Five Year Summary

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)

2016

2015

2014

2013

2012

Statements of Operations Data:

Revenue

6,803.8

5,965.7

5,429.6

4,461.6

3,932.8

Operating income

440.6

529.8

465.6

368.9

289.4

Interest expense, net of interest income

45.3

28.1

28.3

34.7

35.2

Equity earnings (losses) from real estate ventures

33.8

77.4

48.3

31.3

23.9

Other income

13.3

-

-

-

-

Income before provision for income taxes and minority interest

442.4

579.1

485.6

365.5

278.1

Provision for income taxes

108.0

132.8

97.6

92.1

69.2

Net income

334.4

446.3

388.0

273.4

208.9

Net income attributable to noncontrolling interest

16.2

7.6

2.0

3.5

0.8

Net income attributable to the Company

318.2

438.7

386.0

269.9

208.1

Dividends on unvested common stock, net of tax

0.4

.03

0.3

0.4

0.5

Net income available to common shareholders

$317.8

$438.4

385.7

269.5

207.6

Basic earnings per common share before dividends on unvested common stock

$7.05

$9.76

8.64

6.10

4.74

Dividends on unvested common stock, net of tax

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

Basic earnings per common share

$7.04

$9.75

8.63

6.09

4.73

Basic weighted average shares outstanding (in 000's)

$45,154

$44,940

$44,684

$44,259

$43,849

Diluted earnings per common share dividends on unvested common stock

$6.99

$9.66

8.53

5.99

4.64

Dividends on unvested common stock, net of tax

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

Diluted earnings per common share

$6.98

$9.65

8.52

5.98

4.63

Diluted weighted average shares outstanding (in 000's)

45,528

45,415

45,261

45,072

44,799

Cash dividends declared per common share

$0.64

$0.56

0.48

0.44

0.40

Year ended December 31,

(in millions, except Assets under management)

2016

2015

2014

2013

2012

Other Data:

         

EBITDA attributable to common shareholders (1)

$612.9

$707.4

606.0

476.1

390.8

Ratio of earnings to fixed charges (2)

5.30X

8.21X

6.93X

5.33X

4.26X

Cash flows provided by (used in):

   Operating activities

214.5

375.8

498.9

295.2

325.9

   Investing activities

(802.0)

(584.6)

(188.0)

(164.2)

(151.3)

   Financing activities

636.4

191.6

(203.0)

(128.4)

(208.7)

Assets under management (in billions) (3)

60.1

56.4

53.6

47.6

47.0

Total square feet under management

4,402

3,994

3,440

2,954

2,606

Balance Sheet Data:

   Cash and cash equivalents

258.5

$216.6

250.4

152.7

152.2

   Total assets

7,629.4

6,205.2

5,075.3

4,597.4

4,351.5

   Total debt (4)

1,267.6

579.2

294.6

454.5

476.2

   Deferred business acquisition obligations (5)

102.4

97.6

118.1

135.2

213.4

   Total liabilities

4,807.9

3,475.8

2,652.8

2,406.5

2,392.2

   Total Company shareholders' equity

2,789.7

2,688.8

2,386.8

2,179.7

1,951.2

q
Download our Annual Report (PDF)

Quick Finder »

(1) We define EBITDA attributable to common shareholders ("EBITDA") as Net income attributable to common shareholders before (a) Interest expense, net of interest income, (b) Provision for income taxes, and (c) Depreciation and amortization. Although EBITDA is a non-GAAP financial measure, it is used extensively by management in normal business operations to develop budgets and forecasts as well as measure and reward performance against those budgets and forecasts, exclusive of the impact from capital expenditures, reflected through depreciation expense, along with other components of our capital structure. EBITDA is believed to be useful to investors and other external stakeholders as a supplemental measure of performance and is used in the calculation of certain covenants related to our revolving credit facility. However, this measure should not be considered an alternative to net income determined in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Any measure that eliminates components of a company's capital and investment structure as well as costs associated with operations has limitations as a performance measure. In light of these limitations, management also considers results determined in accordance with U.S. GAAP and does not solely rely on EBITDA. Because EBITDA is not calculated under U.S. GAAP, it 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 as presented in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

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)

2016

2015

2014

2013

2012

Net income attributable to common shareholders

$317.8

$438.4

385.7

269.5

207.6

Interest expense, net of interest income

$45.3

28.1

28.3

34.7

35.2

Provision for income taxes

108.0

132.8

97.6

92.1

69.2

Depreciation and amortization

141.8

108.1

94.4

79.8

78.8

EBITDA attributable to common shareholders

$612.9

$707.4

606.0

476.1

390.8

Year ended December 31,

($ in millions)

2016

2015

2014

2013

2012

Net cash provided by operating activities

214.5

375.8

498.9

295.2

325.9

Interest expense, net of interest income

45.3

28.1

28.3

34.7

35.2

Provision for income taxes

108.0

132.8

97.6

92.1

69.2

Change in working capital and non-cash

245.1

170.7

(18.8)

54.1

(39.5)

EBITDA

$612.9

$707.4

606.0

476.1

390.8

(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 (a) interest expense, net of interest income, (b) amortization of debt discount and financing costs, (c) capitalized interest, and (d) 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 and Long-term senior notes (net of debt issuance costs for 2015 and 2016) 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, 2016, 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.

Privacy statement

Terms of use

JLL.com

© 2016 Jones Lang LaSalle, IP, Inc.

q
Download our Annual Report (PDF)
q
Download our Annual Report (PDF)