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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 October 28, 2015 announcing its financial |
results for the third quarter ended September 30, 2015. | |
99.2. | Supplemental Information to Third Quarter 2015 Earnings Call issued on October 28, 2015. |
Signatures |
Dated: October 28, 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 October 28, 2015 announcing its financial |
results for the third quarter ended September 30, 2015. | |
99.2. | Supplemental Information to Third Quarter 2015 Earnings Call issued on October 28, 2015. |
• | Ongoing investment fuels broad-based fee revenue growth and margin expansion |
• | Acquisition pace accelerates; 15 acquisitions year to date |
• | LaSalle Investment Management continues strong performance and capital raise momentum |
• | Robust pipelines in place for seasonally strong fourth quarter |
• | Semi-annual dividend increases 7 percent to $0.29 per share |
Summary Financial Results ($ in millions, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,501 | $ | 1,366 | $ | 4,078 | $ | 3,681 | |||||||
Fee Revenue1 | $ | 1,287 | $ | 1,181 | $ | 3,498 | $ | 3,144 | |||||||
Adjusted Net Income2 | $ | 114 | $ | 103 | $ | 249 | $ | 196 | |||||||
U.S. GAAP Net Income2 | $ | 110 | $ | 104 | $ | 243 | $ | 192 | |||||||
Adjusted Earnings per Share2 | $ | 2.52 | $ | 2.27 | $ | 5.47 | $ | 4.32 | |||||||
Earnings per Share | $ | 2.43 | $ | 2.30 | $ | 5.34 | $ | 4.24 | |||||||
Adjusted EBITDA3 | $ | 190 | $ | 167 | $ | 438 | $ | 351 | |||||||
Adjusted EBITDA, Real Estate Services | $ | 127 | $ | 99 | $ | 308 | $ | 243 | |||||||
Adjusted EBITDA, LaSalle Investment Management | $ | 63 | $ | 68 | $ | 130 | $ | 108 | |||||||
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 September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 417.8 | $ | 368.1 | 14% | 19% | ||||
Capital Markets & Hotels | 223.7 | 192.9 | 16% | 26% | ||||||
Property & Facility Management Fee Revenue1 | 270.7 | 259.6 | 4% | 14% | ||||||
Property & Facility Management | 378.3 | 376.3 | 1% | 10% | ||||||
Project & Development Services Fee Revenue1 | 125.9 | 112.6 | 12% | 21% | ||||||
Project & Development Services | 232.3 | 181.3 | 28% | 43% | ||||||
Advisory, Consulting and Other | 115.0 | 105.1 | 9% | 19% | ||||||
Total RES Fee Revenue1 | $ | 1,153.1 | $ | 1,038.3 | 11% | 17% | ||||
Total RES Revenue | $ | 1,367.1 | $ | 1,223.7 | 12% | 19% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 60.7 | $ | 60.9 | —% | 7% | ||||
Transaction Fees & Other | 5.0 | 10.8 | (54)% | (50)% | ||||||
Incentive Fees | 68.5 | 70.6 | (3)% | 8% | ||||||
Total LaSalle Revenue | $ | 134.2 | $ | 142.3 | (6)% | 3% | ||||
Total Firm Fee Revenue1 | $ | 1,287.3 | $ | 1,180.6 | 9% | 17% | ||||
Total Firm Revenue | $ | 1,501.3 | $ | 1,366.0 | 10% | 19% | ||||
n.m. - not meaningful |
Consolidated Revenue ($ in millions, “LC” = local currency) | Nine Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 1,103.8 | $ | 1,004.1 | 10% | 14% | ||||
Capital Markets & Hotels | 623.9 | 492.3 | 27% | 38% | ||||||
Property & Facility Management Fee Revenue1 | 790.8 | 762.8 | 4% | 12% | ||||||
Property & Facility Management | 1,115.8 | 1,093.2 | 2% | 10% | ||||||
Project & Development Services Fee Revenue1 | 348.5 | 302.9 | 15% | 25% | ||||||
Project & Development Services | 603.5 | 508.8 | 19% | 33% | ||||||
Advisory, Consulting and Other | 331.1 | 306.1 | 8% | 18% | ||||||
Total RES Fee Revenue1 | $ | 3,198.1 | $ | 2,868.2 | 12% | 19% | ||||
Total RES Revenue | $ | 3,778.1 | $ | 3,404.5 | 11% | 20% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 181.3 | $ | 176.8 | 3% | 11% | ||||
Transaction Fees & Other | 19.5 | 19.8 | (2)% | 7% | ||||||
Incentive Fees | 99.3 | 79.5 | 25% | 38% | ||||||
Total LaSalle Revenue | $ | 300.1 | $ | 276.1 | 9% | 18% | ||||
Total Firm Fee Revenue1 | $ | 3,498.2 | $ | 3,144.3 | 11% | 20% | ||||
Total Firm Revenue | $ | 4,078.2 | $ | 3,680.6 | 11% | 20% | ||||
