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| 8-K - FORM 8-K - JONES LANG LASALLE INC | d8k.htm |
 Investor Presentation
February 2010
..40,000 employees….185 offices….60 countries….1 global platform..
Exhibit 99.1 |
 Forward looking statements
2
Statements in this presentation regarding, among other things, future financial results
and performance, achievements, plans and objectives and dividend payments
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,” “Risk
Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” “Quantitative and Qualitative Disclosures about Market Risk,”
“Cautionary Note Regarding Forward- Looking Statements” and
elsewhere in Jones Lang LaSalle’s Annual Report on Form 10-K for the year ended
December 31, 2009 and in the Quarterly Report on Form 10-Q for the quarter ended
September 30, 2010 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 presentation.
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. © Jones Lang LaSalle IP, Inc. 2010. All rights reserved. No part of this publication
may be reproduced by any means, whether graphically, electronically,
mechanically or otherwise howsoever, including without limitation
photocopying and recording on magnetic tape, or included in any information store and/or
retrieval system without prior written permission of Jones Lang LaSalle IP,
Inc. |
 Table of Contents
I.
Company Description
II.
Financial Overview
III.
Market Environment
IV.
Global Growth Strategy
V.
2011 Priorities
3 |
 Company Description |
 Jones
Lang
Wootton
founded
in
London
1783
1968
1997
1999
LaSalle Partners founded, operating primarily in the Americas
LaSalle Partners initial public offering
LaSalle
Partners
and
Jones
Lang
Wootton
merge
to
create
Jones
Lang
LaSalle
Integrated
global
platform
(NYSE
ticker
“JLL”)
Jones Lang LaSalle
Company history
Present
2008
The Staubach
Company and Jones Lang LaSalle combine operations
Largest merger in JLL history transforms U.S. local markets position
5
•
Integrated global services platform
•
Industry-leading research
•
Superior client relationship management
•
Consistent service delivery
•
Innovative solutions to maximize value
•
Strong brand
•
Investment grade balance sheet
Leasing
Capital
Markets
& Hotels
Property
& Facility
Mgmt.
Project &
Development
Services
Advisory
&
Consulting
Investment
Management
$2.9B
2010
Revenue |
 FY
2010 FY 2009
Americas
43%
42%
EMEA
25%
26%
Asia Pacific
23%
22%
LaSalle Investment Mgmt.
9%
10%
Consolidated
100%
100%
Property &
Facility
Management
24%
Project &
Development
Services
12%
LaSalle
Inv.
Mgmt.
9%
Advisory
Consulting &
Other 11%
Leasing
34%
Capital
Markets
10%
United
States 44%
United
Kingdom
11%
Continental
Europe
15%
Greater China
5%
Developing &
Other Countries
10%
Japan 4%
India 4%
Australia
7%
Jones Lang LaSalle
(1)
Excludes equity losses
2010 Revenue = $2.9 billion
…
And Global Market Reach
Diversified Service Lines…
•
Leading global market positions bolstered by more
than 30 mergers and acquisitions since 2005
•
Corporate Outsourcing drives growth and provides
annuity revenue
•
LaSalle
Investment
Management
-
a
premier
global
investment manager winning new mandates
•
Cash generating business model with investment
grade balance sheet
Revenue by Segment
(1)
Leading integrated services and investment management firm
6 |
 33
acquisitions with full productivity revenue of $750 million Market
Share and Service Line Expansion EMEA
Americas
Asia
Pacific
RL Davis
Leechiu
Creer
NSC
Sallmanns
Shore Industrial
Meghraj
Rogers Chapman
Littman Partnership
RSP Group
Area Zero
Hargreaves Goswell
Troostwijk
Makelaars
KHK Group
Camilli
& Veiel
GVA
Upstream
Tetris
Creevy
LLH Ltd.
