Diluted earnings per share were $1.75, up from $0.05 last year; adjusted diluted earnings per
share1 were $2.55, up from
$2.12
CHICAGO, Aug. 6, 2024
/PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today
reported operating performance for the second quarter of 2024.
Continued momentum in Resilient6 business line revenue
was complemented by solid growth in Transactional6
revenues. These revenue factors, along with the benefit of recent
and ongoing cost management efforts, helped deliver strong profit
performance for the second quarter.
- Second-quarter revenue was $5.6
billion, up 12% in local currency1
- Resilient6 revenues increased 16% in local currency
and Transactional6 revenues grew 5% in local currency
- Work Dynamics again achieved double-digit growth, highlighted
by a 19% increase in Workplace Management
- Property Management, within Markets Advisory, was up 8% with
contributions from most geographies
- Leasing, also within Markets Advisory, increased 5% with
broad-based geographic growth led by improvement in the office
sector
- Capital Markets delivered modest growth, up 3%, even as
investment sales market volumes remain historically suppressed
- Continued profitability improvement primarily driven by revenue
growth and the benefit of cost mitigation actions
- Higher cash provided by operating activities contributed to
nearly $150 million decrease in net
debt for the quarter and improved leverage ratio
"We are pleased with our second quarter results as Work Dynamics
led strong resilient revenue growth and our transactional business
lines benefited from investments we have made to take advantage of
greater commercial real estate activity," said Christian Ulbrich, JLL CEO. "Our bottom-line
performance demonstrated the success of our recent and ongoing cost
management efforts. In addition to remaining focused on scaling our
platform as we anticipate future growth, our connected and
diversified platform, along with strategic investments to further
differentiate our business, will enhance long-term stakeholder
value."
Summary Financial
Results
($ in millions,
except per share data, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
2024
|
|
2023
|
% Change
in USD
|
% Change
in LC
|
2024
|
|
2023
|
% Change
in USD
|
% Change
in LC
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
5,628.7
|
|
$
5,052.5
|
11 %
|
12 %
|
|
$
10,753.2
|
|
$
9,768.0
|
10 %
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
84.4
|
|
$
2.5
|
n.m.
|
n.m.
|
|
$
150.5
|
|
$
(6.7)
|
n.m.
|
n.m.
|
Adjusted net income
attributable to common shareholders1
|
123.2
|
|
102.2
|
21 %
|
23 %
|
|
209.2
|
|
136.4
|
53 %
|
59 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share
|
$
1.75
|
|
$
0.05
|
n.m.
|
n.m.
|
|
$
3.12
|
|
$
(0.14)
|
n.m.
|
n.m.
|
Adjusted diluted
earnings per share1
|
2.55
|
|
2.12
|
20 %
|
23 %
|
|
4.33
|
|
2.82
|
54 %
|
59 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA1
|
$
246.3
|
|
$
225.1
|
9 %
|
11 %
|
|
$
433.4
|
|
$
338.0
|
28 %
|
31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
$
273.9
|
|
$
237.0
|
16 %
|
n/a
|
|
$
(403.6)
|
|
$
(479.3)
|
16 %
|
n/a
|
Free Cash
Flow5
|
235.7
|
|
198.1
|
19 %
|
n/a
|
|
(485.0)
|
|
(567.5)
|
15 %
|
n/a
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release.
|
Consolidated Second-Quarter 2024 Performance
Highlights:
Consolidated
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Markets
Advisory
|
$
1,078.8
|
|
$
1,025.4
|
|
5 %
|
|
6 %
|
|
$
2,028.9
|
|
$
1,931.8
|
|
5 %
|
|
5 %
|
Capital
Markets
|
457.6
|
|
448.0
|
|
2
|
|
3
|
|
835.2
|
|
805.1
|
|
4
|
|
4
|
Work
Dynamics
|
3,933.3
|
|
3,374.6
|
|
17
|
|
17
|
|
7,572.8
|
|
6,650.8
|
|
14
|
|
14
|
JLL
Technologies
|
56.4
|
|
60.6
|
|
(7)
|
|
(7)
|
|
110.3
|
|
122.0
|
|
(10)
|
|
(10)
|
LaSalle
|
102.6
|
|
143.9
|
|
(29)
|
|
(27)
|
|
206.0
|
|
258.3
|
|
(20)
|
|
(19)
|
Total
revenue
|
$
5,628.7
|
|
$
5,052.5
|
|
11 %
|
|
12 %
|
|
$
10,753.2
|
|
$
9,768.0
|
|
10 %
|
|
10 %
|
Gross contract
costs5
|
$
3,747.4
|
|
$
3,205.8
|
|
17 %
|
|
18 %
|
|
$
7,246.1
|
|
$
6,339.1
|
|
14 %
|
|
15 %
|
Platform operating
expenses
|
1,717.4
|
|
1,685.7
|
|
2
|
|
2
|
|
3,227.3
|
|
3,214.4
|
|
—
|
|
1
|
Restructuring and
acquisition charges4
|
11.5
|
|
11.8
|
|
(3)
|
|
(2)
|
|
13.2
|
|
47.5
|
|
(72)
|
|
(72)
|
Total operating
expenses
|
$
5,476.3
|
|
$
4,903.3
|
|
12 %
|
|
12 %
|
|
$
10,486.6
|
|
$
9,601.0
|
|
9 %
|
|
10 %
|
Net non-cash MSR and
mortgage banking derivative activity1
|
$
(11.8)
|
|
$
(0.6)
|
|
n.m.
|
|
n.m.
|
|
$
(20.8)
|
|
$
(2.4)
|
|
(767) %
|
|
(753) %
|
Adjusted
EBITDA1
|
$
246.3
|
|
$
225.1
|
|
9 %
|
|
11 %
|
|
$
433.4
|
|
$
338.0
|
|
28 %
|
|
31 %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
Revenue
Revenue increased 12% compared with the prior-year quarter.
Businesses with Resilient6 revenues continued to
deliver strong revenue growth, collectively up 16%, highlighted by
Workplace Management, within Work Dynamics, up 19%, and Property
Management, within Markets Advisory, up 8%. Transactional-revenue
businesses grew modestly, collectively up 5%.
The collective increase in Transactional6 revenue was
led by Project Management, within Work Dynamics, which grew 13% and
Leasing, within Markets Advisory, up 5%. In addition, excluding the
impact of non-cash MSR and mortgage banking derivative activity,
Investment Sales, Debt/Equity Advisory and Other, within Capital
Markets, grew 4%. These increases were meaningfully offset by the
expected decline in LaSalle
incentive fees, as the prior-year quarter had significant fees
associated with the disposition of assets on behalf of clients.
Refer to segment performance highlights for additional detail.
The following chart reflects changes in revenue ($ in millions),
and percentage changes, for the second quarter of 2024 compared
with 2023.
Net income and Adjusted EBITDA
Net income attributable to common shareholders for the second
quarter was $84.4 million, compared
with $2.5 million in 2023, and
Adjusted EBITDA was $246.3 million,
compared with $225.1 million last
year.
Diluted earnings per share for the second quarter were
$1.75 compared with $0.05 in the prior year. In the prior-year
quarter, diluted earnings per share reflected $103.5 million of net equity losses, representing
$1.69 per share, predominantly
associated with JLL Technologies. Adjusted diluted earnings per
share were $2.55 for the second
quarter compared with $2.12 in 2023.
The effective tax rates for the second quarters of 2024 and 2023
were 19.5% and 21.0%, respectively.
The growth in consolidated profit was primarily attributable to
(i) higher revenues, particularly Resilient revenues as well as
certain Transactional revenue streams like Leasing, within Markets
Advisory, (ii) the benefit of cost reduction actions largely
executed in 2023 coupled with continued cost discipline and (iii) a
positive impact associated with the year-over-year timing of
incentive compensation accruals. These positive profit drivers were
partially offset by (i) $18.0 million
of expense, within Capital Markets, associated with the
August 2024 repurchase of a loan,
(ii) a $12.2 million year-over-year
increase in carried interest expense, within JLL Technologies,
primarily as a result of the prior-year quarter's reduction in
carried interest expense associated with investment equity losses
and (iii) LaSalle segment
performance, primarily due to expected lower incentive fees.
Net income attributable to common shareholders was $150.5 million for the six months ended
June 30, 2024, compared with a net
loss of $6.7 million last year, and
Adjusted EBITDA was $433.4 million
this year, compared with $338.0
million in 2023. Diluted earnings per share was $3.12 for the six months ended June 30, 2024, up from diluted loss per share of
$0.14 in 2023; adjusted diluted
earnings per share were $4.33,
compared with $2.82 last year.
