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Jones Lang LaSalle Reports Record Earnings; 2006 Net Income of $176 Million, $5.24 Per Share
CHICAGO, Jan. 30 /PRNewswire-FirstCall/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) , the leading integrated global real estate services and money management firm, today reported record net income of $176 million, or $5.24 per diluted share of common stock, for the year ended December 31, 2006. This represents an increase of 70 percent over the prior year's net income of $104 million, or $3.12 per diluted share. Revenue for the full year 2006 reached $2.0 billion, an increase of 45 percent in U.S. dollars and 43 percent in local currencies from the prior year, and the product of strong growth in all operating segments. Operating income for 2006 was $244 million compared with $132 million for the prior year, an increase of 85 percent. Included in the firm's 2006 full-year results was an incentive fee from a single client of $112.5 million, or $1.01 per share, at a 41 percent operating income margin. The fourth-quarter strengthening of the pound sterling and euro also contributed approximately $0.16 per share for the year. For the fourth quarter of 2006, net income was $81 million, or $2.37 per diluted share, compared with net income of $67 million, or $1.99 per diluted share, for the same period in 2005. Revenue for the fourth quarter of 2006 was $704 million, an increase of 41 percent in U.S. dollars and 35 percent in local currencies from 2005, with all segments showing healthy increases. Operating income for the fourth quarter increased 33 percent to $114 million from $86 million in the prior year. Full Year 2006 Highlights:
-- Revenue increased 45 percent to $2 billion with growth in all business
segments
-- Operating income grew 85 percent led by LaSalle Investment Management
and EMEA
-- Net income increased 70 percent to $176 million
"We are extremely pleased with our record 2006 performance," said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. "Such significant increases in revenue and net income show that our strategic growth investments are paying returns across our business platform. We are also very proud that Jones Lang LaSalle has been named to Fortune's '100 Best Companies to Work For' and, for the second year in a row, to the Forbes '400 Best Big Companies.' We are the only real estate money management and services firm to earn either distinction. Looking ahead, with continued healthy conditions in the world's major economies, improving real estate fundamentals worldwide and consistently strong capital allocations to real estate, we remain confident about our firm's prospects for 2007," Dyer added. Operating expenses were $1.77 billion in 2006, an increase of approximately 40 percent in both U.S. dollars and local currencies from the prior year and $1.26 billion in 2005. Operating expenses were $591 million for the fourth quarter of 2006 compared with $413 million for the same period in 2005, an increase of 43 percent in U.S. dollars and 36 percent in local currencies. The increase in operating expenses was driven by significant additions in global Capital Markets and Leasing broker teams, additional client-service staff, and by the expansion of offices to support the global business platform. Also contributing to the increase were five strategic acquisitions including Spaulding and Slye in the Americas, which closed in January 2006. Higher incentive compensation costs related to the strong revenue and profit performance also contributed to the increase. Interest expense of $14.3 million for the 2006 full year was higher than the $4.0 million for 2005 due to higher debt balances throughout the year compared with 2005. The higher debt balances during the year resulted from acquisition spending totaling $192 million, share repurchases of $65 million, including $35 million in the fourth quarter, and net co-investment funding of $44 million in connection with growth in the firm's investment management business. Despite these significant cash uses, the firm had no net debt at year end. Business Segment Full Year and Fourth Quarter Performance Highlights
Investor and Occupier Services
-- The Americas region continued its momentum through the end of the year.
Revenue for the full year 2006 was $625 million, an increase of
44 percent over the prior year, and fourth-quarter revenue was
$227 million, an increase of 38 percent. Compared with 2005,
Transaction Services revenue increased 57 percent for the full year and
45 percent for the quarter while Management Services grew 31 percent
for the year and 27 percent for the quarter.
