30.07.2013 22:15:00

Jones Lang LaSalle Reports Second Quarter 2013 Revenue Increase to $989 Million

CHICAGO, July 30, 2013 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported adjusted earnings per share ("EPS") of $1.15 for the second quarter of 2013, up from $1.13 in the prior year.  Second-quarter revenue of $989 million was up 8 percent.  Fee revenue was $908 million, an increase of 7 percent.

  • Continued solid fee revenue growth with 7 percent increase for the quarter and year to date
  • Strong capital raise by LaSalle Investment Management; $1.8 billion committed in the quarter
  • Capital Markets & Hotels outperformed markets in all regions
  • Leasing growth in the Americas driven by further market share gains
  • Revenue performance in BRIC countries impacted by strong comparable quarter in 2012
  • Healthy corporate outsourcing pipeline; transitioning new clients from previous wins






Summary Financial Results

   ($ in millions, except per share data)


Three Months Ended


Six Months Ended

June 30,

June 30,



2013

2012


2013

2012








Revenue


$    989

$    921


$  1,845

$  1,735

Fee Revenue1


$    908

$    852


$  1,689

$  1,597

Adjusted Net Income2


$      52

$      51


$       68

$       73

U.S. GAAP Net Income


$      46

$      37


$       59

$       51

Adjusted Earnings per Share2


$   1.15

$   1.13


$    1.50

$    1.63

Earnings per Share


$   1.03

$   0.83


$    1.32

$    1.14

Adjusted EBITDA3


$    102

$      95


$     150

$     150

     Adjusted EBITDA, Real Estate Services


$      82

$      84


$     116

$     112

     Adjusted EBITDA, LaSalle Investment Management


$      20

$      11


$       34

$       38


See Financial Statement Notes (1), (2) and (3) following the Financial Statements in this news release

"We are pleased with our revenue growth and particularly with the performance of our Capital Markets & Hotels business globally," said Colin Dyer, President and Chief Executive Officer of Jones Lang LaSalle. "Leasing results outpaced the overall market despite hesitant corporate occupiers and reduced activity in the BRIC countries. We are moving with confidence into the seasonally strong second half of the year," Dyer continued. 











Consolidated Revenue

   ($ in millions, "LC" = local currency)

Three Months Ended June 30,


%

Change

in LC


Six Months Ended June 30,


%

Change

in LC


2013

2012



2013

2012












Real Estate Services ("RES")










Leasing

$   298.6

$ 299.0


0%


$    527.8

$   529.2


0%

Capital Markets & Hotels

157.6

115.7


37%


278.3

204.5


37%

Property & Facility Management

257.5

238.4


10%


508.8

478.6


8%

Property & Facility Management Fee

Revenue1

210.6

199.0


8%


422.9

399.9


7%

Project & Development Services

120.3

116.7


3%


234.0

224.3


5%

Project & Development Services Fee

Revenue1

86.1

87.0


0%


163.3

165.4


0%

Advisory, Consulting and Other

94.1

92.4


2%


175.5

171.4


3%

     Total RES Revenue

$   928.1

$ 862.2


8%


$  1,724.4

$ 1,608.0


8%

Total RES Fee Revenue1

$   847.0

$   793.1


7%


$  1,567.8

$   1,470.4


7%











LaSalle Investment Management










Advisory Fees

$      55.1

$    57.2


(2%)


$     111.5

$    114.6


(1%)

Transaction Fees & Other

5.2

1.6


n/m


8.3

3.4


n/m

Incentive Fees

1.0

0.3


n/m


1.2

8.7


(86%)

     Total LaSalle Investment

       Management Revenue

$      61.3

$    59.1


5%


$     121.0

$    126.7


(3%)











Total Firm Revenue

$    989.4

$ 921.3


8%


$  1,845.4

$ 1,734.7


7%

Total Firm Fee Revenue1

$    908.3

$   852.2


7%


$  1,688.8

$   1,597.1


7%











n/m – not meaningful

Consolidated Performance Highlights:

  • Consolidated fee revenue growth of 7 percent, for the second quarter and year to date, was driven by a 37 percent increase in Capital Markets & Hotels, partially offset by revenue decreases in the BRIC countries. 
  • Property & Facility Management fee revenue growth of 8 percent for the quarter, 7 percent year to date, was led by 14 percent increases from Asia Pacific, adding to the firm's annuity revenue base.
  • Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $836 million in the second quarter, up 8 percent, and $1.6 billion year to date, up 7 percent, driven partially by the up-front costs of transitioning significant new corporate outsourcing clients that will begin generating revenue in the second half of 2013, as well as variable compensation from increases in Capital Markets revenue.