The following chart reflects the aggregation of segment Adjusted
EBITDA for the second quarter of 2024 and 2023.
Cash Flows and Capital Allocation:
Net cash provided by operating activities was $273.9 million for the second quarter of 2024,
compared with $237.0 million in the
prior-year quarter. Free Cash Flow5 was an inflow of
$235.7 million this quarter, compared
with $198.1 million in the prior
year. The year-over-year higher cash inflow was primarily driven by
improved business performance, partially offset by the timing of
corporate tax payments.
In the second quarter of 2024, the company repurchased 103,701
shares for $20.1 million. In the
second quarter of 2023, 139,295 shares were repurchased, returning
$20.0 million to shareholders. As of
June 30, 2024, $1,053.4 million remained authorized for
repurchase.
In the second quarter of 2024, the company acquired SKAE Power
Solutions (SKAE), a New York-based
provider of data center technical and project management services.
Total purchase consideration included cash paid at closing as well
as future payments for guaranteed deferred consideration and
contingent earn-outs.
Net Debt, Leverage and Liquidity5:
|
June 30,
2024
|
|
March 31,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
Total Net Debt (in
millions)
|
$
1,752.0
|
|
1,900.8
|
|
1,941.5
|
|
|
|
|
|
|
Net Leverage
Ratio
|
1.7x
|
|
1.9x
|
|
2.0x
|
|
|
|
|
|
|
Corporate Liquidity (in
millions)
|
$
2,449.4
|
|
2,301.7
|
|
1,902.5
|
The decrease in Net Debt from March 31,
2024, reflected incremental cash flows from operating
activities during the second quarter of 2024. The Net Debt
reduction from June 30, 2023, was
largely attributable to improved cash flows from operations over
the trailing twelve months ended June 30,
2024, compared with the twelve-month period ended
June 30, 2023.
In addition to the Corporate Liquidity detailed above, the
company initiated a commercial paper program (the "Program") with
$2.5 billion authorized for
issuance. The company intends to use proceeds from the Program
for general corporate purposes, including the repayment of
outstanding borrowings under the existing credit facility. As of
June 30, 2024, there were no amounts
issued and outstanding under the Program.
Markets Advisory Second-Quarter 2024 Performance
Highlights:
Markets
Advisory
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$
1,078.8
|
|
$
1,025.4
|
|
5 %
|
|
6 %
|
|
$
2,028.9
|
|
$
1,931.8
|
|
5 %
|
|
5 %
|
Leasing
|
619.1
|
|
591.4
|
|
5
|
|
5
|
|
1,116.4
|
|
1,078.4
|
|
4
|
|
4
|
Property
Management
|
436.6
|
|
409.9
|
|
7
|
|
8
|
|
866.3
|
|
810.1
|
|
7
|
|
8
|
Advisory, Consulting
and Other
|
23.1
|
|
24.1
|
|
(4)
|
|
(3)
|
|
46.2
|
|
43.3
|
|
7
|
|
7
|
Segment operating
expenses
|
$
965.6
|
|
$
941.4
|
|
3 %
|
|
3 %
|
|
$
1,837.3
|
|
$
1,792.2
|
|
3 %
|
|
3 %
|
Segment platform
operating expenses
|
652.9
|
|
657.1
|
|
(1)
|
|
—
|
|
1,219.7
|
|
1,228.8
|
|
(1)
|
|
—
|
Gross contract
costs5
|
312.7
|
|
284.3
|
|
10
|
|
11
|
|
617.6
|
|
563.4
|
|
10
|
|
11
|
Adjusted
EBITDA1
|
$
129.6
|
|
$
99.4
|
|
30 %
|
|
30 %
|
|
$
224.9
|
|
$
171.0
|
|
32 %
|
|
31 %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
The increase in Markets Advisory revenue was primarily driven by
Leasing, which achieved growth in most geographies, most notably in
the U.S., Greater China,
India and Germany. The number of larger-scale deals,
where JLL has historically had a greater presence, increased over
the prior-year quarter. In addition, Leasing growth was led by the
office sector, which saw increased deal size and transaction
volumes, partially offset by industrial which had a decline in both
deal size and volume. Property Management revenue growth was led by
expansion in the Americas and Asia
Pacific, including incremental revenue associated with
pass-through expenses.
The Adjusted EBITDA increase was predominantly driven by revenue
growth and the benefit of cost management actions largely executed
in 2023. In addition, the timing of incentive compensation accruals
positively impacted year-over-year profit performance for the
quarter.
Capital Markets Second-Quarter 2024 Performance
Highlights:
Capital
Markets
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$
457.6
|
|
$
448.0
|
|
2 %
|
|
3 %
|
|
$
835.2
|
|
$
805.1
|
|
4 %
|
|
4 %
|
Investment Sales,
Debt/Equity Advisory and
Other, excluding Net non-cash MSR (a)
|
332.1
|
|
320.1
|
|
4
|
|
4
|
|
599.8
|
|
562.5
|
|
7
|
|
7
|
Net non-cash MSR and
mortgage banking
derivative activity (a)
|
(11.8)
|
|
(0.6)
|
|
n.m.
|
|
n.m.
|
|
(20.8)
|
|
(2.4)
|
|
(767)
|
|
(753)
|
Value and Risk
Advisory
|
95.8
|
|
89.5
|
|
7
|
|
8
|
|
176.0
|
|
168.6
|
|
4
|
|
5
|
Loan
Servicing
|
41.5
|
|
39.0
|
|
6
|
|
6
|
|
80.2
|
|
76.4
|
|
5
|
|
5
|
Segment operating
expenses
|
$
453.5
|
|
$
433.9
|
|
5 %
|
|
5 %
|
|
$
831.9
|
|
$
799.1
|
|
4 %
|
|
5 %
|
Segment platform
operating expenses
|
441.7
|
|
420.8
|
|
5
|
|
6
|
|
806.5
|
|
776.7
|
|
4
|
|
4
|
Gross contract
costs5
|
11.8
|
|
13.1
|
|
(10)
|
|
(9)
|
|
25.4
|
|
22.4
|
|
13
|
|
15
|
Equity
earnings
|
$
0.5
|
|
$
4.8
|
|
(90) %
|
|
(90) %
|
|
$
0.6
|
|
$
5.4
|
|
(89) %
|
|
(89) %
|
Adjusted
EBITDA1
|
$
33.8
|
|
$
36.0
|
|
(6) %
|
|
(8) %
|
|
$
58.8
|
|
$
46.7
|
|
26 %
|
|
27 %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
(a) Historically, net
non-cash MSR and mortgage banking derivative activity was included
in the Investment Sales, Debt/Equity Advisory and Other caption.
Effective for Q2 2024, the net non-cash MSR and mortgage banking
derivative activity revenue is separately presented in the above
table and prior period financial information recast to conform with
this presentation.
|
Capital Markets achieved broad-based revenue growth across all
business lines despite residual macroeconomic headwinds, including
interest rate uncertainty during the current quarter. Investment
Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR,
increased in the office, industrial, and hotels sectors, and was
geographically led by the UK, Australia and the
United States. Notably, Investment Sales growth in the U.S.
was greater than 20%, notably outperforming the broader market for
investment sales, which fell 3% according to JLL Research. Revenue
growth was partially offset by the impact of net non-cash MSR and
mortgage banking derivative activity as well as a decline in Equity
Advisory.
The increase in segment operating expenses was largely due to an
$18.0 million impact associated with
the August 2024 repurchase of a loan
which JLL originated and then sold to Fannie Mae. This impact
includes the amount of the repurchase price in excess of unpaid
principal balance, for items such as unpaid interest, as well as
current estimated losses associated with the repurchased loan,
reflecting the current underlying value of the collateral.
The slight decline in Adjusted EBITDA was attributable to the
aforementioned negative impact associated with the repurchased
loan, which overshadowed the revenue growth described above and the
benefit associated with cost management actions largely executed in
2023. In addition, the lower equity earnings reflected a
$4.6 million benefit in the
prior-year quarter which, as expected, did not recur this year.
