Jones Lang LaSalle Incorporated · NYSE:JLL
Jones Lang LaSalle — Q4 2008 Earnings Presentation
17 slides from Jones Lang LaSalle's earnings presentation, 2009
Slide 1: Supplemental Information Fourth Quarter 2008 Earnings Call
Supplemental Information Fourth Quarter 2008 Earnings Call
Slide 2: Reconciliation of GAAP Net Income to Adjusted Net Income FY 2008
Reconciliation of GAAP Net Income to Adjusted Net Income FY 2008 ($ in millions after tax, except per share) Net Income=$83.5 $2.44/share + Restructuring Charges $22.8 $0.67/share Pre-tax = $30.4 + Intangibles Amortization $13.2 $0.39/share Pre-tax = $17.6 + Staubach Purchase Accounting (1) $7.3 $0.
Slide 3: Reconciliation of GAAP Net Income to Adjusted Net Income Q4 2008
Reconciliation of GAAP Net Income to Adjusted Net Income Q4 2008 ($ in millions after tax, except per share) Net Income=$41.2 $1.17/share + Restructuring Charges $15.1 $0.43/share Pre-tax = $20.1 + Intangibles Amortization $6.2 $0.18/share Pre-tax = $8.3 + Staubach Purchase $0.07/share Accounting (1
Slide 4: FY 2008 Revenue Performance
FY 2008 Revenue Performance ($ in millions; “LC” = Local Currency) 22% 5% in LC 1% in LC $933 (6%) $926 $871 2% $765 (1) $2,698 $2,652 2007 2008 2007 2008 Americas EMEA 14% in LC 6% in LC (11%) (1) $602 $536 (5%) $371 $352 2007 2008 2007 2007 2008 Consolidated 2008 Asia Pacific LIM Note: Equity earn
Slide 5: Q4 2008 Revenue Performance
Q4 2008 Revenue Performance ($ in millions; “LC” = Local Currency) 13% in LC 1% in LC 26% $315 $327 (8%) (26%) $862 $250 $243 $797 2007 2008 2007 2008 Americas EMEA 4% in LC 16% in LC (15%) $170 $144 (21%) $115 $91 2007 2008 2007 2008 2007 2008 Asia Pacific LIM Consolidated Note: Equity earnings are
Slide 6: FY 2008 Capital Markets and Hotels Revenue
FY 2008 Capital Markets and Hotels Revenue ($ in millions; “LC”=Local Currency) 18% 20% 43% in LC 63% 48% in LC $105.2 $347.3 $105.4 (1) (55%) (44%) $89.3 $288.9 (49%) $64.5 $195.8 $53.4 $47.6 2006 2007 2008 2006 2007 2008 2006 2007 (1) 2008 Americas EMEA Asia Pacific 26% 46% in LC (1) $557.8 (47%)
Slide 7: Q4 2008 Capital Markets and Hotels Revenue
Q4 2008 Capital Markets and Hotels Revenue ($ in millions; “LC”=Local Currency) (7%) 41% in LC 27% 54% in LC (8%) $122.6 $41.3 $34.1 $114.3 (60%) $31.5 $32.4 (49%) (79%) $58.0 $16.7 $6.7 2006 2007 2008 2006 2007 2008 2006 2007 2008 Americas EMEA Asia Pacific (1%) 51% in LC $189.2 $187.1 (56%) $81.4
Slide 8: FY 2008 Leasing Revenue
FY 2008 Leasing Revenue ($ in millions; “LC”=Local Currency) 52% 8% in LC 6% in LC 9% 45% 5% 39% $132.7 $126.2 18% $348.3 (1) $246.7 $226.9 $87.3 $229.3 $162.8 $194.5 2006 2007 2008 2006 2007 2008 2006 2007 2008 Americas EMEA Asia Pacific 25% in LC 25% 31% (1) $727.8 $582.4 $444.6 2006 2007 2008 Con
Slide 9: Q4 2008 Leasing Revenue
