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


LaSalle

($ in millions, “LC” = local currency)
Three Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Advisory Fees
$
63.3

 
$
66.4

 
(5
)%
 
(5
)%
Transaction Fees & Other
5.6

 
7.9

 
(29
)
 
(29
)
Incentive Fees
33.2

 
6.0

 
n.m.

 
n.m.

Total revenue
$
102.1

 
$
80.3

 
27
 %
 
28
 %
Operating income
$
21.7

 
$
8.4

 
n.m.

 
n.m.

Equity earnings
$
11.6

 
$
4.9

 
n.m.

 
n.m.

Adjusted EBITDA1
$
33.3

 
$
14.1

 
n.m.

 
n.m.

n.m. - not meaningful as represented by a percentage change of greater than 100%, favorably or unfavorably.
LaSalle

   ($ in millions, “LC” = local currency)
Nine Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Advisory Fees
$
190.3

 
$
195.0

 
(2
)%
 
 %
Transaction Fees & Other
24.3

 
40.8

 
(40
)
 
(40
)
Incentive Fees
48.5

 
72.0

 
(33
)
 
(31
)
Total revenue
$
263.1

 
$
307.8

 
(15
)%
 
(13
)%
Operating income
$
44.3

 
$
68.9

 
(36
)%
 
(33
)%
Equity earnings
$
29.9

 
$
26.5

 
13
 %
 
12
 %
Adjusted EBITDA1
$
75.5

 
$
96.6

 
(22
)%
 
(20
)%
Percentage variances in the LaSalle 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.
LaSalle Third-Quarter 2017 Performance Highlights:
Total revenue of $102.1 million increased 28 percent from 2016 due to incentive fees earned on opportunistic dispositions of real estate assets on behalf of clients in Asia Pacific.
Equity earnings were $11.6 million, compared with $4.9 million in 2016. Both periods were driven by net valuation increases to investments in Europe and Asia.
Operating expenses were $80.4 million, up 12 percent from $71.9 million last year, reflecting the increase in variable compensation expense associated with the noted increase in incentive fees, offset by management initiatives to contain controllable expenses.
Operating income was $21.7 million, an increase from $8.4 million in the prior year. Adjusted EBITDA was $33.3 million, compared with $14.1 million last year. Adjusted EBITDA margin was 32.6 percent in USD (32.9 percent in local currency), compared with 17.6 percent in the prior-year period.
Assets under management were $59.0 billion as of September 30, 2017, an increase of 2 percent in USD (1 percent in local currency) from $57.6 billion as of June 30, 2017. The net increase in assets under management during the third quarter resulted from $1.4 billion of acquisitions, $0.9 billion of net valuation increases and $0.9 billion of foreign currency increases, partially offset by $1.8 billion of dispositions and withdrawals.

-continued-


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