Brune
Alkas
Kemper’s
Churston
Heard
Staubach
Spaulding & Slye
Zietsman
Klatskin
CRA
Standard Group
ECD
HIA
TCF
Strengthening
our platform
and
connecting
our people
Asset Realty Managers
•
Middle Market Corporate Solutions
•
Leasing
•
Capital Markets
•
Property Management
•
Project & Development Services
•
Retail
•
Industrial
•
Energy & Sustainability Services
•
Infrastructure
•
Hospital / Healthcare
Market share growth
Product and services expansion
7 |
 $40.6
B $49.7 B
$46.2 B
AUM
($ millions)
$39.9 B
2005 to 2010 Advisory Fees: 13% Compound Annual Growth Rate
•
Favors major institutional markets, serves international investors & supports
public and private investing -
More
than
300
institutional
clients
worldwide
-
investor
base
greater
than
90%
institutional
•
Core, value add, opportunistic private investing across major property types
•
Consistent
client
service
delivery
system
-
worldwide
•
Fully integrated global management team, compensation linked to growth in high-margin
advisory revenue •
Results:
Ability
to
weather
global
property
cycles,
annuity
revenue
growth
financial
stability,
achieved
scalable
operations
LaSalle Investment Management
A decade of accomplishments
$41.3 B
8
$29.8 B
Global Financial Crisis
Stabilized Advisory Fees
Building Advisory Fees in Healthy Markets
Built a global platform:
Expertise developed across: |
 Jones Lang LaSalle
More than 40,000 employees driving growth across service lines
LEED-accredited professionals
585
Property and corporate facilities
under management (s.f.)
1.8B
Investment assets
under management
$41B
Tenant representation
transactions (s.f.)
8,400 transactions
159M
Agency leasing transactions (s.f.)
19,400 transactions
323M
Annual energy savings for
clients
$125M
Return to Table of Contents
Global JLL Hotels Activity
$4.1B
9
Property & Facility
Management 24%
Project &
Development
Services 12%
LaSalle Inv.
Mgmt. 9%
Advisory
Consulting &
Other 11%
Leasing 34%
Capital
Markets 10%
Global JLL Capital Markets
Activity
$33B |
 Financial Overview |
 •
Record revenue of $2.9 billion, up 17% in local
currency over 2009
•
Global Leasing revenue reaches $1 billion; up by
more than 20% in all regions
•
Property & Facility Management currently 24% of
global revenue
•
LaSalle Investment Management raised $5 billion
in net capital commitments; AUM = $41 billion
•
Adjusted operating income margin of 9.1% vs.
6.6% in 2009
Demonstrating competitive strength
Consolidated Earnings Scorecard
2010 Highlights
11
FY 2010
FY 2009
Revenue
$2.9B
$2.5B
% change in local currency
17%
(5%)
Net Income
$154M
($4M)
Adjusted Net Income
(1)
$166M
$70M
Earnings Per Share
$3.48
($0.11)
Adjusted Earnings Per Share
(1)
$3.77
$1.75
Adjusted EBITDA
$336M
$238M
Adjusted EBITDA margin
11.5%
9.6%
Market Capitalization
$3.6B
$2.5B
(1)
Adjusted for restructuring and non-cash co-investment charges
|
 2010 Accomplishments and Trends
Consolidated
–
Full-year revenue of more than $2.9 billion
–
Adjusted
operating
income
margin
of
9.1%,
adjusted
EBITDA
margin
of
11.5%
–
Leasing revenue increased 28%
–
Strong Capital Markets & Hotels
revenue growth
–
2010 high-impact hires provide
momentum into 2011
–
Larger markets 9-12 months into
cyclical recovery
–
Improved productivity in
transactional businesses
–
Retail, Corporate Solutions,
Tetris provide improved revenue
opportunities
–
Both U.S. and Regional multi-
national corporate wins
–
Over 50M sf
added to Property
Management annuity base
–
Second-best capital raising
year in LaSalle history: $5B
–
Nearly $3.2B capital invested
–
Focused on performance
Americas
EMEA
Asia Pacific
LaSalle
12 |
 FY 2010 Revenue Performance
Note: Equity losses of $58.9M and $11.4M in 2009 and 2010, respectively, are included
in segment results, however, are excluded from Consolidated totals.
