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Share Name | Share Symbol | Market | Type |
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CBRE Group, Inc. | NASDAQ:CBRE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Revenue up 39% (42% local currency)
Fee Revenue up 25% (28% local currency)
GAAP EPS of $0.24; Adjusted EPS of $0.36
CBRE Group, Inc. (NYSE:CBG) today reported strong financial results for the first quarter ended March 31, 2016.
First-Quarter 2016 Results*
* All percentage changes versus prior-year periods throughout this press release are in U.S. dollars, except where noted.
Management Commentary
“We started 2016 with very strong performance,” said Bob Sulentic, CBRE’s president and chief executive officer. “Our people around the world worked together to again produce double-digit revenue and adjusted earnings per share growth, despite significant negative effects from currency hedges in the quarter. Without this impact, adjusted earnings per share would be up 25%.”
Mr. Sulentic added: “CBRE continues to achieve market share gains by attracting and developing top talent and enabling them to leverage our powerful platform to provide superb insight and value to our clients.” Earlier this month, Forbes named CBRE the 15th best employer in America, reflecting the strength of the company’s culture.
Revenue growth was strong in each of CBRE’s three global regions. The Americas, the company’s largest business segment, saw revenue increase 29% (30% local currency). In EMEA (Europe, the Middle East & Africa), revenue rose by 72% (79% local currency) with all countries posting gains, highlighted by The Netherlands, Spain and the United Kingdom. In Asia Pacific (APAC), India and Japan were the catalysts for a 48% (54% local currency) increase in revenue.
Global leasing was exceptionally strong during the first quarter as revenue surged 15% (18% local currency). The United States set the pace, with revenue up 20%, driven by a number of large transactions. A broad range of countries also generated strong growth, including Canada, France, India, Italy and Japan. The United Kingdom showed growth of 7% (16% local currency).
The occupier outsourcing business line continued to benefit from strong underlying growth drivers, augmented by contributions from the acquired Global Workplace Solutions business. Excluding contributions from this acquisition, fee revenue improved 11% (17% local currency), with all three regions posting double-digit growth in local currency. (Note: leasing and sales revenue generated by contractual occupier clients is recorded in our leasing and sales revenue categories.)
On a global basis, property sales revenue grew 7% (9% local currency) with notable growth outside the United States. APAC registered the strongest growth with revenue up 12% (18% local currency), paced by Japan. Strong gains in France, The Netherlands and Spain – as well as growth in the United Kingdom – resulted in a 4% (11% local currency) revenue increase in EMEA. The Americas saw revenue rise 6% (7% local currency). Commercial mortgage services revenue increased 3% (same in local currency), driven by higher loan origination volumes with banks.
Development Services also posted very strong revenue and earnings growth. Projects in process in this business totaled $7.1 billion, up $1.6 billion from the first quarter of 2015. The pipeline inventory totaled $3.1 billion, down $0.5 billion from a year ago, as development projects converted from pipeline to in-process. In the Global Investment Management business, Assets Under Management totaled $89.7 billion at the end of the first quarter 2016. This represents an increase of $0.7 billion from year-end 2015 or $0.3 billion in local currency.
The first quarter results reflect the ongoing evolution of CBRE’s business base toward more stable revenue. Contractual fee revenue accounted for 46% of total fee revenue in the current quarter – up from 39% in the first quarter of 2015. Contractual fee revenue, plus leasing, rose to 74% of total fee revenue from 70% during the prior-year period.
