News Release | ||||||||||||||
Summary Financial Results ($ in millions, except per share data, “LC” = local currency) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | % Change in USD | % Change in LC | 2023 | 2022 | % Change in USD | % Change in LC | ||||||||||||||||||||||||||||
Revenue | $ | 5,052.5 | $ | 5,278.4 | (4) | % | (4) | % | $ | 9,768.0 | $ | 10,079.8 | (3) | % | (2) | % | |||||||||||||||||||
Fee revenue1 | 1,847.3 | 2,138.8 | (14) | (13) | 3,431.3 | 4,039.3 | (15) | (14) | |||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | $ | 193.9 | (99) | % | (99) | % | $ | (6.7) | $ | 339.5 | (102) | % | (104) | % | |||||||||||||||||||
Adjusted net income attributable to common shareholders1 | 24.2 | 222.4 | (89) | (89) | 55.5 | 399.3 | (86) | (88) | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.05 | $ | 3.90 | (99) | % | (99) | % | $ | (0.14) | $ | 6.75 | (102) | % | (104) | % | |||||||||||||||||||
Adjusted diluted earnings per share1 | 0.50 | 4.48 | (89) | (89) | 1.15 | 7.94 | (86) | (87) | |||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 116.1 | $ | 359.0 | (68) | % | (68) | % | $ | 225.1 | $ | 632.6 | (64) | % | (65) | % | |||||||||||||||||||
Free Cash Flow5 | $ | 198.1 | $ | 136.7 | 45 | % | n/a | $ | (567.5) | $ | (626.3) | 9 | % | n/a | |||||||||||||||||||||
Consolidated ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Markets Advisory | $ | 1,025.4 | $ | 1,118.2 | (8) | % | (7) | % | $ | 1,931.8 | $ | 2,117.7 | (9) | % | (7) | % | |||||||||||||||||||||||||||||||
Capital Markets | 448.0 | 684.5 | (35) | (34) | 805.1 | 1,285.1 | (37) | (36) | |||||||||||||||||||||||||||||||||||||||
Work Dynamics | 3,374.6 | 3,310.5 | 2 | 3 | 6,650.8 | 6,344.1 | 5 | 7 | |||||||||||||||||||||||||||||||||||||||
JLL Technologies | 60.6 | 50.7 | 20 | 20 | 122.0 | 100.1 | 22 | 22 | |||||||||||||||||||||||||||||||||||||||
LaSalle | 143.9 | 114.5 | 26 | 26 | 258.3 | 232.8 | 11 | 13 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 5,052.5 | $ | 5,278.4 | (4) | % | (4) | % | $ | 9,768.0 | $ | 10,079.8 | (3) | % | (2) | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (3,205.8) | (3,128.4) | 2 | 3 | (6,339.1) | (6,032.9) | 5 | 7 | |||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | (105) | (106) | 2.4 | (7.6) | (132) | (132) | |||||||||||||||||||||||||||||||||||||||
Total fee revenue1 | $ | 1,847.3 | $ | 2,138.8 | (14) | % | (13) | % | $ | 3,431.3 | $ | 4,039.3 | (15) | % | (14) | % | |||||||||||||||||||||||||||||||
Markets Advisory | 741.1 | 855.8 | (13) | (13) | 1,368.4 | 1,597.0 | (14) | (13) | |||||||||||||||||||||||||||||||||||||||
Capital Markets | 435.5 | 660.7 | (34) | (34) | 785.1 | 1,252.2 | (37) | (36) | |||||||||||||||||||||||||||||||||||||||
Work Dynamics | 477.8 | 467.0 | 2 | 3 | 919.8 | 877.5 | 5 | 7 | |||||||||||||||||||||||||||||||||||||||
JLL Technologies | 56.5 | 48.0 | 18 | 18 | 114.3 | 93.3 | 23 | 23 | |||||||||||||||||||||||||||||||||||||||
LaSalle | 136.4 | 107.3 | 27 | 28 | 243.7 | 219.3 | 11 | 14 | |||||||||||||||||||||||||||||||||||||||
Operating income | $ | 149.2 | $ | 235.1 | (37) | % | (37) | % | $ | 167.0 | $ | 410.8 | (59) | % | (61) | % | |||||||||||||||||||||||||||||||
Equity (losses) earnings | $ | (103.5) | $ | 53.6 | (293) | % | (293) | % | $ | (106.1) | $ | 72.1 | (247) | % | (247) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 116.1 | $ | 359.0 | (68) | % | (68) | % | $ | 225.1 | $ | 632.6 | (64) | % | (65) | % | |||||||||||||||||||||||||||||||
Net income (loss) margin attributable to common shareholders (USD basis) | — | % | 3.7 | % | (370) bps | n/a | (0.1) | % | 3.4 | % | (350) bps | n/a | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | 6.2 | % | 16.8 | % | (1,050) bps | (1,060) bps | 6.3 | % | 15.7 | % | (910) bps | (940) bps | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | 6.3 | % | 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. |
June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||
Total Net Debt (in millions) | $ | 1,941.5 | $ | 2,099.3 | $ | 1,575.9 | |||||||||||
Net Leverage Ratio | 2.3x | 1.9x | 1.0x | ||||||||||||||
Corporate Liquidity (in billions) | $ | 1.9 | $ | 1.7 | $ | 1.9 |
Markets Advisory ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,025.4 | $ | 1,118.2 | (8) | % | (7) | % | $ | 1,931.8 | $ | 2,117.7 | (9) | % | (7) | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (284.3) | (262.4) | 8 | 10 | (563.4) | (520.7) | 8 | 11 | |||||||||||||||||||||||||||||||||||||||
Fee revenue1 | $ | 741.1 | $ | 855.8 | (13) | % | (13) | % | $ | 1,368.4 | $ | 1,597.0 | (14) | % | (13) | % | |||||||||||||||||||||||||||||||
Leasing | 588.0 | 703.5 | (16) | (16) | 1,070.5 | 1,300.4 | (18) | (17) | |||||||||||||||||||||||||||||||||||||||
Property Management | 131.0 | 122.2 | 7 | 9 | 258.1 | 240.8 | 7 | 10 | |||||||||||||||||||||||||||||||||||||||
