Double-digit revenue growth, coupled with ongoing cost
discipline, drove strong bottom-line performance
CHICAGO, Nov. 6, 2024
/PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today
reported operating performance for the third quarter of 2024.
Transactional6 revenue growth accelerated to double
digits and complemented continued momentum in Resilient6
business line revenues. Diluted earnings per share were
$3.20, up from $1.23 last year; adjusted diluted earnings per
share1 were $3.50, up from
$2.19.
- Third-quarter revenue was $5.9
billion, up 15% in local currency1
- Resilient6 revenues grew 16% in local currency and
Transactional6 revenues were up 11% in local currency
- Leasing, within Markets Advisory, increased 21% with
broad-based geographic and asset class growth led by U.S.
office
- Capital Markets delivered 14% growth as momentum grew in
investment sales and debt/equity advisory
- Work Dynamics extended its growth momentum, highlighted by a
20% increase in Workplace Management
- Continued profitability improvement led by
Transactional6 revenue growth and the combination of
cost discipline and platform leverage
- JLL enhanced digital leasing capabilities, closing on the
acquisition of Raise Commercial Real Estate in mid-October
"JLL achieved strong third-quarter revenue and profit growth
fueled by continued high demand for our outsourcing services and an
acceleration in transactional activity," said Christian Ulbrich, JLL CEO. "Amidst a dynamic
macro backdrop, our combination of data insights, talented people,
and investments in our platform and technology is enhancing the way
we work, delivering innovative capabilities our clients value. We
are excited by significant opportunities in front of us and expect
to continue to capitalize on them, driving meaningful and
increasingly resilient top and bottom-line growth, financial
returns, and cash flow generation."
|
Summary Financial
Results
($ in millions,
except per share data, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
% Change in
USD
|
% Change in
LC
|
|
2024
|
|
2023
|
% Change in
USD
|
% Change in
LC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
5,868.8
|
|
$
5,111.4
|
15 %
|
15 %
|
|
$
16,622.0
|
|
$ 14,879.4
|
12 %
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
155.1
|
|
$
59.7
|
160 %
|
161 %
|
|
$
305.6
|
|
$
53.0
|
477 %
|
492 %
|
|
Adjusted net income
attributable to common shareholders1
|
170.0
|
|
106.3
|
60
|
60
|
|
379.2
|
|
242.7
|
56
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
3.20
|
|
$
1.23
|
160 %
|
160 %
|
|
$
6.32
|
|
$
1.10
|
475 %
|
492 %
|
|
Adjusted diluted
earnings per share1
|
3.50
|
|
2.19
|
60
|
60
|
|
7.84
|
|
5.02
|
56
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA1
|
$
298.1
|
|
$
217.3
|
37 %
|
37 %
|
|
$
731.5
|
|
$
555.3
|
32 %
|
33 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
$
261.6
|
|
$
325.7
|
(20) %
|
n/a
|
|
$
(142.0)
|
|
$
(153.6)
|
8 %
|
n/a
|
|
Free Cash
Flow5
|
216.7
|
|
276.2
|
(22) %
|
n/a
|
|
(268.3)
|
|
(291.3)
|
8 %
|
n/a
|
|
|
|
Note:
|
For discussion and
reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release.
|
|
Consolidated
Third-Quarter 2024 Performance Highlights:
|
|
|
Consolidated
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Markets
Advisory
|
$
1,143.8
|
|
$
992.4
|
|
15 %
|
|
15 %
|
|
$
3,172.7
|
|
$
2,924.2
|
|
8 %
|
|
9 %
|
|
Capital
Markets
|
498.8
|
|
435.8
|
|
14
|
|
14
|
|
1,334.0
|
|
1,240.9
|
|
8
|
|
8
|
|
Work
Dynamics
|
4,068.2
|
|
3,514.2
|
|
16
|
|
16
|
|
11,641.0
|
|
10,165.0
|
|
15
|
|
15
|
|
JLL
Technologies
|
56.7
|
|
58.9
|
|
(4)
|
|
(4)
|
|
167.0
|
|
180.9
|
|
(8)
|
|
(8)
|
|
LaSalle
|
101.3
|
|
110.1
|
|
(8)
|
|
(8)
|
|
307.3
|
|
368.4
|
|
(17)
|
|
(16)
|
|
Total
revenue
|
$
5,868.8
|
|
$
5,111.4
|
|
15 %
|
|
15 %
|
|
$
16,622.0
|
|
$
14,879.4
|
|
12 %
|
|
12 %
|
|
Gross contract
costs5
|
$
3,861.8
|
|
$
3,327.1
|
|
16 %
|
|
16 %
|
|
$
11,107.9
|
|
$
9,666.2
|
|
15 %
|
|
15 %
|
|
Platform operating
expenses
|
1,787.5
|
|
1,633.6
|
|
9
|
|
9
|
|
5,014.8
|
|
4,848.0
|
|
3
|
|
3
|
|
Restructuring and
acquisition charges4
|
(8.8)
|
|
31.6
|
|
(128)
|
|
(128)
|
|
4.4
|
|
79.1
|
|
(94)
|
|
(95)
|
|
Total operating
expenses
|
$
5,640.5
|
|
$
4,992.3
|
|
13 %
|
|
13 %
|
|
$
16,127.1
|
|
$
14,593.3
|
|
11 %
|
|
11 %
|
|
Net non-cash MSR and
mortgage banking derivative activity1
|
$
(5.1)
|
|
$
(7.1)
|
|
28 %
|
|
29 %
|
|
$
(25.9)
|
|
$
(9.5)
|
|
(173) %
|
|
(172) %
|
|
Adjusted
EBITDA1
|
$
298.1
|
|
$
217.3
|
|
37 %
|
|
37 %
|
|
$
731.5
|
|
$
555.3
|
|
32 %
|
|
33 %
|
|
|
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 15% compared with the prior-year quarter.
The collective 11% increase in Transactional6 revenue
was led by Leasing, within Markets Advisory, up 21%, and Investment
Sales, Debt/Equity Advisory and Other, within Capital Markets, up
18% excluding the impact of non-cash MSR and mortgage banking
derivative activity.
Several businesses with Resilient6 revenues continued
to deliver strong revenue growth, collectively up 16%, highlighted
by Workplace Management, within Work Dynamics, up 20%, and Property
Management, within Markets Advisory, up 8%. Growth in these
businesses outpaced declines in LaSalle Advisory Fees, down 10%,
and JLL Technologies, down 4%.
Refer to segment performance highlights for additional
detail.
The following chart reflects the year-over-year change in
revenue for each of the trailing eight quarters (QTD revenues, on a
local currency basis). The chart shows the change in Transactional,
Resilient and total revenue.
Net income and Adjusted EBITDA
Net income attributable to common shareholders for the third
quarter was $155.1 million, compared
with $59.7 million in 2023, and
Adjusted EBITDA was $298.1 million,
compared with $217.3 million last
year.
