Company Quick10K Filing
Newmark Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 208 $1,819
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-15 Annual: 2018-12-31
10-Q 2018-08-14 Quarter: 2018-06-30
10-Q 2018-05-15 Quarter: 2018-03-31
10-K 2018-03-20 Annual: 2017-12-31
8-K 2020-02-13 Earnings, Exhibits
8-K 2019-10-30
8-K 2019-09-24 Shareholder Vote
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-09
8-K 2019-02-12
8-K 2019-02-05
8-K 2018-12-20 Regulation FD, Exhibits
8-K 2018-11-30 Control, Other Events, Exhibits
8-K 2018-11-28 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-11-23
8-K 2018-11-14
8-K 2018-11-13
8-K 2018-11-05
8-K 2018-11-02
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-09-25
8-K 2018-09-25
8-K 2018-09-04
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-06-29
8-K 2018-06-18
8-K 2018-05-03
8-K 2018-03-27
8-K 2018-03-06
8-K 2018-02-09
8-K 2018-02-05
NMRK 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits and Financial Statement Schedules
EX-31.1 nmrk-ex311_6.htm
EX-31.2 nmrk-ex312_8.htm
EX-32.1 nmrk-ex321_7.htm

Newmark Group Earnings 2019-09-30

NMRK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
LXP 2,283 2,997 1,653 349 0 299 523 2,222 0% 4.2 10%
WRE 2,196 2,818 1,807 325 211 8 185 2,188 65% 11.8 0%
CNTF 2,064 349 61 0 0 0 0 2,149 0%
NMRK 1,819 3,507 2,464 2,053 0 189 416 2,237 0% 5.4 5%
ACT 1,672 1 0 0 0 -1 -1 1,672 0% -2,226.7 -153%
CSA 1,667 692 530 139 0 -31 11 1,650 0% 152.9 -5%
WSC 1,561 2,796 2,112 1,179 392 -65 95 3,267 33% 34.6 -2%
FTAI 1,310 3,089 2,050 523 0 20 254 2,788 0% 11.0 1%
HRI 1,275 3,802 3,218 2,011 0 82 89 3,277 0% 36.7 2%
EFR 1,261 184 49 8 2 -37 -34 1,225 22% -36.2 -20%

nmrk-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Numbers: 001-38329

 

NEWMARK GROUP, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

 

 

Delaware

 

81-4467492

(State or other Jurisdiction of

Incorporation or Organization)

 

125 Park Avenue

New York, New York

(Address of principal executive offices)

 

(I.R.S. Employer

Identification Number)

 

10017

(Zip Code)

 

 

Registrant’s telephone number, including area code: (212) 372-2000

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading Symbol(s)

Name of Each Exchange

on Which Registered

Class A Common Stock, par value $0.01 per share

NMRK

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

 

 

 

 

 

 

 

 

 

As of November 6, 2019, the registrant had 158,635,277 shares of Class A common stock, $0.01 par value per share, and 21,285,533 shares of Class B common stock, $0.01 par value per share, outstanding.

 

 

 


NEWMARK GROUP, INC.

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

ITEM 1.

FINANCIAL STATEMENTS (unaudited)

 

8

Condensed Consolidated Balance Sheets

 

8

Condensed Consolidated Statements of Operations

 

9

Condensed Consolidated Statements of Comprehensive Income

 

10

Condensed Consolidated Statements of Changes in Equity

 

11

Condensed Consolidated Statements of Cash Flows

 

13

Notes to Condensed Consolidated Financial Statements

 

15

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

69

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

113

ITEM 4.

CONTROLS AND PROCEDURES

 

115

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

 

116

ITEM 1A

RISK FACTORS

 

116

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

117

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

117

ITEM 4.

MINE SAFETY DISCLOSURES

 

117

ITEM 5.

OTHER INFORMATION

 

117

ITEM 6.

EXHIBITS

 

118

SIGNATURES

 

119

 

 

2


SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the “Securities Act,” and Section 21E of the Securities Exchange Act of 1934, as amended, which we refer to as the “Exchange Act.” Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “possible,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify forward-looking statements.

