EXHIBIT 99.2
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JONES LANG LASALLE
Real value in a changing world
SUPPLEMENTAL INFORMATION
FIRST QUARTER 2009 EARNINGS CALL
JONES LANG LASALLE - PAGE - 2:
RECONCILIATION OF GAAP TO ADJUSTED NET LOSS
Q1 2009
($ in millions after tax, except per share)
[ Graphics indicating ]
Net Loss = $(61.5) ($1.78)/share
+ Non-cash Co-investment Charges $24.6 $0.71/share
Pre-tax = $28.9
+ Restructuring Charges $14.5 $0.42/share
Pre-tax = $17.0
+ Intangibles Amort
Pre-tax = $7.2 $ 6.1 $0.18/share
Adjusted Net Loss = $(16.3)M, $(0.47)/share
JONES LANG LASALLE - PAGE - 3:
Q1 2009 Adjusted EBITDA* PERFORMANCE
($ in millions)
[ Graphics indicating ]
2008 2009
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Americas $ 7.3 $ 11.4
EMEA $ (1.0) $(15.9)
Asia Pacific $ (5.0) $ (0.7)
LIM $ 20.7 $ 16.1
Consolidated $ 21.6 $ 10.9
* Refer to page 10 for Reconciliation of GAAP Net Loss to EBITDA and
adjusted EBITDA for the quarters ended March 31, 2009 and 2008.
Segment EBITDA is calculated by adding the segment's Depreciation and
amortization to its reported Operating (loss) income, which excludes
Restructuring charges. Consolidated adjusted EBITDA also excludes
$28.9M of non-cash co-investment charges in 2009.
JONES LANG LASALLE - PAGE - 4:
Q1 2009 REVENUE PERFORMANCE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
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Americas $173.9 $199.6 15%
EMEA $183.1 $120.8 (34%) (19%)
Asia Pacific $117.4 $104.8 (11%) 1%
LIM $ 87.4 $ 37.0 (58%) (26%)
Consolidated $563.9 $494.2 (12%) (1%)
NOTE: Equity losses of $2.2M in 2008 and $32.0M in 2009 are included in
segment results, however, are excluded from Consolidated totals
JONES LANG LASALLE - PAGE - 5:
Q1 2009 CAPITAL MARKETS AND HOTELS REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
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Americas $ 8.6 $ 7.3 (14%)
EMEA $ 41.4 $ 15.7 (62%) (53%)
Asia Pacific $ 7.5 $ 4.9 (34%) (15%)
Consolidated $ 57.5 $ 27.9 (51%) (42%)
JONES LANG LASALLE - PAGE - 6:
Q1 2009 Leasing Revenue
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
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Americas $ 57.3 $ 86.2 50%
EMEA $ 45.5 $ 29.6 (35%) (20%)
Asia Pacific $ 25.9 $ 17.4 (33%) (24%)
Consolidated $128.7 $133.2 4% 11%
JONES LANG LASALLE - PAGE - 7:
Q1 2009 LIM Revenue
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
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Advisory Fees $ 72.1 $ 60.1 (17%) 3%
Transaction &
Incentive Fees $ 17.4 $ 6.1 (65%) (57%)
Equity Losses $ (2.2) $(29.2) n.m.
Consolidated $ 87.4 $ 37.0 (58%) (27%)
NOTES:
. LIM FY Q1 Impairment charges of $28.6M included in Equity
Losses
. No Impairment charges taken in Q1 2008
. n.m. - not meaningful
JONES LANG LASALLE - PAGE - 8:
INCOME STATEMENT AND BALANCE SHEET COST ACTIONS
2008 and Q1 2009
INCOME STATEMENT ACTIONS
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.. Base Compensation and Benefits approximately $100M annualized savings
- Staffing reductions of approximately 10% across the Firm
(approximately 1,400 people)
- Cumulative severance-related restructuring charges of
approximately $40M with a 3 to 6 month payback
- Variable compensation actions add savings in addition to those
from base compensation and benefits
.. Variable Operating Expenses approximately projected $50M savings in
2009
- Discretionary spend reductions to save net $50M on a local
currency basis after absorbing acquisitions
- Savings expected primarily in T&E, Professional Fees,
Marketing and Training
- Partially offset by new gross facilities management contracts
and occupancy costs
BALANCE SHEET ACTIONS
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.. Capital expenditures approximately $60M savings
- Full year planned cash spend reduced to less than $45M for 2009
.. Dividend reduction in Q2 2009
- $0.10 per share compared with $0.25 per share in Q4 2008
Note: Reductions in personnel percentages are based upon the population
of non-reimbursed employees
JONES LANG LASALLE - PAGE - 9:
DEBT COVENANTS
($ in millions)
March 31, December 31,
2009 2008
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LEVERAGE RATIO CALCULATION:
Credit Facilities $ 496 $ 484
Deferred Business Acquisition
Obligations 377 385
Other - Letters of Credit, etc. 18 30
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Total $ 891 $ 899
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Reported EBITDA*
(trailing twelve months) $ 177 $ 233
Bank Covenant Add-backs:
Pre-December 2008 Amendment 117 128
Post-December 2008 Amendment 86 40
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ADJUSTED EBITDA $ 380 $ 401
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LEVERAGE RATIO 2.34x 2.24x
Maximum 3.50x 3.50x
CASH INTEREST COVERAGE RATIO:
CALCULATED 3.33x 3.69x
Minimum 2.00x 2.00x
* Refer to page 10 for Reconciliation of GAAP Net Loss to EBITDA and
Adjusted EBITDA for the quarter ended March 31, 2009.
JONES LANG LASALLE - PAGE - 10:
RECONCILIATION OF GAAP NET (LOSS) INCOME TO EBITDA
AND ADJUSTED EBITDA
($ in millions)
Three Months Ended
March 31,
------------------
2009 2008
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Net (loss) income $(61.5) $ 2.8
Add (deduct):
Interest expense, net of interest income 12.8 1.2
(Benefit) Provision for income taxes (10.8) 1.1
Depreciation and amortization 24.5 16.5
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EBITDA (35.0) 21.6
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Non-cash co-investment charges 28.9 --
Restructuring 17.0 --
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Adjusted EBITDA $ 10.9 $ 21.6
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JONES LANG LASALLE - PAGE - 11:
GLOBAL CORPORATE SOLUTIONS
REPRESENTATIVE 2009 WINS
[ Graphics indicating ]
AMERICAS GLOBAL / MULTI-REGIONAL ASIA PACIFIC
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Amgen AstraZeneca Ericsson
Grupo Salinas Iron Mountain Nokia
Microsoft Philips Suncorp
SunTrust Smith Group plc
T-Mobile
....and others ...and others ...and others
22 NEW WINS IN Q1 2009 COMPARED WITH 14 IN Q1 2008