CBRE Group, Inc. Reports Financial Results for First-Quarter 2025
Key Highlights:
-
GAAP EPS up
32% to$0.54 10% to$0.86 -
Revenue up
12% to$8.9 billion 15% to$5.1 billion -
Resilient Businesses(1) net revenue up
14% (17% local currency) to$3.7 billion 16% (18% local currency) to$1.4 billion -
GAAP net income up
29% to$163 million 27% to$540 million -
Repurchased nearly
$600 million -
More than
$1.6 billion $1.5 billion
“CBRE had a strong start to 2025 across our lines of business and around the world. Notably, as the first quarter ended, most of our businesses were performing better than expected and our new business pipelines were strong. This was equally true for both our Resilient and Transactional businesses,” said Bob Sulentic, CBRE’s chair and chief executive officer.
“Since then, driven by the uncertainty created by the tariff situation, our outlook has become less clear. Even in light of this, our current activity levels and new business pipelines continue to be strong, just somewhat less than they were,” Sulentic continued. “The current market uncertainty aside, we are encouraged by the prospects that our strategic positioning and resource set have created for sustained, resilient growth.”
In January 2025, the company established two new business segments – Building Operations & Experience, following the acquisition of flexible workplace solutions provider Industrious, and Project Management, following the integration of CBRE’s legacy project management business into Turner & Townsend. The company now reports results for four business segments: (1) Advisory Services; (2) Building Operations & Experience; (3) Project Management; and (4) Real Estate Investments.
Consolidated Financial Results Overview
The following table presents highlights of CBRE performance (dollars in millions, except per share data; totals may not add due to rounding). First-quarter consolidated results reflect an approximately
|
|
|
|
|
% Change |
||||||||
|
Q1 2025 |
|
Q1 2024 |
|
USD |
|
LC (2) |
||||||
Operating Results |
|
|
|
|
|
|
|
||||||
Revenue |
$ |
8,910 |
|
|
$ |
7,935 |
|
|
12.3 |
% |
|
14.2 |
% |
Net revenue (3) |
|
5,112 |
|
|
|
4,444 |
|
|
15.0 |
% |
|
17.0 |
% |
GAAP net income |
|
163 |
|
|
|
126 |
|
|
29.4 |
% |
|
33.3 |
% |
GAAP EPS |
|
0.54 |
|
|
|
0.41 |
|
|
31.7 |
% |
|
34.1 |
% |
Core adjusted net income (4) |
|
259 |
|
|
|
241 |
|
|
7.5 |
% |
|
10.4 |
% |
Core EBITDA (5) |
|
540 |
|
|
|
424 |
|
|
27.4 |
% |
|
29.7 |
% |
Core EPS (4) |
|
0.86 |
|
|
|
0.78 |
|
|
10.3 |
% |
|
12.8 |
% |
|
|
|
|
|
|
|
|
||||||
Cash Flow Results |
|
|
|
|
|
|
|
||||||
Cash flow used in operations |
$ |
(546 |
) |
|
$ |
(492 |
) |
|
11.0 |
% |
|
|
|
Gain on disposition of real estate sales |
|
— |
|
|
|
13 |
|
|
NM |
|
|
|
|
Less: Capital expenditures |
|
64 |
|
|
|
68 |
|
|
(5.9 |
)% |
|
|
|
Free cash flow (6) |
$ |
(610 |
) |
|
$ |
(547 |
) |
|
(11.5 |
)% |
|
|
|
Advisory Services Segment
The following table presents highlights of the Advisory Services segment performance (dollars in millions; totals may not add due to rounding):
|
|
|
|
|
% Change |
||||||||
|
Q1 2025 |
|
Q1 2024 |
|
USD |
|
LC |
||||||
Revenue |
$ |
1,694 |
|
|
$ |
1,494 |
|
|
13.4 |
% |
|
15.2 |
% |
Net revenue |
|
1,682 |
|
|
|
1,480 |
|
|
13.6 |
% |
|
15.5 |
% |
Segment operating profit (7) |
|
301 |
|
|
|
232 |
|
|
29.7 |
% |
|
30.6 |
% |
Segment operating profit on revenue margin (8) |
|
17.8 |
% |
|
|
15.5 |
% |
|
2.3 pts |
|
2.1 pts |
||
Segment operating profit on net revenue margin (8) |
|
17.9 |
% |
|
|
15.7 |
% |
|
2.2 pts |
|
2.0 pts |
||
Note: all percent changes cited are vs. first-quarter 2024, except where noted.
Leasing
-
Global leasing revenue increased
18% (19% local currency), well above expectations. -
The United States set the pace with leasing revenue up24% overall, including growth of38% for office,34% for retail and12% for industrial. -
Europe , theMiddle East &Africa (EMEA) leasing revenue was up9% (13% local currency).