Advisory, Consulting and Other | 22.1 | 30.1 | (27) | (25) | 39.8 | 55.8 | (29) | (26) | |||||||||||||||||||||||||||||||||||||||
Segment operating income | $ | 84.0 | $ | 116.2 | (28) | % | (28) | % | $ | 139.6 | $ | 207.6 | (33) | % | (33) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 99.4 | $ | 134.0 | (26) | % | (26) | % | $ | 171.0 | $ | 245.2 | (30) | % | (31) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | 13.2 | % | 15.7 | % | (230) bps | (250) bps | 12.3 | % | 15.4 | % | (290) bps | (310) bps | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | 13.4 | % | 12.5 | % | |||||||||||||||||||||||||||||||||||||||||||
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. |
Capital Markets ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 448.0 | $ | 684.5 | (35) | % | (34) | % | $ | 805.1 | $ | 1,285.1 | (37) | % | (36) | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (13.1) | (12.6) | 4 | 6 | (22.4) | (25.3) | (11) | (9) | |||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | (105) | (106) | 2.4 | (7.6) | (132) | (132) | |||||||||||||||||||||||||||||||||||||||
Fee revenue1 | $ | 435.5 | $ | 660.7 | (34) | % | (34) | % | $ | 785.1 | $ | 1,252.2 | (37) | % | (36) | % | |||||||||||||||||||||||||||||||
Investment Sales, Debt/Equity Advisory and Other | 309.9 | 528.0 | (41) | (41) | 545.1 | 996.5 | (45) | (45) | |||||||||||||||||||||||||||||||||||||||
Valuation Advisory | 86.6 | 92.3 | (6) | (5) | 163.6 | 175.4 | (7) | (4) | |||||||||||||||||||||||||||||||||||||||
Loan Servicing | 39.0 | 40.4 | (3) | (3) | 76.4 | 80.3 | (5) | (5) | |||||||||||||||||||||||||||||||||||||||
Segment operating income | $ | 14.1 | $ | 121.8 | (88) | % | (89) | % | $ | 6.0 | $ | 220.0 | (97) | % | (98) | % | |||||||||||||||||||||||||||||||
Equity earnings | $ | 4.8 | $ | 0.6 | 700 | % | 761 | % | $ | 5.4 | $ | 1.4 | 286 | % | 285 | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 36.0 | $ | 126.7 | (72) | % | (72) | % | $ | 46.7 | $ | 244.9 | (81) | % | (81) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | 8.2 | % | 19.2 | % | (1,090) bps | (1,100) bps | 5.8 | % | 19.6 | % | (1,370) bps | (1,380) bps | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | 8.3 | % | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||
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 ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 3,374.6 | $ | 3,310.5 | 2 | % | 3 | % | $ | 6,650.8 | $ | 6,344.1 | 5 | % | 7 | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (2,896.8) | (2,843.5) | 2 | 3 | (5,731.0) | (5,466.6) | 5 | 7 | |||||||||||||||||||||||||||||||||||||||
Fee revenue1 | $ | 477.8 | $ | 467.0 | 2 | % | 3 | % | $ | 919.8 | $ | 877.5 | 5 | % | 7 | % | |||||||||||||||||||||||||||||||
Workplace Management | 188.2 | 184.9 | 2 | 2 | 371.4 | 366.9 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
Project Management | 229.7 | 214.9 | 7 | 8 | 440.6 | 390.6 | 13 | 15 | |||||||||||||||||||||||||||||||||||||||
Portfolio Services and Other | 59.9 | 67.2 | (11) | (11) | 107.8 | 120.0 | (10) | (9) | |||||||||||||||||||||||||||||||||||||||
Segment operating income | $ | 35.7 | $ | 39.7 | (10) | % | (12) | % | $ | 41.9 | $ | 58.1 | (28) | % | (34) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 56.2 | $ | 57.6 | (2) | % | (3) | % | $ | 81.9 | $ | 92.8 | (12) | % | (15) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | 11.6 | % | 12.4 | % | (60) bps | (80) bps | 8.5 | % | 10.6 | % | (170) bps | (210) bps | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | 11.8 | % | 8.9 | % | |||||||||||||||||||||||||||||||||||||||||||
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. |
JLL Technologies ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 60.6 | $ | 50.7 | 20 | % | 20 | % | $ | 122.0 | $ | 100.1 | 22 | % | 22 | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (4.1) | (2.7) | 52 | 53 | (7.7) | (6.8) | 13 | 13 | |||||||||||||||||||||||||||||||||||||||
Fee revenue1 | $ | 56.5 | $ | 48.0 | 18 | % | 18 | % | $ | 114.3 | $ | 93.3 | 23 | % | 23 | % | |||||||||||||||||||||||||||||||
Segment operating loss(a) | $ | (5.4) | $ | (35.6) | 85 | % | 84 | % | $ | (27.5) | $ | (70.5) | 61 | % | 60 | % | |||||||||||||||||||||||||||||||
Equity (losses) earnings | $ | (103.9) | $ | 44.7 | (332) | % | (332) | % | $ | (99.0) | $ | 63.5 | (256) | % | (256) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | (105.2) | $ | 12.9 | (916) | % | (914) | % | $ | (118.5) | $ | 0.6 | n.m. | n.m. | |||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | (186.9) | % | 27.0 | % | n.m. | n.m. | (104.1) | % | 0.6 | % | n.m. | n.m. | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | (186.2) | % | (103.7) | % | |||||||||||||||||||||||||||||||||||||||||||
