0001037976
false
MD
0001037976
2024-05-01
2024-05-01
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 1, 2024
Jones Lang LaSalle Incorporated
(Exact name of registrant as specified in its charter)
Maryland 001-13145 36-4150422
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or organization) Identification No.)
200 East Randolph Drive, Chicago, IL 60601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 782-5800
Former name or former address, if changed since last report:
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.01 JLL The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 ((s)230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 ((s)240.12b-2 of this
chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act.
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Item 7.01 Regulation FD Disclosure
On February 27, 2024, Jones Lang LaSalle Incorporated ("we", the "Company" or
"JLL"), announced certain financial reporting changes, effective January 1,
2024. On May 1, 2024, we provided certain recast financial information on our
Investor Relations website at ir.jll.com.
As previously disclosed, we revised the definitions of Adjusted EBITDA and
Adjusted net income attributable to common shareholders to exclude equity
earnings/losses associated with JLL Technologies and LaSalle investments.
Retrospectively through the first quarter of 2020, quarterly results have been
recast to conform to the revised presentation and are available on our
Investor Relations website at ir.jll.com. Exhibit 99.1 to this Form 8-K
contains recast historical financial information that we posted to our
Investor Relations website.
In addition, to conform with the agreed-to standard definition developed by
industry groups National Council of Real Estate Investment (NCREIF), European
Association for Investors in Non-Listed Real Estate Vehicles (INREV) and Asian
Association for Investors in Non-Listed Real Estate Vehicles, we revised the
calculation of assets under management ("AUM") to include uncalled committed
capital and cash held. Retrospectively through the first quarter of 2023,
quarterly amounts have been recast to conform to the revised presentation and
are available on our Investor Relations website at ir.jll.com. Exhibit 99.1
includes the recast historical financial information.
Finally, as previously disclosed, we will no longer report 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. Given the absence of "Fee revenue" in our reported
financials and in accordance with U.S. GAAP, we will no longer report Adjusted
EBITDA margin. It is important to note this reporting change has no impact on
how we manage our business, our Net income attributable to common
shareholders, our Earnings per share (EPS) or our cash flow. In addition,
nearly all of the information we previously provided will be included in, or
can be directly calculated from, the new reporting format beginning with our
first quarter 2024 reporting cycle. Exhibit 99.1 reflects these additional
changes in financial reporting.
The information in this Current Report, including the exhibits, shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such a filing.
This information will not be deemed an admission as the materiality of any
information contained herein that is required be disclosed solely by
Regulation FD.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
EXHIBIT INDEX
Exhibit No. Description
99.1 Reporting Changes Effective January 1, 2024, and Recast Financials
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: May 1, 2024
Jones Lang LaSalle Incorporated
By: /s/ Karen Brennan
Name: Karen Brennan
Title: Chief Financial Officer
Exhibit 99.1 Reporting Changes Effective January 1, 2024 . JLL no longer
reports the non-GAAP measures "Fee revenue" and "Fee-based operating
expenses." o This change follows the conclusion of a comment letter from the
Securities and Exchange Commission Staff in February 2024. o Given the absence
of "Fee revenue" in our reported financials, we no longer report Adjusted
EBITDA margin. o Nearly all of the information we previously provided is
included in, or can be derived from, our new presentation. . The calculation
of LaSalle's assets under management (AUM) was refined to include uncalled
committed capital and cash. o The discussion of revenue and associated growth
rates are inclusive of Gross Contract Costs, and net non-cash MSR and mortgage
banking derivative activity. This change primarily impacts our Work Dynamics
segment and the Property Management business line within our Markets Advisory
segment. . The definitions of Adjusted EBITDA and Adjusted net income
attributable to common shareholders were updated to exclude JLL Technologies
and LaSalle equity earnings/losses. o To more closely conform with the
