EXHIBIT 99.2
- ------------
JONES LANG LASALLE
Real value in a changing world
SUPPLEMENTAL INFORMATION
SECOND QUARTER 2009 EARNINGS CALL
JONES LANG LASALLE - PAGE - 2:
RECONCILIATION OF GAAP TO ADJUSTED NET INCOME (LOSS)
($ in millions except Shares and per share data)
Three Months Six Months
Ended Ended
June 30, June 30,
2009 2009
------------ ----------
GAAP Net Loss. . . . . . . . . $ (14.4) $ (75.9)
Shares (in 000's). . . . . . . 35,836 35,231
---------- ----------
Earnings (Loss) per share. . . $ (0.40) $ (2.15)
========== ==========
GAAP Net Loss. . . . . . . . . $ (14.4) $ (75.9)
Restructuring, net of tax. . . 13.1 27.6
Non-cash co-investment
charges, net of tax. . . . . 12.7 37.2
---------- ----------
Adjusted Net Income (Loss) . . $ 11.4 $ (11.1)
========== ==========
Shares (in 000's). . . . . . . 37,652 35,231
---------- ----------
Adjusted Earnings (Loss)
per share. . . . . . . . . . $ 0.30 $ (0.31)
========== ==========
Note: Dilutive shares outstanding are used in the calculation of quarter-
to-date adjusted EPS. Basic shares outstanding are used in the
calculations of quarter-to-date GAAP EPS and year-to-date GAAP and adjusted
EPS, as use of dilutive shares outstanding in those calculations would be
anti-dilutive.
JONES LANG LASALLE - PAGE - 3:
Q2 2009 ADJUSTED EBITDA* PERFORMANCE
($ in millions)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $18.1 2008 $ 9.2
2009 $31.2 2009 $ 5.1
ASIA PACIFIC LIM
------------ ---
2008 $ 8.2 2008 $22.0
2009 $ 5.7 2009 $ 7.8
----------------------
CONSOLIDATED
------------
2008 $ 55.3
2008 $ 49.3
----------------------
* Refer to page 19 for Reconciliation of GAAP Net (Loss) Income to
EBITDA and adjusted EBITDA for the three months ended June 30, 2009 and
2008 for details relative to these adjusted EBITDA calculations. Segment
adjusted EBITDA is calculated by adding the segment's Depreciation and
amortization and non-cash co-investment charges to its reported Operating
(loss) income, which excludes Restructuring charges.
JONES LANG LASALLE - PAGE - 4:
2009 SEASONAL ADJUSTED EBITDA* IMPROVEMENT
($ in millions)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
Q1 $11.4 Q1 $(15.9)
Q2 $31.2 Q2 $ 5.1
ASIA PACIFIC LIM
------------ ---
Q1 $(0.7) Q1 $16.1
Q2 $ 5.7 Q2 $ 7.8
----------------------
CONSOLIDATED
------------
Q1 $10.9
Q2 $49.3
----------------------
* Refer to page 19 for Reconciliation of GAAP Net Loss to EBITDA and
adjusted EBITDA for the three months ended June 30, 2009 and for details
relative to the calculations of Q2 adjusted EBITDA. Q1 adjusted EBITDA was
calculated on a similar basis from the results for the three months ended
March 31, 2009. Segment adjusted EBITDA is calculated by adding the
segment's Depreciation and amortization and non-cash co-investment charges
to its reported Operating (loss) income, which excludes Restructuring
charges. Consolidated adjusted EBITDA for Q1 and Q2 2009 also exclude
$28.9M and $14.9M, respectively, of non-cash co-investment charges.
JONES LANG LASALLE - PAGE - 5:
Q2 2009 REVENUE PERFORMANCE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $189.9 2008 $236.1
2009 $248.6 2009 $142.9
31% INCREASE 39% DECREASE
28% DECREASE in LC
ASIA PACIFIC LIM
------------ ---
2008 $141.8 2008 $92.7
2009 $119.3 2009 $46.2
16% DECREASE 50% DECREASE
8% DECREASE in LC 44% DECREASE in LC
----------------------
CONSOLIDATED
------------
2008 $659.5
2009 $576.1
13% DECREASE
6% DECREASE in LC
----------------------
NOTE: Equity losses of $19.2M in 2009 and equity earnings of $1.0M in 2008
are included in segment results, however, are excluded from Consolidated
totals.