Diluted earnings per share for the third quarter were
$3.20 compared with $1.23 in the prior year. The $40.4 million change in Restructuring and
acquisition charges, which are excluded from adjusted measures,
reflected (i) an expense credit in the current quarter associated
with a lower expected earn-out payout related to a 2021 U.S.
property management joint venture as well as (ii) lower
employment-related costs given the significant cost-out actions in
2023. Adjusted diluted earnings per share were $3.50 for the third quarter compared with
$2.19 in 2023. The effective tax
rates for the third quarters of 2024 and 2023 were 19.5% and 19.6%,
respectively.
The growth in consolidated profit was primarily attributable to
(i) higher revenues, both Transactional and certain Resilient
revenues, including Workplace Management within Work Dynamics, and
(ii) cost discipline and enhanced leverage of the company's
platform. These drivers notably outpaced the timing of
revenue-related expense accruals in Work Dynamics and lower
contributions from LaSalle. Refer
to the segment performance highlights for additional detail.
Net income attributable to common shareholders was $305.6 million for the nine months ended
September 30, 2024, compared with
income of $53.0 million last year,
and Adjusted EBITDA was $731.5
million this year, compared with $555.3 million in 2023. Diluted earnings per
share was $6.32 for the nine months
ended September 30, 2024, up from
diluted earnings per share of $1.10
in 2023; adjusted diluted earnings per share were $7.84, compared with $5.02 last year.
The following chart reflects the aggregation of segment Adjusted
EBITDA for the third quarter of 2024 and 2023.
Cash Flows and Capital Allocation:
Net cash provided by operating activities was $261.6 million for the third quarter of 2024,
compared with $325.7 million in the
prior-year quarter. Free Cash Flow5 was an inflow of
$216.7 million this quarter, compared
with $276.2 million in the prior
year. In the current quarter, and as disclosed last quarter, the
company repurchased a loan from Fannie Mae, negatively impacting
operating cash flows. In addition, lower cash flow performance was
partially due to nearly $30.0 million
of higher cash taxes paid (approximately $117.0 million of incremental cash taxes paid on
a year-to-date basis) as well as a $21.0
million headwind from Net reimbursables driven by growth in
Workplace Management. Partially offsetting these items was higher
cash provided by earnings, driven by improved business
performance.
The number of shares repurchased and cash paid for repurchases
is noted in the following table:
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30, 2024
|
|
($ in
millions)
|
2024
|
2023
|
|
2024
|
2023
|
|
Total number of shares
repurchased (in 000's)
|
83.5
|
123.2
|
|
297.9
|
262.5
|
|
Total paid for shares
repurchased
|
$
20.1
|
20.1
|
|
$
60.3
|
40.1
|
As of September 30, 2024,
$1,033.3 million remained authorized
for repurchase.
Net Debt, Leverage and Liquidity5:
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
|
|
|
|
|
|
Total Net Debt (in
millions)
|
$
1,597.3
|
|
1,752.0
|
|
1,698.6
|
|
|
|
|
|
|
|
Net Leverage
Ratio
|
1.4x
|
|
1.7x
|
|
1.9x
|
|
|
|
|
|
|
|
Corporate Liquidity (in
millions)
|
$
3,392.8
|
|
2,449.4
|
|
2,139.5
|
The decrease in Net Debt from June 30,
2024, reflected incremental cash flows from operating
activities during the third quarter of 2024. The Net Debt reduction
from September 30, 2023, was largely
attributable to improved cash flows from operations over the
trailing twelve months ended September 30,
2024, compared with the twelve-month period ended
September 30, 2023.
In addition to the Corporate Liquidity detailed above, the
company maintains a commercial paper program (the "Program") with
$2.5 billion authorized for issuance.
As of September 30, 2024, there was
$800.0 million outstanding under the
Program.
|
Markets Advisory
Third-Quarter 2024 Performance Highlights:
|
|
|
Markets
Advisory
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
1,143.8
|
|
$
992.4
|
|
15 %
|
|
15 %
|
|
$
3,172.7
|
|
$
2,924.2
|
|
8 %
|
|
9 %
|
|
Leasing
|
665.4
|
|
547.7
|
|
21
|
|
21
|
|
1,781.8
|
|
1,626.1
|
|
10
|
|
10
|
|
Property
Management
|
452.3
|
|
419.2
|
|
8
|
|
8
|
|
1,318.6
|
|
1,229.3
|
|
7
|
|
8
|
|
Advisory, Consulting
and Other
|
26.1
|
|
25.5
|
|
2
|
|
2
|
|
72.3
|
|
68.8
|
|
5
|
|
5
|
|
Segment operating
expenses
|
$
1,008.4
|
|
$
923.0
|
|
9 %
|
|
9 %
|
|
$
2,845.7
|
|
$
2,715.2
|
|
5 %
|
|
5 %
|
|
Segment platform
operating expenses
|
687.5
|
|
634.6
|
|
8
|
|
8
|
|
1,907.2
|
|
1,863.4
|
|
2
|
|
3
|
|
Gross contract
costs5
|
320.9
|
|
288.4
|
|
11
|
|
11
|
|
938.5
|
|
851.8
|
|
10
|
|
11
|
|
Adjusted
EBITDA1
|
$
151.9
|
|
$
85.1
|
|
78 %
|
|
77 %
|
|
$
376.8
|
|
$
256.1
|
|
47 %
|
|
46 %
|
|
|
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 broad-based increase in Markets Advisory revenue was
primarily driven by Leasing and was led by the office sector. Most
geographies achieved double-digit growth, notably the U.S.,
India, UK, Australia and Greater China. Globally, industrial was flat
to the prior-year quarter, ending a multi-quarter trend of declines
in the sector as deal size rebounded. In addition, the number of
larger-scale Leasing deals, where JLL has historically had a
greater presence, increased over the prior-year quarter in nearly
all asset classes. Property Management revenue growth was led by
expansion in the U.S. and several countries in Asia Pacific, including incremental revenue in
the U.S. associated with pass-through expenses.