Balance Sheet and Net Interest Expense:

  • The firm reduced total net debt by $37 million during the quarter to $833 million consistent with seasonal borrowing and repayment patterns.
  • Net interest expense for the second quarter was $9.0 million compared with $7.5 million a year ago, reflecting the diversification of our low-cost debt to include $275 million of 10-year Senior Notes fixed at 4.4 percent, which were issued in November 2012.
  • During the quarter, the firm made deferred acquisition and earn-out payments of $72 million primarily related to the Staubach and King Sturge acquisitions.
    • The final scheduled payment related to Staubach of $34 million will be made in the third quarter of 2013.

Business Segment Performance Highlights



Americas Real Estate Services











Americas Revenue

   ($ in millions, "LC" = local currency)

Three Months Ended June 30,


%

Change

in LC


Six Months Ended June 30,


%

Change

in LC


2013

2012



2013

2012












Leasing

$   197.8

$  187.0


6%


$   350.1

$  336.6


4%

Capital Markets & Hotels

53.4

42.1


27%


92.1

70.0


31%

Property & Facility Management

110.1

102.2


8%


218.6

203.6


8%

Property & Facility Management Fee

Revenue1

86.3

82.2


5%


175.7

167.9


5%

Project & Development Services

42.7

45.1


(5%)


80.7

84.7


(4%)

Project & Development Services Fee

Revenue1

42.3

44.9


(6%)


80.1

84.4


(5%)

Advisory, Consulting and Other

27.5

26.8


3%


51.5

49.7


4%

     Operating Revenue

$   431.5

$  403.2


7%


$   793.0

$  744.6


7%











Equity Earnings

0.1

(0.3)


n/m


0.3

(0.2)


n/m

Total Segment Revenue

$   431.6

$  402.9


7%


$   793.3

$  744.4


7%

     Total Segment Fee Revenue1

$   407.4

$  382.7


7%


$   749.8

$  708.4


6%











n/m – not meaningful

Americas Performance Highlights:

  • Revenue growth was driven by higher transactional revenue, led by Capital Markets & Hotels, up 27 percent for the quarter and 31 percent year to date, partially offset by lower Latin America revenue against the prior year.
  • Fee-based operating expenses were $372 million for the quarter, up 8 percent, driven by up-front transition costs incurred from a number of large new corporate outsourcing clients that will begin generating revenue during the second half of the year, as well as variable compensation from increases in transactional revenue.
  • Operating income was $35 million for the quarter, compared with $38 million in 2012.  Operating income margin calculated on a fee revenue basis was 8.7 percent, compared with 9.9 percent last year. 
  • Adjusted EBITDA was $47 million for the quarter, compared with $49 million in 2012.  EBITDA margin calculated on a fee revenue basis was 11.5 percent in the quarter, compared with 12.7 percent last year.  

EMEA Real Estate Services











EMEA Revenue

   ($ in millions, "LC" = local currency)

Three Months Ended June 30,


%

Change

in LC


Six Months Ended June 30,


%

Change

in LC


2013

2012



2013

2012












Leasing

$   60.2

$  66.4


(10%)


$   109.1

$  113.7


(4%)

Capital Markets & Hotels

63.2

49.8


28%


121.5

89.1


37%

Property & Facility Management

46.9

43.1


10%


89.7

85.6


5%

Property & Facility Management Fee Revenue1

42.0

41.8


1%


82.5

82.9


0%

Project & Development Services

56.2

52.4


6%


112.1

103.0


9%

Project & Development Services Fee Revenue1

27.6

25.8


7%


51.6

50.0


3%

Advisory, Consulting and Other

41.6

42.8


(2%)


80.7

81.1


1%

     Operating Revenue

$   268.1

$  254.5


6%


$   513.1

$  472.5


9%











Equity Earnings

(0.5)

