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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jones Lang LaSalle Inc | NYSE:JLL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.53 | 0.83% | 185.52 | 189.30 | 182.33 | 188.04 | 322,659 | 23:42:54 |
Maryland | 001-13145 | 36-4150422 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
of incorporation or organization) |
200 East Randolph Drive, Chicago, IL | 60601 | |
(Address of principal executive offices) | (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1. | News release issued by Jones Lang LaSalle Incorporated on July 29, 2015 announcing its financial |
results for the second quarter ended June 30, 2015. | |
99.2. | Supplemental Information to Second Quarter 2015 Earnings Call issued on July 29, 2015. |
Signatures |
Dated: July 29, 2015 | |||
Jones Lang LaSalle Incorporated | |||
By: /s/ Christie B. Kelly | |||
Name: Christie B. Kelly | |||
Title: Executive Vice President and Chief Financial Officer |
99.1. | News release issued by Jones Lang LaSalle Incorporated on July 29, 2015 announcing its financial |
results for the second quarter ended June 30, 2015. | |
99.2. | Supplemental Information to Second Quarter 2015 Earnings Call issued on July 29, 2015. |
• | Record second-quarter fee revenue with double-digit growth across all four segments |
• | Year-to-date margin expansion in all segments with ongoing investments for future revenue and profit growth |
• | Capital Markets & Hotels momentum and market share growth continues; Corporate Solutions secures significant client wins and adds to strong pipeline |
• | LaSalle Investment Management year-to-date capital raise of $3 billion; outstanding performance for clients and shareholders |
• | Acquisitions increasing; 10 transactions announced in 2015 |
• | JLL's credit rating upgraded to BBB+ (Stable) by Standard & Poor’s on July 28, 2015 |
Summary Financial Results ($ in millions, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Revenue | $ | 1,373 | $ | 1,277 | $ | 2,577 | $ | 2,315 | ||||||
Fee Revenue1 | $ | 1,182 | $ | 1,086 | $ | 2,211 | $ | 1,964 | ||||||
Adjusted Net Income2 | $ | 92 | $ | 76 | $ | 134 | $ | 93 | ||||||
U.S. GAAP Net Income2 | $ | 90 | $ | 72 | $ | 132 | $ | 88 | ||||||
Adjusted Earnings per Share2 | $ | 2.01 | $ | 1.68 | $ | 2.95 | $ | 2.05 | ||||||
Earnings per Share | $ | 1.98 | $ | 1.58 | $ | 2.91 | $ | 1.94 | ||||||
Adjusted EBITDA3 | $ | 157 | $ | 132 | $ | 247 | $ | 184 | ||||||
Adjusted EBITDA, Real Estate Services | $ | 119 | $ | 109 | $ | 181 | $ | 144 | ||||||
Adjusted EBITDA, LaSalle Investment Management | $ | 38 | $ | 23 | $ | 66 | $ | 40 | ||||||
See Financial Statement Notes (1), (2) and (3) following the Financial Statements in this news release |
Consolidated Revenue ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 379.0 | $ | 366.8 | 3% | 8% | ||||
Capital Markets & Hotels | 222.8 | 182.2 | 22% | 33% | ||||||
Property & Facility Management Fee Revenue1 | 258.6 | 260.6 | (1)% | 7% | ||||||
Property & Facility Management | 363.1 | 376.5 | (4)% | 4% | ||||||
Project & Development Services Fee Revenue1 | 121.4 | 102.8 | 18% | 29% | ||||||
Project & Development Services | 208.6 | 178.1 | 17% | 34% | ||||||
Advisory, Consulting and Other | 119.9 | 103.6 | 16% | 27% | ||||||
Total RES Fee Revenue1 | $ | 1,101.7 | $ | 1,016.0 | 8% | 16% | ||||
Total RES Revenue | $ | 1,293.4 | $ | 1,207.2 | 7% | 16% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 59.8 | $ | 60.0 | —% | 8% | ||||
Transaction Fees & Other | 8.4 | 4.4 | 91% | 108% | ||||||
Incentive Fees | 11.9 | 5.6 | 113% | 133% | ||||||
Total LaSalle Revenue | $ | 80.1 | $ | 70.0 | 14% | 24% | ||||
Total Firm Fee Revenue1 | $ | 1,181.8 | $ | 1,086.0 | 9% | 17% | ||||
Total Firm Revenue | $ | 1,373.5 | $ | 1,277.2 | 8% | 16% | ||||
n.m. - not meaningful |
