Jones Lang LaSalle Incorporated · NYSE:JLL
Jones Lang LaSalle — Q1 2015 Earnings Presentation
16 slides from Jones Lang LaSalle's earnings presentation, April 2015
Slide 1: Supplemental Information Earnings Call First-Quarter 2015
Supplemental Information Earnings Call First-Quarter 2015
Slide 2: Q1 2015 Market Volume & FY Outlook
Q1 2015 Market Volume & FY Outlook JLL Research Investment volumes remain strong; outlook unchanged in local currency Market Volumes Actual Forecast Capital Markets(1) (in USD) Q1 2015 v. Q1 2014 FY 2015 v. FY 2014 Americas 18% 20% EMEA(2) -1% -15% Asia Pacific 7% 5-10% Total 9% 5% Leasing activity
Slide 3: Selected Business Wins and Expansions
Selected Business Wins and Expansions Multi-Regional Westinghouse Electric, 4M sf Blackstone Hotel Portfolio, U.S. $1B The Capitol Group Companies, 1801 K Street, Washington D.C. $445M Los Angeles 323K sf Americas James Royal Palm, Miami $278M Stone Brewing Company, East Coast InTown Suites Portfoli
Slide 4: Prime Offices – 2015 Projected Changes in Values
Prime Offices – 2015 Projected Changes in Values Rental Values Capital Values + 10-20% Tokyo Tokyo, Madrid San Francisco, Boston, Sydney Boston, San Francisco, London* + 5-10% London*, Chicago, Los Angeles Sydney, Chicago, Los Angeles New York*, Madrid, Beijing New York*, Seoul, Beijing Hong Kong, S
Slide 5: Q1 2015 Revenue Performance
Q1 2015 Revenue Performance Revenue ($ in millions) Q1 2015 Americas LaSalle Fee - $502 $97 Gross - $555 Asia Pac Fee - $188 Gross - $238 EMEA Fee - $254 Consolidated Gross - $325 Fee - $1,029 Gross - $1,204 YOY % Growth, Fee Revenue Basis Q1 2015 Segment LC USD Americas 25% 23% EMEA 25% 8% Asia Pac
Slide 6: Real Estate Services Revenue
Q1 2015 Real Estate Services Revenue ($ in millions; % change in local currency over Q1 2014) Americas EMEA Asia Pacific Total RES Leasing $229.3 23% $48.4 4% $28.4 9% $306.1 17% Capital Markets & $74.8 83% $75.2 59% $27.4 38% $177.4 64% Hotels Property & Facility $114.2 10% $51.6 14% $94.0 13% $259
Slide 7: LaSalle Q1 2015 Highlights and Assets Under Management
Q1 2015 Highlights Q1 2015 AUM = $55.3 Billion • Successful capital raising with $2.0 ($ in billions) billion raised in Q1 2015; maintaining U.K. record pace achieved by LaSalle in 2014 $18.3 • Assets Under Management reach $55.3 Continental billion, up from $48.0 billion a year ago Public Europe Se
Slide 8: Strong Balance Sheet
Strong Balance Sheet Balance Sheet Highlights • Investment grade ratings; Baa2 (Stable) / BBB Balance Sheet (Stable) $ millions Q1 2015 Q4 2014 Q1 2014 o Increased and extended bank credit facility; capacity Cash and Cash increased to $2.0 billion from $1.2 billion and extended Equivalents $ 198 $ 2
Slide 9: Appendix
a il ie @)sJLL
Slide 10: Prime Offices – Capital Value Clock, Q1 2014 v Q1 2015
Prime Offices – Capital Value Clock, Q1 2014 v Q1 2015 The Jones Lang LaSalle Property Clocks SM Q1 2014 Q1 2015 Mexico City, Moscow Hong Kong, Houston, Toronto Toronto Hong Kong Singapore, Mexico City, Washington DC Singapore Washington DC Shanghai Berlin, Sydney, Shanghai Berlin, New York New York
Slide 11: Prime Offices – Rental Clock, Q1 2014 v Q1 2015
Prime Offices – Rental Clock, Q1 2014 v Q1 2015 The Jones Lang LaSalle Property Clocks SM Q1 2014 Q1 2015 Amsterdam Mexico City Johannesburg Mexico City Moscow Toronto Shanghai, Houston Shanghai Frankfurt Johannesburg Toronto Berlin Berlin, Frankfurt Singapore San Francisco Houston Dallas San Franci
Slide 12: Adjusted EBITDA Performance
Q1 2015 Adjusted EBITDA Performance Adjusted EBITDA ($ in millions) Q1 2015 Consolidated $90 Americas $51 LaSalle $29 Asia Pac $8 EMEA $2 Adj. EBITDA Margin Fee Q1 2015 Segment LC USD Americas 10.0% 10.2% EMEA 1.8% 0.9% Asia Pacific 4.7% 4.3% LaSalle 29.0% 29.2% Consolidated 8.7% 8.7% Refer to page
Slide 13: Real Estate Services Revenue (USD)
Q1 2015 Real Estate Services Revenue ($ in millions; % change in USD over Q1 2014) Americas EMEA Asia Pacific Total RES Leasing $229.3 22% $48.4 (11%) $28.4 4% $306.1 14% Capital Markets & $74.8 82% $75.2 38% $27.4 26% $177.4 51% Hotels Property & Facility $114.2 8% $51.6 (1%) $94.0 6% $259.8 5% Man
Slide 14: Fee Revenue / Expense Reconciliation
Fee Revenue / Expense Reconciliation ($ in millions) • Reimbursable vendor, subcontractor and out-of-pocket costs reported as revenue and expense in JLL financial statements have been increasing steadily • Gross accounting requirements increase revenue and costs without corresponding profit • Busine
Slide 15: Reconciliation of GAAP Net Income to Adjusted Net Income and Earnings per Share
Reconciliation of GAAP Net Income to Adjusted Net Income and Earnings per Share ($ in millions, except per share data) 2015 2014 Three Months Ended March 31 GAAP net income attributable to common shareholders $41.9 $15.9 Shares (in 000s) 45,374 45,202 GAAP diluted earnings per share $0.92 $0.35 GAAP
Slide 16: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA ($ in millions) 2015 2014 Three Months Ended March 31 GAAP net income $43.3 $16.1 Interest expense, net of interest income 6.0 6.6 Provision for (benefit from) income taxes 14.7 (29.1) Depreciation and amortization 24.9 22.4 EBITDA $88.9 $16.0 Res