n.m. - not meaningful |
• | Consolidated fee revenue for the third quarter was $1.3 billion, up 17 percent from 2014. Growth was broad-based, led by Leasing, up $50 million or 19 percent, Capital Markets & Hotels, up $31 million or 26 percent, and Project & Development Services, up $13 million or 21 percent. |
• | Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.2 billion for the third quarter, compared with $1.1 billion last year. The firm continued to invest in technology and people for its clients in support of the growing business. |
• | LaSalle Investment Management's advisory fees grew 7 percent; total revenue increased 3 percent driven by substantial incentive fees as certain funds near the end of their stated investment periods. LaSalle also recognized significant equity earnings from net valuation increases and investment dispositions. |
• | Adjusted EBITDA margin calculated on a fee revenue basis was 14.8 percent for the third quarter, compared with 14.1 percent last year. |
• | Adjusted earnings per share reached $2.52 for the third quarter, up 11 percent from last year despite a negative foreign exchange impact of approximately $0.23, or 10 percent compared with a year ago. |
• | The firm's total net debt was $435 million at quarter end, a decrease of $87 million from the second quarter of 2015. |
• | Net interest expense for the third quarter was $6.8 million, down from $7.4 million in the third quarter of 2014 primarily due to lower average borrowings compared with last year. |
• | Reflecting confidence in the firm's cash generation, the Board of Directors declared a semi-annual dividend of $0.29 per share, a 7 percent increase from the $0.27 per share payment made in June 2015. The dividend payment will be made on December 15, 2015, to shareholders of record at the close of business on November 13, 2015. |
Americas Revenue ($ in millions, “LC” = local currency) | Three Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 296.9 | $ | 256.2 | 16% | 17% | ||||
Capital Markets & Hotels | 74.9 | 72.2 | 4% | 5% | ||||||
Property & Facility Management Fee Revenue1 | 117.5 | 106.1 | 11% | 16% | ||||||
Property & Facility Management | 168.0 | 166.7 | 1% | 8% | ||||||
Project & Development Services Fee Revenue1 | 63.4 | 57.2 | 11% | 15% | ||||||
Project & Development Services | 65.1 | 57.2 | 14% | 18% | ||||||
Advisory, Consulting and Other | 34.5 | 30.1 | 15% | 17% | ||||||
Operating Revenue | $ | 587.2 | $ | 521.8 | 13% | 16% | ||||
Equity Earnings | 4.5 | (0.8 | ) | n.m. | n.m. | |||||
Total Segment Fee Revenue1 | $ | 591.7 | $ | 521.0 | 14% | 16% | ||||
Total Segment Revenue | $ | 643.9 | $ | 581.6 | 11% | 14% | ||||
n.m. - not meaningful |
Americas Revenue ($ in millions, “LC” = local currency) | Nine Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 790.7 | $ | 694.4 | 14% | 15% | ||||
Capital Markets & Hotels | 226.2 | 172.5 | 31% | 32% | ||||||
Property & Facility Management Fee Revenue1 | 345.2 | 315.4 | 9% | 13% | ||||||
Property & Facility Management | 499.3 | 466.8 | 7% | 13% | ||||||
Project & Development Services Fee Revenue1 | 176.5 | 153.2 | 15% | 19% | ||||||
Project & Development Services | 180.4 | 154.7 | 17% | 20% | ||||||
Advisory, Consulting and Other | 94.4 | 85.1 | 11% | 13% | ||||||
Operating Revenue | $ | 1,633.0 | $ | 1,420.6 | 15% | 17% | ||||
Equity Earnings | 5.4 | 0.4 | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 1,638.4 | $ | 1,421.0 | 15% | 17% | ||||
Total Segment Revenue | $ | 1,796.4 | $ | 1,573.9 | 14% | 17% | ||||
n.m. - not meaningful |
• | Fee revenue for the quarter was $592 million, an increase of 16 percent from 2014. Revenue growth compared with last year was broad-based with Leasing up 17 percent; Advisory, Consulting and Other up 17 percent; Property and Facility Management up 16 percent; and Project & Development Services up 15 percent. Growth in the region was primarily led by U.S. markets including New York, Los Angeles and Atlanta. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $530 million for the quarter, compared with $473 million last year. |
