Double-digit revenue growth and cost discipline throughout
2024 drove strong earnings per share expansion
CHICAGO, Feb. 19,
2025 /PRNewswire/ -- Jones Lang LaSalle
Incorporated (NYSE: JLL) today reported 2024 operating performance
for the fourth quarter and full year. Transactional4
revenue growth again surpassed 20% and complemented
Resilient4 business line revenues which delivered the
fifth consecutive quarter of double-digit growth. For the fourth
quarter, diluted earnings per share were $4.97, up $1.40
from the prior-year quarter; adjusted diluted earnings per
share1 were $6.15, up
$0.79. For the full year, diluted
earnings per share were $11.30, up
$6.63 from 2023, and adjusted diluted
earnings per share1 were $14.01, up $3.62.
- Fourth-quarter revenue was $6.8
billion, up 16% in local currency1 with
Transactional4 revenues up 22% and Resilient4
revenues up 13%
- Capital Markets achieved 32% growth as momentum accelerated,
notably in investment sales and debt advisory
- Leasing, within Markets Advisory, increased 14% with
broad-based growth across all asset classes
- Work Dynamics delivered its fourth consecutive quarter of
double-digit growth, led by Workplace Management and Project
Management
- Revenue growth with continued cost discipline drove bottom-line
and margin improvement for both the quarter and full year
- JLL generated $785 million of
operating cash flows in 2024, an incremental $210 million over the prior year
"JLL delivered strong fourth-quarter and full-year 2024
financial results, led by an acceleration in transactional activity
and sustained growth in resilient revenues. Throughout 2024, our
focus on operating efficiency helped drive significant margin
expansion and free cash flow generation," said Christian Ulbrich, JLL CEO. "Clients continue to
look to JLL for innovative real estate management solutions,
industry expertise and data-driven insights. With our strong
momentum amidst an improving real estate cycle, JLL's talent and
differentiated platform position us well to gain market share and
drive profitable growth in 2025."
|
Summary Financial
Results
($ in millions,
except per share data, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
% Change
in USD
|
% Change
in LC
|
|
2024
|
|
2023
|
% Change
in USD
|
%
Change
in LC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
6,810.9
|
|
$
5,881.4
|
16 %
|
16 %
|
|
$
23,432.9
|
|
$ 20,760.8
|
13 %
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
40 %
|
44 %
|
|
$
546.8
|
|
$
225.4
|
143 %
|
149 %
|
|
Adjusted net income
attributable to common shareholders1
|
298.3
|
|
259.1
|
15
|
18
|
|
677.5
|
|
501.8
|
35
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
4.97
|
|
$
3.57
|
39 %
|
43 %
|
|
$
11.30
|
|
$
4.67
|
142 %
|
149 %
|
|
Adjusted diluted
earnings per share1
|
6.15
|
|
5.36
|
15
|
17
|
|
14.01
|
|
10.39
|
35
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA1
|
$
454.8
|
|
$
383.1
|
19 %
|
20 %
|
|
$
1,186.3
|
|
$
938.4
|
26 %
|
28 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
$
927.3
|
|
$
729.4
|
27 %
|
n/a
|
|
$
785.3
|
|
$
575.8
|
36 %
|
n/a
|
|
Free Cash
Flow6
|
868.1
|
|
680.2
|
28 %
|
n/a
|
|
599.8
|
|
388.9
|
54 %
|
n/a
|
|
Note: For discussion
and reconciliation of non-GAAP financial measures, see the Notes
following the Financial Statements in this news release.
|
Consolidated 2024 Performance Highlights:
|
Consolidated
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
%
Change
in
USD
|
|
%
Change
in
LC
|
|
Year Ended December
31,
|
|
%
Change
in
USD
|
|
% Change
in LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Markets
Advisory
|
$
1,328.0
|
|
$
1,197.4
|
|
11 %
|
|
11 %
|
|
$
4,500.7
|
|
$
4,121.6
|
|
9 %
|
|
9 %
|
|
Capital
Markets
|
706.4
|
|
537.1
|
|
32
|
|
32
|
|
2,040.4
|
|
1,778.0
|
|
15
|
|
15
|
|
Work
Dynamics
|
4,556.6
|
|
3,966.1
|
|
15
|
|
15
|
|
16,197.6
|
|
14,131.1
|
|
15
|
|
15
|
|
JLL
Technologies
|
59.3
|
|
65.5
|
|
(9)
|
|
(9)
|
|
226.3
|
|
246.4
|
|
(8)
|
|
(8)
|
|
LaSalle
|
160.6
|
|
115.3
|
|
39
|
|
42
|
|
467.9
|
|
483.7
|
|
(3)
|
|
(2)
|
|
Total
revenue
|
$
6,810.9
|
|
$
5,881.4
|
|
16 %
|
|
16 %
|
|
$
23,432.9
|
|
$
20,760.8
|
|
13 %
|
|
13 %
|
|
Platform operating
expenses
|
$
2,135.9
|
|
$
1,859.7
|
|
15 %
|
|
15 %
|
|
$
7,150.7
|
|
$
6,707.7
|
|
7 %
|
|
7 %
|
|
Gross contract
costs6
|
4,283.1
|
|
3,709.7
|
|
15
|
|
16
|
|
15,391.0
|
|
13,375.9
|
|
15
|
|
15
|
|
Restructuring and
acquisition charges5
|
18.7
|
|
21.6
|
|
(13)
|
|
(13)
|
|
23.1
|
|
100.7
|
|
(77)
|
|
(77)
|
|
Total operating
expenses
|
$
6,437.7
|
|
$
5,591.0
|
|
15 %
|
|
15 %
|
|
$
22,564.8
|
|
$
20,184.3
|
|
12 %
|
|
12 %
|
|
Net non-cash MSR and
mortgage banking derivative activity1
|
$
7.7
|
|
$
(8.7)
|
|
189 %
|
|
188 %
|
|
$
(18.2)
|
|
$
(18.2)
|
|
— %
|
|
— %
|
|
Adjusted
EBITDA1
|
$
454.8
|
|
$
383.1
|
|
19 %
|
|
20 %
|
|
$
1,186.3
|
|
$
938.4
|
|
26 %
|
|
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.
|
Revenue
Revenue increased 16% compared with the prior-year quarter. The
collective 22% increase in Transactional revenue was led by (i)
Investment Sales, Debt/Equity Advisory and Other, within Capital
Markets, up 37% (excluding the impact of non-cash MSR and mortgage
banking derivative activity), (ii) Project Management, within Work
Dynamics, up 18%, and (iii) Leasing, within Markets Advisory, up
14%. Several businesses with Resilient revenues continued to
deliver strong growth, collectively up 13%, highlighted by
Workplace Management, within Work Dynamics, up 15%. Growth in these
businesses meaningfully outpaced the 4% and 9% declines in LaSalle
Advisory Fees and JLL Technologies, respectively.
On a full-year basis, revenue increased 13%. Resilient revenues
grew 14% collectively, highlighted by Workplace Management, up 17%,
and Property Management, within Markets Advisory, up 8%. Growth in
these businesses outpaced declines in LaSalle Advisory Fees, down
7%, and JLL Technologies, down 8%. Fueled by a strong second half
of 2024, Transactional revenues increased 11% collectively, led by
(i) Leasing, up 11%, (ii) Investment Sales, Debt/Equity Advisory
and Other, up 19% (excluding the impact of non-cash MSR and
mortgage banking derivative activity), and (iii) Project
Management, up 8%.
