EXHIBIT 99.1
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JONES LANG LaSALLE NEWS RELEASE
Real value in a changing world
Contact: Lauralee Martin
Title: Chief Operating and Financial Officer
Phone: +1 312 228 2073
JONES LANG LASALLE REPORTS FIRST QUARTER 2009 RESULTS
Adjusted EBITDA of $11 million
excluding Restructuring and Certain Non-Cash Items
CHICAGO, APRIL 28, 2009 -- Jones Lang LaSalle Incorporated (NYSE: JLL), the
leading integrated financial and professional services firm specializing in
real estate, today reported a net loss of $61 million on a U.S. GAAP basis,
or $1.78 per share, for the quarter ended March 31, 2009. Adjusting for
Restructuring and certain non-cash charges in the first quarter of 2009,
the net loss would have been $16 million, or $0.47 per share. The firm's
adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA") was $11 million for the first quarter of 2009 compared
with adjusted EBITDA of $22 million for the same period in 2008. The
adjusted net loss and adjusted EBITDA are consistent with the seasonal
nature of the business as well as the lack of significant transaction and
incentive fees within the challenging operating environment. Revenue for
the first quarter of 2009 was $494 million, a 12 percent decrease in U.S.
dollars, but down only 1 percent in local currency, compared with the first
quarter of 2008.
_________________________________________________________________________
First-Quarter 2009 Highlights:
. Revenue down only 1 percent in local currency despite weak market
conditions
. Americas revenue growth driven by successful Staubach integration
and continued Corporate Solutions wins
. Improved performance in Asia Pacific with strong annuity revenue
. Restructuring charges of $17 million; cumulative 2008 and 2009
actions result in estimated annualized base compensation and
benefits savings of $100 million
. Leverage ratio equals 2.34x
. Semi-annual dividend declared
_________________________________________________________________________
First-quarter results included $17 million of Restructuring charges,
primarily severance costs, as well as $29 million of non-cash co-investment
related charges, primarily impairments, and $7 million of intangibles
amortization from the 2008 acquisitions of The Staubach Company and
Kemper's. Restructuring charges are excluded from segment operating
results although they are included for consolidated reporting. The
non-cash charges are included in Equity losses at the consolidated and
segment reporting levels.
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JONES LANG LaSALLE REPORTS FIRST QUARTER 2009 RESULTS - PAGE 2
"Solid first-quarter performance in our Americas region and annuity
businesses globally were offset by the seasonality of our business and the
weakest transaction markets in memory," said Colin Dyer, Chief Executive
Officer of Jones Lang LaSalle. "In this environment, we continue to reduce
costs aggressively, manage our balance sheet responsibly and serve our
clients effectively," Dyer added.
BUSINESS LINE REVENUE COMPARISON (IN MILLIONS)
Three Months Ended Percentage
March 31, Change
------------------ ------------------
% %
2009 2008 in USD in LC
-------- -------- -------- --------
Leasing $ 133.2 $ 128.7 4% 11%
Capital Markets and Hotels 27.9 57.5 (51%) (42%)
Advisory, Consulting and Other 56.9 84.5 (33%) (21%)
-------- --------
Total Transaction
Services revenue 218.0 270.7 (19%) (8%)
Management Services revenue 196.7 194.0 1% 12%
Other 13.3 9.7 37% 46%
-------- --------
Total IOS revenue $ 428.0 $ 474.4 (10%) 0%
Advisory fees $ 60.1 $ 72.1 (17%) 3%
Transaction and Incentive fees 6.1 17.4 (65%) (57%)
-------- --------
Total LaSalle Investment
Management $ 66.2 89.5 (26%) (8%)
-------- --------
Total Firm Revenue $ 494.2 $ 563.9 (12%) (1%)
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COST ACTIONS
In the first quarter of 2009, the firm expanded on its 2008 actions to
reduce staff and eliminate significant discretionary spending. Excluding
Restructuring charges, operating expenses were $505 million for the first
quarter, compared with $556 million in 2008. On a local currency basis,
operating expenses excluding restructuring charges increased only 3 percent
despite the added cost structure from the seven acquisitions completed
since the first quarter of 2008, including Staubach and Kemper's. The firm
will continue its cost reduction efforts in 2009 and expects annualized
base compensation and benefits savings of $100 million as a result of its
cumulative actions.
