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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 February 3, 2016 announcing its financial |
results for the fourth quarter ended December 31, 2015. | |
99.2. | Supplemental Information to Fourth Quarter 2015 Earnings Call issued on February 3, 2016. |
Signatures |
Dated: February 3, 2016 | |||
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 February 3, 2016 announcing its financial |
results for the fourth quarter ended December 31, 2015. | |
99.2. | Supplemental Information to Fourth Quarter 2015 Earnings Call issued on February 3, 2016. |
• | Broad-based revenue and margin expansion across all geographic segments and LaSalle |
• | Acquisitions and investments continue to fuel profitable growth |
• | Corporate Solutions posts record year of business wins globally |
• | LaSalle Investment Management continues to deliver strong performance and capital raise momentum |
• | Moody's raises outlook on JLL's Baa2 investment grade balance sheet to Positive |
Summary Financial Results ($ in millions, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Revenue | $ | 1,887 | $ | 1,749 | $ | 5,966 | $ | 5,430 | ||||||
Fee Revenue1 | $ | 1,666 | $ | 1,557 | $ | 5,164 | $ | 4,702 | ||||||
Adjusted Net Income2 | $ | 206 | $ | 196 | $ | 455 | $ | 392 | ||||||
U.S. GAAP Net Income2 | $ | 196 | $ | 194 | $ | 438 | $ | 386 | ||||||
Adjusted Earnings per Share2 | $ | 4.53 | $ | 4.33 | $ | 10.01 | $ | 8.65 | ||||||
Earnings per Share | $ | 4.31 | $ | 4.28 | $ | 9.65 | $ | 8.52 | ||||||
Adjusted EBITDA3 | $ | 312 | $ | 300 | $ | 749 | $ | 651 | ||||||
Adjusted EBITDA, Real Estate Services | $ | 282 | $ | 274 | $ | 589 | $ | 517 | ||||||
Adjusted EBITDA, LaSalle Investment Management | $ | 30 | $ | 26 | $ | 160 | $ | 134 | ||||||
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 December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 566.0 | $ | 536.8 | 5% | 12% | ||||
Capital Markets & Hotels | 331.9 | 330.1 | 1% | 7% | ||||||
Property & Facility Management Fee Revenue1 | 337.5 | 305.8 | 10% | 17% | ||||||
Property & Facility Management | 441.6 | 428.6 | 3% | 10% | ||||||
Project & Development Services Fee Revenue1 | 161.4 | 131.6 | 23% | 31% | ||||||
Project & Development Services | 278.7 | 200.4 | 39% | 50% | ||||||
Advisory, Consulting and Other | 172.2 | 161.1 | 7% | 14% | ||||||
Total RES Fee Revenue1 | $ | 1,569.0 | $ | 1,465.4 | 7% | 14% | ||||
Total RES Revenue | $ | 1,790.4 | $ | 1,657.0 | 8% | 15% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 61.6 | $ | 58.8 | 5% | 9% | ||||
Transaction Fees & Other | 11.2 | 7.3 | 53% | 61% | ||||||
Incentive Fees | 24.2 | 25.9 | (7)% | (5)% | ||||||
Total LaSalle Revenue | $ | 97.0 | $ | 92.0 | 5% | 10% | ||||
Total Firm Fee Revenue1 | $ | 1,666.0 | $ | 1,557.4 | 7% | 14% | ||||
Total Firm Revenue | $ | 1,887.4 | $ | 1,749.0 | 8% | 15% | ||||
n.m. - not meaningful |
Consolidated Revenue ($ in millions, “LC” = local currency) | Twelve Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Real Estate Services (“RES”) | ||||||||||
Leasing | $ | 1,669.5 | $ | 1,540.0 | 8% | 13% | ||||
Capital Markets & Hotels | 955.8 | 822.9 | 16% | 25% | ||||||
Property & Facility Management Fee Revenue1 | 1,128.2 | 1,070.6 | 5% | 13% | ||||||
Property & Facility Management | 1,557.4 | 1,523.7 | 2% | 10% | ||||||
Project & Development Services Fee Revenue1 | 510.0 | 434.5 | 17% | 26% | ||||||
Project & Development Services | 882.1 | 709.3 | 24% | 38% | ||||||
Advisory, Consulting and Other | 503.9 | 465.6 | 8% | 18% | ||||||
Total RES Fee Revenue1 | $ | 4,767.4 | $ | 4,333.6 | 10% | 17% | ||||
Total RES Revenue | $ | 5,568.7 | $ | 5,061.5 | 10% | 18% | ||||
LaSalle Investment Management ("LaSalle") | ||||||||||
Advisory Fees | $ | 242.9 | $ | 235.6 | 3% | 10% | ||||
Transaction Fees & Other | 30.6 | 27.2 | 13% | 22% | ||||||
Incentive Fees | 123.5 | 105.3 | 17% | 27% | ||||||
Total LaSalle Revenue | $ | 397.0 | $ | 368.1 | 8% | 16% | ||||
Total Firm Fee Revenue1 | $ | 5,164.4 | $ | 4,701.7 | 10% | 17% | ||||