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 operating loss for JLL Technologies is a reduction in carried interest expense of $10.0 million and $9.3 million for the three and six months ended June 30, 2023, respectively, and carried interest expense of $9.8 million and $16.0 million for the three and six months ended June 30, 2022, related to Equity earnings of the segment. | |||||||||||||||||||||||||||||||||||||||||||||||
LaSalle ($ in millions, “LC” = local currency) | Three Months Ended June 30, | % Change in USD | % Change in LC | Six Months Ended June 30, | % Change in USD | % Change in LC | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 143.9 | $ | 114.5 | 26 | % | 26 | % | $ | 258.3 | $ | 232.8 | 11 | % | 13 | % | |||||||||||||||||||||||||||||||
Gross contract costs1 | (7.5) | (7.2) | 4 | 4 | (14.6) | (13.5) | 8 | 8 | |||||||||||||||||||||||||||||||||||||||
Fee revenue1 | $ | 136.4 | $ | 107.3 | 27 | % | 28 | % | $ | 243.7 | $ | 219.3 | 11 | % | 14 | % | |||||||||||||||||||||||||||||||
Advisory fees | 94.4 | 98.2 | (4) | (3) | 189.1 | 188.9 | — | 2 | |||||||||||||||||||||||||||||||||||||||
Transaction fees and other | 6.2 | 8.1 | (23) | (19) | 15.3 | 25.2 | (39) | (36) | |||||||||||||||||||||||||||||||||||||||
Incentive fees | 35.8 | 1.0 | n.m. | n.m. | 39.3 | 5.2 | 656 | 671 | |||||||||||||||||||||||||||||||||||||||
Segment operating income | $ | 32.6 | $ | 18.9 | 72 | % | 72 | % | $ | 54.5 | $ | 41.0 | 33 | % | 34 | % | |||||||||||||||||||||||||||||||
Equity (losses) earnings | $ | (5.1) | $ | 7.0 | (173) | % | (172) | % | $ | (13.9) | $ | 5.1 | (373) | % | (372) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA1 | $ | 29.7 | $ | 27.8 | 7 | % | 7 | % | $ | 44.0 | $ | 49.1 | (10) | % | (9) | % | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | 21.7 | % | 26.0 | % | (420) bps | (430) bps | 17.9 | % | 22.4 | % | (430) bps | (450) bps | |||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | 21.8 | % | 18.1 | % | |||||||||||||||||||||||||||||||||||||||||||
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. |
Connect with us |
Live Webcast | Conference Call | ||||||||||
Management will offer a live webcast for shareholders, analysts and investment professionals on Thursday, August 3, 2023, 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 second quarter 2023 earnings call has been posted to the Investor Relations section of JLL's website: ir.jll.com. | If you have any questions, please contact Scott Einberger, Investor Relations Officer. | ||||||||||
Phone: | +1 312 252 8943 | ||||||||||
Email: | JLLInvestorRelations@am.jll.com | ||||||||||
JONES LANG LASALLE INCORPORATED | |||||||||||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions, except share and per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | $ | 5,052.5 | $ | 5,278.4 | $ | 9,768.0 | $ | 10,079.8 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and benefits | $ | 2,417.0 | $ | 2,554.4 | $ | 4,670.0 | $ | 4,965.2 | |||||||||||||||
Operating, administrative and other | 2,414.6 | 2,407.6 | 4,766.1 | 4,548.6 | |||||||||||||||||||
Depreciation and amortization | 59.9 | 55.4 | 117.4 | 109.8 | |||||||||||||||||||
Restructuring and acquisition charges2 | 11.8 | 25.9 | 47.5 | 45.4 | |||||||||||||||||||
Total operating expenses | $ | 4,903.3 | $ | 5,043.3 | $ | 9,601.0 | $ | 9,669.0 | |||||||||||||||
Operating income | $ | 149.2 | $ | 235.1 | $ | 167.0 | $ | 410.8 | |||||||||||||||
Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | |||||||||||||||||||
Equity (losses) earnings | (103.5) | 53.6 | (106.1) | 72.1 | |||||||||||||||||||
Other (expense) income | (1.2) | 135.3 | (1.1) | 135.5 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interest | 4.0 | 408.3 | (7.0) | 592.5 | |||||||||||||||||||
Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | |||||||||||||||||||
Net income (loss) | 3.2 | 335.5 | (5.5) | 479.4 | |||||||||||||||||||
Net income attributable to noncontrolling interest(a) | 0.7 | 141.6 | 1.2 | 139.9 | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | $ | 193.9 | $ | (6.7) | $ | 339.5 | |||||||||||||||
Basic earnings (loss) per common share | $ | 0.05 | $ | 3.98 | $ | (0.14) | $ | 6.89 | |||||||||||||||
Basic weighted average shares outstanding (in 000's) | 47,748 | 48,718 | 47,652 | 49,247 | |||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.05 | $ | 3.90 | $ | (0.14) | $ | 6.75 | |||||||||||||||
Diluted weighted average shares outstanding (in 000's) | 48,334 | 49,651 | 47,652 | 50,292 | |||||||||||||||||||
Please reference accompanying financial statement notes. | |||||||||||||||||||||||