BALANCE SHEET AND DIVIDEND
The firm's outstanding debt on its credit facilities was $496 million at
March 31, 2009. The Leverage Ratio was 2.34x, significantly below the
maximum allowable ratio of 3.50x. Certain incentive compensation payments
historically paid in the first quarter were deferred into the second
quarter of 2009 to optimize the working capital position of the firm. The
firm expects that its typical improved seasonal operating performance in
the remainder of 2009, along with continued focus on balance sheet
management, will result in continued compliance with its debt covenants.
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JONES LANG LaSALLE REPORTS FIRST QUARTER 2009 RESULTS - PAGE 3
The firm announced that its Board of Directors declared a semi-annual
dividend of $0.10 per share, a decrease from the $0.25 semi-annual dividend
paid in December 2008. The dividend reflects the firm's prudent approach to
managing the balance sheet. The dividend payment will be made on June 15,
2009, to holders of record at the close of business on May 15, 2009.
BUSINESS SEGMENT FIRST-QUARTER PERFORMANCE HIGHLIGHTS
INVESTOR AND OCCUPIER SERVICES
. First-quarter revenue in the AMERICAS region was $200 million, an
increase of 15 percent over the prior year, primarily a result of
the Staubach acquisition.
Transaction Services revenue increased 34 percent, to $107 million in
the first quarter. The region's total Leasing revenue for the
quarter increased 50 percent, to $86 million, up from $57 million in
2008. Management Services revenue for the first quarter of 2009
decreased 5 percent, to $85 million, driven primarily by project and
development services as clients continue to reduce capital
expenditures. The firm won significant new Corporate outsourcing
assignments for real estate services in the quarter as the
outsourcing trend continued.
Operating expenses were $204 million in the first three months of
2009, an increase of 18 percent over the prior year. The
year-over-year increase was due to additional cost structure from the
Staubach acquisition, including $7 million of non-cash amortization
expense related to purchased intangible assets.
The region's EBITDA for the first quarter of 2009 was $11 million,
compared with $7 million for the same period last year.
. EMEA's first-quarter 2009 revenue was $121 million compared with
$183 million in 2008, a decrease of 34 percent, 19 percent in local
currency, driven by continued reductions in transaction volumes
across the region. On a U.S. dollar basis, the decreases were
driven by Capital Markets and Hotels, down $26 million for the
three-month period, or 62 percent, and Leasing revenue, down $16
million, or 35 percent. Capital Markets and Hotels revenue was down
53 percent in local currency while Leasing was down 20 percent in
local currency. Management Services revenue, which is primarily
annuity revenue, decreased $3 million, or 6 percent for the quarter,
to $45 million, but increased 14 percent in local currency.
Operating expenses were $142 million in the first quarter, a decrease
of 25 percent from the prior year, 7 percent in local currency,
driven by aggressive cost-saving actions taken across the region.
The cost reductions were achieved despite the additional cost
structure from three acquisitions completed since the first quarter
of 2008.
The region's EBITDA for the first quarter of 2009 was a $16 million
loss, compared with a $1 million loss for the same period last year.
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JONES LANG LaSALLE REPORTS FIRST QUARTER 2009 RESULTS - PAGE 4
. Revenue for the ASIA PACIFIC region was $105 million for the first
quarter of 2009, compared with $117 million for the same period in
2008. Excluding the impact of foreign currency exchange, revenue was
up 1 percent.
Management Services revenue in the region increased to $67 million, a
17 percent increase from the first quarter of 2008 and 30 percent in
local currency. The significant year-over-year increase demonstrates
the firm's continued strength in corporate outsourcing, facility
management and property management. Transaction Services revenue was
$38 million for the quarter, a 36 percent decrease from 2008, 25
percent in local currency. Within Transaction Services revenue,
Capital Markets and Hotels revenue was down 34 percent but only 15
percent in local currency, and Leasing revenue was down 33 percent,
24 percent in local currency, for the first three months of 2009.
Operating expenses for the region were $108 million for the quarter.
With an aggressive focus on costs, operating expenses decreased 13
percent year over year, 2 percent in local currency, despite
incremental costs related to serving more corporate outsourcing
clients and higher occupancy costs compared with the first quarter of
2008.
