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Yeah, so the thing that's a bit puzzling is why revenue went up 10% but EBITDA went down 12.5%. The blame can be pinned mostly on the EMEA region.

From the release:
"EMEA region revenues totalled $106.6 million for the third quarter compared to $107.6 million in the prior year quarter, down 1% (up 4% on a local currency basis). Local currency revenue growth was comprised of a 1% internal decline and 5% growth from recent acquisitions. Internal revenues were impacted by a decline in Sales Brokerage, reflecting both the strong comparative quarter in 2015 and the effect of the June 2016 “Brexit” referendum, largely offset by a 15% increase in Outsourcing & Advisory services revenues. Adjusted EBITDA was $4.5 million, versus $13.2 million in the prior year quarter, and was impacted primarily by the above-noted change in revenue mix. The GAAP Operating Loss was $0.4 million, versus Operating Earnings of $8.5 million in the prior year quarter."

But that doesn't give a great picture of what's going on. Some may just be the usual lumpiness of the business, and more so given the European/UK fiasco.

But let's provide more context here: Just 43,000 shares have traded so far today, and the stock is down almost 9%. That's just 0.11% of all the company's shares driving a 9% decline in the value. Really incredible. The market is VERY antsy about earnings, and even companies that report good earnings are getting trashed. For CIGI, it looks like a very few investors are willing to sell at any price, while most are content to hold on. It will be interesting to see what happens in a few days. I'll have a look at the call when it comes out later for more details.

Jim
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