Work Dynamics Second-Quarter 2024 Performance
Highlights:
Work
Dynamics
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$
3,933.3
|
|
$
3,374.6
|
|
17 %
|
|
17 %
|
|
$
7,572.8
|
|
$
6,650.8
|
|
14 %
|
|
14 %
|
Workplace
Management
|
3,021.1
|
|
2,553.4
|
|
18
|
|
19
|
|
5,892.8
|
|
5,050.6
|
|
17
|
|
17
|
Project
Management
|
788.1
|
|
703.2
|
|
12
|
|
13
|
|
1,444.5
|
|
1,379.5
|
|
5
|
|
5
|
Portfolio Services
and Other
|
124.1
|
|
118.0
|
|
5
|
|
5
|
|
235.5
|
|
220.7
|
|
7
|
|
6
|
Segment operating
expenses
|
$
3,883.3
|
|
$
3,338.9
|
|
16 %
|
|
17 %
|
|
$
7,493.7
|
|
$
6,608.9
|
|
13 %
|
|
14 %
|
Segment platform
operating expenses
|
470.6
|
|
442.1
|
|
6
|
|
7
|
|
910.4
|
|
877.9
|
|
4
|
|
4
|
Gross contract
costs5
|
3,412.7
|
|
2,896.8
|
|
18
|
|
18
|
|
6,583.3
|
|
5,731.0
|
|
15
|
|
15
|
Adjusted
EBITDA1
|
$
71.1
|
|
$
56.2
|
|
27 %
|
|
26 %
|
|
$
122.0
|
|
$
81.9
|
|
49 %
|
|
50 %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
Work Dynamics revenue growth was led by continued strong
performance in Workplace Management, as Americas contract wins and
mandate expansions from 2023 onboarded. Project Management revenue
grew over the prior-year quarter, primarily in the Americas and
Asia Pacific, where higher
pass-through costs drove the increase in revenue and management
fees increased low single digits.
The increase in Adjusted EBITDA was primarily attributable to
the top-line performance described above, largely driven by
Workplace Management, and continued cost discipline. In addition,
the timing of incentive compensation accruals positively impacted
year-over-year profit performance for the quarter.
JLL Technologies Second-Quarter 2024 Performance
Highlights:
JLL
Technologies
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$
56.4
|
|
$
60.6
|
|
(7) %
|
|
(7) %
|
|
$
110.3
|
|
$
122.0
|
|
(10) %
|
|
(10) %
|
Segment operating
expenses
|
$
72.1
|
|
$
66.0
|
|
9 %
|
|
9 %
|
|
$
135.6
|
|
$
149.5
|
|
(9) %
|
|
(9) %
|
Segment platform
operating expenses(a)
|
70.7
|
|
61.9
|
|
14
|
|
14
|
|
133.0
|
|
141.8
|
|
(6)
|
|
(6)
|
Gross contract
costs5
|
1.4
|
|
4.1
|
|
(66)
|
|
(65)
|
|
2.6
|
|
7.7
|
|
(66)
|
|
(66)
|
Adjusted
EBITDA1
|
$
(10.9)
|
|
$
(1.3)
|
|
(738) %
|
|
(704) %
|
|
$
(16.0)
|
|
$
(19.5)
|
|
18 %
|
|
19 %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
(a) Included in Segment
platform operating expenses is carried interest expense of $2.2
million and $2.1 million for the three and six months ended June
30, 2024, and a reduction in carried interest expense of $10.0
million and $9.3 million for the three and six months ended June
30, 2023, related to Equity (losses) earnings of the
segment.
|
The decline in JLL Technologies revenue was partially due to
lower contract signings over the last few quarters and delayed
decisions on technology spend from existing solutions clients,
which included certain contract renewals.
Segment operating expenses includes carried interest, which was
a $10.0 million reduction to expense
in the prior-year quarter, versus incremental expense of
$2.2 million this quarter. Carried
interest expense is associated with equity earnings/losses on
certain investments within the JLL Technologies Spark Venture Funds
and the reduction to expense in the prior year reflected notable
equity losses on certain investments in 2023.
The lower Adjusted EBITDA was entirely attributable to the
$12.2 million change in carried
interest expense, as described above, which overshadowed cost
management actions and improved operating efficiency over the
trailing twelve months.
LaSalle Second-Quarter 2024 Performance Highlights:
LaSalle
($ in millions, "LC" = local currency)
|
Three Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Six Months Ended
June 30,
|
|
% Change
in USD
|
|
% Change
in LC
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$
102.6
|
|
$
143.9
|
|
(29) %
|
|
(27) %
|
|
$
206.0
|
|
$
258.3
|
|
(20) %
|
|
(19) %
|
Advisory
fees
|
93.1
|
|
103.1
|
|
(10)
|
|
(8)
|
|
185.4
|
|
203.6
|
|
(9)
|
|
(8)
|
Transaction fees and
other
|
6.9
|
|
5.0
|
|
38
|
|
39
|
|
15.8
|
|
15.4
|
|
3
|
|
7
|
Incentive
fees
|
2.6
|
|
35.8
|
|
(93)
|
|
(92)
|
|
4.8
|
|
39.3
|
|
(88)
|
|
(87)
|
Segment operating
expenses
|
$
90.3
|
|
$
111.3
|
|
(19) %
|
|
(18) %
|
|
$
174.9
|
|
$
203.8
|
|
(14) %
|
|
(14) %
|
Segment platform
operating expenses
|
81.5
|
|
103.8
|
|
(21)
|
|
(20)
|
|
157.7
|
|
189.2
|
|
(17)
|
|
(16)
|
Gross contract
costs5
|
8.8
|
|
7.5
|
|
17
|
|
16
|
|
17.2
|
|
14.6
|
|
18
|
|
18
|
Adjusted
EBITDA1
|
$
22.7
|
|
$
34.8
|
|
(35) %
|
|
(31) %
|
|
$
43.7
|
|
$
57.9
|
|
(25) %
|
|
(20) %
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release. Percentage
variances in the Performance Highlights below are calculated and
presented on a local currency basis, unless otherwise
noted.
|
LaSalle's decrease in revenue
was primarily due to the expected decline in incentive fees
compared with 2023. Advisory fees also declined, attributable to
lower assets under management ("AUM"), as detailed below, and lower
fees in Europe as a result of
structural changes to a lower-margin business, as discussed in the
first quarter.
The Adjusted EBITDA contraction was driven by lower revenues and
a few discrete, individually immaterial items, partially offset by
(i) the benefit of cost management actions largely executed in 2023
and (ii) an $8.2 million gain
recognized following the purchase of a controlling interest in a
LaSalle-managed fund.
As of June 30, 2024, LaSalle had $86.6 billion of AUM. Compared with AUM of
$93.2 billion as of June 30, 2023, the AUM as of June 30, 2024,
decreased 7% in USD (5% in local currency). The net decrease in AUM
over the trailing twelve months resulted from (i) $4.3 billion of dispositions and
withdrawals, (ii) $4.2 billion
of net valuation decreases, (iii) $1.8 billion of foreign currency decreases,
and (iv) a $0.2 billion decrease
in uncalled committed capital and cash held, partially offset by
(v) $3.9 billion of
acquisitions.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500® company with annual
revenue of $20.8 billion and
operations in over 80 countries around the world, our more than
110,000 employees bring the power of a global platform combined
with local expertise. Driven by our purpose to shape the future of
real estate for a better world, we help our clients, people and
communities SEE A BRIGHTER WAYSM. JLL is the brand name,
and a registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit jll.com.
Connect with us
https://www.linkedin.com/company/jll
https://www.facebook.com/jll
https://twitter.com/jll
Live
Webcast
|
|
Conference
Call
|
Management will offer a
live webcast for shareholders, analysts and investment
professionals on Tuesday, August 6, 2024, at 9:00 a.m. Eastern.
Following the
live broadcast, an audio replay will be available.
The link to the live
webcast and audio replay can be accessed at the Investor
Relations website: ir.jll.com.
|
|
The conference call can
be accessed live over the phone by dialing (800) 715-9871; the
conference ID number is 5398158. Listeners are asked to please dial
in 10 minutes prior to the call start time and provide the
conference ID number to be connected.
|
|
|
|
|
Supplemental
Information
|
|
Contact
|
Supplemental
information regarding the second quarter 2024 earnings call has
been posted to the Investor Relations section of JLL's website:
ir.jll.com.
|
|
If you have any
questions, please contact Scott Einberger,
Investor Relations Officer.
|
|
Phone:
|
+1 312 252
8943
|
|
Email:
|
JLLInvestorRelations@jll.com
|
Cautionary Note Regarding Forward-Looking
Statements
Statements in this news release regarding, among other
things, future financial results and performance, achievements,
plans, objectives and shares 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, the
occurrence of which are outside JLL's control which may cause JLL's
actual results, performance, achievements, plans, and objectives to
be materially different from those expressed or implied by such
forward-looking statements. For additional information concerning
risks, uncertainties, and other factors that could cause actual
results to differ materially from those anticipated in
forward-looking statements, and risks to JLL's business in general,
please refer to those factors discussed under "Risk Factors,"
"Business," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Quantitative and Qualitative
Disclosures about Market Risk," and elsewhere in JLL's filed Annual
Report on Form 10-K for the year ended December 31, 2023, soon to be filed Quarterly
Report on Form 10-Q for the quarter ended June 30, 2024 and other reports filed with the
Securities and Exchange Commission. Any forward-looking statements
speak only as of the date of this release, and except to the extent
required by applicable securities laws, JLL expressly disclaims any
obligation or undertaking to publicly update or revise any
forward-looking statements contained herein to reflect any change
in expectations or results, or any change in events.