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
|
($ in millions,
except per share data, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
%
Change
in
USD
|
%
Change
in
LC
|
|
2024
|
|
2023
|
%
Change
in
USD
|
% Change
in LC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
40 %
|
44 %
|
|
$
546.8
|
|
$
225.4
|
143 %
|
149 %
|
|
Adjusted net income
attributable to common shareholders1
|
298.3
|
|
259.1
|
15
|
18
|
|
677.5
|
|
501.8
|
35
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
4.97
|
|
$
3.57
|
39 %
|
43 %
|
|
$
11.30
|
|
$
4.67
|
142 %
|
149 %
|
|
Adjusted diluted
earnings per share1
|
6.15
|
|
5.36
|
15
|
17
|
|
14.01
|
|
10.39
|
35
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA1
|
$
454.8
|
|
$
383.1
|
19 %
|
20 %
|
|
$ 1,186.3
|
|
$
938.4
|
26 %
|
28 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
("ETR")
|
19.5 %
|
|
19.6 %
|
(10) bps
|
n/a
|
|
19.5 %
|
|
10.2 %
|
930 bps
|
n/a
|
For the fourth quarter, improved profit was largely driven by
Transactional revenues (notably Investment Sales, Debt/Equity
Advisory, Leasing and LaSalle
incentive fees), partially offset by the impact of certain
prior-year items including (i) the timing of incentive compensation
accruals and (ii) an outsized actuarial benefit associated with
U.S. medical self-insurance.
For the full year, profit expansion was primarily attributable
to (i) higher revenues, both Transactional and certain Resilient
revenue streams, including Workplace Management within Work
Dynamics, and (ii) cost discipline and enhanced leverage of the
company's platform. These drivers notably outpaced the $19.5 million expense associated with the Fannie
Mae loan repurchase and the impact associated with an outsized
prior-year actuarial benefit (noted in the quarterly highlights
above). Refer to the segment performance highlights for additional
detail.
The following charts reflect the aggregation of 2024 and 2023
segment Adjusted EBITDA for the fourth quarter and full year.
For the full year, the following items were the most notable
year-over-year differences between net income and non-GAAP
measures1:
- Total equity losses were $76.4
million in 2024, lower than the $201.7 million in 2023, primarily associated with
JLL Technologies investments.
- Restructuring and acquisition charges were $77.6 million lower in 2024, compared with 2023,
primarily due to (i) an expense credit in the third quarter of 2024
associated with a reduction to an acquisition-related earn-out and
(ii) lower employment-related costs over the full year as
significant cost-out actions were executed in 2023.
- The provision for income tax was $132.5
million in 2024, compared with $25.7
million in 2023. The 2023 ETR was unusually low due to
relatively lower pre-tax earnings and the geographic mix of income,
while the 2024 ETR reflects a more normal rate in JLL's recent
history.
Cash Flows and Capital Allocation:
|
($ in millions,
except per share data, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
Change in
USD
|
|
2024
|
|
2023
|
Change in
USD
|
|
Cash flows from
operating activities
|
$
927.3
|
|
$
729.4
|
27 %
|
|
$
785.3
|
|
$
575.8
|
36 %
|
|
Free Cash
Flow6
|
868.1
|
|
680.2
|
28 %
|
|
599.8
|
|
388.9
|
54 %
|
For the fourth quarter, higher cash flow performance was largely
attributable to (i) improvements in Net reimbursables, (ii) higher
commission and bonus accruals in the fourth quarter (versus
payments made) and (iii) greater cash provided by earnings. These
items were partially offset by an increase in receivables largely
associated with year-over-year revenue growth.
For the full year, improved cash flow performance was primarily
driven by (i) higher cash provided by earnings, (ii) higher
commission and bonus accruals (versus payments made) and (iii)
improvements in Net reimbursables. These were partially offset
by an increase in receivables, $126.4
million of higher cash taxes paid and the repurchase of a
loan from Fannie Mae.
Share repurchase activity is noted in the following table. As of
December 31, 2024, $1,013.2 million remained authorized for
repurchase.
|
Three Months Ended
December 31,
|
|
Year Ended December
31, 2024
|
|
($ in millions; shares
in thousands)
|
2024
|
2023
|
|
2024
|
2023
|
|
Total number of shares
repurchased
|
75.2
|
147.8
|
|
373.1
|
410.3
|
|
Total paid for shares
repurchased
|
$
20.1
|
$
21.9
|
|
$
80.4
|
$
62.0
|
Net Debt, Leverage and Liquidity6:
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
Total Net Debt (in
millions)
|
$
800.6
|
|
$
1,597.3
|
|
$
1,150.3
|
|
Net Leverage
Ratio
|
0.7x
|
|
1.4x
|
|
1.2x
|
|
Corporate Liquidity (in
millions)
|
$
3,616.3
|
|
$
3,392.8
|
|
$
3,085.0
|
The decrease in Net Debt from September
30, 2024 reflected incremental cash flows from operating
activities during the fourth quarter of 2024. The Net Debt
reduction from December 31, 2023 was
largely attributable to improved cash flows from operations in 2024
compared with 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 December 31, 2024, there was
$200.0 million outstanding under the
Program.
Markets Advisory 2024 Performance Highlights:
|
Markets
Advisory
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
% Change
in USD
|
|
%
Change
in
LC
|
|
Year Ended December
31,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
1,328.0
|
|
$
1,197.4
|
|
11 %
|
|
11 %
|
|
$
4,500.7
|
|
$
4,121.6
|
|
9 %
|
|
9 %
|
|
Leasing
|
814.4
|
|
717.5
|
|
14
|
|
14
|
|
2,596.2
|
|
2,343.6
|
|
11
|
|
11
|
|
Property
Management
|
476.5
|
|
445.8
|
|
7
|
|
7
|
|
1,795.1
|
|
1,675.1
|
|
7
|
|
8
|
|
Advisory, Consulting
and Other
|
37.1
|
|
34.1
|
|
9
|
|
11
|
|
109.4
|
|
102.9
|
|
6
|
|
7
|
|
Segment operating
expenses
|
$
1,175.0
|
|
$
1,054.5
|
|
11 %
|
|
12 %
|
|
$
4,020.7
|
|
$
3,769.7
|
|
7 %
|
|
7 %
|
|
Segment platform
operating expenses
|
843.9
|
|
752.7
|
|
12
|
|
12
|
|
2,751.1
|
|
2,616.1
|
|
5
|
|
5
|
|
Gross contract
costs6
|
331.1
|
|
301.8
|
|
10
|
|
10
|
|
1,269.6
|
|
1,153.6
|
|
10
|
|
11
|
|
Adjusted
EBITDA1
|
$
170.8
|
|
$
160.5
|
|
6 %
|
|
7 %
|
|
$
547.6
|
|
$
416.6
|
|
31 %
|
|
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 broad-based increases in Markets Advisory revenue for the
fourth quarter and full year were primarily driven by Leasing, led
by the office sector. Many geographies achieved double-digit
Leasing revenue growth for the quarter, most notably the U.S.,
India and Greater China2 (full-year growth
leaders included the U.S., India
and the UK). Globally, office leasing grew 20% over the prior
quarter, outperforming market growth of 7% according to JLL
Research. In addition, the number of large deals increased over the
prior year in nearly all asset classes. Property Management revenue
growth for the fourth quarter and full year was led by expansions
in the U.S. and several countries in Asia
Pacific, largely due to greater pass-through costs, as
management fees were flat for the fourth quarter and increased low
single-digits for the full year.