JONES LANG LASALLE - PAGE - 6:
2009 SEASONAL REVENUE IMPROVEMENT
($ in millions)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
Q1 $199.6 Q1 $120.8
Q2 $248.6 Q2 $142.9
25% INCREASE 18% INCREASE
ASIA PACIFIC LIM
------------ ---
Q1 $104.8 Q1 $37.0
Q2 $119.3 Q2 $46.2
14% INCREASE 25% INCREASE
----------------------
CONSOLIDATED
------------
Q1 $494.2
Q2 $576.1
17% INCREASE
----------------------
JONES LANG LASALLE - PAGE - 7:
Q2 2009 CAPITAL MARKETS AND HOTELS REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $16.5 2008 $50.8
2009 $ 5.6 2009 $22.7
66% DECREASE 55% DECREASE
47% DECREASE in LC
ASIA PACIFIC
------------
2008 $14.9
2009 $ 9.6
35% DECREASE
25% DECREASE in LC
----------------------
CONSOLIDATED
------------
2008 $82.2
2009 $38.0
54% DECREASE
47% DECREASE in LC
----------------------
JONES LANG LASALLE - PAGE - 8:
Q2 2009 LEASING REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $ 59.8 2008 $64.1
2009 $122.7 2009 $36.5
105% INCREASE 43% DECREASE
32% DECREASE in LC
--------------------
ASIA PACIFIC CONSOLIDATED
------------ ------------
2008 $37.0 2008 $160.9
2009 $23.6 2009 $182.8
36% DECREASE 14% INCREASE
30% DECREASE in LC 19% INCREASE in LC
--------------------
JONES LANG LASALLE - PAGE - 9:
Q2 2009 MANAGEMENT SERVICES REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
PROPERTY MANAGEMENT, PROJECT &
FACILITY MANAGEMENT AND OTHER DEVELOPMENT SERVICES
----------------------------- --------------------
2008 $131.6 2008 $ 86.4
2009 $150.4 2009 $ 71.4
14% INCREASE 17% DECREASE
19% INCREASE in LC 11% DECREASE in LC
----------------------------------------------------------------
MANAGEMENT SERVICES
-------------------
2008 $218.0
2009 $221.8
2% INCREASE
7% INCREASE in LC
JONES LANG LASALLE - PAGE - 10:
Q2 2009 LASALLE INVESTMENT MANAGEMENT REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
TRANSACTION &
ADVISORY FEES INCENTIVE FEES
------------- --------------
2008 $ 72.6 2008 $ 19.2
2009 $ 59.4 2009 $ 4.3
18% DECREASE 78% DECREASE
11% DECREASE in LC 79% DECREASE in LC
EQUITY EARNINGS
(LOSSES)
---------------
2008 $ 0.9
2009 $(17.5)
n.m.
- ----------------------------------------------------------------------
CONSOLIDATED
------------
2008 $ 92.7
2009 $ 46.2
50% DECREASE
44% DECREASE in LC
Notes:
. LIM Q2 2009 Impairment charges of $14.3M included in Equity (Losses)
. LIM Q2 2008 Impairment charges of $0.6M included in Equity Earnings
. n.m. - not meaningful
JONES LANG LASALLE - PAGE - 11:
AGGRESSIVE ACTIONS IMPROVE BALANCE SHEET POSITION
Reduced 1st half cash spend before historically strong 2nd half
($ in millions)
2009 2008
------- -----------------
Jan-Jun Jan-Jun Jul-Dec
------- ------- -------
OPERATING ACTIVITIES
- --------------------
Adjusted
EBITDA (1) $ 60 $ 77 $ 205 } Seasonal operating
} performance histor-
Less: Restructuring (32) - (30) } ically stronger in
} second half
Less: Interest } Aggressive receivable
Expense & } collection and lower
Income Taxes (14) (15) (44) } incentive compensa-
} tion payments reduced
Less: Working } working capital needs
Capital & } in H1 2009 vs.
Other (100) (235) 75 } H1 2008
----- ----- -----
Net Cash from/
(used in)
Operations $ (86) $ (173) $ 206
PRIMARY USES OF CASH
- --------------------
Capital }
Expenses (2) (21) (51) (53) } Reduced H1 2009
} cash spend in all
Acquisitions & } categories
Deferred Payment }
Obligations (10) (168) (181) }
}
Co-Investment (19) (24) (18) }
}
Dividends (4) (17) (9) }
----- ----- -----
Net Cash Outflows (54) (260) (261)
Net Share Issuance
& Other }
Financing 211 12 11 } Equity issuance
----- ----- ----- } & Debt reduction
Net Debt Repayment/ }
(Borrowing) $ 71 $(421) $ (44) }
===== ===== =====
KEY COVENANT RATIOS as of June 30, 2009
---------------------------------------
LEVERAGE CALCULATION: INTEREST COVERAGE CALCULATION:
- -------------------- -----------------------------
Bank-defined Indebtedness $804 Bank-defined EBITDA + Rents $436
Bank-defined EBITDA $334 Cash Interest + Rents $132
LEVERAGE RATIO 2.41x INTEREST COVERAGE RATIO 3.31x
Maximum 3.75x Minimum 2.00x
(1) Refer to page 19 for adjustments made to EBITDA
(2) 2009 YTD capital expenditures net of tenant improvement allowances
received were $16 million
JONES LANG LASALLE - PAGE - 12:
APPENDIX
JONES LANG LASALLE - PAGE - 13:
YTD 2009 ADJUSTED EBITDA* PERFORMANCE
($ in millions)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $25.3 2008 $ 8.2
2009 $42.6 2009 $(10.8)
ASIA PACIFIC LIM
------------ ---
2008 $ 3.2 2008 $42.6
2009 $ 5.0 2009 $23.8
----------------------
CONSOLIDATED
------------
2008 $76.9
2009 $60.2
----------------------
* Refer to page 19 for Reconciliation of GAAP Net (Loss) Income to
EBITDA and adjusted EBITDA for the six months ended June 30, 2009 and 2008.
