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SEC Filings

10-Q
 filed this Form 10-Q on 10/31/2017
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The increase in EMEA property segment gross margin was primarily attributable to the increase in revenue described above and a benefit of $3.2 million attributable to the impact of foreign currency translation on direct expenses, partially offset by an increase in direct expenses of $9.2 million.

The increase in Latin America property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $7.3 million. Direct expenses increased by an additional $2.6 million due to the impact of foreign currency translation.

The increase in services segment gross margin was primarily due to increased project volume.

Nine Months Ended September 30, 2017

The increase in U.S. property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $3.8 million.

The increase in Asia property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $153.8 million, primarily due to the Viom Acquisition. Direct expenses increased by an additional $13.4 million attributable to the impact of foreign currency translation.

The increase in EMEA property segment gross margin was primarily attributable to the increase in revenue described above and a benefit of $31.4 million attributable to the impact of foreign currency translation on direct expenses, partially offset by an increase in direct expenses of $43.9 million, partially due to the FPS Acquisition.

The increase in Latin America property segment gross margin was primarily attributable to the increase in revenue described above, partially offset by an increase in direct expenses of $23.9 million. Direct expenses increased by an additional $16.4 million due to the impact of foreign currency translation.

The increase in services segment gross margin was primarily due to increased project volume.

Selling, General, Administrative and Development Expense (“SG&A”)
 
Three Months Ended September 30,
 
Percent Increase (Decrease)
 
Nine Months Ended September 30,
 
Percent Increase (Decrease)
 
2017
 
2016
 
 
2017
 
2016
 
Property
 
 
 
 
 
 
 
 
 
 
 
U.S.
$
41,402

 
$
35,526

 
17
 %
 
$
112,273

 
$
107,533

 
4
%
Asia
12,408

 
15,030

 
(17
)
 
49,474

 
36,376

 
36

EMEA
15,225

 
12,958

 
17

 
49,627

 
45,795

 
8

Latin America
18,579

 
15,454

 
20

 
56,622

 
45,069

 
26

Total property
87,614

 
78,968

 
11

 
267,996

 
234,773

 
14

Services
3,631

 
2,726

 
33

 
10,224

 
8,988

 
14

Other
56,716

 
49,843

 
14

 
187,685

 
161,325

 
16

Total selling, general, administrative and development expense
$
147,961

 
$
131,537

 
12
 %
 
$
465,905

 
$
405,086

 
15
%

Three Months Ended September 30, 2017
The increases in each of our U.S., EMEA and Latin America property segments’ SG&A were primarily driven by increased personnel costs to support our business, including additional costs as a result of the FPS Acquisition in our EMEA property segment.


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