Higher fourth-quarter and full-year Adjusted EBITDA was largely
driven by transactional revenue growth. The fourth-quarter increase
in profit was adversely impacted by the timing of prior-year
incentive compensation accruals. Compared with the quarter,
full-year profit performance more meaningfully reflected greater
platform leverage.
Capital Markets 2024 Performance Highlights:
|
Capital
Markets
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
% Change
in USD
|
|
% Change
in LC
|
|
Year Ended December
31,
|
|
%
Change
in
USD
|
|
% Change
in LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
706.4
|
|
$
537.1
|
|
32 %
|
|
32 %
|
|
$
2,040.4
|
|
$
1,778.0
|
|
15 %
|
|
15 %
|
|
Investment Sales,
Debt/Equity Advisory and Other, excluding Net non-cash
MSR(a)
|
547.7
|
|
400.0
|
|
37
|
|
37
|
|
1,524.4
|
|
1,279.8
|
|
19
|
|
19
|
|
Net non-cash MSR and
mortgage banking derivative activity (a)
|
7.7
|
|
(8.7)
|
|
189
|
|
188
|
|
(18.2)
|
|
(18.2)
|
|
—
|
|
—
|
|
Value and Risk
Advisory
|
111.0
|
|
107.7
|
|
3
|
|
4
|
|
373.0
|
|
363.8
|
|
3
|
|
3
|
|
Loan
Servicing
|
40.0
|
|
38.1
|
|
5
|
|
5
|
|
161.2
|
|
152.6
|
|
6
|
|
6
|
|
Segment operating
expenses
|
$
597.9
|
|
$
487.8
|
|
23 %
|
|
23 %
|
|
$
1,885.7
|
|
$
1,696.9
|
|
11 %
|
|
11 %
|
|
Segment platform
operating expenses
|
586.2
|
|
474.2
|
|
24
|
|
24
|
|
1,837.1
|
|
1,649.4
|
|
11
|
|
11
|
|
Gross contract
costs6
|
11.7
|
|
13.6
|
|
(14)
|
|
(14)
|
|
48.6
|
|
47.5
|
|
2
|
|
3
|
|
Equity
earnings
|
$
1.9
|
|
$
0.6
|
|
217 %
|
|
200 %
|
|
$
2.7
|
|
$
6.7
|
|
(60) %
|
|
(59) %
|
|
Adjusted
EBITDA1
|
$
119.9
|
|
$
76.1
|
|
58 %
|
|
60 %
|
|
$
244.4
|
|
$
173.1
|
|
41 %
|
|
42 %
|
|
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 was recast to conform with this
presentation.
|
Capital Markets fourth-quarter and full-year top-line results
were driven by Investment Sales, Debt/Equity Advisory and Other as
investor sentiment and greater interest rate stability supported
year-over-year accelerated activity. For the fourth quarter, this
revenue growth was led by investment sales and debt advisory, most
notably in the U.S. and Asia
Pacific, across all asset classes, with residential and
industrial leading the way. On a full-year basis, both investment
sales and debt advisory achieved double-digit growth across most
geographies. Investment sales in the U.S. grew approximately 60%
for the quarter (approximately 30% for the full year),
outperforming the broader market for U.S. investment sales, which
grew 51% for the quarter (12% for the full year) according to JLL
Research.
The Adjusted EBITDA improvement for the fourth quarter and full
year was largely attributable to transactional revenue growth,
described above, together with cost discipline. Full-year Adjusted
EBITDA expansion was tempered by (i) the $19.5 million adverse impact associated with the
August repurchase of a Fannie Mae loan, and (ii) $5.1 million higher non-cash expense attributable
to the year-over-year change in loan loss credit reserves.
Work Dynamics 2024 Performance Highlights:
|
Work
Dynamics
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
% Change
in USD
|
|
%
Change
in
LC
|
|
Year Ended December
31,
|
|
%
Change
in
USD
|
|
%
Change
in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
4,556.6
|
|
$
3,966.1
|
|
15 %
|
|
15 %
|
|
$
16,197.6
|
|
$
14,131.1
|
|
15 %
|
|
15 %
|
|
Workplace
Management
|
3,472.3
|
|
3,018.5
|
|
15
|
|
15
|
|
12,529.7
|
|
10,706.2
|
|
17
|
|
17
|
|
Project
Management
|
936.1
|
|
798.3
|
|
17
|
|
18
|
|
3,151.9
|
|
2,924.8
|
|
8
|
|
8
|
|
Portfolio Services
and Other
|
148.2
|
|
149.3
|
|
(1)
|
|
—
|
|
516.0
|
|
500.1
|
|
3
|
|
3
|
|
Segment operating
expenses
|
$
4,461.3
|
|
$
3,866.0
|
|
15 %
|
|
16 %
|
|
$
15,974.6
|
|
$
13,947.3
|
|
15 %
|
|
15 %
|
|
Segment platform
operating expenses
|
533.4
|
|
482.1
|
|
11
|
|
11
|
|
1,944.7
|
|
1,815.9
|
|
7
|
|
7
|
|
Gross contract
costs6
|
3,927.9
|
|
3,383.9
|
|
16
|
|
16
|
|
14,029.9
|
|
12,131.4
|
|
16
|
|
16
|
|
Adjusted
EBITDA1
|
$
120.0
|
|
$
120.5
|
|
— %
|
|
— %
|
|
$
316.3
|
|
$
264.0
|
|
20 %
|
|
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.
|
Work Dynamics revenue growth for the fourth quarter and full
year was led by continued strong performance in Workplace
Management, largely from a balanced mix of client wins and mandate
expansions, as well as incremental pass-through costs in
the United States. For the fourth
quarter, Project Management delivered double-digit revenue growth
across geographies, as higher pass-through costs augmented
management fee increases of nearly 10%. For the full year, Project
Management revenue performance varied across geographies given
shifts in business mix as management fees increased in the
mid-single digits, supplemented by higher pass-through costs.
Adjusted EBITDA was flat for the fourth quarter as revenue
growth was offset by (i) an approximately $13 million lower actuarial benefit associated
with U.S. medical self-insurance compared with the prior-year
quarter and (ii) incremental investments in our platform (including
technology and artificial intelligence capabilities). Full-year
Adjusted EBITDA expansion was driven by top-line performance, which
more than overcame the fourth-quarter impacts described above as
well as the U.S. state gross receipt tax expense reported in the
third quarter of 2024.