methodology of similarly titled metrics provided by other industry
participants, the calculation of LaSalle's AUM was refined to include uncalled
committed capital and cash held on behalf of clients based on a new standard
industry definition developed by industry groups o It is important to note
that these presentation changes have no impact on how we manage our business,
our Net income (loss) attributable to common shareholders, our Earnings (loss)
per share (EPS) or our cash flow.
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Jones Lang LaSalle Incorporated (in millions) Q1 2020 Q2 2020 Q3 2020 Q4 2020
FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4
2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Total Segment to
Consolidated Reconciliation Revenue 4,096.0 3,670.4 3,978.1 4,845.4 16,589.9
4,037.1 4,495.0 4,889.2 5,945.7 19,367.0 4,801.4 5,278.4 5,177.5 5,604.8
20,862.1 4,715.5 5,052.5 5,111.4 5,881.4 20,760.8 Gross contract costs 2,613.6
2,429.3 2,565.0 2,856.5 10,464.4 2,602.9 2,695.0 2,810.5 3,181.8 11,290.2
2,904.5 3,128.4 3,123.7 3,392.5 12,549.1 3,133.3 3,205.8 3,327.1 3,709.7
13,375.9 Platform compensation and benefits 1,043.6 916.7 951.8 1,295.9
4,208.0 1,055.4 1,260.1 1,445.9 1,888.5 5,649.9 1,377.8 1,530.4 1,472.4
1,513.2 5,893.8 1,180.1 1,332.5 1,299.8 1,498.0 5,310.4 Platform operating,
administrative and other 305.1 228.5 218.0 238.0 989.6 227.9 243.0 271.5 338.8
1,081.2 269.5 303.2 302.1 343.4 1,218.2 291.1 293.3 274.7 299.8 1,158.9
Depreciation and amortization 55.0 56.9 54.9 59.6 226.4 53.0 54.5 52.8 57.2
217.5 54.4 55.4 55.7 62.6 228.1 57.5 59.9 59.1 61.9 238.4 Total segment
platform operating expenses 1,403.7 1,202.1 1,224.7 1,593.5 5,424.0 1,336.3
1,557.6 1,770.2 2,284.5 6,948.6 1,701.7 1,889.0 1,830.2 1,919.2 7,340.1
1,528.7 1,685.7 1,633.6 1,859.7 6,707.7 Restructuring and acquisition charges
14.1 28.2 33.5 66.6 142.4 17.2 18.1 15.6 33.8 84.7 19.5 25.9 21.0 38.4 104.8
35.7 11.8 31.6 21.6 100.7 Total operating expenses 4,031.4 3,659.6 3,823.2
4,516.6 16,030.8 3,956.4 4,270.7 4,596.3 5,500.1 18,323.5 4,625.7 5,043.3
4,974.9 5,350.1 19,994.0 4,697.7 4,903.3 4,992.3 5,591.0 20,184.3 Total
segment operating income 78.7 39.0 188.4 395.4 701.5 97.9 242.4 308.5 479.4
1,128.2 195.2 261.0 223.6 293.1 972.9 53.5 161.0 150.7 312.0 677.2 Add: Equity
earnings (losses), excluding JLL Technologies and LaSalle 12.0 1.0 2.4 (0.6)
14.8 0.9 1.2 1.7 2.2 6.0 1.6 1.9 0.6 (0.1) 4.0 1.3 5.5 0.9 (0.1) 7.6
Depreciation and amortization(1) 55.0 56.9 54.9 59.6 226.4 53.0 54.5 52.8 57.2
217.5 54.4 54.4 54.7 61.7 225.2 56.5 59.0 58.1 60.8 234.4 Other income
(expense) 0.9 5.2 2.7 6.5 15.3 11.8 (0.2) 1.3 (2.1) 10.8 0.2 135.3 0.5 14.3
150.3 0.1 (1.2) 3.0 3.0 4.9 Net loss (income) attributable to noncontrolling
interest (12.3) 0.9 (2.7) (6.1) (20.2) 0.6 0.6 0.5 0.6 2.3 1.7 (141.6) 2.1
(1.1) (138.9) (0.5) (0.7) 0.4 - (0.8) Adjustments: Net loss (gain) on
disposition - (4.8) - - (4.8) (12.0) - (0.4) - (12.4) - 7.5 - - 7.5 - 1.8
(1.3) - 0.5 Net non-cash MSR and mortgage banking derivative activity 1.6
(8.6) (14.7) (44.9) (66.6) (9.7) (5.7) (28.1) (15.8) (59.3) 3.6 (11.2) (5.2)
1.8 (11.0) 1.8 0.6 7.1 8.7 18.2 Interest on employee loans, net of forgiveness
- - - - - - - - - - - - - (9.7) (9.7) 0.2 (0.9) (1.6) (1.3) (3.6) Adjusted
EBITDA 135.9 89.6 231.0 409.9 866.4 142.5 292.8 336.3 521.5 1,293.1 256.7
307.3 276.3 360.0 1,200.3 112.9 225.1 217.3 383.1 938.4 Q1 2020 Q2 2020 Q3
2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022
Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Markets
Advisory Revenue 810.4 661.1 763.5 952.0 3,187.0 792.7 951.3 1,079.9 1,364.8
4,188.7 999.5 1,118.2 1,111.5 1,186.3 4,415.5 906.4 1,025.4 992.4 1,197.4
4,121.6 Leasing 462.0 334.1 395.7 556.0 1,747.8 416.6 572.4 694.9 934.2
2,618.1 600.9 708.4 703.3 746.6 2,759.2 487.0 591.4 547.7 717.5 2,343.6
Property Management 324.6 314.2 326.5 352.6 1,317.9 347.6 347.8 351.3 391.2
1,437.9 370.5 378.2 377.8 398.8 1,525.3 400.2 409.9 419.2 445.8 1,675.1
Advisory, Consulting and Other 23.8 12.8 41.3 43.4 121.3 28.5 31.1 33.7 39.4
132.7 28.1 31.6 30.4 40.9 131.0 19.2 24.1 25.5 34.1 102.9 Gross contract costs
226.2 197.4 232.8 233.1 889.5 240.1 240.3 242.9 263.7 987.0 258.3 262.4 263.6
271.0 1,055.3 279.1 284.3 288.4 301.8 1,153.6 Leasing 3.7 2.6 4.6 4.6 15.5 4.4
3.8 5.8 5.6 19.6 4.0 4.9 6.9 6.7 22.5 4.5 3.4 5.2 8.2 21.3 Property Management
217.9 205.9 214.0 226.7 864.5 233.3 233.1 235.4 257.4 959.2 251.9 256.0 254.9
262.3 1,025.1 273.1 278.9 280.8 290.6 1,123.4 Advisory, Consulting and Other
4.6 (11.1) 14.2 1.8 9.5 2.4 3.4 1.7 0.7 8.2 2.4 1.5 1.8 2.0 7.7 1.5 2.0 2.4
3.0 8.9 Platform compensation and benefits 413.7 355.4 366.5 513.3 1,648.9
406.0 518.4 600.2 775.0 2,299.6 540.8 618.5 620.4 654.0 2,433.7 461.0 546.4