The current year's strong performance benefited from growth in both the
Markets group, whose focus is to maximize the firm's competitive
position in key local markets, and the Accounts organization, whose
focus is on delivering services and strategic advice to corporate
clients. Revenue in the Markets and Accounts groups increased by a
combined 47 percent for the full year compared with the prior year. The
Spaulding and Slye acquisition had a significant impact on
year-over-year revenue growth in both Markets and Accounts. Strong
performance in Capital Markets also contributed to the annual
year-over-year revenue growth with a 74 percent increase over the
previous year. Revenue in the firm's Americas Hotels business was up
46 percent in 2006 compared with the prior year as a result of the
business' strong position in a healthy industry environment.
Total operating expenses increased 45 percent for the full year and
43 percent for the quarter compared with 2005. The increase in
operating expenses resulted from significant additions to the local
market teams and from the Spaulding and Slye acquisition. In addition,
incentive compensation expenses increased as a result of the growth in
both revenue-generating activities and profit performance.
-- EMEA's full-year revenue grew 38 and 34 percent in U.S. dollars and
local currencies, respectively, to $679 million, and fourth-quarter
revenue increased 53 percent in U.S. dollars and 39 percent in local
currencies to $270 million. Transaction Services revenue grew
44 percent for the full year to $557 million, and 54 percent for the
quarter, while Management Services revenue grew 19 percent for the year
to $114 million, and 67 percent for the quarter. Year-over-year annual
revenue growth in the region was driven by strong performance in
Capital Markets, which was up 70 percent for the year driven by
increased market share and strong underlying market conditions, and by
Agency Leasing, which grew 26 percent. Four strategic acquisitions were
completed in the region in 2006 and six new offices were opened which,
together with hiring, resulted in approximately 350 revenue-generators
being added in the year.
Geographically, the region's robust full-year growth was driven
primarily by France and Germany. Revenue in France grew 83 percent in
U.S. dollars for the full year and 60 percent for the fourth quarter
compared with the prior year, while Germany had an increase of
58 percent for the full year and 45 percent for the quarter. Russia
continued its strong growth with full year revenue doubling compared
with the prior year while very favorable trends continued in Central
and Eastern Europe and Spain. The EMEA Hotels business also had solid
growth with annual revenues up almost 30 percent compared with the
prior year.
Operating expenses increased by 36 percent in U.S. dollars and
32 percent in local currencies on a full-year basis and by 56 percent
in U.S. dollars and 43 percent in local currencies for the quarter. The
increase was primarily due to acquisitions, staff additions to service
clients and grow market share, and increased incentive compensation
driven by improved revenue and profit performance.
-- Revenue for the Asia Pacific region on a full-year basis was
$337 million, an increase of 24 percent in both U.S. dollars and local
currencies, and $124 million for the fourth quarter, an increase of
35 percent in U.S. dollars and 31 percent in local currencies from the
prior year. Growth for the full year and fourth quarter in U.S. dollars
resulted from both Transaction Services revenue, which increased 22 and
32 percent, respectively, and Management Services revenue, which
increased 20 and 38 percent, respectively.
Geographically, the strongest profit contributions were from the
region's largest market, Australia, and from the growth markets of
China and Korea. Revenue in Australia grew 22 percent for the year and
26 percent for the quarter, while revenue in China increased 60 percent
for the year and 64 percent for the quarter, compared with the prior
year. Korea's revenue for the year was up 69 percent, and finished the
year strongly with fourth-quarter 2006 revenue more than double
compared with the prior year. India and Singapore also made significant
revenue growth contributions. The leading Asian Hotels business
recorded a very strong finish in 2006 with revenue almost tripling in
the last quarter compared with the prior year and with revenue for the
full year up 33 percent as a result of higher transaction volume and
increased market share. Offsetting the region's growth was a decline in
Japan, where Capital Markets activity was lower in 2006 compared with
2005, which included several significant closed transactions.
Operating expenses on a full-year basis for the Asia Pacific region
increased 26 percent in both U.S. dollars and local currencies, and for
the fourth quarter increased 34 percent in U.S. dollars and 30 percent
in local currencies, over the prior year. The increase was the result
of expansion of the geographic platform, service capabilities and
infrastructure throughout the region.