JLL Technologies 2024 Performance Highlights:
|
JLL
Technologies
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
% Change
in USD
|
|
%
Change
in
LC
|
|
Year Ended December
31,
|
|
% Change
in USD
|
|
%
Change
in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
59.3
|
|
$
65.5
|
|
(9) %
|
|
(9) %
|
|
$
226.3
|
|
$
246.4
|
|
(8) %
|
|
(8) %
|
|
Segment operating
expenses
|
$
64.8
|
|
$
63.4
|
|
2 %
|
|
3 %
|
|
$
276.1
|
|
$
281.4
|
|
(2) %
|
|
(2) %
|
|
Segment platform
operating expenses, excluding Carried interest
|
64.9
|
|
64.3
|
|
1
|
|
1
|
|
267.9
|
|
280.7
|
|
(5)
|
|
(5)
|
|
Carried interest
(benefit) expense(a)
|
(1.6)
|
|
(4.4)
|
|
64
|
|
64
|
|
2.7
|
|
(13.8)
|
|
120
|
|
120
|
|
Gross contract
costs6
|
1.5
|
|
3.5
|
|
(57)
|
|
(55)
|
|
5.5
|
|
14.5
|
|
(62)
|
|
(62)
|
|
Adjusted
EBITDA1
|
$
1.5
|
|
$
6.1
|
|
(75) %
|
|
(72) %
|
|
$
(22.3)
|
|
$
(19.1)
|
|
(17) %
|
|
(15) %
|
|
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) Carried interest
expense (benefit) is associated with equity earnings/losses on
Spark Venture Funds investments.
|
The fourth-quarter and full-year decreases in JLL Technologies
revenue were due to lower contract signings in technology solutions
over the past year, partially offset by modest growth in software
services.
The fourth-quarter and full-year declines in Adjusted EBITDA
were primarily attributable to lower revenue and the year-over-year
change in carried interest expense/benefit.
LaSalle 2024 Performance
Highlights:
|
LaSalle
($ in millions, "LC" = local currency)
|
Three Months Ended
December 31,
|
|
% Change
in USD
|
|
%
Change
in
LC
|
|
Year Ended December
31,
|
|
%
Change
in
USD
|
|
%
Change
in
LC
|
|
2024
|
|
2023
|
|
|
|
2024
|
|
2023
|
|
|
|
Revenue
|
$
160.6
|
|
$
115.3
|
|
39 %
|
|
42 %
|
|
$
467.9
|
|
$
483.7
|
|
(3) %
|
|
(2) %
|
|
Advisory
fees
|
95.7
|
|
99.9
|
|
(4)
|
|
(4)
|
|
373.8
|
|
406.2
|
|
(8)
|
|
(7)
|
|
Transaction fees and
other
|
9.1
|
|
7.2
|
|
26
|
|
26
|
|
33.5
|
|
30.0
|
|
12
|
|
14
|
|
Incentive
fees
|
55.8
|
|
8.2
|
|
580
|
|
624
|
|
60.6
|
|
47.5
|
|
28
|
|
36
|
|
Segment operating
expenses
|
$
120.0
|
|
$
97.7
|
|
23 %
|
|
25 %
|
|
$
384.6
|
|
$
388.3
|
|
(1) %
|
|
— %
|
|
Segment platform
operating expenses
|
109.1
|
|
90.8
|
|
20
|
|
23
|
|
347.2
|
|
359.4
|
|
(3)
|
|
(3)
|
|
Gross contract
costs6
|
10.9
|
|
6.9
|
|
58
|
|
58
|
|
37.4
|
|
28.9
|
|
29
|
|
30
|
|
Adjusted
EBITDA1
|
$
42.6
|
|
$
19.9
|
|
114 %
|
|
120 %
|
|
$
100.3
|
|
$
103.8
|
|
(3) %
|
|
1 %
|
|
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 fourth-quarter increase in LaSalle revenue was due to higher incentive
fees earned on asset dispositions on behalf of clients in
Asia Pacific. Lower fourth-quarter
and full-year advisory fees reflected (i) reduced fees in
Europe as a result of structural
changes to a lower-margin business, as discussed in previous
quarters, and (ii) declines in assets under management ("AUM") over
the trailing twelve months. Revenue decreased on a full-year basis,
as the decline in advisory fees was partially offset by the
increased incentive fees.
The fourth-quarter increase in Adjusted EBITDA was driven by
higher incentive fees, net of related variable compensation expense
(included within segment platform operating expenses). On a
full-year basis, Adjusted EBITDA was flat compared to the prior
year, reflecting lower revenues and a few discrete, individually
immaterial items, offset by (i) the 2024 benefit of cost management
actions and (ii) an $8.2 million gain
recognized in the second quarter of 2024 following the purchase of
a controlling interest in a LaSalle-managed fund.
As of December 31, 2024, year-to-date AUM decreased
nominally in USD (3% in local currency) while quarter-to-date AUM
increased 5% in USD (2% in local currency). Changes in AUM are
detailed in the tables below (in billions):
|
Quarter-to-date
|
|
Year-to-date
|
|
Beginning balance
(September 30, 2024)
|
$
84.6
|
|
Beginning balance
(December 31, 2023)
|
$
89.0
|
|
Asset
acquisitions/takeovers
|
1.6
|
|
Asset
acquisitions/takeovers
|
4.6
|
|
Asset
dispositions/withdrawals
|
(1.1)
|
|
Asset
dispositions/withdrawals
|
(5.3)
|
|
Valuation
changes
|
1.2
|
|
Valuation
changes
|
(1.3)
|
|
Foreign currency
translation
|
2.4
|
|
Foreign currency
translation
|
2.4
|
|
Change in uncalled
committed capital and cash held
|
0.1
|
|
Change in uncalled
committed capital and cash held
|
(0.6)
|
|
Ending balance
(December 31, 2024)
|
$
88.8
|
|
Ending balance
(December 31, 2024)
|
$
88.8
|
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 $23.4 billion and operations in over 80 countries
around the world, our more than 112,000 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, February 19, 2025, 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 fourth 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 Annual
Report on Form 10-K 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, new information, developments or any change in
events.