Consolidated Revenue ($ in millions, “LC” = local currency) | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 685.1 | $ | 636.0 | 8% | 12% | ||||
Capital Markets & Hotels | 400.1 | 299.5 | 34% | 45% | ||||||
Property & Facility Management Fee Revenue1 | 518.4 | 507.7 | 2% | 9% | ||||||
Property & Facility Management | 735.9 | 721.2 | 2% | 9% | ||||||
Project & Development Services Fee Revenue1 | 222.6 | 190.2 | 17% | 27% | ||||||
Project & Development Services | 371.2 | 327.6 | 13% | 28% | ||||||
Advisory, Consulting and Other | 218.7 | 196.6 | 11% | 22% | ||||||
Total RES Fee Revenue1 | $ | 2,044.9 | $ | 1,830.0 | 12% | 19% | ||||
Total RES Revenue | $ | 2,411.0 | $ | 2,180.9 | 11% | 19% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 120.6 | $ | 115.8 | 4% | 12% | ||||
Transaction Fees & Other | 14.5 | 9.0 | 61% | 76% | ||||||
Incentive Fees | 30.9 | 8.9 | n.m. | n.m. | ||||||
Total LaSalle Revenue | $ | 166.0 | $ | 133.7 | 24% | 34% | ||||
Total Firm Fee Revenue1 | $ | 2,210.9 | $ | 1,963.7 | 13% | 20% | ||||
Total Firm Revenue | $ | 2,577.0 | $ | 2,314.6 | 11% | 20% | ||||
n.m. - not meaningful |
• | Consolidated fee revenue for the second quarter was $1.2 billion, up 17 percent from 2014. Growth was broad-based, led by Capital Markets, up $41 million or 33 percent, and Project & Development Services, up $19 million or 29 percent. |
• | Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.1 billion for the second quarter, compared with $989 million last year, an increase of 17 percent. |
• | LaSalle Investment Management's advisory fees grew 8 percent while healthy transaction and incentive fees contributed to a total revenue increase of 24 percent. LaSalle also recognized significant equity earnings from legacy investment dispositions. |
• | Adjusted EBITDA margin calculated on a fee revenue basis was 13.3 percent for the second quarter, compared with 12.2 percent last year. |
• | Adjusted earnings per share reached $2.01 for the second quarter, up 20 percent from last year despite a negative foreign exchange impact of approximately $0.15 compared with a year ago. |
• | JLL's credit rating was upgraded to BBB+ (Stable) by Standard & Poor’s on July 28, 2015. This upgrade reflects the second time in eight months that S&P has improved JLL’s debt rating. |
• | The firm's total net debt was $522 million at quarter end, a decrease of $24 million from the first quarter 2015 and $150 million from the second quarter last year. |
• | Net interest expense for the second quarter was $7.6 million, down from $7.7 million in the second quarter of 2014. Slightly higher borrowing costs partially offset lower average borrowings compared with last year. |
Americas Revenue ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 263.7 | $ | 250.5 | 5% | 6% | ||||
Capital Markets & Hotels | 76.5 | 59.2 | 29% | 30% | ||||||
Property & Facility Management Fee Revenue1 | 111.9 | 107.6 | 4% | 8% | ||||||
Property & Facility Management | 163.4 | 158.3 | 3% | 9% | ||||||
Project & Development Services Fee Revenue1 | 60.4 | 51.3 | 18% | 22% | ||||||
Project & Development Services | 61.8 | 52.1 | 19% | 23% | ||||||
Advisory, Consulting and Other | 32.1 | 24.0 | 34% | 36% | ||||||
Operating Revenue | $ | 544.6 | $ | 492.6 | 11% | 11% | ||||
Equity Earnings | 0.5 | 1.0 | (50)% | (41)% | ||||||
Total Segment Fee Revenue1 | $ | 545.1 | $ | 493.6 | 10% | 12% | ||||
Total Segment Revenue | $ | 598.0 | $ | 545.1 | 10% | 12% | ||||
n.m. - not meaningful |
Americas Revenue ($ in millions, “LC” = local currency) | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 492.9 | $ | 438.2 | 12% | 13% | ||||
Capital Markets & Hotels | 151.3 | 100.3 | 51% | 52% | ||||||
Property & Facility Management Fee Revenue1 | 226.1 | 213.7 | 6% | 9% | ||||||
Property & Facility Management | 329.9 | 304.4 | 8% | 13% | ||||||
Project & Development Services Fee Revenue1 | 113.1 | 96.0 | 18% | 21% | ||||||
Project & Development Services | 115.2 | 97.6 | 18% | 21% | ||||||