Higher Adjusted EBITDA was largely driven by transactional
revenue growth and continued cost discipline. In addition, the
timing of prior-year incentive compensation accruals positively
impacted the year-over-year profit performance.
|
Capital Markets
Third-Quarter 2024 Performance Highlights:
|
|
|
Capital
Markets
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
498.8
|
|
$
435.8
|
|
14 %
|
|
14 %
|
|
$
1,334.0
|
|
$
1,240.9
|
|
8 %
|
|
8 %
|
|
Investment Sales,
Debt/Equity Advisory and Other, excluding Net non-cash
MSR(a)
|
376.9
|
|
317.3
|
|
19
|
|
18
|
|
976.7
|
|
879.8
|
|
11
|
|
11
|
|
Net non-cash MSR and
mortgage banking derivative activity (a)
|
(5.1)
|
|
(7.1)
|
|
28
|
|
29
|
|
(25.9)
|
|
(9.5)
|
|
(173)
|
|
(172)
|
|
Value and Risk
Advisory
|
86.0
|
|
87.5
|
|
(2)
|
|
(3)
|
|
262.0
|
|
256.1
|
|
2
|
|
2
|
|
Loan
Servicing
|
41.0
|
|
38.1
|
|
8
|
|
8
|
|
121.2
|
|
114.5
|
|
6
|
|
6
|
|
Segment operating
expenses
|
$
455.9
|
|
$
410.0
|
|
11 %
|
|
11 %
|
|
$
1,287.8
|
|
$
1,209.1
|
|
7 %
|
|
7 %
|
|
Segment platform
operating expenses
|
444.4
|
|
398.5
|
|
12
|
|
11
|
|
1,250.9
|
|
1,175.2
|
|
6
|
|
6
|
|
Gross contract
costs5
|
11.5
|
|
11.5
|
|
—
|
|
(1)
|
|
36.9
|
|
33.9
|
|
9
|
|
10
|
|
Equity
earnings
|
$
0.2
|
|
$
0.7
|
|
(71) %
|
|
(67) %
|
|
$
0.8
|
|
$
6.1
|
|
(87) %
|
|
(86) %
|
|
Adjusted
EBITDA1
|
$
65.7
|
|
$
50.3
|
|
31 %
|
|
30 %
|
|
$
124.5
|
|
$
97.0
|
|
28 %
|
|
29 %
|
|
|
|
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 beginning 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 revenue growth was led by Investment Sales,
Debt/Equity Advisory and Other, excluding Net non-cash MSR, as
investor sentiment strengthened. This revenue growth was
geographically broad-based, most notably in the United States and Europe, and was across nearly all asset
classes, with hotels, office and industrial leading the way.
Investment sales in the U.S. grew approximately 30%, meaningfully
outperforming the broader market for investment sales, which grew
23% according to JLL Research.
The Adjusted EBITDA improvement was largely attributable to the
transactional revenue growth described above and continued cost
discipline.
|
Work Dynamics
Third-Quarter 2024 Performance Highlights:
|
|
|
Work
Dynamics
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
4,068.2
|
|
$
3,514.2
|
|
16 %
|
|
16 %
|
|
$
11,641.0
|
|
$
10,165.0
|
|
15 %
|
|
15 %
|
|
Workplace
Management
|
3,164.6
|
|
2,637.1
|
|
20
|
|
20
|
|
9,057.4
|
|
7,687.7
|
|
18
|
|
18
|
|
Project
Management
|
771.3
|
|
747.0
|
|
3
|
|
3
|
|
2,215.8
|
|
2,126.5
|
|
4
|
|
4
|
|
Portfolio Services
and Other
|
132.3
|
|
130.1
|
|
2
|
|
1
|
|
367.8
|
|
350.8
|
|
5
|
|
4
|
|
Segment operating
expenses
|
$
4,019.6
|
|
$
3,472.4
|
|
16 %
|
|
16 %
|
|
$
11,513.3
|
|
$
10,081.3
|
|
14 %
|
|
14 %
|
|
Segment platform
operating expenses
|
500.9
|
|
455.9
|
|
10
|
|
10
|
|
1,411.3
|
|
1,333.8
|
|
6
|
|
6
|
|
Gross contract
costs5
|
3,518.7
|
|
3,016.5
|
|
17
|
|
17
|
|
10,102.0
|
|
8,747.5
|
|
15
|
|
16
|
|
Adjusted
EBITDA1
|
$
74.3
|
|
$
61.6
|
|
21 %
|
|
20 %
|
|
$
196.3
|
|
$
143.5
|
|
37 %
|
|
37 %
|
|
|
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, largely from U.S. mandate
expansions. Project Management revenue performance varied across
geographies given shifts in business mix as lower pass-through
costs partially offset management fees increases in the mid-single
digits. Greater activity in Portfolio Services and Other was
largely offset by the absence of fees associated with a large
transaction on behalf of a U.S. client in 2023.
Adjusted EBITDA expansion was driven by the top-line performance
described above with enhanced platform leverage, which more than
offset nearly $10 million of expense
associated with the timing of accruals related to gross receipts
taxes in a handful of U.S. states.
|
JLL Technologies Third-Quarter 2024
Performance Highlights:
|
|
|
JLL
Technologies
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
56.7
|
|
$
58.9
|
|
(4) %
|
|
(4) %
|
|
$
167.0
|
|
$
180.9
|
|
(8) %
|
|
(8) %
|
|
Segment operating
expenses
|
$
75.7
|
|
$
68.5
|
|
11 %
|
|
10 %
|
|
$
211.3
|
|
$
218.0
|
|
(3) %
|
|
(3) %
|
|
Segment platform
operating expenses(a)
|
74.3
|
|
65.2
|
|
14
|
|
14
|
|
207.3
|
|
207.0
|
|
—
|
|
—
|
|
Gross contract
costs5
|
1.4
|
|
3.3
|
|
(58)
|
|
(59)
|
|
4.0
|
|
11.0
|
|
(64)
|
|
(64)
|
|
Adjusted
EBITDA1
|
$
(7.8)
|
|
$
(5.7)
|
|
(37) %
|
|
(39) %
|
|
$
(23.8)
|
|
$
(25.2)
|
|
6 %
|
|
6 %
|
|
|
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 $4.3 million for the three and nine months ended
September 30, 2024, and a carried interest benefit of $0.1 million
and $9.4 million for the three and nine months ended September 30,
2023, related to Equity earnings (losses) of the
segment.
|
The decline in JLL Technologies revenue was due to lower
contract signings over the trailing twelve months in services
offerings, partially offset by continued growth in software
offerings.
The increase in segment operating expenses is primarily driven
by 1) $6.3 million of non-cash losses
from convertible notes associated with JLL Technologies
investments, which are excluded from Adjusted EBITDA consistent
with equity earnings/losses from investments, 2) an approximate
$5 million reduction to incentive
compensation in the prior-year quarter attributable to achievement
against certain targets, and 3) an incremental $2.3 million of carried interest expense
associated with net equity earnings on Spark Venture Funds
investments.