JONES LANG LASALLE
INCORPORATED
|
Consolidated
Statements of Operations (Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Revenue
|
$
5,628.7
|
|
$
5,052.5
|
|
$
10,753.2
|
|
$
9,768.0
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
2,599.2
|
|
$
2,417.0
|
|
$
5,014.8
|
|
$
4,670.0
|
Operating,
administrative and other
|
2,803.3
|
|
2,414.6
|
|
5,335.3
|
|
4,766.1
|
Depreciation and
amortization
|
62.3
|
|
59.9
|
|
123.3
|
|
117.4
|
Restructuring and
acquisition charges4
|
11.5
|
|
11.8
|
|
13.2
|
|
47.5
|
Total operating
expenses
|
$
5,476.3
|
|
$
4,903.3
|
|
$
10,486.6
|
|
$
9,601.0
|
|
|
|
|
|
|
|
|
Operating
income
|
$
152.4
|
|
$
149.2
|
|
$
266.6
|
|
$
167.0
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
41.7
|
|
40.5
|
|
72.2
|
|
66.8
|
Equity
losses
|
(15.4)
|
|
(103.5)
|
|
(19.1)
|
|
(106.1)
|
Other income
(expense)
|
9.7
|
|
(1.2)
|
|
11.2
|
|
(1.1)
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and noncontrolling interest
|
105.0
|
|
4.0
|
|
186.5
|
|
(7.0)
|
Income tax provision
(benefit)
|
20.5
|
|
0.8
|
|
36.4
|
|
(1.5)
|
Net income
(loss)
|
84.5
|
|
3.2
|
|
150.1
|
|
(5.5)
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to noncontrolling interest
|
0.1
|
|
0.7
|
|
(0.4)
|
|
1.2
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
84.4
|
|
$
2.5
|
|
$
150.5
|
|
$
(6.7)
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per common share
|
$
1.77
|
|
$
0.05
|
|
$
3.17
|
|
$
(0.14)
|
Basic weighted average
shares outstanding (in 000's)
|
47,539
|
|
47,748
|
|
47,512
|
|
47,652
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share
|
$
1.75
|
|
$
0.05
|
|
$
3.12
|
|
$
(0.14)
|
Diluted weighted
average shares outstanding (in 000's)
|
48,317
|
|
48,334
|
|
48,302
|
|
47,652
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
JONES LANG LASALLE
INCORPORATED
|
Selected Segment
Financial Data (Unaudited)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
MARKETS
ADVISORY
|
|
|
|
|
|
|
|
Revenue
|
$
1,078.8
|
|
$
1,025.4
|
|
$
2,028.9
|
|
$
1,931.8
|
|
|
|
|
|
|
|
|
Platform
compensation and benefits
|
$
543.4
|
|
$
546.4
|
|
$
1,005.9
|
|
$
1,007.4
|
Platform operating, administrative and other
|
92.1
|
|
93.3
|
|
179.0
|
|
186.9
|
Depreciation and amortization
|
17.4
|
|
17.4
|
|
34.8
|
|
34.5
|
Segment
platform operating expenses
|
652.9
|
|
657.1
|
|
1,219.7
|
|
1,228.8
|
Gross contract
costs5
|
312.7
|
|
284.3
|
|
617.6
|
|
563.4
|
Segment
operating expenses
|
$
965.6
|
|
$
941.4
|
|
$
1,837.3
|
|
$
1,792.2
|
Segment
operating income
|
$
113.2
|
|
$
84.0
|
|
$
191.6
|
|
$
139.6
|
Add:
|
|
|
|
|
|
|
|
Equity
(losses) earnings
|
—
|
|
(0.1)
|
|
0.4
|
|
0.2
|
Depreciation and amortization(a)
|
16.5
|
|
16.5
|
|
32.9
|
|
32.6
|
Other
income (expense)
|
0.7
|
|
(1.6)
|
|
1.6
|
|
(1.3)
|
Net
income attributable to noncontrolling interest
|
(0.2)
|
|
(0.4)
|
|
(0.3)
|
|
(0.6)
|
Adjustments:
|
|
|
|
|
|
|
|
Net loss
on disposition
|
—
|
|
1.8
|
|
—
|
|
1.8
|
Interest
on employee loans, net of forgiveness
|
(0.6)
|
|
(0.8)
|
|
(1.3)
|
|
(1.3)
|
Adjusted
EBITDA1
|
$
129.6
|
|
$
99.4
|
|
$
224.9
|
|
$
171.0
|
|
|
|
|
|
|
|
|
(a) This adjustment
excludes the noncontrolling interest portion of amortization of
acquisition-related intangibles which is not attributable to common
shareholders.
|
|
JONES LANG LASALLE
INCORPORATED
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
CAPITAL
MARKETS
|
|
|
|
|
|
|
|
Revenue
|
$
457.6
|
|
$
448.0
|
|
$
835.2
|
|
$
805.1
|
|
|
|
|
|
|
|
|
Platform
compensation and benefits
|
$
341.1
|
|
$
335.4
|
|
$
628.7
|
|
$
619.3
|
Platform
operating, administrative and other
|
83.3
|
|
69.2
|
|
144.1
|
|
125.3
|
Depreciation and amortization
|
17.3
|
|
16.2
|
|
33.7
|
|
32.1
|
Segment
platform operating expenses
|
441.7
|
|
420.8
|
|
806.5
|
|
776.7
|
Gross contract
costs5
|
11.8
|
|
13.1
|
|
25.4
|
|
22.4
|
Segment
operating expenses
|
$
453.5
|
|
$
433.9
|
|
$
831.9
|
|
$
799.1
|
Segment
operating income
|
$
4.1
|
|
$
14.1
|
|
$
3.3
|
|
$
6.0
|
Add:
|
|
|
|
|
|
|
|
Equity
earnings
|
0.5
|
|
4.8
|
|
0.6
|
|
5.4
|
Depreciation and amortization
|
17.3
|
|
16.2
|
|
33.7
|
|
32.1
|
Other
income
|
0.8
|
|
0.4
|
|
1.4
|
|
0.2
|
Adjustments:
|
|
|
|
|
|
|
|
Net
non-cash MSR and mortgage banking derivative activity
|
11.8
|
|
0.6
|
|
20.8
|
|
2.4
|
Interest
on employee loans, net of forgiveness
|
(0.7)
|
|
(0.1)
|
|
(1.0)
|
|
0.6
|
Adjusted
EBITDA1
|
$
33.8
|
|
$
36.0
|
|
$
58.8
|
|
$
46.7
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
WORK
DYNAMICS
|
|
|
|
|
|
|
|
|
Revenue
|
$
3,933.3
|
|
$
3,374.6
|
|
$
7,572.8
|
|
$
6,650.8
|
|
|
|
|
|
|
|
|
|
|
Platform
compensation and benefits
|
$
333.8
|
|
$
321.0
|
|
$
653.6
|
|
$
626.0
|
|
Platform
operating, administrative and other
|
116.0
|
|
101.2
|
|
215.3
|
|
212.7
|
|
Depreciation and amortization
|
20.8
|
|
19.9
|
|
41.5
|
|
39.2
|
|
Segment
platform operating expenses
|
470.6
|
|
442.1
|
|
910.4
|
|
877.9
|
|
Gross contract
costs5
|
3,412.7
|
|
2,896.8
|
|
6,583.3
|
|
5,731.0
|
|
Segment
operating expenses
|
$
3,883.3
|
|
$
3,338.9
|
|
$
7,493.7
|
|
$
6,608.9
|
|
Segment
operating income
|
$
50.0
|
|
$
35.7
|
|
$
79.1
|
|
$
41.9
|
|
Add:
|
|
|
|
|
|
|
|
|
Equity
earnings
|
0.4
|
|
0.8
|
|
1.1
|
|
1.2
|
|
Depreciation and amortization
|
20.8
|
|
19.9
|
|
41.5
|
|
39.2
|
|
Net
(income) loss attributable to noncontrolling interest
|
(0.1)
|
|
(0.2)
|
|
0.3
|
|
(0.4)
|
|
Adjusted
EBITDA1
|
$
71.1
|
|
$
56.2
|
|
$
122.0
|
|
$
81.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
JLL
TECHNOLOGIES
|
|
|
|
|
|
|
|
|
Revenue
|
$
56.4
|
|
$
60.6
|
|
$
110.3
|
|
$
122.0
|
|
|
|
|
|
|
|
|
|
|
Platform
compensation and benefits(a)
|
$
53.5
|
|
$
45.3
|
|
$
100.8
|
|
$
106.6
|
|
Platform
operating, administrative and other
|
12.4
|
|
12.5
|
|
22.9
|
|
27.2
|
|
Depreciation and amortization
|
4.8
|
|
4.1
|
|
9.3
|
|
8.0
|
|
Segment
platform operating expenses
|
70.7
|
|
61.9
|
|
133.0
|
|
141.8
|
|
Gross contract
costs5
|
1.4
|
|
4.1
|
|
2.6
|
|
7.7
|
|
Segment
operating expenses
|
$
72.1
|
|
$
66.0
|
|
$
135.6
|
|
$
149.5
|
|
Segment
operating loss
|
$
(15.7)
|
|
$
(5.4)
|
|
$
(25.3)
|
|
$
(27.5)
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
4.8
|
|
4.1
|
|
9.3
|
|
8.0
|
|
Adjusted
EBITDA1
|
$
(10.9)
|
|
$
(1.3)
|
|
$
(16.0)
|
|
$
(19.5)
|
|
Equity
losses
|
$
(9.0)
|
|
(103.9)
|
|
$
(10.0)
|
|
$
(99.0)
|
|
(a) Included in
Platform compensation and benefits is carried interest expense of
$2.2 million and $2.1 million for the three and six months ended
June 30, 2024, and a reduction in carried interest expense of $10.0
million and $9.3 million for the three and six months ended June
30, 2023, related to Equity (losses) earnings of the
segment.
