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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 2


Consolidated

  ($ in millions, “LC” = local currency)
Three Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Leasing
$
468.5

 
$
448.7

 
4
%
 
4
%
Capital Markets & Hotels
276.3

 
240.9

 
15

 
13

Capital Markets & Hotels Fee Revenue1
269.2

 
238.0

 
13

 
12

Property & Facility Management
601.1

 
503.0

 
20

 
19

Property & Facility Management Fee Revenue1
433.3

 
383.6

 
13

 
13

Project & Development Services
333.7

 
294.0

 
14

 
11

Project & Development Services Fee Revenue1
186.2

 
155.4

 
20

 
18

Advisory, Consulting and Other
165.3

 
138.3

 
20

 
18

Real Estate Services (“RES”) revenue
$
1,844.9

 
$
1,624.9

 
14
%
 
13
%
LaSalle
102.1

 
80.3

 
27

 
28

Total revenue
$
1,947.0

 
$
1,705.2

 
14
%
 
13
%
Gross contract costs
(315.3
)
 
(258.0
)
 
22

 
20

Net non-cash MSR and mortgage banking derivative activity
(7.1
)
 
(2.9
)
 
n.m.

 
n.m.

Total fee revenue1
$
1,624.6

 
$
1,444.3

 
12
%
 
12
%
RES fee revenue
$
1,522.5

 
$
1,364.0

 
12
%
 
11
%
Operating income
$
118.1

 
$
71.0

 
66
%
 
65
%
Equity earnings
$
12.6

 
$
5.5

 
n.m.

 
n.m.

Adjusted EBITDA1
$
167.9

 
$
127.3

 
32
%
 
31
%
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 Consolidated 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.
Consolidated Third-Quarter 2017 Performance Highlights:
Consolidated revenue was $1.9 billion and consolidated fee revenue was $1.6 billion, representing broad-based increases of 13 percent and 12 percent, respectively, against the prior-year quarter. Revenue growth reflects expansion of both transactional and annuity businesses and was geographically led by EMEA and Asia Pacific. Organic expansion accounted for approximately 70 percent of the RES fee revenue increase.
Consolidated operating expenses, excluding restructuring and acquisition charges, were $1.8 billion, an increase of 12 percent compared with $1.6 billion in the prior year, and consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.5 billion, an increase of 11 percent compared with 2016. The increase in expenses was due to revenue growth as well as continued increases to investments in data, technology and people.
LaSalle's performance was driven by incentive fees, up $27.2 million compared with the prior year, earned on opportunistic dispositions of real estate assets on behalf of clients in Asia Pacific. LaSalle's results also reflect notable equity earnings, primarily from net valuation increases across its co-investment portfolio.

-continued-


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