Segments

3 Months Ended

Mar. 31, 2020

14.

Segments

We organize our operations around, and publicly report our financial results on, three global business segments: (1) Advisory Services; (2) Global Workplace Solutions and (3) Real Estate Investments.

Advisory Services provides a comprehensive range of services globally, including property leasing, property sales, mortgage services, property management, project management and valuation. Global Workplace Solutions provides a broad suite of integrated, contractually-based outsourcing services to occupiers of real estate, including facilities management, project management and transaction services. Real Estate Investments includes: (i) investment management services provided globally; (ii) development services in the U.S. and U.K. and (iii) flexible office space solutions.

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

	Three Months Ended March 31,
	2020		2019
Revenue
Advisory Services	$	1,931,524	$	1,834,402
Global Workplace Solutions		3,746,174		3,165,915
Real Estate Investments		211,470		135,193
Total revenue	$	5,889,168	$	5,135,510

Adjusted EBITDA
Advisory Services	$	292,654	$	263,850
Global Workplace Solutions		99,298		99,679
Real Estate Investments		38,399		86,503
Total Adjusted EBITDA	$	430,351	$	450,032

Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash items related to acquisitions, certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, costs associated with our reorganization, including cost-savings initiatives, and other non-recurring costs.

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

	Three Months Ended March 31,
	2020			2019
Net income attributable to CBRE Group, Inc.	$	172,195		$	164,409
Add:
Depreciation and amortization		113,794			105,823
Asset impairments		75,171			89,037
Interest expense, net of interest income		16,016			21,192
Write-off of financing costs on extinguished debt		—			2,608
Provision for income taxes		51,182			43,878
EBITDA		428,358			426,947
Adjustments:
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period		5,753			—
Costs incurred related to legal entity restructuring		3,241			—
Integration and other costs related to acquisitions		783			—
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue		(7,784	)		7,336
Costs associated with our reorganization, including cost-savings initiatives (1)		—			15,749
Adjusted EBITDA	$	430,351		$	450,032

(1)	Primarily represents severance costs related to headcount reductions in connection with our reorganization announced in the third quarter of 2018 that became effective January 1, 2019.

Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.

Geographic Information

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

	Three Months Ended March 31,
	2020		2019
Revenue
United States	$	3,380,563	$	3,036,707
United Kingdom		774,015		588,581
All other countries		1,734,590		1,510,222
Total revenue	$	5,889,168	$	5,135,510