The lower Adjusted EBITDA was primarily attributable to lower
revenue as well as the incentive compensation and carried interest
expenses items described above, which overshadowed the benefits of
cost discipline and improved operating efficiency over the trailing
twelve months.
|
LaSalle Third-Quarter 2024 Performance
Highlights:
|
|
|
LaSalle
($ in millions, "LC" = local currency)
|
Three Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
Nine Months Ended
September 30,
|
|
% Change in
USD
|
|
% Change in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
101.3
|
|
$
110.1
|
|
(8) %
|
|
(8) %
|
|
$
307.3
|
|
$
368.4
|
|
(17) %
|
|
(16) %
|
|
Advisory
fees
|
92.7
|
|
102.7
|
|
(10)
|
|
(10)
|
|
278.1
|
|
306.3
|
|
(9)
|
|
(8)
|
|
Transaction fees and
other
|
8.6
|
|
7.4
|
|
16
|
|
17
|
|
24.4
|
|
22.8
|
|
7
|
|
10
|
|
Incentive
fees
|
—
|
|
—
|
|
n.m.
|
|
n.m.
|
|
4.8
|
|
39.3
|
|
(88)
|
|
(87)
|
|
Segment operating
expenses
|
$
89.7
|
|
$
86.8
|
|
3 %
|
|
3 %
|
|
$
264.6
|
|
$
290.6
|
|
(9) %
|
|
(9) %
|
|
Segment platform
operating expenses
|
80.4
|
|
79.4
|
|
1
|
|
1
|
|
238.1
|
|
268.6
|
|
(11)
|
|
(11)
|
|
Gross contract
costs5
|
9.3
|
|
7.4
|
|
26
|
|
26
|
|
26.5
|
|
22.0
|
|
20
|
|
21
|
|
Adjusted
EBITDA1
|
$
14.0
|
|
$
26.0
|
|
(46) %
|
|
(45) %
|
|
$
57.7
|
|
$
83.9
|
|
(31) %
|
|
(28) %
|
|
|
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 attributable to declines in assets under management
("AUM") over the trailing twelve months, most notably in
North America and Europe, and lower fees in Europe as a result of structural changes to a
lower-margin business, as discussed in previous quarters this
year.
The lower Adjusted EBITDA was largely driven by the decline in
revenue. In addition, the prior-year quarter included a one-time
reduction to a legacy incentive compensation accrual upon final
determination of performance relative to target.
As of September 30, 2024, LaSalle had $84.6 billion of AUM. Compared with AUM of
$92.9 billion as of September 30, 2023, the AUM as of
September 30, 2024, decreased 9% in USD (7% in local
currency). The net decrease in AUM over the trailing twelve months
resulted from (i) $5.4 billion
of dispositions and withdrawals, (ii) $3.9 billion of net valuation decreases,
(iii) $1.7 billion of foreign
currency decreases and (iv) a $0.8 billion decrease in uncalled committed
capital and cash held, partially offset by (v) $3.5 billion of acquisitions and
takeovers.
Finally, the company committed to invest an incremental
$100 million in a LaSalle flagship fund, JLL Income Property
Trust.
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
111,000 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 Wednesday, November 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 (888) 660-6392; 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 third 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 Brian Hogan, Interim Head of Investor
Relations.
|
|
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 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, 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 September 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
5,868.8
|
|
$
5,111.4
|
|
$
16,622.0
|
|
$
14,879.4
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
2,854.6
|
|
$
2,434.6
|
|
$
7,869.4
|
|
$
7,104.6
|
|
Operating,
administrative and other
|
2,729.2
|
|
2,467.0
|
|
8,064.5
|
|
7,233.1
|
|
Depreciation and
amortization
|
65.5
|
|
59.1
|
|
188.8
|
|
176.5
|
|
Restructuring and
acquisition charges4
|
(8.8)
|
|
31.6
|
|
4.4
|
|
79.1
|
|
Total operating
expenses
|
$
5,640.5
|
|
$
4,992.3
|
|
$
16,127.1
|
|
$
14,593.3
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
228.3
|
|
$
119.1
|
|
$
494.9
|
|
$
286.1
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
38.1
|
|
37.1
|
|
110.3
|
|
103.9
|
|
Equity
losses
|
(0.9)
|
|
(11.2)
|
|
(20.0)
|
|
(117.3)
|
|
Other income
|
2.9
|
|
3.0
|
|
14.1
|
|
1.9
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling interest
|
192.2
|
|
73.8
|
|
378.7
|
|
66.8
|
|
Income tax
provision
|
37.4
|
|
14.5
|
|
73.8
|
|
13.0
|
|
Net income
|
154.8
|
|
59.3
|
|
304.9
|
|
53.8
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to noncontrolling interest
|
(0.3)
|
|
(0.4)
|
|
(0.7)
|
|
0.8
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
155.1
|
|
$
59.7
|
|
$
305.6
|
|
$
53.0
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
3.26
|
|
$
1.25
|
|
$
6.43
|
|
$
1.11
|
|
Basic weighted average
shares outstanding (in 000's)
|
47,505
|
|
47,662
|
|
47,506
|
|
47,655
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
3.20
|
|
$
1.23
|
|
$
6.32
|
|
$
1.10
|
|
Diluted weighted
average shares outstanding (in 000's)
|
48,497
|
|
48,394
|
|
48,355
|
|
48,317
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Selected Segment
Financial Data (Unaudited)
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
MARKETS
ADVISORY
|
|