First-Quarter 2016 Segment Results
The following tables present highlights of CBRE segment performance during the first quarter of 2016 (dollars in thousands):
Americas EMEA Asia Pacific % Change from Q1 2015 % Change from Q1 2015 % Change from Q1 2015 Q1 2016 USD LC Q1 2016 USD LC Q1 2016 USD LC Revenue$
1,583,559
29% 30%$
847,498
72% 79%$
308,524
48% 54% Fee revenue 1,068,861 25% 26% 447,389 38% 45% 192,689 28% 34% Fee revenue, excluding GWS 950,809 11% 12% 343,197 6% 13% 158,353 5% 11% EBITDA 173,338 2% 2% 15,214 -16% -10% 10,654 -26% -29% Normalized EBITDA 187,387 8% 8% 27,716 52% 63% 12,790 -12% -15% Global Investment Management Development Services % Change from Q1 2015 % Change from Q1 2015 ` Q1 2016 USD LC Q1 2016 USD LC Revenue $ 90,380 -18% -15% $ 16,773 37% 37% EBITDA 21,536 -43% -42% 31,875 476% 476% Normalized EBITDA 22,915 -35% -33% 31,875 476% 476%First-quarter 2016 results were impacted by select items including acquisition-related integration expenses and charges associated with cost elimination actions. The company does not normalize for currency movements, including gains or losses from currency hedging. Accordingly, EBITDA and Normalized EBITDA were negatively impacted by foreign currency movements, primarily the marking to market of currency hedging. This reduced the current quarter Normalized EBITDA relative to the first quarter of 2015 as follows: Americas $4.9 million; EMEA $5.4 million; Asia Pacific $7.0 million; and Global Investment Management $4.7 million.
Business Outlook
“We are very encouraged by our strong start to 2016,” Mr. Sulentic said. “As we look ahead, it is important to remember that the first quarter is typically our seasonally lightest quarter for revenue and earnings. As always, we caution against using the first quarter as a barometer of full year performance. However, our business has positive momentum and the macro environment – while more cautious than a year ago – remains generally supportive, with consensus forecasts calling for continued modest economic growth in the U.S. and globally.”
CBRE continues to expect adjusted earnings-per-share in the range of $2.27 to $2.37 for full-year 2016. This represents 13% year-on-year growth at the mid-point of the range.
Conference Call Details
The Company’s first-quarter earnings conference call will be held today (Thursday, April 28, 2016) at 8:00 a.m. Eastern Time. A webcast, along with an associated slide presentation, will be accessible through the Investor Relations section of the Company’s website at www.cbre.com/investorrelations.
The direct dial-in number for the conference call is 877-407-8037 for U.S. callers and 201-689-8037 for international callers. A replay of the call will be available starting at 1 p.m. Eastern Time on April 28, 2016, and ending at midnight Eastern Time on May 5, 2016. The dial-in number for the replay is 877-660-6853 for U.S. callers and 201-612-7415 for international callers. The access code for the replay is 13633047. A transcript of the call will be available on the Company’s Investor Relations website at www.cbre.com/investorrelations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
The information contained in, or accessible through, the Company’s website is not incorporated into this press release.
Note: This release contains forward-looking statements within the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance (including adjusted earnings per share expectations), market share, and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this release. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic and business conditions, particularly in geographies where our business may be concentrated; volatility and disruption of the securities, capital and credit markets; interest rate increases; the cost and availability of capital for investment in real estate; clients’ willingness to make real estate or long-term contractual commitments and other factors affecting the value of real estate assets, inside and outside the United States; foreign currency fluctuations; increases in unemployment and general slowdowns in commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in average cap rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; declines in lending activity of Government Sponsored Enterprises, regulatory oversight of such activity and our mortgage servicing revenue from the U.S. commercial real estate mortgage market; our ability to diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new user and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to maintain EBITDA margins that enable us to continue investing in our platform and client service offerings; our ability to control costs relative to revenue growth; variations in historically customary seasonal patterns that cause our business not to perform as expected; changes in domestic and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, currency controls and other trade control laws), particularly in Russia, Eastern Europe and the Middle East, due to the rising level of political instability in those regions; our ability to identify, acquire and integrate synergistic and accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; our ability to retain and incentivize producers; the ability of our Global Investment Management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-ratings downgrade; litigation and its financial and reputational risks to us; the ability of CBRE Capital Markets to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; liabilities under guarantees, or for construction defects, that we incur in our Development Services business; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, as well as the anti-corruption laws and trade sanctions of the U.S. and other countries; our ability to maintain our effective tax rate at or below current levels; and the effect of implementation of new accounting rules and standards.
Additional information concerning factors that may influence the Company's financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in both our Annual Report on Form 10-K for the year ended December 31, 2015, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission (the SEC). Such filings are available publicly and may be obtained on the Company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at investorrelations@cbre.com.