($ in millions; % change in local currency)
Americas
EMEA
Asia Pacific
Consolidated
17%
LaSalle
$1,031.6
$1,261.5
13 |
 Asia
Pacific Americas
EMEA
Leasing
Capital Markets &
Hotels
Property & Facility
Management
Project &
Development Services
Advisory, Consulting
& Other
Total RES
Operating Revenue
$637.9
$84.1
$269.4
$158.9
$110.9
$1,261.2
28%
120%
19%
1%
1%
22%
$202.6
$141.2
$142.9
$115.0
$127.2
$728.9
22%
37%
8%
11%
7%
17%
$159.4
$80.4
$303.7
$63.5
$71.4
$678.4
34%
25%
6%
35%
11%
17%
$999.9
$305.7
$716.0
$337.4
$309.5
$2,668.5
27%
51%
11%
9%
5%
18%
Total RES
Revenue
Note: Segment and Consolidated Real Estate Services (“RES”) operating
revenue exclude Equity earnings (losses). Real Estate Services
Revenue ($ in millions;
% change in local currency)
2010 Real Estate Services
14 |
 FY
2010: 51% in local currency (1)
$593
$781
$753
$557
$317
$203
($ in millions)
FY 2010: 27% in local currency
(1)
Full Year Comparison
(1)
Compared to FY 2009
Full Year Comparison
($ in millions)
Leasing
Capital Markets
$1,000
$306
Local and Regional Real Estate Services
Leasing and Capital Markets capturing incremental revenue
Asia Pacific
EMEA
Americas
15 |
 Solid Cash Flows and Balance Sheet Position
•
Strong cash from earnings growth
•
Net debt repayment of $250 million
•
Paid first deferred Staubach obligation
of $76 million
(2)
•
Renewed and extended credit facility
-
Capacity increased to $1.1 billion,
previously $840 million
-
Maturity extended to September 2015
•
Investment grade ratings affirmed:
Standard & Poor’s:
BBB-
(Outlook: Stable)
Moody’s Investor Services:
Baa2
(Outlook: Stable)
Cash Flows
FY 2010
FY 2009
Cash from Earnings
$316
$244
Working Capital
68
7
Cash from Operations
$384
$251
Primary Uses
Capital Expenses
(1)
(48)
(44)
Acquisitions & Deferred Payment Obligations
(130)
(27)
Co-Investment
(19)
(39)
Dividends
(9)
(8)
Net Cash Outflows
($206)
($118)
Net Share Activity & Other Financing
(23)
201
Net Bank Debt (Borrowings) / Repayments
$155
$334
Balance Sheet
FY 2010
FY 2009
Cash
$252
$69
Short Term Borrowings
28
23
Credit Facility
198
175
Net Bank Debt
($26)
$129
Deferred Business Obligations
299
394
Total Net Debt
$273
$523
($ in millions)
(1)
Capital Expenditures for 2010 and 2009 net of tenant improvement allowances received
were $46 million and $36 million, respectively (2)
$78
million
due
less
$2
million
deferred
in
accordance
with
the
merger
agreement
2010 Highlights
16 |
 Solid Cash Flows and Balance Sheet
($ in millions)
Return to Table of Contents
Positioned to drive growth and investment
2010 Free Cash Flow
(1)
17
(1)
Free cash flow calculated as EBITDA plus non-cash charges and change in working
capital Investment grade balance
sheet
Effective tax management
(24% effective tax rate)
Disciplined CapEx spending
$440
Opportunity to grow and
invest in the business |
 Market Environment |
 Increasingly synchronized recovery
Capital Markets Leading Real Estate Fundamentals
Americas
EMEA
Asia Pacific
As of Q4 2010
Capital Values
Leasing Fundamentals
The Jones Lang LaSalle Property Clocks
SM
19
Capital Value
growth slowing
Capital Value
growth
accelerating
Capital Value
bottoming out
Capital Value
falling
Hong Kong,
London,
Sao Paulo
Washington DC
Shanghai
Dallas,
Mumbai, Seoul
Sydney, Tokyo
Singapore
Brussels
Moscow
Berlin, Paris, Stockholm
Amsterdam,
Milan
New York
San Francisco
Chicago, Toronto
Detroit
Beijing
Singapore,
Washington DC
Hong Kong
Rental Value
growth slowing
Rental Value
growth
accelerating
Rental Values
bottoming out
Rental Values
falling
Paris,
Tokyo
Shanghai, Sydney
Chicago,
Seoul
Amsterdam,
New York
Berlin,
Mumbai, San Francisco
London
Brussels
Toronto
Moscow, Stockholm
Detroit
Dallas
Sao Paulo
Beijing
Milan |
 Based
on
rents
for
Grade
A
space
in
CBD
or
equivalent.
In
local
currency.