Total Firm Revenue | $ | 5,965.7 | $ | 5,429.6 | 10% | 18% | ||||
n.m. - not meaningful |
• | Consolidated fee revenue for the year was $5.2 billion, up 17 percent from 2014. Consolidated fee revenue for the fourth quarter was $1.7 billion, up 14 percent from 2014. Growth for the year was broad-based, with double-digit increases across all service lines, geographic segments and LaSalle. |
• | Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $4.6 billion for the year, compared with $4.2 billion last year, an increase of 17 percent. Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.4 billion for the fourth quarter, compared with $1.3 billion last year, an increase of 15 percent. |
• | LaSalle Investment Management generated annual double-digit growth across all three of its major fee categories, with total revenue increasing 16 percent. LaSalle also recognized significant equity earnings from net valuation increases and investment dispositions. |
• | Adjusted EBITDA margin calculated on a fee revenue basis was 14.6 percent in local currency for the year, compared with 13.8 percent last year. Adjusted EBITDA margin calculated on a fee revenue basis was 19.2 percent in local currency for the fourth quarter, in-line with last year. |
• | Adjusted earnings per share reached $10.01 for the year, up 26 percent from last year. Foreign exchange reduced adjusted earnings per share for the year by approximately $0.87. Adjusted earnings per share reached $4.53 for the quarter, up 14 percent from the same period last year. Foreign exchange reduced adjusted earnings per share in the quarter by approximately $0.42. |
• | In December 2015 Moody's revised its outlook on the firm to Positive, reflecting the firm's strong cash generation. The firm's investment grade balance sheet is positioned for growth. |
• | The firm's total net debt was $461 million at year end, an increase of $298 million from last year, reflecting the pace of the firm's continued investments and acquisitions. |
• | Net interest expense for the year was $28.1 million, down from $28.3 million in 2014, due to slightly lower average borrowings compared with last year. |
Americas Revenue ($ in millions, “LC” = local currency) | Three Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 374.9 | $ | 345.3 | 9% | 13% | ||||
Capital Markets & Hotels | 105.4 | 94.1 | 12% | 13% | ||||||
Property & Facility Management Fee Revenue1 | 154.1 | 139.0 | 11% | 15% | ||||||
Property & Facility Management | 206.7 | 195.3 | 6% | 12% | ||||||
Project & Development Services Fee Revenue1 | 81.5 | 69.5 | 17% | 21% | ||||||
Project & Development Services | 83.0 | 70.7 | 17% | 21% | ||||||
Advisory, Consulting and Other | 44.5 | 40.2 | 11% | 13% | ||||||
Operating Revenue | $ | 760.4 | $ | 688.1 | 11% | 14% | ||||
Equity Earnings | 0.5 | 0.3 | 67% | 63% | ||||||
Total Segment Fee Revenue1 | $ | 760.9 | $ | 688.4 | 11% | 14% | ||||
Total Segment Revenue | $ | 815.0 | $ | 745.9 | 9% | 14% | ||||
n.m. - not meaningful |
Americas Revenue ($ in millions, “LC” = local currency) | Twelve Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 1,165.6 | $ | 1,039.5 | 12% | 14% | ||||
Capital Markets & Hotels | 331.6 | 266.6 | 24% | 25% | ||||||
Property & Facility Management Fee Revenue1 | 499.3 | 454.3 | 10% | 14% | ||||||
Property & Facility Management | 706.1 | 661.9 | 7% | 12% | ||||||
Project & Development Services Fee Revenue1 | 258.0 | 222.7 | 16% | 20% | ||||||
Project & Development Services | 263.3 | 225.5 | 17% | 21% | ||||||
Advisory, Consulting and Other | 138.9 | 125.6 | 11% | 13% | ||||||
Operating Revenue | $ | 2,393.4 | $ | 2,108.7 | 14% | 16% | ||||
Equity Earnings | 5.9 | 0.8 | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 2,399.3 | $ | 2,109.5 | 14% | 16% | ||||
Total Segment Revenue | $ | 2,611.4 | $ | 2,319.9 | 13% | 16% | ||||
n.m. - not meaningful |
• | Fee revenue for the year was $2.4 billion, an increase of 16 percent from last year. Revenue growth compared with last year was strong across the platform, with double-digit growth across all service lines led by Leasing, Capital Markets & Hotels, Property & Facility Management and Project & Development Services. Fee revenue for the fourth quarter was $761 million, an increase of 14 percent from 2014. |