The region's EBITDA for the first quarter of 2009 was a $1 million
loss, compared with a $5 million loss for the same period last year.
LASALLE INVESTMENT MANAGEMENT
LASALLE INVESTMENT MANAGEMENT'S first-quarter revenue was $37
million, compared with $87 million in the prior year. Equity losses
of $29 million, primarily from non-cash charges related to
co-investments, were included in first-quarter 2009 revenue.
Advisory fees were $60 million in the quarter, down $12 million from
the first quarter of 2008 with valuations in Public Securities
contributing significantly to the decline. First-quarter 2009
Advisory fees compared favorably with Advisory fees of $62 million in
the fourth quarter of 2008 despite the challenging operating
environment.
The business recognized $5 million of Incentive fees in the first
quarter of 2009 after reaching specified performance objectives
against established benchmarks. Asset sales, a key driver of
Incentive and Transaction fees, continued to be limited by the
availability of financing.
LaSalle Investment Management raised $485 million of equity from
clients during the first three months of 2009. Investments made on
behalf of clients totalled $300 million. Assets under management
declined to $41 billion, an 11 percent decrease, due to the impact of
the current economic environment on asset valuations.
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JONES LANG LaSALLE REPORTS FIRST QUARTER 2009 RESULTS - PAGE 5
SUMMARY
The firm has adapted its service offerings to the changing needs of
clients, strengthened its Corporate Solutions business for an expanding
client base and gained market share from competitors. It has taken
significant actions to reduce its expense base through aggressive staffing
and discretionary spending reductions. The firm's responsible approach to
the balance sheet has positioned the company well despite the weak trading
conditions around the globe. The firm remains prepared to capitalize on
new opportunities to serve clients in the challenging environment that lies
ahead.
Statements in this press release regarding, among other things, future
financial results and performance, achievements, plans and objectives,
dividend payments and share repurchases may be considered forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Such statements involve known and unknown risks, uncertainties
and other factors which may cause actual results, performance,
achievements, plans and objectives of Jones Lang LaSalle to be materially
different from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include those discussed under "Business," "Management's Discussion and
Analysis of Financial Condition and Results of Operations," "Quantitative
and Qualitative Disclosures about Market Risk," and elsewhere in Jones Lang
LaSalle's Annual Report on Form 10-K for the year ended December 31, 2008
and in other reports filed with the Securities and Exchange Commission.
There can be no assurance that future dividends will be declared since the
actual declaration of future dividends, and the establishment of record and
payment dates, remains subject to final determination by the Company's
Board of Directors. Statements speak only as of the date of this release.
Jones Lang LaSalle expressly disclaims any obligation or undertaking to
update or revise any forward-looking statements contained herein to reflect
any change in Jones Lang LaSalle's expectations or results, or any change
in events.
ABOUT JONES LANG LaSALLE
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services
firm specializing in real estate. The firm offers integrated services
delivered by expert teams worldwide to clients seeking increased value by
owning, occupying or investing in real estate. With 2008 global revenue of
$2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750
locations worldwide, including 180 corporate offices. The firm is an
industry leader in property and corporate facility management services,
with a portfolio of approximately 1.4 billion square feet worldwide.
LaSalle Investment Management, the company's investment management
business, is one of the world's largest and most diverse in real estate
with over $41 billion of assets under management. For further information,
please visit our Web site, www.joneslanglasalle.com.
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JONES LANG LaSALLE REPORTS FIRST QUARTER 2009 RESULTS - PAGE 6
CONFERENCE CALL
The firm will conduct a conference call for shareholders, analysts and
investment professionals on Wednesday, April 29 at 9:00 a.m. EDT.
To participate in the teleconference, please dial into one of the following
phone numbers five to 10 minutes before the start time:
. U.S. callers: +1 877 809 9540
. International callers: +1 706 679 7364
. Pass code: 95493838
WEBCAST
Follow these steps to listen to the webcast:
1. You must have a minimum 14.4 Kbps Internet connection
2. Log on to http://www.videonewswire.com/event.asp?id=57913 and
follow instructions
3. Download free Windows Media Player software: (link located
under registration form)
4. If you experience problems listening, send an e-mail to
prnwebcast@multivu.com
SUPPLEMENTAL INFORMATION
Supplemental information regarding the first quarter 2009 earnings call has
been posted to the Investor Relations section of the company's Web site:
www.joneslanglasalle.com.