Segment adjusted EBITDA is calculated by adding the segment's Depreciation
and amortization and non-cash co-investment charges to its reported
Operating (loss) income, which excludes Restructuring charges.
JONES LANG LASALLE - PAGE - 14:
YTD 2009 REVENUE PERFORMANCE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $363.7 2008 $419.2
2009 $448.2 2009 $263.6
23% INCREASE 37% DECREASE
24% DECREASE in LC
ASIA PACIFIC LIM
------------ ---
2008 $259.2 2008 $180.1
2009 $224.1 2009 $ 83.2
14% DECREASE 54% DECREASE
4% DECREASE in LC 46% DECREASE in LC
------------------------------
CONSOLIDATED
------------
2008 $1,223
2009 $1,070
13% DECREASE
5% DECREASE in LC
------------------------------
Note: Equity losses of $51.2M in 2009 and $1.2M in 2008 are included in
segment results, however, are excluded from Consolidated totals.
JONES LANG LASALLE - PAGE - 15:
YTD 2009 CAPITAL MARKETS AND HOTELS REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $25.1 2008 $92.2
2009 $13.0 2009 $38.4
48% DECREASE 58% DECREASE
50% DECREASE in LC
ASIA PACIFIC
------------
2008 $22.3
2009 $14.5
35% DECREASE
21% DECREASE in LC
----------------------
CONSOLIDATED
------------
2008 $139.7
2009 $ 65.9
53% DECREASE
45% DECREASE in LC
----------------------
JONES LANG LASALLE - PAGE - 16:
YTD 2009 LEASING REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
AMERICAS EMEA
-------- ----
2008 $117.1 2008 $109.6
2009 $208.9 2009 $ 66.2
78% INCREASE 40% DECREASE
27% DECREASE in LC
ASIA PACIFIC
------------
2008 $63.0
2009 $41.1
35% DECREASE
27% DECREASE in LC
----------------------
CONSOLIDATED
------------
2008 $289.7
2009 $316.1
9% INCREASE
15% INCREASE in LC
----------------------
JONES LANG LASALLE - PAGE - 17:
YTD 2009 MANAGEMENT SERVICES REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
PROPERTY MANAGEMENT, PROJECT &
FACILITY MANAGEMENT AND OTHER DEVELOPMENT SERVICES
----------------------------- --------------------
2008 $253.1 2008 $161.0
2009 $288.3 2009 $137.1
14% INCREASE 15% DECREASE
22% INCREASE in LC 8% DECREASE in LC
----------------------------------------------------------------
MANAGEMENT SERVICES
-------------------
2008 $414.1
2009 $425.4
3% INCREASE
11% INCREASE in LC
JONES LANG LASALLE - PAGE - 18:
YTD 2009 LASALLE INVESTMENT MANAGEMENT REVENUE
($ in millions; "LC"=Local Currency)
[ Graphics indicating ]
TRANSACTION &
ADVISORY FEES INCENTIVE FEES
------------- --------------
2008 $144.7 2008 $ 36.6
2009 $119.5 2009 $ 10.4
17% DECREASE 72% DECREASE
9% DECREASE in LC 68% DECREASE in LC
EQUITY LOSSES
-------------
2008 $ (1.2)
2009 $(46.7)
n.m.
- ----------------------------------------------------------------------
CONSOLIDATED
------------
2008 $180.1
2009 $ 83.2
54% DECREASE
46% DECREASE in LC
Notes:
. LIM YTD 2009 Impairment charges of $42.9M included in Equity Losses
. LIM YTD 2008 Impairment charges of $0.6M included in Equity Losses
. n.m. - not meaningful
JONES LANG LASALLE - PAGE - 19:
RECONCILIATION OF GAAP NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA
($ in millions)
Three Months Six Months
Ended Ended
June 30, June 30,
---------------- ----------------
2009 2008 2009 2008
------ ------ ------ ------
Net (loss) income. . . . . . . . . $(14.4) $ 24.5 $(75.9) $ 27.4
Add (deduct):
Interest expense, net of
interest income. . . . . . . . . 14.5 3.6 27.3 4.7
(Benefit) Provision for income
taxes. . . . . . . . . . . . . . (2.5) 9.0 (13.3) 10.1
Depreciation and amortization. . . 21.4 18.3 45.9 34.7
------ ------ ------ ------
EBITDA . . . . . . . . . . . . . . $ 19.0 $ 55.3 $(16.0) $ 76.9
====== ====== ====== ======
Non-cash co-investment charges . . 14.9 -- 43.8 --
Restructuring. . . . . . . . . . . 15.4 -- 32.4 --
------ ------ ------ ------
Adjusted EBITDA. . . . . . . . . . $ 49.3 $ 55.3 $ 60.2 $ 76.9
====== ====== ====== ======