$CBRE
CBRE GROUP, INC.

2015 Q3 Form 10-Q Financial Statement

#000119312515371619 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $2.713B $2.275B
YoY Change 19.23% 31.21%
Cost Of Revenue $1.774B $1.429B
YoY Change 24.12% 38.42%
Gross Profit $938.9M $846.1M
YoY Change 10.97% 20.61%
Gross Profit Margin 34.61% 37.19%
Selling, General & Admin $626.9M $601.0M
YoY Change 4.31% 21.02%
% of Gross Profit 66.77% 71.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $67.20M
YoY Change 11.61% 41.47%
% of Gross Profit 7.99% 7.94%
Operating Expenses $626.9M $601.0M
YoY Change 4.31% 21.02%
Operating Profit $240.1M $185.1M
YoY Change 29.69% 17.09%
Interest Expense $30.70M $27.84M
YoY Change 10.27% 0.21%
% of Operating Profit 12.79% 15.04%
Other Income/Expense, Net -$4.945M -$113.0K
YoY Change 4276.11% -102.2%
Pretax Income $222.9M $179.0M
YoY Change 24.5% 19.09%
Income Tax $72.87M $69.31M
% Of Pretax Income 32.7% 38.72%
Net Earnings $149.1M $107.1M
YoY Change 39.24% 13.4%
Net Earnings / Revenue 5.5% 4.71%
Basic Earnings Per Share $0.45 $0.32
Diluted Earnings Per Share $0.44 $0.32
COMMON SHARES
Basic Shares Outstanding 332.7M shares 330.4M shares
Diluted Shares Outstanding 336.6M shares 334.3M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.0M $686.0M
YoY Change -26.53% 19.72%
Cash & Equivalents $440.4M $615.4M
Short-Term Investments $64.00M $70.00M
Other Short-Term Assets $145.2M $83.61M
YoY Change 73.63% 47.31%
Inventory $3.000M $0.00
Prepaid Expenses $163.0M $123.7M
Receivables $2.275B $1.609B
Other Receivables $609.0M $696.0M
Total Short-Term Assets $3.980B $3.461B
YoY Change 14.98% 35.25%
LONG-TERM ASSETS
Property, Plant & Equipment $503.7M $455.9M
YoY Change 10.49% 15.62%
Goodwill $2.997B $2.315B
YoY Change 29.47% 21.87%
Intangibles $1.527B $815.4M
YoY Change 87.29% 1.85%
Long-Term Investments $288.0M $285.0M
YoY Change 1.05% 6.74%
Other Assets $219.5M $159.5M
YoY Change 37.58% 8.34%
Total Long-Term Assets $5.576B $4.069B
YoY Change 37.03% 12.45%
TOTAL ASSETS
Total Short-Term Assets $3.980B $3.461B
Total Long-Term Assets $5.576B $4.069B
Total Assets $9.555B $7.530B
YoY Change 26.9% 21.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.320B $710.0M
YoY Change 85.92% 32.22%
Accrued Expenses $1.184B $1.027B
YoY Change 15.29% 25.4%
Deferred Revenue
YoY Change
Short-Term Debt $997.5M $785.4M
YoY Change 27.01% 146.05%
Long-Term Debt Due $30.19M $42.38M
YoY Change -28.76% 0.36%
Total Short-Term Liabilities $3.604B $2.677B
YoY Change 34.64% 45.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.656B $2.067B
YoY Change 28.46% 14.23%
Other Long-Term Liabilities $337.4M $335.0M
YoY Change 0.72% 27.15%
Total Long-Term Liabilities $2.993B $2.402B
YoY Change 24.59% 15.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.604B $2.677B
Total Long-Term Liabilities $2.993B $2.402B
Total Liabilities $6.966B $5.347B
YoY Change 30.27% 23.18%
SHAREHOLDERS EQUITY
Retained Earnings $1.908B $1.337B
YoY Change 42.74% 41.92%
Common Stock $1.084B $1.026B
YoY Change 5.62% 5.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.546B $2.146B
YoY Change
Total Liabilities & Shareholders Equity $9.555B $7.530B
YoY Change 26.9% 21.9%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $149.1M $107.1M
YoY Change 39.24% 13.4%
Depreciation, Depletion And Amortization $75.00M $67.20M
YoY Change 11.61% 41.47%
Cash From Operating Activities $184.6M $292.5M
YoY Change -36.89% 95.13%
INVESTING ACTIVITIES
Capital Expenditures -$34.90M -$39.00M
YoY Change -10.51% -0.26%
Acquisitions
YoY Change
Other Investing Activities -$1.426B -$73.50M
YoY Change 1840.41% -18475.0%
Cash From Investing Activities -$1.461B -$112.5M
YoY Change 1198.76% 190.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.391B 71.50M
YoY Change 1845.03% -171.79%
NET CHANGE
Cash From Operating Activities 184.6M 292.5M
Cash From Investing Activities -1.461B -112.5M
Cash From Financing Activities 1.391B 71.50M
Net Change In Cash 114.2M 251.5M
YoY Change -54.59% 2068.1%
FREE CASH FLOW
Cash From Operating Activities $184.6M $292.5M
Capital Expenditures -$34.90M -$39.00M
Free Cash Flow $219.5M $331.5M
YoY Change -33.79% 75.4%

Facts In Submission

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>New Accounting Pronouncements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <i>Recently Adopted Accounting Pronouncements</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, &#x201C;<i>Interest&#x2014;Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>&#x201D; (ASU 2015-03) and in August 2015 issued ASU 2015-15, <i>&#x201C;Interest&#x2014;Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.&#x201D;</i> ASU 2015-03 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 2015-15 permits classifying debt issuance costs associated with a line of credit arrangement as an asset, regardless of whether there are any outstanding borrowings on the arrangement. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2015, with early adoption permitted. ASU 2015-15 is effective upon the adoption of ASU 2015-03.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> We elected to early adopt the provisions of ASU 2015-03 during the third quarter of 2015 and balance sheet amounts as of December&#xA0;31, 2014 have been reclassified to conform to the current period presentation. As of December&#xA0;31, 2014, $25.6 million of debt issuance costs were reclassified from other assets and netted against the related debt liabilities in the accompanying consolidated balance sheet as follows (dollars in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="84%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5.00% senior notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,053</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Senior term loans</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">7,537</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> 5.25% senior notes</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,607</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Notes payable on real estate</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,398</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Total reclassified</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,595</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The adoption of ASU 2015-03 had no impact on our consolidated results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In September 2015, the FASB issued ASU 2015-16, &#x201C;<i>Simplifying the Accounting for Measurement-Period Adjustments</i>&#x201D; (ASU 2015-16). This ASU eliminates the requirement to restate prior period financial statements for measurement period adjustments related to business combinations. The new guidance requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. This ASU is effective for interim and annual periods beginning after December&#xA0;15, 2015, with early adoption permitted. We elected to early adopt the provisions of ASU 2015-16 during the third quarter of 2015. The adoption of ASU 2015-16 had no impact on our consolidated financial position, results of operations or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; TEXT-INDENT: 4%"> <i>Recent Accounting Pronouncements Pending Adoption</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued 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 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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.</p> </div>
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Basis of Presentation</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The results of operations for the three and nine months ended September&#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.</p> </div>
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CBRE GROUP, INC.
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