EXHIBIT 99.2
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JONES LANG LASALLE
Real value in a changing world
SUPPLEMENTAL INFORMATION
THIRD 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 Ended Nine Months Ended
September 30, September 30,
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2009 2008 2009 2008
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GAAP Net Income (Loss) $ 19.8 $ 15.0 $ (56.1) $ 42.4
Shares (in 000's) 43,300 35,036 37,432 33,966
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GAAP Earnings (Loss)
per share $ 0.46 $ 0.43 $ (1.50) $ 1.25
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GAAP Net Income (Loss) $ 19.8 $ 15.0 $ (56.1) $ 42.4
Restructuring, net of tax 3.6 7.8 31.1 7.7
Non-cash co-investment
charges, net of tax 3.2 0.2 40.4 0.6
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Adjusted Net Income $ 26.6 $ 23.0 $ 15.4 $ 50.7
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Shares (in 000's) 43,300 35,036 38,880 33,966
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Adjusted Earnings
per share $ 0.61 $ 0.66 $ 0.40 $ 1.49
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Note: Basic shares outstanding are used in the calculation of year-to-date
2009 GAAP EPS as the use of dilutive shares outstanding would cause
that EPS calculation to be anti-dilutive.
JONES LANG LASALLE - PAGE - 3:
Q3 2009 ADJUSTED EBITDA* PERFORMANCE
($ in millions)
[ Graphics indicating ]
2008 2009
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Americas $ 33.7 $ 38.9
EMEA $ 13.9 $ 1.4
Asia Pacific $ 3.6 $ 10.4
LIM $ 21.6 $ 15.6
Consolidated $ 72.6 $ 66.2
* Refer to page 17 for Reconciliation of GAAP Net Income to EBITDA and
adjusted EBITDA for the three months ended September 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 income (loss), which excludes Restructuring
charges. Consolidated adjusted EBITDA is the sum of the adjusted
EBITDA of the four segments less net income attributable to non-
controlling interests.
JONES LANG LASALLE - PAGE - 4:
Q3 2009 REVENUE PERFORMANCE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Americas $254.1 $238.8 (6%) n/a
EMEA $208.6 $154.2 (26%) (19%)
Asia Pacific $132.5 $136.4 3% 5%
LIM $ 81.2 $ 60.9 (25%) (22%)
Consolidated $677.1 $595.3 (12%) (9%)
Note: Equity losses of $0.7M in 2008 and $5.0M in 2009 are included in
segment results, however, are excluded from Consolidated totals.
JONES LANG LASALLE - PAGE - 5:
Q3 2009 CAPITAL MARKETS AND HOTELS REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Americas $ 21.3 $ 8.1 (62%) n/a
EMEA $ 45.5 $ 30.2 (34%) (26%)
Asia Pacific $ 14.3 $ 14.9 4% 8%
Consolidated $ 81.1 $ 53.2 (34%) (30%)
JONES LANG LASALLE - PAGE - 6:
Q3 2009 LEASING REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Americas $ 97.5 $120.2 23% n/a
EMEA $ 63.0 $ 36.0 (43%) (37%)
Asia Pacific $ 32.6 $ 25.7 (21%) (19%)
Consolidated $193.1 $181.9 (6%) (4%)
JONES LANG LASALLE - PAGE - 7:
Q3 2009 MANAGEMENT SERVICES REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Property Management,
Facility Management
and Other $141.0 $164.3 17% 18%
Project & Development
Services $ 91.2 $ 68.1 (25%) (23%)
Management Services $232.2 $232.4 0% 2%
JONES LANG LASALLE - PAGE - 8:
Q3 2009 LASALLE INVESTMENT MANAGEMENT REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Advisory Fees $ 70.9 $ 61.2 (14%) (10%)
Transaction &
Incentive Fees $ 10.4 $ 4.7 (55%) (55%)
Equity Losses $ (0.1) $ (5.0) n.m. n.m.
Consolidated $ 81.2 $ 60.9 (25%) (22%)
Notes:
. LIM Q3 2008 non-cash co-investment charges of $0.3M included in
Equity Losses
. LIM Q3 2009 non-cash co-investment charges of $3.7M included in
Equity Losses
. n.m. - not meaningful
JONES LANG LASALLE - PAGE - 9:
AGGRESSIVE ACTIONS IMPROVE BALANCE SHEET POSITION
Reduced spending and strong cash generation drive net debt repayment
($ in millions)
2009 2008
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Jan-Sept Jan-Sept Oct-Dec
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Net Cash from/(used in) Operations $ 44 $ (113) $ 146
Primary Uses of Cash
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Capital Expenses (1) (31) (72) (32)
Acquisitions & Deferred
Payment Obligations (15) (283) (66)
Co-Investment (26) (37) (5)
Dividends (4) (17) (9)
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Net Cash Outflows (76) (409) (112)
Net Share Issuance &
Other Financing 192 4 19
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Net Debt Repayment/(Borrowing) $ 160 $ (518) $ 53
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KEY COVENANT RATIOS
INVESTMENT GRADE RATED as of September 30, 2009
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Moody's: LEVERAGE RATIO 2.19x
Baa2 (Stable Outlook) Maximum 3.75x
S&P: INTEREST COVERAGE RATIO 3.28x
BBB- (Stable Outlook) Minimum 2.00x
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(1) 2009 YTD capital expenditures net of tenant improvement allowances
received were $23 million.
