Year Ended December 31,
$ in thousands, except per share data.
$ in thousands, except share data
2016
2015
Revenue
2016
$ 13,071,589
2015
$ 10,855,810
Fee revenue(1)
2016
8,717,126
2015
7,730,337
Depreciation and amortization
2016
366,927
2015
314,096
Operating income
2016
815,487
2015
835,944
Equity income from unconsolidated subsidiaries
2016
197,351
2015
162,849
Other income (loss)
2016
4,688
2015
(3,809)
Interest expense, net
2016
136,800
2015
112,569
Write-off of financing costs on extinguished debt
2016
2015
2,685
Income before provision for income taxes
2016
880,726
2015
879,730
Net income
2016
584,064
2015
558,877
Less: Net income attributable to non-controlling interests
2016
12,091
2015
11,745
Net income attributable to CBRE Group, Inc.(2)
2016
$ 571,973
2015
$ 547,132
Income per share attributable to CBRE Group, Inc.
Basic
Net income per share attributable to CBRE Group, Inc.(2)
2016
$ 1.71
2015
$ 1.64
Diluted
Net income per share attributable to CBRE Group, Inc.(2)
2016
$ 1.69
2015
$ 1.63
Weighted average shares outstanding
Basic
2016
335,414,831
2015
332,616,301
Diluted
2016
338,424,563
2015
336,414,856
EBITDA(3)
2016
$ 1,372,362
2015
$ 1,297,335


 
As of December 31,
$ in thousands.
$ in thousands
2016
2015
Selected Balance Sheet Data
Total assets
2016
$ 10,779,587
2015
$ 11,017,943
Total CBRE Group, Inc. stockholders’ equity
2016
$ 3,014,487
2015
$ 2,712,652



RECONCILIATIONS


(1) Reconciliation of Revenue to Fee Revenue


 
Year Ended December 31,
$ in thousands, except per share data.
$ in thousands, except per share data
2016
2015
Revenue
2016
$ 13,071,589
2015
$ 10,855,810
Less:
Client reimbursed pass through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients
2016
4,354,463
2015
3,125,473
Fee revenue
2016
$8,717,126
2015
$7,730,337


(2) Reconciliation of Net Income Attributable to CBRE Group, Inc. to Net Income Attributable to CBRE Group, Inc., as Adjusted, and Calculation of Diluted Earnings per Share Attributable to CBRE Group, Inc., as Adjusted:


 
Year Ended December 31,
$ in thousands, except per share data.
$ in thousands, except per share data
2016
2015
Net income attributable to CBRE Group, Inc.
2016
$ 571,973
2015
$ 547,132
Integration and other costs related to acquisitions
2016
125,743
2015
48,865
Amortization expense related to certain intangible assets attributable to acquisitions
2016
111,105
2015
86,564
Cost-elimination expenses
2016
78,456
2015
40,439
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue
2016
(15,558)
2015
26,085
Write-off of financing costs on extinguished debt
2016
2015
2,685
Tax impact of adjusted items
2016
(93,181)
2015
(62,600)
Net income attributable to CBRE Group, Inc., as adjusted
2016
$ 778,538
2015
$ 689,170
Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted
2016
$ 2.30
2015
$ 2.05
Weighted average shares outstanding for diluted income per share, as adjusted
2016
338,424,563
2015
336,414,856


(3) Reconciliation of Adjusted EBITDA to EBITDA to Net Income Attributable to CBRE Group, Inc.:


 
Year Ended December 31,
$ in thousands.
$ in thousands
2016
2015
Adjusted EBITDA
2016
$ 1,561,003
2015
$ 1,412,724
Less:
Integration and other costs related to acquisitions
2016
125,743
2015
48,865
Cost-elimination expenses
2016
78,456
2015
40,439
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue
2016
(15,558)
2015
26,085
EBITDA
2016
$ 1,372,362
2015
$ 1,297,335
Add:
Interest income
2016
8,051
2015
6,311
Less:
Depreciation and amortization
2016
366,927
2015
314,096
Interest expense
2016
144,851
2015
118,880
Write-off of financing costs on extinguished debt
2016
2015
2,685
Provision for income taxes
2016
296,662
2015
320,853
Net income attributable to CBRE Group, Inc.
2016
$ 571,973
2015
$ 547,132


Note: Local currency percentage changes are calculated by comparing current-period results at prior-period exchange rates versus prior-period results.



CBRE 2016 Annual Report