Print Page     Close Window     

SEC Filings

8-K
JONES LANG LASALLE INC filed this Form 8-K on 11/06/2017
Entire Document
 

Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA") represents EBITDA attributable to common shareholders (“EBITDA”) further adjusted for certain items management does not consider directly indicative of the company's 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):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
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 charges5
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 (presented on a local currency basis)
10.3
%
 
8.8
%
 
8.6
%
 
9.5
%
Below is the reconciliation of Net income attributable to common shareholders to adjusted net income as well as the components of adjusted diluted earnings per share:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions, except share and per share data)
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
86.6

 
$
48.0

 
$
175.6

 
$
152.5

Diluted shares (in thousands)
45,814

 
45,612

 
45,729

 
45,515

Diluted earnings per share
$
1.89

 
$
1.05

 
$
3.84

 
$
3.35

 
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
86.6

 
$
48.0

 
$
175.6

 
$
152.5

Adjustments:
 
 
 
 
 
 
 
Restructuring and acquisition charges5
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
)
Amortization of acquisition-related intangibles
7.7

 
7.1

 
23.3

 
16.0

Tax impact of adjusted items(a)
(1.0
)
 
(5.5
)
 
(7.6
)
 
(12.3
)
Adjusted net income
$
89.6

 
$
64.7

 
$
193.5

 
$
189.8

 
 
 
 
 
 
 
 
Diluted shares (in thousands)
45,814

 
45,612

 
45,729

 
45,515

Adjusted diluted earnings per share
$
1.96

 
$
1.42

 
$
4.23

 
$
4.17

(a) In the second and third quarters of 2017, as well as the first three quarters of 2016, the tax impact of adjusted items was calculated using the consolidated effective tax rate as this was deemed to approximate the tax impact of adjusted items calculated using applicable statutory tax rates. The tax impact of adjusted items for the first quarter of 2017 was calculated using the applicable statutory rates by tax jurisdiction.

20


© Copyright Jones Lang LaSalle, IP, Inc.