Capital Markets
-
Global property sales revenue rose
11% (13% local currency), in line with expectations. -
The United States generated26% growth, with strength in industrial and multifamily assets, while EMEA grew by10% (13% local currency). -
Mortgage origination revenue rose
52% (53% local currency), reflecting continued strength in loan origination activity with a variety of capital sources.
Other Advisory Business Lines
-
Loan servicing revenue edged up
2% (same local currency). A6% (same local currency) increase in servicing fees was partly offset by a decline in escrow income, reflecting lower short-term interest rates compared with the year-earlier quarter. The servicing portfolio totaled$440 billion 2% during the quarter. -
Valuations revenue rose
10% (13% local currency), with strength around the world.
Building Operations & Experience (BOE) Segment
The following table presents highlights of the BOE segment performance (dollars in millions; totals may not add due to rounding):
|
|
|
|
|
% Change |
||||||||
|
Q1 2025 |
|
Q1 2024 |
|
USD |
|
LC |
||||||
Revenue |
$ |
5,355 |
|
|
$ |
4,700 |
|
|
13.9 |
% |
|
15.9 |
% |
Net revenue |
|
2,427 |
|
|
|
2,017 |
|
|
20.3 |
% |
|
22.3 |
% |
Segment operating profit |
|
217 |
|
|
|
161 |
|
|
34.8 |
% |
|
38.1 |
% |
Segment operating profit on revenue margin |
|
4.1 |
% |
|
|
3.4 |
% |
|
0.7 pts |
|
0.7 pts |
||
Segment operating profit on net revenue margin |
|
8.9 |
% |
|
|
8.0 |
% |
|
0.9 pts |
|
1.0 pts |
||
Note: all percent changes cited are vs. first-quarter 2024, except where noted.
-
Facilities management net revenue increased
16% (18% local currency). The Enterprise business saw strong demand from the technology, healthcare and life sciences sectors as well as from hyperscale data center clients. The Local business’s growth was boosted by further inroads inthe United States market as well as continued growth in theUnited Kingdom . -
Property management net revenue increased
36% (38% local currency). The growth rate was enhanced by contributions from Industrious, which was acquired in early January 2025. - Segment operating profit on net revenue margin benefited from the company’s cost efforts in 2024, improving 100 basis points in local currency compared with last year’s first quarter.
Project Management Segment
The following table presents highlights of the Project Management segment performance (dollars in millions; totals may not add due to rounding):
|
|
|
|
|
% Change |
||||||||
|
Q1 2025 |
|
Q1 2024 |
|
USD |
|
LC |
||||||
Revenue |
$ |
1,632 |
|
|
$ |
1,519 |
|
|
7.4 |
% |
|
9.3 |
% |
Net revenue |
|
774 |
|
|
|
725 |
|
|
6.8 |
% |
|
8.8 |
% |
Segment operating profit |
|
113 |
|
|
|
101 |
|
|
11.9 |
% |
|
13.9 |
% |
Segment operating profit on revenue margin |
|
6.9 |
% |
|
|
6.6 |
% |
|
0.3 pts |
|
0.3 pts |
||
Segment operating profit on net revenue margin |
|
14.6 |
% |
|
|
13.9 |
% |
|
0.7 pts |
|
0.7 pts |
||
Note: all percent changes cited are vs. first-quarter 2024, except where noted.
-
Project management net revenue rose
7% (9% local currency), led by Infrastructure projects in theUnited Kingdom andMiddle East as well as large new program mandates in Real Estate. -
Segment operating profit increased
12% (14% local currency), supported by a 70-basis-point improvement in margin on net revenue compared with the year-earlier first quarter.
Real Estate Investments (REI) Segment
The following table presents highlights of the REI segment performance (dollars in millions):
|
|
|
|
|
% Change |
||||||
|
Q1 2025 |
|
Q1 2024 |
|
USD |
|
LC |
||||
Revenue |
$ |
233 |
|
$ |
228 |
|
2.2 |
% |
|
3.9 |
% |
Segment operating profit |
|
25 |
|
|
34 |
|
(26.5 |
)% |
|
(23.5 |
)% |
Note: all percent changes cited are vs. first-quarter 2024, except where noted.
Investment Management
-
Revenue rose
3% (5% local currency) to$154 million -
Investment Management operating profit(9) improved to
$52 million $37 million -
Assets Under Management (AUM) totaled
$149.1 billion $2.9 billion
Real Estate Development
-
Global development operating loss(9) totaled
$25 million $4 million -
The portfolio of in-process projects and pipeline stood at
$31.1 billion
Core Corporate Segment
-
Core corporate operating loss increased by approximately
$12 million
Capital Allocation Overview
-
Free Cash Flow – During the first quarter of 2025, free cash outflow totaled
$610 million $546 million $64 million $1.5 billion 93% — exceeding the company’s75% to85% target range. -
Stock Repurchase Program – The company repurchased approximately 4.6 million shares for
$585 million $127.98 $5.2 billion - Acquisitions and Investments – During the first quarter, CBRE acquired full ownership of Industrious National Management Company LLC, a leading provider of flexible workplace solutions.
