200
East Randolph Drive, Chicago, IL
|
60601
|
|||
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Part
I
|
Financial
Information
|
|
Item
1.
|
3
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item
2.
|
16
|
|
Item
3.
|
25
|
|
Item
4.
|
26
|
|
Part
II
|
Other
Information
|
|
Item
1.
|
27
|
|
Item
2.
|
27
|
|
Item
5.
|
28
|
|
Item
6.
|
31
|
Part
I
|
Item
1.
|
Financial
Statements
|
March
31, 2007
|
December
31,
|
||||||
Assets
|
(unaudited)
|
2006
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
43,253
|
50,612
|
||||
Trade
receivables, net of allowances of $10,496 and $7,845
|
565,654
|
630,121
|
|||||
Notes
and other receivables
|
44,163
|
30,079
|
|||||
Prepaid
expenses
|
23,859
|
28,040
|
|||||
Deferred
tax assets
|
47,806
|
49,230
|
|||||
Other
assets
|
27,668
|
19,363
|
|||||
Total
current assets
|
752,403
|
807,445
|
|||||
Property
and equipment, net of accumulated depreciation of $192,327 and
$181,959
|
131,024
|
120,376
|
|||||
Goodwill,
with indefinite useful lives, net of accumulated amortization of
$38,826
and $38,701
|
529,912
|
520,478
|
|||||
Identified
intangibles, with finite useful lives, net of accumulated amortization
of
$60,756 and $58,594
|
37,959
|
37,583
|
|||||
Investments
in real estate ventures
|
133,227
|
131,789
|
|||||
Long-term
receivables, net
|
27,978
|
29,781
|
|||||
Deferred
tax assets
|
39,434
|
37,465
|
|||||
Other
assets, net
|
48,815
|
45,031
|
|||||
$
|
1,700,752
|
1,729,948
|
|||||
Liabilities
and Shareholders' Equity
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued liabilities
|
$
|
176,125
|
221,356
|
||||
Accrued
compensation
|
283,099
|
514,586
|
|||||
Short-term
borrowings
|
29,090
|
17,738
|
|||||
Deferred
tax liabilities
|
1,734
|
1,426
|
|||||
Deferred
income
|
22,988
|
31,896
|
|||||
Other
current liabilities
|
41,115
|
43,444
|
|||||
Total
current liabilities
|
554,151
|
830,446
|
|||||
Noncurrent
liabilities:
|
|||||||
Credit
facilities
|
236,770
|
32,398
|
|||||
Deferred
tax liabilities
|
2,090
|
648
|
|||||
Deferred
compensation
|
29,883
|
30,668
|
|||||
Pension
liabilities
|
19,749
|
19,252
|
|||||
Deferred
business acquisition obligations
|
40,319
|
34,178
|
|||||
Other
noncurrent liabilities
|
40,919
|
31,978
|
|||||
Total
liabilities
|
923,881
|
979,568
|
|||||
Commitments
and contingencies
|
|||||||
Shareholders'
equity:
|
|||||||
Common
stock, $.01 par value per share, 100,000,000 shares authorized; 36,785,205
and 36,592,864 shares issued and outstanding
|
368
|
366
|
|||||
Additional
paid-in capital
|
693,572
|
676,270
|
|||||
Retained
earnings
|
283,158
|
255,914
|
|||||
Shares
held by subsidiary
|
(219,359
|
)
|
(197,543
|
)
|
|||
Shares
held in trust
|
(1,427
|
)
|
(1,427
|
)
|
|||
Accumulated
other comprehensive income
|
20,559
|
16,800
|
|||||
Total
shareholders' equity
|
776,871
|
750,380
|
|||||
$
|
1,700,752
|
1,729,948
|
Three
|
Three
|
||||||
Months
Ended
|
Months
Ended
|
||||||
March
31, 2007
|
March
31, 2006
|
||||||
Revenue
|
$
|
490,054
|
337,098
|
||||
Operating
expenses:
|
|||||||
Compensation
and benefits
|
325,657
|
231,246
|
|||||
Operating,
administrative and other
|
115,736
|
87,663
|
|||||
Depreciation
and amortization
|
12,625
|
9,976
|
|||||
Restructuring
credits
|
(411
|
)
|
(501
|
)
|
|||
Operating