531.2 639.6 2,178.2 Platform operating, administrative and other 94.1 74.4
72.5 76.4 317.4 80.5 81.2 88.7 111.3 361.7 91.9 103.8 96.9 112.4 405.0 93.6
93.3 86.5 94.9 368.3 Depreciation and amortization 16.5 17.3 16.3 17.9 68.0
15.9 16.7 16.4 20.4 69.4 17.1 17.3 17.6 21.5 73.5 17.1 17.4 16.9 18.2 69.6
Total segment platform operating expenses 524.3 447.1 455.3 607.6 2,034.3
502.4 616.3 705.3 906.7 2,730.7 649.8 739.6 734.9 787.9 2,912.2 571.7 657.1
634.6 752.7 2,616.1 Total segment operating expenses 750.5 644.5 688.1 840.7
2,923.8 742.5 856.6 948.2 1,170.4 3,717.7 908.1 1,002.0 998.5 1,058.9 3,967.5
850.8 941.4 923.0 1,054.5 3,769.7 Segment operating income (loss) 59.9 16.6
75.4 111.3 263.2 50.2 94.7 131.7 194.4 471.0 91.4 116.2 113.0 127.4 448.0 55.6
84.0 69.4 142.9 351.9 Add: Equity earnings (losses) 12.6 0.5 1.3 (0.7) 13.7
0.4 0.1 0.1 0.1 0.7 0.5 0.4 (0.2) (1.0) (0.3) 0.3 (0.1) 0.1 (0.8) (0.5)
Depreciation and amortization(1) 16.5 17.3 16.3 17.9 68.0 15.9 16.7 16.4 20.4
69.4 17.1 16.3 16.6 20.6 70.6 16.1 16.5 15.9 17.1 65.6 Other income (expense)
0.7 5.5 3.1 8.9 18.2 (1.1) 1.7 0.6 1.4 2.6 0.2 132.3 0.4 10.0 142.9 0.3 (1.6)
1.8 2.0 2.5 Net loss (income) attributable to noncontrolling interest (12.3)
0.8 (2.8) (6.2) (20.5) 0.6 0.7 0.8 1.1 3.2 2.0 (141.7) 2.3 (0.8) (138.2) (0.2)
(0.4) (0.2) - (0.8) Adjustments: Net loss (gain) on disposition - (4.8) - -
(4.8) - - (0.4) - (0.4) - 10.5 - - 10.5 - 1.8 (0.9) - 0.9 Interest on employee
loans, net of forgiveness - - - - - - - - - - - - - (6.0) (6.0) (0.5) (0.8)
(1.0) (0.7) (3.0) Adjusted EBITDA 77.4 35.9 93.3 131.2 337.8 66.0 113.9 149.2
217.4 546.5 111.2 134.0 132.1 150.2 527.5 71.6 99.4 85.1 160.5 416.6
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Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY
2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
FY 2023 Capital Markets Revenue 420.7 293.6 366.7 682.5 1,763.5 411.7 552.1
680.3 976.4 2,620.5 600.6 684.5 595.2 607.9 2,488.2 357.1 448.0 435.8 537.1
1,778.0 Investment Sales, Debt/Equity Advisory and Other 328.5 198.9 267.7
546.0 1,341.1 302.0 430.1 554.7 824.2 2,111.0 476.1 549.7 465.0 464.6 1,955.4
240.6 319.5 310.2 391.3 1,261.6 Value and Risk Advisory 65.7 68.9 70.6 105.8
311.0 79.7 91.4 87.1 111.1 369.3 84.6 94.4 89.7 106.2 374.9 79.1 89.5 87.5
107.7 363.8 Loan Servicing 26.5 25.8 28.4 30.7 111.4 30.0 30.6 38.5 41.1 140.2
39.9 40.4 40.5 37.1 157.9 37.4 39.0 38.1 38.1 152.6 Gross contract costs 12.4
8.7 10.1 11.6 42.8 8.8 12.9 13.0 13.3 48.0 12.7 12.6 10.9 10.8 47.0 9.3 13.1
11.5 13.6 47.5 Investment Sales, Debt/Equity Advisory and Other 10.5 7.2 7.5
8.6 33.8 6.3 11.0 10.0 11.2 38.5 11.2 10.5 7.7 8.3 37.7 7.2 10.2 8.4 9.0 34.8
Value and Risk Advisory 1.9 1.4 2.6 3.0 8.9 2.5 1.9 3.0 2.1 9.5 1.5 2.1 3.2
2.5 9.3 2.1 2.9 3.1 4.6 12.7 Loan Servicing - (0.1) - - (0.1) - - - - - - - -
- - - - - - Platform compensation and benefits 280.6 227.5 254.0 426.1 1,188.2
299.7 371.0 447.5 649.4 1,767.6 418.2 469.9 430.6 408.4 1,727.1 283.9 335.4
323.8 394.6 1,337.7 Platform operating, administrative and other 92.7 40.7
41.3 42.9 217.6 35.9 41.4 55.5 71.4 204.2 55.9 64.8 66.0 76.5 263.2 56.1 69.2
58.3 62.5 246.1 Depreciation and amortization 17.0 17.4 17.2 18.2 69.8 15.9
16.7 15.1 15.4 63.1 15.6 15.4 15.2 15.4 61.6 15.9 16.2 16.4 17.1 65.6 Total
segment platform operating expenses 390.3 285.6 312.5 487.2 1,475.6 351.5
429.1 518.1 736.2 2,034.9 489.7 550.1 511.8 500.3 2,051.9 355.9 420.8 398.5
474.2 1,649.4 Total segment operating expenses 402.7 294.3 322.6 498.8 1,518.4
360.3 442.0 531.1 749.5 2,082.9 502.4 562.7 522.7 511.1 2,098.9 365.2 433.9
410.0 487.8 1,696.9 Segment operating income (loss) 18.0 (0.7) 44.1 183.7
245.1 51.4 110.1 149.2 226.9 537.6 98.2 121.8 72.5 96.8 389.3 (8.1) 14.1 25.8
49.3 81.1 Add: Equity earnings (losses) - 0.3 0.7 0.4 1.4 0.4 1.4 1.3 1.8 4.9
0.8 0.6 0.7 1.0 3.1 0.6 4.8 0.7 0.6 6.7 Depreciation and amortization 17.0
17.4 17.2 18.2 69.8 15.9 16.7 15.1 15.4 63.1 15.6 15.4 15.2 15.4 61.6 15.9
16.2 16.4 17.1 65.6 Other income (expense) 0.4 (0.1) - (2.2) (1.9) 1.1 (1.7)
0.9 (3.4) (3.1) - 0.1 - 4.6 4.7 (0.2) 0.4 1.3 1.0 2.5 Adjustments: Net
non-cash MSR and mortgage banking derivative activity 1.6 (8.6) (14.7) (44.9)
(66.6) (9.7) (5.7) (28.1) (15.8) (59.3) 3.6 (11.2) (5.2) 1.8 (11.0) 1.8 0.6
7.1 8.7 18.2 Net loss (gain) on disposition - - - - - - - - - - - - - - - - -
(0.4) - (0.4) Interest on employee loans, net of forgiveness - - - - - - - - -
- - - - (3.7) (3.7) 0.7 (0.1) (0.6) (0.6) (0.6) Adjusted EBITDA 37.0 8.3 47.3
155.2 247.8 59.1 120.8 138.4 224.9 543.2 118.2 126.7 83.2 115.9 444.0 10.7
36.0 50.3 76.1 173.1 Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021
Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2
2023 Q3 2023 Q4 2023 FY 2023 Work Dynamics Revenue 2,720.8 2,578.0 2,700.2