Advisory, Consulting and Other | 62.4 | 50.7 | 23% | 25% | ||||||
Operating Revenue | $ | 1,045.8 | $ | 898.9 | 16% | 17% | ||||
Equity Earnings | 0.9 | 1.2 | (25)% | (24)% | ||||||
Total Segment Fee Revenue1 | $ | 1,046.7 | $ | 900.1 | 16% | 18% | ||||
Total Segment Revenue | $ | 1,152.6 | $ | 992.4 | 16% | 18% | ||||
n.m. - not meaningful |
• | Fee revenue for the quarter was $545 million, an increase of 11 percent from 2014. Revenue growth compared with last year was broad-based, with Capital Markets & Hotels up 30 percent, Project & Development Services up 22 percent, and Advisory, Consulting and Other up 36 percent. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $499 million for the quarter, up 14 percent from last year. The quarter included investments in technology to support our clients and platform to support the growing business. |
• | Operating income was $46 million for the quarter, compared with $47 million in 2014. Year-to-date operating income was $81 million, up from $64 million in 2014. |
• | Adjusted EBITDA was $61 million for the quarter, compared with $60 million last year. Adjusted EBITDA margin, for the quarter, calculated on a fee revenue basis, was 11.3 percent, compared with 12.2 percent in 2014. Year-to-date Adjusted EBITDA was $112 million, up from $91 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 10.7 percent, compared with 10.1 percent in 2014. |
EMEA Revenue ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 65.1 | $ | 67.6 | (4)% | 12% | ||||
Capital Markets & Hotels | 113.2 | 93.4 | 21% | 38% | ||||||
Property & Facility Management Fee Revenue1 | 50.9 | 60.3 | (16)% | (3)% | ||||||
Property & Facility Management | 69.7 | 88.5 | (21)% | (10)% | ||||||
Project & Development Services Fee Revenue1 | 39.4 | 34.1 | 16% | 36% | ||||||
Project & Development Services | 110.7 | 92.5 | 20% | 44% | ||||||
Advisory, Consulting and Other | 57.6 | 53.6 | 7% | 24% | ||||||
Operating Revenue | $ | 326.2 | $ | 309.0 | 6% | 21% | ||||
Equity Earnings | 1.1 | — | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 327.3 | $ | 309.0 | 6% | 22% | ||||
Total Segment Revenue | $ | 417.4 | $ | 395.6 | 6% | 23% | ||||
n.m. - not meaningful |
EMEA Revenue ($ in millions, “LC” = local currency) | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 113.5 | $ | 121.7 | (7)% | 9% | ||||
Capital Markets & Hotels | 188.3 | 147.8 | 27% | 46% | ||||||
Property & Facility Management Fee Revenue1 | 102.6 | 112.4 | (9)% | 4% | ||||||
Property & Facility Management | 144.5 | 165.1 | (12)% | —% | ||||||
Project & Development Services Fee Revenue1 | 70.6 | 62.7 | 13% | 32% | ||||||
Project & Development Services | 190.6 | 174.6 | 9% | 32% | ||||||
Advisory, Consulting and Other | 105.1 | 98.4 | 7% | 22% | ||||||
Operating Revenue | $ | 580.1 | $ | 543.0 | 7% | 23% | ||||
Equity Earnings | 0.8 | — | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 580.9 | $ | 543.0 | 7% | 23% | ||||
Total Segment Revenue | $ | 742.8 | $ | 707.6 | 5% | 22% | ||||
n.m. - not meaningful |
• | EMEA's performance during the second quarter was significantly higher in local currencies than in U.S. dollars due to the strength of the U.S. dollar against European currencies. |
• | Fee revenue for the quarter was $327 million, an increase of 21 percent from 2014. Revenue growth was driven by Capital Markets & Hotels, up 38 percent, and Project & Development Services up 36 percent, compared with last year. Growth in the region was broad-based, led by the UK, Germany, Sweden, and Central and Eastern Europe. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $295 million for the quarter, compared with $284 million last year. |
• | Operating income was $32 million for the quarter, compared with $25 million in 2014. Year-to-date operating income was $29 million, up from $20 million in 2014. |
