$CBRE
CBRE GROUP, INC.

2016 Q1 Form 10-Q Financial Statement

#000119312516585170 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.847B $2.053B
YoY Change 38.7% 10.3%
Cost Of Revenue $12.40M $1.291B
YoY Change -99.04% 11.13%
Gross Profit $2.834B $761.7M
YoY Change 272.09% 8.91%
Gross Profit Margin 99.56% 37.11%
Selling, General & Admin $643.4M $531.8M
YoY Change 20.99% 0.64%
% of Gross Profit 22.7% 69.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.00M $69.80M
YoY Change 24.64% 7.06%
% of Gross Profit 3.07% 9.16%
Operating Expenses $643.4M $531.8M
YoY Change 20.98% 0.64%
Operating Profit $107.6M $160.1M
YoY Change -32.81% 42.34%
Interest Expense $34.79M $26.21M
YoY Change 32.72% -6.43%
% of Operating Profit 32.34% 16.37%
Other Income/Expense, Net $3.215M $1.087M
YoY Change 195.77% -77.36%
Pretax Income $134.8M $150.0M
YoY Change -10.18% 41.76%
Income Tax $50.13M $56.90M
% Of Pretax Income 37.19% 37.92%
Net Earnings $82.17M $92.94M
YoY Change -11.59% 37.35%
Net Earnings / Revenue 2.89% 4.53%
Basic Earnings Per Share $0.25 $0.28
Diluted Earnings Per Share $0.24 $0.28
COMMON SHARES
Basic Shares Outstanding 334.0M 332.0M shares
Diluted Shares Outstanding 337.5M 335.7M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $489.0M $444.0M
YoY Change 10.14% -9.57%
Cash & Equivalents $489.2M $379.0M
Short-Term Investments $65.00M
Other Short-Term Assets $212.7M $103.2M
YoY Change 106.07% 38.91%
Inventory
Prepaid Expenses $178.9M $143.2M
Receivables $2.345B $1.537B
Other Receivables $798.0M $1.111B
Total Short-Term Assets $4.087B $3.594B
YoY Change 13.72% 30.11%
LONG-TERM ASSETS
Property, Plant & Equipment $528.4M $479.8M
YoY Change 10.13% 7.41%
Goodwill $3.134B $2.267B
YoY Change 38.24% -1.63%
Intangibles $1.416B $789.0M
YoY Change 79.51% -4.98%
Long-Term Investments $220.5M $265.0M
YoY Change -16.78% 1.53%
Other Assets $321.6M $188.2M
YoY Change 70.89% 9.53%
Total Long-Term Assets $5.748B $4.032B
YoY Change 42.57% -1.21%
TOTAL ASSETS
Total Short-Term Assets $4.087B $3.594B
Total Long-Term Assets $5.748B $4.032B
Total Assets $9.835B $7.626B
YoY Change 28.97% 11.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.351B $702.0M
YoY Change 92.45% -4.36%
Accrued Expenses $1.201B $993.0M
YoY Change 20.95% 21.1%
Deferred Revenue
YoY Change
Short-Term Debt $994.4M $1.176B
YoY Change -15.44% 76.54%
Long-Term Debt Due $40.06M $15.30M
YoY Change 161.91% -63.84%
Total Short-Term Liabilities $3.696B $2.973B
YoY Change 24.33% 24.94%
LONG-TERM LIABILITIES
Long-Term Debt $2.635B $1.714B
YoY Change 53.71% -4.15%
Other Long-Term Liabilities $460.6M $325.7M
YoY Change 41.41% 6.49%
Total Long-Term Liabilities $3.096B $2.040B
YoY Change 51.74% -2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.696B $2.973B
Total Long-Term Liabilities $3.096B $2.040B
Total Liabilities $6.968B $5.321B
YoY Change 30.97% 10.5%
SHAREHOLDERS EQUITY
Retained Earnings $2.170B $1.634B
YoY Change 32.82% 45.34%
Common Stock $1.119B $1.056B
YoY Change 5.94% 5.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.818B $2.259B
YoY Change
Total Liabilities & Shareholders Equity $9.835B $7.626B
YoY Change 28.97% 11.43%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $82.17M $92.94M
YoY Change -11.59% 37.35%
Depreciation, Depletion And Amortization $87.00M $69.80M
YoY Change 24.64% 7.06%
Cash From Operating Activities -$328.6M -$179.9M
YoY Change 82.66% -33.37%
INVESTING ACTIVITIES
Capital Expenditures $33.47M $18.63M
YoY Change 79.67% 36.44%
Acquisitions $21.90M $75.03M
YoY Change -70.81% 410.29%
Other Investing Activities $2.303M $312.0K
YoY Change 638.14% -1300.0%
Cash From Investing Activities $1.300M -$106.8M
YoY Change -101.22% 2955.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 272.3M -60.44M
YoY Change -550.57% -129.01%
NET CHANGE
Cash From Operating Activities -328.6M -179.9M
Cash From Investing Activities 1.300M -106.8M
Cash From Financing Activities 272.3M -60.44M
Net Change In Cash -55.00M -167.3M
YoY Change -67.12% -181.66%
FREE CASH FLOW
Cash From Operating Activities -$328.6M -$179.9M
Capital Expenditures $33.47M $18.63M
Free Cash Flow -$362.1M -$198.5M
YoY Change 82.38% -30.01%