• | Fee-based operating expenses for the year, excluding restructuring and acquisition charges, were $2.1 billion, up from $1.9 billion 2014. Fee-based operating expenses, excluding restructuring and acquisition charges, were $653 million for the quarter, up from $581 million last year. |
• | Operating income was $251 million for the year, compared with $219 million in 2014. Fourth quarter operating income was $108 million, in-line with 2014. |
• | Adjusted EBITDA was $314 million for the year, up from $275 million in 2014. Adjusted EBITDA margin, calculated on a fee revenue basis, was 13.3 percent in local currency for 2015, compared with 13.0 percent in 2014. Adjusted EBITDA was $125 million for the fourth quarter, compared with $124 million last year. Adjusted EBITDA margin, for the fourth quarter, calculated on a fee revenue basis, was 17.3 percent in local currency, compared with 18.1 percent in 2014. |
EMEA Revenue ($ in millions, “LC” = local currency) | Three Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 103.4 | $ | 106.9 | (3)% | 7% | ||||
Capital Markets & Hotels | 176.1 | 173.2 | 2% | 11% | ||||||
Property & Facility Management Fee Revenue1 | 68.1 | 65.7 | 4% | 13% | ||||||
Property & Facility Management | 85.2 | 91.6 | (7)% | 1% | ||||||
Project & Development Services Fee Revenue1 | 58.7 | 41.2 | 42% | 57% | ||||||
Project & Development Services | 163.0 | 96.8 | 68% | 85% | ||||||
Advisory, Consulting and Other | 86.2 | 88.1 | (2)% | 6% | ||||||
Operating Revenue | $ | 492.5 | $ | 475.1 | 4% | 13% | ||||
Equity Earnings | — | — | n.m. | n.m. | ||||||
Total Segment Fee Revenue1 | $ | 492.5 | $ | 475.1 | 4% | 13% | ||||
Total Segment Revenue | $ | 613.9 | $ | 556.6 | 10% | 21% | ||||
n.m. - not meaningful |
EMEA Revenue ($ in millions, “LC” = local currency) | Twelve Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 289.4 | $ | 295.2 | (2)% | 11% | ||||
Capital Markets & Hotels | 474.8 | 411.8 | 15% | 29% | ||||||
Property & Facility Management Fee Revenue1 | 224.4 | 236.9 | (5)% | 6% | ||||||
Property & Facility Management | 304.8 | 338.2 | (10)% | 1% | ||||||
Project & Development Services Fee Revenue1 | 170.1 | 139.6 | 22% | 38% | ||||||
Project & Development Services | 487.1 | 354.7 | 37% | 58% | ||||||
Advisory, Consulting and Other | 247.0 | 232.7 | 6% | 18% | ||||||
Operating Revenue | $ | 1,405.7 | $ | 1,316.2 | 7% | 20% | ||||
Equity Earnings | 0.8 | — | n.m. | n.m | ||||||
Total Segment Fee Revenue1 | $ | 1,406.5 | $ | 1,316.2 | 7% | 20% | ||||
Total Segment Revenue | $ | 1,803.9 | $ | 1,632.6 | 10% | 25% | ||||
n.m. - not meaningful |
• | EMEA's performance during the year was significantly higher in local currencies than in U.S. dollars due to the strength of the U.S. dollar against European currencies, particularly the Euro. |
• | Fee revenue for the year was $1.4 billion, an increase of 20 percent from last year. Revenue growth from last year was driven by Project & Development Services and Capital Markets & Hotels. Growth in the region was led by Germany, France and the UK. Fee revenue for the quarter was $493 million, an increase of 13 percent from 2014. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $1.3 billion, compared with $1.2 billion last year. Fee-based operating expenses, excluding restructuring and acquisition charges, were $403 million for the fourth quarter, compared with $390 million last year. |
• | Operating income was $146 million for the year, up from $121 million in 2014. Operating income was $90 million for the fourth quarter, compared with $85 million last year. |
• | Adjusted EBITDA was $173 million for the year, up from $145 million in 2014. Adjusted EBITDA margin calculated on a fee revenue basis was 12.4 percent in local currency for the year, compared with 11.0 percent in 2014. Adjusted EBITDA was $99 million for the fourth quarter, compared with $91 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 20.4 percent in local currency for the fourth quarter, compared with 19.2 percent in 2014. |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Three Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 87.7 | $ | 84.6 | 4% | 11% | ||||