Note – CBRE has not reconciled the (non-GAAP) adjusted earnings per share guidance included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort.
The terms “fee revenue,” “adjusted net income,” “adjusted earnings per share” (or adjusted EPS), “EBITDA” and “Normalized EBITDA,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP for those periods.
1 Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
2 Fee revenue is gross revenue less both client reimbursed costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients.
3 Adjusted net income and adjusted earnings per share (or adjusted EPS) include the impact of adjusting the provision for income taxes to a normalized rate as well as exclude the effect of select charges from U.S. GAAP net income and U.S. GAAP earnings per diluted share. Adjustments during the periods presented included the write-off of financing costs on extinguished debt, amortization expense related to certain intangible assets attributable to acquisitions, integration and other costs related to acquisitions, cost containment expenses and certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue.
4 EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization. Amounts shown for Normalized EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost containment expenses and certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue.
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
(Dollars in thousands, except share data)
Three Months Ended March 31, 2016 2015 Revenue $ 2,846,734 $ 2,052,503 Costs and expenses: Cost of services 2,013,613 1,290,777 Operating, administrative and other 635,838 550,184 Losses (gains) on currency hedges 7,528 (18,409 ) Depreciation and amortization 86,994 69,846 Total costs and expenses 2,743,973 1,892,398 Gain on disposition of real estate 4,819 - Operating income 107,580 160,105 Equity income from unconsolidated subsidiaries1 57,301 15,451 Other income 3,215 1,087 Interest income 1,459 2,297 Interest expense 34,790 26,214 Write-off of financing costs on extinguished debt - 2,685 Income before provision for income taxes 134,765 150,041 Provision for income taxes 50,125 56,903 Net income 84,640 93,138 Less: Net income attributable to non-controlling interests 2,473 201 Net income attributable to CBRE Group, Inc. $ 82,167 $ 92,937 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.25 $ 0.28 Weighted average shares outstanding for basic income per share 333,992,935 331,976,907 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.24 $ 0.28 Weighted average shares outstanding for diluted income per share 337,506,232 335,698,590 EBITDA $ 252,617 $ 246,288_______________
1 Equity income from unconsolidated subsidiaries includes $47.4 million and $11.8 million for the three months ended March 31, 2016 and 2015, respectively, attributable to Development Services but does not include related compensation. Both equity income and related compensation expense are included in EBITDA for that segment.CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
(Dollars in thousands)
Three Months Ended March 31, 201620151
Americas
Revenue $ 1,583,559 $ 1,227,616 Costs and expenses: Cost of services 1,099,391 787,117 Operating, administrative and other2 317,183 275,421 Depreciation and amortization 60,600 42,950 Operating income $ 106,385 $ 122,128 EBITDA $ 173,338 $ 170,062EMEA
Revenue $ 847,498 $ 494,024 Costs and expenses: Cost of services 683,678 362,503 Operating, administrative and other2 149,315 114,290 Depreciation and amortization 15,005 14,792 Operating (loss) income $ (500 ) $ 2,439 EBITDA $ 15,214 $ 18,183Asia Pacific
Revenue $ 308,524 $ 208,366 Costs and expenses: Cost of services 230,544 141,157 Operating, administrative and other2 67,281 52,747 Depreciation and amortization 4,181 3,846 Operating income $ 6,518 $ 10,616 EBITDA $ 10,654 $ 14,462Global Investment Management
Revenue $ 90,380 $ 110,224 Costs and expenses: Operating, administrative and other2 72,390 70,753 Depreciation and amortization 6,620 7,611 Operating income $ 11,370 $ 31,860 EBITDA $ 21,536 $ 38,045Development Services
Revenue $ 16,773 $ 12,273 Costs and expenses: Operating, administrative and other 37,197 18,564 Depreciation and amortization 588 647 Gain on disposition of real estate 4,819 - Operating loss $ (16,193 ) $ (6,938 ) EBITDA $ 31,875 $ 5,536_______________
1 During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results. 2Operating, administrative and other expenses includes gains and losses on currency hedges.
