Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2018

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

	Financial Services		Real Estate Services			Corporate Items			Total
Brokerage revenues:
Rates	$	145,148	$	—		$	—		$	145,148
Foreign exchange		98,559		—			—			98,559
Credit		75,526		—			—			75,526
Energy and commodities		56,277		—			—			56,277
Equities, insurance, and other asset classes		87,965		—			—			87,965
Leasing and other services		—		178,142			—			178,142
Real estate capital markets		—		101,691			—			101,691
Gains from mortgage banking activities/originations, net		—		41,878			—			41,878
Real estate management and other services		—		107,121			—			107,121
Servicing fees		—		32,333			—			32,333
Fees from related parties		—		337			5,934			6,271
Data, software and post-trade		15,370		—			—			15,370
Other revenues		483		106			840			1,429
Total non-interest revenues		479,328		461,608			6,774			947,710
Interest income		921		7,426			4,019			12,366
Total revenues		480,249		469,034			10,793			960,076
Interest expense		—		4,435			23,006			27,441
Non-interest expenses		375,460		367,714			125,607			868,781
Total expenses		375,460		372,149			148,613			896,222
Other income (losses), net:
Gains (losses) on equity investments		—		1,774			1,080			2,854
Other income (losses)		3,444		(2,303	)		(1,951	)		(810	)
Total other income (losses), net		3,444		(529	)		(871	)		2,044
Income (loss) from operations before income taxes	$	108,233	$	96,356		$	(138,691	)	$	65,898

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

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	133,469	$	—	$	—		$	133,469
Foreign exchange		79,681		—		—			79,681
Credit		70,730		—		—			70,730
Energy and commodities		48,479		—		—			48,479
Equities, insurance, and other asset classes		85,324		—		—			85,324
Leasing and other services		—		144,681		—			144,681
Real estate capital markets		—		95,168		—			95,168
Gains from mortgage banking activities/originations, net		—		73,547		—			73,547
Real estate management and other services		—		51,589		—			51,589
Servicing fees		—		26,840		—			26,840
Fees from related parties		—		442		5,576			6,018
Data, software and post-trade		13,322		—		—			13,322
Other revenues		655		128		93			876
Total non-interest revenues		431,660		392,395		5,669			829,724
Interest income		657		13,848		4,672			19,177
Total revenues		432,317		406,243		10,341			848,901
Interest expense		—		9,454		17,036			26,490
Non-interest expenses		351,579		313,762		69,102			734,443
Total expenses		351,579		323,216		86,138			760,933
Other income (losses), net:
Gains (losses) on equity investments		—		—		1,602			1,602
Other income (losses)		4,069		—		644			4,713
Total other income (losses), net		4,069		—		2,246			6,315
Income (loss) from operations before income taxes	$	84,807	$	83,027	$	(73,551	)	$	94,283

Six months ended June 30, 2018 (in thousands)

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	305,920	$	—	$	—		$	305,920
Foreign exchange		197,609		—		—			197,609
Credit		157,576		—		—			157,576
Energy and commodities		116,426		—		—			116,426
Equities, insurance, and other asset classes		185,719		—		—			185,719
Leasing and other services		—		337,520		—			337,520
Real estate capital markets		—		203,055		—			203,055
Gains from mortgage banking activities/originations, net		—		80,792		—			80,792
Real estate management and other services		—		203,999		—			203,999
Servicing fees		—		61,259		—			61,259
Fees from related parties		—		628		12,233			12,861
Data, software and post-trade		30,469		—		—			30,469
Other revenues		1,396		154		853			2,403
Total non-interest revenues		995,115		887,407		13,086			1,895,608
Interest income		1,755		13,498		5,861			21,114
Total revenues		996,870		900,905		18,947			1,916,722
Interest expense		—		8,127		46,452			54,579
Non-interest expenses		779,281		719,141		206,416			1,704,838
Total expenses		779,281		727,268		252,868			1,759,417
Other income (losses), net:
Gains (losses) on equity investments		—		4,950		3,705			8,655
Other income (losses)		14,379		130		18,623			33,132
Total other income (losses), net		14,379		5,080		22,328			41,787
Income (loss) from operations before income taxes	$	231,968	$	178,717	$	(211,593	)	$	199,092

Six months ended June 30, 2017 (in thousands)

	Financial Services		Real Estate Services		Corporate Items			Total
Brokerage revenues:
Rates	$	269,221	$	—	$	—		$	269,221
Foreign exchange		159,707		—		—			159,707
Credit		152,600		—		—			152,600
Energy and commodities		101,624		—		—			101,624
Equities, insurance, and other asset classes		161,030		—		—			161,030
Leasing and other services	—			272,255		—			272,255
Real estate capital markets	—			172,558		—			172,558
Gains from mortgage banking activities/originations, net		—		118,808		—			118,808
Real estate management and other services	—			102,219		—			102,219
Servicing fees		—		51,672		—			51,672
Fees from related parties	—			815		12,141			12,956
Data, software and post-trade		26,409		—		—			26,409
Other revenues		1,597		132		123			1,852
Total non-interest revenues		872,188		718,459		12,264			1,602,911
Interest income		1,307		21,504		6,372			29,183
Total revenues		873,495		739,963		18,636			1,632,094
Interest expense		—		11,328		33,925			45,253
Non-interest expenses		705,485		593,054		148,354			1,446,893
Total expenses		705,485		604,382		182,279			1,492,146
Other income (losses), net:
Gain (loss) on divestiture and sale of investments		—		—		557			557
Gains (losses) on equity investments		—		—		1,839			1,839
Other income (losses)		8,717		—		1,016			9,733
Total other income (losses), net		8,717		—		3,412			12,129
Income (loss) from operations before income taxes	$	176,727	$	135,581	$	(160,231	)	$	152,077

Total Assets by Reportable Segment

Total assets by reportable segment (in thousands):

Total Assets¹

Financial

Services

Real Estate

Services

Total

At June 30, 2018

4,011,535

2,837,138

6,848,673

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 six months ended June 30, 2018 and 2017, respectively, is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenues:
United States	$	595,986	$	535,598	$	1,168,240	$	997,284
United Kingdom		205,801		177,796		429,360		364,606
Asia		70,129		58,648		139,158		119,757
Other Europe/MEA		49,665		37,737		103,337		71,739
France		22,712		23,654		45,730		48,919
Other Americas		15,783		15,468		30,897		29,789
Total revenues	$	960,076	$	848,901	$	1,916,722	$	1,632,094

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 June 30, 2018 and December 31, 2017, respectively, is as follows (in thousands):

	June 30,		December 31,
	2018		2017
Long-lived assets:
United States	$	1,460,606	$	1,373,118
United Kingdom		329,841		352,232
Asia		44,096		32,603
Other Europe/MEA		18,062		10,477
France		11,538		7,373
Other Americas		24,884		27,050
Total long-lived assets	$	1,889,027	$	1,802,853