Capital Markets & Hotels | 50.4 | 62.8 | (20)% | (12)% | ||||||
Property & Facility Management Fee Revenue1 | 115.3 | 101.1 | 14% | 23% | ||||||
Property & Facility Management | 149.7 | 141.7 | 6% | 14% | ||||||
Project & Development Services Fee Revenue1 | 21.2 | 20.9 | 1% | 11% | ||||||
Project & Development Services | 32.7 | 32.9 | (1)% | 8% | ||||||
Advisory, Consulting and Other | 41.5 | 32.8 | 27% | 39% | ||||||
Operating Revenue | $ | 316.1 | $ | 302.2 | 5% | 14% | ||||
Equity Earnings | 0.5 | 0.3 | 67% | 63% | ||||||
Total Segment Fee Revenue1 | $ | 316.6 | $ | 302.5 | 5% | 14% | ||||
Total Segment Revenue | $ | 362.5 | $ | 355.1 | 2% | 11% | ||||
n.m. - not meaningful |
Asia Pacific Revenue ($ in millions, “LC” = local currency) | Twelve Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Leasing | $ | 214.5 | $ | 205.3 | 4% | 13% | ||||
Capital Markets & Hotels | 149.4 | 144.5 | 3% | 15% | ||||||
Property & Facility Management Fee Revenue1 | 404.5 | 379.4 | 7% | 17% | ||||||
Property & Facility Management | 546.5 | 523.6 | 4% | 13% | ||||||
Project & Development Services Fee Revenue1 | 81.9 | 72.2 | 13% | 25% | ||||||
Project & Development Services | 131.7 | 129.1 | 2% | 13% | ||||||
Advisory, Consulting and Other | 118.0 | 107.3 | 10% | 21% | ||||||
Operating Revenue | $ | 968.3 | $ | 908.7 | 7% | 17% | ||||
Equity Earnings | 0.7 | 0.4 | 75% | 70% | ||||||
Total Segment Fee Revenue1 | $ | 969.0 | $ | 909.1 | 7% | 17% | ||||
Total Segment Revenue | $ | 1,160.8 | $ | 1,110.2 | 5% | 14% | ||||
n.m. - not meaningful |
• | Asia Pacific's performance during the year 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 year was $969 million, an increase of 17 percent from 2014. Revenue growth compared with last year was strong across the platform, with double-digit increases across all service lines led by Property & Facility Management. Growth in the region was led by India and Japan. Fee revenue for the fourth quarter was $317 million, an increase of 14 percent from last year. Capital Markets & Hotels revenue for the quarter is down from 2014, reflective of the decline in market volumes for the region. |
• | Fee-based operating expenses, excluding restructuring and acquisition charges, were $882 million for the year, compared with $825 million last year. Fee-based operating expenses, excluding restructuring and acquisition charges, were $263 million for the fourth quarter, compared with $250 million last year. |
• | Operating income was $87 million for the year, up from $84 million in 2014. Operating income was $54 million for the fourth quarter, up from $52 million last year. |
• | Adjusted EBITDA was $103 million for the year, up from $98 million in 2014. Adjusted EBITDA margin calculated on a fee revenue basis was 11.0 percent in local currency for the year, compared with 10.7 percent in 2014. Adjusted EBITDA was $58 million for the fourth quarter, consistent with the same period last year. Adjusted EBITDA margin calculated on a fee revenue basis was 18.4 percent in local currency for the fourth quarter, compared to 19.1 percent in 2014. |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Three Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 61.6 | $ | 58.8 | 5% | 9% | ||||
Transaction Fees & Other | 11.2 | 7.3 | 53% | 61% | ||||||
Incentive Fees | 24.2 | 25.9 | (7)% | (5)% | ||||||
Operating Revenue | $ | 97.0 | $ | 92.0 | 5% | 10% | ||||
Equity Earnings | 12.6 | 6.7 | 88% | 90% | ||||||
Total Segment Revenue | $ | 109.6 | $ | 98.7 | 11% | 15% | ||||
n.m. - not meaningful |
LaSalle Investment Management Revenue ($ in millions, “LC” = local currency) | Twelve Months Ended December 31, | % Change in USD | % Change in LC | |||||||
2015 | 2014 | |||||||||
Advisory Fees | $ | 242.9 | $ | 235.6 | 3% | 10% | ||||