expenses
|
453,607
|
328,384
|
|||||
Operating
income
|
36,447
|
8,714
|
|||||
Interest
expense, net of interest income
|
1,838
|
3,209
|
|||||
Gain
on sale of available-for-sale securities
|
2,425
|
—
|
|||||
Equity
in earnings (losses) from real estate ventures
|
133
|
(944
|
)
|
||||
Income
before provision for income taxes
|
37,167
|
4,561
|
|||||
Provision
for income taxes
|
9,923
|
1,181
|
|||||
Net
income before cumulative effect of change in accounting
principle
|
27,244
|
3,380
|
|||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
1,180
|
|||||
Net
income
|
$
|
27,244
|
4,560
|
||||
Basic
earnings per common share before cumulative effect of change in accounting
principle
|
0.85
|
0.10
|
|||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
0.04
|
|||||
Basic
earnings per common share
|
$
|
0.85
|
0.14
|
||||
Basic
weighted average shares outstanding
|
31,929,818
|
31,511,880
|
|||||
Diluted
earnings per common share before cumulative effect of change in accounting
principle
|
0.81
|
0.10
|
|||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
0.04
|
|||||
Diluted
earnings per common share
|
$
|
0.81
|
0.14
|
||||
Diluted
weighted average shares outstanding
|
33,687,389
|
33,681,263
|
Accu-
|
|||||||||||||||||||||||||
mulated
|
|||||||||||||||||||||||||
Shares
|
Other
|
||||||||||||||||||||||||
Additional
|
Held
by
|
Shares
|
Compre-
|
||||||||||||||||||||||
Common
Stock
|
Paid-In
|
Retained
|
Subsi-
|
Held
in
|
hensive
|
||||||||||||||||||||
Shares
(1)
|
Amount
|
Capital
|
Earnings
|
diary
|
Trust
|
Income
|
Total
|
||||||||||||||||||
Balances
at
December 31, 2006
|
36,592,864
|
$
|
366
|
676,270
|
255,914
|
(197,543
|
)
|
(1,427
|
)
|
16,800
|
$
|
750,380
|
|||||||||||||
Net
income
|
—
|
—
|
—
|
27,244
|
—
|
—
|
—
|
27,244
|
|||||||||||||||||
Shares
issued under stock compensation programs
|
192,341
|
2
|
2,578
|
—
|
—
|
—
|
—
|
2,580
|
|||||||||||||||||
Tax
benefits of vestings and exercises
|
—
|
—
|
3,314
|
—
|
—
|
—
|
—
|
3,314
|
|||||||||||||||||
Amortization
of stock compensation
|
—
|
—
|
11,410
|
—
|
—
|
—
|
—
|
11,410
|
|||||||||||||||||
Shares
acquired by subsidiary (1)
|
—
|
—
|
—
|
—
|
(21,816
|
)
|
—
|
—
|
(21,816
|
)
|
|||||||||||||||
Reclassification
adjustment for gain on sale of available-for-sale securities realized
in
net income
|
—
|
—
|
—
|
—
|
—
|
|
—
|
(2,256
|
)
|
(2,256
|
)
|
||||||||||||||
Foreign
currency translation
adjustments
|
—
|
—
|
—
|
—
|
—
|
—
|
6,015
|
6,015
|
|||||||||||||||||
Balances
at March 31, 2007
|
36,785,205
|
$
|
368
|
693,572
|
283,158
|
(219,359
|
)
|
(1,427
|
)
|
20,559
|
$
|
776,871
|
Three
|
Three
|
||||||
|
Months
Ended
|
Months
Ended
|
|||||
March
31, 2007
|
March
31, 2006
|
||||||
Cash
flows from operating activities:
|
|||||||
Cash
flows from earnings:
|
|||||||
Net
income
|
$
|
27,244
|
4,560
|
||||
Reconciliation
of net income to net cash provided by earnings:
|
|||||||
Cumulative
effect of change in accounting principle, net of tax
|
—
|
(1,180
|
)
|
||||
Depreciation
and amortization
|
12,625
|
9,976
|
|||||
Equity
in (earnings) losses from real estate ventures
|
(133
|
)
|
944
|
||||
Operating
distributions from real estate ventures
|
469
|
261
|
|||||
Provision
for loss on receivables and other assets
|
3,180
|
2,734
|
|||||