|
|
|
|
|
|
|
Revenue
|
$
1,143.8
|
|
$
992.4
|
|
$
3,172.7
|
|
$
2,924.2
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
582.5
|
|
$
531.2
|
|
$
1,588.4
|
|
$
1,538.6
|
|
Platform operating,
administrative and other
|
87.7
|
|
86.5
|
|
266.7
|
|
273.4
|
|
Depreciation and
amortization
|
17.3
|
|
16.9
|
|
52.1
|
|
51.4
|
|
Segment platform
operating expenses
|
687.5
|
|
634.6
|
|
1,907.2
|
|
1,863.4
|
|
Gross contract
costs5
|
320.9
|
|
288.4
|
|
938.5
|
|
851.8
|
|
Segment operating
expenses
|
$
1,008.4
|
|
$
923.0
|
|
$
2,845.7
|
|
$
2,715.2
|
|
Segment operating
income
|
$
135.4
|
|
$
69.4
|
|
$
327.0
|
|
$
209.0
|
|
Add:
|
|
|
|
|
|
|
|
|
Equity
earnings
|
0.1
|
|
0.1
|
|
0.5
|
|
0.3
|
|
Depreciation and
amortization(a)
|
16.3
|
|
15.9
|
|
49.2
|
|
48.5
|
|
Other
income
|
1.4
|
|
1.8
|
|
3.0
|
|
0.5
|
|
Net income
attributable to noncontrolling interest
|
(0.2)
|
|
(0.2)
|
|
(0.5)
|
|
(0.8)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net (gain) loss on
disposition
|
—
|
|
(0.9)
|
|
—
|
|
0.9
|
|
Interest on employee
loans, net of forgiveness
|
(1.1)
|
|
(1.0)
|
|
(2.4)
|
|
(2.3)
|
|
Adjusted
EBITDA1
|
$
151.9
|
|
$
85.1
|
|
$
376.8
|
|
$
256.1
|
|
|
|
|
|
|
|
|
|
(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
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
CAPITAL
MARKETS
|
|
|
|
|
|
|
|
|
Revenue
|
$
498.8
|
|
$
435.8
|
|
$
1,334.0
|
|
$
1,240.9
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
365.5
|
|
$
323.8
|
|
$
994.2
|
|
$
943.1
|
|
Platform operating,
administrative and other
|
62.3
|
|
58.3
|
|
206.4
|
|
183.6
|
|
Depreciation and
amortization
|
16.6
|
|
16.4
|
|
50.3
|
|
48.5
|
|
Segment platform
operating expenses
|
444.4
|
|
398.5
|
|
1,250.9
|
|
1,175.2
|
|
Gross contract
costs5
|
11.5
|
|
11.5
|
|
36.9
|
|
33.9
|
|
Segment operating
expenses
|
$
455.9
|
|
$
410.0
|
|
$
1,287.8
|
|
$
1,209.1
|
|
Segment operating
income
|
$
42.9
|
|
$
25.8
|
|
$
46.2
|
|
$
31.8
|
|
Add:
|
|
|
|
|
|
|
|
|
Equity
earnings
|
0.2
|
|
0.7
|
|
0.8
|
|
6.1
|
|
Depreciation and
amortization
|
16.6
|
|
16.4
|
|
50.3
|
|
48.5
|
|
Other
income
|
1.6
|
|
1.3
|
|
3.0
|
|
1.5
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
5.1
|
|
7.1
|
|
25.9
|
|
9.5
|
|
Interest on employee
loans, net of forgiveness
|
(0.7)
|
|
(0.6)
|
|
(1.7)
|
|
—
|
|
Gain on
disposition
|
—
|
|
(0.4)
|
|
—
|
|
(0.4)
|
|
Adjusted
EBITDA1
|
$
65.7
|
|
$
50.3
|
|
$
124.5
|
|
$
97.0
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
WORK
DYNAMICS
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
4,068.2
|
|
$
3,514.2
|
|
$
11,641.0
|
|
$
10,165.0
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
348.8
|
|
$
332.9
|
|
$
1,002.4
|
|
$
958.9
|
|
|
Platform operating,
administrative and other
|
127.3
|
|
103.3
|
|
342.6
|
|
316.0
|
|
|
Depreciation and
amortization
|
24.8
|
|
19.7
|
|
66.3
|
|
58.9
|
|
|
Segment platform
operating expenses
|
500.9
|
|
455.9
|
|
1,411.3
|
|
1,333.8
|
|
|
Gross contract
costs5
|
3,518.7
|
|
3,016.5
|
|
10,102.0
|
|
8,747.5
|
|
|
Segment operating
expenses
|
$
4,019.6
|
|
$
3,472.4
|
|
$
11,513.3
|
|
$
10,081.3
|
|
|
Segment operating
income
|
$
48.6
|
|
$
41.8
|
|
$
127.7
|
|
$
83.7
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Equity
earnings
|
1.0
|
|
0.1
|
|
2.1
|
|
1.3
|
|
|
Depreciation and
amortization
|
24.8
|
|
19.7
|
|
66.3
|
|
58.9
|
|
|
Net (income) loss
attributable to noncontrolling interest
|
(0.1)
|
|
—
|
|
0.2
|
|
(0.4)
|
|
|
Adjusted
EBITDA1
|
$
74.3
|
|
$
61.6
|
|
$
196.3
|
|
$
143.5
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
JLL
TECHNOLOGIES
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
56.7
|
|
$
58.9
|
|
$
167.0
|
|
$
180.9
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits(a)
|
$
50.3
|
|
$
48.7
|
|
$
151.1
|
|
$
155.3
|
|
|
Platform operating,
administrative and other
|
19.1
|
|
12.6
|
|
42.0
|
|
39.8
|
|
|
Depreciation and
amortization
|
4.9
|
|
3.9
|
|
14.2
|
|
11.9
|
|
|
Segment platform
operating expenses
|
74.3
|
|
65.2
|
|
207.3
|
|
207.0
|
|
|
Gross contract
costs5
|
1.4
|
|
3.3
|
|
4.0
|
|
11.0
|
|
|
Segment operating
expenses
|
$
75.7
|
|
$
68.5
|
|
$
211.3
|
|
$
218.0
|
|
|
Segment operating
loss
|
$
(19.0)
|
|
$
(9.6)
|
|
$
(44.3)
|
|
$
(37.1)
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4.9
|
|
3.9
|
|
14.2
|
|
11.9
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Credit losses on
convertible note investments
|
6.3
|
|
—
|
|
6.3
|
|
—
|
|
|
Adjusted
EBITDA1
|
$
(7.8)
|
|
$
(5.7)
|
|
$
(23.8)
|
|
$
(25.2)
|
|
|
Equity earnings
(losses)
|
$
11.6
|
|
$
(3.0)
|
|
$
1.6
|
|
$
(102.0)
|
|
|
|
(a) Included in
Platform compensation and benefits is carried interest expense of
$2.2 million and $4.3 million for the three and nine months ended
September 30, 2024 and a carried interest benefit of $0.1 million
and $9.4 million for the three and nine months ended September 30,
2023, related to Equity earnings (losses) of the
segment.