• | Operating income was $62 million for the quarter, compared with $48 million in 2014. Year-to-date operating income was $143 million, up from $112 million in 2014. |
• | Adjusted EBITDA was $77 million for the quarter, compared with $60 million last year. Adjusted EBITDA margin for the quarter, calculated on a fee revenue basis, was 13.0 percent, compared with 11.4 percent in 2014. Year-to-date Adjusted EBITDA was $190 million, up from $150 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 11.6 percent, compared with 10.6 percent in 2014. |
EMEA Revenue ($ in millions, “LC” = local currency) | Three Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 72.4 | $ | 66.6 | 9% | 23% | ||||
Capital Markets & Hotels | 110.3 | 90.8 | 21% | 35% | ||||||
Property & Facility Management Fee Revenue1 | 53.8 | 58.8 | (9)% | 3% | ||||||
Property & Facility Management | 75.0 | 81.6 | (8)% | 3% | ||||||
Project & Development Services Fee Revenue1 | 40.7 | 35.8 | 14% | 27% | ||||||
Project & Development Services | 133.6 | 83.4 | 60% | 83% | ||||||
Advisory, Consulting and Other | 55.7 | 46.2 | 21% | 35% | ||||||
Operating Revenue | $ | 332.9 | $ | 298.2 | 12% | 25% | ||||
Equity Earnings | — | — | n.m. | —% | ||||||
Total Segment Fee Revenue1 | $ | 332.9 | $ | 298.2 | 12% | 25% | ||||
Total Segment Revenue | $ | 447.0 | $ | 368.6 | 21% | 37% | ||||
n.m. - not meaningful |
EMEA Revenue ($ in millions, “LC” = local currency) | Nine Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 185.9 | $ | 188.3 | (1)% | 14% | ||||
Capital Markets & Hotels | 298.7 | 238.6 | 25% | 42% | ||||||
Property & Facility Management Fee Revenue1 | 156.4 | 171.2 | (9)% | 4% | ||||||
Property & Facility Management | 219.6 | 246.6 | (11)% | 1% | ||||||
Project & Development Services Fee Revenue1 | 111.3 | 98.5 | 13% | 30% | ||||||
Project & Development Services | 324.1 | 258.0 | 26% | 48% | ||||||
Advisory, Consulting and Other | 160.8 | 144.6 | 11% | 26% | ||||||
Operating Revenue | $ | 913.1 | $ | 841.2 | 9% | 24% | ||||
Equity Earnings | 0.7 | — | n.m. | n.m | ||||||
Total Segment Fee Revenue1 | $ | 913.8 | $ | 841.2 | 9% | 24% | ||||
Total Segment Revenue | $ | 1,189.8 | $ | 1,076.1 | 11% | 27% | ||||
n.m. - not meaningful |
• | EMEA's performance during the third quarter was significantly higher in local currencies than in U.S. dollars due to the continued strength of the U.S. dollar against European currencies. |
• | Fee revenue for the quarter was $333 million, an increase of 25 percent from 2014. Revenue growth was driven by Capital Markets & Hotels up 35 percent; Advisory, Consulting and Other up 35 percent; Project & Development Services up 27 percent; and Leasing up 23 percent compared with last year. Growth in the region was led by the U.K., Germany and France. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $307 million for the quarter, compared with $282 million last year. |
• | Operating income was $26 million for the quarter, compared with $16 million in 2014. Year-to-date operating income was $56 million, up from $36 million in 2014. |
• | Adjusted EBITDA was $33 million for the quarter, compared with $23 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 10.0 percent for the quarter, compared with 7.6 percent in 2014. Year-to-date Adjusted EBITDA was $74 million, up from $54 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 8.1 percent, compared with 6.4 percent in 2014. |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Three Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 48.5 | $ | 45.3 | 7% | 19% | ||||
Capital Markets & Hotels | 38.5 | 29.9 | 29% | 48% | ||||||
Property & Facility Management Fee Revenue1 | 99.4 | 94.7 | 5% | 18% | ||||||
Property & Facility Management | 135.3 | 128.0 | 6% | 18% | ||||||
Project & Development Services Fee Revenue1 | 21.8 | 19.6 | 11% | 26% | ||||||