CONFERENCE CALL REPLAY
Available: 12:00 p.m. EDT Wednesday, April 29 through Midnight EDT May 6 at
the following numbers:
. U.S. callers: +1 800 642 1687
. International callers: +1 706 645 9291
. Pass code: 95493838
WEB AUDIO REPLAY
Audio replay will be available for download or stream within 24 hours of
the conference call. This information and link is also available on the
company's Web site: www.joneslanglasalle.com.
If you have any questions, call Yvonne Peterson of Jones Lang LaSalle's
Investor Relations department at +1 312 228 2919.
# # #
JONES LANG LASALLE INCORPORATED
Consolidated Statements of Operations
For the Three Months Ended March 31, 2009 and 2008
(in thousands, except share data)
(Unaudited)
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
Revenue $ 494,211 $ 563,920
Operating expenses:
Compensation and benefits 342,555 378,873
Operating, administrative and other 137,623 160,866
Depreciation and amortization 24,520 16,446
Restructuring charges/(credits) 17,042 (188)
---------- ----------
Total operating expenses 521,740 555,997
---------- ----------
Operating (loss)/income (27,529) 7,923
Interest expense, net of interest income 12,758 1,176
Equity losses from unconsolidated ventures (32,022) (2,213)
---------- ----------
(Loss)/income before income taxes and
noncontrolling interest (72,309) 4,534
(Benefit)/provision for income taxes (10,846) 1,143
---------- ----------
Net (loss)/income (61,463) 3,391
Net income attributable to noncontrolling
interests 12 552
---------- ----------
Net (loss)/income attributable to the Company (61,475) 2,839
---------- ----------
Net (loss)/income available to
common shareholders $ (61,475) $ 2,839
========== ==========
Basic (loss)/earnings per common share $ (1.78) $ 0.09
========== ==========
Basic weighted average shares outstanding 34,617,894 31,772,825
========== ==========
Diluted (loss)/earnings per common share $ (1.78) $ 0.09
========== ==========
Diluted weighted average shares outstanding 34,617,894 33,229,444
========== ==========
EBITDA $ (35,043) $ 21,604
========== ==========
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Segment Operating Results
For the Three Months Ended March 31, 2009 and 2008
(in thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
INVESTOR & OCCUPIER SERVICES
AMERICAS
Revenue:
Transaction services $ 106,609 $ 79,360
Management services 84,647 88,748
Equity (losses)/earnings (1,445) --
Other services 9,779 5,757
---------- ----------
199,590 173,865
Operating expenses:
Compensation, operating and administrative 188,158 166,569
Depreciation and amortization 15,916 7,048
---------- ----------
204,074 173,617
---------- ----------
Operating (loss)/income $ (4,484) $ 248
========== ==========
EBITDA $ 11,432 $ 7,296
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EMEA
Revenue:
Transaction services $ 73,730 $ 132,414
Management services 45,276 48,177
Equity (losses)/earnings (379) 16
Other services 2,132 2,455
---------- ----------
120,759 183,062
Operating expenses:
Compensation, operating and administrative 136,943 184,060
Depreciation and amortization 5,142 6,021
---------- ----------
142,085 190,081
---------- ----------
Operating loss $ (21,326) $ (7,019)
========== ==========
EBITDA $ (16,184) $ (998)
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JONES LANG LASALLE INCORPORATED
Segment Operating Results - Continued
For the Three Months Ended March 31, 2009 and 2008
(in thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
ASIA PACIFIC
Revenue:
Transaction services $ 37,690 $ 58,883
Management services 66,741 57,073
Equity losses (971) (62)
Other services 1,371 1,504
---------- ----------
104,831 117,398
Operating expenses:
Compensation, operating and administrative 105,517 122,407
Depreciation and amortization 2,921 2,877
---------- ----------
108,438 125,284
---------- ----------
Operating loss $ (3,607) $ (7,886)
========== ==========
EBITDA $ (686) $ (5,009)
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LASALLE INVESTMENT MANAGEMENT
Revenue:
Transaction services $ 1,197 $ 4,225
Advisory fees 60,073 72,130
Incentive fees 4,966 13,194
Equity losses (29,228) (2,167)
---------- ----------
37,008 87,382
Operating expenses:
Compensation, operating and administrative 49,560 66,703
Depreciation and amortization 541 500
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50,101 67,203
---------- ----------
Operating (loss)/income $ (13,093) $ 20,179
========== ==========
EBITDA $ (12,552) $ 20,679
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- ------------------------------------------------------------------------
