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SEC Filings

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

Operating Results - Local Currency
In discussing operating results, the company reports Adjusted EBITDA margins and refers to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. Management believes this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations. The following table reflects the reconciliation to local currency amounts for consolidated (i) revenue, (ii) fee revenue, (iii) operating income, and (iv) Adjusted EBITDA:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
($ in millions)
2017
 
% Change
 
2017
 
% Change
Revenue:
 
 
 
 
 
 
 
At current period exchange rates
$
1,947.0

 
14
%
 
$
5,396.9

 
16
%
Impact of change in exchange rates
(15.5
)
 
n/a

 
85.6

 
n/a

At comparative period exchange rates
$
1,931.5

 
13
%
 
$
5,482.5

 
18
%
 
 
 
 
 
 
 
 
Fee Revenue:
 
 
 
 
 
 
 
At current period exchange rates
$
1,624.6

 
12
%
 
$
4,517.2

 
16
%
Impact of change in exchange rates
(9.6
)
 
n/a

 
67.5

 
n/a

At comparative period exchange rates
$
1,615.0

 
12
%
 
$
4,584.7

 
17
%
 
 
 
 
 
 
 
 
Operating Income:
 
 
 
 
 
 
 
At current period exchange rates
$
118.1

 
66
%
 
$
244.7

 
14
%
Impact of change in exchange rates
(0.7
)
 
n/a

 
(7.7
)
 
n/a

At comparative period exchange rates
$
117.4

 
65
%
 
$
237.0

 
11
%
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
At current period exchange rates
$
167.9

 
32
%
 
$
400.0

 
7
%
Impact of change in exchange rates
(1.0
)
 
n/a

 
(5.5
)
 
n/a

At comparative period exchange rates
$
166.9

 
31
%
 
$
394.5

 
6
%
2.
During the first quarter of 2017, the company revised its methodology for allocating overhead expenses and certain costs associated with the facilities management platform in EMEA to its reporting segments. Prior year amounts have been reclassified to conform to the current presentation. These changes had no impact on consolidated results.
3.
The company considers Annuity Revenue to be (i) 100% of Property & Facility Management, (ii) 50% of Leasing, (iii) 50% of Project & Development Services, and (iv) 50% of Advisory, Consulting and Other Revenue, as well as (iii) LaSalle Advisory Fees. For purposes of distinguishing organic from acquisition-related contributions, the population of acquisitions includes those completed in the trailing four quarters inclusive of the current reported quarter, with the exception of Integral, which reflects the August 2016 completion date.
4.
Each geographic region offers the company's full range of RES businesses consisting primarily of (i) tenant representation and agency leasing, (ii) capital markets, (iii) property management and facilities management, (iv) project and development services and (v) advisory, consulting and valuations services. LaSalle provides investment management services to institutional investors and high-net-worth individuals.

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