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
LASALLE
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
101.3
|
|
$
110.1
|
|
$
307.3
|
|
$
368.4
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
59.8
|
|
$
63.2
|
|
$
180.1
|
|
$
216.5
|
|
|
Platform operating,
administrative and other
|
18.7
|
|
14.0
|
|
52.1
|
|
46.3
|
|
|
Depreciation and
amortization
|
1.9
|
|
2.2
|
|
5.9
|
|
5.8
|
|
|
Segment platform
operating expenses
|
80.4
|
|
79.4
|
|
238.1
|
|
268.6
|
|
|
Gross contract
costs5
|
9.3
|
|
7.4
|
|
26.5
|
|
22.0
|
|
|
Segment operating
expenses
|
$
89.7
|
|
$
86.8
|
|
$
264.6
|
|
$
290.6
|
|
|
Segment operating
income
|
$
11.6
|
|
$
23.3
|
|
$
42.7
|
|
$
77.8
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1.9
|
|
2.2
|
|
5.9
|
|
5.8
|
|
|
Other (expense)
income
|
(0.1)
|
|
(0.1)
|
|
8.1
|
|
(0.1)
|
|
|
Net loss attributable
to noncontrolling interest
|
0.6
|
|
0.6
|
|
1.0
|
|
0.4
|
|
|
Adjusted
EBITDA1
|
$
14.0
|
|
$
26.0
|
|
$
57.7
|
|
$
83.9
|
|
|
Equity
losses
|
$
(13.8)
|
|
$
(9.1)
|
|
$
(25.0)
|
|
$
(23.0)
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Consolidated
Statement of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities7:
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Net income
|
$ 304.9
|
|
$ 53.8
|
|
Net capital additions
– property and equipment
|
$
(126.3)
|
|
$
(137.7)
|
|
Reconciliation of net
income to net cash used in operating activities:
|
|
|
|
|
Business acquisitions,
net of cash acquired
|
(40.8)
|
|
(13.6)
|
|
Depreciation and
amortization
|
188.8
|
|
176.5
|
|
Capital contributions
to investments
|
(69.2)
|
|
(86.8)
|
|
Equity
losses
|
20.0
|
|
117.3
|
|
Distributions of
capital from investments
|
14.3
|
|
21.5
|
|
Net loss on
dispositions
|
—
|
|
0.5
|
|
Acquisition of
controlling interest, net of cash acquired
|
3.7
|
|
—
|
|
Distributions of
earnings from investments
|
10.7
|
|
8.2
|
|
Other, net
|
(0.7)
|
|
(3.8)
|
|
Provision for loss on
receivables and other assets
|
34.7
|
|
21.7
|
|
Net cash used in
investing activities
|
(219.0)
|
|
(220.4)
|
|
Amortization of
stock-based compensation
|
78.9
|
|
59.5
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net non-cash mortgage
servicing rights and mortgage banking derivative
activity
|
25.9
|
|
9.5
|
|
Proceeds from
borrowings under credit facility
|
6,029.0
|
|
5,969.0
|
|
Accretion of interest
and amortization of debt issuance costs
|
4.1
|
|
3.1
|
|
Repayments of
borrowings under credit facility
|
(6,309.0)
|
|
(5,594.0)
|
|
Other, net
|
(5.2)
|
|
15.4
|
|
Proceeds from issuance
of commercial paper
|
800.0
|
|
—
|
|
Change in:
|
|
|
|
|
Net repayments of
short-term borrowings
|
(73.0)
|
|
(46.4)
|
|
Receivables
|
59.7
|
|
158.1
|
|
Payments of deferred
business acquisition obligations and earn-outs
|
(5.1)
|
|
(22.6)
|
|
Reimbursable
receivables and reimbursable payables
|
(160.0)
|
|
(110.7)
|
|
Repurchase of common
stock
|
(60.4)
|
|
(39.4)
|
|
Prepaid expenses and
other assets
|
(105.0)
|
|
(32.0)
|
|
Noncontrolling
interest contributions (distributions), net
|
2.1
|
|
(4.2)
|
|
Income taxes
receivable, payable and deferred
|
(172.0)
|
|
(114.0)
|
|
Other, net
|
(34.6)
|
|
(31.2)
|
|
Accounts payable,
accrued liabilities and other liabilities
|
(100.1)
|
|
(91.7)
|
|
Net cash provided by
financing activities
|
349.0
|
|
231.2
|
|
Accrued compensation
(including net deferred compensation)
|
(327.4)
|
|
(428.8)
|
|
Effect of currency
exchange rate changes on cash, cash equivalents and restricted
cash
|
(1.8)
|
|
(9.6)
|
|
Net cash used in
operating activities
|
$
(142.0)
|
|
$
(153.6)
|
|
Net change in cash,
cash equivalents and restricted cash
|
$ (13.8)
|
|
$
(152.4)
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash, beginning of the period
|
663.4
|
|
746.0
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of the period
|
$ 649.6
|
|
$ 593.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Consolidated Balance
Sheets
|
|
|
September
30,
|
|
December 31,
|
|
|
September
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
|
$
437.8
|
|
$
410.0
|
|
|
Accounts payable and
accrued liabilities
|
$
1,162.0
|
|
$
1,406.7
|
|
Trade receivables, net
of allowance
|
1,998.5
|
|
2,095.8
|
|
|
Reimbursable
payables
|
1,846.8
|
|
1,796.9
|
|
Notes and other
receivables
|
414.6
|
|
446.4
|
|
|
Accrued compensation
and benefits
|
1,366.4
|
|
1,698.3
|
|
Reimbursable
receivables
|
2,535.4
|
|
2,321.7
|
|
|
Short-term
borrowings
|
99.6
|
|
147.9
|
|
Warehouse
receivables
|
2,055.9
|
|
677.4
|
|
|
Commercial paper, net
of debt issuance costs
|
798.0
|
|
—
|
|
Short-term contract
assets, net of allowance
|
327.3
|
|
338.3
|
|
|
Short-term contract
liability and deferred income
|
200.1
|
|
226.4
|
|
Prepaid and
other
|
637.2
|
|
567.4
|
|
|
Warehouse
facilities
|
2,053.1
|
|
662.7
|
|
|
Total current
assets
|
8,406.7
|
|
6,857.0
|
|
|
Short-term operating
lease liability
|
162.8
|
|
161.9
|
|
Property and equipment,
net of accumulated depreciation
|
599.3
|
|
613.9
|
|
|
Other
|
339.2
|
|
345.3
|
|
Operating lease
right-of-use asset
|
746.8
|
|
730.9
|
|
|
|
Total current
liabilities
|
8,028.0
|
|
6,446.1
|
|
Goodwill
|
4,667.2
|
|
4,587.4
|
|
Noncurrent
liabilities:
|
|
|
|
|
Identified intangibles,
net of accumulated amortization
|
721.1
|
|
785.0
|
|
|
Credit facility, net of
debt issuance costs
|
332.8
|
|
610.6
|
|
Investments
|
866.5
|
|
816.6
|
|
|
Long-term debt, net of
debt issuance costs
|
783.7
|
|
779.3
|
|
Long-term
receivables
|
390.9
|
|
363.8
|
|
|
Long-term deferred tax
liabilities, net
|
41.6
|
|
44.8
|
|
Deferred tax assets,
net
|
525.9
|
|
497.4
|
|
|
Deferred
compensation
|
653.0
|
|
580.0
|
|
Deferred compensation
plans
|
672.2
|
|
604.3
|
|
|
Long-term operating
lease liability
|
783.1
|
|
754.5
|
|
Other
|
220.6
|
|
208.5
|
|
|
Other
|
426.0
|
|
439.6
|
|
|
Total assets
|
$
17,817.2
|
|
$
16,064.8
|
|
|
|
Total
liabilities
|
$
11,048.2
|
|
$
9,654.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company shareholders'
equity
|
|
|
|
|
|
|
Common stock
|
0.5
|
|
0.5
|
|
|
|
Additional paid-in
capital
|
2,020.8
|
|
2,019.7
|
|
|
|
Retained
earnings
|
6,094.6
|
|
5,795.6
|
|
|
|
Treasury
stock
|
(921.8)
|
|
(920.1)
|
|
|
|
Shares held in
trust
|
(12.1)
|
|
(10.4)
|
|
|
|
Accumulated other
comprehensive loss
|
(535.1)
|
|
(591.5)
|
|
|
|
|
Total company
shareholders' equity
|
6,646.9
|
|
6,293.8
|
|
|
|
Noncontrolling
interest
|
122.1
|
|
116.1
|
|
|
|
|
Total equity
|
6,769.0
|
|
6,409.9
|
|
|
|
|
Total liabilities and
equity
|
$
17,817.2
|
|
$
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
$0.5 million net loss included
$1.8 million of loss related to the
disposition of a business in Markets Advisory, partially offset by
a $1.3 million gain related to the
disposition of a business in Markets Advisory and Capital
Markets.