Source: Jones Lang LaSalle, First Quarter 2011 Global Market
Perspective Americas
Europe
Asia Pacific
2010 rental change
Prime Offices
20
% change
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
35
Dubai
Madrid
Los Angeles
Frankfurt
Tokyo
Amsterdam
New York
Chicago
Mumbai
Sydney
Toronto
Paris
Washington DC
San Francisco
Brussels
London
Shanghai
Sao Paulo
Moscow
Singapore
Hong Kong |
 Global Markets Perspective
Prime offices –
projected value change in 2011
*New York –
Midtown, London –
West End. Nominal rates in local currency.
Source: Jones Lang LaSalle, First Quarter 2011 Global Market
Perspective Capital Values
Rental Values
Return to Table of Contents
+ 10-20%
+ 5-10%
+ 0-5%
-
0-5%
-
5-10%
+ 20%
-
10-20%
Click here
to see the JLL 2011 Real Estate Outlook, including our Top 10 trends for 2011
21
Shanghai, Singapore, Tokyo, Moscow,
Sao Paulo, New York*, San Francisco,
Toronto, Washington DC
London*, Paris
Sydney
Amsterdam, Brussels, Frankfurt
Chicago, Los Angeles, Mumbai
Madrid
Shanghai, Singapore, Tokyo, New York*,
San Francisco, Sao Paulo, Moscow,
Paris, Toronto, Washington DC
London*
Chicago, Los Angeles
Amsterdam, Brussels
Frankfurt, Mumbai, Sydney
Madrid
Hong Kong
Dubai
Dubai
Hong Kong |
 Global Growth Strategy |
 Jones Lang LaSalle
Global strategy for renewed growth
G5
G1
G2
G4
G3
Build our leading local and regional market positions
Grow our leading positions in Corporate Solutions
Capture
the
leading
share
of
global
capital
flows
for
investment
sales
Strengthen LaSalle Investment Management’s leadership position
Connections: Differentiate by connecting across the firm, and with clients
23 |
 Raleigh/Durham
Denver
Philadelphia
Boston CBD
Atlanta
New York
Houston
Northern
New Jersey
Southern
California
Chicago CBD
DC/Northern VA
Chicago Suburbs
Orange County
Phoenix
Charlotte
San Diego
Suburban
Maryland
Boston
Suburbs/
Cambridge
Dallas / Ft.
Worth
Ft Lauderdale
Miami
Merger Impact: Market Leadership
•
Reinforced JLL’s position as the high quality brand for occupier clients
•
Significantly improved our market position; 990 brokers in the field today; up more
than 200% over 2007 •
Attained a market leading tenant representation position in 22 markets (vs. 6 markets
in 2007) •
Built
Industrial
market
presence;
220
professional
brokers
in
40
markets;
#3
or
better
in
top
8
markets
Local and Regional Services
G1
Staubach merger transforms U.S. local markets position
2009
As of Year End ‘09; Market share based on SF of completed deals
Source: JLL Research & CoStar
24
2007
Market Leader –
#1-2-3
Lagging –
#4 or below
Americas Leasing revenue growth of 29% in 2010
Southern
California
(excluding San
Diego)
Philadelphia
Boston
Atlanta
Northern
New Jersey
Chicago
Raleigh/Durham
DC Metro
San Francisco
Silicon Valley
Charlotte
Dallas / Ft.
Worth
New York
Silicon Valley
San Francisco |
 Local and Regional Services
G1
European retail acquisitions providing scale in key markets
25
•
Managing 81 million sq ft of retail assets
•
Leasing 75 million sq ft of space in 200 shopping centers
•
Valuation of 450 shopping centres of 97 million sq ft
•
More than 1,000 dedicated retail staff across Europe
•
EMEA’s
only dedicated regional retail capital markets
team, with more than 80 professionals working in more
than 12 markets
Fully integrated approach
maximizing client value
Over €1.3bn
in Multi Portfolio
acquisition
Over €513m
in 2 acquisitions
3.6m sq ft
11 Shopping Centres
Over €2.5 bn
disposal advice
EMEA Retail revenue = approximately 20% of Total EMEA revenue in
2010
Select EMEA Retail highlights:
Approx.