Leverage and Financing Overview
- Leverage – CBRE’s net leverage ratio (net debt(10) to trailing twelve-month core EBITDA) was 1.45x as of March 31, 2025, which is substantially below the company’s primary debt covenant of 4.25x. The net leverage ratio is computed as follows (dollars in millions):
|
As of |
|
|
March 31, 2025 |
|
Total debt |
$ |
5,471 |
Less: Cash (11) |
|
1,382 |
Net debt (10) |
$ |
4,089 |
|
|
|
Divided by: Trailing twelve-month Core EBITDA |
$ |
2,819 |
|
|
|
Net leverage ratio |
1.45x |
|
-
Liquidity – As of March 31, 2025, the company had approximately
$3.5 billion $1.4 billion $2.1 billion
Conference Call Details
The company’s first quarter earnings webcast and conference call will be held today, Thursday, April 24, 2025 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in
Safe Harbor and Footnotes
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 economic outlook, the company’s future growth momentum, operations 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 press release. Any forward-looking statements speak only as of the date of this press 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, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside
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 our Annual Report on Form 10-K for the year ended December 31, 2024, our latest quarterly report on Form 10-Q, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (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.
The terms “net revenue,” “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “segment operating profit on revenue margin,” “segment operating profit on net revenue margin,” “net debt” 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. 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 GAAP for those periods.
Totals may not sum in tables in millions included in this release due to rounding.
| (1) | Resilient businesses include facilities management, project management, loan servicing, valuations, other portfolio services, property management and recurring investment management fees. Transactional businesses include property sales, leasing, mortgage origination, carry interest and incentive fees in the investment management business, and development fees. |
|
| (2) | Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results. |
|
| (3) | Net revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. These costs are reimbursable by clients and generally have no margin. |
|
| (4) | Core adjusted net income and core earnings per diluted share (or core 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 and impact on non-controlling interest for such charges. Adjustments during the periods presented included non-cash depreciation and amortization expense related to certain assets attributable to acquisitions and restructuring activities, certain carried interest incentive compensation expense to align with the timing of associated revenue, write-off of financing costs on extinguished debt, integration and other costs related to acquisitions, asset impairments, charges related to indirect tax audits and settlement, net results related to the wind-down of certain businesses, and costs associated with efficiency and cost-reduction initiatives. It also removes the fair value changes and related tax impact of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital “VC” related investments). |
|
| (5) | Core EBITDA represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to certain carried interest incentive compensation expense to align with the timing of associated revenue, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, costs associated with efficiency and cost-reduction initiatives, net results related to the wind-down of certain businesses, and charges related to indirect tax audits and settlement. It also removes the fair value changes, on a pre-tax basis, of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital “VC” related investments). |
|
| (6) | Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows). |
|
| (7) | Segment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense to align with the timing of associated revenue, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, costs associated with efficiency and cost-reduction initiatives, net results related to the wind-down of certain businesses, and charges related to indirect tax audits and settlement. |
|