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.
Credit Losses on Convertible Note
Investments reflects credit impairments associated
with pre-equity convertible note investments in early-stage
proptech enterprises. Such losses are similar to the equity
investment-related losses included in equity earnings/losses for
JLL Technologies' investments and are therefore consistently
excluded from adjusted measures.
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
155.1
|
|
$
59.7
|
|
$
305.6
|
|
$
53.0
|
|
Add:
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
38.1
|
|
37.1
|
|
110.3
|
|
103.9
|
|
Income tax
provision
|
37.4
|
|
14.5
|
|
73.8
|
|
13.0
|
|
Depreciation and
amortization(a)
|
64.5
|
|
58.1
|
|
185.9
|
|
173.6
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges4
|
(8.8)
|
|
31.6
|
|
4.4
|
|
79.1
|
|
Net (gain) loss on
disposition
|
—
|
|
(1.3)
|
|
—
|
|
0.5
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
5.1
|
|
7.1
|
|
25.9
|
|
9.5
|
|
Interest on employee
loans, net of forgiveness
|
(1.8)
|
|
(1.6)
|
|
(4.1)
|
|
(2.3)
|
|
Equity losses - JLL
Technologies and LaSalle
|
2.2
|
|
12.1
|
|
23.4
|
|
125.0
|
|
Credit losses on
convertible note investments
|
6.3
|
|
—
|
|
6.3
|
|
—
|
|
Adjusted
EBITDA
|
$
298.1
|
|
$
217.3
|
|
$
731.5
|
|
$
555.3
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(In millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
155.1
|
|
$
59.7
|
|
$
305.6
|
|
$
53.0
|
|
Diluted shares (in
thousands)
|
48,497
|
|
48,394
|
|
48,355
|
|
48,317
|
|
Diluted earnings per
share
|
$
3.20
|
|
$
1.23
|
|
$
6.32
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
155.1
|
|
$
59.7
|
|
$
305.6
|
|
$
53.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges4
|
(8.8)
|
|
31.6
|
|
4.4
|
|
79.1
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
5.1
|
|
7.1
|
|
25.9
|
|
9.5
|
|
Amortization of
acquisition-related intangibles(a)
|
15.6
|
|
16.2
|
|
46.6
|
|
49.9
|
|
Net (gain) loss on
disposition
|
—
|
|
(1.3)
|
|
—
|
|
0.5
|
|
Interest on employee
loans, net of forgiveness
|
(1.8)
|
|
(1.6)
|
|
(4.1)
|
|
(2.3)
|
|
Equity losses - JLL
Technologies and LaSalle
|
2.2
|
|
12.1
|
|
23.4
|
|
125.0
|
|
Credit losses on
convertible note investments
|
6.3
|
|
—
|
|
6.3
|
|
—
|
|
Tax impact of adjusted
items(b)
|
(3.7)
|
|
(17.5)
|
|
(28.9)
|
|
(72.0)
|
|
Adjusted net income
attributable to common shareholders
|
$
170.0
|
|
$
106.3
|
|
$
379.2
|
|
$
242.7
|
|
Diluted shares (in
thousands)
|
48,497
|
|
48,394
|
|
48,355
|
|
48,317
|
|
Adjusted diluted
earnings per share
|
$
3.50
|
|
$
2.19
|
|
$
7.84
|
|
$
5.02
|
|
|
|
(a)
|
This adjustment
excludes the noncontrolling interest portion of amortization of
acquisition-related intangibles which is not attributable to common
shareholders.
|
|
|
|
(b)
|
For the first half of
2024 and the first nine months of 2023, the tax impact of adjusted
items was calculated using the applicable statutory rates by tax
jurisdiction. For the third quarter of 2024, the tax impact of
adjusted items was calculated using the consolidated effective tax
rate, as this was deemed to approximate the tax impact of adjusted
items calculated using applicable statutory tax rates.
|
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
($ in
millions)
|
2024
|
|
%
Change
|
|
2024
|
|
%
Change
|
|
Revenue:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
5,868.8
|
|
15 %
|
|
$
16,622.0
|
|
12 %
|
|
Impact of change in
exchange rates
|
(8.5)
|
|
n/a
|
|
29.5
|
|
n/a
|
|
At comparative period
exchange rates
|
$
5,860.3
|
|
15 %
|
|
$
16,651.5
|
|
12 %
|
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
228.3
|
|
92 %
|
|
$
494.9
|
|
73 %
|
|
Impact of change in
exchange rates
|
0.2
|
|
n/a
|
|
8.3
|
|
n/a
|
|
At comparative period
exchange rates
|
$
228.5
|
|
92 %
|
|
$
503.2
|
|
76 %
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
298.1
|
|
37 %
|
|
$
731.5
|
|
32 %
|
|
Impact of change in
exchange rates
|
(0.1)
|
|
n/a
|
|
7.9
|
|
n/a
|
|
At comparative period
exchange rates
|
$
298.0
|
|
37 %
|
|
$
739.4
|
|
33 %
|
2. n.m.: "not meaningful", represented by a
percentage change of greater than 1,000%, favorable or
unfavorable.
3. As of September 30,
2024, LaSalle had
$84.6 billion of real estate assets
under management ("AUM"), composed of $45.0
billion invested in fund management vehicles, $36.4 billion invested in separate accounts and
$3.2 billion invested in public
securities. The geographic distribution was $28.6 billion in North
America, $22.8 billion in
Europe and $19.2 billion in Asia
Pacific. The remaining $14.0
billion relates to Global Solutions which is a global
business line.
Compared with AUM of $86.6
billion as of June 30, 2024,
the AUM as of September 30, 2024, decreased 2% in both USD and
local currency. The net decrease in AUM during the quarter resulted
from (i) $1.5 billion of dispositions
and withdrawals, (ii) $0.6 billion of
foreign currency decreases, (iii) $0.4
billion decrease in uncalled committed capital and cash held
and (iv) $0.2 billion of net
valuation decreases, partially offset by (v) $0.7 billion of acquisitions and takeovers.