3,062.5 11,061.5 2,698.1 2,836.2 2,960.4 3,396.8 11,891.5 3,033.6 3,310.5
3,289.8 3,634.6 13,268.5 3,276.2 3,374.6 3,514.2 3,966.1 14,131.1 Workplace
Management 2,025.8 1,948.4 1,962.9 2,175.1 8,112.2 2,048.4 2,107.2 2,138.4
2,437.5 8,731.5 2,320.4 2,434.0 2,429.1 2,635.7 9,819.2 2,497.2 2,553.4
2,637.1 3,018.5 10,706.2 Project Management 604.4 536.8 631.6 757.4 2,530.2
551.8 617.8 707.8 807.5 2,684.9 612.3 754.8 748.3 856.9 2,972.3 676.3 703.2
747.0 798.3 2,924.8 Portfolio Services and Other 90.6 92.8 105.7 130.0 419.1
97.9 111.2 114.2 151.8 475.1 100.9 121.7 112.4 142.0 477.0 102.7 118.0 130.1
149.3 500.1 Gross contract costs 2,358.8 2,210.6 2,308.9 2,596.4 9,474.7
2,334.6 2,427.7 2,543.8 2,893.2 10,199.3 2,623.1 2,843.5 2,836.9 3,100.3
11,403.8 2,834.2 2,896.8 3,016.5 3,383.9 12,131.4 Workplace Management 1,895.5
1,802.2 1,808.2 2,006.0 7,511.9 1,895.0 1,942.3 1,978.4 2,260.9 8,076.6
2,138.4 2,249.1 2,245.5 2,433.4 9,066.4 2,314.0 2,365.2 2,442.0 2,778.6
9,899.8 Project Management 419.3 363.1 454.2 542.5 1,779.1 388.6 433.3 514.2
574.6 1,910.7 436.6 539.9 538.3 606.8 2,121.6 465.4 473.5 517.4 540.1 1,996.4
Portfolio Services and Other 44.0 45.3 46.5 47.9 183.7 51.0 52.1 51.2 57.7
212.0 48.1 54.5 53.1 60.1 215.8 54.8 58.1 57.1 65.2 235.2 Platform
compensation and benefits 251.0 240.5 232.4 260.5 984.4 249.6 258.9 278.1
316.8 1,103.4 281.8 304.0 285.0 331.5 1,202.3 305.0 321.0 332.9 346.2 1,305.1
Platform operating, administrative and other 97.5 95.1 85.7 96.0 374.3 89.1
98.1 101.1 118.5 406.8 93.8 106.3 114.6 118.2 432.9 111.5 101.2 103.3 115.6
431.6 Depreciation and amortization 17.0 17.4 16.7 16.9 68.0 16.2 16.8 16.9
16.3 66.2 16.5 17.0 17.6 20.0 71.1 19.3 19.9 19.7 20.3 79.2 Total segment
platform operating expenses 365.5 353.0 334.8 373.4 1,426.7 354.9 373.8 396.1
451.6 1,576.4 392.1 427.3 417.2 469.7 1,706.3 435.8 442.1 455.9 482.1 1,815.9
Total segment operating expenses 2,724.3 2,563.6 2,643.7 2,969.8 10,901.4
2,689.5 2,801.5 2,939.9 3,344.8 11,775.7 3,015.2 3,270.8 3,254.1 3,570.0
13,110.1 3,270.0 3,338.9 3,472.4 3,866.0 13,947.3 Segment operating income
(loss) (3.5) 14.4 56.5 92.7 160.1 8.6 34.7 20.5 52.0 115.8 18.4 39.7 35.7 64.6
158.4 6.2 35.7 41.8 100.1 183.8 Add: Equity earnings (losses) (0.6) 0.2 0.4
(0.3) (0.3) 0.1 (0.3) 0.3 0.3 0.4 0.3 0.9 0.1 (0.1) 1.2 0.4 0.8 0.1 0.1 1.4
Depreciation and amortization 17.0 17.4 16.7 16.9 68.0 16.2 16.8 16.9 16.3
66.2 16.5 17.0 17.6 20.0 71.1 19.3 19.9 19.7 20.3 79.2 Other income (expense)
- - (0.2) - (0.2) - - - - - - - 0.1 (0.3) (0.2) - - - - - Net loss (income)
attributable to noncontrolling interest - - - - - - - - - - - - (0.1) (0.3)
(0.4) (0.2) (0.2) - - (0.4) Adjusted EBITDA 12.9 32.0 73.4 109.3 227.6 24.9
51.2 37.7 68.6 182.4 35.2 57.6 53.4 83.9 230.1 25.7 56.2 61.6 120.5 264.0
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Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY
2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
FY 2023 JLL Technologies Revenue 39.2 37.8 37.4 41.7 156.1 43.4 39.6 38.8 44.4
166.2 49.4 50.7 56.5 57.3 213.9 61.4 60.6 58.9 65.5 246.4 Gross contract costs
9.9 7.7 8.7 10.0 36.3 13.5 6.8 4.4 4.3 29.0 4.1 2.7 3.8 3.1 13.7 3.6 4.1 3.3
3.5 14.5 Platform compensation and benefits 31.6 31.1 31.3 32.0 126.0 38.5
40.0 40.6 50.1 169.2 62.2 65.8 57.7 54.6 240.3 61.3 45.3 48.7 45.4 200.7
Platform operating, administrative and other 8.1 7.1 7.7 9.7 32.6 12.0 10.5
11.8 21.1 55.4 14.2 13.9 11.3 18.0 57.4 14.7 12.5 12.6 10.5 50.3 Depreciation
and amortization 2.2 2.5 2.4 4.2 11.3 2.9 2.2 2.2 3.2 10.5 3.8 3.9 3.7 4.0
15.4 3.9 4.1 3.9 4.0 15.9 Total segment platform operating expenses 41.9 40.7
41.4 45.9 169.9 53.4 52.7 54.6 74.4 235.1 80.2 83.6 72.7 76.6 313.1 79.9 61.9
65.2 59.9 266.9 Total segment operating expenses 51.8 48.4 50.1 55.9 206.2
66.9 59.5 59.0 78.7 264.1 84.3 86.3 76.5 79.7 326.8 83.5 66.0 68.5 63.4 281.4
Segment operating income (loss) (12.6) (10.6) (12.7) (14.2) (50.1) (23.5)
(19.9) (20.2) (34.3) (97.9) (34.9) (35.6) (20.0) (22.4) (112.9) (22.1) (5.4)
(9.6) 2.1 (35.0) Add: Depreciation and amortization 2.2 2.5 2.4 4.2 11.3 2.9
2.2 2.2 3.2 10.5 3.8 3.9 3.7 4.0 15.4 3.9 4.1 3.9 4.0 15.9 Other income
(expense) - - - - - 12.0 - - 0.1 12.1 - 2.9 - 0.1 3.0 - - - - - Adjustments:
Net loss (gain) on disposition - - - - - (12.0) - - - (12.0) - (3.0) - - (3.0)
- - - - - Adjusted EBITDA(2) (10.4) (8.1) (10.3) (10.0) (38.8) (20.6) (17.7)
(18.0) (31.0) (87.3) (31.1) (31.8) (16.3) (18.3) (97.5) (18.2) (1.3) (5.7) 6.1
(19.1) Equity earnings (losses) - 2.5 4.1 (0.9) 5.7 34.6 16.2 7.3 82.6 140.7
18.8 44.7 1.0 (17.9) 46.6 4.9 (103.9) (3.0) (75.0) (177.0) Q1 2020 Q2 2020 Q3
2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022
Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 LaSalle
