$CBRE
CBRE GROUP, INC.

2015 Q2 Form 10-Q Financial Statement

#000119312515284650 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.391B $2.127B
YoY Change 12.4% 22.09%
Cost Of Revenue $1.488B $1.314B
YoY Change 13.2% 29.02%
Gross Profit $902.5M $812.3M
YoY Change 11.1% 12.33%
Gross Profit Margin 37.75% 38.19%
Selling, General & Admin $610.2M $566.2M
YoY Change 7.77% 13.35%
% of Gross Profit 67.61% 69.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.70M $63.30M
YoY Change 11.69% 42.89%
% of Gross Profit 7.83% 7.79%
Operating Expenses $610.2M $566.2M
YoY Change 7.76% 13.36%
Operating Profit $228.8M $206.0M
YoY Change 11.04% 9.8%
Interest Expense $26.15M $28.47M
YoY Change -8.13% -24.14%
% of Operating Profit 11.43% 13.82%
Other Income/Expense, Net -$1.069M $6.364M
YoY Change -116.8% 315.13%
Pretax Income $209.6M $194.3M
YoY Change 7.88% 66.22%
Income Tax $76.47M $64.11M
% Of Pretax Income 36.48% 32.99%
Net Earnings $125.0M $105.5M
YoY Change 18.55% 50.87%
Net Earnings / Revenue 5.23% 4.96%
Basic Earnings Per Share $0.38 $0.32
Diluted Earnings Per Share $0.37 $0.32
COMMON SHARES
Basic Shares Outstanding 332.0M shares 330.1M shares
Diluted Shares Outstanding 336.2M shares 333.9M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $406.0M $453.0M
YoY Change -10.38% -12.38%
Cash & Equivalents $336.4M $381.9M
Short-Term Investments $70.00M $71.00M
Other Short-Term Assets $104.2M $84.69M
YoY Change 23.03% 45.88%
Inventory $0.00
Prepaid Expenses $154.5M $133.2M
Receivables $1.605B $1.638B
Other Receivables $800.0M $775.0M
Total Short-Term Assets $3.343B $3.338B
YoY Change 0.13% 19.26%
LONG-TERM ASSETS
Property, Plant & Equipment $484.0M $455.3M
YoY Change 6.31% 23.16%
Goodwill $2.314B $2.335B
YoY Change -0.91% 26.76%
Intangibles $806.1M $816.7M
YoY Change -1.29% 2.54%
Long-Term Investments $281.0M $278.0M
YoY Change 1.08% 4.12%
Other Assets $197.6M $174.3M
YoY Change 13.34% 18.07%
Total Long-Term Assets $4.117B $4.133B
YoY Change -0.39% 16.46%
TOTAL ASSETS
Total Short-Term Assets $3.343B $3.338B
Total Long-Term Assets $4.117B $4.133B
Total Assets $7.460B $7.472B
YoY Change -0.15% 17.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $765.0M $770.0M
YoY Change -0.65% 37.01%
Accrued Expenses $999.0M $895.0M
YoY Change 11.62% 20.46%
Deferred Revenue
YoY Change
Short-Term Debt $744.5M $1.074B
YoY Change -30.68% 57.77%
Long-Term Debt Due $13.89M $42.33M
YoY Change -67.18% 0.35%
Total Short-Term Liabilities $2.595B $2.876B
YoY Change -9.78% 34.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.711B $1.777B
YoY Change -3.72% -2.4%
Other Long-Term Liabilities $320.4M $322.8M
YoY Change -0.75% 27.42%
Total Long-Term Liabilities $2.032B $2.100B
YoY Change -3.26% 1.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.595B $2.876B
Total Long-Term Liabilities $2.032B $2.100B
Total Liabilities $4.957B $5.297B
YoY Change -6.43% 14.25%
SHAREHOLDERS EQUITY
Retained Earnings $1.759B $1.230B
YoY Change 43.05% 45.1%
Common Stock $1.071B $1.014B
YoY Change 5.63% 4.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.460B $2.133B
YoY Change
Total Liabilities & Shareholders Equity $7.460B $7.472B
YoY Change -0.15% 17.7%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $125.0M $105.5M
YoY Change 18.55% 50.87%
Depreciation, Depletion And Amortization $70.70M $63.30M
YoY Change 11.69% 42.89%
Cash From Operating Activities $137.7M $46.00M
YoY Change 199.35% -72.05%
INVESTING ACTIVITIES
Capital Expenditures -$31.80M -$39.90M
YoY Change -20.3% 29.55%
Acquisitions
YoY Change
Other Investing Activities -$32.20M $41.40M
YoY Change -177.78% -49.64%
Cash From Investing Activities -$64.00M $1.500M
YoY Change -4366.67% -97.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.1M -97.60M
YoY Change 23.05% -59.88%
NET CHANGE
Cash From Operating Activities 137.7M 46.00M
Cash From Investing Activities -64.00M 1.500M
Cash From Financing Activities -120.1M -97.60M
Net Change In Cash -46.40M -50.10M
YoY Change -7.39% 83.52%
FREE CASH FLOW
Cash From Operating Activities $137.7M $46.00M
Capital Expenditures -$31.80M -$39.90M
Free Cash Flow $169.5M $85.90M
YoY Change 97.32% -56.04%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2. New Accounting Pronouncements</b></font></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; 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. ASU 2014-09 will replace most existing revenue recognition guidance under accounting principles generally accepted in the United States, or GAAP, when it becomes effective on January&#xA0;1, 2018. 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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In February 2015, the FASB issued ASU 2015-02, &#x201C;<i>Consolidation (Topic 810): Amendments to the Consolidation Analysis.</i>&#x201D; This ASU provides consolidation guidance for legal entities such as limited partnerships, limited liability corporations and securitization structures. ASU 2015-02 offers updated consolidation evaluation criteria and may require additional disclosures. This ASU is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2015, with early adoption permitted. We do not believe the adoption of ASU 2015-02 will have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 12px; MARGIN-TOP: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In April 2015, the FASB issued ASU 2015-03, &#x201C;<i>Interest &#x2013; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#x201D;</i> This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and requires the use of the retrospective method. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2015, with early adoption permitted. We do not believe the adoption of this ASU will have a material impact on our consolidated financial position.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Basis of Presentation</b></font></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; 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 our opinion, 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 us 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 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. 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 2014 financial statements to conform with the 2015 presentation.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; 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, 2015 are not necessarily indicative of the results of operations to be expected for the year ending December&#xA0;31, 2015. 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, 2014, which contains the latest available audited consolidated financial statements and notes thereto, which are as of and for the year ended December&#xA0;31, 2014.</font></p> </div>
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InvestmentIncomeInterest
1146000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
152654000
CY2014Q2 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-140000
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9264000
CY2014Q2 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
AmountOfIneffectivenessOnNetInvestmentHedges
0
CY2014Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
4477000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
64111000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
566202000
CY2014Q2 us-gaap Interest Expense
InterestExpense
28470000
CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1826000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
1943970000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
24738000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
1314473000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
63295000
CY2014Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-712000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
24735000
CY2014Q2 cbg Equity Method Investment Summarized Financial Information Operating Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingProfitLoss
-136684000
CY2014Q2 cbg Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
425332 shares
CY2014Q2 cbg Income Loss Before Net Interest Expense Write Off Of Financing Costs Income Taxes Depreciation And Amortization
IncomeLossBeforeNetInterestExpenseWriteOffOfFinancingCostsIncomeTaxesDepreciationAndAmortization
260194000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2015Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
3913275 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
336154524 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
331999935 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
125029000
CY2015Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
4547000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
59833000
CY2015Q2 us-gaap Revenues
Revenues
2390506000
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
307467000
CY2015Q2 us-gaap Profit Loss
ProfitLoss
133153000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
228755000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1069000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
263000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
57508000
CY2015Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1016000
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
-177125000
CY2015Q2 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
6986000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
237000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
184845000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
209627000
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1402000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
192986000
CY2015Q2 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
16000
CY2015Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6693000
CY2015Q2 us-gaap Amount Of Ineffectiveness On Net Investment Hedges
AmountOfIneffectivenessOnNetInvestmentHedges
0
CY2015Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
3686000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76474000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
610158000
CY2015Q2 us-gaap Interest Expense
InterestExpense
26154000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1809000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
2168737000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
8141000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
1487974000
CY2015Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1500000
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
70605000
CY2015Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
155000
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8124000
CY2015Q2 cbg Equity Method Investment Summarized Financial Information Operating Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingProfitLoss
-95947000
CY2015Q2 cbg Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
241314 shares
CY2015Q2 cbg Income Loss Before Net Interest Expense Write Off Of Financing Costs Income Taxes Depreciation And Amortization
IncomeLossBeforeNetInterestExpenseWriteOffOfFinancingCostsIncomeTaxesDepreciationAndAmortization
296860000

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