Operating income decreased from $20.0 million in 2005 to $18.6 million
in 2006. Included in 2006's full year results were expenses of
approximately $1.7 million for net transition costs incurred to
outsource the management of the region's IT infrastructure, call
centers and application development, positioning the region for
significant future growth. The 2005 full-year results included a
benefit of $2.4 million received from a litigation settlement.
Excluding the impact of these items, operating income for the region
would have increased from $17.6 million in 2005 to $20.3 million in
2006, with operating income margins flat at approximately six percent.
The firm is now well-positioned with a leading market share in the
region to capitalize on the anticipated growth.
LaSalle Investment Management
-- LaSalle Investment Management's full-year revenue grew to $384 million,
up 90 percent in U.S. dollars and 86 percent in local currencies over
the prior year, and fourth-quarter revenue increased to $85 million, up
18 percent in U.S. dollars and 13 percent in local currencies. The
increase in revenue was driven by the continued growth of the
annuity-based business as well as from incentive fees that were
generated from strong performance of client's investments managed by
the firm.
The continued focus on the growth in annuity revenue led to a full-year
increase in Advisory fees of 39 percent and a fourth quarter increase
of 48 percent over 2005. The growth in the annuity business was
principally due to the healthy increase in assets under management.
Supporting this growth, the firm's co-investment capital totaled
$132 million at the end of 2006, compared with $89 million in the prior
year.
Incentive fees vary significantly from period to period due to both the
performance of the underlying investments and the contractual timing of
the measurement periods for different clients. In 2006, incentive fees
were up significantly for the full year due to the single incentive fee
earned in the second quarter of the year, and were slightly down for
the fourth quarter compared with last year. The amount of the specific
incentive fee was originally disclosed as $109.5 million, but
increased during the second half of the year to $112.5 million as a
result of final third-party valuations and audit.
LaSalle Investment Management raised over $7.1 billion of equity during
2006, as it launched three new private equity funds and secured 16
global securities mandates. Investments made on behalf of clients in
2006 were $9.6 billion, including the CenterPoint acquisition, compared
with approximately $5.4 billion in 2005. Assets under management grew
to $40.6 billion from $30.0 billion, a 35 percent increase over the
prior year.
Summary
In 2006, the firm benefited from favorable global market environments, effective execution of its strategic initiatives, and its globally diverse business platform. These initiatives included several acquisitions and the addition of a significant number of people, product lines and infrastructure to its platform. The firm remains committed to future growth, to expanding market share across its businesses and to delivering superior results to clients. About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) , the only real estate money management and services firm named to FORTUNE magazine's "100 Best Companies to Work For" and Forbes magazine's "400 Best Big Companies," has approximately 150 offices worldwide and operates in more than 450 cities in over 50 countries. With 2006 revenue of over $2.0 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of over 1.0 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse real estate money management firms, with approximately $40.6 billion of assets under management. For further information, please visit our website, http://www.joneslanglasalle.com/ . Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives, dividend payments and share repurchases 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," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in Jones Lang LaSalle's Annual Report on Form 10-K for the year ended December 31, 2005 and in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006, June 30, 2006, and September 30, 2006 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 release. 