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SEC Filings

10-Q
JONES LANG LASALLE INC filed this Form 10-Q on 11/06/2017
Entire Document
 

Reconciliation of Non-GAAP Financial Measures
Below are reconciliations of Revenue to fee revenue and Operating expenses to fee-based operating expenses.
 
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)
2017
2016
2017
2016
Revenue
$
1,947.0

1,705.2

$
5,396.9

4,645.6

Adjustments:
 
 
 
 
Gross contract costs
(315.3
)
(258.0
)
(868.6
)
(735.5
)
Net non-cash MSR and mortgage banking derivative activity
(7.1
)
(2.9
)
(11.1
)
(2.3
)
Fee revenue
$
1,624.6

1,444.3

$
4,517.2

3,907.8

 
 
 
 
 
Operating expenses
$
1,828.9

1,634.2

$
5,152.2

4,431.3

Less: Gross contract costs
(315.3
)
(258.0
)
(868.6
)
(735.5
)
Fee-based operating expenses
$
1,513.6

1,376.2

$
4,283.6

3,695.8

 
 
 
 
 
Operating income
$
118.1

71.0

$
244.7

214.3

To conform to current presentation, 2016 amounts were recast for fee revenue to reflect the adjustment associated with Net non-cash MSR and mortgage banking derivative activity.
Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA") represents EBITDA attributable to common shareholders (“EBITDA”) further adjusted for certain items we do not consider directly indicative of our ongoing performance in the context of certain performance measurements. Below is (i) a reconciliation of Net income attributable to common shareholders to EBITDA and Adjusted EBITDA and (ii) the Adjusted EBITDA margin (on a fee-revenue basis), on a local currency basis.
 
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)
2017
2016
2017
2016
Net income attributable to common shareholders
$
86.6

48.0

$
175.6

152.5

Add:
 
 
 
 
Interest expense, net of interest income
15.0

12.4

42.6

32.2

Provision for income taxes
28.2

15.9

57.3

55.3

Depreciation and amortization
41.8

35.9

122.3

98.5

EBITDA
$
171.6

112.2

$
397.8

338.5

Adjustments:
 
 
 
 
Restructuring and acquisition charges
3.4

18.0

13.3

35.9

Net non-cash MSR and mortgage banking derivative activity
(7.1
)
(2.9
)
(11.1
)
(2.3
)
Adjusted EBITDA
$
167.9

127.3

$
400.0

372.1

 
 
 
 
 
Net income margin attributable to common shareholders
4.4
%
2.8

3.3
%
3.3

 
 
 
 
 
Adjusted EBITDA margin
10.3
%
8.8

8.6
%
9.5


34


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