€2.5 bn
valued quarterly |
 Leading
position with unique expertise across services & geographies
•
Accelerate new client wins and innovate for existing clients to broaden
relationship -
60 new wins, 33 expansions and 32 renewals in 2010
-
More than 700 million sq ft under management as of December 31, 2010; 18% compound
annual growth rate over the past 5 years
•
Target new industry segments for continued market share growth
-
Replicate Financial/Pharma/IT success
Global Corporate Solutions
G2
2010 Highlights
•
Property & Facility Management revenue up
11% in local currency vs. 2009
•
Project & Development Services revenue up 9%
vs. 2009; corporates
starting to re-open capital
expenditure budgets
26
Integrated
Facility
Management
Transaction
Management
Project
Management
Lease
Administration
Mobile
Engineering
Energy &
Sustainable
Services
Strategic
Consulting
Corporate
Finance /
CMG
Client
Relationship
Management
Corporate
Retail
Services |
 Asia
Pacific gaining share with local and multinational corporates
Global Corporate Solutions
G2
27
Alcatel-Lucent
Philips
Sanyo
Wipro
Infosys
Sony
Telestra
AFP
Centrelink
Fonterra
Citi
Merck |
 Leasing
Receivership
Services
Development &
Construction
Management
Property & Asset
Management
Loan
Restructuring &
Debt Advisory
Research on
Local Martkets
Planning &
Developing
Strategic
Review
Investment
Sales
Leasing
Receivership
Services
Development &
Construction
Management
Property & Asset
Management
Loan
Restructuring &
Debt Advisory
Research on
Local Martkets
Planning &
Developing
Strategic
Review
Leasing
Receivership
Services
Development &
Construction
Management
Property & Asset
Management
Loan
Restructuring &
Debt Advisory
Research on
Local Martkets
Planning &
Developing
Strategic
Review
Leasing
Receivership
Services
Development &
Construction
Management
Property & Asset
Management
Loan
Restructuring &
Debt Advisory
Research on
Local Martkets
Planning &
Developing
Strategic
Review
Investment
Sales
Connecting
clients to
innovative
solutions
Connecting
clients to
innovative
solutions
2010 Highlights
Capture Global Capital Flows for Investment Sales
Positioned to leverage leading share as markets recover
G3
Source: Jones Lang LaSalle
•
Volumes continuing cyclical recovery
•
Demand high for core products;
supply remains constrained
•
Global Hotels business gaining
momentum; captured $4.1B of $24.3B
total deal volume in 2010
2011 volumes expected to increase a further 20-25%
+40%
+10-15%
+15-20%
Direct Commercial Real Estate Investment, 2005-2011
28
For
more
information
on
Jones
Lang
LaSalle
Hotels,
visit
www.joneslanglasallehotels.com. |
 •
$5 billion
of
net
new
capital
raised, 2
nd
best
year
in
LaSalle
history
•
More than $3 billion invested worldwide in 2010
•
Healthy margins generated from Advisory Fees
A premier global investment manager
29
2010 Highlights
Product
Assets Under
Management
($ in billions)
Average
Performance
Private Equity
U.K.
$11.3
Above benchmark
Continental Europe
$4.2
Return: +1x equity
North America
$9.8
Above benchmark
Asia Pacific
$7.3
Return: +1x equity
Public Securities
$8.7
Above benchmark
Total Q4 2010 AUM
$41.3 B
AUM by Fund type
Note: AUM data reported on a one-quarter lag
($ in billions)
LaSalle Investment Management
G4 |
 Connecting
JLL to add
value for
clients
JLL
Brand
Market
Knowledge &
Experience
Thought
Leadership &
Research
Colleagues
Sharing
Relationships
Extensive
Capabilities
& Products
Client First
www.joneslanglasalle.com
G5
Technology
JLL OneView
Connecting Across the Firm and With Clients
Technology enabling value added connections
30 |
 Energy and Sustainability Services
Energy conservation and cost savings a growing priority
“I chose Ray Quartararo
and Jones
Lang LaSalle because of our
successful history together taking on
and figuring out difficult projects and
the company’s deep sustainability
expertise and track record.”
--Anthony E. Malkin, Building Owner,
Empire State Building Company
•
Nearly 600 LEED Accredited Professionals
•
116 LEED projects globally, including
•
1
LEED Platinum high-rise; One Bryant Park, New York
•
1
LEED building registered in India; Sohrabji
Godrej
Green
•
1
LEED-EB O&M multi-tenant building in the U.S.; 550 W.