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. Conference Call The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, January 31 at 9:00 a.m. EST. To participate in the teleconference, please dial into one of the following phone numbers five to ten minutes before the start time: -- U.S. callers: +1 877 809 9540 -- International callers: +1 706 679 7364 -- Pass code: 6757230 Replay Information Available: (12:00 p.m. EST) Wednesday, January 31 through Midnight EST February 7 at the following numbers: -- U.S. callers: +1 800 642 1687 -- International callers: +1 706 645 9291 -- Pass code: 6757230 Live web cast Follow these steps to listen to the web cast: 1. You must have a minimum 14.4 Kbps Internet connection 2. Log on to http://www.videonewswire.com/event.asp?id=37597 and follow instructions 3. Download free Windows Media Player software: (link located under registration form) 4. If you experience problems listening, send an e-mail to webcastsupport@tfprn.com This information is also available on the company's website at http://www.joneslanglasalle.com/ . If you have any questions, call Yvonne Peterson of Jones Lang LaSalle's Investor Relations department at +1 312 228 2919. JONES LANG LASALLE INCORPORATED
Consolidated Statements of Earnings
For the Three and Twelve Months Ended December 31, 2006 and 2005
(in thousands, except share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
Revenue $704,373 $498,962 $2,013,578 $1,390,610
Operating expenses:
Compensation and
benefits 449,968 309,922 1,313,294 902,722
Operating,
administrative and
other 124,395 93,740 407,985 320,924
Depreciation and
amortization 16,324 8,869 48,964 33,836
Restructuring charges
(credits) (74) 906 (744) 1,377
Total operating
expenses 590,613 413,437 1,769,499 1,258,859
Operating income 113,760 85,525 244,079 131,751
Interest expense, net
of interest income 2,455 980 14,254 3,999
Equity in earnings
(losses) from
unconsolidated ventures (201) 6,052 9,221 12,156
Income before provision
for income taxes 111,104 90,597 239,046 139,908
Provision for income
taxes 30,177 23,711 63,825 36,236
Net income before
cumulative effect of
accounting change 80,927 66,886 175,221 103,672
Cumulative effect of
change in accounting
principle - - 1,180 -
Net income $80,927 $66,886 $176,401 $103,672
Net income available to
common shareholders $80,392 $66,886 $175,344 $103,287
EBITDA $129,883 $100,446 $303,444 $177,743
Basic earnings per
common share $2.50 $2.11 $5.50 $3.29
Basic weighted average
shares outstanding 32,169,852 31,645,835 31,872,112 31,383,828
Diluted earnings per
common share $2.37 $1.99 $5.24 $3.12
Diluted weighted average
shares outstanding 33,853,502 33,529,785 33,447,939 33,109,261
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Segment Operating Results
For the Three and Twelve Months Ended December 31, 2006 and 2005
(in thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
INVESTOR & OCCUPIER SERVICES -
AMERICAS
Revenue:
Transaction services $126,846 $87,596 $316,752 $201,460
Management services 93,434 73,384 292,270 223,604
Equity earnings 44 184 700 565
Other services 4,164 2,618 12,420 8,657
Intersegment revenue 2,319 326 3,234 1,026
226,807 164,108 625,376 435,312
Operating expenses:
Compensation, operating and
administrative 178,772 125,231 537,783 370,184
Depreciation and
amortization 5,605 3,708 22,040 14,788
184,377 128,939 559,823 384,972
Operating income $42,430 $35,169 $65,553 $50,340
EMEA
Revenue:
Transaction services $229,859 $149,148 $556,792 $385,869
Management services 41,920 25,128 113,515 95,179
Equity earnings (losses) (78) 5 (362) (221)
Other services (expenses) (1,377) 2,907 9,394 12,006
270,324 177,188 679,339 492,833
Operating expenses:
Compensation, operating
and administrative 231,473 151,135 616,824 458,180
Depreciation and
amortization 8,883 2,686 18,511 10,124
240,356 153,821 635,335 468,304
Operating income $29,968 $23,367 $44,004 $24,529
ASIA PACIFIC
Revenue:
Transaction services $80,181 $60,901 $199,037 $162,574
Management services 41,864 30,378 130,514 108,689
Equity earnings (losses) 87 (66) 1,802 (66)
Other services 2,305 938 5,624 1,716
Intersegment revenue
(expense) (113) - 89 -
124,324 92,151 337,066 272,913
Operating expenses:
Compensation, operating
and administrative 104,536 77,044 311,379 245,356
Depreciation and
amortization 1,463 2,131 7,042 7,545
105,999 79,175 318,421 252,901
Operating income $18,325 $12,976 $18,645 $20,012
LASALLE INVESTMENT MANAGEMENT
Revenue:
Transaction services $9,419 $4,980 $28,573 $19,593
Advisory 51,140 34,511 178,087 127,880
Incentive 24,618 26,473 170,600 43,383
Equity earnings (losses) (254) 5,929 7,081 11,878
Intersegment revenue