Amortization
of deferred compensation
|
12,603
|
7,842
|
|||||
Amortization
of debt issuance costs
|
149
|
217
|
|||||
Net
cash provided by earnings
|
56,137
|
25,354
|
|||||
Cash
flows from changes in working capital:
|
|||||||
Receivables
|
49,006
|
35,623
|
|||||
Prepaid
expenses and other assets
|
(8,287
|
)
|
1,894
|
||||
Deferred
tax assets, net
|
1,205
|
4,185
|
|||||
Excess
tax benefits from share-based payment arrangements
|
(4,506
|
)
|
(8,876
|
)
|
|||
Accounts
payable, accrued liabilities and accrued compensation
|
(275,972
|
)
|
(145,166
|
)
|
|||
Net
cash flows from changes in working capital
|
(238,554
|
)
|
(112,340
|
)
|
|||
Net
cash used in operating activities
|
(182,417
|
)
|
(86,986
|
)
|
|||
Cash
flows from investing activities:
|
|||||||
Net
capital additions - property and equipment
|
(19,342
|
)
|
(8,401
|
)
|
|||
Business
acquisitions
|
(4,696
|
)
|
(152,350
|
)
|
|||
Capital
contributions and advances to real estate ventures
|
(9,972
|
)
|
(7
|
)
|
|||
Distributions,
repayments of advances and sale of investments
|
7,038
|
1,417
|
|||||
Proceeds
from sale of available-for-sale securities
|
2,425
|
—
|
|||||
Net
cash used in investing activities
|
(24,547
|
)
|
(159,341
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Proceeds
from borrowings under credit facilities
|
358,333
|
421,672
|
|||||
Repayments
of borrowings under credit facilities
|
(142,680
|
)
|
(185,924
|
)
|
|||
Shares
repurchased for payment of employee taxes on stock awards
|
(1,657
|
)
|
(252
|
)
|
|||
Shares
repurchased under share repurchase program
|
(21,816
|
)
|
(8,740
|
)
|
|||
Excess
tax benefits from share-based payment arrangements
|
4,506
|
8,876
|
|||||
Common
stock issued under stock option plan and stock purchase
programs
|
2,919
|
12,540
|
|||||
Net
cash provided by financing activities
|
199,605
|
248,172
|
|||||
Net
(decrease) increase in cash and cash equivalents
|
(7,359
|
)
|
1,845
|
||||
Cash
and cash equivalents, January 1
|
50,612
|
28,658
|
|||||
Cash
and cash equivalents, March 31
|
$
|
43,253
|
30,503
|
||||
Supplemental
disclosure of cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
1,901
|
2,548
|
||||
Income
taxes, net of refunds
|
7,942
|
12,892
|
|||||
Non-cash
financing activities:
|
|||||||
Deferred
business acquisition obligations
|
6,141
|
31,518
|
·
|
The
property owner, with ultimate approval rights relating to the employment
and compensation of on-site personnel, and bearing all of the economic
costs of such personnel, is determined to be the primary obligor
in the
arrangement;
|
·
|
Reimbursement
to Jones Lang LaSalle is generally completed simultaneously with
payment
of payroll or soon thereafter;
|
·
|
Because
the property owner is contractually obligated to fund all operating
costs
of the property from existing cash flow or direct funding from its
building operating account, Jones Lang LaSalle bears little or no
credit
risk; and
|
·
|
Jones
Lang LaSalle generally earns no margin in the reimbursement aspect
of the
arrangement, obtaining reimbursement only for actual costs incurred.
|
(i)
|
Investment
Management, which offers money management services on a global basis,
and
|
(ii)
|
Americas,
|
(iii)
|
Europe,
Middle East and Africa ("EMEA") and
|
(iv)
|
Asia
Pacific.