|
JONES LANG LASALLE
INCORPORATED
|
|
Consolidated
Statements of Operations (Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
(in millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
6,810.9
|
|
$
5,881.4
|
|
$
23,432.9
|
|
$
20,760.8
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
$
3,125.3
|
|
$
2,666.1
|
|
$
10,994.7
|
|
$
9,770.7
|
|
Operating,
administrative and other
|
3,226.7
|
|
2,841.4
|
|
11,291.2
|
|
10,074.5
|
|
Depreciation and
amortization
|
67.0
|
|
61.9
|
|
255.8
|
|
238.4
|
|
Restructuring and
acquisition charges5
|
18.7
|
|
21.6
|
|
23.1
|
|
100.7
|
|
Total operating
expenses
|
$
6,437.7
|
|
$
5,591.0
|
|
$
22,564.8
|
|
$
20,184.3
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
373.2
|
|
$
290.4
|
|
$
868.1
|
|
$
576.5
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
26.6
|
|
31.5
|
|
136.9
|
|
135.4
|
|
Equity
losses
|
(50.8)
|
|
(76.8)
|
|
(70.8)
|
|
(194.1)
|
|
Other income
|
4.8
|
|
3.0
|
|
18.9
|
|
4.9
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling interest
|
300.6
|
|
185.1
|
|
679.3
|
|
251.9
|
|
Income tax
provision
|
58.7
|
|
12.7
|
|
132.5
|
|
25.7
|
|
Net income
|
241.9
|
|
172.4
|
|
546.8
|
|
226.2
|
|
|
|
|
|
|
|
|
|
Net income attributable
to noncontrolling interest
|
0.7
|
|
—
|
|
—
|
|
0.8
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
|
$
546.8
|
|
$
225.4
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
5.07
|
|
$
3.63
|
|
$
11.51
|
|
$
4.73
|
|
Basic weighted average
shares outstanding (in 000's)
|
47,533
|
|
47,548
|
|
47,493
|
|
47,628
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
4.97
|
|
$
3.57
|
|
$
11.30
|
|
$
4.67
|
|
Diluted weighted
average shares outstanding (in 000's)
|
48,534
|
|
48,324
|
|
48,372
|
|
48,288
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Selected Segment
Financial Data (Unaudited)
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
MARKETS
ADVISORY
|
|
|
|
|
|
|
|
|
Revenue
|
$
1,328.0
|
|
$
1,197.4
|
|
$
4,500.7
|
|
$
4,121.6
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
720.8
|
|
$
639.6
|
|
$
2,309.2
|
|
$
2,178.2
|
|
Platform operating,
administrative and other
|
105.2
|
|
94.9
|
|
371.9
|
|
368.3
|
|
Depreciation and
amortization
|
17.9
|
|
18.2
|
|
70.0
|
|
69.6
|
|
Segment platform
operating expenses
|
843.9
|
|
752.7
|
|
2,751.1
|
|
2,616.1
|
|
Gross contract
costs6
|
331.1
|
|
301.8
|
|
1,269.6
|
|
1,153.6
|
|
Segment operating
expenses
|
$
1,175.0
|
|
$
1,054.5
|
|
$
4,020.7
|
|
$
3,769.7
|
|
Segment operating
income
|
$
153.0
|
|
$
142.9
|
|
$
480.0
|
|
$
351.9
|
|
Add:
|
|
|
|
|
|
|
|
|
Equity earnings
(losses)
|
0.2
|
|
(0.8)
|
|
0.7
|
|
(0.5)
|
|
Depreciation and
amortization(a)
|
17.0
|
|
17.1
|
|
66.2
|
|
65.6
|
|
Other
income
|
1.9
|
|
2.0
|
|
4.9
|
|
2.5
|
|
Net income
attributable to noncontrolling interest
|
(0.3)
|
|
—
|
|
(0.8)
|
|
(0.8)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net (gain) loss on
disposition
|
—
|
|
—
|
|
—
|
|
0.9
|
|
Interest on employee
loans, net of forgiveness
|
(1.0)
|
|
(0.7)
|
|
(3.4)
|
|
(3.0)
|
|
Adjusted
EBITDA1
|
$
170.8
|
|
$
160.5
|
|
$
547.6
|
|
$
416.6
|
|
|
|
|
|
|
|
|
|
(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
December 31,
|
|
Year Ended December
31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
CAPITAL
MARKETS
|
|
|
|
|
|
|
|
|
Revenue
|
$
706.4
|
|
$
537.1
|
|
$
2,040.4
|
|
$
1,778.0
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
497.7
|
|
$
394.6
|
|
$
1,491.9
|
|
$
1,337.7
|
|
Platform operating,
administrative and other
|
72.0
|
|
62.5
|
|
278.4
|
|
246.1
|
|
Depreciation and
amortization
|
16.5
|
|
17.1
|
|
66.8
|
|
65.6
|
|
Segment platform
operating expenses
|
586.2
|
|
474.2
|
|
1,837.1
|
|
1,649.4
|
|
Gross contract
costs6
|
11.7
|
|
13.6
|
|
48.6
|
|
47.5
|
|
Segment operating
expenses
|
$
597.9
|
|
$
487.8
|
|
$
1,885.7
|
|
$
1,696.9
|
|
Segment operating
income
|
$
108.5
|
|
$
49.3
|
|
$
154.7
|
|
$
81.1
|
|
Add:
|
|
|
|
|
|
|
|
|
Equity
earnings
|
1.9
|
|
0.6
|
|
2.7
|
|
6.7
|
|
Depreciation and
amortization
|
16.5
|
|
17.1
|
|
66.8
|
|
65.6
|
|
Other
income
|
1.5
|
|
1.0
|
|
4.5
|
|
2.5
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
(7.7)
|
|
8.7
|
|
18.2
|
|
18.2
|
|
Interest on employee
loans, net of forgiveness
|
(0.8)
|
|
(0.6)
|
|
(2.5)
|
|
(0.6)
|
|
Gain on
disposition
|
—
|
|
—
|
|
—
|
|
(0.4)
|
|
Adjusted
EBITDA1
|
$
119.9
|
|
$
76.1
|
|
$
244.4
|
|
$
173.1
|
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
WORK
DYNAMICS
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
4,556.6
|
|
$
3,966.1
|
|
$
16,197.6
|
|
$
14,131.1
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
383.4
|
|
$
346.2
|
|
$
1,385.8
|
|
$
1,305.1
|
|
|
Platform operating,
administrative and other
|
125.2
|
|
115.6
|
|
467.8
|
|
431.6
|
|
|
Depreciation and
amortization
|
24.8
|
|
20.3
|
|
91.1
|
|
79.2
|
|
|
Segment platform
operating expenses
|
533.4
|
|
482.1
|
|
1,944.7
|
|
1,815.9
|
|
|
Gross contract
costs6
|
3,927.9
|
|
3,383.9
|
|
14,029.9
|
|
12,131.4
|
|
|
Segment operating
expenses
|
$
4,461.3
|
|
$
3,866.0
|
|
$
15,974.6
|
|
$
13,947.3
|
|
|
Segment operating
income
|
$
95.3
|
|
$
100.1
|
|
$
223.0
|
|
$
183.8
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Equity
earnings
|
0.1
|
|
0.1
|
|
2.2
|
|
1.4
|
|
|
Depreciation and
amortization
|
24.8
|
|
20.3
|
|
91.1
|
|
79.2
|
|
|
Net income
attributable to noncontrolling interest
|
(0.2)
|
|
—
|
|
—
|
|
(0.4)
|
|
|
Adjusted
EBITDA1
|
$
120.0
|
|
$
120.5
|
|
$
316.3
|
|
$
264.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
JLL
TECHNOLOGIES
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
59.3
|
|
$
65.5
|
|
$
226.3
|
|
$
246.4
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits(a)
|
$
45.9
|
|
$
45.4
|
|
$
197.0
|
|
$
200.7
|
|
|
Platform operating,
administrative and other
|
12.2
|
|
10.5
|
|
54.2
|
|
50.3
|
|
|
Depreciation and
amortization
|
5.2
|
|
4.0
|
|
19.4
|
|
15.9
|
|
|
Segment platform
operating expenses
|
63.3
|
|
59.9
|
|
270.6
|
|
266.9
|
|
|
Gross contract
costs6
|
1.5
|
|
3.5
|
|
5.5
|
|
14.5
|
|
|
Segment operating
expenses
|
$
64.8
|
|
$
63.4
|
|
$
276.1
|
|
$
281.4
|
|
|
Segment operating
(loss) income
|
$
(5.5)
|
|
$
2.1
|
|
$
(49.8)
|
|
$
(35.0)
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
5.2
|
|
4.0
|
|
19.4
|
|
15.9
|
|
|
Other
income
|
1.7
|
|
—
|
|
1.7
|
|
—
|
|
|
Net income
attributable to noncontrolling interest
|
0.1
|
|
—
|
|
0.1
|
|
—
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Credit losses on
convertible note investments
|
—
|
|
—
|
|
6.3
|
|
—
|
|
|
Adjusted
EBITDA1
|
$
1.5
|
|
$
6.1
|
|
$
(22.3)
|
|
$
(19.1)
|
|
|
Equity
losses
|
$
(55.4)
|
|
$
(75.0)
|
|
$
(53.8)
|
|
$
(177.0)
|
|
|
(a) Included in Segment
platform operating expenses is a carried interest benefit of $1.6
million for the three months ended December 31, 2024 and carried
interest expense of $2.7
million for the twelve months ended December 31, 2024, and a
carried interest benefit of $4.4 million and $13.8 million for the
three and twelve months ended December 31, 2023.