• | Adjusted EBITDA was $38 million for the quarter, compared with $30 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 11.7 percent for the quarter, compared with 9.8 percent in 2014. Year-to-date Adjusted EBITDA was $41 million, up from $31 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 7.0 percent, compared with 5.7 percent in 2014. |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 50.2 | $ | 48.7 | 3% | 11% | ||||
Capital Markets & Hotels | 33.1 | 29.6 | 12% | 25% | ||||||
Property & Facility Management Fee Revenue1 | 95.8 | 92.7 | 3% | 13% | ||||||
Property & Facility Management | 130.0 | 129.7 | —% | 9% | ||||||
Project & Development Services Fee Revenue1 | 21.6 | 17.4 | 24% | 38% | ||||||
Project & Development Services | 36.1 | 33.5 | 8% | 20% | ||||||
Advisory, Consulting and Other | 30.2 | 26.0 | 16% | 27% | ||||||
Operating Revenue | $ | 230.9 | $ | 214.4 | 8% | 18% | ||||
Equity Earnings | 0.1 | — | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 231.0 | $ | 214.4 | 8% | 18% | ||||
Total Segment Revenue | $ | 279.7 | $ | 267.5 | 5% | 14% | ||||
n.m. - not meaningful |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 78.7 | $ | 76.1 | 3% | 11% | ||||
Capital Markets & Hotels | 60.5 | 51.4 | 18% | 31% | ||||||
Property & Facility Management Fee Revenue1 | 189.7 | 181.6 | 4% | 13% | ||||||
Property & Facility Management | 261.5 | 251.8 | 4% | 11% | ||||||
Project & Development Services Fee Revenue1 | 38.9 | 31.5 | 23% | 35% | ||||||
Project & Development Services | 65.4 | 55.4 | 18% | 29% | ||||||
Advisory, Consulting and Other | 51.2 | 47.5 | 8% | 17% | ||||||
Operating Revenue | $ | 419.0 | $ | 388.1 | 8% | 17% | ||||
Equity Losses | — | (0.1 | ) | n.m. | n.m. | |||||
Total Segment Fee Revenue1 | $ | 419.0 | $ | 388.0 | 8% | 17% | ||||
Total Segment Revenue | $ | 517.3 | $ | 482.1 | 7% | 16% | ||||
n.m. - not meaningful |
• | Asia Pacific's performance during the second quarter was significantly higher in local currencies than in U.S. dollars due to the strength of the U.S. dollar, particularly against the Australian dollar and Japanese yen. |
• | Fee revenue for the quarter was $231 million, an increase of 18 percent from 2014. Revenue growth was driven by Capital Markets & Hotels, up 25 percent, and Project & Development Services, up 38 percent, compared with last year. Growth in the region was broad-based, led by Japan, Australia, India and Singapore. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $215 million for the quarter, compared with $199 million last year, an increase of 13 percent. |
• | Operating income was $16 million for the quarter, in-line with 2014. Year-to-date operating income was $21 million, up from $17 million in 2014. |
• | Adjusted EBITDA was $20 million for the quarter, compared with $19 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 8.6 percent for the quarter, compared with 8.9 percent in 2014. Year-to-date Adjusted EBITDA was $28 million, up from $23 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 6.6 percent, compared with 6.0 percent in 2014. |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 59.8 | $ | 60.0 | —% | 8% | ||||
Transaction Fees & Other | 8.4 | 4.4 | 91% | 108% | ||||||
Incentive Fees | 11.9 | 5.6 | 113% | 133% | ||||||
Operating Revenue | $ | 80.1 | $ | 70.0 | 14% | 24% | ||||
Equity Earnings | 25.4 | 11.5 | 121% | 121% | ||||||
Total Segment Revenue | $ | 105.5 | $ | 81.5 | 29% | 38% | ||||
n.m. - not meaningful |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 120.6 | $ | 115.8 | 4% | 12% | ||||
Transaction Fees & Other | 14.5 | 9.0 | 61% | 76% | ||||||
Incentive Fees | 30.9 | 8.9 | n.m. | n.m. | ||||||
Operating Revenue | $ | 166.0 | $ | 133.7 | 24% | 34% | ||||
Equity Earnings | 36.8 | 20.3 | 81% | 83% | ||||||
Total Segment Revenue | $ | 202.8 | $ | 154.0 | 32% | 41% | ||||
n.m. - not meaningful |