|
Investor
and Occupier Services
|
2007
|
2006
|
|||||
Americas
|
|||||||
Revenue:
|
|||||||
Transaction
services
|
$
|
72,688
|
48,212
|
||||
Management
services
|
70,933
|
62,261
|
|||||
Equity
earnings
|
150
|
149
|
|||||
Other
services
|
4,496
|
2,542
|
|||||
148,267
|
113,164
|
||||||
Operating
expenses:
|
|||||||
Compensation,
operating and administrative expenses
|
135,884
|
108,605
|
|||||
Depreciation
and amortization
|
5,922
|
5,302
|
|||||
Operating
income (loss)
|
$
|
6,461
|
(743
|
)
|
|||
EMEA
|
|||||||
Revenue:
|
|||||||
Transaction
services
|
$
|
142,138
|
79,375
|
||||
Management
services
|
32,083
|
21,221
|
|||||
Equity
losses
|
(367
|
)
|
(220
|
)
|
|||
Other
services
|
3,037
|
2,969
|
|||||
176,891
|
103,345
|
||||||
Operating
expenses:
|
|||||||
Compensation,
operating and administrative expenses
|
157,726
|
105,719
|
|||||
Depreciation
and amortization
|
4,515
|
2,508
|
|||||
Operating
income (loss)
|
$
|
14,650
|
(4,882
|
)
|
Asia
Pacific
|
|||||||
Revenue:
|
|||||||
Transaction
services
|
$
|
39,596
|
28,648
|
||||
Management
services
|
45,059
|
27,840
|
|||||
Equity
earnings
|
21
|
217
|
|||||
Other
services
|
1,720
|
1,197
|
|||||
86,396
|
57,902
|
||||||
Operating
expenses:
|
|||||||
Compensation,
operating and administrative expenses
|
87,520
|
56,773
|
|||||
Depreciation
and amortization
|
1,773
|
1,822
|
|||||
Operating
loss
|
$
|
(2,897
|
)
|
(693
|
)
|
||
Investment
Management
|
|||||||
Revenue:
|
|||||||
Transaction
and other services
|
$
|
2,519
|
11,020
|
||||
Advisory
fees
|
53,919
|
38,269
|
|||||
Incentive
fees
|
21,866
|
13,544
|
|||||
Equity
earnings (losses)
|
329
|
(1,090
|
)
|
||||
78,633
|
61,743
|
||||||
Operating
expenses:
|
|||||||
Compensation,
operating and administrative expenses
|
60,263
|
47,812
|
|||||
Depreciation
and amortization
|
415
|
344
|
|||||
Operating
income
|
$
|
17,955
|
13,587
|
||||
Segment
Reconciling Items:
|
|||||||
Total
segment revenue
|
$
|
490,187
|
336,154
|
||||
Reclassification
of equity earnings (losses)
|
133
|
(944
|
)
|
||||
Total
revenue
|
490,054
|
337,098
|
|||||
Total
operating expenses before restructuring credits
|
454,018
|
328,885
|
|||||
Restructuring
credits
|
(411
|
)
|
(501
|
)
|
|||
Operating
income
|
$
|
36,447
|
8,714
|
Investor
and Occupier Services
|
||||||||||||||||
Asia
|
Investment
|
|||||||||||||||
Americas
|
EMEA
|
Pacific
|
Management
|
Consolidated
|
||||||||||||
Gross
Carrying Amount
|
||||||||||||||||
Balance
as of January 1, 2007
|
$
|
328,628
|
104,494
|
95,563
|
30,494
|
559,179
|
||||||||||
Additions
|
418
|
4,648
|
2,917
|
—
|
7,983
|
|||||||||||
Impact
of exchange rate movements
|
—
|
578
|
900
|
98
|
1,576
|
|||||||||||
Balance
as of March 31, 2007
|
329,046
|
109,720
|
99,380
|
30,592
|
568,738
|
|||||||||||