Revenue 104.9 99.9 110.3 106.7 421.8 91.2 115.8 129.8 163.3 500.1 118.3 114.5
124.5 118.7 476.0 114.4 143.9 110.1 115.3 483.7 Advisory Fees 85.6 80.9 84.6
85.3 336.4 83.5 89.6 97.3 94.3 364.7 97.0 103.2 102.6 101.8 404.6 100.5 103.1
102.7 99.9 406.2 Transaction Fees & Other 13.6 4.8 17.7 7.8 43.9 7.7 11.0 10.2
12.6 41.5 17.1 10.3 10.0 7.4 44.8 10.4 5.0 7.4 7.2 30.0 Incentive Fees 5.7
14.2 8.0 13.6 41.5 - 15.2 22.3 56.4 93.9 4.2 1.0 11.9 9.5 26.6 3.5 35.8 - 8.2
47.5 Gross contract costs 6.3 4.9 4.5 5.4 21.1 5.9 7.3 6.4 7.3 26.9 6.3 7.2
8.5 7.3 29.3 7.1 7.5 7.4 6.9 28.9 Platform compensation and benefits 66.7 62.2
67.6 64.0 260.5 61.6 71.8 79.5 97.2 310.1 74.8 72.2 78.7 64.7 290.4 68.9 84.4
63.2 72.2 288.7 Platform operating, administrative and other 12.7 11.2 10.8
13.0 47.7 10.4 11.8 14.4 16.5 53.1 13.7 14.4 13.3 18.3 59.7 15.2 17.1 14.0
16.3 62.6 Depreciation and amortization 2.3 2.3 2.3 2.4 9.3 2.1 2.1 2.2 1.9
8.3 1.4 1.8 1.6 1.7 6.5 1.3 2.3 2.2 2.3 8.1 Total segment platform operating
expenses 81.7 75.7 80.7 79.4 317.5 74.1 85.7 96.1 115.6 371.5 89.9 88.4 93.6
84.7 356.6 85.4 103.8 79.4 90.8 359.4 Total segment operating expenses 88.0
80.6 85.2 84.8 338.6 80.0 93.0 102.5 122.9 398.4 96.2 95.6 102.1 92.0 385.9
92.5 111.3 86.8 97.7 388.3 Segment operating income (loss) 16.9 19.3 25.1 21.9
83.2 11.2 22.8 27.3 40.4 101.7 22.1 18.9 22.4 26.7 90.1 21.9 32.6 23.3 17.6
95.4 Add: Depreciation and amortization 2.3 2.3 2.3 2.4 9.3 2.1 2.1 2.2 1.9
8.3 1.4 1.8 1.6 1.7 6.5 1.3 2.3 2.2 2.3 8.1 Other income (expense) (0.2) (0.2)
(0.2) (0.2) (0.8) (0.2) (0.2) (0.2) (0.2) (0.8) - - - (0.1) (0.1) - - (0.1) -
(0.1) Net loss (income) attributable to noncontrolling interest - 0.1 0.1 0.1
0.3 - (0.1) (0.3) (0.5) (0.9) (0.3) 0.1 (0.1) - (0.3) (0.1) (0.1) 0.6 - 0.4
Adjusted EBITDA(2) 19.0 21.5 27.3 24.2 92.0 13.1 24.6 29.0 41.6 108.3 23.2
20.8 23.9 28.3 96.2 23.1 34.8 26.0 19.9 103.8 Equity earnings (losses) (40.3)
11.2 8.5 8.1 (12.5) 13.0 23.4 8.4 17.9 62.7 (1.9) 7.0 (1.1) (3.6) 0.4 (8.8)
(5.1) (9.1) (1.7) (24.7)
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Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY
2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
FY 2023 Segment Summary Revenue Markets Advisory 810.4 661.1 763.5 952.0
3,187.0 792.7 951.3 1,079.9 1,364.8 4,188.7 999.5 1,118.2 1,111.5 1,186.3
4,415.5 906.4 1,025.4 992.4 1,197.4 4,121.6 Capital Markets 420.7 293.6 366.7
682.5 1,763.5 411.7 552.1 680.3 976.4 2,620.5 600.6 684.5 595.2 607.9 2,488.2
357.1 448.0 435.8 537.1 1,778.0 Work Dynamics 2,720.8 2,578.0 2,700.2 3,062.5
11,061.5 2,698.1 2,836.2 2,960.4 3,396.8 11,891.5 3,033.6 3,310.5 3,289.8
3,634.6 13,268.5 3,276.2 3,374.6 3,514.2 3,966.1 14,131.1 JLL Technologies
39.2 37.8 37.4 41.7 156.1 43.4 39.6 38.8 44.4 166.2 49.4 50.7 56.5 57.3 213.9
61.4 60.6 58.9 65.5 246.4 LaSalle 104.9 99.9 110.3 106.7 421.8 91.2 115.8
129.8 163.3 500.1 118.3 114.5 124.5 118.7 476.0 114.4 143.9 110.1 115.3 483.7
Gross contract costs Markets Advisory 226.2 197.4 232.8 233.1 889.5 240.1
240.3 242.9 263.7 987.0 258.3 262.4 263.6 271.0 1,055.3 279.1 284.3 288.4
301.8 1,153.6 Capital Markets 12.4 8.7 10.1 11.6 42.8 8.8 12.9 13.0 13.3 48.0
12.7 12.6 10.9 10.8 47.0 9.3 13.1 11.5 13.6 47.5 Work Dynamics 2,358.8 2,210.6
2,308.9 2,596.4 9,474.7 2,334.6 2,427.7 2,543.8 2,893.2 10,199.3 2,623.1
2,843.5 2,836.9 3,100.3 11,403.8 2,834.2 2,896.8 3,016.5 3,383.9 12,131.4 JLL
Technologies 9.9 7.7 8.7 10.0 36.3 13.5 6.8 4.4 4.3 29.0 4.1 2.7 3.8 3.1 13.7
3.6 4.1 3.3 3.5 14.5 LaSalle 6.3 4.9 4.5 5.4 21.1 5.9 7.3 6.4 7.3 26.9 6.3 7.2
8.5 7.3 29.3 7.1 7.5 7.4 6.9 28.9 Adjusted EBITDA Markets Advisory 77.4 35.9
93.3 131.2 337.8 66.0 113.9 149.2 217.4 546.5 111.2 134.0 132.1 150.2 527.5
71.6 99.4 85.1 160.5 416.6 Capital Markets 37.0 8.3 47.3 155.2 247.8 59.1
120.8 138.4 224.9 543.2 118.2 126.7 83.2 115.9 444.0 10.7 36.0 50.3 76.1 173.1
Work Dynamics 12.9 32.0 73.4 109.3 227.6 24.9 51.2 37.7 68.6 182.4 35.2 57.6
53.4 83.9 230.1 25.7 56.2 61.6 120.5 264.0 JLL Technologies(2) (10.4) (8.1)
(10.3) (10.0) (38.8) (20.6) (17.7) (18.0) (31.0) (87.3) (31.1) (31.8) (16.3)
(18.3) (97.5) (18.2) (1.3) (5.7) 6.1 (19.1) LaSalle(2) 19.0 21.5 27.3 24.2
92.0 13.1 24.6 29.0 41.6 108.3 23.2 20.8 23.9 28.3 96.2 23.1 34.8 26.0 19.9
103.8 (1) This adjustment excludes the noncontrolling interest portion of
amortization of acquisition-related intangibles which is not attributable to
common shareholders. (2) JLL Technologies and LaSalle Adjusted EBITDA excludes
Equity (losses) earnings
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Jones Lang LaSalle Incorporated (in millions, except share and per share data)
Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY
2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
FY 2023 Consolidated Statement of Operations Revenue 4,096.0 3,670.4 3,978.1