(a) During the second quarter of 2022, Other income included a $142.3 million gain by a consolidated variable interest entity in which the company held no equity interest. This gain, therefore, is also included in the period's net income attributable to noncontrolling interest. As a result, there is no net impact to Net income attributable to common shareholders (or other measures like Adjusted EBITDA, Adjusted net income and Adjusted diluted earnings per share). |
JONES LANG LASALLE INCORPORATED | |||||||||||||||||||||||
Selected Segment Financial Data (Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
MARKETS ADVISORY | |||||||||||||||||||||||
Revenue | $ | 1,025.4 | $ | 1,118.2 | $ | 1,931.8 | $ | 2,117.7 | |||||||||||||||
Gross contract costs1 | (284.3) | (262.4) | (563.4) | (520.7) | |||||||||||||||||||
Fee revenue1 | $ | 741.1 | $ | 855.8 | $ | 1,368.4 | $ | 1,597.0 | |||||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 546.4 | $ | 618.5 | $ | 1,007.4 | $ | 1,159.3 | |||||||||||||||
Operating, administrative and other, excluding gross contract costs | 93.3 | 103.8 | 186.9 | 195.7 | |||||||||||||||||||
Depreciation and amortization | 17.4 | 17.3 | 34.5 | 34.4 | |||||||||||||||||||
Segment fee-based operating expenses | 657.1 | 739.6 | 1,228.8 | 1,389.4 | |||||||||||||||||||
Gross contract costs1 | 284.3 | 262.4 | 563.4 | 520.7 | |||||||||||||||||||
Segment operating expenses | $ | 941.4 | $ | 1,002.0 | $ | 1,792.2 | $ | 1,910.1 | |||||||||||||||
Segment operating income | $ | 84.0 | $ | 116.2 | $ | 139.6 | $ | 207.6 | |||||||||||||||
Add: | |||||||||||||||||||||||
Equity (losses) earnings | (0.1) | 0.4 | 0.2 | 0.9 | |||||||||||||||||||
Depreciation and amortization(a) | 16.5 | 16.3 | 32.6 | 33.4 | |||||||||||||||||||
Other (expense) income | (1.6) | 132.3 | (1.3) | 132.5 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (0.4) | (141.7) | (0.6) | (139.7) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Loss on disposition | 1.8 | 10.5 | 1.8 | 10.5 | |||||||||||||||||||
Interest on employee loans, net of forgiveness | (0.8) | — | (1.3) | — | |||||||||||||||||||
Adjusted EBITDA1 | $ | 99.4 | $ | 134.0 | $ | 171.0 | $ | 245.2 | |||||||||||||||
CAPITAL MARKETS | |||||||||||||||||||||||
Revenue | $ | 448.0 | $ | 684.5 | $ | 805.1 | $ | 1,285.1 | |||||||||||||||
Gross contract costs1 | (13.1) | (12.6) | (22.4) | (25.3) | |||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | |||||||||||||||||||
Fee revenue1 | $ | 435.5 | $ | 660.7 | $ | 785.1 | $ | 1,252.2 | |||||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 335.4 | $ | 469.9 | $ | 619.3 | $ | 888.1 | |||||||||||||||
Operating, administrative and other, excluding gross contract costs | 69.2 | 64.8 | 125.3 | 120.7 | |||||||||||||||||||
Depreciation and amortization | 16.2 | 15.4 | 32.1 | 31.0 | |||||||||||||||||||
Segment fee-based operating expenses | 420.8 | 550.1 | 776.7 | 1,039.8 | |||||||||||||||||||
Gross contract costs1 | 13.1 | 12.6 | 22.4 | 25.3 | |||||||||||||||||||
Segment operating expenses | $ | 433.9 | $ | 562.7 | $ | 799.1 | $ | 1,065.1 | |||||||||||||||
Segment operating income | $ | 14.1 | $ | 121.8 | $ | 6.0 | $ | 220.0 | |||||||||||||||
Add: | |||||||||||||||||||||||
Equity earnings | 4.8 | 0.6 | 5.4 | 1.4 | |||||||||||||||||||
Depreciation and amortization | 16.2 | 15.4 | 32.1 | 31.0 | |||||||||||||||||||
Other income | 0.4 | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | |||||||||||||||||||
Interest on employee loans, net of forgiveness | (0.1) | — | 0.6 | — | |||||||||||||||||||
Adjusted EBITDA1 | $ | 36.0 | $ | 126.7 | $ | 46.7 | $ | 244.9 | |||||||||||||||
(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. | |||||||||||||||||||||||
JONES LANG LASALLE INCORPORATED | |||||||||||||||||||||||
Selected Segment Financial Data (Unaudited) Continued | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
WORK DYNAMICS | |||||||||||||||||||||||
Revenue | $ | 3,374.6 | $ | 3,310.5 | $ | 6,650.8 | $ | 6,344.1 | |||||||||||||||
Gross contract costs1 | (2,896.8) | (2,843.5) | (5,731.0) | (5,466.6) | |||||||||||||||||||
Fee revenue1 | $ | 477.8 | $ | 467.0 | $ | 919.8 | $ | 877.5 | |||||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 321.0 | $ | 304.0 | $ | 626.0 | $ | 585.8 | |||||||||||||||
Operating, administrative and other, excluding gross contract costs | 101.2 | 106.3 | 212.7 | 200.1 | |||||||||||||||||||
Depreciation and amortization | 19.9 | 17.0 | 39.2 | 33.5 | |||||||||||||||||||
Segment fee-based operating expenses | 442.1 | 427.3 | 877.9 | 819.4 | |||||||||||||||||||
Gross contract costs1 | 2,896.8 | 2,843.5 | 5,731.0 | 5,466.6 | |||||||||||||||||||
Segment operating expenses | $ | 3,338.9 | $ | 3,270.8 | $ | 6,608.9 | $ | 6,286.0 | |||||||||||||||
Segment operating income | $ | 35.7 | $ | 39.7 | $ | 41.9 | $ | 58.1 | |||||||||||||||
Add: | |||||||||||||||||||||||
Equity earnings | 0.8 | 0.9 | 1.2 | 1.2 | |||||||||||||||||||
Depreciation and amortization | 19.9 | 17.0 | 39.2 | 33.5 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (0.2) | — | (0.4) | — | |||||||||||||||||||