| (8) | Segment operating profit on revenue and net revenue margins represent segment operating profit divided by revenue and net revenue, respectively. |
|
| (9) | Represents line of business profitability/losses, as adjusted. |
|
| (10) | Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents. |
|
| (11) | Cash represents cash and cash equivalents (excluding restricted cash). |
CBRE GROUP, INC. |
||||||
OPERATING RESULTS |
||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 |
||||||
(in millions, except share and per share data) |
||||||
(Unaudited) |
||||||
|
Three Months Ended March 31, |
|||||
|
|
2025 |
|
|
2024 |
|
Revenue: |
|
|
|
|||
Net revenue |
$ |
5,112 |
|
$ |
4,444 |
|
Pass-through costs also recognized as revenue |
|
3,798 |
|
|
3,491 |
|
Total revenue |
|
8,910 |
|
|
7,935 |
|
|
|
|
|
|||
Costs and expenses: |
|
|
|
|||
Cost of revenue |
|
7,265 |
|
|
6,475 |
|
Operating, administrative and other |
|
1,192 |
|
|
1,111 |
|
Depreciation and amortization |
|
177 |
|
|
158 |
|
Total costs and expenses |
|
8,634 |
|
|
7,744 |
|
|
|
|
|
|||
Gain on disposition of real estate |
|
— |
|
|
13 |
|
|
|
|
|
|||
Operating income |
|
276 |
|
|
204 |
|
|
|
|
|
|||
Equity income (loss) from unconsolidated subsidiaries |
|
16 |
|
|
(58 |
) |
Other income |
|
1 |
|
|
9 |
|
Interest expense, net of interest income |
|
50 |
|
|
36 |
|
Income before provision for (benefit from) income taxes |
|
243 |
|
|
119 |
|
Provision for (benefit from) income taxes |
|
52 |
|
|
(29 |
) |
Net income |
|
191 |
|
|
148 |
|
Less: Net income attributable to non-controlling interests |
|
28 |
|
|
22 |
|
Net income attributable to CBRE Group, Inc. |
$ |
163 |
|
$ |
126 |
|
|
|
|
|
|||
Basic income per share: |
|
|
|
|||
Net income per share attributable to CBRE Group, Inc. |
$ |
0.54 |
|
$ |
0.41 |
|
Weighted average shares outstanding for basic income per share |
|
300,288,602 |
|
|
305,808,212 |
|
|
|
|
|
|||
Diluted income per share: |
|
|
|
|||
Net income per share attributable to CBRE Group, Inc. |
$ |
0.54 |
|
$ |
0.41 |
|
Weighted average shares outstanding for diluted income per share |
|
302,914,671 |
|
|
308,502,456 |
|
|
|
|
|
|||
Core EBITDA |
$ |
540 |
|
$ |
424 |
|
CBRE GROUP, INC. |
||||||||||||||||||||||||||||
SEGMENT RESULTS |
||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2025 |
||||||||||||||||||||||||||||
(in millions, totals may not add due to rounding) |
||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||
|
Three Months Ended March 31, 2025 |
|||||||||||||||||||||||||||
|
Advisory Services |
|
Building Operations & Experience |
|
Project Management |
|
Real Estate Investments |
|
Corporate (1) |
|
Total Core |
|
Other |
|
Total Consolidated |
|||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net revenue |
$ |
1,682 |
|
$ |
2,427 |
|
$ |
774 |
|
$ |
233 |
|
|
$ |
(4 |
) |
|
$ |
5,112 |
|
|
$ |
— |
|
|
$ |
5,112 |
|
Pass-through costs also recognized as revenue |
|
12 |
|
|
2,928 |
|
|
858 |
|
|
— |
|
|
|
— |
|
|
|
3,798 |
|
|
|
— |
|
|
|
3,798 |
|
Total revenue |
|
1,694 |
|
|
5,355 |
|
|
1,632 |
|
|
233 |
|
|
|
(4 |
) |
|
|
8,910 |
|
|
|
— |
|
|
|
8,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cost of revenue |
|
967 |
|
|
4,847 |
|
|
1,408 |
|
|
47 |
|
|
|
(4 |
) |
|
|
7,265 |
|
|
|
— |
|
|
|
7,265 |
|
Operating, administrative and other |
|
428 |
|
|
296 |
|
|
119 |
|
|
166 |
|
|
|
183 |
|
|
|
1,192 |
|
|
|
— |
|
|
|
1,192 |
|
Depreciation and amortization |
|
67 |
|
|
70 |
|
|
25 |
|
|
3 |
|
|
|
12 |
|
|
|
177 |
|
|
|
— |
|
|
|
177 |
|
Total costs and expenses |
|
1,462 |
|
|
5,213 |
|
|
1,552 |
|
|
216 |
|
|
|
191 |
|
|
|
8,634 |
|
|
|
— |
|
|
|
8,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (loss) |
|
232 |
|
|
142 |
|
|
80 |
|
|
17 |
|
|
|
(195 |
) |
|
|
276 |
|
|
|
— |
|
|
|
276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity income (loss) from unconsolidated subsidiaries |
|
1 |
|
|
1 |
|
|
— |
|
|
(7 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
21 |
|
|
|
16 |
|
Other income (loss) |
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
1 |
|
Add-back: Depreciation and amortization |
|
67 |
|
|
70 |
|
|
25 |
|
|
3 |
|
|
|
12 |
|
|
|
177 |
|
|
|
— |
|
|
|
177 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs associated with efficiency and cost-reduction initiatives |
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
|
11 |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
Charges related to indirect tax audits and settlements |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Carried interest incentive compensation expense to align with the timing of associated revenue |