The actual Newmark Group Inc. (“Newmark” or the “Company”) results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. When used herein, the terms “Newmark Knight Frank,” “Newmark,” the “Company,” “we,” “us,” and “our” refer to Newmark and its consolidated subsidiaries. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below:

 

Newmark’s relationship and transactions with Cantor Fitzgerald, L.P. (“Cantor”) and its affiliates, Newmark’s structure, including Newmark Holdings, L.P. (“Newmark Holdings”), which is owned by Newmark, Cantor, Newmark’s employee partners and other partners, and our operating partnership, which is owned jointly by us and Newmark Holdings and which we refer to as “Newmark OpCo,” any related transactions, conflicts of interest, or litigation, any loans to or from Newmark or Cantor, Newmark Holdings or Newmark OpCo, including the balances and interest rates thereof from time to time, competition for and retention of brokers and other managers and key employees;

 

the impact of, and limitations on Newmark’s ability to enter into certain transactions in order to preserve the tax-free treatment of, the recently completed pro-rata distribution (the “Spin-Off”) by BGC Partners, Inc. (“BGC Partners” or “BGC”) to BGC stockholders of all of the shares of Newmark common stock owned by BGC as of immediately prior to the effective time of the Spin-Off;

 

Newmark’s ability to maintain or develop relationships with independently owned offices in our business;

 

Newmark’s ability to grow in other geographic regions;

 

Newmark’s ability to manage and to continue to integrate Berkeley Point Financial LLC (“Berkeley Point” or “BPF”), which was transferred to us pursuant to the Separation and Distribution Agreement (as defined below);

 

the impact of the Spin-Off and related transactions on our business and financial results in current or future periods, including with respect to any assumed liabilities or indemnification obligations with respect to such transactions, the integration of any completed acquisitions and the use of proceeds of any completed dispositions;

 

market conditions, transaction volumes, potential deterioration of equity and debt capital markets for commercial real estate and related services, impact of significant changes in interest rates and our ability to access the capital markets;

 

pricing, commissions and fees, and market position with respect to any of our products and services and those of Newmark’s competitors;

 

the effect of industry concentration and reorganization, reduction of customers and consolidation;

 

liquidity, regulatory requirements and the impact of credit market events;

 

risks associated with the integration of acquired businesses with Newmark’s business;

 

risks related to changes in Newmark’s relationships with the Government Sponsored Enterprises (“GSEs”) and Housing and Urban Development (“HUD”), changes in prevailing interest rates and the risk of loss in connection with loan defaults;

3


 

risks related to changes in the future of the GSEs, including changes in the terms of applicable conservatorships and changes in their capabilities;

 

economic or geopolitical conditions or uncertainties, the actions of governments or central banks, including uncertainty regarding the nature, timing and consequences of the United Kingdom (“U.K.”)’s exit from the European Union (“EU”) following the referendum, withdrawal process, proposed transition period and related rulings, including potential reduction in investment in the U.K., and the pursuit of trade, border control or other related policies by the U.S. and/or other countries (including U.S. – China trade relations), political and labor unrest in France, conflict in the Middle East, the impact of U.S. government shutdowns and impeachment inquiries, and the impact of terrorist acts, acts of war or other violence or political unrest, as well as natural disasters or weather-related or similar events, including hurricanes as well as power failures, communication and transportation disruptions, and other interruptions of utilities or other essential services;

 

the effect on Newmark’s business, clients, the markets in which it operates, and the economy in general of recent changes in the U.S. and foreign tax and other laws, including changes in tax rates, repatriation rules, and deductibility of interest, potential policy and regulatory changes in Mexico, sequestrations, uncertainties regarding the debt ceiling and the federal budget, and other potential political policies;

 

the effect on Newmark’s business of changes in interest rates, changes in benchmarks, worldwide governmental debt issuances, austerity programs, increases or decreases in deficits, and other changes to monetary policy, and potential political impasses or regulatory requirements, including increased capital requirements for banks and other institutions or changes in legislation, regulations and priorities;

 

extensive regulation of Newmark’s business and clients, changes in regulations relating to commercial real estate and other industries, and risks relating to compliance matters, including regulatory examinations, inspections, investigations and enforcement actions, and any resulting costs, increased financial and capital requirements, enhanced oversight, remediation, fines, penalties, sanctions, and changes to or restrictions or limitations on specific activities, operations, compensatory arrangements, and growth opportunities, including acquisitions, hiring, and new businesses, products, or services, as well as risks related to Newmark taking actions to ensure that we and Newmark Holdings are not deemed investment companies under the Investment Company Act of 1940 (the “Investment Company Act”);