Total segment revenue 462,188 561,707
Reclassification of equity losses (32,023) (2,213)
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Total revenue $ 494,211 $ 563,920
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Total operating expenses before
restructuring charges/(credits) $ 504,698 $ 556,185
========== ==========
Operating (loss)/income before
restructuring charges/(credits) $ (10,487) $ 7,735
========== ==========
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Consolidated Balance Sheets
March 31, 2009, December 31, 2008 and March 31, 2008
(in thousands)
(Unaudited)
March 31, March 31,
2009 December 31, 2008
(Unaudited) 2008 (Unaudited)
---------- ----------- ----------
ASSETS
- ------
Current assets:
Cash and cash equivalents $ 46,019 $ 45,893 $ 74,648
Trade receivables,
net of allowances 587,359 718,804 749,300
Notes and other receivables 76,758 89,636 68,642
Prepaid expenses 35,624 32,990 28,268
Deferred tax assets 118,285 102,934 64,999
Other assets 10,511 9,511 13,994
---------- ---------- ----------
Total current assets 874,556 999,768 999,851
Property and equipment, at cost,
less accumulated depreciation 214,031 224,845 200,909
Goodwill, with indefinite
useful lives 1,434,722 1,448,663 731,501
Identified intangibles, with finite
useful lives, at cost,
less accumulated amortization 48,545 59,319 44,673
Investments in real estate ventures 145,209 179,875 164,042
Long-term receivables 49,959 51,974 42,733
Deferred tax assets 59,426 58,639 84,914
Other assets 52,589 53,942 47,051
---------- ---------- ----------
$2,879,037 $3,077,025 $2,315,674
========== ========== ==========
LIABILITIES AND EQUITY
- ----------------------
Current liabilities:
Accounts payable and
accrued liabilities $ 295,673 $ 352,489 $ 255,564
Accrued compensation 420,748 487,895 320,784
Short-term borrowings 38,551 24,570 29,698
Deferred tax liabilities 3,503 2,698 13,811
Deferred income 33,904 29,213 22,504
Deferred business acquisition
obligations 23,398 13,073 44,542
Other liabilities 85,153 77,947 64,312
---------- ---------- ----------
Total current liabilities 900,930 987,885 751,215
Long-term liabilities:
Credit facilities 496,008 483,942 350,599
Deferred tax liabilities 4,351 4,429 1,910
Deferred compensation 31,291 44,888 41,468
Pension liability 3,938 4,101 1,096
Deferred business acquisition
obligations 354,044 371,636 33,102
Minority shareholder redemption
liability 43,500 43,313 --
Other liabilities 57,091 65,026 50,484
---------- ---------- ----------
Total liabilities 1,891,153 2,005,220 1,229,874
JONES LANG LASALLE INCORPORATED
Consolidated Balance Sheets - Continued
March 31, 2009, December 31, 2008 and March 31, 2008
(in thousands)
(Unaudited)
March 31, March 31,
2009 December 31, 2008
(Unaudited) 2008 (Unaudited)
---------- ----------- ----------
Equity:
Common stock, $.01 par value
per share, 100,000,000 shares
authorized; 34,734,550,
34,561,648 and 31,816,980
shares issued and outstanding
as of March 31, 2009,
December 31, 2008 and March 31,
2008, respectively 347 346 318
Additional paid-in capital 616,472 599,742 458,776
Retained earnings 481,843 543,318 487,679
Stock held in trust (3,504) (3,504) (1,930)
Accumulated other comprehensive
(loss)/income (112,520) (72,220) 132,190
---------- ---------- ----------
Total shareholders' equity 982,638 1,067,682 1,077,033
Noncontrolling interest 5,246 4,123 8,767
---------- ---------- ----------
Total equity 987,884 1,071,805 1,085,800
---------- ---------- ----------
$2,879,037 $3,077,025 $2,315,674
========== ========== ==========
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Summarized Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2009 and 2008
(in thousands)
(Unaudited)
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
Cash used in operating activities $ (2,767) $ (271,850)
Cash used in investing activities (19,862) (69,933)
Cash provided by financing activities 22,755 337,851
---------- ----------
Net increase (decrease) in
cash and cash equivalents 126 (3,932)
Cash and cash equivalents,
beginning of period 45,893 78,580
---------- ----------
Cash and cash equivalents,
end of period $ 46,019 $ 74,648
========== ==========
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Financial Statement Notes
1. Charges excluded from GAAP net loss to arrive at adjusted net loss
for the first quarter ended March 31, 2009, are amortization expense
and integration costs related to the Staubach and Kemper's
acquisitions completed in 2008, severance costs and non-cash charges
related to co-investments.