• | Total segment revenue was $106 million for the quarter, compared with $82 million last year. This included $8 million of transaction fees and other income, $12 million of incentive fees and $25 million of equity earnings. |
• | Equity earnings grew significantly for the quarter, driven by the sale of assets as LaSalle realizes gains from legacy investments. |
• | Operating expenses were $68 million for the quarter, compared with $59 million last year. |
• | Operating income was $38 million for the quarter, compared with $22 million last year. |
• | Adjusted EBITDA was $38 million for the quarter, compared with $23 million last year. Adjusted EBITDA margin was 36.0 percent, compared with 27.9 percent in 2014. Year-to-date Adjusted EBITDA was $66 million, up from $40 million in 2014. Year-to-date Adjusted EBITDA margin was 32.8 percent, compared to 25.7 percent in 2014. |
• | Capital raise was $948 million for the quarter and $3.0 billion year-to-date. |
• | Assets under management were $56.0 billion as of June 30, 2015, up from $55.3 billion as of March 31, 2015. The net increase in assets under management resulted from $3.5 billion of acquisitions and takeovers, $2.5 billion of dispositions and withdrawals, $1.3 billion of net valuation increases and $1.6 billion of net foreign currency decreases. |
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JONES LANG LASALLE INCORPORATED | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
For the Three and Six Months Ended June 30, 2015 and 2014 | |||||||||||||||
(in thousands, except share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,373,475 | $ | 1,277,204 | $ | 2,576,986 | $ | 2,314,646 | |||||||
Operating expenses: | |||||||||||||||
Compensation and benefits | 825,058 | 761,224 | 1,562,975 | 1,398,563 | |||||||||||
Operating, administrative and other | 418,127 | 396,086 | 805,324 | 753,086 | |||||||||||
Depreciation and amortization | 25,495 | 22,780 | 50,418 | 45,191 | |||||||||||
Restructuring and acquisition charges 4 | 1,832 | 5,458 | 2,648 | 41,416 | |||||||||||
Total operating expenses | 1,270,512 | 1,185,548 | 2,421,365 | 2,238,256 | |||||||||||
Operating income1 | 102,963 | 91,656 | 155,621 | 76,390 | |||||||||||
Interest expense, net of interest income | (7,558 | ) | (7,664 | ) | (13,596 | ) | (14,300 | ) | |||||||
Equity earnings from real estate ventures | 27,128 | 12,491 | 38,511 | 21,393 | |||||||||||
Income before income taxes and noncontrolling interest 4 | 122,533 | 96,483 | 180,536 | 83,483 | |||||||||||
Provision for (benefit from) income taxes 4 | 31,123 | 24,121 | 45,856 | (5,024 | ) | ||||||||||
Net income 4 | 91,410 | 72,362 | 134,680 | 88,507 | |||||||||||
Net income attributable to noncontrolling interest | 1,099 | 420 | 2,475 | 663 | |||||||||||
Net income attributable to the Company | $ | 90,311 | $ | 71,942 | $ | 132,205 | $ | 87,844 | |||||||
Dividends on unvested common stock, net of tax benefit | 163 | 176 | 163 | 176 | |||||||||||
Net income attributable to common shareholders | $ | 90,148 | $ | 71,766 | $ | 132,042 | $ | 87,668 | |||||||
Basic earnings per common share | $ | 2.01 | $ | 1.61 | $ | 2.94 | $ | 1.97 | |||||||
Basic weighted average shares outstanding | 44,868,979 | 44,586,095 | 44,856,374 | 44,550,154 | |||||||||||
Diluted earnings per common share 2 | $ | 1.98 | $ | 1.58 | $ | 2.91 | $ | 1.94 | |||||||
Diluted weighted average shares outstanding | 45,434,585 | 45,278,494 | 45,393,438 | 45,220,082 | |||||||||||
EBITDA 3 | $ | 155,586 | $ | 126,927 | $ | 244,550 | $ | 142,974 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | |||||||||||||||
Segment Operating Results | |||||||||||||||
For the Three and Six Months Ended June 30, 2015 and 2014 | |||||||||||||||
(in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REAL ESTATE SERVICES | |||||||||||||||
AMERICAS | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 597,470 | $ | 544,082 | $ | 1,151,666 | $ | 991,164 | |||||||