(0.1)


n/m


(0.5)

(0.1)


n/m

Total Segment Revenue

$   267.6

$  254.4


5%


$   512.6

$  472.4


9%

     Total Segment Fee Revenue1

$    234.1

$  226.5


4%


$    444.9

$  416.7


7%











n/m – not meaningful

EMEA Performance Highlights:

  • Revenue growth was driven by Capital Markets & Hotels, up 28 percent for the quarter and 37 percent year to date, led by the UK and France.  Revenue growth was partially offset by lower Leasing revenue, particularly in Russia and Germany when compared to 2012 performance that helped drive a 20 percent increase in Leasing revenue for the region in the prior year second quarter.
  • Fee-based operating expenses were $221 million for the quarter, up 4 percent, primarily due to the net increase in transactional revenue activity and increased variable operating costs associated with building pipelines for the second half of the year.
  • Adjusted operating income, which excludes King Sturge amortization, was $14 million for the quarter, compared with $15 million in 2012.  Adjusted operating income margin calculated on a fee revenue basis was 5.8 percent compared with 6.6 percent last year.
  • Adjusted EBITDA was $18 million for the quarter, compared with $19 million in 2012.  EBITDA margin calculated on a fee revenue basis was 7.7 percent compared with 8.4 percent last year.

 

Asia Pacific Real Estate Services











Asia Pacific Revenue

   ($ in millions, "LC" = local currency)

Three Months Ended June 30,


%

Change

in LC


Six Months Ended June 30,


%

Change

in LC


2013

2012



2013

2012












Leasing

$   40.6

$  45.6


(10%)


$   68.6

$  78.9


(12%)

Capital Markets & Hotels

41.0

23.8


74%


64.7

45.4


44%

Property & Facility Management

100.5

93.1


13%


200.5

189.4


10%

Property & Facility Management Fee Revenue1

82.3

75.0


14%


164.7

149.1


14%

Project & Development Services

21.4

19.2


15%


41.2

36.6


16%

Project & Development Services Fee Revenue1

16.2

16.3


2%


31.6

31.0


5%

Advisory, Consulting and Other

25.0

22.8


9%


43.3

40.6


8%

     Operating Revenue

$   228.5

$  204.5


15%


$   418.3

$  390.9


10%











Equity Earnings

(0.1)

0.1


n/m


0.0

0.1


n/m

Total Segment Revenue

$   228.4

$  204.6


15%


$   418.3

$  391.0


10%

     Total Segment Fee Revenue1

$   205.0

$  183.6


14%


$   372.9

$  345.1


11%











n/m – not meaningful

Asia Pacific Performance Highlights:

  • Revenue growth was led by both transactional growth in Capital Markets & Hotels, up 74 percent for the quarter and 44 percent year to date, led by Australia and Singapore, as well as annuity growth in Property & Facility Management, up 14 percent in fee revenue in both periods.  This growth was partially offset by Leasing revenue declines in China, India and Australia.
  • Fee-based operating expenses were $192 million for the quarter, up 15 percent, partially due to increased compensation costs from a larger employee base serving Property & Facility Management clients, as well as commissions earned on Capital Markets revenue.
  • Operating income was $13 million for the quarter, consistent with 2012.  Operating income margin calculated on a fee revenue basis was 6.5 percent, compared with 7.2 percent last year.
  • Adjusted EBITDA was $16 million for the quarter, compared with $17 million in 2012.  EBITDA margin calculated on a fee revenue basis was 8.0 percent, compared with 9.0 percent last year.

LaSalle Investment Management











LaSalle Investment

   Management Revenue

   ($ in millions, "LC" = local currency)

Three Months Ended June 30,


%

Change

in LC


Six Months Ended June 30,


%

Change

in LC


2013

2012



2013

2012












Advisory Fees

$   55.1

$  57.2


(2%)


$   111.5

$  114.6


(1%)

Transaction Fees & Other

5.2

1.6


n/m


8.3

3.4


n/m

Incentive Fees

1.0

0.3


n/m


1.2

8.7


(86%)

     Operating Revenue

$   61.3

$  59.1


5%


$   121.0

$  126.7


(3%)