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
Integration and other costs related to acquisitions |
|
— |
|
|
3 |
|
|
8 |
|
|
— |
|
|
|
57 |
|
|
|
68 |
|
|
|
— |
|
|
|
68 |
|
Net results related to the wind-down of certain businesses |
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total segment operating profit (loss) |
$ |
301 |
|
$ |
217 |
|
$ |
113 |
|
$ |
25 |
|
|
$ |
(116 |
) |
|
|
|
$ |
20 |
|
|
$ |
560 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Core EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
540 |
|
|
|
|
|
|||||||||||
_______________ (1) Includes elimination of inter-segment revenue. |
||||||||||||||||||||||||||||
CBRE GROUP, INC. |
||||||||||||||||||||||||||||
SEGMENT RESULTS—(CONTINUED) |
||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2024 |
||||||||||||||||||||||||||||
(in millions, totals may not add due to rounding) |
||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||
|
Three Months Ended March 31, 2024 |
|||||||||||||||||||||||||||
|
Advisory Services |
|
Building Operations & Experience |
|
Project Management |
|
Real Estate Investments |
|
Corporate (1) |
|
Total Core |
|
Other |
|
Total Consolidated |
|||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net revenue |
$ |
1,480 |
|
$ |
2,017 |
|
$ |
725 |
|
|
$ |
228 |
|
$ |
(6 |
) |
|
$ |
4,444 |
|
|
$ |
— |
|
|
$ |
4,444 |
|
Pass-through costs also recognized as revenue |
|
14 |
|
|
2,683 |
|
|
794 |
|
|
|
— |
|
|
— |
|
|
|
3,491 |
|
|
|
— |
|
|
|
3,491 |
|
Total revenue |
|
1,494 |
|
|
4,700 |
|
|
1,519 |
|
|
|
228 |
|
|
(6 |
) |
|
|
7,935 |
|
|
|
— |
|
|
|
7,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cost of revenue |
|
848 |
|
|
4,269 |
|
|
1,310 |
|
|
|
43 |
|
|
5 |
|
|
|
6,475 |
|
|
|
— |
|
|
|
6,475 |
|
Operating, administrative and other |
|
416 |
|
|
290 |
|
|
88 |
|
|
|
189 |
|
|
128 |
|
|
|
1,111 |
|
|
|
— |
|
|
|
1,111 |
|
Depreciation and amortization |
|
65 |
|
|
46 |
|
|
29 |
|
|
|
3 |
|
|
15 |
|
|
|
158 |
|
|
|
— |
|
|
|
158 |
|
Total costs and expenses |
|
1,329 |
|
|
4,605 |
|
|
1,427 |
|
|
|
235 |
|
|
148 |
|
|
|
7,744 |
|
|
|
— |
|
|
|
7,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Gain on disposition of real estate |
|
— |
|
|
— |
|
|
— |
|
|
|
13 |
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (loss) |
|
165 |
|
|
95 |
|
|
92 |
|
|
|
6 |
|
|
(154 |
) |
|
|
204 |
|
|
|
— |
|
|
|
204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity income (loss) from unconsolidated subsidiaries |
|
1 |
|
|
1 |
|
|
— |
|
|
|
11 |
|
|
— |
|
|
|
13 |
|
|
|
(71 |
) |
|
|
(58 |
) |
Other income |
|
1 |
|
|
1 |
|
|
2 |
|
|
|
— |
|
|
5 |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
Add-back: Depreciation and amortization |
|
65 |
|
|
46 |
|
|
29 |
|
|
|
3 |
|
|
15 |
|
|
|
158 |
|
|
|
— |
|
|
|
158 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Costs associated with efficiency and cost-reduction initiatives |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
29 |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
Integration and other costs related to acquisitions |
|
— |
|
|
18 |
|
|
(22 |
) |
|
|
— |
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
Carried interest incentive compensation expense to align with the timing of associated revenue |
|
— |
|
|
— |
|
|
— |
|
|
|
14 |
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Costs incurred related to legal entity restructuring |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total segment operating profit (loss) |
$ |
232 |
|
$ |
161 |
|
$ |
101 |
|
|
$ |
34 |
|
$ |
(104 |
) |
|
|
|
$ |
(71 |
) |
|
$ |
353 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Core EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
424 |
|
|
|
|
|
|||||||||||
_______________
|
||||||||||||||||||||||||||||
CBRE GROUP, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in millions) |
|||||||
(Unaudited) |
|||||||
|
March 31, 2025 |
|
December 31, 2024 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
1,382 |
|
|
$ |
1,114 |
|
Restricted cash |
|
131 |
|
|
|
107 |
|
Receivables, net |
|
6,753 |
|
|
|
7,005 |
|
Warehouse receivables (1) |
|
1,192 |
|
|
|
561 |
|
Contract assets |
|
411 |
|
|
|
400 |
|
Prepaid expenses |
|
332 |
|
|
|
332 |
|
Income taxes receivable |
|
103 |
|
|
|
130 |
|
Other current assets |
|
527 |
|
|
|
321 |
|
Total Current Assets |
|
10,831 |
|
|
|
9,970 |
|
Property and equipment, net |
|
950 |
|
|
|
914 |
|