Adjusted EBITDA1 | $ | 56.2 | $ | 57.6 | $ | 81.9 | $ | 92.8 | |||||||||||||||
JLL TECHNOLOGIES | |||||||||||||||||||||||
Revenue | $ | 60.6 | $ | 50.7 | $ | 122.0 | $ | 100.1 | |||||||||||||||
Gross contract costs1 | (4.1) | (2.7) | (7.7) | (6.8) | |||||||||||||||||||
Fee revenue1 | $ | 56.5 | $ | 48.0 | $ | 114.3 | $ | 93.3 | |||||||||||||||
Compensation and benefits, excluding gross contract costs(a) | $ | 45.3 | $ | 65.8 | $ | 106.6 | $ | 128.0 | |||||||||||||||
Operating, administrative and other, excluding gross contract costs | 12.5 | 13.9 | 27.2 | 28.1 | |||||||||||||||||||
Depreciation and amortization | 4.1 | 3.9 | 8.0 | 7.7 | |||||||||||||||||||
Segment fee-based operating expenses | 61.9 | 83.6 | 141.8 | 163.8 | |||||||||||||||||||
Gross contract costs1 | 4.1 | 2.7 | 7.7 | 6.8 | |||||||||||||||||||
Segment operating expenses | $ | 66.0 | $ | 86.3 | $ | 149.5 | $ | 170.6 | |||||||||||||||
Segment operating loss | $ | (5.4) | $ | (35.6) | $ | (27.5) | $ | (70.5) | |||||||||||||||
Add: | |||||||||||||||||||||||
Equity (losses) earnings | (103.9) | 44.7 | (99.0) | 63.5 | |||||||||||||||||||
Depreciation and amortization | 4.1 | 3.9 | 8.0 | 7.7 | |||||||||||||||||||
Other income | — | 2.9 | — | 2.9 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gain on disposition | — | (3.0) | — | (3.0) | |||||||||||||||||||
Adjusted EBITDA1 | $ | (105.2) | $ | 12.9 | $ | (118.5) | $ | 0.6 | |||||||||||||||
(a) Included in Compensation and benefits expense for JLL Technologies is carried interest benefit of $10.0 million and $9.3 million for the three and six months ended June 30, 2023, respectively, and carried interest expense of $9.8 million and $16.0 million for the three and six months ended June 30, 2022, related to Equity earnings of the segment. | |||||||||||||||||||||||
JONES LANG LASALLE INCORPORATED | |||||||||||||||||||||||
Selected Segment Financial Data (Unaudited) Continued | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
LASALLE | |||||||||||||||||||||||
Revenue | $ | 143.9 | $ | 114.5 | $ | 258.3 | $ | 232.8 | |||||||||||||||
Gross contract costs1 | (7.5) | (7.2) | (14.6) | (13.5) | |||||||||||||||||||
Fee revenue1 | $ | 136.4 | $ | 107.3 | $ | 243.7 | $ | 219.3 | |||||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 84.4 | $ | 72.2 | $ | 153.3 | $ | 147.0 | |||||||||||||||
Operating, administrative and other, excluding gross contract costs | 17.1 | 14.4 | 32.3 | 28.1 | |||||||||||||||||||
Depreciation and amortization | 2.3 | 1.8 | 3.6 | 3.2 | |||||||||||||||||||
Segment fee-based operating expenses | 103.8 | 88.4 | 189.2 | 178.3 | |||||||||||||||||||
Gross contract costs1 | 7.5 | 7.2 | 14.6 | 13.5 | |||||||||||||||||||
Segment operating expenses | $ | 111.3 | $ | 95.6 | $ | 203.8 | $ | 191.8 | |||||||||||||||
Segment operating income | $ | 32.6 | $ | 18.9 | $ | 54.5 | $ | 41.0 | |||||||||||||||
Add: | |||||||||||||||||||||||
Equity (losses) earnings | (5.1) | 7.0 | (13.9) | 5.1 | |||||||||||||||||||
Depreciation and amortization | 2.3 | 1.8 | 3.6 | 3.2 | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | (0.1) | 0.1 | (0.2) | (0.2) | |||||||||||||||||||
Adjusted EBITDA1 | $ | 29.7 | $ | 27.8 | $ | 44.0 | $ | 49.1 | |||||||||||||||
JONES LANG LASALLE INCORPORATED | ||||||||||||||||||||||||||
Consolidated Statement of Cash Flows (Unaudited) | ||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from investing activities: | |||||||||||||||||||||||||
Net (loss) income | $ | (5.5) | $ | 479.4 | Net capital additions – property and equipment | $ | (88.2) | $ | (86.9) | |||||||||||||||||
Reconciliation of net (loss) income to net cash used in operating activities: | Net investment asset activity (less than wholly-owned) | — | 137.0 | |||||||||||||||||||||||
Depreciation and amortization | 117.4 | 109.8 | Business acquisitions, net of cash acquired | (13.6) | (2.0) | |||||||||||||||||||||
Equity losses (earnings) | 106.1 | (72.1) | Capital contributions to investments | (66.2) | (121.4) | |||||||||||||||||||||
Net loss (gain) on dispositions | 1.8 | (134.8) | Distributions of capital from investments | 12.7 | 13.1 | |||||||||||||||||||||
Distributions of earnings from investments | 6.0 | 9.9 | Other, net | (5.4) | (2.9) | |||||||||||||||||||||
Provision for loss on receivables and other assets | 19.0 | 11.8 | Net cash used in investing activities | (160.7) | (63.1) | |||||||||||||||||||||
Amortization of stock-based compensation | 53.0 | 44.4 | Cash flows from financing activities: | |||||||||||||||||||||||
Net non-cash mortgage servicing rights and mortgage banking derivative activity | 2.4 | (7.6) | Proceeds from borrowings under credit facility | 4,478.0 | 4,060.0 | |||||||||||||||||||||