Project & Development Services | 33.6 | 40.7 | (17)% | (6)% | ||||||
Advisory, Consulting and Other | 24.8 | 28.8 | (14)% | (3)% | ||||||
Operating Revenue | $ | 233.0 | $ | 218.3 | 7% | 20% | ||||
Equity Earnings | 0.2 | 0.2 | —% | 8% | ||||||
Total Segment Fee Revenue1 | $ | 233.2 | $ | 218.5 | 7% | 20% | ||||
Total Segment Revenue | $ | 280.9 | $ | 272.9 | 3% | 15% | ||||
n.m. - not meaningful |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Nine Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 127.2 | $ | 121.4 | 5% | 14% | ||||
Capital Markets & Hotels | 99.0 | 81.2 | 22% | 37% | ||||||
Property & Facility Management Fee Revenue1 | 289.2 | 276.2 | 5% | 15% | ||||||
Property & Facility Management | 396.9 | 379.8 | 5% | 13% | ||||||
Project & Development Services Fee Revenue1 | 60.7 | 51.2 | 19% | 31% | ||||||
Project & Development Services | 99.0 | 96.1 | 3% | 14% | ||||||
Advisory, Consulting and Other | 75.9 | 76.4 | (1)% | 9% | ||||||
Operating Revenue | $ | 652.0 | $ | 606.4 | 8% | 18% | ||||
Equity Losses | 0.2 | 0.1 | n.m. | 92% | ||||||
Total Segment Fee Revenue1 | $ | 652.2 | $ | 606.5 | 8% | 18% | ||||
Total Segment Revenue | $ | 798.2 | $ | 755.0 | 6% | 16% | ||||
n.m. - not meaningful |
• | Asia Pacific's performance during the third quarter was significantly higher in local currencies than in U.S. dollars due to the continued strength of the U.S. dollar, particularly against the Australian dollar and Japanese yen. |
• | Fee revenue for the quarter was $233 million, an increase of 20 percent from 2014. Revenue growth was driven by Capital Markets & Hotels up 48 percent, Leasing up 19 percent and Property & Facility Management up 18 percent, compared with last year. Growth in the region was led by Australia, India and China's tier one cities, including Beijing and Shanghai. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $220 million for the quarter, compared with $203 million last year. |
• | Operating income was $13 million for the quarter, compared with $15 million in 2014. Year-to-date operating income was $34 million, up from $32 million in 2014. |
• | Adjusted EBITDA was $17 million for the quarter, compared with $16 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 7.1 percent for the quarter, compared with 7.5 percent in 2014. Year-to-date Adjusted EBITDA was $44 million, up from $40 million in 2014. Year-to-date Adjusted EBITDA margin calculated on a fee revenue basis was 6.8 percent, compared with 6.5 percent in 2014. |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Three Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 60.7 | $ | 60.9 | —% | 7% | ||||
Transaction Fees & Other | 5.0 | 10.8 | (54)% | (50)% | ||||||
Incentive Fees | 68.5 | 70.6 | (3)% | 8% | ||||||
Operating Revenue | $ | 134.2 | $ | 142.3 | (6)% | 3% | ||||
Equity Earnings | 20.7 | 20.1 | 3% | 4% | ||||||
Total Segment Revenue | $ | 154.9 | $ | 162.4 | (5)% | 3% | ||||
n.m. - not meaningful |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Nine Months Ended September 30, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 181.3 | $ | 176.8 | 3% | 11% | ||||
Transaction Fees & Other | 19.5 | 19.8 | (2)% | 7% | ||||||
Incentive Fees | 99.3 | 79.5 | 25% | 38% | ||||||
Operating Revenue | $ | 300.1 | $ | 276.1 | 9% | 18% | ||||
Equity Earnings | 57.6 | 40.4 | 43% | 44% | ||||||
Total Segment Revenue | $ | 357.7 | $ | 316.5 | 13% | 21% | ||||
n.m. - not meaningful |
• | Total segment revenue was $155 million for the quarter, compared with $162 million last year. This included advisory fee growth of 7 percent, $69 million of incentive fees and $21 million of equity earnings. |
• | Incentive fees and equity earnings were notable for the quarter, despite a tough 2014 comparable. Incentive fees were driven by the sale of assets as LaSalle realized gains from legacy investments, whereas equity earnings were primarily valuation driven. |