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 February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, <i>&#x201C;Consolidation (Topic 810): Amendments to the Consolidation Analysis.&#x201D;</i> 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. We adopted the provisions of ASU 2015-02 effective January&#xA0;1, 2016. The adoption of ASU 2015-02 did not have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <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%"> The FASB has recently issued three ASUs related to revenue recognition, all of which become effective for the Company on January&#xA0;1, 2018. The ASUs issued are: 1) in May 2014, ASU 2014-09, <i>&#x201C;Revenue from Contracts with Customers (Topic 606);&#x201D; 2) in March 2016, ASU No.&#xA0;2016-08, &#x201C;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net);&#x201D; and 3) in April 2016, ASU 2016-10, &#x201C;Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.&#x201D; ASU 2014-09 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 and will replace most existing revenue recognition guidance under GAAP. This ASU permits the use of either the retrospective or cumulative effect transition method. 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. ASU No.&#xA0;2016-08 clarifies the implementation guidance on principal versus agent considerations. We are evaluating the effect that ASU 2016-08 will have on our consolidated financial statements and related disclosures. ASU 2016-10 clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. We do not believe the application of ASU 2016-10 will have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements.</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>In January 2016, the FASB issued ASU 2016-01, &#x201C;Financial Instruments&#x2014;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.&#x201D; This ASU will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. This ASU is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2017. Early adoption is not permitted, except for the provisions related to the recognition of changes in fair value of financial liabilities when the fair value option is elected. We do not believe the adoption of ASU 2016-01 will have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements. </i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU 2016-02, &#x201C;<i>Leases (Topic 842).&#x201D;</i> This ASU requires lessees to recognize most leases on-balance sheet and mandates a modified retrospective transition method for all entities. This ASU is effective for annual periods in fiscal years beginning after December&#xA0;15, 2018. We are evaluating the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In March 2016, the FASB issued ASU 2016-05, &#x201C;<i>Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.&#x201D;</i> This ASU clarifies that a change in one of the parties to a derivative contract (through novation) that is part of a hedge accounting relationship does not, by itself, require designation of that relationship, as long as all other hedge accounting criteria continue to be met. This ASU is effective for annual and interim periods in fiscal years beginning after December&#xA0;15, 2016, with early adoption permitted. We do not believe the adoption of ASU 2016-05 will have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In March 2016, the FASB issued ASU 2016-07, &#x201C;<i>Simplifying the Transition to the Equity Method of Accounting.&#x201D;</i> This ASU eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. ASU&#xA0;2016-07 should be applied prospectively upon its effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. This ASU is effective for all entities for interim and annual periods in fiscal years beginning after December&#xA0;15, 2016, with early application permitted. We do not believe the application of ASU 2016-07 will have a material impact on our consolidated financial position, results of operations or disclosure requirements of our consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In March 2016, the FASB issued ASU 2016-09, &#x201C;<i>Improvements to Employee Share-Based Payment Accounting.&#x201D;</i> This ASU is intended to improve the accounting for share-based payment transactions as part of the FASB&#x2019;s simplification initiative. This ASU is effective for fiscal years beginning after December&#xA0;15, 2016, and interim periods within those years, with early adoption permitted. We are evaluating the effect that ASU 2016-09 will have on our consolidated financial statements and related disclosures.</p> </div>
CY2016Q1 dei Document Fiscal Year Focus
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CY2016Q1 us-gaap Basis Of Accounting
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us&#x201D; and &#x201C;our&#x201D;), for the year ended December&#xA0;31, 2015, which are included in our 2015 Annual Report on Form 10-K (Annual Report), 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 2015 Annual Report for further discussion of our significant accounting policies and estimates.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 (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 2015 financial statements to conform with the 2016 presentation.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The results of operations for the three months ended March&#xA0;31, 2016 are not necessarily indicative of the results of operations to be expected for the year ending December&#xA0;31, 2016.</p> </div>
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