Accretion of interest and amortization of debt issuance costs | 2.1 | 2.5 | Repayments of borrowings under credit facility | (3,853.0) | (2,835.0) | |||||||||||||||||||||
Other, net | 3.6 | 2.6 | Net repayments of short-term borrowings | (55.3) | (12.5) | |||||||||||||||||||||
Change in: | Payments of deferred business acquisition obligations and earn-outs | (21.8) | (9.2) | |||||||||||||||||||||||
Receivables | 137.7 | 64.6 | Repurchase of common stock | (19.5) | (447.7) | |||||||||||||||||||||
Reimbursable receivables and reimbursable payables | (51.0) | (94.2) | Noncontrolling interest distributions, net | — | (134.6) | |||||||||||||||||||||
Prepaid expenses and other assets | (46.5) | (21.3) | Other, net | (24.5) | (19.7) | |||||||||||||||||||||
Deferred tax assets, net | (17.3) | 78.8 | Net cash provided by financing activities | 503.9 | 601.3 | |||||||||||||||||||||
Accounts payable and accrued liabilities | (216.5) | (339.6) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 3.8 | (37.6) | |||||||||||||||||||||
Accrued compensation | (591.6) | (673.6) | Net change in cash, cash equivalents and restricted cash | $ | (132.3) | $ | (38.8) | |||||||||||||||||||
Net cash used in operating activities | $ | (479.3) | $ | (539.4) | Cash, cash equivalents and restricted cash, beginning of the period | 746.0 | 841.6 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, end of the period | $ | 613.7 | $ | 802.8 | ||||||||||||||||||||||
Please reference accompanying financial statement notes. |
JONES LANG LASALLE INCORPORATED | ||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
ASSETS | (Unaudited) | LIABILITIES AND EQUITY | (Unaudited) | |||||||||||||||||||||||||||||||||||
Current assets: | Current liabilities: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 402.5 | $ | 519.3 | Accounts payable and accrued liabilities | $ | 1,054.6 | $ | 1,236.8 | |||||||||||||||||||||||||||||
Trade receivables, net of allowance | 1,982.0 | 2,148.8 | Reimbursable payables | 1,430.2 | 1,579.5 | |||||||||||||||||||||||||||||||||
Notes and other receivables | 410.9 | 469.5 | Accrued compensation and benefits | 1,141.2 | 1,749.8 | |||||||||||||||||||||||||||||||||
Reimbursable receivables | 1,910.9 | 2,005.7 | Short-term borrowings | 112.1 | 164.2 | |||||||||||||||||||||||||||||||||
Warehouse receivables | 1,049.0 | 463.2 | Short-term contract liability and deferred income | 213.6 | 216.5 | |||||||||||||||||||||||||||||||||
Short-term contract assets, net of allowance | 357.2 | 359.7 | Short-term acquisition-related obligations | 20.5 | 23.1 | |||||||||||||||||||||||||||||||||
Prepaid and other | 593.3 | 603.5 | Warehouse facilities | 941.8 | 455.3 | |||||||||||||||||||||||||||||||||
Total current assets | 6,705.8 | 6,569.7 | Short-term operating lease liability | 164.3 | 156.4 | |||||||||||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | 585.5 | 582.9 | Other | 412.4 | 330.5 | |||||||||||||||||||||||||||||||||
Operating lease right-of-use asset | 761.3 | 776.3 | Total current liabilities | 5,490.7 | 5,912.1 | |||||||||||||||||||||||||||||||||
Goodwill | 4,577.7 | 4,528.0 | Noncurrent liabilities: | |||||||||||||||||||||||||||||||||||
Identified intangibles, net of accumulated amortization | 821.1 | 858.5 | Credit facility, net of debt issuance costs | 1,840.5 | 1,213.8 | |||||||||||||||||||||||||||||||||
Investments | 872.7 | 873.8 | Long-term debt, net of debt issuance costs | 380.7 | 372.8 | |||||||||||||||||||||||||||||||||
Long-term receivables | 372.1 | 331.1 | Long-term deferred tax liabilities, net | 191.6 | 194.0 | |||||||||||||||||||||||||||||||||
Deferred tax assets, net | 394.6 | 379.6 | Deferred compensation | 518.3 | 492.4 | |||||||||||||||||||||||||||||||||
Deferred compensation plans | 559.5 | 517.9 | Long-term acquisition-related obligations | 58.6 | 76.3 | |||||||||||||||||||||||||||||||||
Other | 175.2 | 175.9 | Long-term operating lease liability | 766.6 | 775.8 | |||||||||||||||||||||||||||||||||
Total assets | $ | 15,825.5 | $ | 15,593.7 | Other | 386.6 | 407.0 | |||||||||||||||||||||||||||||||
Total liabilities | $ | 9,633.6 | $ | 9,444.2 | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | $ | 7.1 | $ | 7.0 | ||||||||||||||||||||||||||||||||||
Company shareholders' equity | ||||||||||||||||||||||||||||||||||||||
Common stock | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,015.3 | 2,022.6 | ||||||||||||||||||||||||||||||||||||
Retained earnings | 5,567.6 | 5,590.4 | ||||||||||||||||||||||||||||||||||||
Treasury stock | (895.8) | (934.6) | ||||||||||||||||||||||||||||||||||||
Shares held in trust | (11.6) | (9.8) | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (611.4) | (648.2) | ||||||||||||||||||||||||||||||||||||
Total company shareholders' equity | 6,064.6 | 6,020.9 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest | 120.2 | 121.6 | ||||||||||||||||||||||||||||||||||||