Goodwill |
|
6,260 |
|
|
|
5,621 |
|
Other intangible assets, net |
|
2,497 |
|
|
|
2,298 |
|
Operating lease assets |
|
1,881 |
|
|
|
1,198 |
|
Investments in unconsolidated subsidiaries |
|
982 |
|
|
|
1,295 |
|
Non-current contract assets |
|
92 |
|
|
|
89 |
|
Real estate under development |
|
371 |
|
|
|
505 |
|
Non-current income taxes receivable |
|
80 |
|
|
|
75 |
|
Deferred tax assets, net |
|
556 |
|
|
|
538 |
|
Other assets, net |
|
1,866 |
|
|
|
1,880 |
|
Total Assets |
$ |
26,366 |
|
|
$ |
24,383 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
3,939 |
|
|
$ |
4,102 |
|
Compensation and employee benefits payable |
|
1,357 |
|
|
|
1,419 |
|
Accrued bonus and profit sharing |
|
942 |
|
|
|
1,695 |
|
Operating lease liabilities |
|
274 |
|
|
|
200 |
|
Contract liabilities |
|
403 |
|
|
|
375 |
|
Income taxes payable |
|
111 |
|
|
|
209 |
|
Warehouse lines of credit (which fund loans that |
|
1,178 |
|
|
|
552 |
|
Revolving credit facility |
|
— |
|
|
|
132 |
|
Other short-term borrowings |
|
1,598 |
|
|
|
222 |
|
Current maturities of long-term debt |
|
666 |
|
|
|
36 |
|
Other current liabilities |
|
400 |
|
|
|
345 |
|
Total Current Liabilities |
|
10,868 |
|
|
|
9,287 |
|
Long-term debt, net of current maturities |
|
3,207 |
|
|
|
3,245 |
|
Non-current operating lease liabilities |
|
1,940 |
|
|
|
1,307 |
|
Non-current tax liabilities |
|
167 |
|
|
|
160 |
|
Deferred tax liabilities, net |
|
245 |
|
|
|
247 |
|
Other liabilities |
|
935 |
|
|
|
945 |
|
Total Liabilities |
|
17,362 |
|
|
|
15,191 |
|
Mezzanine Equity: |
|
|
|
||||
Redeemable non-controlling interests in consolidated entities |
|
371 |
|
|
|
— |
|
Equity: |
|
|
|
||||
CBRE Group, Inc. Stockholders’ Equity: |
|
|
|
||||
Class A common stock |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
— |
|
|
|
— |
|
Accumulated earnings |
|
9,386 |
|
|
|
9,567 |
|
Accumulated other comprehensive loss |
|
(1,107 |
) |
|
|
(1,159 |
) |
Total CBRE Group, Inc. Stockholders’ Equity |
|
8,282 |
|
|
|
8,411 |
|
Non-controlling interests |
|
351 |
|
|
|
781 |
|
Total Equity |
|
8,633 |
|
|
|
9,192 |
|
Total Liabilities and Equity |
$ |
26,366 |
|
|
$ |
24,383 |
|
_______________
|
|||||||
CBRE GROUP, INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in millions) |
|||||||
(Unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
191 |
|
|
$ |
148 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
177 |
|
|
|
158 |
|
Amortization of other assets |
|
48 |
|
|
|
47 |
|
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets |
|
(33 |
) |
|
|
(29 |
) |
Equity (income) loss from unconsolidated subsidiaries |
|
(16 |
) |
|
|
58 |
|
Increase in net deferred income taxes assets and liabilities |
|
(3 |
) |
|
|
(51 |
) |
Net compensation expense for equity awards |
|
21 |
|
|
|
30 |
|
Other non-cash adjustments to net income |
|
8 |
|
|
|
(14 |
) |
Proceeds from sale of mortgage loans |
|
1,976 |
|
|
|
2,054 |
|
Origination of mortgage loans |
|
(2,599 |
) |
|
|
(2,216 |
) |
Increase in warehouse lines of credit |
|
626 |
|
|
|
173 |
|
Decrease in receivables, prepaid expenses and other assets (including contract and lease assets) |
|
207 |
|
|
|
197 |
|
Decrease in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities) |
|
(241 |
) |
|
|
(211 |
) |
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing |
|
(859 |
) |
|
|
(824 |
) |
Decrease in net income taxes receivable/payable |
|
(76 |
) |
|
|
(43 |
) |
Other operating activities, net |
|
27 |
|
|
|
31 |
|
Net cash used in operating activities |
|
(546 |
) |
|
|
(492 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Capital expenditures |
|
(64 |
) |
|
|
(68 |
) |
Acquisition of businesses, including net assets acquired and goodwill, net of cash acquired |
|
(303 |
) |
|
|
(783 |
) |
Contributions to unconsolidated subsidiaries |
|
(51 |
) |
|
|
(28 |
) |
Acquisition and development of real estate assets |
|
(66 |
) |
|
|
(59 |
) |
Other investing activities, net |
|
22 |
|
|
|
38 |
|
Net cash used in investing activities |
|
(462 |
) |
|
|
(900 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Proceeds from revolving credit facility |
|
— |
|
|
|
1,070 |
|
Repayment of revolving credit facility |
|
(132 |
) |
|
|
(250 |
) |
Proceeds from commercial paper |
|
1,421 |
|
|
|
— |
|
Proceeds from senior term loans |
|
585 |
|
|
|
— |
|
Repayment of senior term loans |
|
(33 |
) |
|
|
— |
|
Proceeds from issuance of senior notes |
|
— |
|
|
|
495 |
|
Repurchase of common stock |
|
(418 |
) |