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
LASALLE
|
|
|
|
|
|
|
|
|
Revenue
|
$
102.6
|
|
$
143.9
|
|
$
206.0
|
|
$
258.3
|
|
|
|
|
|
|
|
|
|
|
Platform
compensation and benefits
|
$
59.0
|
|
$
84.4
|
|
$
120.3
|
|
$
153.3
|
|
Platform
operating, administrative and other
|
20.5
|
|
17.1
|
|
33.4
|
|
32.3
|
|
Depreciation and amortization
|
2.0
|
|
2.3
|
|
4.0
|
|
3.6
|
|
Segment
platform operating expenses
|
81.5
|
|
103.8
|
|
157.7
|
|
189.2
|
|
Gross contract
costs5
|
8.8
|
|
7.5
|
|
17.2
|
|
14.6
|
|
Segment
operating expenses
|
$
90.3
|
|
$
111.3
|
|
$
174.9
|
|
$
203.8
|
|
Segment
operating income
|
$
12.3
|
|
$
32.6
|
|
$
31.1
|
|
$
54.5
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
2.0
|
|
2.3
|
|
4.0
|
|
3.6
|
|
Other
income
|
8.2
|
|
—
|
|
8.2
|
|
—
|
|
Net loss
(income) attributable to noncontrolling interest
|
0.2
|
|
(0.1)
|
|
0.4
|
|
(0.2)
|
|
Adjusted
EBITDA1
|
$
22.7
|
|
$
34.8
|
|
$
43.7
|
|
$
57.9
|
|
Equity
losses
|
$
(7.3)
|
|
(5.1)
|
|
$
(11.2)
|
|
$
(13.9)
|
|
JONES LANG LASALLE
INCORPORATED
|
Consolidated
Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
Cash flows from
operating activities7:
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Net income
(loss)
|
$ 150.1
|
|
$
(5.5)
|
|
Net capital additions
– property and equipment
|
$ (81.4)
|
|
$ (88.2)
|
Reconciliation of net
income to net cash used in operating activities:
|
|
|
|
|
Business acquisitions,
net of cash acquired
|
(39.3)
|
|
(13.6)
|
Depreciation
and amortization
|
123.3
|
|
117.4
|
|
Capital contributions
to investments
|
(41.0)
|
|
(66.2)
|
Equity
losses
|
19.1
|
|
106.1
|
|
Distributions of
capital from investments
|
9.6
|
|
12.7
|
Net loss on
dispositions
|
—
|
|
1.8
|
|
Other, net
|
(2.0)
|
|
(5.4)
|
Distributions
of earnings from investments
|
7.2
|
|
6.0
|
|
Net cash used in
investing activities
|
(154.1)
|
|
(160.7)
|
Provision for
loss on receivables and other assets
|
31.7
|
|
19.0
|
|
Cash flows from
financing activities:
|
|
|
|
Amortization of
stock-based compensation
|
56.8
|
|
53.0
|
|
Proceeds from
borrowings under credit facility
|
4,713.0
|
|
4,478.0
|
Net non-cash
mortgage servicing rights and mortgage banking derivative
activity
|
20.8
|
|
2.4
|
|
Repayments of
borrowings under credit facility
|
(4,063.0)
|
|
(3,853.0)
|
Accretion of
interest and amortization of debt issuance costs
|
2.6
|
|
2.1
|
|
Net repayments of
short-term borrowings
|
(15.4)
|
|
(55.3)
|
Other,
net
|
(0.7)
|
|
3.6
|
|
Payments of deferred
business acquisition obligations and earn-outs
|
(4.9)
|
|
(21.8)
|
Change
in:
|
|
|
|
|
Repurchase of common
stock
|
(40.4)
|
|
(19.5)
|
Receivables
|
114.9
|
|
139.8
|
|
Noncontrolling
interest contributions, net
|
3.3
|
|
—
|
Reimbursable
receivables and reimbursable payables
|
(79.3)
|
|
(51.0)
|
|
Other, net
|
(26.0)
|
|
(24.5)
|
Prepaid
expenses and other assets
|
16.2
|
|
(4.9)
|
|
Net cash provided by
financing activities
|
566.6
|
|
503.9
|
Income taxes
receivable, payable and deferred
|
(150.3)
|
|
(116.1)
|
|
Effect of currency
exchange rate changes on cash, cash equivalents and restricted
cash
|
(14.7)
|
|
3.8
|
Accounts
payable, accrued liabilities and other liabilities
|
(139.4)
|
|
(119.8)
|
|
Net change in cash,
cash equivalents and restricted cash
|
$
(5.8)
|
|
$
(132.3)
|
Accrued
compensation (including net deferred compensation)
|
(576.6)
|
|
(633.2)
|
|
Cash, cash equivalents
and restricted cash, beginning of the period
|
663.4
|
|
746.0
|
Net cash used in
operating activities
|
$
(403.6)
|
|
$
(479.3)
|
|
Cash, cash
equivalents and restricted cash, end of the period
|
$ 657.6
|
|
$ 613.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
Consolidated Balance
Sheets
|
|
|
June
30,
|
|
December 31,
|
|
|
June
30,
|
|
December 31,
|
(in millions, except
share and per share data)
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
ASSETS
|
(Unaudited)
|
|
|
|
LIABILITIES AND
EQUITY
|
(Unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Cash and cash
equivalents
|
$
424.4
|
|
$
410.0
|
|
|
Accounts payable and
accrued liabilities
|
$
1,154.0
|
|
$
1,406.7
|
|
Trade receivables, net
of allowance
|
1,911.5
|
|
2,095.8
|
|
|
Reimbursable
payables
|
1,746.0
|
|
1,796.9
|
|
Notes and other
receivables
|
417.9
|
|
446.4
|
|
|
Accrued compensation
and benefits
|
1,098.0
|
|
1,698.3
|
|
Reimbursable
receivables
|
2,345.2
|
|
2,321.7
|
|
|
Short-term
borrowings
|
126.2
|
|
147.9
|
|
Warehouse
receivables
|
642.4
|
|
677.4
|
|
|
Short-term contract
liability and deferred income
|
217.9
|
|
226.4
|
|
Short-term contract
assets, net of allowance
|
310.3
|
|
338.3
|
|
|
Warehouse
facilities
|
655.5
|
|
662.7
|
|
Prepaid and
other
|
582.3
|
|
567.4
|
|
|
Short-term operating
lease liability
|
155.6
|
|
161.9
|
|
|
Total current
assets
|
6,634.0
|
|
6,857.0
|
|
|
Other
|
360.8
|
|
345.3
|
Property and equipment,
net of accumulated depreciation
|
596.9
|
|
613.9
|
|
|
|
Total current
liabilities
|
5,514.0
|
|
6,446.1
|
Operating lease
right-of-use asset
|
759.4
|
|
730.9
|
|
Noncurrent
liabilities:
|
|
|
|
Goodwill
|
4,609.2
|
|
4,587.4
|
|
|
Credit facility, net of
debt issuance costs
|
1,262.1
|
|
610.6
|
Identified intangibles,
net of accumulated amortization
|
743.9
|
|
785.0
|
|
|
Long-term debt, net of
debt issuance costs
|
767.9
|
|
779.3
|
Investments
|
819.7
|
|
816.6
|
|
|
Long-term deferred tax
liabilities, net
|
42.5
|
|
44.8
|
Long-term
receivables
|
394.1
|
|
363.8
|
|
|
Deferred
compensation
|
620.0
|
|
580.0
|
Deferred tax assets,
net
|
507.8
|
|
497.4
|
|
|
Long-term operating
lease liability
|
779.8
|
|
754.5
|
Deferred compensation
plans
|
639.8
|
|
604.3
|
|
|
Other
|
424.4
|
|
439.6
|
Other
|
204.2
|
|
208.5
|
|
|
|
Total
liabilities
|
$
9,410.7
|
|
$
9,654.9
|
|
|
Total assets
|
$
15,909.0
|
|
$
16,064.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company shareholders'
equity
|
|
|
|
|
|
|
Common stock
|
0.5
|
|
0.5
|
|
|
|
Additional paid-in
capital
|
2,013.3
|
|
2,019.7
|
|
|
|
Retained
earnings
|
5,941.9
|
|
5,795.6
|
|
|
|
Treasury
stock
|
(913.6)
|
|
(920.1)
|
|
|
|
Shares held in
trust
|
(11.9)
|
|
(10.4)
|
|
|
|
Accumulated other
comprehensive loss
|
(651.0)
|
|
(591.5)
|
|
|
|
|
Total company
shareholders' equity
|
6,379.2
|
|
6,293.8
|
|
|
|
Noncontrolling
interest
|
119.1
|
|
116.1
|
|
|
|
|
Total equity
|
6,498.3
|
|
6,409.9
|
|
|
|
|
Total liabilities and
equity
|
$
15,909.0
|
|
$
16,064.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
JONES LANG LASALLE INCORPORATED
Financial
Statement Notes
1. Management uses certain non-GAAP financial
measures to develop budgets and forecasts, measure and reward
