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CBRE Group Inc Class A (CBRE) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details CBRE's financial performance, reporting a revenue of $35.8 billion, a 12% increase compared to the previous year. Net income attributable to CBRE was $968 million, a slight decrease from $986 million in 2023.
CBRE's operations are organized into three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments. The company plans to introduce two new segments in 2025: Project Management and Building Operations & Experience.
Advisory Services reported a revenue increase of 13%, driven by growth in leasing and property sales. Global Workplace Solutions saw an 11.7% revenue increase, supported by new business activities and acquisitions. Real Estate Investments experienced a 9% increase in revenue, attributed to higher incentive fees and development services.
The filing also highlights CBRE's acquisition of J&J Worldwide Services, a provider of engineering services for the U.S. federal government, for $819 million. This acquisition aligns with CBRE's strategy to enhance its technical services capabilities.
CBRE's balance sheet shows total assets of $24.4 billion, with $5.6 billion in goodwill and $2.3 billion in other intangible assets. The company has a total debt of $3.3 billion, with $3.2 billion in long-term debt.
The report addresses various risks, including fluctuations in foreign currency exchange rates, interest rate changes, and potential impacts from geopolitical events. CBRE also notes its exposure to cybersecurity threats and compliance with evolving regulations.
CBRE's cash flow from operations was $1.7 billion, a significant increase from $480 million in 2023, attributed to improved working capital management and revenue growth.
The filing includes details on CBRE's stock repurchase program, with $644 million spent on repurchasing 5.1 million shares in 2024. The company has $5.8 billion remaining under its current repurchase authorization.
CBRE continues to focus on sustainability, aiming for Net Zero GHG emissions by 2040. The company has set targets to reduce emissions from its operations and managed properties by 2030.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CBRE Group Inc Class A annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.