JONES LANG LASALLE - PAGE - 10:
APPENDIX
JONES LANG LASALLE - PAGE - 11:
YTD 2009 ADJUSTED EBITDA* PERFORMANCE
($ in millions)
[ Graphics indicating ]
2008 2009
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Americas $ 59.0 $ 81.6
EMEA $ 22.1 $ (9.4)
Asia Pacific $ 6.8 $ 15.4
LIM $ 64.8 $ 39.5
Consolidated $149.9 $126.4
* Refer to page 17 for Reconciliation of GAAP Net Income (Loss) to
EBITDA and adjusted EBITDA for the nine months ended September 30,
2009 and 2008 for details relative to these adjusted EBITDA
calculations. Segment adjusted EBITDA is calculated by adding the
segment's Depreciation and amortization and non-cash co-investment
charges to its reported Operating income (loss), which excludes
Restructuring charges. Consolidated adjusted EBITDA is the sum of
the adjusted EBITDA of the four segments less net income attributable
to non-controlling interests and dividends on unvested common stock.
JONES LANG LASALLE - PAGE - 12:
YTD 2009 REVENUE PERFORMANCE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
-------- -------- ---------- ----------
Americas $ 617.8 $ 687.0 11% n/a
EMEA $ 627.7 $ 417.9 (33%) (22%)
Asia Pacific $ 391.8 $ 360.5 (8%) (1%)
LIM $ 261.3 $ 144.1 (45%) (39%)
Consolidated $1,900.5 $1,665.7 (12%) (6%)
Note: Equity losses of $1.9M in 2008 and $56.2M in 2009 are included in
segment results, however, are excluded from Consolidated totals.
JONES LANG LASALLE - PAGE - 13:
YTD 2009 CAPITAL MARKETS AND HOTELS REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Americas $ 46.4 $ 21.1 (55%) n/a
EMEA $137.8 $ 68.6 (50%) (42%)
Asia Pacific $ 36.6 $ 29.5 (19%) (10%)
Consolidated $220.8 $119.2 (46%) (39%)
JONES LANG LASALLE - PAGE - 14:
YTD 2009 LEASING REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Americas $214.6 $327.4 53% n/a
EMEA $172.6 $102.2 (41%) (31%)
Asia Pacific $ 95.7 $ 66.9 (30%) (25%)
Consolidated $482.9 $496.5 3% 7%
JONES LANG LASALLE - PAGE - 15:
YTD 2009 MANAGEMENT SERVICES REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Property Management,
Facility Management
and Other $395.4 $452.7 14% 20%
Project & Development
Services $252.2 $205.1 (19%) (13%)
Management Services $647.6 $657.8 2% 7%
JONES LANG LASALLE - PAGE - 16:
YTD 2009 LASALLE INVESTMENT MANAGEMENT REVENUE
($ in millions; "LC" = Local Currency)
[ Graphics indicating ]
Increase
2008-09 (Decrease)
Increase in Local
2008 2009 (Decrease) Currency
------ ------ ---------- ----------
Advisory Fees $215.6 $180.1 (16%) (10%)
Transaction &
Incentive Fees $ 47.0 $ 15.7 (67%) (64%)
Equity Losses $ (1.3) $(51.7) n.m. n.m.
Consolidated $261.3 $144.1 (45%) (39%)
Notes:
. LIM YTD 2008 non-cash co-investment charges of $0.9M included in
Equity Losses
. LIM LTD 2009 non-cash co-investment charges of $46.7M included in
Equity Losses
. n.m. - not meaningful
JONES LANG LASALLE - PAGE - 17:
RECONCILIATION OF GAAP NET INCOME (LOSS) TO
EBITDA AND ADJUSTED EBITDA
($ in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2009 2008 2009 2008
-------- -------- -------- --------
Net income (loss) $ 19.8 $ 15.0 $ (56.1) $ 42.4
Add (deduct):
Interest expense,
net of interest income 16.3 12.5 43.6 17.2
Provision (Benefit)
for income taxes 3.5 5.1 (9.8) 15.2
Depreciation and
amortization 18.7 29.2 64.6 63.9
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EBITDA $ 58.3 $ 61.8 $ 42.3 $ 138.7
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Non-cash co-investment
charges 3.7 0.3 47.5 0.9
Restructuring 4.2 10.5 36.6 10.3
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Adjusted EBITDA $ 66.2 $ 72.6 $ 126.4 $ 149.9
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