Total equity | 6,184.8 | 6,142.5 | ||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 15,825.5 | $ | 15,593.7 | ||||||||||||||||||||||||||||||||||
Please reference accompanying financial statement notes. | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | $ | 5,052.5 | $ | 5,278.4 | $ | 9,768.0 | $ | 10,079.8 | |||||||||||||||
Gross contract costs1 | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | |||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | |||||||||||||||||||
Fee revenue | $ | 1,847.3 | $ | 2,138.8 | $ | 3,431.3 | $ | 4,039.3 | |||||||||||||||
Operating expenses | $ | 4,903.3 | $ | 5,043.3 | $ | 9,601.0 | $ | 9,669.0 | |||||||||||||||
Gross contract costs1 | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | |||||||||||||||||||
Fee-based operating expenses | $ | 1,697.5 | $ | 1,914.9 | $ | 3,261.9 | $ | 3,636.1 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | $ | 193.9 | $ | (6.7) | $ | 339.5 | |||||||||||||||
Add: | |||||||||||||||||||||||
Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | |||||||||||||||||||
Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | |||||||||||||||||||
Depreciation and amortization(a) | 59.0 | 54.4 | 115.5 | 108.8 | |||||||||||||||||||
EBITDA | $ | 102.8 | $ | 336.8 | $ | 174.1 | $ | 587.3 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Restructuring and acquisition charges2 | 11.8 | 25.9 | 47.5 | 45.4 | |||||||||||||||||||
Net loss on disposition | 1.8 | 7.5 | 1.8 | 7.5 | |||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | |||||||||||||||||||
Interest on employee loans, net of forgiveness | (0.9) | — | (0.7) | — | |||||||||||||||||||
Adjusted EBITDA | $ | 116.1 | $ | 359.0 | $ | 225.1 | $ | 632.6 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In millions, except share and per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | $ | 193.9 | $ | (6.7) | $ | 339.5 | |||||||||||||||
Diluted shares (in thousands)(b) | 48,334 | 49,651 | 47,652 | 50,292 | |||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.05 | $ | 3.90 | $ | (0.14) | $ | 6.75 | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | $ | 193.9 | $ | (6.7) | $ | 339.5 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Restructuring and acquisition charges2 | 11.8 | 25.9 | 47.5 | 45.4 | |||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | |||||||||||||||||||
Amortization of acquisition-related intangibles(a) | 17.2 | 15.8 | 33.7 | 32.7 | |||||||||||||||||||
Net loss on disposition | 1.8 | 7.5 | 1.8 | 7.5 | |||||||||||||||||||
Interest on employee loans, net of forgiveness | (0.9) | — | (0.7) | — | |||||||||||||||||||
Tax impact of adjusted items(c) | (8.8) | (9.5) | (22.5) | (18.2) | |||||||||||||||||||
Adjusted net income attributable to common shareholders | $ | 24.2 | $ | 222.4 | $ | 55.5 | $ | 399.3 | |||||||||||||||
Diluted shares (in thousands) | 48,334 | 49,651 | 48,357 | 50,292 | |||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.50 | $ | 4.48 | $ | 1.15 | $ | 7.94 |
Six Months Ended June 30, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Net cash used in operating activities | $ | (479.3) | $ | (539.4) | |||||||
Net capital additions - property and equipment | (88.2) | (86.9) | |||||||||
Free Cash Flow5 | $ | (567.5) | $ | (626.3) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
($ in millions) | 2023 | % Change | 2023 | % Change | |||||||||||||||||||
Revenue: | |||||||||||||||||||||||
At current period exchange rates | $ | 5,052.5 | (4) | % | $ | 9,768.0 | (3) | % | |||||||||||||||
Impact of change in exchange rates | 37.5 | n/a | 158.1 | n/a | |||||||||||||||||||
At comparative period exchange rates | $ | 5,090.0 | (4) | % | $ | 9,926.1 | (2) | % | |||||||||||||||
Fee revenue: | |||||||||||||||||||||||
At current period exchange rates | $ | 1,847.3 | (14) | % | $ | 3,431.3 | (15) | % | |||||||||||||||
Impact of change in exchange rates | 9.5 | n/a | 50.3 | n/a | |||||||||||||||||||
At comparative period exchange rates | $ | 1,856.8 | (13) | % | $ | 3,481.6 | (14) | % | |||||||||||||||
Operating income: | |||||||||||||||||||||||
At current period exchange rates | $ | 149.2 | (37) | % | $ | 167.0 | (59) | % | |||||||||||||||
Impact of change in exchange rates | (1.5) | n/a | (6.6) | n/a | |||||||||||||||||||
At comparative period exchange rates | $ | 147.7 | (37) | % | $ | 160.4 | (61) | % | |||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||
At current period exchange rates | $ | 116.1 | (68) | % | $ | 225.1 | (64) | % | |||||||||||||||
Impact of change in exchange rates | (1.1) | n/a | (4.1) | n/a | |||||||||||||||||||
At comparative period exchange rates | $ | 115.0 | (68) | % | $ | 221.0 | (65) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Severance and other employment-related charges | $ | 5.8 | $ | 8.3 | $ | 31.5 | $ | 11.6 | |||||||||||||||
