Selected financial data (unaudited)

The following table sets forth our summary historical consolidated financial data. The information should be read in conjunction with our consolidated financial statements and related notes and ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ included elsewhere herein.

Year ended December 31,

(in millions, except share and per share data)

2015

2014

2013

2012

2011

Statements of Operations Data:

Revenue

$5,965.7

5,429.6

4,461.6

3,932.8

3,584.5

Operating income

529.8

465.6

251.2

289.4

251.2

Interest expense, net of interest income

(28.1)

(28.3)

(34.7)

(35.2)

(35.6)

Equity earnings (losses) from real estate ventures

77.4

48.3

31.3

23.9

6.4

Income before provision for income taxes and minority interest

579.1

485.6

365.5

278.1

222.0

Provision for income taxes

132.8

97.6

92.1

69.2

56.4

Net income

446.3

388.0

273.4

208.9

165.6

Net income attributable to noncontrolling interest

7.6

2.0

3.5

0.8

1.2

Net income attributable to the Company

438.7

386.0

269.9

208.1

164.4

Dividends on unvested common stock, net of tax

0.3

0.3

0.4

0.5

0.4

Net income available to common shareholders

$438.4

385.7

269.5

207.6

164.0

Basic earnings per common share before dividends on unvested common stock

$9.76

8.64

6.10

4.74

3.81

Dividends on unvested common stock, net of tax

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

Basic earnings per common share

$9.75

8.63

6.09

4.73

3.80

Basic weighted average shares outstanding

44,940,042

44,684,482

44,258,878

43,848,737

43,170,383

Diluted earnings per common share dividends on unvested common stock

$9.66

8.53

5.99

4.64

3.71

Dividends on unvested common stock, net of tax

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

Diluted earnings per common share

$9.65

8.52

5.98

4.63

3.70

Diluted weighted average shares outstanding

45,414,898

45,260,563

45,072,120

44,799,437

44,367,359

Cash dividends declared per common share

$0.56

0.48

0.44

0.40

0.30

Year ended December 31,

(in millions, except Assets under management)

2015

2014

2013

2012

2011

Other Data:

         

EBITDA attributable to common shareholders (1)

$707.4

606.0

476.1

390.8

338.8

Ratio of earnings to fixed charges (2)

8.21X

6.93X

5.33X

4.26X

3.86X

Cash flows provided by (used in):

   Operating activities

$375.8

498.9

295.2

325.9

211.3

   Investing activities

(584.6)

(188.0)

(164.2)

(151.3)

(389.2)

   Financing activities

191.6

(203.0)

(128.4)

(208.7)

110.5

Assets under management (in billions) (3)

$56.4

53.6

47.6

47.0

47.7

Total square feet under management

3,994

3,440

2,954

2,606

2,098

Balance Sheet Data:

   Cash and cash equivalents

$216.6

250.4

152.7

152.2

184.5

   Total assets

6,205.2

5,075.3

4,597.4

4,351.5

3,932.6

   Total debt (4)

579.2

294.6

454.5

476.2

528.1

   Deferred business acquisition obligations (5)

97.5

118.1

135.2

213.4

299.1

   Total liabilities

3,475.8

2,652.8

2,406.5

2,392.2

2,238.3

   Total Company shareholders' equity

2,688.8

2,386.8

2,179.7

1,951.2

1,691.1

(1) EBITDA attributable to common shareholders represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization. Although EBITDA attributable to common shareholders a non-GAAP financial measure, it is used extensively by management and is useful to investors and lenders as metrics for evaluating operating performance and liquidity. EBITDA attributable to common shareholders also is used in the calculations of certain covenants related to the Facility. However, EBITDA attributable to common shareholders should not be considered as an alternative either to net income available to common shareholders or net cash provided by operating activities, both of which are determined in accordance with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’). Because EBITDA attributable to common shareholders is not calculated under U.S. GAAP, our EBITDA attributable to common shareholders may not be comparable to similarly titled measures used by other companies.

Below is a reconciliation of our net income attributable to common shareholders to EBITDA attributable to common shareholders and then to EBITDA as presented in Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations.

Year ended December 31,

(in millions)

2015

2014

2013

2012

2011

Net income attributable to common shareholders

$438.4

385.7

269.5

207.6

164.0

Interest expense, net of interest income

28.1

28.3

34.7

35.2

35.6

Provision for income taxes

132.8

97.6

92.1

69.2

56.4

Depreciation and amortization

108.1

94.4

79.8

78.8

82.8

EBITDA attributable to common shareholders

$707.4

606.0

476.1

390.8

338.8

Add:

Net income attributable to nontrolling interest

7.6

2.0

3.5

0.8

1.2

Dividends on unvested common stock, net of tax

0.3

0.3

0.4

0.5

0.4

EBITDA

$715.3

608.3

480.0

392.1

340.4

Below is a reconciliation of out net cash provided by operating activities, the most comparable cash flow measures on the statements of cash flows, to EBITDA.

Year ended December 31,

($ in millions)

2015

2014

2013

2012

2011

Net cash provided by operating activities

$375.8

498.9

295.2

325.9

211.3

Interest expense, net of interest income

28.1

28.3

34.7

35.2

35.6

Provision for income taxes

132.8

97.6

92.1

69.2

56.4

Change in working capital and non-cash expenses

170.7

(18.8)

54.1

(39.5)

35.5

EBITDA

$707.4

606.0

476.1

390.8

338.8

(2) For purposes of computing the ratio of earnings to fixed charges, ‘‘earnings’’ represents net earnings before income taxes, and certain adjustments for activity relative to equity earnings, plus fixed charges, less capitalized interest. Fixed charges consist of interest expense, net of interest income and including amortization of debt discount and financing costs, capitalized interest and one-third of rental expense, which we believe is representative of the interest component of rental expense.

(3) Assets under management represent the aggregate fair value or cost basis (where an appraisal is not available) of assets managed by LaSalle. Assets under management data for separate account and fund management amounts are reported on a one quarter lag.

(4) Total debt includes long-term borrowings under the Facility, Long-term senior notes and Short-term borrowings, primarily local overdraft facilities.

(5) Deferred business acquisition obligations include both the short-term and long-term obligations to sellers of business for acquisitions closed as of December 31, 2015, with the only condition on these payments being the passage of time. We include these obligations as debt in the calculation of our leverage ratio under the Facility.

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