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CBRE GROUP, INC. 8-K Report, Financial Results (Feb 14, 2005)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 14, 2005
Period End
February 14, 2005
Security
CBRE
In the record · 2016–202610-K1110-Q328-K149

CBRE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed February 14, 2005. Cited figures are marked; the original filing is the authoritative source.

CB Richard Ellis Group, Inc. (CBRE) filed this Form 8-K on February 14, 2005 to furnish supplemental Exhibit 99.1, which breaks out 2003 and 2004 quarterly results by operating segment (Americas, EMEA, Asia Pacific, and Global Investment Management).

The filing supplements the earnings release issued February 2, 2005. It contains no new guidance, no restatement, and no discussion of management outlook; it is a data-only disclosure furnished under Items 2.02 and 7.01 and is not deemed "filed" for Exchange Act Section 18 purposes. On a consolidated basis, 2004 revenue was $2.365 billiona, up from $1.630 billion in 2003, a gain of roughly 45%.

Operating income rose from $25.8 million in 2003 to $171.0 millionb in 2004. Operating income as adjusted for Insignia-related amortization, merger and integration costs, and a $15.0 million one-time IPO compensation charge was $239.0 million in 2004, versus $135.4 million in 2003. EBITDA was $245.3 million in 2004 against $132.8 million in 2003.

Much of the improvement reflects the Insignia acquisition, which closed in 2003 and is still driving merger-related and integration charges, so year-over-year comparisons are heavily influenced by the acquisition's timing. The quarterly trend is the most informative feature for investors. Q4 2004 was the strongest quarter, with revenue of $798 millionc and operating income of $110 million, compared with $621 million and $19 million in Q4 2003.

The Americas segment generated the bulk of 2004 revenue ($1.66 billiond) and operating income ($107 million). EMEA swung from a 2003 operating loss of $20.9 million to a 2004 operating profit of $30.9 million, though the segment was loss-making in Q1 2004. Investors should note that the filing reports figures as presented without auditor commentary, and that the adjusted metrics are company-defined non-GAAP measures.

02—Key points

Key Highlights

  1. Consolidated 2004 revenue of $2.365 billion, up about 45% from $1.630 billion in 2003.
  2. 2004 operating income of $171.0 million versus $25.8 million in 2003; as-adjusted operating income of $239.0 million versus $135.4 million.
  3. 2004 consolidated EBITDA of $245.3 million, compared with $132.8 million in 2003.
  4. Q4 2004 revenue of $798.2 million and operating income of $110.2 million, a sharp step-up from Q4 2003 revenue of $621.3 million and operating income of $19.1 million.
  5. Americas generated $1.66 billion in 2004 revenue and $106.7 million in operating income, the largest contributor to results.
  6. EMEA turned profitable in 2004, with operating income of $30.9 million after a $20.9 million operating loss in 2003.
  7. Insignia acquisition-related merger, integration, and backlog amortization charges remained significant in 2004, and a $15.0 million one-time IPO compensation expense was recorded in Q2 2004.

03—Questions

Frequently Asked Questions

  1. Why was this 8-K filed, and does it contain new guidance?

    The filing furnishes supplemental quarterly segment results for 2003 and 2004 as Exhibit 99.1, supplementing the February 2, 2005 earnings release. It does not contain new guidance, outlook, or material new events; it is provided under Items 2.02 and 7.01 and is not deemed filed for Exchange Act Section 18 purposes.

  2. How much did CBRE's profitability improve in 2004?

    Consolidated operating income rose from $25.8 million in 2003 to $171.0 million in 2004, and EBITDA rose from $132.8 million to $245.3 million. Adjusted for Insignia-related items and the IPO compensation charge, operating income increased from $135.4 million to $239.0 million.

  3. What do the adjusted figures exclude, and why does it matter?

    The as-adjusted measures exclude Insignia backlog amortization, merger-related charges, integration costs, and a $15.0 million one-time IPO compensation expense in Q2 2004. These are company-defined non-GAAP metrics, so investors should compare them with GAAP operating income and assess whether the excluded items recur.

  4. Which segment is most important to CBRE's results?

    The Americas segment is the largest, with 2004 revenue of $1.66 billion and operating income of $106.7 million, about 70% of revenue and most of the segment operating profit. EMEA showed the largest relative improvement, moving from a 2003 operating loss to a 2004 operating profit.

  5. Is the strong Q4 2004 performance a seasonal or sustained trend?

    Q4 2004 was the strongest quarter, with operating income of $110.2 million, but the filing alone does not establish whether this reflects seasonality, transaction timing, or durable improvement. Investors should examine the company's subsequent quarterly reports and management commentary to judge sustainability.

04—Continue

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