Equity Earnings

9.7

0.2


n/m


14.8

11.9


24%

Total Segment Revenue

$    71.0

$  59.3


21%


$    135.8

$  138.6


(1%)











n/m – not meaningful

LaSalle Investment Management Performance Highlights:

  • $1.8 billion of capital was raised during the quarter, primarily in private equity commitments, which will generate growth in assets under management and in advisory fees as the capital is invested.
  • Advisory fees were $55 million for the quarter, which is consistent with quarterly averages in local currency for the last 12 to 18 months.
  • Operating expenses were $51 million for the quarter, up 4 percent from last year on the increase in operating revenue of 5 percent.
  • Adjusted EBITDA was $20 million for the quarter, a margin of 28.4 percent, compared with $11 million in 2012, a margin of 17.8 percent.  The year-over-year improvement in total segment revenue and EBITDA was driven by significant equity earnings recognized in the quarter, reflective of positive investment performance for clients.
  • Assets under management were $46.3 billion as of June 30, 2013, compared with $47.7 billion at March 31, 2013, with the decrease driven primarily by foreign currency movements.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.

200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39-00 Republic Plaza Singapore 048619

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of Jones Lang LaSalle to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in Jones Lang LaSalle's Annual Report on Form 10-K for the year ended December 31, 2012, and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, and in other reports filed with the Securities and Exchange Commission. Statements speak only as of the date of this release. Jones Lang LaSalle expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Jones Lang LaSalle's expectations or results, or any change in events.

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Tuesday, July 30 at 6:00 p.m. EDT.

To participate in the conference call, please dial into one of the following phone numbers five to ten minutes before the start time:

U.S. callers:

+1 877 356 3887

International callers:

+1 706 679 7364

Pass code:

17566956

Webcast

Follow these steps to listen to the webcast:

  • You must have a minimum 14.4 Kbps Internet connection
  • Log on to http://www.videonewswire.com/event.asp?id=94966 and follow instructions
  • Download free Windows Media Player software: (link located under registration form)
  • If you experience problems listening, send an email to prnwebcast@multivu.com 

    • Supplemental Information

    Supplemental information regarding the second-quarter 2013 earnings call has been posted to the Investor Relations section of the company's website:  www.jll.com.

    Conference Call Replay

    Available: 11:00 p.m. EDT Tuesday, July 30 through 11:59 p.m. EDT Thursday, August 8 at the following numbers:

    U.S. callers:

    + 1 855 859 2056

    International callers:

    + 1 404 537 3406

    Pass code:

    17566956

    Web Audio Replay

    Audio replay will be available for download or stream. This information and link is also available on the company's website:  www.jll.com.

    If you have any questions, email Jones Lang LaSalle's Investor Relations department at JLLInvestorRelations@am.jll.com.

    JONES LANG LASALLE INCORPORATED

    Consolidated Statements of Operations

    For the Three and Six Months Ended June 30, 2013 and 2012

    (in thousands, except share data)

    (Unaudited)
















































    Three Months Ended June 30,



    Six Months Ended June 30,










    2013



    2012



    2013



    2012




















    Revenue






    $             989,383



    $             921,341



    $     1,845,371



    $     1,734,635




















    Operating expenses:
















    Compensation and benefits 




    634,600



    592,928



    1,198,320



    1,130,444


    Operating, administrative and other




    262,185



    233,765



    512,106



    466,361


    Depreciation and amortization 




    20,174



    19,962



    39,254



    39,621


    Restructuring and acquisition charges




    6,602



    16,604



    9,770



    25,556























    Total operating expenses




    923,561



    863,259



    1,759,450



    1,661,982























    Operating income




    65,822



    58,082



    85,921



    72,653




















    Interest expense, net of interest income




    (9,049)



    (7,459)



    (16,972)



    (14,885)

    Equity earnings (losses) from unconsolidated ventures 


    9,076



    (47)