performance against those budgets and forecasts, and enhance
comparability to prior periods. These measures are believed to be
useful to investors and other external stakeholders as supplemental
measures of core operating performance and include the
following:
(i) Adjusted EBITDA attributable to common
shareholders ("Adjusted EBITDA"),
(ii) Adjusted net income attributable to common
shareholders and Adjusted diluted earnings per share,
(iii) Free Cash Flow (refer to Note 5),
(iv) Net Debt (refer to Note 5), and
(v) Percentage changes against prior periods, presented on
a local currency basis.
However, non-GAAP financial measures should not be considered
alternatives to measures determined in accordance with U.S.
generally accepted accounting principles ("GAAP"). Any measure that
eliminates components of a company's capital structure, cost of
operations or investments, or other results has limitations as a
performance measure. In light of these limitations, management also
considers GAAP financial measures and does not rely solely on
non-GAAP financial measures. Because the company's non-GAAP
financial measures are not calculated in accordance with GAAP, they
may not be comparable to similarly titled measures used by other
companies.
Effective January 1, 2024, the
definitions of Adjusted EBITDA and Adjusted net income attributable
to common shareholders were updated to exclude certain equity
earnings/losses as further described below. Comparable periods have
been recast to conform to the revised presentation.
Also effective with first-quarter 2024 reporting, the company no
longer reports the non-GAAP measures "Fee revenue" and "Fee-based
operating expenses" following the conclusion of a comment letter
from the Securities and Exchange Commission Staff in February 2024.
Adjustments to GAAP Financial Measures Used to Calculate
non-GAAP Financial Measures
Net Non-Cash Mortgage Servicing Rights ("MSR") and
Mortgage Banking Derivative Activity consists of the
balances presented within Revenue composed of (i) derivative
gains/losses resulting from mortgage banking loan commitment and
warehousing activity and (ii) gains recognized from the retention
of MSR upon origination and sale of mortgage loans, offset by (iii)
amortization of MSR intangible assets over the period that net
servicing income is projected to be received. Non-cash derivative
gains/losses resulting from mortgage banking loan commitment and
warehousing activity are calculated as the estimated fair value of
loan commitments and subsequent changes thereof, primarily
represented by the estimated net cash flows associated with future
servicing rights. MSR gains and corresponding MSR intangible assets
are calculated as the present value of estimated cash flows over
the estimated mortgage servicing periods. The above activity is
reported entirely within Revenue of the Capital Markets segment.
Excluding net non-cash MSR and mortgage banking derivative activity
reflects how the company manages and evaluates performance because
the excluded activity is non-cash in nature.
Restructuring and Acquisition
Charges primarily consist of: (i) severance and
employment-related charges, including those related to external
service providers, incurred in conjunction with a structural
business shift, which can be represented by a notable change in
headcount, change in leadership or transformation of business
processes; (ii) acquisition, transaction and integration-related
charges, including fair value adjustments, which are generally
non-cash in the periods such adjustments are made, to assets and
liabilities recorded in purchase accounting such as earn-out
liabilities and intangible assets; and (iii) lease exit charges.
Such activity is excluded as the amounts are generally either
non-cash in nature or the anticipated benefits from the
expenditures would not likely be fully realized until future
periods. Restructuring and acquisition charges are excluded from
segment operating results and therefore are not line items in the
segments' reconciliation to Adjusted EBITDA.
Amortization of Acquisition-Related
Intangibles is primarily associated with the fair
value ascribed at closing of an acquisition to assets such as
acquired management contracts, customer backlog and relationships,
and trade name. Such activity is excluded as it is non-cash and the
change in period-over-period activity is generally the result of
longer-term strategic decisions and therefore not necessarily
indicative of core operating results.
Gain or Loss on Disposition reflects the gain or
loss recognized on the sale of businesses. Given the low frequency
of business disposals by the company historically, the gain or loss
directly associated with such activity is excluded as it is not
considered indicative of core operating performance. In 2023, the
$1.8 million loss related to the
disposition of a business in Markets Advisory.
Interest on Employee Loans, Net of Forgiveness
reflects interest accrued on employee loans less the amount of
accrued interest forgiven. Certain employees (predominantly in our
Leasing and Capital Markets businesses) receive cash payments
structured as loans, with interest. Employees earn forgiveness of
the loan based on performance, generally calculated as a percentage
of revenue production. Such forgiven amounts are reflected in
Compensation and benefits expense. Given the interest accrued on
these employee loans and subsequent forgiveness are non-cash and
the amounts perfectly offset over the life of the loan, the
activity is not indicative of core operating performance and is
excluded from non-GAAP measures.
Equity Earnings/Losses (JLL Technologies and LaSalle) primarily reflects
valuation changes on investments reported at fair value.
Investments reported at fair value are increased or decreased each
reporting period by the change in the fair value of the investment.
Where the measurement alternative has been elected, our investment
is increased or decreased upon observable price changes. Such
activity is excluded as the amounts are generally non‑cash in
nature and not indicative of core operating performance.
Note: Equity earnings/losses in the remaining segments represent
the results of unconsolidated operating ventures (not investments),
and therefore the amounts are included in adjusted profit measures
on both a segment and consolidated basis.
Reconciliation of Non-GAAP Financial Measures
Below are (i) a reconciliation of Net income attributable to common
shareholders to Adjusted EBITDA, (ii) a reconciliation to Adjusted
net income and (iii) components of Adjusted diluted earnings per
share.