Restructuring, pre-acquisition and post-acquisition charges | 6.6 | 16.6 | 16.6 | 33.5 | |||||||||||||||||||
Fair value adjustments that resulted in a net (decrease) increase to earn-out liabilities from prior-period acquisition activity | (0.6) | 1.0 | (0.6) | 0.3 | |||||||||||||||||||
Total restructuring and acquisition charges | $ | 11.8 | $ | 25.9 | $ | 47.5 | $ | 45.4 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Markets Advisory | Capital Markets | Work Dynamics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing | Property Mgmt | Advisory, Consulting and Other | Total Markets Advisory | Invt Sales, Debt/Equity Advisory and Other | Valuation Advisory | Loan Servicing | Total Capital Markets | Workplace Mgmt | Project Mgmt | Portfolio Services and Other | Total Work Dynamics | JLLT | LaSalle | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 591.4 | 409.9 | 24.1 | $ | 1,025.4 | $ | 319.5 | 89.5 | 39.0 | $ | 448.0 | $ | 2,553.4 | 703.2 | 118.0 | $ | 3,374.6 | $ | 60.6 | $ | 143.9 | $ | 5,052.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross contract costs1 | (3.4) | (278.9) | (2.0) | (284.3) | (10.2) | (2.9) | — | (13.1) | (2,365.2) | (473.5) | (58.1) | (2,896.8) | (4.1) | (7.5) | (3,205.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | — | — | — | — | 0.6 | — | — | 0.6 | — | — | — | — | — | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee revenue | $ | 588.0 | 131.0 | 22.1 | $ | 741.1 | $ | 309.9 | 86.6 | 39.0 | $ | 435.5 | $ | 188.2 | 229.7 | 59.9 | $ | 477.8 | $ | 56.5 | $ | 136.4 | $ | 1,847.3 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | Valuation Advisory | Loan Servicing | Total Capital Markets | Workplace Mgmt | Project Mgmt | Portfolio Services and Other | Total Work Dynamics | JLLT | LaSalle | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 708.4 | 378.2 | 31.6 | $ | 1,118.2 | $ | 549.7 | 94.4 | 40.4 | $ | 684.5 | $ | 2,434.0 | 754.8 | 121.7 | $ | 3,310.5 | $ | 50.7 | $ | 114.5 | $ | 5,278.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross contract costs1 | (4.9) | (256.0) | (1.5) | (262.4) | (10.5) | (2.1) | — | (12.6) | (2,249.1) | (539.9) | (54.5) | (2,843.5) | (2.7) | (7.2) | (3,128.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | — | — | — | — | (11.2) | — | — | (11.2) | — | — | — | — | — | — | (11.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee revenue | $ | 703.5 | 122.2 | 30.1 | $ | 855.8 | $ | 528.0 | 92.3 | 40.4 | $ | 660.7 | $ | 184.9 | 214.9 | 67.2 | $ | 467.0 | $ | 48.0 | $ | 107.3 | $ | 2,138.8 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Markets Advisory | Capital Markets | Work Dynamics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing | Property Mgmt | Advisory, Consulting and Other | Total Markets Advisory | Invt Sales, Debt/Equity Advisory and Other | Valuation Advisory | Loan Servicing | Total Capital Markets | Workplace Mgmt | Project Mgmt | Portfolio Services and Other | Total Work Dynamics | JLLT | LaSalle | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,078.4 | 810.1 | 43.3 | $ | 1,931.8 | $ | 560.1 | 168.6 | 76.4 | $ | 805.1 | $ | 5,050.6 | 1,379.5 | 220.7 | $ | 6,650.8 | $ | 122.0 | $ | 258.3 | $ | 9,768.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross contract costs1 | (7.9) | (552.0) | (3.5) | (563.4) | (17.4) | (5.0) | — | (22.4) | (4,679.2) | (938.9) | (112.9) | (5,731.0) | (7.7) | (14.6) | (6,339.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | — | — | — | — | 2.4 | — | — | 2.4 | — | — | — | — | — | — | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee revenue | $ | 1,070.5 | 258.1 | 39.8 | $ | 1,368.4 | $ | 545.1 | 163.6 | 76.4 | $ | 785.1 | $ | 371.4 | 440.6 | 107.8 | $ | 919.8 | $ | 114.3 | $ | 243.7 | $ | 3,431.3 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | Valuation Advisory | Loan Servicing | Total Capital Markets | Workplace Mgmt | Project Mgmt | Portfolio Services and Other | Total Work Dynamics | JLLT | LaSalle | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,309.3 | 748.7 | 59.7 | $ | 2,117.7 | $ | 1,025.8 | 179.0 | 80.3 | $ | 1,285.1 | $ | 4,754.4 | 1,367.1 | 222.6 | $ | 6,344.1 | $ | 100.1 | $ | 232.8 | $ | 10,079.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross contract costs1 | (8.9) | (507.9) | (3.9) | (520.7) | (21.7) | (3.6) | — | (25.3) | (4,387.5) | (976.5) | (102.6) | (5,466.6) | (6.8) | (13.5) | (6,032.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | — | — | — | — | (7.6) | — | — | (7.6) | — | — | — | — | — | — | (7.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee revenue | $ | 1,300.4 | 240.8 | 55.8 | $ | 1,597.0 | $ | 996.5 | 175.4 | 80.3 | $ | 1,252.2 | $ | 366.9 | 390.6 | 120.0 | $ | 877.5 | $ | 93.3 | $ | 219.3 | $ | 4,039.3 |