    14,558



    11,802




















    Income before income taxes and noncontrolling interest


    65,849



    50,576



    83,507



    69,570

    Provision for income taxes  




    16,397



    12,846



    20,794



    17,671

    Net income






    49,452



    37,730



    62,713



    51,899




















    Net income attributable to noncontrolling interest


    2,921



    289



    3,027



    435

    Net income attributable to the Company




    $               46,531



    $               37,441



    $           59,686



    $           51,464




















    Net income attributable to common shareholders


    $               46,290



    $               37,188



    $           59,445



    $           51,211







































    Basic earnings per common share




    $                    1.05



    $                    0.85



    $               1.35



    $               1.17




















    Basic weighted average shares outstanding




    44,101,006



    43,718,678



    44,090,942



    43,661,976







































    Diluted earnings per common share




    $                    1.03



    $                    0.83



    $               1.32



    $               1.14




















    Diluted weighted average shares outstanding



    45,141,341



    44,847,350



    45,091,245



    44,725,914







































    EBITDA 







    $               95,072



    $               77,997



    $        139,733



    $        124,076


























































    Please reference attached financial statement notes.































     JONES LANG LASALLE INCORPORATED 

     Segment Operating Results 

     For the Three and Six Months Ended June 30, 2013 and 2012 

     (in thousands) 

     (Unaudited) 







































     Three Months Ended June 30, 




     Six Months Ended June 30, 








    2013


    2012




    2013


    2012


















     REAL ESTATE SERVICES  














           AMERICAS 















     Revenue: 
















     Operating revenue 




    $                  431,492


    $                  403,172




    $                  792,959


    $                  744,599




     Equity earnings (losses) 




    73


    (258)




    291


    (208)




     Total segment revenue 




    431,565


    402,914




    793,250


    744,391




     Gross contract costs1




    (24,190)


    (20,132)




    (43,468)


    (36,020)




     Total segment fee revenue 




    407,375


    382,782




    749,782


    708,371



















     Operating expenses: 
















     Compensation, operating and administrative expenses 




    384,659


    354,356




    721,218


    674,032




     Depreciation and amortization 




    11,547


    10,496




    22,000


    20,380




     Total segment operating expenses 




    396,206


    364,852




    743,218


    694,412




     Gross contract costs1




    (24,190)


    (20,132)




    (43,468)


    (36,020)




     Total fee-based segment operating expenses 




    372,016


    344,720




    699,750


    658,392




















     Operating income 




    $                    35,359


    $                    38,062




    $                    50,032


    $                    49,979




















     Adjusted EBITDA 




    $                    46,906


    $                    48,558




    $                    72,032


    $                    70,359


















           EMEA 















     Revenue: 
















     Operating revenue 




    $                  268,146


    $                  254,544




    $                  513,051


    $                  472,516




     Equity losses 




    (536)


    (85)




    (536)


    (70)




     Total segment revenue 




    267,610


    254,459




    512,515


    472,446




     Gross contract costs1




    (33,519)


    (27,958)




    (67,725)


    (55,659)




     Total segment fee revenue 




    234,091


    226,501




    444,790


    416,787



















     Operating expenses: 
















     Compensation, operating and administrative expenses 




    249,497


    235,497




    491,022


    457,866




     Depreciation and amortization 




    5,027


    5,683




    10,010


    11,885




     Total segment operating expenses 




    254,524


    241,180




    501,032


    469,751




     Gross contract costs1




    (33,519)


    (27,958)




    (67,725)


    (55,659)




     Total fee-based segment operating expenses 




    221,005


    213,222




    433,307


    414,092




















     Operating income 




    $                    13,086


    $                    13,279




    $                    11,483


    $                      2,695




















     Adjusted EBITDA 




    $                    18,113


    $                    18,962




    $                    21,493


    $                    14,580


















           ASIA PACIFIC 















     Revenue: 
















     Operating revenue 




    $                  228,443


    $                  204,513




    $                  418,343


    $                  390,876




     Equity (losses) earnings 




    (124)


    62




    (9)


    114




     Total segment revenue 




    228,319


    204,575




    418,334


    390,990




     Gross contract costs1




    (23,378)


    (21,060)




    (45,375)


    (45,879)




     Total segment fee revenue 




    204,941


    183,515




    372,959


    345,111



















     Operating expenses: 
















     Compensation, operating and administrative expenses 




    211,848


    188,058




    396,297


    364,418




     Depreciation and amortization 




    3,124


    3,326




    6,252


    6,414




     Total segment operating expenses 




    214,972


    191,384




    402,549


    370,832




     Gross contract costs1




    (23,378)