• | Operating expenses were $92 million for the quarter, compared with $95 million last year. Operating income was $63 million for the quarter, compared with $68 million last year. |
• | Adjusted EBITDA was $63 million for the quarter, compared with $68 million last year. Adjusted EBITDA margin was 40.9 percent, compared with 42.0 percent in 2014. Year-to-date Adjusted EBITDA was $130 million, up from $108 million in 2014. Year-to-date Adjusted EBITDA margin was 36.3 percent, compared to 34.0 percent in 2014. |
• | Capital raise was $838 million for the quarter and $3.8 billion year-to-date. |
• | Assets under management were $57.2 billion as of September 30, 2015, up from $56.0 billion as of June 30, 2015. The net increase in assets under management resulted from $2.5 billion of acquisitions and takeovers, $1.7 billion of dispositions and withdrawals, $0.7 billion of net valuation decreases and $1.1 billion of net foreign currency increases. |
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JONES LANG LASALLE INCORPORATED | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
For the Three and Nine Months Ended September 30, 2015 and 2014 | |||||||||||||||
(in thousands, except share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,501,267 | $ | 1,365,975 | $ | 4,078,254 | $ | 3,680,622 | |||||||
Operating expenses: | |||||||||||||||
Compensation and benefits | 896,080 | 828,241 | 2,459,056 | 2,226,804 | |||||||||||
Operating, administrative and other | 440,119 | 388,290 | 1,245,443 | 1,141,376 | |||||||||||
Depreciation and amortization | 26,643 | 22,023 | 77,060 | 67,214 | |||||||||||
Restructuring and acquisition charges 4 | 18,108 | (37 | ) | 20,757 | 41,379 | ||||||||||
Total operating expenses | 1,380,950 | 1,238,517 | 3,802,316 | 3,476,773 | |||||||||||
Operating income 1 | 120,317 | 127,458 | 275,938 | 203,849 | |||||||||||
Interest expense, net of interest income | (6,774 | ) | (7,361 | ) | (20,369 | ) | (21,661 | ) | |||||||
Equity earnings from real estate ventures | 25,362 | 19,552 | 63,873 | 40,945 | |||||||||||
Income before income taxes and noncontrolling interest 4 | 138,905 | 139,649 | 319,442 | 223,133 | |||||||||||
Provision for income taxes 4 | 25,720 | 34,912 | 71,576 | 29,889 | |||||||||||
Net income 4 | 113,185 | 104,737 | 247,866 | 193,244 | |||||||||||
Net income attributable to noncontrolling interest | 2,776 | 453 | 5,252 | 1,116 | |||||||||||
Net income attributable to the Company | $ | 110,409 | $ | 104,284 | $ | 242,614 | $ | 192,128 | |||||||
Dividends on unvested common stock, net of tax benefit | — | — | 163 | 176 | |||||||||||
Net income attributable to common shareholders | $ | 110,409 | $ | 104,284 | $ | 242,451 | $ | 191,952 | |||||||
Basic earnings per common share | $ | 2.45 | $ | 2.33 | $ | 5.40 | $ | 4.30 | |||||||
Basic weighted average shares outstanding | 45,001,309 | 44,809,133 | 44,905,217 | 44,637,429 | |||||||||||
Diluted earnings per common share 2 | $ | 2.43 | $ | 2.30 | $ | 5.34 | $ | 4.24 | |||||||
Diluted weighted average shares outstanding | 45,452,959 | 45,290,595 | 45,394,517 | 45,241,766 | |||||||||||
EBITDA 3 | $ | 172,322 | $ | 169,033 | $ | 416,871 | $ | 312,008 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | |||||||||||||||
Segment Operating Results | |||||||||||||||
For the Three and Nine Months Ended September 30, 2015 and 2014 | |||||||||||||||
(in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REAL ESTATE SERVICES | |||||||||||||||
AMERICAS | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 639,405 | $ | 582,387 | $ | 1,791,071 | $ | 1,573,552 | |||||||
Equity earnings (losses) | 4,450 | (756 | ) | 5,366 | 446 | ||||||||||
Total segment revenue | 643,855 | 581,631 | 1,796,437 | 1,573,998 | |||||||||||
Gross contract costs 1 | (52,150 | ) | (60,601 | ) | (158,047 | ) | (152,863 | ) | |||||||
Total segment fee revenue | 591,705 | 521,030 | 1,638,390 | 1,421,135 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 566,668 | 521,987 | 1,606,929 | 1,423,746 | |||||||||||
