Segments (Tables)

6 Months Ended

Jun. 30, 2016

Summarized Financial Information by Segment

Summarized financial information by segment is as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015 (1)		2016		2015 (1)
Revenue
Americas	$	1,775,756	$	1,434,489	$	3,359,315	$	2,662,105
EMEA		961,835		585,714		1,809,333		1,079,738
Asia Pacific		356,318		261,828		664,842		470,194
Global Investment Management		95,737		94,053		186,117		204,277
Development Services		17,891		14,422		34,664		26,695

Total revenue	$	3,207,537	$	2,390,506	$	6,054,271	$	4,443,009

EBITDA
Americas	$	208,407	$	213,956	$	381,745	$	384,018
EMEA		36,702		39,479		51,916		57,662
Asia Pacific		20,275		29,724		30,929		44,186
Global Investment Management		25,987		12,948		47,523		50,993
Development Services		18,525		753		50,400		6,289

Total EBITDA	$	309,896	$	296,860	$	562,513	$	543,148

(1)

During 2016, we changed our methodology for allocating certain costs to our reporting segments, including stock compensation, currency hedging and certain intercompany transactions. Prior year amounts have been reclassified to conform with the current year presentation. Such changes had no impact on our consolidated results.

EBITDA Calculation by Segment

EBITDA for our segments is calculated as follows (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015 (1)			2016			2015 (1)
Americas
Net income attributable to CBRE Group, Inc.	$	90,464		$	111,653		$	161,982		$	194,788
Add:
Depreciation and amortization		63,197			44,591			123,797			87,541
Interest expense, net		22,165			4,247			43,091			7,793
Write-off of financing costs on extinguished debt		—			—			—			2,685
Royalty and management service income		(13,389	)		(1,881	)		(20,157	)		(6,965	)
Provision for income taxes		45,970			55,346			73,032			98,176

EBITDA	$	208,407		$	213,956		$	381,745		$	384,018

EMEA
Net income (loss) attributable to CBRE Group, Inc.	$	7,889		$	10,674		$	(4,246	)	$	386
Add:
Depreciation and amortization		16,257			14,607			31,262			29,399
Interest expense, net		4,326			11,375			7,838			22,822
Royalty and management service expense (income)		4,303			(4,051	)		3,677			(2,861	)
Provision for income taxes		3,927			6,874			13,385			7,916

EBITDA	$	36,702		$	39,479		$	51,916		$	57,662

Asia Pacific
Net income attributable to CBRE Group, Inc.	$	5,062		$	9,192		$	2,492		$	12,978
Add:
Depreciation and amortization		4,297			3,783			8,478			7,629
Interest (income) expense, net		(873	)		991			42			1,889
Royalty and management service expense		8,094			4,913			14,352			7,761
Provision for income taxes		3,695			10,845			5,565			13,929

EBITDA	$	20,275		$	29,724		$	30,929		$	44,186

Global Investment Management
Net income (loss) attributable to CBRE Group, Inc.	$	8,181		$	(6,044	)	$	15,465		$	7,829
Add:
Depreciation and amortization		5,817			7,061			12,437			14,672
Interest expense, net		7,816			7,818			15,513			15,502
Royalty and management service expense		992			1,019			2,128			2,065
Provision for income taxes		3,181			3,094			1,980			10,925

EBITDA	$	25,987		$	12,948		$	47,523		$	50,993

Development Services
Net income (loss) attributable to CBRE Group, Inc.	$	10,072		$	(446	)	$	28,142		$	1,985
Add:
Depreciation and amortization		700			563			1,288			1,210
Interest expense, net		487			321			768			663
Provision for income taxes		7,266			315			20,202			2,431

EBITDA	$	18,525		$	753		$	50,400		$	6,289

(1)