Q4 2008 Leasing Revenue ($ in millions; “LC”=Local Currency) 62% 41% 8% in LC 15% in LC 51% 6% (17%) $89.4 $133.7 (1) $51.3 (25%) $74.2 $63.4 $38.7 $34.0 $78.2 $82.7 2006 2007 2008 2006 2007 2008 2006 2007 2008 Americas EMEA Asia Pacific 18% in LC 27% 10% (1) $246.6 $223.3 $175.6 2006 2007 2008 Cons
Slide 10: FY 2008 LIM Revenue
FY 2008 LIM Revenue ($ in millions) 9% (48%) 32% 37% $170.6 (1) $297.0 $272.9 $7.1 $9.7 (33%) n.m. $206.7 $88.2 ($4.1) $59.0 2006 2007 2008 2006 2007 2008 2006 2007 2008 Advisory and Transaction Fees Incentive Fees Equity Earnings / (Loss) (4%) $384.3 (1) (5%) $370.8 $351.8 Notes: • LIM FY 2008 Impa
Slide 11: Q4 2008 LIM Revenue
Q4 2008 LIM Revenue ($ in millions) 38% 24% n.m. (20%) (13%) $83.8 $30.5 $26.5 $0.4 n.m. $66.8 $24.6 $60.6 ($0.3) ($2.8) 2006 2007 2008 2006 2007 2008 2006 2007 2008 Advisory & Transaction Fees Incentive Fees Equity Earnings / (Loss) 35% (21%) $114.7 Notes: $84.9 $90.5 • LIM Q4 2008 Impairment charg
Slide 12: 2008 Cost Actions
2008 Cost Actions • Aggressive action on cost reductions for discretionary spend control • Compensation actions - Americas leasing business to commission-based model - Salary reductions in selected Asian countries - Unpaid leaves in Hotels - Salary freezes or minimal merit increases in all businesse
Slide 13: Debt Covenants
Debt Covenants Credit Agreements Amended December 2008 To Provide Additional Business Flexibility Leverage Ratio Calculation: December 31, 2008 September 30, 2008 Credit Facilities $ 484 $ 543 Deferred Business Acquisition Obligations 385 414 Other - Letters of Credit, etc. 30 40 Total $ 899 $ 997 R
Slide 14: FY 2008 EBITDA Performance
FY 2008 EBITDA* Performance ($ in millions) $114.9 (1) $111.1 $105.8 $412.7 (2) $50.2 2007 2008 2007 2008 Americas EMEA $233.4 (1) $79.0 (2) $113.8 $84.3 $17.6 2007 2008 2007 2008 2007 2008 Asia Pacific LIM Consolidated (1) Excludes $21.6 million of Staubach leasing activity that could not be recogn
Slide 15: Q4 2008 EBITDA Performance
Q4 2008 EBITDA* Performance ($ in millions) $55.9(1) $53.9 $156.1 $41.6 $28.1 2007 2008 2007 2008 $94.7 (1) Americas EMEA $24.7 $37.6 $20.3 $10.8 2007 2008 2007 2008 2007 2008 Asia Pacific LIM Consolidated (1) Excludes $7.4 million of Staubach leasing activity that could not be recognized as revenue
Slide 16: Reconciliation of GAAP Net Income to Consolidated EBITDA
Reconciliation of GAAP Net Income to Consolidated EBITDA ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 Net income $41.2 $104.7 $83.5 $256.5 Add: Interest expense, net of interest income 13.3 3.0 30.6 13.1 Provision for income taxes 13.5 31.7 28.
Slide 17: FY and Q4 2008 Acquisition Revenue
FY and Q4 2008 Acquisition Revenue Contributions from Trailing 12 Months of Acquisitions to 2008 Results ($ in millions) $220 (1) $192.7 $200 $30.4 $180 $8.2 $160 $140 (1) $120 $104.0 $100 $24.8 $80 $162.3 $4.6 $60 $40 $79.2 $20 $0 FY 2008 Q4 2008 Expenses (excl. D+A) Integration Costs EBITDA (1) Ex