Depreciation and amortization | 15,638 | 11,658 | 46,511 | 38,500 | |||||||||||
Total segment operating expenses | 582,306 | 533,645 | 1,653,440 | 1,462,246 | |||||||||||
Gross contract costs 1 | (52,150 | ) | (60,601 | ) | (158,047 | ) | (152,863 | ) | |||||||
Total fee-based segment operating expenses | 530,156 | 473,044 | 1,495,393 | 1,309,383 | |||||||||||
Operating income | $ | 61,549 | $ | 47,986 | $ | 142,997 | $ | 111,752 | |||||||
Adjusted EBITDA | $ | 77,187 | $ | 59,644 | $ | 189,508 | $ | 150,252 | |||||||
EMEA | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 447,037 | $ | 368,564 | $ | 1,189,070 | $ | 1,076,088 | |||||||
Equity earnings | 8 | 13 | 752 | 14 | |||||||||||
Total segment revenue | 447,045 | 368,577 | 1,189,822 | 1,076,102 | |||||||||||
Gross contract costs 1 | (114,125 | ) | (70,403 | ) | (276,047 | ) | (234,929 | ) | |||||||
Total segment fee revenue | 332,920 | 298,174 | 913,775 | 841,173 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 413,838 | 345,893 | 1,116,030 | 1,022,599 | |||||||||||
Depreciation and amortization | 6,800 | 6,355 | 18,099 | 17,303 | |||||||||||
Total segment operating expenses | 420,638 | 352,248 | 1,134,129 | 1,039,902 | |||||||||||
Gross contract costs 1 | (114,125 | ) | (70,403 | ) | (276,047 | ) | (234,929 | ) | |||||||
Total fee-based segment operating expenses | 306,513 | 281,845 | 858,082 | 804,973 | |||||||||||
Operating income | $ | 26,407 | $ | 16,329 | $ | 55,693 | $ | 36,200 | |||||||
Adjusted EBITDA | $ | 33,207 | $ | 22,684 | $ | 73,792 | $ | 53,503 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
ASIA PACIFIC | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 280,651 | $ | 272,708 | $ | 797,974 | $ | 754,890 | |||||||
Equity earnings | 193 | 198 | 215 | 119 | |||||||||||
Total segment revenue | 280,844 | 272,906 | 798,189 | 755,009 | |||||||||||
Gross contract costs 1 | (47,697 | ) | (54,419 | ) | (145,955 | ) | (148,483 | ) | |||||||
Total segment fee revenue | 233,147 | 218,487 | 652,234 | 606,526 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 264,261 | 254,352 | 753,763 | 713,111 | |||||||||||
Depreciation and amortization | 3,657 | 3,444 | 10,878 | 9,869 | |||||||||||
Total segment operating expenses | 267,918 | 257,796 | 764,641 | 722,980 | |||||||||||
Gross contract costs 1 | (47,697 | ) | (54,419 | ) | (145,955 | ) | (148,483 | ) | |||||||
Total fee-based segment operating expenses | 220,221 | 203,377 | 618,686 | 574,497 | |||||||||||
Operating income | $ | 12,926 | $ | 15,110 | $ | 33,548 | $ | 32,029 | |||||||
Adjusted EBITDA | $ | 16,583 | $ | 16,338 | $ | 44,426 | $ | 39,682 | |||||||
LASALLE INVESTMENT MANAGEMENT | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 134,174 | $ | 142,316 | $ | 300,139 | $ | 276,092 | |||||||
Equity earnings | 20,711 | 20,097 | 57,540 | 40,366 | |||||||||||
Total segment revenue | 154,885 | 162,413 | 357,679 | 316,458 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 91,432 | 94,299 | 227,777 | 208,724 | |||||||||||
Depreciation and amortization | 548 | 566 | 1,572 | 1,542 | |||||||||||
Total segment operating expenses | 91,980 | 94,865 | 229,349 | 210,266 | |||||||||||
Operating income | $ | 62,905 | $ | 67,548 | $ | 128,330 | $ | 106,192 | |||||||
Adjusted EBITDA | $ | 63,453 | $ | 68,114 | $ | 129,902 | $ | 107,734 | |||||||
SEGMENT RECONCILING ITEMS | |||||||||||||||
Total segment revenue | $ | 1,526,629 | $ | 1,385,527 | $ | 4,142,127 | $ | 3,721,567 | |||||||
Reclassification of equity earnings | 25,362 | 19,552 | 63,873 | 40,945 | |||||||||||
Total revenue | $ | 1,501,267 | $ | 1,365,975 | $ | 4,078,254 | $ | 3,680,622 | |||||||
Total operating expenses before restructuring and acquisition charges | 1,362,842 | 1,238,554 | 3,781,559 | 3,435,394 | |||||||||||
Operating income before restructuring and acquisition charges | $ | 138,425 | $ | 127,421 | $ | 296,695 | $ | 245,228 | |||||||
