AI English summary of an SEC filing — figures as filed
CBRE Group CBREThe company reported consolidated net income of $985.7 million and revenue of $31.9 billion for the fiscal year ended December 31, 2023, compared with prior-year net income of $1.4 billion and revenue of $30.8 billion. Revenue rose $1.1 billion (3.6%).
Key points
AI summaryThe company reported consolidated net income of $985.7 million and revenue of $31.9 billion for the fiscal year ended December 31, 2023, compared with prior-year net income of $1.4 billion and revenue of $30.8 billion. Revenue rose $1.1 billion (3.6%).
CBRE said GWS segment revenue rose 13.4% in 2023, while Advisory Services revenue fell 14.0% and REI revenue declined 14.2%. The company cited new client wins, expanded services for existing clients, and in-fill acquisitions as factors behind the GWS increase.
The company said net cash from operating activities was $479.9 million in 2023, down $1.1 billion from the prior year. It cited a decline in earnings of about $400.0 million from the prior year as the main factor.
The company repurchased 7,867,348 shares of Class A common stock in 2023 at an average price of $82.59 per share, for a total of $649.8 million. As of December 31, 2023, the remaining capacity under the 2021 program was $1.5 billion. On the same date, available borrowings under its revolving credit facilities were $3.7 billion, and cash and cash equivalents were $1.3 billion.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $31.4B
- Operating income
- $1.1B
- Net income
- $986M
- EPS
- $3.15
- Operating cash flow
- $480M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net income $985.7 million, revenue $31.9 billion for the year
The company reported consolidated net income of $985.7 million and revenue of $31.9 billion for the fiscal year ended December 31, 2023, compared with prior-year net income of $1.4 billion and revenue of $30.8 billion. Revenue rose $1.1 billion (3.6%).
Source · Based on the MD&A text of the filing
Segment revenue: GWS up 13.4%, Advisory Services down 14.0%
CBRE said GWS segment revenue rose 13.4% in 2023, while Advisory Services revenue fell 14.0% and REI revenue declined 14.2%. The company cited new client wins, expanded services for existing clients, and in-fill acquisitions as factors behind the GWS increase.
Source · Based on the MD&A text of the filing
Operating cash flow $479.9 million in 2023
The company said net cash from operating activities was $479.9 million in 2023, down $1.1 billion from the prior year. It cited a decline in earnings of about $400.0 million from the prior year as the main factor.
Source · Based on the MD&A text of the filing
Share repurchases and liquidity
The company repurchased 7,867,348 shares of Class A common stock in 2023 at an average price of $82.59 per share, for a total of $649.8 million. As of December 31, 2023, the remaining capacity under the 2021 program was $1.5 billion. On the same date, available borrowings under its revolving credit facilities were $3.7 billion, and cash and cash equivalents were $1.3 billion.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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