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Segment Data (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Schedule of summarized financial information by segment
Summarized financial information by segment is as follows (in millions):
Americas
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Total revenue
$
1,475.6

$
1,137.4

 
$
4,053.9

$
3,253.3

Less: Gross contract costs
(424.9
)
(255.4
)
 
(1,164.2
)
(726.8
)
Acquisition accounting adjustments
—

0.4

 
2.5

13.0

Total Fee revenue
$
1,050.7

$
882.4

 
$
2,892.2

$
2,539.5

 
 
 
 
 
 
Service lines:
 
 
 
 
 
   Property, facilities and project management
$
427.4

$
408.9

 
$
1,257.8

$
1,206.6

   Leasing
410.7

307.9

 
1,031.0

828.0

   Capital markets
177.3

125.0

 
491.3

366.3

   Valuation and other
35.3

40.6

 
112.1

138.6

Total Fee revenue
$
1,050.7

$
882.4

 
$
2,892.2

$
2,539.5

 
 
 
 
 
 
Segment operating expenses
$
1,346.6

$
1,061.4

 
$
3,742.1

$
3,064.7

Less: Gross contract costs
(424.9
)
(255.4
)
 
(1,164.2
)
(726.8
)
Total Fee-based operating expenses
$
921.7

$
806.0

 
$
2,577.9

$
2,337.9

 
 
 
 
 
 
Adjusted EBITDA
$
128.8

$
76.3

 
$
314.2

$
201.3

EMEA
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Total revenue
$
226.9

$
199.6

 
$
650.9

$
546.4

Less: Gross contract costs
(15.4
)
(21.6
)
 
(76.4
)
(59.4
)
Acquisition accounting adjustments
—

(0.1
)
 
—

(0.1
)
Total Fee revenue
$
211.5

$
177.9

 
$
574.5

$
486.9

 
 
 
 
 
 
Service lines:
 
 
 
 
 
   Property, facilities and project management
$
60.0

$
45.7

 
$
178.1

$
132.3

   Leasing
67.2

54.8

 
173.9

154.0

   Capital markets
40.0

37.0

 
98.5

91.0

   Valuation and other
44.3

40.4

 
124.0

109.6

Total Fee revenue
$
211.5

$
177.9

 
$
574.5

$
486.9

 
 
 
 
 
 
Segment operating expenses
$
198.3

$
187.4

 
$
613.5

$
525.4

Less: Gross contract costs
(15.4
)
(21.6
)
 
(76.4
)
(59.4
)
Total Fee-based operating expenses
$
182.9

$
165.8

 
$
537.1

$
466.0

 
 
 
 
 
 
Adjusted EBITDA
$
29.0

$
13.0

 
$
40.5

$
22.6


APAC
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Total revenue
$
373.5

$
372.3

 
$
1,113.2

$
1,071.5

Less: Gross contract costs
(127.2
)
(140.9
)
 
(381.0
)
(401.0
)
Acquisition accounting adjustments
—

—

 
—

0.1

Total Fee revenue
$
246.3

$
231.4

 
$
732.2

$
670.6


 
 
 
 
 
Service lines:
 
 
 
 
 
   Property, facilities and project management
$
165.0

$
160.0

 
$
488.6

$
480.9

   Leasing
41.4

35.7

 
110.4

92.2

   Capital markets
16.5

12.8

 
59.1

35.2

   Valuation and other
23.4

22.9

 
74.1

62.3

Total Fee revenue
$
246.3

$
231.4

 
$
732.2

$
670.6

 
 
 
 
 
 
Segment operating expenses
$
352.2

$
360.0

 
$
1,045.2

$
1,034.4

Less: Gross contract costs
(127.2
)
(140.9
)
 
(381.0
)
(401.0
)
Total Fee-based operating expenses
$
225.0

$
219.1

 
$
664.2

$
633.4

 
 
 
 
 
 
Adjusted EBITDA
$
21.2

$
12.9

 
$
68.9

$
38.0
Schedule of adjusted EBITDA
Adjusted EBITDA is calculated as follows (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Net loss
$
(48.7
)
$
(78.6
)
 
$
(172.9
)
$
(245.6
)
Add/(less):
 
 
 
 
 
Depreciation and amortization
71.6

64.1

 
213.0

193.0

Interest expense, net of interest income
92.7

49.2

 
189.1

134.9

Benefit from income taxes
(32.9
)
(23.8
)
 
(49.5
)
(98.0
)
Integration and other costs related to acquisitions
71.5

71.5

 
178.3

213.3

Pre-IPO stock-based compensation
10.8

6.2

 
25.7

20.5

Cassidy Turley deferred payment obligation
11.0

10.2

 
32.3

32.3

Other
3.0

3.4

 
7.6

11.5

Adjusted EBITDA
$
179.0

$
102.2

 
$
423.6

$
261.9
Schedule of reconciliation of Fee-based operating expenses
Below is the reconciliation of total costs of Fee-based operating expenses by segment to Consolidated Fee-based operating expenses (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Americas Fee-based operating expenses
$
921.7

$
806.0

 
$
2,577.9

$
2,337.9

EMEA Fee-based operating expenses
182.9

165.8

 
537.1

466.0

APAC Fee-based operating expenses
225.0

219.1

 
664.2

633.4

Segment Fee-based operating expenses
1,329.6

1,190.9

 
3,779.2

3,437.3

 
 
 
 
 
 
Depreciation and amortization
71.6

64.1

 
213.0

193.0

Integration and other costs related to acquisitions (1)
71.5

71.2

 
175.8

200.3

Pre-IPO stock-based compensation
10.8

6.2

 
25.7

20.5

Cassidy Turley deferred payment obligation
11.0

10.2

 
32.3

32.3

Other
3.0

3.4

 
7.6

11.5

Fee-based operating expenses
$
1,497.5

$
1,346.0

 
$
4,233.6

$
3,894.9

(1) Represents integration and other costs related to acquisitions, comprised of certain direct and incremental costs resulting from acquisitions and related integration efforts, as well as costs related to restructuring programs. Excludes the impact of acquisition accounting revenue adjustments as these amounts do not impact operating expenses.
Below is the reconciliation of total costs and expenses to Fee-based operating expenses (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Total operating expenses
$
2,065.0

$
1,763.9

 
$
5,855.2

$
5,082.1

Less: Gross contract costs
(567.5
)
(417.9
)
 
(1,621.6
)
(1,187.2
)
Fee-based operating expenses
$
1,497.5

$
1,346.0

 
$
4,233.6

$
3,894.9