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SEC Filings

8-K
JONES LANG LASALLE INC filed this Form 8-K on 11/06/2017
Entire Document
 
JLL Reports Strong Third-Quarter 2017 - Page 6


Americas Real Estate Services

($ in millions, “LC” = local currency)
Nine Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Leasing
$
1,003.1

 
$
884.3

 
13
 %
 
13
 %
Capital Markets & Hotels
318.1

 
282.3

 
13

 
13

Capital Markets & Hotels Fee Revenue1
307.0

 
280.0

 
10

 
10

Property & Facility Management
536.3

 
528.8

 
1

 
2

Property & Facility Management Fee Revenue1
421.8

 
400.9

 
5

 
5

Project & Development Services
285.7

 
243.0

 
18

 
17

Project & Development Services Fee Revenue1
268.8

 
226.1

 
19

 
19

Advisory, Consulting and Other
168.1

 
109.1

 
54

 
54

Total revenue
$
2,311.3

 
$
2,047.5

 
13
 %
 
13
 %
Gross contract costs
(131.4
)
 
(144.8
)
 
(9
)
 
(8
)
Net non-cash MSR and mortgage banking derivative activity
(11.1
)
 
(2.3
)
 
n.m.

 
n.m.

Total fee revenue1
$
2,168.8

 
$
1,900.4

 
14
 %
 
14
 %
Operating income
$
185.9

 
$
146.9

 
27
 %
 
27
 %
Equity earnings
$
0.5

 
$
0.8

 
(38
)%
 
(38
)%
Adjusted EBITDA1 
$
245.9

 
$
203.0

 
21
 %
 
21
 %
n.m. - not meaningful as represented by a percentage change of greater than 100%, favorably or unfavorably.
Capital Markets & Hotels revenue includes both “gross” and “fee” presentation, effective in the fourth quarter of 2016, with the difference between the two amounts representing net non-cash activity associated with mortgage servicing rights and mortgage banking derivatives, which is also excluded from the company's non-GAAP performance measures.
Percentage variances in the Americas Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted. See Financial Statement Note (1) following the Financial Statements in this news release.

-continued-


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