Transaction Fees & Other | 30.6 | 27.2 | 13% | 22% | ||||||
Incentive Fees | 123.5 | 105.3 | 17% | 27% | ||||||
Operating Revenue | $ | 397.0 | $ | 368.1 | 8% | 16% | ||||
Equity Earnings | 70.1 | 47.0 | 49% | 50% | ||||||
Total Segment Revenue | $ | 467.1 | $ | 415.1 | 13% | 20% | ||||
n.m. - not meaningful |
• | Advisory fees were $243 million for the year, up 10 percent from last year, and up 9 percent for the quarter. Total segment revenue, including $31 million of transaction fees and other income, $123 million of incentive fees and $70 million of equity earnings, was $467 million for the year compared with $415 million last year. |
• | Incentive fees and equity earnings were notable for the year and prior year. Incentive fees were driven by the sale of assets as LaSalle realized gains from legacy investments, whereas equity earnings were driven by valuation increases and investment dispositions. |
• | Operating expenses were $310 million for the year, compared with $283 million last year. Operating income was $158 million for the year, compared with $132 million last year. |
• | Adjusted EBITDA was $160 million for the year, compared with $134 million last year. Adjusted EBITDA margin was 34.0 percent in local currency, compared with 32.3 percent in 2014. |
• | Capital raise was $5.0 billion for the year, with $1.2 billion raised in the fourth quarter. |
• | Assets under management were $56.4 billion as of December 31, 2015, down from $57.2 billion as of September 30, 2015, primarily due to dispositions and foreign currency impact. The net decrease in assets under management resulted from $4.7 billion of dispositions and withdrawals and $0.8 billion of net foreign currency decreases, partially offset by $3.3 billion of acquisitions and takeovers and $1.4 billion of net valuation increases. |
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JONES LANG LASALLE INCORPORATED | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
For the Three and Twelve Months Ended December 31, 2015 and 2014 | |||||||||||||||
(in thousands, except share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,887,417 | $ | 1,748,981 | $ | 5,965,671 | $ | 5,429,603 | |||||||
Operating expenses: | |||||||||||||||
Compensation and benefits | 1,105,480 | 1,031,869 | 3,564,536 | 3,258,673 | |||||||||||
Operating, administrative and other | 483,636 | 427,048 | 1,729,079 | 1,568,424 | |||||||||||
Depreciation and amortization | 31,082 | 27,123 | 108,142 | 94,337 | |||||||||||
Restructuring and acquisition charges 4 | 13,359 | 1,126 | 34,116 | 42,505 | |||||||||||
Total operating expenses | 1,633,557 | 1,487,166 | 5,435,873 | 4,963,939 | |||||||||||
Operating income1 | 253,860 | 261,815 | 529,798 | 465,664 | |||||||||||
Interest expense, net of interest income | (7,758 | ) | (6,660 | ) | (28,127 | ) | (28,321 | ) | |||||||
Equity earnings from real estate ventures | 13,602 | 7,320 | 77,475 | 48,265 | |||||||||||
Income before income taxes and noncontrolling interest 4 | 259,704 | 262,475 | 579,146 | 485,608 | |||||||||||
Provision for income taxes 4 | 61,229 | 67,699 | 132,805 | 97,588 | |||||||||||
Net income 4 | 198,475 | 194,776 | 446,341 | 388,020 | |||||||||||
Net income attributable to noncontrolling interest | 2,417 | 841 | 7,669 | 1,957 | |||||||||||
Net income attributable to the Company | $ | 196,058 | $ | 193,935 | $ | 438,672 | $ | 386,063 | |||||||
Dividends on unvested common stock, net of tax benefit | 151 | 138 | 314 | 314 | |||||||||||
Net income attributable to common shareholders | $ | 195,907 | $ | 193,797 | $ | 438,358 | $ | 385,749 | |||||||
Basic earnings per common share | $ | 4.35 | $ | 4.32 | $ | 9.75 | $ | 8.63 | |||||||
Basic weighted average shares outstanding | 45,043,383 | 44,824,108 | 44,940,042 | 44,684,482 | |||||||||||
Diluted earnings per common share 2 | $ | 4.31 | $ | 4.28 | $ | 9.65 | $ | 8.52 | |||||||
Diluted weighted average shares outstanding | 45,491,779 | 45,331,703 | 45,414,898 | 45,260,563 | |||||||||||
EBITDA 3 | $ | 298,544 | $ | 296,258 | $ | 715,415 | $ | 608,266 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | |||||||||||||||