Washington, Chicago
•
Documented over $125M in energy savings for clients
•
Reduced 563,000 tons of greenhouse gas emissions
•
Equivalent to the emissions of nearly 70 million gallons of
gasoline consumed
Making an Impact
G5
Return to Table of Contents
31
st
st
st |
 2011 Priorites |
 2011 Priorities
Enhance margin and strengthen income quality
Note: Adjusted Operating Income excludes restructuring charges, adjusted EBITDA
excludes restructuring charges and non-cash co-investment
charges. 2007 results have been adjusted to exclude significant advisory fees from one large corporate portfolio.
Margin Performance
33
•
Leverage strengthening local markets
positions •
Continuing growing scale in Corporate
Solutions •
Maintain LaSalle Investment Management’s stable advisory
fee margins; enhance with transaction and incentive fees
•
Grow margin
to medium term target of 12%
Historic Adjusted Operating Income Margin
Historic Adjusted EBITDA Margin |
 2011 Priorities
Capture consolidation opportunities in the marketplace
34
Opportunity Target
Secure market leadership –
Goal to be #1, #2 or
#3 in targeted local and regional market services
Provide specialized technical services to
Corporate Solutions outsourcing clients
Capture recovering cross-border capital flows and
strengthen Hotels market
Maximize opportunities created by financial
regulatory legislation and financial crisis fallout
Differentiate by connecting across the firm, and
with clients
Financial Objective
•
Major growth to
shareholders
•
Accretive within
12-18 months
•
Maintain
investment grade
strength
Strategy
G1
G2
G3
G4
G5 |
 •
Approximately 185
offices in more than 60 countries worldwide
•
Research-driven global investment management business
•
Client demands for global expertise satisfied by few providers
Jones Lang LaSalle
Setting the industry standard for real estate service companies
•
Premier and expanding position in the corporate outsourcing space
•
Expand share in local markets
•
Leading global investment management business
•
Diversified revenues by service line and geography
•
Solid balance sheet with investment-grade ratings
•
Strong global platform positioned for opportunity & market recovery
Return to Table of Contents
Premier Leading Global Platform
Positioned for Short and Long Term Success
Solid Financial Strength and Position
35 |
 Appendix |
 FY
2010 FY 2009
GAAP net income (loss)
$ 153.5
$ (4.1)
Shares (in 000's)
44,084
38,543
GAAP earnings (loss) per share
$ 3.48
$ (0.11)
GAAP net income (loss)
$ 153.5
$ (4.1)
Restructuring, net of tax
4.9
35.6
Non-cash co-investment charges, net of tax
7.9
38.5
Adjusted net income
$ 166.3
$ 70.0
Shares (in 000's)
44,084
40,106
Adjusted earnings per share
$ 3.77
$ 1.75
($ in millions)
Reconciliation of GAAP Net Income (Loss) to
Adjusted Net Income
Note: Basic shares outstanding are used in the calculation of GAAP EPS for the twelve
months ending December 31, 2009, as the use of dilutive shares outstanding would
cause that EPS calculation to be anti-dilutive. 37
Return to Consolidated Earnings Scorecard
Return to Table of Contents |
 ($ in
millions) Reconciliation of GAAP Net Income (Loss) to
EBITDA and Adjusted EBITDA
38
FY 2010
FY 2009
Net income (loss)
$ 153.5
Interest expense, net of interest income
45.8
55.0
Provision (benefit) for income taxes
49.0
5.7
Depreciation and amortization
71.6
83.3
EBITDA
$ 319.9
$ 139.9
Non-cash co-investment charges
10.4
51.3
Restructuring
6.4
47.4
Adjusted EBITDA
$ 336.7
$ 238.6
Return to Consolidated Earnings Scorecard
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$ (4.1) |
 FY
2010 FY 2009
Net Income (Loss)
$154
($4)
Interest Expense, net of interest income
46
55
Provision (benefit) for income taxes
49
6
Depreciation and amortization
72
83
EBITDA
$321
$140
Change in working capital
68
7
Deferred Compensation Amortization and
non-cash co-investment charges
51
97
Free Cash Flow
$440
$244
($ in millions)
Reconciliation of GAAP Net Income (Loss) to
EBITDA and Free Cash Flows
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39
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