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Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summarized Financial Information by Segment

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Revenue
Advisory Services			$	2,412,147					$	1,630,010					$	6,257,144					$	4,886,929
Global Workplace Solutions			4,167,143						3,851,278						12,275,748						11,506,240
Real Estate Investments			223,832						169,612						678,324						542,693
Corporate, other and eliminations			(4,795)						(5,758)						(15,397)						(20,168)
Total revenue			$	6,798,327					$	5,645,142					$	19,195,819					$	16,915,694
Segment operating profit
Advisory Services			$	521,539					$	286,655					$	1,318,136					$	821,731
Global Workplace Solutions			187,315						160,829						509,644						395,286
Real Estate Investments			146,045						71,422						360,085						139,097
Total reportable segment operating profit			$	854,899					$	518,906					$	2,187,865					$	1,356,114

Adjusted EBITDA Calculation by Segment

Reconciliation of total reportable segment operating profit to net income is as follows (dollars in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Net income attributable to CBRE Group, Inc.			$	435,743					$	184,132					$	1,144,582					$	438,224
Adjustments to increase (decrease) net income:
Depreciation and amortization			122,564						127,725						363,727						357,903
Asset impairments			—						—						—						75,171
Interest expense, net of interest income			11,038						17,829						34,916						51,795
Provision for income taxes			133,507						49,062						343,279						119,047
Costs associated with transformation initiatives (1)			—						55,374						—						55,374
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue			16,959						3,767						33,963						(11,517)
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period			47						2,289						772						9,289
Costs incurred related to legal entity restructuring			—						1,061						—						4,995
Integration and other costs related to acquisitions			16,211						525						24,345						1,544
Costs associated with workforce optimization efforts (2)			—						—						—						37,594
Corporate and other loss, including eliminations			118,830						77,142						242,281						216,695
Total reportable segment operating profit			$	854,899					$	518,906					$	2,187,865					$	1,356,114

_______________________________

(1)Commencing during the quarter ended September 30, 2020, management began the implementation of certain transformation initiatives to enable the company to reduce costs, streamline operations and support future growth. The majority of expenses incurred were cash in nature and primarily related to employee separation benefits, lease termination costs and professional fees.

(2)Primarily represents costs incurred related to workforce optimization initiated and executed in the second quarter of 2020 as part of management’s cost containment efforts in response to the Covid-19 pandemic. The charges are cash expenditures primarily for severance costs incurred related to this effort. Of the total costs, $7.4 million was included within the “Cost of revenue” line item and $30.2 million was included in the “Operating, administrative and other” line item in the accompanying consolidated statements of operations for the nine months ended September 30, 2020.

Summary of Geographic Information

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Revenue
United States			$	3,943,714					$	3,162,235					$	10,856,277					$	9,632,592
United Kingdom			841,241						736,927						2,451,222						2,188,822
All other countries			2,013,372						1,745,980						5,888,320						5,094,280
Total revenue			$	6,798,327					$	5,645,142					$	19,195,819					$	16,915,694

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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