4,845.4 16,589.9 4,037.1 4,495.0 4,889.2 5,945.7 19,367.0 4,801.4 5,278.4
5,177.5 5,604.8 20,862.1 4,715.5 5,052.5 5,111.4 5,881.4 20,760.8 Operating
expenses: Compensation and benefits 1,942.1 1,772.0 1,809.3 2,184.8 7,708.2
1,989.0 2,208.8 2,416.1 2,921.6 9,535.5 2,410.8 2,554.4 2,496.2 2,549.4
10,010.8 2,253.0 2,417.0 2,434.6 2,666.1 9,770.7 Operating, administrative and
other 2,020.2 1,802.5 1,925.5 2,205.6 7,953.8 1,897.2 1,989.3 2,111.8 2,487.5
8,485.8 2,141.0 2,407.6 2,402.0 2,699.7 9,650.3 2,351.5 2,414.6 2,467.0
2,841.4 10,074.5 Depreciation and amortization 55.0 56.9 54.9 59.6 226.4 53.0
54.5 52.8 57.2 217.5 54.4 55.4 55.7 62.6 228.1 57.5 59.9 59.1 61.9 238.4
Restructuring and acquisition charges 14.1 28.2 33.5 66.6 142.4 17.2 18.1 15.6
33.8 84.7 19.5 25.9 21.0 38.4 104.8 35.7 11.8 31.6 21.6 100.7 Total operating
expenses 4,031.4 3,659.6 3,823.2 4,516.6 16,030.8 3,956.4 4,270.7 4,596.3
5,500.1 18,323.5 4,625.7 5,043.3 4,974.9 5,350.1 19,994.0 4,697.7 4,903.3
4,992.3 5,591.0 20,184.3 Operating income 64.6 10.8 154.9 328.8 559.1 80.7
224.3 292.9 445.6 1,043.5 175.7 235.1 202.6 254.7 868.1 17.8 149.2 119.1 290.4
576.5 Interest expense, net of interest income 14.6 14.9 12.3 11.0 52.8 10.4
10.6 9.6 9.5 40.1 10.2 15.7 23.2 26.1 75.2 26.3 40.5 37.1 31.5 135.4 Equity
(losses) earnings (28.3) 14.7 15.0 6.6 8.0 48.5 40.8 17.4 102.7 209.4 18.5
53.6 0.5 (21.6) 51.0 (2.6) (103.5) (11.2) (76.8) (194.1) Other income
(expense) 0.9 5.2 2.7 6.5 15.3 11.8 (0.2) 1.3 (2.1) 10.8 0.2 135.3 0.5 14.3
150.3 0.1 (1.2) 3.0 3.0 4.9 Income (loss) before income taxes and
noncontrolling interest 22.6 15.8 160.3 330.9 529.6 130.6 254.3 302.0 536.7
1,223.6 184.2 408.3 180.4 221.3 994.2 (11.0) 4.0 73.8 185.1 251.9 Income tax
provision (benefit) 5.0 1.5 25.7 74.7 106.9 28.2 54.9 65.3 115.9 264.3 40.3
72.8 42.3 45.4 200.8 (2.3) 0.8 14.5 12.7 25.7 Net income (loss) 17.6 14.3
134.6 256.2 422.7 102.4 199.4 236.7 420.8 959.3 143.9 335.5 138.1 175.9 793.4
(8.7) 3.2 59.3 172.4 226.2 Net income (loss) attributable to noncontrolling
interest 12.3 (0.9) 2.7 6.1 20.2 (0.6) (0.6) (0.5) (0.6) (2.3) (1.7) 141.6
(2.1) 1.1 138.9 0.5 0.7 (0.4) - 0.8 Net income (loss) attributable to common
shareholders 5.3 15.2 131.9 250.1 402.5 103.0 200.0 237.2 421.4 961.6 145.6
193.9 140.2 174.8 654.5 (9.2) 2.5 59.7 172.4 225.4 Basic earnings (loss) per
common share 0.10 0.29 2.55 4.88 7.79 2.01 3.90 4.67 8.37 18.89 2.92 3.98 2.93
3.68 13.51 (0.19) 0.05 1.25 3.63 4.73 Basic weighted average shares
outstanding (in 000's) 51,612 51,635 51,761 51,222 51,683 51,173 51,288 50,851
50,373 50,917 49,781 48,718 47,863 47,480 48,453 47,555 47,748 47,662 47,548
47,628 Diluted earnings (loss) per common share 0.10 0.29 2.52 4.80 7.70 1.97
3.82 4.57 8.16 18.47 2.86 3.90 2.88 3.62 13.27 (0.19) 0.05 1.23 3.57 4.67
Diluted weighted average shares outstanding (in 000's) 52,458 52,173 52,247
52,075 52,282 52,175 52,324 51,944 51,619 52,071 50,957 49,651 48,629 48,263
49,341 47,555 48,334 48,394 48,324 48,288 Reconciliation of Net income (loss)
attributable to common shareholders to EBITDA and Adjusted EBITDA Net income
(loss) attributable to common shareholders 5.3 15.2 131.9 250.1 402.5 103.0
200.0 237.2 421.4 961.6 145.6 193.9 140.2 174.8 654.5 (9.2) 2.5 59.7 172.4
225.4 Add: Interest expense, net of interest income 14.6 14.9 12.3 11.0 52.8
10.4 10.6 9.6 9.5 40.1 10.2 15.7 23.2 26.1 75.2 26.3 40.5 37.1 31.5 135.4
Income tax provision (benefit) 5.0 1.5 25.7 74.7 106.9 28.2 54.9 65.3 115.9
264.3 40.3 72.8 42.3 45.4 200.8 (2.3) 0.8 14.5 12.7 25.7 Depreciation and
amortization(a) 55.0 56.9 54.9 59.6 226.4 53.0 54.5 52.8 57.2 217.5 54.4 54.4
54.7 61.7 225.2 56.5 59.0 58.1 60.8 234.4 EBITDA 79.9 88.5 224.8 395.4 788.6
194.6 320.0 364.9 604.0 1,483.5 250.5 336.8 260.4 308.0 1,155.7 71.3 102.8
169.4 277.4 620.9 Adjustments: - Restructuring and acquisition charges 14.1
28.2 33.5 66.6 142.4 17.2 18.1 15.6 33.8 84.7 19.5 25.9 21.0 38.4 104.8 35.7
11.8 31.6 21.6 100.7 Net loss (gain) on disposition - (4.8) - - (4.8) (12.0) -
(0.4) - (12.4) - 7.5 - - 7.5 - 1.8 (1.3) - 0.5 Net non-cash MSR and mortgage
banking derivative activity 1.6 (8.6) (14.7) (44.9) (66.6) (9.7) (5.7) (28.1)
(15.8) (59.3) 3.6 (11.2) (5.2) 1.8 (11.0) 1.8 0.6 7.1 8.7 18.2 Interest on
employee loans, net of forgiveness - - - - - - - - - - - - - (9.7) (9.7) 0.2
(0.9) (1.6) (1.3) (3.6) Equity losses (earnings) - JLL Technologies and
LaSalle 40.3 (13.7) (12.6) (7.2) 6.8 (47.6) (39.6) (15.7) (100.5) (203.4)
(16.9) (51.7) 0.1 21.5 (47.0) 3.9 109.0 12.1 76.7 201.7 Adjusted EBITDA 135.9
89.6 231.0 409.9 866.4 142.5 292.8 336.3 521.5 1,293.1 256.7 307.3 276.3 360.0
1,200.3 112.9 225.1 217.3 383.1 938.4 Reconciliation to Adjusted net income
and components of Adjusted diluted earnings per share Net income (loss)