    (21,060)




    (45,375)


    (45,879)




     Total fee-based segment operating expenses 




    191,594


    170,324




    357,174


    324,953




















     Operating income 




    $                    13,347


    $                    13,191




    $                    15,785


    $                    20,158




















     Adjusted EBITDA 




    $                    16,471


    $                    16,517




    $                    22,037


    $                    26,572








































     Three Months Ended June 30, 




     Six Months Ended June 30, 








    2013


    2012




    2013


    2012


















     LASALLE INVESTMENT MANAGEMENT 















     Revenue: 
















     Operating revenue 




    $                    61,302


    $                    59,112




    $                  121,018


    $                  126,644




     Equity earnings 




    9,663


    234




    14,812


    11,966




     Total segment revenue 




    70,965


    59,346




    135,830


    138,610



















     Operating expenses: 
















     Compensation, operating and administrative expenses 




    50,781


    48,782




    101,889


    100,488




     Depreciation and amortization 




    476


    457




    992


    943




     Total segment operating expenses 




    51,257


    49,239




    102,881


    101,431




















     Operating income 




    $                    19,708


    $                    10,107




    $                    32,949


    $                    37,179




















     Adjusted EBITDA 




    $                    20,184


    $                    10,564




    $                    33,941


    $                    38,122


































































     SEGMENT RECONCILING ITEMS: 
















     Total segment revenue 




    $                  998,459


    $                  921,294




    $              1,859,929


    $              1,746,437




     Reclassification of equity earnings (losses) 




    9,076


    (47)




    14,558


    11,802




          Total revenue 




    $                  989,383


    $                  921,341




    $              1,845,371


    $              1,734,635




















          Total operating expenses before restructuring charges 




    916,959


    846,655




    1,749,680


    1,636,426




          Operating income before restructuring charges 




    $                    72,424


    $                    74,686




    $                    95,691


    $                    98,209


















    Please reference attached financial statement notes.














     

    JONES LANG LASALLE INCORPORATED

    Consolidated Balance Sheets

    June 30, 2013, December 31, 2012 and June 30, 2012

    (in thousands)




























    June 30,




    June 30,







    2013


    December 31,


    2012







    (Unaudited)


    2012


    (Unaudited)













    ASSETS








    Current assets:









    Cash and cash equivalents


    $             121,851


    $             152,159


    $             115,499



    Trade receivables, net of allowances


    911,425


    996,681


    819,946



    Notes and other receivables


    95,543


    101,952


    92,663



    Warehouse receivables


    98,213


    144,257


    -



    Prepaid expenses


    64,463


    53,165


    54,752



    Deferred tax assets, net


    53,257


    50,831


    48,525



    Other



    11,719


    16,484


    24,081





    Total current assets


    1,356,471


    1,515,529


    1,155,466













    Property and equipment, net of accumulated depreciation


    252,247


    269,338


    239,202


    Goodwill, with indefinite useful lives


    1,836,981


    1,853,761


    1,766,978


    Identified intangibles, with finite useful lives, net of accumulated amortization


    41,342


    45,932


    45,762


    Investments in real estate ventures 


    265,202


    268,107


    210,799


    Long-term receivables


    76,825


    58,881


    51,212


    Deferred tax assets, net


    187,811


    197,892


    197,718


    Other



    157,824


    142,059


    126,934





    Total assets


    $          4,174,703


    $          4,351,499


    $          3,794,071













    LIABILITIES AND EQUITY 








    Current liabilities:









    Accounts payable and accrued liabilities


    $             401,052


    $             497,817


    $             365,254



    Accrued compensation 


    410,032


    685,718


    393,344



    Short-term borrowings


    50,724


    32,233


    19,598



    Deferred tax liabilities, net


    10,113


    10,113


    6,095



    Deferred income


    79,459


    76,152


    83,132



    Deferred business acquisition obligations


    75,054


    105,772


    31,611



    Warehouse facility


    98,213


    144,257


    -



    Other



    112,553


    109,909


    92,218





    Total current liabilities


    1,237,200


    1,661,971


    991,252













    Noncurrent liabilities:









