $37.53M
YoY Change -24.14% -15.49%
% of Operating Profit 13.82% 20.0%
Other Income/Expense, Net $6.364M $1.533M
YoY Change 315.13% -172.86%
Pretax Income $194.3M $116.9M
YoY Change 66.22% -10.35%
Income Tax $64.11M $45.82M
% Of Pretax Income 32.99% 39.19%
Net Earnings $105.5M $69.90M
YoY Change 50.87% -7.87%
Net Earnings / Revenue 4.96% 4.01%
Basic Earnings Per Share $0.32 $0.21
Diluted Earnings Per Share $0.32 $0.21
COMMON SHARES
Basic Shares Outstanding 330.1M shares 327.4M shares
Diluted Shares Outstanding 333.9M shares 331.6M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $453.0M $517.0M
YoY Change -12.38% -36.33%
Cash & Equivalents $381.9M $485.5M
Short-Term Investments $71.00M $32.00M
Other Short-Term Assets $84.69M $58.06M
YoY Change 45.88% 11.47%
Inventory $0.00
Prepaid Expenses $133.2M $98.45M
Receivables $1.638B $1.222B
Other Receivables $775.0M $601.0M
Total Short-Term Assets $3.338B $2.799B
YoY Change 19.26% -1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $455.3M $369.7M
YoY Change 23.16% 23.52%
Goodwill $2.335B $1.842B
YoY Change 26.76% 1.43%
Intangibles $816.7M $796.5M
YoY Change 2.54% 1.49%
Long-Term Investments $278.0M $267.0M
YoY Change 4.12% 0.75%
Other Assets $174.3M $147.7M
YoY Change 18.07% 4.04%
Total Long-Term Assets $4.133B $3.549B
YoY Change 16.46% -5.3%
TOTAL ASSETS
Total Short-Term Assets $3.338B $2.799B
Total Long-Term Assets $4.133B $3.549B
Total Assets $7.472B $6.348B
YoY Change 17.7% -3.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $770.0M $562.0M
YoY Change 37.01% 13.31%
Accrued Expenses $895.0M $743.0M
YoY Change 20.46% 8.63%
Deferred Revenue
YoY Change
Short-Term Debt $1.074B $680.8M
YoY Change 57.77% 43.38%
Long-Term Debt Due $42.33M $42.18M
YoY Change 0.35% -38.02%
Total Short-Term Liabilities $2.876B $2.133B
YoY Change 34.83% 7.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.777B $1.821B
YoY Change -2.4% -23.31%
Other Long-Term Liabilities $322.8M $253.4M
YoY Change 27.42% 5.7%
Total Long-Term Liabilities $2.100B $2.074B
YoY Change 1.24% -20.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.876B $2.133B
Total Long-Term Liabilities $2.100B $2.074B
Total Liabilities $5.297B $4.637B
YoY Change 14.25% -9.81%
SHAREHOLDERS EQUITY
Retained Earnings $1.230B $847.5M
YoY Change 45.1% 60.71%
Common Stock $1.014B $974.3M
YoY Change 4.09% 6.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.133B $1.620B
YoY Change
Total Liabilities & Shareholders Equity $7.472B $6.348B
YoY Change 17.7% -3.47%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $105.5M $69.90M
YoY Change 50.87% -7.87%
Depreciation, Depletion And Amortization $63.30M $44.30M
YoY Change 42.89% 15.67%
Cash From Operating Activities $46.00M $164.6M
YoY Change -72.05% 69.34%
INVESTING ACTIVITIES
Capital Expenditures -$39.90M -$30.80M
YoY Change 29.55% 0.65%
Acquisitions
YoY Change
Other Investing Activities $41.40M $82.20M
YoY Change -49.64% -388.42%
Cash From Investing Activities $1.500M $51.40M
YoY Change -97.08% -186.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -97.60M -243.3M
YoY Change -59.88% 6851.43%
NET CHANGE
Cash From Operating Activities 46.00M 164.6M
Cash From Investing Activities 1.500M 51.40M
Cash From Financing Activities -97.60M -243.3M
Net Change In Cash -50.10M -27.30M
YoY Change 83.52% -178.9%
FREE CASH FLOW
Cash From Operating Activities $46.00M $164.6M
Capital Expenditures -$39.90M -$30.80M
Free Cash Flow $85.90M $195.4M
YoY Change -56.04% 52.9%

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dei Document Type
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dei Entity Registrant Name
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>2. New Accounting Pronouncements</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, &#x201C;<i>Revenue from Contracts with Customers (Topic 606).</i>&#x201D; This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective on January&#xA0;1, 2017. This ASU permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of this ASU on our ongoing financial reporting.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In June 2014, the FASB issued ASU 2014-12, &#x201C;<i>Compensation &#x2013; Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#x201D;</i> This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December&#xA0;15, 2015, with early adoption permitted. We elected to early adopt this ASU retrospectively to all awards with performance targets that were outstanding as of January&#xA0;1, 2013 and to all new or modified awards thereafter. Given that we only began granting performance-based stock awards in the latter part of 2013, the adoption of this update did not have a material impact on our consolidated financial position or results of operations.</font></p> </div>
us-gaap Basis Of Accounting
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. Basis of Presentation</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The accompanying consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as the &#x201C;company&#x201D;, &#x201C;we&#x201D;, &#x201C;us&#x201D; and &#x201C;our&#x201D;), 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 (GAAP) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, and reported amounts of revenue and expenses. Such estimates include the value of goodwill, intangibles and other long-lived assets, real estate assets, accounts receivable, investments in unconsolidated subsidiaries and assumptions used in the calculation of income taxes, retirement and other post-employment benefits, among others. These estimates and assumptions are based on management&#x2019;s best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Certain reclassifications have been made to the 2013 financial statements to conform with the 2014 presentation.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The results of operations for the three and six months ended June&#xA0;30, 2014 are not necessarily indicative of the results of operations to be expected for the year ending December&#xA0;31, 2014. The unaudited interim consolidated financial statements and notes to consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December&#xA0;31, 2013, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December&#xA0;31, 2013.</font></p> </div>
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