Equity earnings | 570 | 967 | 916 | 1,202 | |||||||||||
Total segment revenue | 598,040 | 545,049 | 1,152,582 | 992,366 | |||||||||||
Gross contract costs1 | (52,937 | ) | (51,479 | ) | (105,896 | ) | (92,262 | ) | |||||||
Total segment fee revenue | 545,103 | 493,570 | 1,046,686 | 900,104 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 536,685 | 484,750 | 1,040,261 | 901,759 | |||||||||||
Depreciation and amortization | 15,322 | 13,531 | 30,873 | 26,842 | |||||||||||
Total segment operating expenses | 552,007 | 498,281 | 1,071,134 | 928,601 | |||||||||||
Gross contract costs1 | (52,937 | ) | (51,479 | ) | (105,896 | ) | (92,262 | ) | |||||||
Total fee-based segment operating expenses | 499,070 | 446,802 | 965,238 | 836,339 | |||||||||||
Operating income | $ | 46,033 | $ | 46,768 | $ | 81,448 | $ | 63,765 | |||||||
Adjusted EBITDA | $ | 61,355 | $ | 60,299 | $ | 112,321 | $ | 90,607 | |||||||
EMEA | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 416,259 | $ | 395,643 | $ | 742,033 | $ | 707,525 | |||||||
Equity earnings | 1,112 | — | 744 | — | |||||||||||
Total segment revenue | 417,371 | 395,643 | 742,777 | 707,525 | |||||||||||
Gross contract costs1 | (90,060 | ) | (86,673 | ) | (161,922 | ) | (164,525 | ) | |||||||
Total segment fee revenue | 327,311 | 308,970 | 580,855 | 543,000 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 379,106 | 365,360 | 702,192 | 676,706 | |||||||||||
Depreciation and amortization | 6,073 | 5,504 | 11,299 | 10,948 | |||||||||||
Total segment operating expenses | 385,179 | 370,864 | 713,491 | 687,654 | |||||||||||
Gross contract costs1 | (90,060 | ) | (86,673 | ) | (161,922 | ) | (164,525 | ) | |||||||
Total fee-based segment operating expenses | 295,119 | 284,191 | 551,569 | 523,129 | |||||||||||
Operating income | $ | 32,192 | $ | 24,779 | $ | 29,286 | $ | 19,871 | |||||||
Adjusted EBITDA | $ | 38,265 | $ | 30,283 | $ | 40,585 | $ | 30,819 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
ASIA PACIFIC | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 279,573 | $ | 267,477 | $ | 517,322 | $ | 482,182 | |||||||
Equity earnings (losses) | 74 | 4 | 22 | (79 | ) | ||||||||||
Total segment revenue | 279,647 | 267,481 | 517,344 | 482,103 | |||||||||||
Gross contract costs1 | (48,669 | ) | (53,096 | ) | (98,257 | ) | (94,063 | ) | |||||||
Total segment fee revenue | 230,978 | 214,385 | 419,087 | 388,040 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 259,878 | 248,454 | 489,500 | 458,759 | |||||||||||
Depreciation and amortization | 3,583 | 3,257 | 7,222 | 6,425 | |||||||||||
Total segment operating expenses | 263,461 | 251,711 | 496,722 | 465,184 | |||||||||||
Gross contract costs1 | (48,669 | ) | (53,096 | ) | (98,257 | ) | (94,063 | ) | |||||||
Total fee-based segment operating expenses | 214,792 | 198,615 | 398,465 | 371,121 | |||||||||||
Operating income | $ | 16,186 | $ | 15,770 | $ | 20,622 | $ | 16,919 | |||||||
Adjusted EBITDA | $ | 19,769 | $ | 19,027 | $ | 27,844 | $ | 23,344 | |||||||
LASALLE INVESTMENT MANAGEMENT | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 80,173 | $ | 70,002 | $ | 165,965 | $ | 133,775 | |||||||
Equity earnings | 25,372 | 11,520 | 36,829 | 20,270 | |||||||||||
Total segment revenue | 105,545 | 81,522 | 202,794 | 154,045 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 67,516 | 58,746 | 136,346 | 114,425 | |||||||||||
Depreciation and amortization | 517 | 488 | 1,024 | 976 | |||||||||||
Total segment operating expenses | 68,033 | 59,234 | 137,370 | 115,401 | |||||||||||
Operating income | $ | 37,512 | $ | 22,288 | $ | 65,424 | $ | 38,644 | |||||||
Adjusted EBITDA | $ | 38,029 | $ | 22,776 | $ | 66,448 | $ | 39,620 | |||||||
SEGMENT RECONCILING ITEMS | |||||||||||||||
Total segment revenue | $ | 1,400,603 | $ | 1,289,695 | $ | 2,615,497 | $ | 2,336,039 | |||||||
Reclassification of equity earnings | 27,128 | 12,491 | 38,511 | 21,393 | |||||||||||