Segment Operating Results | |||||||||||||||
For the Three and Twelve Months Ended December 31, 2015 and 2014 | |||||||||||||||
(in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REAL ESTATE SERVICES | |||||||||||||||
AMERICAS | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 814,484 | $ | 745,584 | $ | 2,605,556 | $ | 2,319,136 | |||||||
Equity earnings | 522 | 329 | 5,888 | 775 | |||||||||||
Total segment revenue | 815,006 | 745,913 | 2,611,444 | 2,319,911 | |||||||||||
Gross contract costs1 | (54,072 | ) | (57,517 | ) | (212,118 | ) | (210,380 | ) | |||||||
Total segment fee revenue | 760,934 | 688,396 | 2,399,326 | 2,109,531 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 690,213 | 621,582 | 2,297,142 | 2,045,330 | |||||||||||
Depreciation and amortization | 16,728 | 16,716 | 63,239 | 55,215 | |||||||||||
Total segment operating expenses | 706,941 | 638,298 | 2,360,381 | 2,100,545 | |||||||||||
Gross contract costs1 | (54,072 | ) | (57,517 | ) | (212,118 | ) | (210,380 | ) | |||||||
Total fee-based segment operating expenses | 652,869 | 580,781 | 2,148,263 | 1,890,165 | |||||||||||
Operating income | $ | 108,065 | $ | 107,615 | $ | 251,063 | $ | 219,366 | |||||||
Adjusted EBITDA | $ | 124,793 | $ | 124,331 | $ | 314,302 | $ | 274,581 | |||||||
EMEA | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 613,930 | $ | 556,568 | $ | 1,803,000 | $ | 1,632,657 | |||||||
Equity earnings | — | 4 | 752 | 17 | |||||||||||
Total segment revenue | 613,930 | 556,572 | 1,803,752 | 1,632,674 | |||||||||||
Gross contract costs1 | (121,398 | ) | (81,511 | ) | (397,446 | ) | (316,440 | ) | |||||||
Total segment fee revenue | 492,532 | 475,061 | 1,406,306 | 1,316,234 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 515,035 | 465,434 | 1,631,064 | 1,488,033 | |||||||||||
Depreciation and amortization | 9,080 | 6,460 | 27,179 | 23,763 | |||||||||||
Total segment operating expenses | 524,115 | 471,894 | 1,658,243 | 1,511,796 | |||||||||||
Gross contract costs1 | (121,398 | ) | (81,511 | ) | (397,446 | ) | (316,440 | ) | |||||||
Total fee-based segment operating expenses | 402,717 | 390,383 | 1,260,797 | 1,195,356 | |||||||||||
Operating income | $ | 89,815 | $ | 84,678 | $ | 145,509 | $ | 120,878 | |||||||
Adjusted EBITDA | $ | 98,895 | $ | 91,138 | $ | 172,688 | $ | 144,641 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
ASIA PACIFIC | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 362,006 | $ | 354,812 | $ | 1,159,979 | $ | 1,109,701 | |||||||
Equity earnings | 498 | 327 | 713 | 447 | |||||||||||
Total segment revenue | 362,504 | 355,139 | 1,160,692 | 1,110,148 | |||||||||||
Gross contract costs1 | (45,825 | ) | (52,590 | ) | (191,780 | ) | (201,073 | ) | |||||||
Total segment fee revenue | 316,679 | 302,549 | 968,912 | 909,075 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 304,199 | 299,530 | 1,057,962 | 1,012,639 | |||||||||||
Depreciation and amortization | 4,651 | 3,430 | 15,529 | 13,301 | |||||||||||
Total segment operating expenses | 308,850 | 302,960 | 1,073,491 | 1,025,940 | |||||||||||
Gross contract costs1 | (45,825 | ) | (52,590 | ) | (191,780 | ) | (201,073 | ) | |||||||
Total fee-based segment operating expenses | 263,025 | 250,370 | 881,711 | 824,867 | |||||||||||
Operating income | $ | 53,654 | $ | 52,179 | $ | 87,201 | $ | 84,208 | |||||||
Adjusted EBITDA | $ | 58,305 | $ | 57,825 | $ | 102,730 | $ | 97,509 | |||||||
LASALLE INVESTMENT MANAGEMENT | |||||||||||||||
Revenue: | |||||||||||||||
Operating revenue | $ | 96,997 | $ | 92,017 | $ | 397,136 | $ | 368,109 | |||||||
Equity earnings | 12,582 | 6,660 | 70,122 | 47,026 | |||||||||||
Total segment revenue | 109,579 | 98,677 | 467,258 | 415,135 | |||||||||||
Operating expenses: | |||||||||||||||
Compensation, operating and administrative expenses | 79,669 | 72,371 | 307,447 | 281,094 | |||||||||||
Depreciation and amortization | 623 | 517 | 2,195 | 2,059 | |||||||||||
Total segment operating expenses | 80,292 | 72,888 | 309,642 | 283,153 | |||||||||||