Restructuring and acquisition charges 4 | 18,108 | (37 | ) | 20,757 | 41,379 | ||||||||||
Operating income after restructuring and acquisition charges | $ | 120,317 | $ | 127,458 | $ | 275,938 | $ | 203,849 | |||||||
Total adjusted EBITDA | $ | 190,430 | $ | 166,780 | $ | 437,628 | $ | 351,171 | |||||||
Restructuring and acquisition charges 4 | 18,108 | (2,253 | ) | 20,757 | 39,163 | ||||||||||
Total EBITDA | $ | 172,322 | $ | 169,033 | $ | 416,871 | $ | 312,008 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
September 30, 2015, December 31, 2014 and September 30, 2014 | ||||||||||||||
(in thousands) | ||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
September 30, | December 31, | September 30, | ||||||||||||
2015 | 2014 | 2014 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 193,499 | $ | 250,413 | $ | 162,568 | ||||||||
Trade receivables, net of allowances | 1,407,440 | 1,375,035 | 1,216,322 | |||||||||||
Notes and other receivables | 222,270 | 181,377 | 193,324 | |||||||||||
Warehouse receivables | 41,274 | 83,312 | 185,797 | |||||||||||
Prepaid expenses | 90,065 | 64,963 | 84,484 | |||||||||||
Deferred tax assets, net | 129,869 | 135,251 | 122,353 | |||||||||||
Other | 9,980 | 27,825 | 29,399 | |||||||||||
Total current assets | 2,094,397 | 2,118,176 | 1,994,247 | |||||||||||
Property and equipment, net of accumulated depreciation | 377,832 | 368,361 | 344,765 | |||||||||||
Goodwill, with indefinite useful lives | 1,999,623 | 1,907,924 | 1,910,990 | |||||||||||
Identified intangibles, net of accumulated amortization | 43,384 | 38,841 | 40,443 | |||||||||||
Investments in real estate ventures | 311,814 | 297,142 | 290,674 | |||||||||||
Long-term receivables | 110,044 | 85,749 | 94,170 | |||||||||||
Deferred tax assets, net | 104,670 | 90,897 | 64,832 | |||||||||||
Deferred compensation plans | 128,910 | 111,234 | 108,484 | |||||||||||
Other | 64,352 | 57,012 | 86,181 | |||||||||||
Total assets | $ | 5,235,026 | $ | 5,075,336 | $ | 4,934,786 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 636,824 | $ | 630,037 | $ | 518,704 | ||||||||
Accrued compensation | 790,977 | 990,678 | 665,556 | |||||||||||
Short-term borrowings | 30,504 | 19,623 | 43,292 | |||||||||||
Deferred tax liabilities, net | 16,554 | 16,554 | 11,606 | |||||||||||
Deferred income | 143,913 | 104,565 | 119,963 | |||||||||||
Deferred business acquisition obligations | 48,616 | 49,259 | 46,462 | |||||||||||
Warehouse facility | 41,274 | 83,312 | 185,797 | |||||||||||
Minority shareholder redemption liability | — | 11,158 | 10,909 | |||||||||||
Other | 153,109 | 141,825 | 157,987 | |||||||||||
Total current liabilities | 1,861,771 | 2,047,011 | 1,760,276 | |||||||||||
Noncurrent liabilities: | ||||||||||||||
Credit facility | 235,005 | — | 250,000 | |||||||||||
Long-term senior notes | 275,000 | 275,000 | 275,000 | |||||||||||
Deferred tax liabilities, net | 17,723 | 17,082 | 18,029 | |||||||||||
Deferred compensation | 142,551 | 125,857 | 114,576 | |||||||||||
Deferred business acquisition obligations | 37,975 | 68,848 | 65,937 | |||||||||||
Minority shareholder redemption liability | — | — | — | |||||||||||
Other | 130,301 | 118,969 | 94,111 | |||||||||||
Total liabilities | 2,700,326 | 2,652,767 | 2,577,929 |
(Unaudited) | (Unaudited) | |||||||||||||
September 30, | December 31, | September 30, | ||||||||||||
2015 | 2014 | 2014 | ||||||||||||
Redeemable noncontrolling interest | 8,917 | 13,449 | 13,638 | |||||||||||
Company shareholders' equity: | ||||||||||||||
Common stock, $.01 par value per share,100,000,000 shares authorized; 45,033,713, 44,828,779, and 44,817,758 shares issued and outstanding as of September 30, 2015, December 31, 2014 and September 30, 2014, respectively | 450 | 448 | 448 | |||||||||||
Additional paid-in capital | 980,698 | 961,850 | 957,374 | |||||||||||
Retained earnings | 1,861,427 | 1,631,145 | 1,448,602 | |||||||||||
Shares held in trust | (6,328 | ) | (6,407 | ) | (6,407 | ) | ||||||||