Below is a reconciliation of GAAP net loss and diluted earnings
(loss) per share ("EPS") to adjusted net loss and adjusted EPS
(in millions after tax, except per share):
Three Months Ended
March 31, 2009
----------------------
Net Diluted
Loss EPS
---------- ----------
GAAP net loss and diluted EPS $ (61.5) $ (1.78)
Add-backs to net loss:
Non-cash co-investment charges 24.6 0.71
Restructuring 14.5 0.42
Intangibles amortization 6.1 0.18
---------- ----------
Adjusted net loss and diluted EPS $ (16.3) $ (0.47)
========== ==========
2. EBITDA represents earnings before interest expense, net of interest
income, income taxes, depreciation and amortization. Although EBITDA
is a non-GAAP financial measure, it is used extensively by management
and is useful to investors as one of the primary metrics for
evaluating operating performance and liquidity. The firm believes
that EBITDA is an indicator of ability to service existing debt, to
sustain potential future increases in debt and to satisfy capital
requirements. EBITDA is also used in the calculations of certain
covenants related to the firm's revolving credit facility. However,
EBITDA should not be considered as an alternative either to net
income or net cash provided by operating activities, both of which
are determined in accordance with GAAP. Because EBITDA is not
calculated under GAAP, the firm's EBITDA may not be comparable to
similarly titled measures used by other companies.
Below is a reconciliation of net (loss) income to EBITDA and adjusted
EBITDA (in thousands):
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
Net (loss) income $ (61,475) $ 2,839
(Deduct) Add:
Interest expense, net of interest income 12,758 1,176
(Benefit) Provision for income taxes (10,846) 1,143
Depreciation and amortization 24,520 16,446
---------- ----------
EBITDA $ (35,043) $ 21,604
========== ==========
Add:
Non-cash co-investment charges 28,932 --
Restructuring 17,042 --
---------- ----------
Adjusted EBITDA $ 10,931 $ 21,604
========== ==========
JONES LANG LASALLE INCORPORATED
Financial Statement Notes - Continued
Below is a reconciliation of net cash used in operating activities,
the most comparable cash flow measure on the consolidated statements
of cash flows, to EBITDA and adjusted EBITDA (in thousands):
Three Months Ended
March 31,
----------------------
2009 2008
---------- ----------
Net cash used in operating activities $ (2,767) $ (271,850)
(Deduct) Add:
Interest expense, net of interest income 12,758 1,176
Change in working capital and
non-cash expenses (34,188) 291,135
(Benefit) Provision for income taxes (10,846) 1,143
---------- ----------
EBITDA $ (35,043) $ 21,604
========== ==========
Add:
Non-cash co-investment charges 28,932 --
Restructuring 17,042 --
---------- ----------
Adjusted EBITDA $ 10,931 $ 21,604
========== ==========
3. For purposes of segment operating results, the allocation of
restructuring charges to our segments has been determined to not be
meaningful to investors, so the performance of segment results has
been evaluated without these charges being allocated.
4. The consolidated statements of cash flows are presented in summarized
form. For complete consolidated statements of cash flows, please
refer to the firm's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2009, to be filed with the Securities and Exchange
Commission shortly.
5. EMEA refers to Europe, Middle East, and Africa.