Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2018

Three months ended September 30, 2018 (in thousands):

	Financial Services			Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	128,289		$	—	$	—		$	128,289
Foreign exchange		90,683			—		—			90,683
Credit		67,111			—		—			67,111
Energy and commodities		57,974			—		—			57,974
Equities, insurance, and other asset classes		81,272			—		—			81,272
Leasing and other services		—			203,913		—			203,913
Real estate capital markets		—			115,436		—			115,436
Gains from mortgage banking activities/originations, net		—			51,972		—			51,972
Real estate management and other services		—			101,881		—			101,881
Servicing fees		—			34,948		—			34,948
Fees from related parties		—			307		6,821			7,128
Data, software and post-trade		16,547			—		—			16,547
Other revenues		3,876			79		199			4,154
Total non-interest revenues		445,752			508,536		7,020			961,308
Interest income		934			13,076		1,936			15,946
Total revenues		446,686			521,612		8,956			977,254
Interest expense		—			9,237		24,235			33,472
Non-interest expenses		345,889			396,897		92,056			834,842
Total expenses		345,889			406,134		116,291			868,314
Other income (losses), net:
Gains (losses) on equity investments		—			—		1,344			1,344
Other income (losses)		(3,731	)		93,995		18,512			108,776
Total other income (losses), net		(3,731	)		93,995		19,856			110,120
Income (loss) from operations before income taxes	$	97,066		$	209,473	$	(87,479	)	$	219,060

Three months ended September 30, 2017 (in thousands):

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	123,041	$	—	$	—		$	123,041
Foreign exchange		83,899		—		—			83,899
Credit		66,133		—		—			66,133
Energy and commodities		48,231		—		—			48,231
Equities, insurance, and other asset classes		79,657		—		—			79,657
Leasing and other services		—		158,604		—			158,604
Real estate capital markets		—		98,307		—			98,307
Gains from mortgage banking activities/originations, net		—		45,455		—			45,455
Real estate management and other services		—		60,798		—			60,798
Servicing fees		—		29,057		—			29,057
Fees from related parties		—		240		6,933			7,173
Data, software and post-trade		13,776		—		—			13,776
Other revenues		1,096		40		35			1,171
Total non-interest revenues		415,833		392,501		6,968			815,302
Interest income		824		6,915		3,987			11,726
Total revenues		416,657		399,416		10,955			827,028
Interest expense		—		4,437		19,988			24,425
Non-interest expenses		338,440		322,929		89,178			750,547
Total expenses		338,440		327,366		109,166			774,972
Other income (losses), net:
Gain (loss) on divestiture and sale of investments		—		—		4			4
Gains (losses) on equity investments		—		—		2,147			2,147
Other income (losses)		12,128		76,968		(901	)		88,195
Total other income (losses), net		12,128		76,968		1,250			90,346
Income (loss) from operations before income taxes	$	90,345	$	149,018	$	(96,961	)	$	142,402

Nine months ended September 30, 2018 (in thousands)

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	434,209	$	—	$	—		$	434,209
Foreign exchange		288,292		—		—			288,292
Credit		224,687		—		—			224,687
Energy and commodities		174,400		—		—			174,400
Equities, insurance, and other asset classes		266,991		—		—			266,991
Leasing and other services		—		541,433		—			541,433
Real estate capital markets		—		318,491		—			318,491
Gains from mortgage banking activities/originations, net		—		132,764		—			132,764
Real estate management and other services		—		305,880		—			305,880
Servicing fees		—		96,207		—			96,207
Fees from related parties		—		935		19,054			19,989
Data, software and post-trade		47,016		—		—			47,016
Other revenues		5,272		233		1,052			6,557
Total non-interest revenues		1,440,867		1,395,943		20,106			2,856,916
Interest income		2,689		26,574		7,797			37,060
Total revenues		1,443,556		1,422,517		27,903			2,893,976
Interest expense		—		17,364		70,687			88,051
Non-interest expenses		1,125,170		1,116,038		298,472			2,539,680
Total expenses		1,125,170		1,133,402		369,159			2,627,731
Other income (losses), net:
Gains (losses) on equity investments		—		4,950		5,049			9,999
Other income (losses)		10,648		94,125		37,135			141,908
Total other income (losses), net		10,648		99,075		42,184			151,907
Income (loss) from operations before income taxes	$	329,034	$	388,190	$	(299,072	)	$	418,152

Nine months ended September 30, 2017 (in thousands)

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	392,262	$	—	$	—		$	392,262
Foreign exchange		243,606		—		—			243,606
Credit		218,733		—		—			218,733
Energy and commodities		149,855		—		—			149,855
Equities, insurance, and other asset classes		240,687		—		—			240,687
Leasing and other services	—			430,859		—			430,859
Real estate capital markets	—			270,865		—			270,865
Gains from mortgage banking activities/originations, net		—		164,263		—			164,263
Real estate management and other services	—			163,017		—			163,017
Servicing fees		—		80,729		—			80,729
Fees from related parties	—			1,055		19,074			20,129
Data, software and post-trade		40,185		—		—			40,185
Other revenues		2,693		172		158			3,023
Total non-interest revenues		1,288,021		1,110,960		19,232			2,418,213
Interest income		2,131		28,419		10,359			40,909
Total revenues		1,290,152		1,139,379		29,591			2,459,122
Interest expense		—		15,765		53,913			69,678
Non-interest expenses		1,043,925		915,983		237,532			2,197,440
Total expenses		1,043,925		931,748		291,445			2,267,118
Other income (losses), net:
Gain (loss) on divestiture and sale of investments		—		—		561			561
Gains (losses) on equity investments		—		—		3,986			3,986
Other income (losses)		20,845		76,968		115			97,928
Total other income (losses), net		20,845		76,968		4,662			102,475
Income (loss) from operations before income taxes	$	267,072	$	284,599	$	(257,192	)	$	294,479

Total Assets by Reportable Segment

Total assets by reportable segment (in thousands):

Total Assets¹

Financial

Services

Real Estate

Services

Total

At September 30, 2018

5,011,202

3,721,094

8,732,296

At December 31, 2017

3,146,023

2,283,689

5,429,712

¹	Corporate assets have been fully allocated to the Company’s business segments.

Geographic Information Regarding Revenues

Information regarding revenues for the three and nine months ended September 30, 2018 and 2017, respectively, is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Revenues:
United States	$	637,939	$	518,100	$	1,806,179	$	1,515,384
United Kingdom		191,683		182,813		621,043		547,419
Asia		71,077		63,208		210,235		182,965
Other Europe/MEA		43,655		29,478		146,992		101,217
France		17,140		18,041		62,870		66,960
Other Americas		15,760		15,388		46,657		45,177
Total revenues	$	977,254	$	827,028	$	2,893,976	$	2,459,122

Information Regarding Long-Lived Assets in Geographic Areas

Information regarding long-lived assets (defined as loans, forgivable loans and other receivables from employees and partners, net; fixed assets, net; certain other investments; goodwill; other intangible assets, net of accumulated amortization; and rent and other deposits) in the geographic areas as of September 30, 2018 and December 31, 2017, respectively, is as follows (in thousands):

	September 30,		December 31,
	2018		2017
Long-lived assets:
United States	$	1,540,190	$	1,373,118
United Kingdom		347,752		352,232
Asia		46,291		32,603
Other Europe/MEA		19,905		10,477
France		10,757		7,373
Other Americas		28,526		27,050
Total long-lived assets	$	1,993,421	$	1,802,853