Accumulated other comprehensive income (loss) | (329,747 | ) | (200,239 | ) | (76,839 | ) | ||||||||
Total Company shareholders' equity | 2,506,500 | 2,386,797 | 2,323,178 | |||||||||||
Noncontrolling interest | 19,283 | 22,323 | 20,041 | |||||||||||
Total equity | 2,525,783 | 2,409,120 | 2,343,219 | |||||||||||
Total liabilities and equity | $ | 5,235,026 | $ | 5,075,336 | $ | 4,934,786 | ||||||||
Please reference attached financial statement notes. |
Nine Months Ended | |||||||
September 30, | |||||||
2015 | 2014 | ||||||
Cash (used in) provided by operating activities | $ | (18,245 | ) | $ | 42,356 | ||
Cash used in investing activities | (184,464 | ) | (111,503 | ) | |||
Cash provided by financing activities | 160,243 | 82,769 | |||||
Effect of currency exchange rate changes on cash and cash equivalents | (14,448 | ) | (3,780 | ) | |||
Net (decrease) increase in cash and cash equivalents | $ | (56,914 | ) | $ | 9,842 | ||
Cash and cash equivalents, beginning of period | 250,413 | 152,726 | |||||
Cash and cash equivalents, end of period | $ | 193,499 | $ | 162,568 | |||
Please reference attached financial statement notes. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,501.3 | $ | 1,366.0 | $ | 4,078.2 | $ | 3,680.6 | ||||||||
Gross contract costs | (214.0 | ) | (185.4 | ) | (580.0 | ) | (536.3 | ) | ||||||||
Fee revenue | $ | 1,287.3 | $ | 1,180.6 | $ | 3,498.2 | $ | 3,144.3 | ||||||||
Operating expenses | $ | 1,381.0 | $ | 1,238.5 | $ | 3,802.3 | $ | 3,476.8 | ||||||||
Gross contract costs | (214.0 | ) | (185.4 | ) | (580.0 | ) | (536.3 | ) | ||||||||
Fee-based operating expenses | $ | 1,167.0 | $ | 1,053.1 | $ | 3,222.3 | $ | 2,940.5 | ||||||||
Operating income | $ | 120.3 | $ | 127.5 | $ | 275.9 | $ | 203.8 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges* | 18.1 | (2.2 | ) | 20.8 | 39.2 | |||||||||||
Adjusted operating income | $ | 138.4 | $ | 125.3 | $ | 296.7 | $ | 243.0 | ||||||||
Adjusted operating income margin | 10.8 | % | 10.6 | % | 8.5 | % | 7.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
($ in millions, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income attributable to common shareholders | $ | 110.4 | $ | 104.3 | $ | 242.5 | $ | 192.0 | ||||||||
Shares (in 000s) | 45,453 | 45,291 | 45,395 | 45,242 | ||||||||||||
GAAP diluted earnings per share | $ | 2.43 | $ | 2.30 | $ | 5.34 | $ | 4.24 | ||||||||
GAAP net income attributable to common shareholders | $ | 110.4 | $ | 104.3 | $ | 242.5 | $ | 192.0 | ||||||||
Restructuring and acquisition charges, net* | 4.0 | (1.6 | ) | 6.0 | 3.5 | |||||||||||
Adjusted net income | $ | 114.4 | $ | 102.7 | $ | 248.5 | $ | 195.5 | ||||||||
Shares (in 000s) | 45,453 | 45,291 | 45,395 | 45,242 | ||||||||||||
Adjusted diluted earnings per share | $ | 2.52 | $ | 2.27 | $ | 5.47 | $ | 4.32 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income | $ | 113.2 | $ | 104.7 | $ | 247.9 | $ | 193.2 | ||||||||
Add: | ||||||||||||||||
Interest expense, net of interest income | 6.8 | 7.4 | 20.4 | 21.7 | ||||||||||||
Provision for (benefit from) income taxes | 25.7 | 34.9 | 71.5 | 29.9 | ||||||||||||
Depreciation and amortization | 26.6 | 22.0 | 77.1 | 67.2 | ||||||||||||
EBITDA | $ | 172.3 | $ | 169.0 | $ | 416.9 | $ | 312.0 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges | 18.1 | (2.2 | ) | 20.8 | 39.2 | |||||||||||
Adjusted EBITDA | $ | 190.4 | $ | 166.8 | $ | 437.7 | $ | 351.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
($ in millions) | GAAP | Adjusting Item | Adjusted | GAAP | Adjusting Item | Adjusted | ||||||||||||||
Income before income taxes and noncontrolling interest | $ | 138.9 | $ | 12.8 | $ | 151.7 | $ | 319.4 | $ | 12.8 | $ | 332.2 | ||||||||
Provision for income taxes | 25.7 | 12.8 | 38.5 | 71.5 | 12.8 | 84.3 | ||||||||||||||
Net Income | $ | 113.2 | $ | 113.2 | $ | 247.9 | $ | 247.9 | ||||||||||||
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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