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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/03/1997
Entire Document
 
<PAGE>
 
QUARTERLY RESULTS OF OPERATIONS
 
  The following table sets forth certain unaudited combined statements of
operations data for each of the Company's last nine quarters. In the opinion
of management, this information has been presented on the same basis as the
audited financial statements appearing elsewhere in this Prospectus, and
includes all adjustments, consisting only of normal recurring adjustments and
accruals, that the Company considers necessary for a fair presentation. The
unaudited combined quarterly information should be read in conjunction with
the Predecessor Partnerships' Combined Financial Statements and the notes
thereto. The operating results for any quarter are not necessarily indicative
of the results for any future period.
 

<TABLE>
<CAPTION>
                                        1995                                  1996                      1997
                          ------------------------------------  ------------------------------------  --------
                          MARCH 31  JUNE 30  SEPT. 30  DEC. 31  MARCH 31  JUNE 30  SEPT. 30  DEC. 31  MARCH 31
                          --------  -------  --------  -------  --------  -------  --------  -------  --------
                                                         (IN THOUSANDS)
<S>                       <C>       <C>      <C>       <C>      <C>       <C>      <C>       <C>      <C>     
REVENUE(1):
Management Services.....  $11,782   $13,777  $13,697   $22,526  $12,013   $15,332  $18,484   $25,840  $14,418
Corporate and Financial
 Services...............    3,302     6,336    9,880    17,785    3,912     6,933    8,712    26,149    4,966
Investment Management...   11,336    12,693   13,105    15,608   11,360    12,466   11,979    22,787   16,635
                          -------   -------  -------   -------  -------   -------  -------   -------  -------
Total revenue...........  $26,420   $32,806  $36,682   $55,919  $27,285   $34,731  $39,175   $74,776  $36,019
OPERATING EXPENSES:
Compensation and
 benefits...............  $21,489   $22,352  $22,145   $25,197  $23,327   $24,346  $24,995   $32,005  $27,217
Other operating and
 administrative (1).....    7,083     8,702    8,467    12,036    8,052     8,831   10,088    12,006   10,300
Depreciation and
 amortization...........    1,003     1,057    1,052     1,128    1,111     1,134    1,169     2,002    1,774
                          -------   -------  -------   -------  -------   -------  -------   -------  -------
Operating income (loss).  $(3,155)  $   695  $ 5,018   $17,558  $(5,205)  $   420  $ 2,923   $28,763  $(3,272)
Interest expense........      941       948      959       958      937     1,104    1,944     1,745    1,695
Income tax provision
 (benefit)..............     (127)       (8)     126       514     (350)      (39)      56     1,540     (248)
                          -------   -------  -------   -------  -------   -------  -------   -------  -------
Net earnings (loss).....  $(3,969)  $  (245) $ 3,933   $16,086  $(5,792)  $  (645) $   923   $25,478  $(4,719)
                          =======   =======  =======   =======  =======   =======  =======   =======  =======
EBITDA(2)...............  $(2,152)  $ 1,752  $ 6,070   $18,686  $(4,094)  $ 1,554  $ 4,092   $30,765  $(1,498)
Net cash provided by
 (used in) operating....   (8,926)    3,429   10,543     8,507  (12,721)    7,639    1,863    17,183   (4,678)
Net cash provided by
 (used in) investing....     (695)   (2,266)  (1,629)   (1,116)  (5,967)   (3,139)  (2,678)  (20,694)  (2,038)
Net cash provided by
 (used in) financing....    2,349    (1,970)  (8,644)   (4,100)  14,921    (4,432)   1,099     5,601    7,705
</TABLE>

 
  The following table sets forth the above quarterly financial information as
a percentage of total revenue:
 

<TABLE>
<CAPTION>
                                        1995                                1996                    1997
                          ----------------------------------- ----------------------------------- --------
                          MARCH 31  JUNE 30  SEPT. 30 DEC. 31 MARCH 31  JUNE 30  SEPT. 30 DEC. 31 MARCH 31
                          --------  -------  -------- ------- --------  -------  -------- ------- --------
<S>                       <C>       <C>      <C>      <C>     <C>       <C>      <C>      <C>     <C>     
REVENUE(1):
Management Services.....    44.6%     42.0%    37.3%    40.3%   44.0%     44.1%    47.2%    34.6%   40.0%
Corporate and Financial
 Services...............    12.5      19.3     26.9     31.8    14.4      20.0     22.2     35.0    13.8
Investment Management...    42.9      38.7     35.7     27.9    41.6      35.9     30.6     30.4    46.2
                           -----     -----    -----    -----   -----     -----    -----    -----   -----
Total revenue...........   100.0%    100.0%   100.0%   100.0%  100.0%    100.0%   100.0%   100.0%  100.0%
OPERATING EXPENSES:
Compensation and
 benefit................    81.3%     68.1%    60.4%    45.1%   85.5%     70.1%    63.8%    42.8%   75.6%
Other operating and
 administrative (1).....    26.8      26.5     23.1     21.5    29.5      25.4     25.7     16.0    28.6
Depreciation and
 amortization...........     3.8       3.2      2.9      2.0     4.1       3.3      3.0      2.7     4.9
                           -----     -----    -----    -----   -----     -----    -----    -----   -----
Operating income (loss).   (11.9)%     2.1%    13.7%    31.4%  (19.1)%     1.2%     7.5%    38.5%   (9.1)%
Interest expense........     3.6       2.9      2.6      1.7     3.4       3.2      5.0      2.3     4.7
Income tax provision
 (benefit)..............    (0.5)      0.0      0.3      0.9    (1.3)     (0.1)     0.1      2.1    (0.7)
                           -----     -----    -----    -----   -----     -----    -----    -----   -----
Net earnings (loss).....   (15.0)%    (0.7)%   10.7%    28.8%  (21.2)%    (1.9)%    2.4%    34.1%  (13.1)%
                           =====     =====    =====    =====   =====     =====    =====    =====   =====
EBITDA (2)..............    (8.1)%     5.3%    16.5%    33.4%  (15.0)%     4.5%    10.4%    41.1%   (4.2)%
</TABLE>

- --------
(1)Excludes intersegment revenue and intersegment expense.
   
(2) EBITDA represents earnings before interest, income taxes, depreciation and
    amortization, thereby removing the effect of certain non-cash charges on
    income, such as the amortization of intangible assets relating to
    acquisitions. Management believes that EBITDA is useful to investors
    because it is widely used in the real estate industry as a recognized
    measure of operating performance, cash generation and ability to service
    debt and is also used by analysts who report publicly on the performance
    of real estate services companies. However, EBITDA should not be
    considered as an alternative either to: (i) net earnings (determined in
    accordance with GAAP); (ii) operating cash flow (determined in accordance
    with GAAP); or (iii) liquidity. There can be no assurance that the
    Company's calculation of EBITDA is comparable to similarly titled items
    reported by other companies.     
 
                                      37


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