Accumulated
Amortization
|
||||||||||||||||
Balance
as of January 1, 2007
|
$
|
(15,457
|
)
|
(6,429
|
)
|
(7,038
|
)
|
(9,777
|
)
|
(38,701
|
)
|
|||||
Impact
of exchange rate movements
|
—
|
(43
|
)
|
(67
|
)
|
(15
|
)
|
(125
|
)
|
|||||||
Balance
as of March 31, 2007
|
(15,457
|
)
|
(6,472
|
)
|
(7,105
|
)
|
(9,792
|
)
|
(38,826
|
)
|
||||||
Net
book value as of March 31, 2007
|
$
|
313,589
|
103,248
|
92,275
|
20,800
|
529,912
|
Investor
and Occupier Services
|
||||||||||||||||
Asia
|
Investment
|
|||||||||||||||
Americas
|
EMEA
|
Pacific
|
Management
|
Consolidated
|
||||||||||||
Gross
Carrying Amount
|
||||||||||||||||
Balance
as of January 1, 2007
|
$
|
82,929
|
4,449
|
2,965
|
5,834
|
96,177
|
||||||||||
Additions
|
—
|
501
|
1,773
|
—
|
2,274
|
|||||||||||
Impact
of exchange rate movements
|
—
|
157
|
81
|
26
|
264
|
|||||||||||
Balance
as of March 31, 2007
|
82,929
|
5,107
|
4,819
|
5,860
|
98,715
|
|||||||||||
Accumulated
Amortization
|
||||||||||||||||
Balance
as of January 1, 2007
|
$
|
(47,127
|
)
|
(2,668
|
)
|
(2,965
|
)
|
(5,834
|
)
|
(58,594
|
)
|
|||||
Amortization
expense
|
(1,700
|
)
|
(207
|
)
|
(121
|
)
|
—
|
(2,028
|
)
|
|||||||
Impact
of exchange rate movements
|
—
|
(27
|
)
|
(81
|
)
|
(26
|
)
|
(134
|
)
|
|||||||
Balance
as of March 31, 2007
|
(48,827
|
)
|
(2,902
|
)
|
(3,167
|
)
|
(5,860
|
)
|
(60,756
|
)
|
||||||
Net
book value as of March 31, 2007
|
$
|
34,102
|
2,205
|
1,652
|
—
|
37,959
|
2007
|
$
|
5.9
|
||
2008
|
7.4
|
|||
2009
|
4.3
|
|||
2010
|
3.8
|
|||
2011
|
3.8
|
|||
Thereafter
|
12.8
|
|||
Total
|
$
|
38.0
|
Shares
(thousands)
|
Weighted
Average
Grant
Date
Fair
Value
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic
Value
($
in millions)
|
||||||||||
Unvested
at January 1, 2007
|
2,116.5
|
$
|
40.29
|
||||||||||
Granted
|
540.3
|
94.68
|
|||||||||||
Vested
|
(34.1
|
)
|
30.02
|
||||||||||
Forfeited
|
(14.6
|
)
|
42.81
|
||||||||||
Unvested
at March 31, 2007
|
2,608.1
|
$
|
51.68
|
1.42
years
|
$
|
137.2
|
|||||||
Unvested
shares expected to vest
|
2,470.1
|
$
|
50.90
|
1.36
years
|
$
|
131.8
|
Options
(thousands)
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic
Value
($
in millions)
|
||||||||||
Outstanding
at January 1, 2007
|
311.3
|
$
|
18.28
|
||||||||||
Granted
|
—
|
—
|
|||||||||||
Exercised
|
(74.5
|
)
|
14.49
|
||||||||||
Forfeited
|
(1.0
|
)
|
12.25
|
||||||||||
Outstanding
at March 31, 2007
|
235.8
|
$
|
19.50
|
2.62
years
|
$
|
20.0
|
|||||||
Exercisable
at March 31, 2007
|
231.4
|
$
|
19.56
|
2.59
years
|
$
|
19.6
|
2007
|
2006
|
||||||
Number
of options exercised
|
74,500
|
518,183
|
|||||
Intrinsic
value
|
$
|
6.6
|
22.6
|
||||
Cash
received from option exercises
|
3.0
|
11.1
|
|||||
Tax
benefit realized from option exercises
|
2.2
|
8.6
|
2007
|