Carried interest expense (benefit) is associated with equity
earnings/losses on Spark Venture Funds investments.
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
|
Selected Segment
Financial Data (Unaudited) Continued
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
LASALLE
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
160.6
|
|
$
115.3
|
|
$
467.9
|
|
$
483.7
|
|
|
|
|
|
|
|
|
|
|
|
Platform compensation
and benefits
|
$
88.8
|
|
$
72.2
|
|
$
268.9
|
|
$
288.7
|
|
|
Platform operating,
administrative and other
|
17.7
|
|
16.3
|
|
69.8
|
|
62.6
|
|
|
Depreciation and
amortization
|
2.6
|
|
2.3
|
|
8.5
|
|
8.1
|
|
|
Segment platform
operating expenses
|
109.1
|
|
90.8
|
|
347.2
|
|
359.4
|
|
|
Gross contract
costs6
|
10.9
|
|
6.9
|
|
37.4
|
|
28.9
|
|
|
Segment operating
expenses
|
$
120.0
|
|
$
97.7
|
|
$
384.6
|
|
$
388.3
|
|
|
Segment operating
income
|
$
40.6
|
|
$
17.6
|
|
$
83.3
|
|
$
95.4
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2.6
|
|
2.3
|
|
8.5
|
|
8.1
|
|
|
Other (expense)
income
|
(0.3)
|
|
—
|
|
7.8
|
|
(0.1)
|
|
|
Net (income) loss
attributable to noncontrolling interest
|
(0.3)
|
|
—
|
|
0.7
|
|
0.4
|
|
|
Adjusted
EBITDA1
|
$
42.6
|
|
$
19.9
|
|
$
100.3
|
|
$
103.8
|
|
|
Equity earnings
(losses)
|
$
2.4
|
|
$
(1.7)
|
|
$
(22.6)
|
|
$
(24.7)
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Net income
|
$ 546.8
|
|
$ 226.2
|
|
Net capital additions
– property and equipment
|
$
(185.5)
|
|
$
(186.9)
|
|
Reconciliation of net
income to net cash provided by operating activities:
|
|
|
|
|
Business acquisitions,
net of cash acquired
|
(60.9)
|
|
(13.6)
|
|
Depreciation and
amortization
|
255.8
|
|
238.4
|
|
Capital contributions
to investments
|
(88.6)
|
|
(109.4)
|
|
Equity
losses
|
70.8
|
|
194.1
|
|
Distributions of
capital from investments
|
19.2
|
|
23.7
|
|
Net loss on
dispositions
|
—
|
|
0.5
|
|
Acquisition of
controlling interest, net of cash acquired
|
3.7
|
|
—
|
|
Distributions of
earnings from investments
|
17.7
|
|
12.4
|
|
Other, net
|
(4.7)
|
|
(4.2)
|
|
Provision for loss on
receivables and other assets
|
38.0
|
|
20.3
|
|
Net cash used in
investing activities
|
(316.8)
|
|
(290.4)
|
|
Amortization of
stock-based compensation
|
97.4
|
|
78.3
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net non-cash mortgage
servicing rights and mortgage banking derivative
activity
|
18.2
|
|
18.2
|
|
Proceeds from
borrowings under credit facility
|
8,043.0
|
|
7,684.0
|
|
Accretion of interest
and amortization of debt issuance costs
|
5.5
|
|
4.3
|
|
Repayments of
borrowings under credit facility
|
(8,568.0)
|
|
(8,284.0)
|
|
Other, net
|
0.1
|
|
17.5
|
|
Proceeds from issuance
of commercial paper
|
910.0
|
|
—
|
|
Change
in:
|
|
|
|
|
Repayments of
commercial paper
|
(710.0)
|
|
—
|
|
Receivables
|
(207.9)
|
|
11.1
|
|
Proceeds from issuance
of senior notes
|
—
|
|
400.0
|
|
Reimbursable
receivables and reimbursable payables
|
(4.6)
|
|
(93.3)
|
|
Net proceeds from
(repayments of) short-term borrowings
|
2.9
|
|
(24.8)
|
|
Prepaid expenses and
other assets
|
(81.6)
|
|
(24.0)
|
|
Payments of deferred
business acquisition obligations and earn-outs
|
(7.4)
|
|
(26.6)
|
|
Income taxes
receivable, payable and deferred
|
(137.6)
|
|
(138.8)
|
|
Shares repurchased for
payment of employee taxes on stock awards
|
(31.8)
|
|
(30.6)
|
|
Accounts payable,
accrued liabilities and other liabilities
|
36.2
|
|
78.5
|
|
Repurchase of common
stock
|
(80.7)
|
|
(61.6)
|
|
Accrued compensation
(including net deferred compensation)
|
130.5
|
|
(67.9)
|
|
Noncontrolling
interest distributions, net
|
(0.1)
|
|
(6.5)
|
|
Net cash provided by
operating activities
|
$ 785.3
|
|
$ 575.8
|
|
Other, net
|
(9.1)
|
|
(24.2)
|
|
|
|
|
|
Net cash used in
financing activities
|
(451.2)
|
|
(374.3)
|
|
|
|
|
|
Effect of currency
exchange rate changes on cash, cash equivalents and restricted
cash
|
(28.0)
|
|
6.3
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
$ (10.7)
|
|
$ (82.6)
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash, beginning of the period
|
663.4
|
|
746.0
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of the period
|
$
652.7
|
|
$ 663.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please reference
accompanying financial statement notes.