Assets under management data for separate accounts and fund
management amounts are reported on a one-quarter lag. In
addition, LaSalle raised $0.7
billion in private equity capital for the quarter ended
September 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Severance and other
employment-related charges
|
$
6.1
|
|
$
16.4
|
|
$
17.8
|
|
$
47.9
|
|
Restructuring,
pre-acquisition and post-acquisition charges
|
6.0
|
|
15.1
|
|
20.1
|
|
31.7
|
|
Fair value adjustments
that resulted in a net (decrease) increase to earn-out liabilities
from prior-period acquisition activity
|
(20.9)
|
|
0.1
|
|
(33.5)
|
|
(0.5)
|
|
Total Restructuring and
acquisition charges
|
$
(8.8)
|
|
$
31.6
|
|
$
4.4
|
|
$
79.1
|
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, (iii) Commercial paper, inclusive of debt
issuance costs and (iv) 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)
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
|
|
|
|
|
|
Total debt
|
$
2,035.1
|
|
$
2,176.4
|
|
$
2,088.1
|
|
Less: Cash and cash
equivalents
|
437.8
|
|
424.4
|
|
389.5
|
|
Net Debt
|
$
1,597.3
|
|
$
1,752.0
|
|
$
1,698.6
|
|
|
|
|
|
|
|
Divided by: Trailing
twelve-month Adjusted EBITDA
|
$
1,114.6
|
|
$
1,033.8
|
|
$
915.3
|
|
Net Leverage
Ratio
|
1.4x
|
|
1.7x
|
|
1.9x
|
"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.
|
Nine Months Ended
September 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
|
|
|
|
Net cash used in
operating activities
|
$
(142.0)
|
|
$
(153.6)
|
|
Net capital additions -
property and equipment
|
(126.3)
|
|
(137.7)
|
|
Free Cash
Flow
|
$
(268.3)
|
|
$
(291.3)
|
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
September 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)
|
$ 665.4
|
452.3
|
26.1
|
|
$
1,143.8
|
|
$ 371.8
|
86.0
|
41.0
|
|
$ 498.8
|
|
$
3,164.6
|
771.3
|
132.3
|
|
$
4,068.2
|
|
$
56.7
|
|
$ 101.3
|
|
$
5,868.8
|
|
Gross contract
costs5
|
$
5.1
|
311.2
|
4.6
|
|
$ 320.9
|
|
$
7.9
|
3.6
|
—
|
|
$
11.5
|
|
$
2,928.0
|
528.5
|
62.2
|
|
$
3,518.7
|
|
$
1.4
|
|
$
9.3
|
|
$
3,861.8
|
|
Platform operating
expenses
|
|
|
|
|
$ 687.5
|
|
|
|
|
|
$ 444.4
|
|
|
|
|
|
$ 500.9
|
|
$
74.3
|
|
$
80.4
|
|
$
1,787.5
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 151.9
|
|
|
|
|
|
$
65.7
|
|
|
|
|
|
$
74.3
|
|
$
(7.8)
|
|
$
14.0
|
|
$ 298.1
|
|
|
|
(a)
|
Included as a reduction
to Revenue is Net non-cash MSR and mortgage banking derivative
activity of $5.1 million for the three months ended September
30, 2024 within Investment Sales, Debt/Equity Advisory and
Other.
|
|
Three Months Ended
September 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
|
$ 547.7
|
419.2
|
25.5
|
|
$ 992.4
|
|
$ 310.2
|
87.5
|
38.1
|
|
$ 435.8
|
|
$
2,637.1
|
747.0
|
130.1
|
|
$
3,514.2
|
|
$ 58.9
|
|
$ 110.1
|
|
$
5,111.4
|
|
Gross contract
costs5
|
$
5.2
|
280.8
|
2.4
|
|
$ 288.4
|
|
$
8.4
|
3.1
|
—
|
|
$ 11.5
|
|
$
2,442.0
|
517.4
|
57.1
|
|
$
3,016.5
|
|
$
3.3
|
|
$
7.4
|
|
$
3,327.1
|
|
Platform operating
expenses
|
|
|
|
|
$ 634.6
|
|
|
|
|
|
$ 398.5
|
|
|
|
|
|
$ 455.9
|
|
$ 65.2
|
|
$ 79.4
|
|
$
1,633.6
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 85.1
|
|
|
|
|
|
$ 50.3
|
|
|
|
|
|
$ 61.6
|
|
$
(5.7)
|
|
$ 26.0
|
|
$ 217.3
|
|
|
|
(a)
|
Included as a reduction
to Revenue is Net non-cash MSR and mortgage banking derivative
activity of $7.1 million for the three months ended September
30, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
Appendix: Additional Segment Detail (continued)
|
Nine Months Ended
September 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)
|
$
1,781.8
|
1,318.6
|
72.3
|
|
$
3,172.7
|
|
$ 950.8
|
262.0
|
121.2
|
|
$
1,334.0
|
|
$
9,057.4
|
2,215.8
|
367.8
|
|
$
11,641.0
|
|
$
167.0
|
|
$ 307.3
|
|
$
16,622.0
|
|
Gross contract
costs5
|
$ 15.2
|
914.1
|
9.2
|
|
$ 938.5
|
|
$ 27.6
|
9.3
|
—
|
|
$
36.9
|
|
$
8,384.5
|
1,529.6
|
187.9
|
|
$
10,102.0
|
|
$
4.0
|
|
$
26.5
|
|
$
11,107.9
|
|
Platform operating
expenses
|
|
|
|
|
$
1,907.2
|
|
|
|
|
|
$
1,250.9
|
|
|
|
|
|
$
1,411.3
|
|
$
207.3
|
|
$ 238.1
|
|
$
5,014.8
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 376.8
|
|
|
|
|
|
$ 124.5
|
|
|
|
|
|
$
196.3
|
|
$
(23.8)
|
|
$
57.7
|
|
$
731.5
|
|
|
|
(a)
|
Included as a reduction
to Revenue is Net non-cash MSR and mortgage banking derivative
activity of $25.9 million for the nine months ended September
30, 2024 within Investment Sales, Debt/Equity Advisory and
Other.
|
|
Nine Months Ended
September 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)
|
$
1,626.1
|
1,229.3
|
68.8
|
|
$
2,924.2
|
|
$ 870.3
|
256.1
|
114.5
|
|
$
1,240.9
|
|
$
7,687.7
|
2,126.5
|
350.8
|
|
$
10,165.0
|
|
$
180.9
|
|
$ 368.4
|
|
$
14,879.4
|
|
Gross contract
costs5
|
$ 13.1
|
832.8
|
5.9
|
|
$ 851.8
|
|
$ 25.8
|
8.1
|
—
|
|
$ 33.9
|
|
$
7,121.2
|
1,456.3
|
170.0
|
|
$
8,747.5
|
|
$ 11.0
|
|
$ 22.0
|
|
$
9,666.2
|
|
Platform operating
expenses
|
|
|
|
|
$
1,863.4
|
|
|
|
|
|
$
1,175.2
|
|
|
|
|
|
$
1,333.8
|
|
$
207.0
|
|
$ 268.6
|
|
$
4,848.0
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 256.1
|
|
|
|
|
|
$ 97.0
|
|
|
|
|
|
$ 143.5
|
|
$
(25.2)
|
|
$ 83.9
|
|
$ 555.3
|
|
|
|
(a)
|
Included as a reduction
to Revenue is Net non-cash MSR and mortgage banking derivative
activity of $9.5 million for the nine months ended September
30, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jll-reports-financial-results-for-third-quarter-2024-302297103.html
SOURCE JLL-IR