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
84.4
|
|
$
2.5
|
|
$
150.5
|
|
$
(6.7)
|
Add:
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
41.7
|
|
40.5
|
|
72.2
|
|
66.8
|
Income tax provision
(benefit)
|
20.5
|
|
0.8
|
|
36.4
|
|
(1.5)
|
Depreciation and
amortization(a)
|
61.4
|
|
59.0
|
|
121.4
|
|
115.5
|
Adjustments:
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges4
|
11.5
|
|
11.8
|
|
13.2
|
|
47.5
|
Net loss on
disposition
|
—
|
|
1.8
|
|
—
|
|
1.8
|
Net non-cash MSR and
mortgage banking derivative activity
|
11.8
|
|
0.6
|
|
20.8
|
|
2.4
|
Interest on employee
loans, net of forgiveness
|
(1.3)
|
|
(0.9)
|
|
(2.3)
|
|
(0.7)
|
Equity losses - JLL
Technologies and LaSalle
|
16.3
|
|
109.0
|
|
21.2
|
|
112.9
|
Adjusted
EBITDA
|
$
246.3
|
|
$
225.1
|
|
$
433.4
|
|
$
338.0
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
84.4
|
|
$
2.5
|
|
$
150.5
|
|
$
(6.7)
|
Diluted shares (in
thousands)(b)
|
48,317
|
|
48,334
|
|
48,302
|
|
47,652
|
Diluted earnings (loss)
per share
|
$
1.75
|
|
$
0.05
|
|
$
3.12
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
84.4
|
|
$
2.5
|
|
$
150.5
|
|
$
(6.7)
|
Adjustments:
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges4
|
11.5
|
|
11.8
|
|
13.2
|
|
47.5
|
Net non-cash MSR and
mortgage banking derivative activity
|
11.8
|
|
0.6
|
|
20.8
|
|
2.4
|
Amortization of
acquisition-related intangibles(a)
|
15.8
|
|
17.2
|
|
31.0
|
|
33.7
|
Net loss on
disposition
|
—
|
|
1.8
|
|
—
|
|
1.8
|
Interest on employee
loans, net of forgiveness
|
(1.3)
|
|
(0.9)
|
|
(2.3)
|
|
(0.7)
|
Equity losses - JLL
Technologies and LaSalle
|
16.3
|
|
109.0
|
|
21.2
|
|
112.9
|
Tax impact of adjusted
items(c)
|
(15.3)
|
|
(39.8)
|
|
(25.2)
|
|
(54.5)
|
Adjusted net income
attributable to common shareholders
|
$
123.2
|
|
$
102.2
|
|
$
209.2
|
|
$
136.4
|
Diluted shares (in
thousands)
|
48,317
|
|
48,334
|
|
48,302
|
|
48,357
|
Adjusted diluted
earnings per share
|
$
2.55
|
|
$
2.12
|
|
$
4.33
|
|
$
2.82
|
|
(a) This adjustment
excludes the noncontrolling interest portion of amortization of
acquisition-related intangibles which is not attributable to common
shareholders.
|
(b) For the six months
ended June 30, 2023, basic shares outstanding were used in the
calculation of dilutive loss per share as the impact of unvested
stock-based compensation awards would be anti-dilutive.
|
(c) For the first half
of 2024 and 2023, the tax impact of adjusted items was calculated
using the applicable statutory rates by tax
jurisdiction.
|
Operating Results - Local Currency
In discussing operating results, the company refers to
percentage changes in local currency, unless otherwise noted.
Amounts presented on a local currency basis are calculated by
translating the current period results of foreign operations to
U.S. dollars using the foreign currency exchange rates from the
comparative period. Management believes this methodology provides a
framework for assessing performance and operations excluding the
effect of foreign currency fluctuations.
The following table reflects the reconciliation to local
currency amounts for consolidated (i) Revenue, (ii) Operating
income and (iii) Adjusted EBITDA.
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
($ in
millions)
|
2024
|
|
%
Change
|
|
2024
|
|
%
Change
|
Revenue:
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
5,628.7
|
|
11 %
|
|
$
10,753.2
|
|
10 %
|
Impact of change in
exchange rates
|
32.5
|
|
n/a
|
|
38.1
|
|
n/a
|
At comparative period
exchange rates
|
$
5,661.2
|
|
12 %
|
|
$
10,791.3
|
|
10 %
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
152.4
|
|
2 %
|
|
$
266.6
|
|
60 %
|
Impact of change in
exchange rates
|
2.7
|
|
n/a
|
|
8.1
|
|
n/a
|
At comparative period
exchange rates
|
$
155.1
|
|
4 %
|
|
$
274.7
|
|
65 %
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
246.3
|
|
9 %
|
|
$
433.4
|
|
28 %
|
Impact of change in
exchange rates
|
2.7
|
|
n/a
|
|
8.0
|
|
n/a
|
At comparative period
exchange rates
|
$
249.0
|
|
11 %
|
|
$
441.4
|
|
31 %
|
2. n.m.: "not meaningful", represented by a
percentage change of greater than 1,000%, favorable or
unfavorable.
3. As of June 30,
2024, LaSalle had
$86.6 billion of real estate assets
under management ("AUM"), composed of $45.6
billion invested in fund management vehicles, $37.8 billion invested in separate accounts and
$3.2 billion invested in public
securities. The geographic distribution was $28.9 billion in North
America, $23.4 billion in
Europe and $20.2 billion in Asia
Pacific. The remaining $14.1
billion relates to Global Solutions which is a global
business line.
Compared with AUM of $89.7 billion
as of March 31, 2024, the AUM as of
June 30, 2024, decreased 3% in USD
(2% in local currency). The net decrease in AUM during the quarter
resulted from (i) $1.3 billion of net
valuation decreases, (ii) $1.2
billion of foreign currency decreases, (iii) $0.7 billion decrease in uncalled committed
capital and cash held, (iv) $0.7
billion of dispositions and withdrawals, partially offset by
(v) $0.8 billion of acquisitions.
Assets under management data for separate accounts and fund
management amounts are reported on a one-quarter lag. In addition,
LaSalle raised $0.6 billion in private equity capital for the
quarter ended June 30, 2024.
4. Restructuring and acquisition charges are
excluded from the company's measure of segment operating results,
although they are included within consolidated Operating income
calculated in accordance with GAAP. For purposes of segment
operating results, the allocation of Restructuring and acquisition
charges to the segments is not a component of management's
assessment of segment performance. The table below shows
Restructuring and acquisition charges.
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Severance and other
employment-related charges
|
$
7.2
|
|
$
5.8
|
|
$
11.7
|
|
$
31.5
|
Restructuring,
pre-acquisition and post-acquisition charges
|
6.4
|
|
6.6
|
|
14.1
|
|
16.6
|
Fair value adjustments
that resulted in a net decrease to earn-out liabilities from
prior-period acquisition activity
|
(2.1)
|
|
(0.6)
|
|
(12.6)
|
|
(0.6)
|
Total Restructuring and
acquisition charges
|
$
11.5
|
|
$
11.8
|
|
$
13.2
|
|
$
47.5
|
5. "Gross contract costs" represent certain costs
associated with client-dedicated employees and third-party vendors
and subcontractors and are directly or indirectly reimbursed
through the fees we receive. These costs are presented on a gross
basis in Operating expenses (with the corresponding fees in
Revenue).
"Net Debt" is defined as the sum of the (i) Credit facility,
inclusive of debt issuance costs, (ii) Long-term debt, inclusive of
debt issuance costs and (iii) Short-term borrowings liability
balances less Cash and cash equivalents.
"Net Leverage Ratio" is defined as Net Debt divided by the
trailing twelve-month Adjusted EBITDA.
Below is a reconciliation of total debt to Net Debt and the
components of Net Leverage Ratio.
($ in
millions)
|
June 30,
2024
|
|
March 31,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
Total debt
|
$
2,176.4
|
|
$
2,297.5
|
|
$
2,344.0
|
Less: Cash and cash
equivalents
|
424.4
|
|
396.7
|
|
402.5
|
Net Debt
|
$
1,752.0
|
|
$
1,900.8
|
|
$
1,941.5
|
|
|
|
|
|
|
Divided by: Trailing
twelve-month Adjusted EBITDA
|
$
1,033.8
|
|
$
1,012.6
|
|
$
974.3
|
Net Leverage
Ratio
|
1.7x
|
|
1.9x
|
|
2.0x
|
"Corporate Liquidity" is defined as the unused portion of the
company's Credit facility plus cash and cash equivalents.
"Free Cash Flow" is defined as cash provided by operating
activities less net capital additions - property and equipment.
Below is a reconciliation of net cash used in operating
activities to Free Cash Flow.
|
Six Months Ended
June 30,
|
(in
millions)
|
2024
|
|
2023
|
|
|
|
|
Net cash used in
operating activities
|
$
(403.6)
|
|
$
(479.3)
|
Net capital additions -
property and equipment
|
(81.4)
|
|
(88.2)
|
Free Cash
Flow5
|
$
(485.0)
|
|
$
(567.5)
|
6. The company defines "Resilient" revenue as (i)
Property Management, within Markets Advisory, (ii) Value and Risk
Advisory, and Loan Servicing, within Capital Markets, (iii)
Workplace Management, within Work Dynamics, (iv) JLL Technologies
and (v) Advisory Fees, within LaSalle.