Operating income | $ | 29,287 | $ | 25,789 | $ | 157,616 | $ | 131,982 | |||||||
Adjusted EBITDA | $ | 29,910 | $ | 26,306 | $ | 159,811 | $ | 134,041 | |||||||
SEGMENT RECONCILING ITEMS | |||||||||||||||
Total segment revenue | $ | 1,901,019 | $ | 1,756,301 | $ | 6,043,146 | $ | 5,477,868 | |||||||
Reclassification of equity earnings | 13,602 | 7,320 | 77,475 | 48,265 | |||||||||||
Total revenue | $ | 1,887,417 | $ | 1,748,981 | $ | 5,965,671 | $ | 5,429,603 | |||||||
Total operating expenses before restructuring and acquisition charges | 1,620,198 | 1,486,040 | 5,401,757 | 4,921,434 | |||||||||||
Operating income before restructuring and acquisition charges | $ | 267,219 | $ | 262,941 | $ | 563,914 | $ | 508,169 | |||||||
Restructuring and acquisition charges4 | 13,359 | 1,126 | 34,116 | 42,505 | |||||||||||
Operating income after restructuring and acquisition charges | $ | 253,860 | $ | 261,815 | $ | 529,798 | $ | 465,664 | |||||||
Total adjusted EBITDA | $ | 311,903 | $ | 299,600 | $ | 749,531 | $ | 650,771 | |||||||
Restructuring and acquisition charges4 | 13,359 | 3,342 | 34,116 | 42,505 | |||||||||||
Total EBITDA | $ | 298,544 | $ | 296,258 | $ | 715,415 | $ | 608,266 | |||||||
Please reference attached financial statement notes. |
JONES LANG LASALLE INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31, 2015 and December 31, 2014 | |||||||||||
(in thousands) | |||||||||||
(Unaudited) | |||||||||||
December 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 216,583 | $ | 250,413 | |||||||
Trade receivables, net of allowances | 1,591,674 | 1,375,035 | |||||||||
Notes and other receivables | 267,307 | 181,377 | |||||||||
Warehouse receivables | 265,211 | 83,312 | |||||||||
Prepaid expenses | 77,753 | 64,963 | |||||||||
Deferred tax assets, net | 132,868 | 135,251 | |||||||||
Other | 99,411 | 27,825 | |||||||||
Total current assets | 2,650,807 | 2,118,176 | |||||||||
Property and equipment, net of accumulated depreciation | 423,268 | 368,361 | |||||||||
Goodwill, with indefinite useful lives | 2,141,471 | 1,907,924 | |||||||||
Identified intangibles, net of accumulated amortization | 227,185 | 38,841 | |||||||||
Investments in real estate ventures | 311,487 | 297,142 | |||||||||
Long-term receivables | 135,181 | 85,749 | |||||||||
Deferred tax assets, net | 87,177 | 90,897 | |||||||||
Deferred compensation plans | 134,253 | 111,234 | |||||||||
Other | 94,330 | 57,012 | |||||||||
Total assets | $ | 6,205,159 | $ | 5,075,336 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 712,624 | $ | 630,037 | |||||||
Accrued compensation | 1,088,889 | 990,678 | |||||||||
Short-term borrowings | 49,217 | 19,623 | |||||||||
Deferred tax liabilities, net | 21,112 | 16,554 | |||||||||
Deferred income | 114,770 | 104,565 | |||||||||
Deferred business acquisition obligations | 54,675 | 49,259 | |||||||||
Warehouse facility | 263,102 | 83,312 | |||||||||
Minority shareholder redemption liability | — | 11,158 | |||||||||
Other | 200,804 | 141,825 | |||||||||
Total current liabilities | 2,505,193 | 2,047,011 | |||||||||
Noncurrent liabilities: | |||||||||||
Credit facility | 254,999 | — | |||||||||
Long-term senior notes | 275,000 | 275,000 | |||||||||
Deferred tax liabilities, net | 33,032 | 17,082 | |||||||||
Deferred compensation | 156,197 | 125,857 | |||||||||
Deferred business acquisition obligations | 42,860 | 68,848 | |||||||||
Other | 208,496 | 118,969 | |||||||||
Total liabilities | 3,475,777 | 2,652,767 |
(Unaudited) | |||||||||||
December 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
Redeemable noncontrolling interest | 11,083 | 13,449 | |||||||||
Company shareholders' equity: | |||||||||||
Common stock, $.01 par value per share,100,000,000 shares authorized; 45,049,503 and 44,828,779 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 450 | 448 | |||||||||
Additional paid-in capital | 986,633 | 961,850 | |||||||||
Retained earnings | 2,044,224 | 1,631,145 | |||||||||
Shares held in trust | (6,231 | ) | (6,407 | ) | |||||||
Accumulated other comprehensive income (loss) | (336,313 | ) | (200,239 | ) | |||||||
