Segments (Tables)

9 Months Ended

Sep. 30, 2018

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
			(As Adjusted) (1)				(As Adjusted) (1)
Revenue
Americas	$	3,280,722	$	2,939,632	$	9,271,373	$	8,405,761
EMEA		1,331,436		1,088,699		3,828,142		3,009,350
Asia Pacific		529,982		502,032		1,563,641		1,392,277
Global Investment Management		93,061		92,122		315,698		274,451
Development Services		25,753		16,111		67,486		47,294
Total revenue	$	5,260,954	$	4,638,596	$	15,046,340	$	13,129,133
Adjusted EBITDA
Americas	$	255,813	$	239,061	$	740,009	$	697,997
EMEA		78,671		72,145		182,136		177,893
Asia Pacific		41,393		43,307		118,134		111,139
Global Investment Management		10,555		23,202		56,148		72,971
Development Services		76,976		37,524		154,095		87,102
Total Adjusted EBITDA	$	463,408	$	415,239	$	1,250,522	$	1,147,102

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Adjusted EBITDA is calculated as follows (dollars in thousands):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2018			2017		2018			2017
				(As Adjusted) (1)					(As Adjusted) (1)
Net income attributable to CBRE Group, Inc.	$	290,469		$	199,088	$	669,424		$	537,885
Add:
Depreciation and amortization		113,484			102,591		335,048			297,014
Interest expense		26,651			34,483		82,394			103,923
Write-off of financing costs on extinguished debt		—			—		27,982			—
Provision for income taxes		94,963			77,072		211,446			200,778
Less:
Interest income		1,231			3,129		6,341			6,967
EBITDA		524,336			410,105		1,319,953			1,132,633
Adjustments:
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired		(92,624	)		—		(92,624	)		—
Reorganization costs (2)		12,768			—		12,768			—
Costs incurred in connection with litigation settlement		8,868			—		8,868			—
Integration and other costs related to acquisitions		6,100			—		6,100			27,351
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue		3,960			5,134		(4,543	)		(12,882	)
Adjusted EBITDA	$	463,408		$	415,239	$	1,250,522		$	1,147,102

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

(2)	Represents severance costs related to headcount reductions in connection with our planned reorganization announced in the third quarter of 2018 that will become effective January 1, 2019.

Revenue in the table below is allocated based upon the country in which services are performed (dollars in thousands):

(1)	We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.