Non-GAAP Financial Measures
As noted above, the following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i) Fee revenue (ii) Net income attributable to CBRE Group, Inc., as adjusted (which we also refer to as “adjusted net income”) (iii) Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (which we also refer to as “adjusted earnings per share” or “adjusted EPS”) (iv) EBITDA and EBITDA, as adjusted (the latter of which we also refer to as “Normalized EBITDA”)None of these measures is a recognized measurement under U.S. generally accepted accounting principles, or “U.S. GAAP,” and when analyzing our operating performance, readers should use them in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes, and the Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The Company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to fee revenue: The Company believes that investors may find this measure useful to analyze the financial performance of our Occupier Outsourcing and Asset Services business lines and our business generally because it excludes costs reimbursable by clients, and as such provides greater visibility into the underlying performance of our business.
With respect to adjusted net income, adjusted EPS, EBITDA and Normalized EBITDA: The Company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions—and in the case of EBITDA and Normalized EBITDA—the effects of financings and income tax and the accounting effects of capital spending. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of EBITDA and Normalized EBITDA, these measures are not intended to be measures of free cash flow for our management’s discretionary use because they do not consider cash requirements such as tax and debt service payments. The EBITDA and Normalized EBITDA measures calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. The Company also uses Normalized EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
Fee revenue, which excludes from revenue client reimbursed pass through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients, is calculated as follows (dollars in thousands):
Three Months Ended March 31, 2016 2015Consolidated
Revenue $ 2,846,734 $ 2,052,503 Less: Pass through costs also recognized as revenue 1,030,642 597,363 Fee revenue $ 1,816,092 $ 1,455,140Occupier Outsourcing
Revenue1 $ 1,413,294 $ 694,863 Less: Pass through costs also recognized as revenue 897,300 461,535 Fee revenue1 $ 515,994 $ 233,328Property Management
Revenue1 $ 250,674 $ 252,459 Less: Pass through costs also recognized as revenue 133,342 135,828 Fee revenue1 $ 117,332 $ 116,631_______________
1 Excludes associated leasing and sales revenue.Americas
Revenue $ 1,583,559 $ 1,227,616 Less: Pass through costs also recognized as revenue 514,698 369,361 Fee revenue $ 1,068,861 $ 858,255EMEA
Revenue $ 847,498 $ 494,024 Less: Pass through costs also recognized as revenue 400,109 170,119 Fee revenue $ 447,389 $ 323,905Asia Pacific
Revenue $ 308,524 $ 208,366 Less: Pass through costs also recognized as revenue 115,835 57,883 Fee revenue $ 192,689 $ 150,483Net income attributable to CBRE Group, Inc., as adjusted (or adjusted net income), and diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (or adjusted EPS), are calculated as follows (dollars in thousands, except per share data):
Three Months Ended March 31, 2016 2015 Net income attributable to CBRE Group, Inc. $ 82,167 $ 92,937 Plus / minus:Amortization expense related to certain intangible assets attributable to acquisitions, net of tax
17,016 11,109 Integration and other costs related to acquisitions, net of tax 11,643 1,960 Cost containment expenses, net of tax 8,788 - Adjustment of taxes during the year to normalized rate 930 -Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, net of tax
301 (1,691 ) Write-off of financing costs on extinguished debt, net of tax - 1,638Net income attributable to CBRE Group, Inc. shareholders, as adjusted
$ 120,845 $ 105,953Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted
$ 0.36 $ 0.32Weighted average shares outstanding for diluted income per share
337,506,232 335,698,590EBITDA and EBITDA, as adjusted (or Normalized EBITDA), are calculated as follows (dollars in thousands):