    Credit facilities


    479,000


    169,000


    619,000



    Long-term senior notes


    275,000


    275,000


    -



    Deferred tax liabilities, net


    3,106


    3,106


    7,646



    Deferred compensation


    89,370


    75,320


    67,929



    Pension liabilities


    64


    5,281


    15,348



    Deferred business acquisition obligations


    75,550


    107,661


    246,531



    Minority shareholder redemption liability


    19,838


    19,489


    18,692



    Other



    62,272


    75,415


    72,962





    Total liabilities


    2,241,400


    2,392,243


    2,039,360













    Company shareholders' equity:









    Common stock, $.01 par value per share, 100,000,000 shares authorized;









    44,119,690, 44,054,042 and 43,778,163 shares issued and outstanding as of









    June 30, 2013, December 31, 2012 and June 30, 2012, respectively


    441


    441


    438



    Additional paid-in capital


    945,675


    932,255


    927,020



    Retained earnings 


    1,066,794


    1,017,128


    869,670



    Shares held in trust


    (7,558)


    (7,587)


    (7,151)



    Accumulated other comprehensive (loss) income


    (78,807)


    8,946


    (40,090)





    Total Company shareholders' equity


    1,926,545


    1,951,183


    1,749,887














    Noncontrolling interest


    6,758


    8,073


    4,824





    Total equity


    1,933,303


    1,959,256


    1,754,711
















    Total liabilities and equity


    $          4,174,703


    $          4,351,499


    $          3,794,071













    Please reference attached financial statement notes.








     

    JONES LANG LASALLE INCORPORATED

    Summarized Consolidated Statements of Cash Flows

    For the Six Months Ended June 30, 2013 and 2012

    (in thousands)

    (Unaudited)



    Six Months Ended June 30,


    2013


    2012





    Cash used in operating activities

    $         (244,558)


    $         (122,618)





    Cash used in investing activities

    (62,761)


    (25,898)





    Cash provided by financing activities

    277,011


    79,561





            Net decrease in cash and cash equivalents

    $           (30,308)


    (68,955)





    Cash and cash equivalents, beginning of period

    152,159


    184,454





    Cash and cash equivalents, end of period

    $           121,851


    $          115,499









    Please reference attached financial statement notes.




     JONES LANG LASALLE INCORPORATED
    Financial Statement Notes

    1.       Consistent with U.S. GAAP ("GAAP"), gross contract vendor and subcontractor costs ("gross contract costs") which are managed on certain client assignments in the Property & Facility Management and Project & Development Services business lines are presented on a gross basis in both revenue and operating expenses.  Gross contract costs are excluded from revenue and operating expenses in determining "fee revenue" and "fee-based operating expenses", respectively.  Excluding these costs from revenue and operating expenses more accurately reflects how the firm manages its expense base and its operating margins.  Adjusted operating income excludes the impact of restructuring and acquisition charges and intangible amortization related to the King Sturge acquisition.  "Adjusted operating income margin" is calculated by dividing adjusted operating income by fee revenue.  Below are reconciliations of revenue and operating expenses to fee revenue and fee-based operating expenses, as well as adjusted operating income margin calculations, for the three and six months ended June 30, 2013, and 2012.

     



    Three Months Ended


    Six Months Ended



    June 30,


    June 30,

    ($ in millions)


    2013


    2012


    2013


    2012










    Revenue


    $  989.4


    $  921.3


    $  1,845.4


    $  1,734.7

    Gross contract costs


    (81.1)


    (69.1)


    (156.6)


    (137.6)

    Fee revenue


    $  908.3


    $  852.2


    $  1,688.8


    $  1,597.1










    Operating expenses


    $  923.6


    $  863.2


    $  1,759.5


    $  1,662.0

    Gross contract costs


    (81.1)


    (69.1)


    (156.6)


    (137.6)

    Fee-based operating expenses


    $  842.5


    $  794.1


    $  1,602.9


    $  1,524.4










    Operating income


    $    65.8


    $    58.1


    $       85.9


    $       72.7










    Add:









    Restructuring and acquisition charges


    6.6


    16.6


    9.8


    25.6

    King Sturge intangible amortization


    0.6


    1.6


    1.1


    3.8

    Adjusted operating income


    $    73.0


    $    76.3


    $       96.8


    $     102.1










    Adjusted operating income margin


    8.0%


    9.0%


    5.7%


    6.4%

     