(expense) 117 - (3) -
85,040 71,893 384,338 202,734
Operating expenses:
Compensation, operating and
administrative 61,904 50,578 258,613 150,953
Depreciation and
amortization 374 344 1,371 1,378
62,278 50,922 259,984 152,331
Operating income $22,762 $20,971 $124,354 $50,403
Total segment revenue 706,495 505,340 2,026,119 1,403,792
Intersegment revenue
eliminations (2,323) (326) (3,320) (1,026)
Reclassification of equity
earnings (losses) 201 (6,052) (9,221) (12,156)
Total revenue $704,373 $498,962 $2,013,578 $1,390,610
Total segment operating
expenses 593,010 412,857 1,773,563 1,258,508
Intersegment operating
expense eliminations (2,323) (326) (3,320) (1,026)
Total operating expenses
before restructuring
charges (credits) $590,687 $412,531 $1,770,243 $1,257,482
Operating income before
restructuring charges
(credits) $113,686 $86,431 $243,335 $133,128
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Consolidated Balance Sheets
December 31, 2006 and December 31, 2005
(in thousands)
December 31, December 31,
2006 2005
ASSETS
Current assets:
Cash and cash equivalents $50,612 $28,658
Trade receivables, net of allowances 630,121 415,087
Notes and other receivables 30,079 15,231
Prepaid expenses 28,040 22,442
Deferred tax assets 49,230 35,816
Other assets 19,363 13,864
Total current assets 807,445 531,098
Property and equipment, at cost, less
accumulated depreciation 120,376 82,186
Goodwill, with indefinite useful lives, at
cost, less accumulated amortization 520,478 335,731
Identified intangibles, with finite useful
lives, at cost, less accumulated amortization 37,583 4,391
Investments in real estate ventures 131,789 88,710
Long-term receivables 29,781 20,931
Deferred tax assets 37,465 59,262
Other assets 45,031 22,460
$1,729,948 $1,144,769
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $221,356 $155,741
Accrued compensation 514,586 300,847
Short-term borrowings 17,738 18,011
Deferred tax liabilities 1,426 400
Deferred income 31,896 20,823
Other liabilities 43,444 26,813
Total current liabilities 830,446 522,635
Long-term liabilities:
Credit facilities 32,398 26,697
Deferred tax liabilities 648 3,079
Deferred compensation 30,668 15,988
Pension benefits 19,252 16,753
Deferred business acquisition obligations 34,178 -
Other liabilities 31,978 23,614
Total liabilities 979,568 608,766
Stockholders' equity:
Common stock, $.01 par value per share,
100,000,000 shares authorized; 36,592,864 and
35,199,744 shares issued and outstanding as
of December 31, 2006 and December 31, 2005,
respectively 366 352
Additional paid-in capital 676,270 606,001
Retained earnings 255,914 100,141
Stock held by subsidiary (197,543) (132,791)
Stock held in trust (1,427) (808)
Accumulated other comprehensive income (loss) 16,800 (36,892)
Total stockholders' equity 750,380 536,003
$1,729,948 $1,144,769
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Summarized Consolidated Statements of Cash Flows
For the Twelve Months Ended December 31, 2006 and 2005
(in thousands)
(Unaudited)
Twelve Months Ended December 31,
2006 2005
Cash provided by earnings $281,334 $170,462
Cash provided by (used in) working capital 96,369 (49,826)
Cash provided by operating activities 377,703 120,636
Cash used in investing activities (306,360) (61,034)
Cash used in financing activities (49,389) (61,087)
Net increase (decrease) in cash and cash
equivalents 21,954 (1,485)
Cash and cash equivalents, beginning of period 28,658 30,143
Cash and cash equivalents, end of period $50,612 $28,658
JONES LANG LASALLE INCORPORATED
Financial Statement Notes
1. EBITDA represents earnings before interest expense, net of interest
income, income taxes, depreciation and amortization. Although EBITDA is
a non-GAAP financial measure, it is used extensively by management and
is useful to investors as one of the primary metrics for evaluating
operating performance and liquidity. The firm believes that an increase
in EBITDA is an indicator of improved ability to service existing debt,
to sustain potential future increases in debt and to satisfy capital
requirements. EBITDA is also used in the calculations of certain
covenants related to the firm's revolving credit facility. However,
EBITDA should not be considered as an alternative either to net income
or net cash provided by operating activities, both of which are
determined in accordance with GAAP. Because EBITDA is not calculated
under GAAP, the firm's EBITDA may not be comparable to similarly titled
measures used by other companies.