Total revenue | $ | 1,373,475 | $ | 1,277,204 | $ | 2,576,986 | $ | 2,314,646 | |||||||
Total operating expenses before restructuring and acquisition charges | 1,268,680 | 1,180,090 | 2,418,717 | 2,196,840 | |||||||||||
Operating income before restructuring and acquisition charges | $ | 104,795 | $ | 97,114 | $ | 158,269 | $ | 117,806 | |||||||
Restructuring and acquisition charges | 1,832 | 5,458 | 2,648 | 41,416 | |||||||||||
Operating income after restructuring and acquisition charges | $ | 102,963 | $ | 91,656 | $ | 155,621 | $ | 76,390 | |||||||
Total adjusted EBITDA | $ | 157,418 | $ | 132,385 | $ | 247,198 | $ | 184,390 | |||||||
Restructuring and acquisition charges | 1,832 | 5,458 | 2,648 | 41,416 | |||||||||||
Total EBITDA | $ | 155,586 | $ | 126,927 | $ | 244,550 | $ | 142,974 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
June 30, 2015, December 31, 2014 and June 30, 2014 | ||||||||||||||
(in thousands) | ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
June 30, | December 31, | June 30, | ||||||||||||
2015 | 2014 | 2014 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 191,034 | $ | 250,413 | $ | 150,708 | ||||||||
Trade receivables, net of allowances | 1,305,467 | 1,375,035 | 1,195,172 | |||||||||||
Notes and other receivables | 218,003 | 181,377 | 172,700 | |||||||||||
Warehouse receivables | 32,200 | 83,312 | 100,922 | |||||||||||
Prepaid expenses | 71,730 | 64,963 | 75,859 | |||||||||||
Deferred tax assets, net | 131,881 | 135,251 | 128,901 | |||||||||||
Other | 34,633 | 27,825 | 9,676 | |||||||||||
Total current assets | 1,984,948 | 2,118,176 | 1,833,938 | |||||||||||
Property and equipment, net of accumulated depreciation | 362,988 | 368,361 | 331,850 | |||||||||||
Goodwill, with indefinite useful lives | 1,933,280 | 1,907,924 | 1,946,414 | |||||||||||
Identified intangibles, net of accumulated amortization | 38,367 | 38,841 | 44,146 | |||||||||||
Investments in real estate ventures | 333,016 | 297,142 | 295,618 | |||||||||||
Long-term receivables | 99,396 | 85,749 | 62,412 | |||||||||||
Deferred tax assets, net | 102,718 | 90,897 | 69,148 | |||||||||||
Deferred compensation plans | 126,627 | 111,234 | 96,729 | |||||||||||
Other | 61,961 | 57,012 | 96,001 | |||||||||||
Total assets | $ | 5,043,301 | $ | 5,075,336 | $ | 4,776,256 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 575,807 | $ | 630,037 | $ | 491,598 | ||||||||
Accrued compensation | 662,865 | 990,678 | 549,234 | |||||||||||
Short-term borrowings | 22,150 | 19,623 | 24,738 | |||||||||||
Deferred tax liabilities, net | 16,554 | 16,554 | 11,631 | |||||||||||
Deferred income | 127,332 | 104,565 | 111,187 | |||||||||||
Deferred business acquisition obligations | 39,463 | 49,259 | 43,595 | |||||||||||
Warehouse facility | 32,200 | 83,312 | 100,922 | |||||||||||
Minority shareholder redemption liability | — | 11,158 | — | |||||||||||
Other | 146,689 | 141,825 | 116,610 | |||||||||||
Total current liabilities | 1,623,060 | 2,047,011 | 1,449,515 | |||||||||||
Noncurrent liabilities: | ||||||||||||||
Credit facility | 329,998 | — | 410,000 | |||||||||||
Long-term senior notes | 275,000 | 275,000 | 275,000 | |||||||||||
Deferred tax liabilities, net | 17,712 | 17,082 | 18,029 | |||||||||||
Deferred compensation | 141,799 | 125,857 | 105,743 | |||||||||||
Deferred business acquisition obligations | 46,360 | 68,848 | 69,161 | |||||||||||
Minority shareholder redemption liability | — | — | 10,657 | |||||||||||
Other | 114,512 | 118,969 | 97,474 | |||||||||||
Total liabilities | 2,548,441 | 2,652,767 | 2,435,579 |
(Unaudited) | (Unaudited) | |||||||||||||
June 30, | December 31, | June 30, | ||||||||||||
2015 | 2014 | 2014 | ||||||||||||
Redeemable noncontrolling interest | 9,905 | 13,449 | 13,725 | |||||||||||
Company shareholders' equity: | ||||||||||||||