|
|
— |
|
Other financing activities, net |
|
(167 |
) |
|
|
(123 |
) |
Net cash provided by financing activities |
|
1,256 |
|
|
|
1,192 |
|
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash |
|
44 |
|
|
|
(44 |
) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
292 |
|
|
|
(244 |
) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD |
|
1,221 |
|
|
|
1,371 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD |
$ |
1,513 |
|
|
$ |
1,127 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest |
$ |
102 |
|
|
$ |
100 |
|
Income tax payments, net |
$ |
131 |
|
|
$ |
90 |
|
Non-cash investing and financing activities: |
|
|
|
||||
Deferred and/or contingent consideration |
$ |
27 |
|
|
$ |
11 |
|
Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i) |
Net revenue |
||
(ii) |
Core EBITDA |
||
(iii) |
Business line operating profit/loss |
||
(iv) |
Segment operating profit on revenue and net revenue margins |
||
(v) |
Free cash flow |
||
(vi) |
Net debt |
||
(vii) |
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”) |
||
(viii) |
Core EPS |
These measures are not recognized measurements under
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes 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 net revenue, net revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. We believe that investors may find this measure useful to analyze the company’s overall financial performance because it excludes costs reimbursable by clients that generally have no margin, and as such provides greater visibility into the underlying performance of our business.
With respect to Core EBITDA, business line operating profit/loss, and segment operating profit on revenue and net revenue margins, 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, 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 Core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The Core EBITDA measure 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. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.
With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments (Altus Power, Inc. and certain other investments) that are not directly related to our business segments. These can be volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Net income attributable to CBRE Group, Inc. |
$ |
163 |
|
|
$ |
126 |
|
|
|
|
|
||||
Adjustments: |
|
|
|
||||
Non-cash depreciation and amortization expense related to certain assets attributable to acquisitions and restructuring activities |
|
56 |
|
|
|
41 |
|
Impact of adjustments on non-controlling interest |
|
(1 |
) |
|
|
— |
|
Net fair value adjustments on strategic non-core investments |
|
(20 |
) |
|
|
71 |
|
Costs associated with efficiency and cost-reduction initiatives |
|
13 |
|
|
|
29 |
|
Charges related to indirect tax audits and settlements |
|
(1 |
) |
|
|
— |
|
Carried interest incentive compensation expense to align with the timing of associated revenue |
|
4 |
|
|
|
14 |
|
Costs incurred related to legal entity restructuring |
|
— |
|
|
|
1 |
|
Integration and other costs related to acquisitions |
|
68 |
|
|
|
(4 |
) |
Net results related to the wind-down of certain businesses |
|
6 |
|
|
|
— |
|
Tax impact of adjusted items and strategic non-core investments |
|
(29 |
) |
|
|
(37 |
) |
Core net income attributable to CBRE Group, Inc., as adjusted |
$ |
259 |
|
|
$ |
241 |
|
|
|
|
|
||||
Core diluted income per share attributable to CBRE Group, Inc., as adjusted |
$ |
0.86 |
|
|
$ |
0.78 |
|
|
|
|
|
||||
Weighted average shares outstanding for diluted income per share |
|
302,914,671 |
|
|
|
308,502,456 |
|
Core EBITDA is calculated as follows (in millions, totals may not add due to rounding):
|
Three Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
||||
Net income attributable to CBRE Group, Inc. |
$ |
163 |
|
|
$ |
126 |
|
Net income attributable to non-controlling interests |
|
28 |
|
|
|
22 |
|
Net income |
|
191 |
|
|
|
148 |
|
|
|
|
|
||||
Adjustments: |
|
|
|
||||
Depreciation and amortization |
|
177 |
|
|
|
158 |
|
Interest expense, net of interest income |
|
50 |
|
|
|
36 |
|
Provision for (benefit from) income taxes |
|
52 |
|
|
|
(29 |
) |
Costs associated with efficiency and cost-reduction initiatives |
|
13 |
|
|
|
29 |
|
Charges related to indirect tax audits and settlements |
|
(1 |
) |
|
|
— |
|
Carried interest incentive compensation expense to align with the timing of associated revenue |
|
4 |
|
|
|
14 |
|
Costs incurred related to legal entity restructuring |