 

factors related to specific transactions or series of transactions as well as counterparty failure;

 

costs and expenses of developing, maintaining and protecting Newmark’s intellectual property, as well as employment, regulatory, and other litigation, proceedings and their related costs, including related to acquisitions and other matters, including judgments, fines, or settlements paid, reputational risk, and the impact thereof on Newmark’s financial results and cash flow in any given period;

 

Newmark’s ability to maintain continued access to credit and availability of financing necessary to support Newmark’s ongoing business needs, including to refinance indebtedness, and the risks associated with the resulting leverage, as well as fluctuations in interest rates;

 

certain other financial risks, including the possibility of future losses, indemnification obligations, assumed liabilities, reduced cash flows from operations, increased leverage and the need for short or long-term borrowings, including from Cantor, the ability of Newmark to refinance its indebtedness, or our access to other sources of cash relating to acquisitions, dispositions, or other matters, potential liquidity and other risks relating to Newmark’s ability to maintain continued access to credit and availability of financing necessary to support ongoing business needs on terms acceptable to us, if at all, and risks associated with the resulting leverage, including potentially causing a reduction in credit ratings and the associated outlooks and increased borrowing costs, including as a result of the acquisition of Berkeley Point, as well as interest rate and foreign currency exchange rate fluctuations;

 

risks associated with the temporary or longer-term investment of Newmark’s available cash, including in Newmark OpCo, defaults or impairments on the Company’s investments, joint venture interests, stock loans or cash management vehicles and collectability of loan balances owed to us by partners, employees, Newmark OpCo or others;

4


 

Newmark’s ability to enter new markets or develop new products or services and to induce customers to use these products or services and to secure and maintain market share;

 

Newmark’s ability to enter into marketing and strategic alliances, and business combinations or other transactions, including acquisitions, dispositions, reorganizations, partnering opportunities and joint ventures, the anticipated benefits of any such transactions, relationships or growth and the future impact of any such transactions, relationships or growth on other businesses and financial results for current or future periods, the integration of any completed acquisitions and the use of proceeds of any completed dispositions, the impact of amendments and/or terminations of any strategic arrangements, and the value of any hedging entered into in connection with consideration received or to be received in connection with such dispositions and any transfers thereof;

 

Newmark’s estimates or determinations of potential value with respect to various assets or portions of the Company’s business, including with respect to the accuracy of the assumptions or the valuation models or multiples used;

 

Newmark’s ability to hire and retain personnel, including brokers, salespeople, managers, and other professionals;

 

Newmark’s ability to effectively manage any growth that may be achieved, while ensuring compliance with all applicable financial reporting, internal control, legal compliance, and regulatory requirements;

 

Newmark’s ability to identify and remediate any material weaknesses in internal controls that could affect the ability to properly maintain books and records, prepare financial statements and reports in a timely manner, control policies, practices and procedures, operations and assets, assess and manage the Company’s operational, regulatory and financial risks, and integrate acquired businesses and brokers, salespeople, managers and other professionals;

 

the effectiveness of Newmark’s risk management policies and procedures, and the impact of unexpected market moves and similar events;

 

information technology risks, including capacity constraints, failures, or disruptions in Newmark’s systems or those of clients, counterparties, or other parties with which we interact, including cyber-security risks and incidents, compliance with regulations requiring data minimization and protection and preservation of records of access and transfers of data, privacy risk and exposure to potential liability and regulatory focus;

 

Newmark’s ability to meet expectations with respect to payment of dividends and repurchases of common stock or purchases of Newmark Holdings limited partnership interests or other equity interests in subsidiaries, including Newmark OpCo, including from Cantor or Newmark’s executive officers, other employees, partners and others and the effect on the market for and trading price of Newmark’s Class A common stock as a result of any such transactions;

 

the fact that the prices at which shares of Newmark’s Class A common stock are or may be sold in offerings or other transactions may vary significantly, and purchasers of shares in such offerings or other transactions, as well as existing stockholders, may suffer significant dilution if the price they paid for their shares is higher than the price paid by other purchasers in such offerings or transactions;

