HFF, Inc.

CIK:0001380509|SEC Filings

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Revenues	$ 159,182	$ 131,618
Expenses
Cost of services	90,271	78,644
Personnel	20,289	22,064
Occupancy	4,160	3,813
Travel and entertainment	5,918	6,382
Supplies, research, and printing	2,316	2,191
Insurance	692	689
Professional fees	3,239	1,670
Depreciation and amortization	6,127	5,481
Interest on warehouse line of credit	3,911	4,211
Other operating	3,403	3,766
Total expenses	140,326	128,911
Operating income	18,856	2,707
Interest and other income, net	14,211	15,171
Interest expense	(1)	(5)
(Increase) decrease in payable under the tax receivable agreement	0	0
Income before income taxes	33,066	17,873
Income tax expense	5,256	805
Net income	27,810	17,068
Other comprehensive income:
Foreign currency translation adjustments	15	495
Comprehensive income	$ 27,825	$ 17,563
Earnings per share - Basic and Diluted
Earnings per share available to HFF, Inc. common stockholders - Basic	$ 0.70	$ 0.44
Earnings per share available to HFF, Inc. common stockholders - Diluted	$ 0.69	$ 0.42
Capital Markets Services [Member]
Revenues
Revenues	$ 153,366	$ 125,458
Interest on Mortgage Notes Receivable [Member]
Revenues
Revenues	4,589	5,244
Other [Member]
Revenues
Revenues	$ 1,227	$ 916

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 27,810	$ 17,068
Adjustments to reconcile net income to net cash provided by operating activities:
Stock based compensation	5,850	5,752
Deferred taxes	5,091	666
Increase (decrease) in payable under the tax receivable agreement	0	0
Depreciation	1,183	1,100
Amortization	4,944	4,381
Gain on sale and initial recording of mortgage servicing rights	(7,112)	(8,573)
Mortgage service rights assumed	(885)	(935)
Other	(370)
Increase (decrease) in cash from changes in:
Accounts receivable	(2,133)	(1,960)
Mortgage notes receivable	(612,874)	(508,586)
Net borrowings on warehouse line of credit	612,874	508,586
Prepaid taxes, prepaid expenses and other current assets	(5,781)	914
Other noncurrent assets	(538)	1,159
Accrued compensation and related taxes	(13,263)	(15,167)
Accounts payable	1,155	(1,740)
Other current liabilities	7,126	(4,279)
Deferred rent and other noncurrent liabilities		(309)
Net cash provided by operating activities	23,077	(1,923)
Investing activities
Purchases of property and equipment	(2,788)	(490)
Purchase of securities and other investments	(3,800)
Net cash used in investing activities	(6,588)	(490)
Financing activities
Payments on long-term debt	(33)	(62)
Dividends paid	(68,721)	(67,772)
Treasury stock	(14,512)	(14,101)
Net cash used in financing activities	(83,266)	(81,935)
Effects of exchange rate changes on cash and cash equivalents and restricted cash	(55)	374
Net decrease in cash and cash equivalents and restricted cash	(66,832)	(83,974)
Cash and cash equivalents and restricted cash, beginning of period	307,278	276,802
Cash and cash equivalents and restricted cash, end of period	$ 240,446	$ 192,828

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 235,212	$ 305,555
Restricted cash	5,234	1,723
Accounts receivable	10,283	8,150
Mortgage notes receivable	966,694	351,194
Prepaid taxes	1,240	671
Prepaid expenses and other current assets	18,787	13,021
Total current assets	1,237,450	680,314
Property and equipment, net	18,778	17,196
Operating lease right-of-use asset	34,970
Deferred tax asset, net	35,863	41,124
Goodwill	8,581	8,512
Intangible assets, net	74,313	73,862
Securities - held to maturity	25,000	25,000
Other noncurrent assets	12,820	12,045
Total assets	1,447,775	858,053
Current liabilities:
Current portion of long-term debt	79	3,898
Current portion of operating lease liabilities	9,397
Warehouse line of credit	961,252	348,378
Accrued compensation and related taxes	49,705	67,653
Accounts payable	4,359	3,204
Payable under tax receivable agreement	8,313	8,313
Other current liabilities	29,094	21,968
Total current liabilities	1,062,199	453,414
Deferred rent credit		11,825
Payable under the tax receivable agreement, less current portion	41,977	41,977
Long-term debt, less current portion	52	66
Noncurrent operating lease liabilities	37,436
Other noncurrent liabilities	608	225
Total liabilities	1,142,272	507,507
Stockholders’ equity:
Class A common stock, par value $0.01 per share, 175,000,000 authorized; 39,857,514 and 39,143,253 shares issued, respectively; 39,823,827 and 39,116,745 shares outstanding, respectively	399	391
Treasury stock, 33,687 and 26,508 shares at cost, respectively	(1,501)	(1,220)
Additional paid-in-capital	159,229	159,636
Accumulated other comprehensive loss	(728)	(743)
Retained earnings	148,104	192,482
Total equity	305,503	350,546
Total liabilities and stockholders’ equity	$ 1,447,775	$ 858,053