attributable to common shareholders 5.3 15.2 131.9 250.1 402.5 103.0 200.0
237.2 421.4 961.6 145.6 193.9 140.2 174.8 654.5 (9.2) 2.5 59.7 172.4 225.4
Diluted shares (in 000's) 52,458 52,173 52,247 52,075 52,282 52,175 52,324
51,944 51,619 52,071 50,957 49,651 48,629 48,263 49,341 47,555 48,334 48,394
48,324 48,288 Diluted earnings (loss) per share 0.10 0.29 2.52 4.80 7.70 1.97
3.82 4.57 8.16 18.47 2.86 3.90 2.88 3.62 13.27 (0.19) 0.05 1.23 3.57 4.67 Net
income (loss) attributable to common shareholders 5.3 15.2 131.9 250.1 402.5
103.0 200.0 237.2 421.4 961.6 145.6 193.9 140.2 174.8 654.5 (9.2) 2.5 59.7
172.4 225.4 Adjustments: Restructuring and acquisition charges 14.1 28.2 33.5
66.6 142.4 17.2 18.1 15.6 33.8 84.7 19.5 25.9 21.0 38.4 104.8 35.7 11.8 31.6
21.6 100.7 Net non-cash MSR and mortgage banking derivative activity 1.6 (8.6)
(14.7) (44.9) (66.6) (9.7) (5.7) (28.1) (15.8) (59.3) 3.6 (11.2) (5.2) 1.8
(11.0) 1.8 0.6 7.1 8.7 18.2 Amortization of acquisition-related intangibles(a)
14.5 14.4 14.4 13.8 57.1 13.0 13.3 12.4 14.6 53.3 16.8 15.8 16.9 17.9 67.4
16.5 17.2 16.2 16.1 66.0 Net loss (gain) on disposition - (4.8) - - (4.8)
(12.0) - (0.4) - (12.4) - 7.5 - - 7.5 - 1.8 (1.3) - 0.5 Interest on employee
loans, net of forgiveness - - - - - - - - - - - - - (9.7) (9.7) 0.2 (0.9)
(1.6) (1.3) (3.6) Equity losses (earnings) - JLL Technologies and LaSalle 40.3
(13.7) (12.6) (7.2) 6.8 (47.6) (39.6) (15.7) (100.5) (203.4) (16.9) (51.7) 0.1
21.5 (47.0) 3.9 109.0 12.1 76.7 201.7 Tax impact of adjusted items(b) (22.6)
(4.0) (5.4) (7.9) (39.9) 8.5 2.9 3.5 14.7 29.6 (5.0) 3.4 (7.7) (18.2) (27.5)
(14.7) (39.8) (17.5) (35.1) (107.1) Adjusted net income attributable to common
shareholders 53.2 26.7 147.1 270.5 497.5 72.4 189.0 224.5 368.2 854.1 163.6
183.6 165.3 226.5 739.0 34.2 102.2 106.3 259.1 501.8 Diluted shares (in 000's)
52,458 52,173 52,247 52,075 52,282 52,175 52,324 51,944 51,619 52,071 50,957
49,651 48,629 48,263 49,341 48,360 48,334 48,394 48,324 48,288 Adjusted
diluted earnings per share 1.01 0.51 2.81 5.19 9.51 1.39 3.61 4.32 7.13 16.40
3.21 3.70 3.40 4.69 14.98 0.71 2.12 2.19 5.36 10.39 (a) This adjustment
excludes the noncontrolling interest portion of amortization of acquisition-rela
ted intangibles which is not attributable to common shareholders. (b) For all
quarters of 2023 and second and fourth quarters of 2022, the tax impact of
adjusted items was calculated using the applicable statutory rates by tax
jurisdiction. For the first and third quarters of 2022, 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. In addition, for the recast periods of
Q1 2020 through Q4 2023, we applied the originally determined tax rate on
adjustments to the recast total adjustments (inclusive of equity earnings/losses
associated with JLL Technologies and LaSalle).
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Jones Lang LaSalle Incorporated (in millions) Consolidated Balance Sheet Q1
2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021
Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY
2023 Assets Current assets: Cash and cash equivalents 720.7 413.5 440.0 574.3
574.3 456.6 494.0 535.9 593.7 593.7 575.8 568.0 489.4 519.3 519.3 485.4 402.5
389.5 410.0 410.0 Trade receivables, net of allowance 1,724.7 1,367.1 1,439.9
1,636.1 1,636.1 1,477.4 1,584.1 1,739.9 2,004.1 2,004.1 1,894.5 1,859.8
1,912.5 2,148.8 2,148.8 1,976.9 1,982.0 1,912.7 2,095.8 2,095.8 Notes and
other receivables 444.0 430.5 443.1 469.9 469.9 399.9 381.8 374.5 389.3 389.3
396.4 400.6 377.9 469.5 469.5 481.3 410.9 393.3 446.4 446.4 Reimbursable
receivables 1,528.3 1,340.9 1,357.1 1,461.3 1,461.3 1,430.1 1,426.4 1,515.6
1,734.5 1,734.5 1,691.8 1,780.0 1,840.5 2,005.7 2,005.7 1,961.4 1,910.9
2,005.6 2,321.7 2,321.7 Warehouse receivables 1,026.8 819.2 1,750.6 1,529.2
1,529.2 832.1 741.7 2,293.5 822.3 822.3 701.7 634.8 671.9 463.2 463.2 881.6
1,049.0 705.2 677.4 677.4 Short-term contract assets, net of allowance 325.8
315.2 293.0 265.8 265.8 264.7 286.0 313.7 343.1 343.1 338.5 354.3 369.9 359.7
359.7 359.6 357.2 359.7 338.3 338.3 Prepaid and other 427.0 422.5 444.8 517.1
517.1 412.9 414.0 478.1 500.7 500.7 566.7 552.3 707.8 603.5 603.5 625.6 593.3
612.6 567.4 567.4 Total current assets 6,197.3 5,108.9 6,168.5 6,453.7 6,453.7
5,273.7 5,328.0 7,251.2 6,387.7 6,387.7 6,165.4 6,149.8 6,369.9 6,569.7
6,569.7 6,771.8 6,705.8 6,378.6 6,857.0 6,857.0 Property and equipment, net of
accumulated depreciation 678.4 675.7 675.4 663.9 663.9 682.0 683.8 693.4 740.0
740.0 749.1 731.7 731.5 582.9 582.9 586.2 585.5 589.4 613.9 613.9 Operating
lease right-of-use asset 806.5 800.2 756.8 707.4 707.4 706.5 694.3 692.8 723.4
723.4 769.2 771.4 776.6 776.3 776.3 758.0 761.3 755.3 730.9 730.9 Goodwill
4,104.3 4,120.9 4,164.0 4,224.7 4,224.7 4,201.7 4,205.1 4,212.1 4,611.6