|
|
|
|
|
|
|
|
|
|
|
JONES LANG LASALLE
INCORPORATED
|
|
Consolidated Balance
Sheets
|
|
|
December
31,
|
|
December 31,
|
|
|
December
31,
|
|
December 31,
|
|
(in millions, except
share and per share data)
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
assets:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Cash and cash
equivalents
|
$
416.3
|
|
$
410.0
|
|
|
Accounts payable and
accrued liabilities
|
$
1,322.7
|
|
$
1,406.7
|
|
Trade receivables, net
of allowance
|
2,153.5
|
|
2,095.8
|
|
|
Reimbursable
payables
|
2,176.3
|
|
1,796.9
|
|
Notes and other
receivables
|
456.9
|
|
446.4
|
|
|
Accrued compensation
and benefits
|
1,768.5
|
|
1,698.3
|
|
Reimbursable
receivables
|
2,695.0
|
|
2,321.7
|
|
|
Short-term
borrowings
|
153.8
|
|
147.9
|
|
Warehouse
receivables
|
770.7
|
|
677.4
|
|
|
Commercial paper, net
of debt issuance costs
|
199.3
|
|
—
|
|
Short-term contract
assets, net of allowance
|
334.8
|
|
338.3
|
|
|
Short-term contract
liability and deferred income
|
203.8
|
|
226.4
|
|
Restricted cash,
prepaid and other
|
651.3
|
|
567.4
|
|
|
Warehouse
facilities
|
841.0
|
|
662.7
|
|
|
Total current
assets
|
7,478.5
|
|
6,857.0
|
|
|
Short-term operating
lease liability
|
157.2
|
|
161.9
|
|
Property and equipment,
net of accumulated depreciation
|
598.1
|
|
613.9
|
|
|
Other
|
321.9
|
|
345.3
|
|
Operating lease
right-of-use asset
|
743.1
|
|
730.9
|
|
|
|
Total current
liabilities
|
7,144.5
|
|
6,446.1
|
|
Goodwill
|
4,611.3
|
|
4,587.4
|
|
Noncurrent
liabilities:
|
|
|
|
|
Identified intangibles,
net of accumulated amortization
|
724.1
|
|
785.0
|
|
|
Credit facility, net of
debt issuance costs
|
88.6
|
|
610.6
|
|
Investments
|
812.7
|
|
816.6
|
|
|
Long-term debt, net of
debt issuance costs
|
756.7
|
|
779.3
|
|
Long-term
receivables
|
394.7
|
|
363.8
|
|
|
Long-term deferred tax
liabilities, net
|
45.6
|
|
44.8
|
|
Deferred tax assets,
net
|
518.2
|
|
497.4
|
|
|
Deferred
compensation
|
665.4
|
|
580.0
|
|
Deferred compensation
plans
|
664.0
|
|
604.3
|
|
|
Long-term operating
lease liability
|
748.8
|
|
754.5
|
|
Other
|
219.1
|
|
208.5
|
|
|
Other
|
419.1
|
|
439.6
|
|
|
Total assets
|
$
16,763.8
|
|
$
16,064.8
|
|
|
|
Total
liabilities
|
$
9,868.7
|
|
$
9,654.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company shareholders'
equity
|
|
|
|
|
|
|
Common stock
|
0.5
|
|
0.5
|
|
|
|
Additional paid-in
capital
|
2,032.7
|
|
2,019.7
|
|
|
|
Retained
earnings
|
6,334.9
|
|
5,795.6
|
|
|
|
Treasury
stock
|
(937.9)
|
|
(920.1)
|
|
|
|
Shares held in
trust
|
(11.8)
|
|
(10.4)
|
|
|
|
Accumulated other
comprehensive loss
|
(646.9)
|
|
(591.5)
|
|
|
|
|
Total company
shareholders' equity
|
6,771.5
|
|
6,293.8
|
|
|
|
Noncontrolling
interest
|
123.6
|
|
116.1
|
|
|
|
|
Total equity
|
6,895.1
|
|
6,409.9
|
|
|
|
|
Total liabilities and
equity
|
$
16,763.8
|
|
$
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 6),
(iv) Net
Debt (refer to Note 6) 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
December 31,
|
|
Year Ended December
31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
|
$
546.8
|
|
$
225.4
|
|
Add:
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
26.6
|
|
31.5
|
|
136.9
|
|
135.4
|
|
Income tax
provision
|
58.7
|
|
12.7
|
|
132.5
|
|
25.7
|
|
Depreciation and
amortization(a)
|
66.1
|
|
60.8
|
|
252.0
|
|
234.4
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges5
|
18.7
|
|
21.6
|
|
23.1
|
|
100.7
|
|
Net (gain) loss on
disposition
|
—
|
|
—
|
|
—
|
|
0.5
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
(7.7)
|
|
8.7
|
|
18.2
|
|
18.2
|
|
Interest on employee
loans, net of forgiveness
|
(1.8)
|
|
(1.3)
|
|
(5.9)
|
|
(3.6)
|
|
Equity losses - JLL
Technologies and LaSalle
|
53.0
|
|
76.7
|
|
76.4
|
|
201.7
|
|
Credit losses on
convertible note investments
|
—
|
|
—
|
|
6.3
|
|
—
|
|
Adjusted
EBITDA
|
$
454.8
|
|
$
383.1
|
|
$
1,186.3
|
|
$
938.4
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
(In millions, except
share and per share data)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
|
$
546.8
|
|
$
225.4
|
|
Diluted shares (in
thousands)
|
48,534
|
|
48,324
|
|
48,372
|
|
48,288
|
|
Diluted earnings per
share
|
$
4.97
|
|
$
3.57
|
|
$
11.30
|
|
$
4.67
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders
|
$
241.2
|
|
$
172.4
|
|
$
546.8
|
|
$
225.4
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restructuring and
acquisition charges5
|
18.7
|
|
21.6
|
|
23.1
|
|
100.7
|
|
Net non-cash MSR and
mortgage banking derivative activity
|
(7.7)
|
|
8.7
|
|
18.2
|
|
18.2
|
|
Amortization of
acquisition-related intangibles(a)
|
15.8
|
|
16.1
|
|
62.4
|
|
66.0
|
|
Net (gain) loss on
disposition
|
—
|
|
—
|
|
—
|
|
0.5
|
|
Interest on employee
loans, net of forgiveness
|
(1.8)
|
|
(1.3)
|
|
(5.9)
|
|
(3.6)
|
|
Equity losses - JLL
Technologies and LaSalle
|
53.0
|
|
76.7
|
|
76.4
|
|
201.7
|
|
Credit losses on
convertible note investments
|
—
|
|
—
|
|
6.3
|
|
—
|
|
Tax impact of adjusted
items(b)
|
(20.9)
|
|
(35.1)
|
|
(49.8)
|
|
(107.1)
|
|
Adjusted net income
attributable to common shareholders
|
$
298.3
|
|
$
259.1
|
|
$
677.5
|
|
$
501.8
|
|
Diluted shares (in
thousands)
|
48,534
|
|
48,324
|
|
48,372
|
|
48,288
|
|
Adjusted diluted
earnings per share
|
$
6.15
|
|
$
5.36
|
|
$
14.01
|
|
$
10.39
|
|
(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
and fourth quarter of 2024 and all quarters 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
December 31,
|
|
Year Ended December
31,
|
|
($ in
millions)
|
2024
|
|
%
Change
|
|
2024
|
|
%
Change
|
|
Revenue:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
6,810.9
|
|
16 %
|
|
$
23,432.9
|
|
13 %
|
|
Impact of change in
exchange rates
|
22.9
|
|
n/a
|
|
52.5
|
|
n/a
|
|
At comparative period
exchange rates
|
$
6,833.8
|
|
16 %
|
|
$
23,485.4
|
|
13 %
|
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
373.2
|
|
29 %
|
|
$
868.1
|
|
51 %
|
|
Impact of change in
exchange rates
|
8.9
|
|
n/a
|
|
17.2
|
|
n/a
|
|
At comparative period
exchange rates
|
$
382.1
|
|
32 %
|
|
$
885.3
|
|
54 %
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
At current period
exchange rates
|
$
454.8
|
|
19 %
|
|
$
1,186.3
|
|
26 %
|
|
Impact of change in
exchange rates
|
6.8
|
|
n/a
|
|
14.7
|
|
n/a
|
|
At comparative period
exchange rates
|
$
461.6
|
|
20 %
|
|
$
1,201.0
|
|
28 %
|
2. n.m.: "not meaningful", represented by a
percentage change of greater than 1,000%, favorable or
unfavorable.
Greater China: China, Hong
Kong, Macau and
Taiwan.
3. As of December 31,
2024, LaSalle had
$88.8 billion of real estate assets
under management ("AUM"), composed of $47.1
billion invested in fund management vehicles, $38.2 billion invested in separate accounts and
$3.5 billion invested in public
securities. The geographic distribution was $28.9 billion in North
America, $24.6 billion in
Europe and $20.9 billion in Asia
Pacific. The remaining $14.4
billion relates to Global Solutions which is a global
business line.
Assets under management data for separate accounts and fund
management amounts are reported on a one-quarter lag. In
addition, LaSalle raised $1.1
billion in private equity capital for the quarter ended
December 31, 2024.