Total Company shareholders' equity | 2,688,763 | 2,386,797 | |||||||||
Noncontrolling interest | 29,536 | 22,323 | |||||||||
Total equity | 2,718,299 | 2,409,120 | |||||||||
Total liabilities and equity | $ | 6,205,159 | $ | 5,075,336 | |||||||
Please reference attached financial statement notes. |
Twelve Months Ended | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
Cash used in operating activities | $ | 375,769 | $ | 498,861 | |||
Cash used in investing activities | (584,615 | ) | (187,938 | ) | |||
Cash provided by financing activities | 191,567 | (203,029 | ) | ||||
Effect of currency exchange rate changes on cash and cash equivalents | (16,551 | ) | (10,207 | ) | |||
Net decrease in cash and cash equivalents | $ | (33,830 | ) | $ | 97,687 | ||
Cash and cash equivalents, beginning of period | 250,413 | 152,726 | |||||
Cash and cash equivalents, end of period | $ | 216,583 | $ | 250,413 | |||
Please reference attached financial statement notes. |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 1,887.4 | $ | 1,749.0 | $ | 5,965.7 | $ | 5,429.6 | ||||||||
Gross contract costs | (221.3 | ) | (191.6 | ) | (801.3 | ) | (727.9 | ) | ||||||||
Fee revenue | $ | 1,666.1 | $ | 1,557.4 | $ | 5,164.4 | $ | 4,701.7 | ||||||||
Operating expenses | $ | 1,633.6 | $ | 1,487.2 | $ | 5,435.9 | $ | 4,963.9 | ||||||||
Gross contract costs | (221.3 | ) | (191.6 | ) | (801.3 | ) | (727.9 | ) | ||||||||
Fee-based operating expenses | $ | 1,412.3 | $ | 1,295.6 | $ | 4,634.6 | $ | 4,236.0 | ||||||||
Operating income | $ | 253.8 | $ | 261.8 | $ | 529.8 | $ | 465.7 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges* | 13.4 | 3.3 | 34.1 | 42.5 | ||||||||||||
Adjusted operating income | $ | 267.2 | $ | 265.1 | $ | 563.9 | $ | 508.2 | ||||||||
Adjusted operating income margin | 16.0 | % | 17.0 | % | 10.9 | % | 10.8 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
($ in millions, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income attributable to common shareholders | $ | 195.9 | $ | 193.8 | $ | 438.4 | $ | 385.7 | ||||||||
Shares (in 000s) | 45,492 | 45,332 | 45,415 | 45,261 | ||||||||||||
GAAP diluted earnings per share | $ | 4.31 | $ | 4.28 | $ | 9.65 | $ | 8.52 | ||||||||
GAAP net income attributable to common shareholders | $ | 195.9 | $ | 193.8 | $ | 438.4 | $ | 385.7 | ||||||||
Restructuring and acquisition charges, net* | 10.1 | 2.5 | 16.1 | 6.0 | ||||||||||||
Adjusted net income | $ | 206.0 | $ | 196.3 | $ | 454.5 | $ | 391.7 | ||||||||
Shares (in 000s) | 45,492 | 45,332 | 45,415 | 45,261 | ||||||||||||
Adjusted diluted earnings per share | $ | 4.53 | $ | 4.33 | $ | 10.01 | $ | 8.65 | ||||||||
Currency impact on adjusted diluted earnings per share | 0.42 | 0.87 | ||||||||||||||
Adjusted diluted earnings per share - local currency | $ | 4.95 | $ | 10.88 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
($ in millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
GAAP net income | $ | 198.5 | $ | 194.8 | $ | 446.3 | $ | 388.0 | ||||||||
Add: | ||||||||||||||||
Interest expense, net of interest income | 7.8 | 6.7 | 28.1 | 28.3 | ||||||||||||
Provision for income taxes | 61.2 | 67.7 | 132.8 | 97.6 | ||||||||||||
Depreciation and amortization | 31.1 | 27.1 | 108.1 | 94.4 | ||||||||||||
EBITDA | $ | 298.6 | $ | 296.3 | $ | 715.3 | $ | 608.3 | ||||||||
Add: | ||||||||||||||||
Restructuring and acquisition charges | 13.4 | 3.3 | 34.1 | 42.5 | ||||||||||||
Adjusted EBITDA | $ | 312.0 | $ | 299.6 | $ | 749.4 | $ | 650.8 |
Three Months Ended | Twelve Months End | |||||||||||||||||||
December 31, 2015 | December 31, 2015 | |||||||||||||||||||
($ in millions) | GAAP | Adjusting Item | Adjusted | GAAP | Adjusting Item | Adjusted | ||||||||||||||
Income before income taxes and noncontrolling interest | $ | 259.7 | $ | — | $ | 259.7 | $ | 579.1 | $ | 12.8 | $ | 591.9 | ||||||||
Provision for income taxes | 61.2 | — | 61.2 | 132.8 | 12.8 | 145.6 | ||||||||||||||
Net Income | $ | 198.5 | $ | 198.5 | $ | 446.3 | $ | 446.3 | ||||||||||||
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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