|
2006
|
|||||
Employer
service cost - benefits earned during the year
|
$
|
990
|
749
|
||||
Interest
cost on projected benefit obligation
|
2,580
|
2,169
|
|||||
Expected
return on plan assets
|
(3,086
|
)
|
(2,503
|
)
|
|||
Net
amortization/deferrals
|
486
|
504
|
|||||
Recognized
actual loss
|
18
|
54
|
|||||
Net
periodic pension cost
|
$
|
988
|
973
|
2007
|
2006
|
||||||
Net
income
|
$
|
27,244
|
4,560
|
||||
Other
comprehensive income:
|
|||||||
Reclassification
adjustment for gain on sale of available-for-sale securities realized
in
net income
|
(2,256
|
)
|
—
|
||||
Foreign
currency translation adjustments
|
6,015
|
4,380
|
|||||
|
|||||||
Comprehensive
income
|
$
|
31,003
|
8,940
|
December
31, 2006
|
December
31, 2005
|
||||||
Deferral
of compensation, net of related amortization expense
|
$
|
24.7
|
15.8
|
||||
Increase
(decrease) to deferred compensation in the first quarter of
the following year
|
1.6
|
(0.3
|
)
|
Three Months Ended
|
Three Months Ended
|
||||||
|
March
31, 2007
|
March
31, 2006
|
|||||
Current
compensation expense amortization for prior year programs
|
$
|
7.9
|
4.6
|
||||
Current
deferral net of related amortization
|
(7.3
|
)
|
(3.6
|
)
|
|
Three Months Ended
|
Three Months Ended
|
|||||
|
March
31, 2007
|
March
31, 2006
|
|||||
Expense
to Company
|
$
|
3.8
|
3.3
|
||||
Employee
contributions
|
0.9
|
0.9
|
|||||
Total
program cost
|
$
|
4.7
|
4.2
|
(i)
|
Our
geographic mix of income,
|
(ii)
|
Legislative
actions on statutory tax rates,
|
(iii)
|
The
impact of tax planning to reduce losses in jurisdictions where
we cannot
recognize the tax benefit of those losses,
and
|
(iv)
|
Tax
planning for jurisdictions affected by double
taxation.
|
2007
|
2006
|
Increase
(Decrease)
in
U.S. Dollars
|
%
Change
in
Local
Currency
|
|||||||||||||
Total
revenue
|
$
|
490.1
|
$
|
337.1
|
$
|
153.0
|
45
|
%
|
39
|
%
|
||||||
Compensation
and benefits
|
325.7
|
231.2
|
94.5
|
41
|
%
|
35
|
%
|
|||||||||
Operating,
administrative and other
|
115.7
|
87.7
|
28.0
|
32
|
%
|
27
|
%
|
|||||||||
Depreciation
and amortization
|
12.6
|
10.0
|
2.6
|
26
|
%
|
22
|
%
|
|||||||||
Restructuring
credits
|
(0.4
|
)
|
(0.5
|
)
|
(0.1
|
)
|
20
|
%
|
20
|
%
|
||||||
Total
operating expenses
|
453.6
|
328.4
|
125.2
|
38
|
%
|
32
|
%
|
|||||||||
Operating
income
|
$
|
36.4
|
$
|
8.7
|
$
|
27.7
|
n.m.
|
n.m.
|
(i)
|
Investment
Management, which offers money management services on a global
basis, and
|
(ii)
|
Americas,
|
(iii)
|
Europe,
Middle East and Africa ("EMEA") and
|
(iv)
|
Asia
Pacific.
|
2007
|
2006
|
|
Increase(Decrease)
|
||||||||||
Revenue
|
$
|
148.3
|
$
|
113.2
|
$
|
35.1
|
31
|
%
|
|||||
Operating
expense
|
141.8
|
113.9
|
27.9
|
24
|
%
|
||||||||
Operating
income (loss)
|
$
|
6.5
|
$
|
(0.7
|
)
|
$
|
7.2
|
n.m.