Three Months Ended March 31, 2016 2015 Net income attributable to CBRE Group, Inc. $ 82,167 $ 92,937 Add: Depreciation and amortization 86,994 69,846 Interest expense 34,790 26,214 Write-off of financing costs on extinguished debt - 2,685 Provision for income taxes 50,125 56,903 Less: Interest income 1,459 2,297 EBITDA 252,617 246,288 Adjustments: Integration and other acquisition related costs 17,173 3,213 Cost containment expenses 12,403 -Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue
490 (2,772 ) EBITDA, as adjusted $ 282,683 $ 246,729EBITDA and EBITDA, as adjusted (or Normalized EBITDA), for segments are calculated as follows (dollars in thousands):
Three Months Ended March 31, 201620151
Americas
Net income attributable to CBRE Group, Inc. $ 71,518 $ 83,135 Adjustments: Depreciation and amortization 60,600 42,950 Interest expense, net 20,926 3,546 Write-off of financing costs on extinguished debt - 2,685 Royalty and management service income (6,768 ) (5,084 ) Provision for income taxes 27,062 42,830 EBITDA 173,338 170,062 Integration and other costs related to acquisitions 10,691 3,213 Cost containment expenses 3,358 - EBITDA, as adjusted $ 187,387 $ 173,275EMEA
Net loss attributable to CBRE Group, Inc. $ (12,135 ) $ (10,288 ) Adjustments: Depreciation and amortization 15,005 14,792 Interest expense, net 3,512 11,447 Royalty and management service (income) expense (626 ) 1,190 Provision for income taxes 9,458 1,042 EBITDA 15,214 18,183 Cost containment expenses 7,022 - Integration and other costs related to acquisitions 5,480 - EBITDA, as adjusted $ 27,716 $ 18,183Asia Pacific
Net (loss) income attributable to CBRE Group, Inc. $ (2,570 ) $ 3,786 Adjustments: Depreciation and amortization 4,181 3,846 Interest expense, net 915 898 Royalty and management service expense 6,258 2,848 Provision for income taxes 1,870 3,084 EBITDA 10,654 14,462 Cost containment expenses 1,134 - Integration and other costs related to acquisitions 1,002 - EBITDA, as adjusted $ 12,790 $ 14,462Global Investment Management
Net income attributable to CBRE Group, Inc. $ 7,284 $ 13,873 Adjustments: Depreciation and amortization 6,620 7,611 Interest expense, net 7,697 7,684 Royalty and management service expense 1,136 1,046 (Benefit of) provision for income taxes (1,201 ) 7,831 EBITDA 21,536 38,045 Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue 490 (2,772 ) Cost containment expenses 889 - EBITDA, as adjusted $ 22,915 $ 35,273Development Services
Net income attributable to CBRE Group, Inc. $ 18,070 $ 2,431 Adjustments: Depreciation and amortization 588 647 Interest expense, net 281 342 Provision for income taxes 12,936 2,116 EBITDA $ 31,875 $ 5,536_______________
1 During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results.CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
March 31, December 31, 2016 2015 Assets: Cash and cash equivalents1 $ 489,229 $ 540,403 Restricted cash 63,372 72,764 Receivables, net 2,344,825 2,471,740 Warehouse receivables2 724,508 1,767,107 Property and equipment, net 528,350 529,823 Goodwill and other intangibles, net 4,550,202 4,536,466 Investments in and advances to unconsolidated subsidiaries 220,533 217,943 Other assets, net 914,116 881,697 Total assets $ 9,835,135 $ 11,017,943 Liabilities: Current liabilities, excluding those related to long-term debt $ 2,661,965 $ 3,208,932 Warehouse lines of credit2 714,377 1,750,781 Revolving credit facility 280,000 - Senior term loans, net 872,916 877,899 5.00% senior notes, net 789,453 789,144 4.875% senior notes, net 590,650 590,469 5.25% senior notes, net 422,017 421,964 Other debt 87 79 Other long-term liabilities 636,972 619,605 Total liabilities 6,968,437 8,258,873 Equity: CBRE Group, Inc. stockholders' equity 2,817,595 2,712,652 Non-controlling interests 49,103 46,418 Total equity 2,866,698 2,759,070 Total liabilities and equity $ 9,835,135 $ 11,017,943_______________
1 Includes $64.0 million and $70.2 million of cash in consolidated funds and other entities not available for Company use as of March 31, 2016 and December 31, 2015, respectively. 2 Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428005418/en/
CBRE Group, Inc.Steve Iaco, 212-984-6535Senior Managing DirectorInvestor Relations & Corporate Communications
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