4. 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.
5. 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
December 31,
|
|
Year Ended December
31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Severance and other
employment-related charges
|
$
9.3
|
|
$
14.2
|
|
$
27.1
|
|
$
62.1
|
|
Restructuring,
pre-acquisition and post-acquisition charges
|
8.5
|
|
11.3
|
|
28.6
|
|
43.0
|
|
Fair value adjustments
that resulted in a net (decrease) increase to earn-out
liabilities
from prior-period acquisition activity
|
0.9
|
|
(3.9)
|
|
(32.6)
|
|
(4.4)
|
|
Total Restructuring and
acquisition charges
|
$
18.7
|
|
$
21.6
|
|
$
23.1
|
|
$
100.7
|
6. "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)
|
December 31,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
|
|
|
|
|
|
Total debt
|
$
1,216.9
|
|
$
2,035.1
|
|
$
1,560.3
|
|
Less: Cash and cash
equivalents
|
416.3
|
|
437.8
|
|
410.0
|
|
Net Debt
|
$
800.6
|
|
$
1,597.3
|
|
$
1,150.3
|
|
|
|
|
|
|
|
Divided by: Trailing
twelve-month Adjusted EBITDA
|
$
1,186.3
|
|
$
1,114.6
|
|
$
938.4
|
|
Net Leverage
Ratio
|
0.7x
|
|
1.4x
|
|
1.2x
|
"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 provided by operating
activities to Free Cash Flow.
|
Year Ended December
31,
|
|
(in
millions)
|
2024
|
|
2023
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
785.3
|
|
$
575.8
|
|
Net capital additions -
property and equipment
|
(185.5)
|
|
(186.9)
|
|
Free Cash
Flow
|
$
599.8
|
|
$
388.9
|
Appendix: Additional Segment Detail
|
Three Months Ended
December 31, 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)
|
$ 814.4
|
476.5
|
37.1
|
|
$
1,328.0
|
|
$ 555.4
|
111.0
|
40.0
|
|
$ 706.4
|
|
$
3,472.3
|
936.1
|
148.2
|
|
$
4,556.6
|
|
$
59.3
|
|
$ 160.6
|
|
$
6,810.9
|
|
Gross contract
costs6
|
$
5.6
|
322.2
|
3.3
|
|
$ 331.1
|
|
$
8.0
|
3.7
|
—
|
|
$
11.7
|
|
$
3,209.3
|
654.3
|
64.3
|
|
$
3,927.9
|
|
$
1.5
|
|
$
10.9
|
|
$
4,283.1
|
|
Platform operating
expenses
|
|
|
|
|
$ 843.9
|
|
|
|
|
|
$ 586.2
|
|
|
|
|
|
$ 533.4
|
|
$
63.3
|
|
$ 109.1
|
|
$
2,135.9
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 170.8
|
|
|
|
|
|
$ 119.9
|
|
|
|
|
|
$ 120.0
|
|
$
1.5
|
|
$
42.6
|
|
$ 454.8
|
|
(a) Included in Revenue
is Net non-cash MSR and mortgage banking derivative activity of
$7.7 million for the three months ended December 31, 2024
within Investment Sales, Debt/Equity Advisory and Other.
|
|
Three Months Ended
December 31, 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)
|
$ 717.5
|
445.8
|
34.1
|
|
$
1,197.4
|
|
$ 391.3
|
107.7
|
38.1
|
|
$ 537.1
|
|
$
3,018.5
|
798.3
|
149.3
|
|
$
3,966.1
|
|
$ 65.5
|
|
$ 115.3
|
|
$
5,881.4
|
|
Gross contract
costs6
|
$
8.2
|
290.6
|
3.0
|
|
$ 301.8
|
|
$
9.0
|
4.6
|
—
|
|
$ 13.6
|
|
$
2,778.6
|
540.1
|
65.2
|
|
$
3,383.9
|
|
$
3.5
|
|
$
6.9
|
|
$
3,709.7
|
|
Platform operating
expenses
|
|
|
|
|
$ 752.7
|
|
|
|
|
|
$ 474.2
|
|
|
|
|
|
$ 482.1
|
|
$ 59.9
|
|
$ 90.8
|
|
$
1,859.7
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 160.5
|
|
|
|
|
|
$ 76.1
|
|
|
|
|
|
$ 120.5
|
|
$
6.1
|
|
$ 19.9
|
|
$ 383.1
|
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $8.7 million for the three months ended
December 31, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
Appendix: Additional Segment Detail (continued)
|
Year Ended December
31, 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)
|
$
2,596.2
|
1,795.1
|
109.4
|
|
$
4,500.7
|
|
$
1,506.2
|
373.0
|
161.2
|
|
$
2,040.4
|
|
$ 12,529.7
|
3,151.9
|
516.0
|
|
$
16,197.6
|
|
$
226.3
|
|
$ 467.9
|
|
$
23,432.9
|
|
Gross contract
costs6
|
$ 20.8
|
1,236.3
|
12.5
|
|
$
1,269.6
|
|
$ 35.6
|
13.0
|
—
|
|
$
48.6
|
|
$ 11,593.8
|
2,183.9
|
252.2
|
|
$
14,029.9
|
|
$
5.5
|
|
$
37.4
|
|
$
15,391.0
|
|
Platform operating
expenses
|
|
|
|
|
$
2,751.1
|
|
|
|
|
|
$
1,837.1
|
|
|
|
|
|
$
1,944.7
|
|
$
270.6
|
|
$ 347.2
|
|
$
7,150.7
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 547.6
|
|
|
|
|
|
$ 244.4
|
|
|
|
|
|
$
316.3
|
|
$
(22.3)
|
|
$ 100.3
|
|
$
1,186.3
|
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $18.2 million for the nine months ended
December 31, 2024 within Investment Sales, Debt/Equity Advisory and
Other.
|
|
Year Ended December 31,
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)
|
$
2,343.6
|
1,675.1
|
102.9
|
|
$
4,121.6
|
|
$
1,261.6
|
363.8
|
152.6
|
|
$
1,778.0
|
|
$ 10,706.2
|
2,924.8
|
500.1
|
|
$
14,131.1
|
|
$
246.4
|
|
$ 483.7
|
|
$
20,760.8
|
|
Gross contract
costs6
|
$ 21.3
|
1,123.4
|
8.9
|
|
$
1,153.6
|
|
$ 34.8
|
12.7
|
—
|
|
$ 47.5
|
|
$
9,899.8
|
1,996.4
|
235.2
|
|
$
12,131.4
|
|
$ 14.5
|
|
$ 28.9
|
|
$
13,375.9
|
|
Platform operating
expenses
|
|
|
|
|
$
2,616.1
|
|
|
|
|
|
$
1,649.4
|
|
|
|
|
|
$
1,815.9
|
|
$
266.9
|
|
$ 359.4
|
|
$
6,707.7
|
|
Adjusted
EBITDA1
|
|
|
|
|
$ 416.6
|
|
|
|
|
|
$ 173.1
|
|
|
|
|
|
$ 264.0
|
|
$
(19.1)
|
|
$ 103.8
|
|
$ 938.4
|
|
(a) Included as a
reduction to Revenue is Net non-cash MSR and mortgage banking
derivative activity of $18.2 million for the nine months ended
December 31, 2023 within Investment Sales, Debt/Equity Advisory and
Other.
|
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SOURCE JLL-IR