 

the effect on the market for and trading price of Newmark’s Class A common stock of various offerings and other transactions, including offerings of Class A common stock and convertible or exchangeable securities, repurchases of shares of Class A common stock and purchases or redemptions of Newmark Holdings limited partnership interests or other equity interests in Newmark or its subsidiaries, any exchanges by Cantor of shares of Class A common stock for shares of Class B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of Class A common stock in connection therewith, including in corporate or partnership restructurings, payment of dividends on Class A common stock and distributions on limited partnership interests of Newmark Holdings and Newmark OpCo, convertible arbitrage, hedging, and other transactions engaged in by us or holders of outstanding shares, debt or other securities, share sales and stock pledge, stock loans, and other financing transactions by holders of shares or units (including by Cantor executive officers, partners, employees or others), including of shares acquired pursuant to employee benefit plans, unit exchanges and redemptions,

5


 

corporate or partnership restructurings, acquisitions, conversions of Class B common stock and other convertible securities, stock pledge, stock loans, or other financing transactions, distributions from Cantor pursuant to Cantor’s distribution rights obligations and other distributions to Cantor partners, including deferred distribution rights shares;

 

the effect of a potential restructuring of BGC’s partnership into a corporation on Newmark, including but not limited to, impacts on Newmark’s financial statements; and

 

other factors, including those that are discussed under “Risk Factors,” to the extent applicable.

The foregoing risks and uncertainties, as well as those risks and uncertainties set forth in this Quarterly Report on Form 10-Q, may cause actual results and events to differ materially from the forward-looking statements. The information included herein is given as of the filing date of this Form 10-Q with the Securities and Exchange Commission (the “SEC”), and future results or events could differ significantly from these forward-looking statements. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

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WHERE YOU CAN FIND MORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are also available to the public from the SEC’s website at www.sec.gov.

Our website address is www.ngkf.com. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D filed on behalf of Cantor Fitzgerald, L.P., CF Group Management, Inc., our directors and our executive officers; and amendments to those documents. Our website also contains additional information with respect to our industry and business. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Quarterly Report on Form 10-Q.

 

 

 

7


PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Assets:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

116,309

 

 

$

122,475

 

Restricted cash and cash equivalents

 

 

58,007

 

 

 

64,931

 

Marketable securities

 

 

123,417

 

 

 

48,942

 

Loans held for sale, at fair value

 

 

704,357

 

 

 

990,864

 

Receivables, net

 

 

478,672

 

 

 

451,605

 

Receivables from related parties

 

 

 

 

 

20,498

 

Other current assets (see Note 19)

 

 

74,147

 

 

 

57,739

 

Total current assets

 

 

1,554,909

 

 

 

1,757,054

 

Goodwill

 

 

539,803

 

 

 

515,321

 

Mortgage servicing rights, net

 

 

406,209

 

 

 

411,809

 

Loans, forgivable loans and other receivables from employees and partners, net

 

 

356,590

 

 

 

285,532

 

Fixed assets, net

 

 

93,844

 

 

 

78,805

 

Other intangible assets, net

 

 

32,420

 

 

 

35,769

 

Other assets (see Note 19)

 

 

599,905

 

 

 

369,867

 

Total assets

 

$

3,583,680

 

 

$

3,454,157

 

Liabilities, Redeemable Partnership Interests, and Equity:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Warehouse facilities collateralized by U.S. Government Sponsored Enterprises

 

$

680,860

 

 

$

972,387

 

Accrued compensation

 

 

405,256

 

 

 

366,506

 

Current portion of accounts payable, accrued expenses and other

   liabilities (see Note 29)

 

 

473,789

 

 

 

312,239

 

Securities loaned

 

 

24,838

 

 

 

 

Current portion of payables to related parties

 

 

19,771

 

 

 

13,507

 

Total current liabilities

 

 

1,604,514

 

 

 

1,664,639

 

Long-term debt

 

 

598,565

 

 

 

537,926

 

Other long-term liabilities (see Note 29)

 

 

372,793

 

 

 

168,623

 

Total liabilities

 

 

2,575,872

 

 

 

2,371,188

 

Commitments and contingencies (see Note 31)

 

 

 

 

 

 

 

 

Redeemable partnership interests

 

 

28,895

 

 

 

26,170

 

Equity:

 

 

 

 

 

 

 

 

Class A common stock, par value of $0.01 per share: 1,000,000,000

   shares authorized; 158,931,531 and 156,966,336 shares issued at September 30, 2019

   and December 31, 2018, respectively, and 154,989,126 and 156,916,336 shares

   outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

1,590

 