The company defines "Transactional" revenue as (i) Leasing and
Advisory, Consulting and Other, within Markets Advisory, (ii)
Investment Sales, Debt/Equity Advisory and Other, within Capital
Markets, (iii) Project Management and Portfolio Services and Other,
within Work Dynamics and (iv) Incentive fees and Transaction fees
and other, within LaSalle.
7. Within the Consolidated Statements of Cash Flows, the
company made certain presentation changes and recast prior-period
information to conform with the current presentation. More
specifically, the company recast certain components and captions
within Cash flows from operating activities, which had no impact on
previously-reported Net cash provided by operating activities or on
the other consolidated financial statements.
8. Greater China:
China, Hong Kong, Macau and Taiwan.
Appendix: Additional Segment Detail
|
Three Months Ended
June 30, 2024
|
(in
millions)
|
Markets
Advisory
|
|
Capital
Markets
|
|
Work
Dynamics
|
|
|
|
|
|
|
|
Leasing
|
Property
Mgmt
|
Advisory, Consulting
and Other
|
|
Total Markets
Advisory
|
|
Invt Sales, Debt/Equity
Advisory and Other
|
Value and Risk
Advisory
|
Loan
Servicing
|
|
Total Capital
Markets
|
|
Workplace
Mgmt
|
Project Mgmt
|
Portfolio Services and
Other
|
|
Total Work
Dynamics
|
|
JLLT
|
|
LaSalle
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue(a)
|
$ 619.1
|
436.6
|
23.1
|
|
$
1,078.8
|
|
$ 320.3
|
95.8
|
41.5
|
|
$ 457.6
|
|
$
3,021.1
|
788.1
|
124.1
|
|
$
3,933.3
|
|
$
56.4
|
|
$ 102.6
|
|
$
5,628.7
|
Gross contract
costs5
|
$
5.9
|
304.4
|
2.4
|
|
$ 312.7
|
|
$
8.6
|
3.2
|
—
|
|
$
11.8
|
|
$
2,793.4
|
555.2
|
64.1
|
|
$
3,412.7
|
|
$
1.4
|
|
$
8.8
|
|
$
3,747.4
|
Platform operating
expenses
|
|
|
|
|
$ 652.9
|
|
|
|
|
|
$ 441.7
|
|
|
|
|
|
$ 470.6
|
|
$
70.7
|
|
$
81.5
|
|
$
1,717.4
|
Adjusted
EBITDA1
|
|
|
|
|
$ 129.6
|
|
|
|
|
|
$
33.8
|
|
|
|
|
|
$
71.1
|
|
$ (10.9)
|
|
$
22.7
|
|
$ 246.3
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $11.8 million for the three months
ended June 30, 2024 within Investment Sales, Debt/Equity Advisory
and Other.
|
|
Three Months Ended June
30, 2023
|
(in
millions)
|
Markets
Advisory
|
|
Capital
Markets
|
|
Work
Dynamics
|
|
|
|
|
|
|
|
Leasing
|
Property
Mgmt
|
Advisory, Consulting
and Other
|
|
Total Markets
Advisory
|
|
Invt Sales, Debt/Equity
Advisory and Other
|
Value and Risk
Advisory
|
Loan
Servicing
|
|
Total Capital
Markets
|
|
Workplace
Mgmt
|
Project Mgmt
|
Portfolio Services and
Other
|
|
Total Work
Dynamics
|
|
JLLT
|
|
LaSalle
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$ 591.4
|
409.9
|
24.1
|
|
$
1,025.4
|
|
$ 319.5
|
89.5
|
39.0
|
|
$ 448.0
|
|
$
2,553.4
|
703.2
|
118.0
|
|
$
3,374.6
|
|
$ 60.6
|
|
$
143.9
|
|
$
5,052.5
|
Gross contract
costs5
|
$
3.4
|
278.9
|
2.0
|
|
$
284.3
|
|
$ 10.2
|
2.9
|
—
|
|
$ 13.1
|
|
$
2,365.2
|
473.5
|
58.1
|
|
$
2,896.8
|
|
$
4.1
|
|
$
7.5
|
|
$
3,205.8
|
Platform operating
expenses
|
|
|
|
|
$
657.1
|
|
|
|
|
|
$ 420.8
|
|
|
|
|
|
$
442.1
|
|
$ 61.9
|
|
$ 103.8
|
|
$
1,685.7
|
Adjusted
EBITDA1
|
|
|
|
|
$
99.4
|
|
|
|
|
|
$ 36.0
|
|
|
|
|
|
$
56.2
|
|
$
(1.3)
|
|
$ 34.8
|
|
$
225.1
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $0.6 million for the three months ended
June 30, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
Appendix: Additional Segment Detail (continued)
|
Six Months Ended
June 30, 2024
|
(in
millions)
|
Markets
Advisory
|
|
Capital
Markets
|
|
Work
Dynamics
|
|
|
|
|
|
|
|
Leasing
|
Property
Mgmt
|
Advisory, Consulting
and Other
|
|
Total Markets
Advisory
|
|
Invt Sales, Debt/Equity
Advisory and Other
|
Value and Risk
Advisory
|
Loan
Servicing
|
|
Total Capital
Markets
|
|
Workplace
Mgmt
|
Project Mgmt
|
Portfolio Services and
Other
|
|
Total Work
Dynamics
|
|
JLLT
|
|
LaSalle
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue(a)
|
$
1,116.4
|
866.3
|
46.2
|
|
$
2,028.9
|
|
$ 579.0
|
176.0
|
80.2
|
|
$
835.2
|
|
$
5,892.8
|
1,444.5
|
235.5
|
|
$
7,572.8
|
|
$
110.3
|
|
$
206.0
|
|
$
10,753.2
|
Gross contract
costs5
|
$
10.1
|
602.9
|
4.6
|
|
$
617.6
|
|
$ 19.7
|
5.7
|
—
|
|
$
25.4
|
|
$
5,456.5
|
1,001.1
|
125.7
|
|
$
6,583.3
|
|
$
2.6
|
|
$
17.2
|
|
$
7,246.1
|
Platform operating
expenses
|
|
|
|
|
$
1,219.7
|
|
|
|
|
|
$
806.5
|
|
|
|
|
|
$
910.4
|
|
$
133.0
|
|
$
157.7
|
|
$
3,227.3
|
Adjusted
EBITDA1
|
|
|
|
|
$
224.9
|
|
|
|
|
|
$
58.8
|
|
|
|
|
|
$
122.0
|
|
$
(16.0)
|
|
$
43.7
|
|
$
433.4
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $20.8 million for the six months ended
June 30, 2024 within Investment Sales, Debt/Equity Advisory and
Other.
|
|
Six Months Ended June
30, 2023
|
(in
millions)
|
Markets
Advisory
|
|
Capital
Markets
|
|
Work
Dynamics
|
|
|
|
|
|
|
|
Leasing
|
Property
Mgmt
|
Advisory, Consulting
and Other
|
|
Total Markets
Advisory
|
|
Invt Sales, Debt/Equity
Advisory and Other
|
Value and Risk
Advisory
|
Loan
Servicing
|
|
Total Capital
Markets
|
|
Workplace
Mgmt
|
Project Mgmt
|
Portfolio Services and
Other
|
|
Total Work
Dynamics
|
|
JLLT
|
|
LaSalle
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue(a)
|
$
1,078.4
|
810.1
|
43.3
|
|
$
1,931.8
|
|
$ 560.1
|
168.6
|
76.4
|
|
$
805.1
|
|
$
5,050.6
|
1,379.5
|
220.7
|
|
$ 6,650.8
|
|
$
122.0
|
|
$
258.3
|
|
$ 9,768.0
|
Gross contract
costs5
|
$
7.9
|
552.0
|
3.5
|
|
$
563.4
|
|
$ 17.4
|
5.0
|
—
|
|
$
22.4
|
|
$
4,679.2
|
938.9
|
112.9
|
|
$ 5,731.0
|
|
$
7.7
|
|
$
14.6
|
|
$ 6,339.1
|
Platform operating
expenses
|
|
|
|
|
$
1,228.8
|
|
|
|
|
|
$
776.7
|
|
|
|
|
|
$
877.9
|
|
$
141.8
|
|
$
189.2
|
|
$ 3,214.4
|
Adjusted
EBITDA1
|
|
|
|
|
$
171.0
|
|
|
|
|
|
$
46.7
|
|
|
|
|
|
$
81.9
|
|
$
(19.5)
|
|
$
57.9
|
|
$
338.0
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $2.4 million for the six months ended
June 30, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
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SOURCE JLL-IR