Common stock, $.01 par value per share,100,000,000 shares authorized; 44,880,457, 44,828,779, and 44,621,117 shares issued and outstanding as of June 30, 2015, December 31, 2014 and June 30, 2014, respectively | 449 | 448 | 446 | |||||||||||
Additional paid-in capital | 974,174 | 961,850 | 957,763 | |||||||||||
Retained earnings | 1,751,018 | 1,631,145 | 1,344,318 | |||||||||||
Shares held in trust | (6,329 | ) | (6,407 | ) | (6,250 | ) | ||||||||
Accumulated other comprehensive income (loss) | (254,772 | ) | (200,239 | ) | 13,750 | |||||||||
Total Company shareholders' equity | 2,464,540 | 2,386,797 | 2,310,027 | |||||||||||
Noncontrolling interest | 20,415 | 22,323 | 16,925 | |||||||||||
Total equity | 2,484,955 | 2,409,120 | 2,326,952 | |||||||||||
Total liabilities and equity | $ | 5,043,301 | $ | 5,075,336 | $ | 4,776,256 | ||||||||
Please reference attached financial statement notes. |
Six Months Ended | |||||||
June 30, | |||||||
2015 | 2014 | ||||||
Cash used in operating activities | $ | (214,851 | ) | $ | (147,008 | ) | |
Cash used in investing activities | (92,307 | ) | (83,865 | ) | |||
Cash provided by financing activities | 255,620 | 228,252 | |||||
Effect of currency exchange rate changes on cash and cash equivalents | (7,841 | ) | 603 | ||||
Net decrease in cash and cash equivalents | $ | (59,379 | ) | $ | (2,018 | ) | |
Cash and cash equivalents, beginning of period | 250,413 | 152,726 | |||||
Cash and cash equivalents, end of period | $ | 191,034 | $ | 150,708 | |||
Please reference attached financial statement notes. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,373.5 | $ | 1,277.2 | $ | 2,577.0 | $ | 2,314.6 | ||||||||
Gross contract costs | (191.7 | ) | (191.2 | ) | (366.1 | ) | (350.9 | ) | ||||||||
Fee revenue | $ | 1,181.8 | $ | 1,086.0 | $ | 2,210.9 | $ | 1,963.7 | ||||||||
Operating expenses | $ | 1,270.5 | $ | 1,185.5 | $ | 2,421.4 | $ | 2,238.2 | ||||||||
Gross contract costs | (191.7 | ) | (191.2 | ) | (366.1 | ) | (350.9 | ) | ||||||||
Fee-based operating expenses | $ | 1,078.8 | $ | 994.3 | $ | 2,055.3 | $ | 1,887.3 | ||||||||
Operating income | $ | 103.0 | $ | 91.7 | $ | 155.6 | $ | 76.4 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges* | 1.8 | 5.5 | 2.6 | 41.4 | ||||||||||||
Adjusted operating income | $ | 104.8 | $ | 97.2 | $ | 158.2 | $ | 117.8 | ||||||||
Adjusted operating income margin | 8.9 | % | 9.0 | % | 7.2 | % | 6.0 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
($ in millions, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income attributable to common shareholders | $ | 90.1 | $ | 71.8 | $ | 132.0 | $ | 87.7 | ||||||||
Shares (in 000s) | 45,435 | 45,278 | 45,393 | 45,220 | ||||||||||||
GAAP diluted earnings per share | $ | 1.98 | $ | 1.58 | $ | 2.91 | $ | 1.94 | ||||||||
GAAP net income attributable to common shareholders | $ | 90.1 | $ | 71.8 | $ | 132.0 | $ | 87.7 | ||||||||
Restructuring and acquisition charges, net* | 1.4 | 4.1 | 2.0 | 5.2 | ||||||||||||
Adjusted net income | $ | 91.5 | $ | 75.9 | $ | 134.0 | $ | 92.9 | ||||||||
Shares (in 000s) | 45,435 | 45,278 | 45,393 | 45,220 | ||||||||||||
Adjusted diluted earnings per share | $ | 2.01 | $ | 1.68 | $ | 2.95 | $ | 2.05 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income | $ | 91.4 | $ | 72.4 | $ | 134.7 | $ | 88.5 | ||||||||
Add: | ||||||||||||||||
Interest expense, net of interest income | 7.6 | 7.6 | 13.6 | 14.3 | ||||||||||||
Provision for (benefit from) income taxes | 31.1 | 24.1 | 45.9 | (5.0 | ) | |||||||||||
Depreciation and amortization | 25.5 | 22.8 | 50.4 | 45.2 | ||||||||||||
EBITDA | $ | 155.6 | $ | 126.9 | $ | 244.6 | $ | 143.0 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges | 1.8 | 5.5 | 2.6 | 41.4 | ||||||||||||
Adjusted EBITDA | $ | 157.4 | $ | 132.4 | $ | 247.2 | $ | 184.4 |
Contact: | Christie B. Kelly |
Title: | Global Chief Financial Officer |
Phone: | +1 312 228 2316 |
1 Year Jones Lang LaSalle Chart |
1 Month Jones Lang LaSalle Chart |
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