LOS ANGELES-- (BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBRE) today reported strong financial results for the first quarter ended March 31, 2019. 7 Adjusted revenue for the Real Estate Investments segment reflects revenue for this segment, less the direct cost of revenue, along with equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interests. Covid-19’s effects were also evident in lower commercial mortgage origination revenue, which fell 21% (same local currency) from third-quarter 2019. Adjusted net income and adjusted earnings per share decreased 5% (same local currency) to $254.1 million and $0.75, respectively, compared with the prior-year period. The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. Fee revenue excludes costs reimbursable by clients, and as such provides greater visibility into the underlying performance of our business. Reconciliations are shown below (dollars in thousands): Plus: Pass through costs also recognized as revenue. FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019, Less: Net income (loss) attributable to non-controlling interests, Carried interest incentive compensation reversal to align with the timing of associated revenue, Investments in and advances to unconsolidated subsidiaries, Current liabilities, excluding debt and operating lease liabilities, Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (2). 11 Cash represents cash and cash equivalents (excluding restricted cash) and excludes $99.4 million of cash in consolidated funds and other entities not available for company use at September 30, 2020. Adjustments to GAAP Net Income and Earnings Per Share. This implies growth of 15% for the full year at the mid-point of the guidance range, which would be CBRE’s 9 th consecutive year of double-digit adjusted earnings per share growth. Revenue growth was notably strong in Continental Europe, the United Kingdom and the United States. A replay of the call will be available starting at 1:00 p.m. Eastern Time on October 29, 2020 and will be available for one week following the event. CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the first quarter ended March 31, 2020. GAAP net income decreased 28% (31% local currency) to $184 million and earnings per share decreased 28% (30% local currency) to $0.55, compared with the prior-year period. The terms “fee revenue,” “adjusted revenue,” “adjusted net income,” “adjusted earnings per share” (or adjusted EPS), “adjusted EBITDA,” “adjusted EBITDA on revenue margin,” “adjusted EBITDA on fee revenue margin” and “free cash flow,” 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. Adjusted EBITDA on revenue and fee revenue margins represents adjusted EBITDA divided by revenue and fee revenue, respectively. 2019 Revenue and Earnings Reach New Highs Company Expects Adjusted EPS of $4.05 to $4.25 for 2020 CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the fourth quarter and year ended December 31, 2019. Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. We routinely post important information on our website, including corporate and investor presentations and financial information. This press 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 the company’s future growth momentum, operations, market share, business outlook, capital deployment, acquisition integration and financial performance. • The newest document in a series (e.g., the most recent quarterly MarketView) • One-off research reports, up to two years old If you are unable to find a specific … Despite the revenue decline, CBRE’s strong market position, people and platform enabled the company to improve its share of U.S. investment activity by 280 basis points as compared with the third quarter of 2019, according to Real Capital Analytics. This compares to earnings of … CBRE Group (CBRE) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. In the last reported quarter, this Los Angeles, CA-based commercial real estate services and investment firm delivered a 16.67% earnings surprise. 1 Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results. 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. All of these measures and adjusted revenue may vary for different companies for reasons unrelated to overall operating performance. U.S. real estate development contributed $46.5 million of adjusted EBITDA in the third quarter, compared with just $2.7 million in the year-earlier third quarter. All of these measures and adjusted revenue may vary for different companies for reasons unrelated to overall operating performance. Add to Calendar. The majority of expenses incurred were cash in nature and primarily related to employee separation benefits, lease termination costs and professional fees. Despite the adverse Covid-19 impact, however, internal efforts to improve cash management resulted in markedly increased free cash flow. Back to CBRE Overview *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). Revenue from property management and advisory project management services slipped 2% (3% local currency), but edged up 2% (1% local currency) on a fee revenue basis. Revenue from loan servicing, which is performed for lenders on a contractual basis, grew 2% (same local currency) in the quarter. Continental Europe was the best-performing region with sales revenue down 7% (11% local currency). Quarterly Results. Good morning, everyone, and welcome to CBRE's First Quarter 2020 Earnings Conference Call. Net income attributable to CBRE Group, Inc. Net income per share attributable to CBRE Group, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Nevertheless, adjusted EBITDA rose 12% (11% local currency), driven primarily by increased asset management fees, most of which are recurring, and prudent cost-management actions. Valuation revenue rose 7% (8% local currency), while property management and advisory project management posted increases of 9% (10% local currency) for revenue and 7% (9% local currency) for fee revenue. CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2020. The replay is accessible by dialing 877-660-6853 (U.S.) or 201-612-7415 (international) and using the access code 13711357#. The company also uses adjusted EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs. The dial-in number for the replay is 877-660-6853 for U.S. callers and 201-612-7415 for international callers. In the first quarter, this was reflected in 18% (19% local currency) revenue growth and 17% (same local currency) fee revenue growth in the first quarter, with particularly strong increases in global facilities management and project management. This compares to earnings of $0.79 per share a year ago. Of the total costs, $7.4 million was included within the “Cost of revenue” line item and $30.2 million was included in the “Operating, administrative, and other” line item in the accompanying consolidated statements of operations for the nine months ended September 30, 2020. 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. 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. 9 For the three months ended September 30, 2020, the company incurred capital expenditures of $56.4 million (reflected in the investing section of the consolidated statement of cash flows) and received tenant concessions from landlords of $5.2 million (reflected in the operating section of the consolidated statement of cash flows). These were partially offset by higher asset management fees, carried interest revenue, contributions from the Telford Homes business, acquired in October 2019, and lower-than-expected losses associated with the start-up of the company’s enterprise-focused flexible workspace business, Hana. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. “Our third quarter performance highlights the progress CBRE has made in building a more resilient business since the last downturn occurred more than a decade ago,” said Bob Sulentic, president & chief executive officer of CBRE. “We had a strong start to the year before the impact of Covid-19 emerged in late March,” said Bob Sulentic, CBRE’s president & chief executive officer. October 29, 2020 04:30 PM ET. The majority of the costs incurred in the third quarter were related to transformation initiatives that were being contemplated prior to the onset of the Covid-19 pandemic and reflect the outcome of an in-depth strategic review. The direct dial-in number for the conference call is 877-407-8037 for U.S. callers and 201-689-8037 for international callers. 4 Adjusted net income and adjusted earnings per diluted share (or adjusted EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes for such charges. CBRE Group (CBRE) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.44 per share. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of costs associated with transformation initiatives, costs incurred related to legal entity restructuring, certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period, integration and other costs related to acquisitions, costs primarily associated with workforce optimization efforts and costs associated with our segment reorganization, including cost-savings initiatives. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: The following measures are considered “non-GAAP financial measures” under SEC guidelines: Adjusted revenue for the Real Estate Investments segment, Net income attributable to CBRE Group, Inc., as adjusted (which we also refer to as “adjusted net income”), Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (which we also refer to as “adjusted earnings per diluted share” or “adjusted EPS”), Adjusted EBITDA and adjusted EBITDA on revenue and fee revenue margins. Overall, adjusted EPS for the quarter was $0.35, including the negative impact of around $0.10 attributable to the COVID-related expenses and relief fund donation. Assets under management totaled $114.5 billion, a record high for the company and an increase of $4.9 billion ($2.2 billion local currency) from second-quarter 2020. EPS of $0.73 beats by $0.31 | Revenue of $5.65B (-4.72% Y/Y) beats by $345.07M. This compares to earnings of … The company’s first quarter earnings conference call will be held today (Thursday, May 7, 2020) at 8:30 a.m. Eastern Time. CBRE Group Inc. (CBRE - Free Report) reported third-quarter 2020 adjusted earnings per share of 73 cents, beating the Zacks Consensus Estimate of … A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com. Adjusted EPS of $0.79, up 46%. We are continuing to take advantage of the strong secular growth trends that were driven by the last cycle, including occupier outsourcing, industrial and logistics space, institutional-quality multifamily assets and workplace experience services. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. CBRE Group, Inc. CBRE is slated to release third-quarter 2020 earnings on Oct 29, before the bell. Please visit our website at www.cbre.com. 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 [email protected]. With respect to fee revenue: the company believes that investors may find this measure useful to analyze the financial performance of our Global Workplace Solutions and Property and Advisory Project Management business lines and our business generally. Excluding prepayment fees, servicing revenue continued to climb at a low double-digit clip. Facilities management, which accounted for 84% of the segment’s fee revenue and is largely contractual, rose 9% (8% local currency). Real Estate Investments adjusted revenue is computed as follows (dollars in thousands): Add: Equity income from unconsolidated subsidiaries, Add: Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period, CBRE Group, Inc. 4 Adjusted net income and adjusted earnings per diluted share (or adjusted EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes for such charges. CBRE is the world’s largest commercial real estate services and investment company, with the #1 global market position in leasing, property sales, outsourcing, property management and valuation. Revenue and earnings for the year reached record highs for the company. 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. With respect to net debt: the company believes that investors use this measure when calculating the company’s net leverage ratio. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below. 10 Net debt is calculated as total debt (excluding non-recourse debt) less cash available for company use. Several large assets were sold at substantial gains during the quarter. Sales revenue reached an all-time high for the company for any first quarter. This compares to earnings of … Q3 2020 CBRE Group, Inc. Earnings Conference Call. In light of this, and our strong performance in the first half, we are raising our 2019 earnings expectations.” CBRE now expects adjusted earnings-per-share for the full year to be in a range of $3.70 to $3.80. It also had its biggest quarter ever for renewing expiring contracts, with a renewal rate again above 90%. ft., including five that are open and five that are expected to be open by early next year. Totals may not sum in tables in millions included in this release due to rounding. CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the second quarter ended June 30, 2020. Some late-quarter deal delays reflected the early impact of Covid-19. We expect new secular opportunities to be created in the wake of Covid and are positioning our strategy and leadership focus and allocating our capital to make the most of them as this new cycle unfolds.”. The lending environment improved compared with second-quarter 2020, many capital sources came off the sidelines and lending activity with the Government-Sponsored Enterprises picked up as the quarter progressed. The U.K. multifamily development business (Telford Homes), acquired in October 2019, added $3.2 million of adjusted EBITDA during the quarter. The loan servicing portfolio increased 13% from a year ago to approximately $253 billion. This was primarily a result of significantly lower adjusted EBITDA in the Real Estate Investments segment compared with first-quarter 2019, reflecting the $27 million decline in co-investments in the public securities portfolio within the investment management business and fewer development asset sales. ): Results for the quarter were negatively impacted by the Covid-19 pandemic, with pronounced challenges continuing within the company’s sales and leasing businesses. Investment in the startup of the company’s flexible workspace business, Hana, contributed a loss of $9.6 million, in line with expectations. Revenue includes client reimbursed pass through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients, both of which are excluded from fee revenue. CBRE Group, Inc. (NYSE:CBRE) today reported strong financial results for the year and fourth quarter ended December 31, 2018. CBRE Group posted earnings per share of $1.32 in the same quarter last year, which suggests a negative year over year growth rate of 28%. Large occupiers continued to put leasing decisions on hold, resulting in a 31% (same local currency) decline in advisory leasing revenue. More than half of the in-process development portfolio is attributable to fee-development and built-to-suit projects. 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