 

 

1,570

 

Class B common stock, par value of $0.01 per share: 500,000,000 shares

   authorized; 21,285,533 shares issued and outstanding at

   September 30, 2019 and December 31, 2018, respectively

 

 

212

 

 

 

212

 

Additional paid-in capital

 

 

294,901

 

 

 

285,071

 

Retained earnings

 

 

344,891

 

 

 

277,952

 

Contingent Class A common stock

 

 

3,250

 

 

 

3,250

 

Treasury stock at cost: 3,942,405 and 50,000 shares of Class A common stock at

   September 30, 2019 and December 31, 2018, respectively

 

 

(34,469

)

 

 

(486

)

Total stockholders’ equity

 

 

610,375

 

 

 

567,569

 

Noncontrolling interests

 

 

368,538

 

 

 

489,230

 

Total equity

 

 

978,913

 

 

 

1,056,799

 

Total liabilities, redeemable partnership interests, and equity

 

$

3,583,680

 

 

$

3,454,157

 

 

The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these financial statements.

8


NEWMARK GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

357,908

 

 

$

319,340

 

 

$

979,307

 

 

$

859,908

 

Gains from mortgage banking activities/originations, net

 

 

72,332

 

 

 

51,972

 

 

 

148,769

 

 

 

132,763

 

Management services, servicing fees and other

 

 

156,394

 

 

 

147,497

 

 

 

457,692

 

 

 

423,217

 

Total revenues

 

 

586,634

 

 

 

518,809

 

 

 

1,585,768

 

 

 

1,415,888

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

341,036

 

 

 

291,382

 

 

 

921,126

 

 

 

819,109

 

Equity-based compensation and allocations of net income to limited partnership units and FPUs

 

 

56,647

 

 

 

40,776

 

 

 

109,871

 

 

 

125,559

 

Total compensation and employee benefits

 

 

397,683

 

 

 

332,158

 

 

 

1,030,997

 

 

 

944,668

 

Operating, administrative and other

 

 

86,297

 

 

 

84,914

 

 

 

275,939

 

 

 

240,389

 

Fees to related parties

 

 

7,088

 

 

 

6,644

 

 

 

21,035

 

 

 

19,839

 

Depreciation and amortization

 

 

36,781

 

 

 

25,873

 

 

 

98,510

 

 

 

68,587

 

Total operating expenses

 

 

527,849

 

 

 

449,589

 

 

 

1,426,481

 

 

 

1,273,483

 

Other income, net

 

 

108,711

 

 

 

93,717

 

 

 

95,267

 

 

 

99,059

 

Income from operations

 

 

167,496

 

 

 

162,937

 

 

 

254,554

 

 

 

241,464

 

Interest expense, net

 

 

(8,167

)

 

 

(11,509

)

 

 

(23,947

)

 

 

(35,500

)

Income before income taxes and noncontrolling interests

 

 

159,329

 

 

 

151,428

 

 

 

230,607

 

 

 

205,964

 

Provision for income taxes

 

 

36,760

 

 

 

35,870

 

 

 

52,568

 

 

 

53,625

 

Consolidated net income

 

 

122,569

 

 

 

115,558

 

 

 

178,039

 

 

 

152,339

 

Less: Net income attributable to noncontrolling interests

 

 

33,871

 

 

 

47,321

 

 

 

49,769

 

 

 

63,366

 

Net income available to common stockholders

 

$

88,698

 

 

$

68,237

 

 

$

128,270

 

 

$

88,973

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders (1)

 

$

85,475

 

 

$

66,563

 

 

$

118,599

 

 

$

87,107

 

Basic earnings per share

 

$

0.48

 

 

$

0.43

 

 

$

0.67

 

 

$

0.56

 

Basic weighted-average shares of common stock outstanding

 

 

177,020

 

 

 

155,152

 

 

 

178,122

 

 

 

155,348

 

Fully diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income for fully diluted shares

 

$

99,500

 

 

$

80,038

 

 

$

122,379

 

 

$

104,580

 

Fully diluted earnings per share

 

$

0.48

 

 

$

0.43

 

 

$

0.66

 

 

$

0.56

 

Fully diluted weighted-average shares of common stock outstanding

 

 

206,616

 

 

 

185,134

 

 

 

185,413

 

 

 

185,559