|
2007
|
2006
|
Increase(Decrease)
in
U.S. dollars
|
%
Change
in
Local
Currencies
|
|||||||||||||
Revenue
|
$
|
176.9
|
$
|
103.3
|
$
|
73.6
|
71
|
%
|
55
|
%
|
||||||
Operating
expense
|
162.2
|
108.2
|
54.0
|
50
|
%
|
36
|
%
|
|||||||||
Operating
income (loss)
|
$
|
14.7
|
$
|
(4.9
|
)
|
$
|
19.6
|
n.m.
|
n.m.
|
2007
|
2006
|
Increase(Decrease)
in
U.S. dollars
|
%
Change
in
Local
Currencies
|
|||||||||||||
Revenue
|
$
|
86.4
|
$
|
57.9
|
$
|
28.5
|
49
|
%
|
44
|
%
|
||||||
Operating
expense
|
89.3
|
58.6
|
30.7
|
52
|
%
|
47
|
%
|
|||||||||
Operating
loss
|
$
|
(2.9
|
)
|
$
|
(0.7
|
)
|
$
|
(2.2
|
)
|
n.m.
|
n.m.
|
2007
|
2006
|
Increase(Decrease)
in
U.S. dollars
|
%
Change
in
Local
Currencies
|
|||||||||||||
Revenue
|
$
|
78.3
|
$
|
62.8
|
$
|
15.5
|
25
|
%
|
21
|
%
|
||||||
Equity
earnings (losses)
|
0.3
|
(1.1
|
)
|
1.4
|
n.m.
|
n.m.
|
||||||||||
Total
revenue
|
78.6
|
61.7
|
16.9
|
27
|
%
|
23
|
%
|
|||||||||
Operating
expense
|
60.7
|
48.2
|
12.5
|
26
|
%
|
22
|
%
|
|||||||||
Operating
income
|
$
|
17.9
|
$
|
13.5
|
$
|
4.4
|
33
|
%
|
28
|
%
|
• |
Interest
rates on our multi-currency credit facility;
and
|
• |
Foreign
exchange risks
|
Total
number
of
shares
purchased
|
Average
price
paid
per
share
(1)
|
Cumulative
number
of shares
purchased
as
part
of publicly
announced
plan
|
Shares
remaining
to
be
purchased
under
plan (2)
|
||||||||||
January
1, 2007 -
January
31, 2007
|
—
|
—
|
1,421,100
|
578,900
|
|||||||||
February
1, 2007 -
February
28, 2007
|
—
|
—
|
1,421,100
|
578,900
|
|||||||||
March
1, 2007 -
March
31, 2007
|
220,581
|
$
|
98.90
|
1,641,681
|
358,319
|
||||||||
Total
|
220,581
|
$
|
98.90
|
Repurchase
Plan Approval Date
|
Shares
Approved
for
Repurchase
|
Shares
Repurchased
through
March
31, 2007
|
|||||
October
30, 2002
|
1,000,000
|
700,000
|
|||||
February
27, 2004
|
1,500,000
|
1,500,000
|
|||||
November
29, 2004
|
1,500,000
|
1,128,551
|
|||||
September
15, 2005
|
2,000,000
|
1,641,681
|
|||||
4,970,232
|
•
|
The
effect of political, economic and market conditions and geopolitical
events;
|
•
|
The
logistical and other challenges inherent in operating in numerous
different countries;
|
•
|
The
actions and initiatives of current and potential
competitors;
|
•
|
The
level and volatility of real estate prices, interest rates, currency
values and other market indices;
|
•
|
The
outcome of pending litigation; and
|
•
|
The
impact of current, pending and future legislation and
regulation.
|
JONES
LANG LASALLE INCORPORATED
|
|
/s/
Lauralee E. Martin
|
|
By:
Lauralee
E. Martin
|
|
Executive
Vice President and
Chief Operating and Financial Officer
|
|
(Authorized
Officer and Principal Financial
Officer)
|
Number
|
Description
|
Amended
and Restated Jones Lang LaSalle Incorporated Stock Ownership Program
description under the Amended and Restated Stock Award and Incentive
Plan
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant
to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|