|
— |
|
|
|
1 |
|
Net results related to the wind-down of certain businesses |
|
6 |
|
|
|
— |
|
Integration and other costs related to acquisitions |
|
68 |
|
|
|
(4 |
) |
Net fair value adjustments on strategic non-core investments |
|
(20 |
) |
|
|
71 |
|
Core EBITDA |
$ |
540 |
|
|
$ |
424 |
|
Core EBITDA for the trailing twelve months ended March 31, 2025 is calculated as follows (in millions):
|
Trailing Twelve Months Ended March 31, 2025 |
||
|
|
||
Net income attributable to CBRE Group, Inc. |
$ |
1,005 |
|
Net income attributable to non-controlling interests |
|
74 |
|
Net income |
|
1,079 |
|
|
|
||
Adjustments: |
|
||
Depreciation and amortization |
|
693 |
|
Interest expense, net of interest income |
|
230 |
|
Provision for income taxes |
|
263 |
|
Impact of fair value non-cash adjustments related to unconsolidated equity investments |
|
9 |
|
Integration and other costs related to acquisitions |
|
166 |
|
Carried interest incentive compensation reversal to align with the timing of associated revenue |
|
(3 |
) |
Costs associated with efficiency and cost-reduction initiatives |
|
243 |
|
Charges related to indirect tax audits and settlements |
|
74 |
|
Provision associated with Telford’s fire safety remediation efforts |
|
33 |
|
Net results related to the wind-down of certain businesses |
|
6 |
|
Net fair value adjustments on strategic non-core investments |
|
26 |
|
|
|
||
Core EBITDA |
$ |
2,819 |
|
Revenue includes client reimbursed pass-through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients. Reimbursement related to subcontracted vendor work generally has no margin and has been excluded from net revenue. Reconciliations are shown below (dollars in millions):
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Consolidated |
|
|
|
||
Revenue |
$ |
8,910 |
|
$ |
7,935 |
Less: Pass-through costs also recognized as revenue |
|
3,798 |
|
|
3,491 |
Net revenue |
$ |
5,112 |
|
$ |
4,444 |
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Property Management Revenue |
|
|
|
||
Revenue |
$ |
586 |
|
$ |
434 |
Less: Pass-through costs also recognized as revenue |
|
24 |
|
|
20 |
Net revenue |
$ |
562 |
|
$ |
414 |
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Facilities Management Revenue |
|
|
|
||
Revenue |
$ |
4,769 |
|
$ |
4,266 |
Less: Pass-through costs also recognized as revenue |
|
2,904 |
|
|
2,663 |
Net revenue |
$ |
1,865 |
|
$ |
1,603 |
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Building Operations & Experience Revenue |
|
|
|
||
Revenue |
$ |
5,355 |
|
$ |
4,700 |
Less: Pass-through costs also recognized as revenue |
|
2,928 |
|
|
2,683 |
Net revenue |
$ |
2,427 |
|
$ |
2,017 |
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Project Management Revenue |
|
|
|
||
Revenue |
$ |
1,632 |
|
$ |
1,519 |
Less: Pass-through costs also recognized as revenue |
|
858 |
|
|
794 |
Net revenue |
$ |
774 |
|
$ |
725 |
|
Three Months Ended March 31, |
||||
|
2025 |
|
2024 |
||
Net revenue from Resilient Business lines |
|
|
|
||
Revenue |
$ |
7,502 |
|
$ |
6,729 |
Less: Pass-through costs also recognized as revenue |
|
3,798 |
|
|
3,491 |
Net revenue |
$ |
3,704 |
|
$ |
3,238 |
Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):
|
Three Months Ended March 31, |
||||
Real Estate Investments |
2025 |
|
2024 |
||
Investment management operating profit |
$ |
52 |
|
$ |
37 |
Global real estate development operating loss |
|
(25) |
|
|
(4) |
Segment overhead (and related adjustments) |
|
(2) |
|
|
1 |
Real estate investments segment operating profit |
$ |
25 |
|
$ |
34 |
Below represents a reconciliation of Cash flow provided by (used in) operations to Free cash flow for the trailing twelve months ended March 31, 2025 (in millions):
|
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
Q1 2025 |
|
Trailing twelve months |
|||||||
Cash Flow Results |
|
|
|
|
|
|
|
|
|
|||||||
Cash flow (used in) provided by operations |
$ |
287 |
|
$ |
573 |
|
|
$ |
1,340 |
|
$ |
(546 |
) |
|
$ |
1,654 |
Gains on disposition of real estate sales |
|
— |
|
|
(1 |
) |
|
|
130 |
|
|
— |
|
|
|
129 |
Less: Capital expenditures |
|
67 |
|
|
79 |
|
|
|
93 |
|
|
64 |
|
|
|
303 |
Free cash flow |
$ |
220 |
|
$ |
493 |
|
|
$ |
1,377 |
|
$ |
(610 |
) |
|
$ |
1,480 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424999983/en/
For further information:
Chandni Luthra - Investors
212.984.8113
Chandni.Luthra@cbre.com
Steve Iaco - Media
212.984.6535
Steven.Iaco@cbre.com
Source: CBRE Group, Inc.