Below is a reconciliation of net income to EBITDA (in thousands):
Years Ended December 31,
2006 2005
Net income $176,401 $103,672
Add:
Interest expense, net of interest income 14,254 3,999
Net provision for income taxes 63,825 36,236
Depreciation and amortization 48,964 33,836
EBITDA $303,444 $177,743
Below is a reconciliation of net cash provided by operating activities, the most comparable cash flow measure on the consolidated statements of cash flows, to EBITDA (in thousands): Years Ended December 31,
2006 2005
Net cash provided by operating activities $377,703 $120,636
Add:
Interest expense, net of interest income 14,254 3,999
Change in working capital and non-cash
expenses (152,338) 16,872
Net provision for income taxes 63,825 36,236
EBITDA $303,444 $177,743
2. Net debt represents the aggregate of Short-Term Borrowings and Credit
Facilities, less Cash and Cash Equivalents.
3. For purposes of segment operating results, the allocation of
restructuring charges to our segments has been determined to not be
meaningful to investors. Additionally, the performance of segment
results has been evaluated without these charges being allocated.
4. The consolidated statements of cash flows are presented in summarized
form. For complete consolidated statements of cash flows, please refer
to the firm's Annual Report on Form 10-K for the year ended
December 31, 2006, to be filed with the Securities and Exchange
Commission shortly.
5. Net income available to common shareholders is net income less
dividends declared on unvested common shares of $0.5 million for the
fourth quarter of 2006 and $1.1 million for the full year 2006
compared to $0 for the fourth quarter of 2005 and $0.4 million for the
full year 2005.
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
Net income before
cumulative effect of
change in accounting
principle $80,927 $66,886 $175,221 $103,672
Cumulative effect of
change in accounting
principle - - 1,180 -
Net income 80,927 66,886 176,401 103,672
Dividends on unvested
common stock 535 - 1,057 385
Net income available
to common
shareholders $80,392 $66,886 $175,344 $103,287
Basic weighted
average shares
outstanding 32,169,852 31,645,835 31,872,112 31,383,828
Basic income per
common share
before cumulative
effect of change
in accounting
principle and
dividends on
unvested common
stock $ 2.52 $ 2.11 $5.50 $3.30
Cumulative effect
of change in
accounting
principle - - 0.03 -
Dividends on unvested
common stock 0.02 - 0.03 0.01
Basic earnings per
common share $ 2.50 $ 2.11 $5.50 $3.29
Diluted weighted
average shares
outstanding 33,853,502 33,529,785 33,447,939 33,109,261
Diluted income per
common share
before cumulative
effect of change
in accounting
principle and
dividends on
unvested common
stock $ 2.39 $ 1.99 $5.24 $3.13
Cumulative effect
of change in
accounting
principle - - 0.03 -
Dividends on unvested
common stock 0.02 - 0.03 0.01
Diluted earnings
per common share $ 2.37 $ 1.99 $5.24 $3.12
6. Europe, Middle East, Africa - EMEA; previously referred to as Europe.
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