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Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of 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,
			2023						2022						2023						2022
Revenue
Advisory Services			$	2,012,833					$	2,433,801					$	5,908,375					$	7,270,232
Global Workplace Solutions			5,648,687						4,843,739						16,412,471						14,557,500
Real Estate Investments			210,375						257,738						689,879						818,776
Corporate, other and eliminations (1)			(3,849)						(5,732)						(11,700)						(12,751)
Total revenue			$	7,868,046					$	7,529,546					$	22,999,025					$	22,633,757
Segment Operating Profit
Advisory Services			$	277,225					$	423,802					$	862,400					$	1,410,113
Global Workplace Solutions			251,269						219,406						713,606						640,438
Real Estate Investments			6,615						59,458						171,244						501,028
Total reportable segment operating profit			$	535,109					$	702,666					$	1,747,250					$	2,551,579

_______________________________

(1)Eliminations represent revenue from transactions with other operating segments. See Note 12.

Schedule of Reconciliation of Reportable Segment Operating Profit to Net Income

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,
			2023						2022						2023						2022
Net income attributable to CBRE Group, Inc.			$	190,553					$	446,639					$	508,849					$	1,326,258
Net income attributable to non-controlling interests			10,392						5,041						23,322						$	11,609
Net income			200,945						451,680						532,171						$	1,337,867
Adjustments to increase (decrease) net income:
Depreciation and amortization			149,161						142,136						465,038						453,527
Asset impairments			—						—						—						36,756
Interest expense, net of interest income			38,206						19,957						109,603						51,301
Write-off of financing costs on extinguished debt			—						1,862						—						1,862
Provision for income taxes			30,551						142,667						113,991						259,691
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue			(8,570)						(6,161)						(2,050)						9,200
Impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in period			—						(1,300)						—						(4,447)
Costs incurred related to legal entity restructuring			3,650						893						3,649						12,814
Integration and other costs related to acquisitions			5,858						7,716						60,436						24,046
Costs associated with efficiency and cost-reduction initiatives			4,224						18,929						144,781						18,929
Provision associated with Telford’s fire safety remediation efforts (1)			—						9,479						—						46,984
Corporate and other loss (income), including eliminations			111,084						(85,192)						319,631						303,049
Total reportable segment operating profit			$	535,109					$	702,666					$	1,747,250					$	2,551,579

______________

(1)See Note 14 for additional information.

Schedule 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,
			2023						2022						2023						2022
Revenue
United States			$	4,274,409					$	4,320,235					$	12,630,108					$	12,887,747
United Kingdom			1,100,462						970,307						3,151,875						3,002,798
All other countries			2,493,175						2,239,004						7,217,042						6,743,212
Total revenue			$	7,868,046					$	7,529,546					$	22,999,025					$	22,633,757

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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