    2.       Charges excluded from GAAP net income attributable to common shareholders to arrive at adjusted net income for the three and six months ended June 30, 2013, and June 30, 2012, are restructuring and acquisition charges and intangible amortization related to the recent King Sturge acquisition. Below are reconciliations of GAAP net income attributable to common shareholders to adjusted net income and calculations of earnings per share ("EPS") for each net income total:




    Three Months Ended


    Six Months Ended



    June 30,


    June 30,


    2013


    2012


    2013


    2012


    ($ in millions, except per share data)


















    GAAP net income attributable to common

      shareholders

    $ 46.3


    $ 37.2


    $ 59.4


    $ 51.2


    Shares (in 000s)

    45,141


    44,847


    45,091


    44,726


    GAAP diluted earnings per share

    $ 1.03


    $ 0.83


    $ 1.32


    $ 1.14











    GAAP net income attributable to common

      shareholders

    $ 46.3


    $ 37.2


    $ 59.4


    $ 51.2


    Restructuring and acquisition charges, net

    5.0


    12.4


    7.4


    19.1


    Intangible amortization, net

    0.4


    1.2


    0.8


    2.8


    Adjusted net income

    $ 51.7


    $ 50.8


    $ 67.6


    $ 73.1


    Shares (in 000s)

    45,141


    44,847


    45,091


    44,726


    Adjusted diluted earnings per share

    $ 1.15


    $ 1.13


    $ 1.50


    $ 1.63











                   

    3.       Adjusted EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization, adjusted for restructuring and acquisition charges. Although adjusted EBITDA and EBITDA are non-GAAP financial measures, they are used extensively by management and are useful to investors and lenders as metrics for evaluating operating performance and liquidity. EBITDA is used in the calculations of certain covenants related to the firm's revolving credit facility. However, adjusted EBITDA and EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not calculated under GAAP, the firm's adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies.

    Below is a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

     




    Three Months Ended


    Six Months Ended



    June 30,


    June 30,



    2013


    2012


    2013


    2012










    Net income


    $ 49,452


    $ 37,730


    $ 62,713


    $51,899

    Add:









    Interest expense, net of interest income


    9,049


    7,459


    16,972


    14,885

    Provision for income taxes


    16,397


    12,846


    20,794


    17,671

    Depreciation and amortization


    20,174


    19,962


    39,254


    39,621

    EBITDA


    $ 95,072


    $ 77,997


    $ 139,733


    $ 124,076










    Add:









    Restructuring and acquisition charges


    6,602


    16,604


    9,770


    25,556

    Adjusted EBITDA


    $101,674


    $ 94,601


    $ 149,503


    $ 149,632


    4.       Restructuring and acquisition charges are excluded from segment operating results, although they are included for consolidated reporting.  For purposes of segment operating results, the allocation of restructuring charges to the segments has been determined not to be meaningful to investors, so the performance of segment results has been evaluated without allocation of these charges.

    5.       Intangible amortization from the second-quarter 2011 King Sturge acquisition is included in depreciation and amortization in the firm's consolidated results, as well as in EMEA's segment results, but has been excluded from adjusted operating income and adjusted net income.

    6.       Each geographic region offers the firm's full range of Real Estate Services businesses consisting primarily of tenant representation and agency leasing; capital markets; property management and facilities management; project and development services; and advisory, consulting and valuations services.  The Investment Management segment provides investment management services to institutional investors and high-net-worth individuals.

    7.       The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of cash flows, please refer to the firm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, to be filed with the Securities and Exchange Commission shortly.

    8.       EMEA refers to Europe, Middle East and Africa.  MENA refers to Middle East and North Africa.  Greater China includes China, Hong Kong, Macau and Taiwan.  Southeast Asia refers to Singapore, Indonesia, Philippines, Thailand and Vietnam. The BRIC countries include Brazil, Russia, India and China.

    9.       Certain prior year amounts have been reclassified to conform to the current presentation.

    10.    All percentage variances have been shown as calculated on a local currency basis.

    SOURCE Jones Lang LaSalle Incorporated

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