4,611.6 4,597.9 4,519.9 4,454.8 4,528.0 4,528.0 4,543.9 4,577.7 4,541.8
4,587.4 4,587.4 Identified intangibles, net of accumulated amortization 658.7
652.9 653.9 679.8 679.8 687.0 672.5 680.6 887.0 887.0 879.5 871.9 861.6 858.5
858.5 833.1 821.1 803.2 785.0 785.0 Investments 390.8 393.6 389.6 430.8 430.8
545.1 614.0 646.6 745.7 745.7 785.3 901.9 890.9 873.8 873.8 896.0 872.7 865.2
816.6 816.6 Long-term receivables 255.8 250.6 239.8 231.1 231.1 249.7 281.5
278.8 316.4 316.4 327.5 289.2 306.0 331.1 331.1 343.8 372.1 394.4 363.8 363.8
Deferred tax assets, net 232.4 229.2 235.3 296.5 296.5 293.9 285.8 278.0 330.8
330.8 313.2 277.9 249.6 379.6 379.6 391.9 394.6 382.5 497.4 497.4 Deferred
compensation plans 374.2 372.4 410.7 446.3 446.3 480.2 503.5 522.2 528.8 528.8
558.3 528.1 520.2 517.9 517.9 551.3 559.5 590.3 604.3 604.3 Other 202.4 206.1
208.1 182.3 182.3 186.6 186.6 191.7 233.6 233.6 247.2 230.5 217.5 175.9 175.9
173.1 175.2 179.8 208.5 208.5 Total assets 13,900.8 12,810.5 13,902.1 14,316.5
14,316.5 13,306.4 13,455.1 15,447.4 15,505.0 15,505.0 15,392.6 15,272.3
15,378.6 15,593.7 15,593.7 15,849.1 15,825.5 15,480.5 16,064.8 16,064.8
Liabilities and Equity Current liabilities: Accounts payable and accrued
liabilities 1,096.2 1,044.8 1,096.7 1,229.8 1,229.8 1,108.7 1,034.6 1,011.3
1,262.8 1,262.8 1,059.4 947.0 858.4 1,236.8 1,236.8 1,110.5 1,054.6 1,074.2
1,406.7 1,406.7 Reimbursable payables 1,053.2 967.9 1,030.3 1,154.5 1,154.5
1,016.6 1,042.3 1,172.8 1,350.0 1,350.0 1,219.2 1,308.3 1,309.4 1,579.5
1,579.5 1,352.3 1,430.2 1,469.4 1,796.9 1,796.9 Accrued compensation and
benefits 1,044.2 977.3 1,113.7 1,433.2 1,433.2 1,031.4 1,171.6 1,494.2 2,029.5
2,029.5 1,333.5 1,351.1 1,512.0 1,749.8 1,749.8 1,121.6 1,141.2 1,338.8
1,698.3 1,698.3 Short-term borrowings 125.2 115.1 106.4 62.0 62.0 90.6 102.5
117.6 147.9 147.9 118.2 128.3 244.2 164.2 164.2 104.3 112.1 117.6 147.9 147.9
Current maturities of long-term debt, net - - - - - - - - 274.7 274.7 274.7
274.8 - - - - - - - - Short-term contract liability and deferred income 152.7
155.8 161.0 192.9 192.9 181.0 174.6 183.6 208.2 208.2 211.3 235.4 221.0 216.5
216.5 205.5 213.6 206.5 226.4 226.4 Warehouse facilities 936.6 789.1 1,723.8
1,498.4 1,498.4 833.5 714.1 2,266.3 795.7 795.7 705.3 622.3 685.0 455.3 455.3
813.6 941.8 574.9 662.7 662.7 Short-term operating lease liability 154.0 159.9
164.0 165.7 165.7 159.1 157.6 153.6 153.8 153.8 155.8 153.1 147.8 156.4 156.4
161.8 164.3 158.5 161.9 161.9 Other 425.3 396.6 406.2 391.3 391.3 270.9 244.8
271.5 263.9 263.9 325.6 316.9 425.9 353.6 353.6 395.6 432.9 485.6 345.3 345.3
Total current liabilities 4,987.4 4,606.5 5,802.1 6,127.8 6,127.8 4,691.8
4,642.1 6,670.9 6,486.5 6,486.5 5,403.0 5,337.2 5,403.7 5,912.1 5,912.1
5,265.2 5,490.7 5,425.5 6,446.1 6,446.1 Noncurrent liabilities: Credit
facility, net of debt issuance costs 1,438.6 689.5 390.4 (8.7) (8.7) 342.3
336.7 212.2 138.2 138.2 1,113.7 1,364.3 1,587.9 1,213.8 1,213.8 2,089.7
1,840.5 1,591.4 610.6 610.6 Long-term debt, net of debt issuance costs 656.1
665.4 682.9 702.0 702.0 684.0 687.9 678.6 395.6 395.6 387.8 364.4 341.5 372.8
372.8 379.2 380.7 369.5 779.3 779.3 Long-term deferred tax liabilities, net
87.5 71.5 42.9 120.0 120.0 114.6 110.6 105.2 179.7 179.7 196.5 211.6 199.6
194.0 194.0 202.1 191.6 161.0 44.8 44.8 Deferred compensation 368.4 367.5
405.9 450.0 450.0 461.8 485.4 511.0 525.4 525.4 500.0 490.9 483.6 492.4 492.4
508.4 518.3 542.2 580.0 580.0 Long-term operating lease liability 734.9 734.2
705.1 683.9 683.9 692.4 691.1 685.6 714.4 714.4 765.2 748.6 739.5 775.8 775.8
766.2 766.6 764.5 754.5 754.5 Other 590.4 558.4 578.7 623.7 623.7 604.8 594.1
624.3 644.0 644.0 603.7 601.4 613.4 483.3 483.3 476.0 445.2 456.7 439.6 439.6
Total liabilities 8,863.3 7,693.0 8,608.0 8,698.7 8,698.7 7,591.7 7,547.9
9,487.8 9,083.8 9,083.8 8,969.9 9,118.4 9,369.2 9,444.2 9,444.2 9,686.8
9,633.6 9,310.8 9,654.9 9,654.9 Redeemable noncontrolling interest 8.6 8.1 7.9
7.8 7.8 7.8 7.5 7.5 7.8 7.8 7.5 7.2 7.2 7.0 7.0 7.1 7.1 6.8 - - Company
shareholders' equity Common Stock 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Additional paid-in capital 1,969.6 1,999.3
2,008.1 2,023.3 2,023.3 2,015.5 2,040.6 2,033.7 2,053.7 2,053.7 2,066.8
2,050.7 2,034.5 2,022.6 2,022.6 1,981.3 2,015.3 2,009.5 2,019.7 2,019.7
Retained earnings 3,578.7 3,593.9 3,725.9 3,975.9 3,975.9 4,078.9 4,278.9
4,516.1 4,937.6 4,937.6 5,083.2 5,275.4 5,415.6 5,590.4 5,590.4 5,566.7
5,567.6 5,624.5 5,795.6 5,795.6 Treasury stock (25.0) (24.4) (47.8) (96.1)
(96.1) (85.7) (122.3) (259.1) (406.3) (406.3) (552.7) (824.7) (950.9) (934.6)
(934.6) (883.5) (895.8) (907.2) (920.1) (920.1) Shares held in trust (5.6)
(5.7) (5.6) (5.6) (5.6) (5.4) (5.3) (5.2) (5.2) (5.2) (5.1) (5.1) (5.1) (9.8)
(9.8) (9.8) (11.6) (11.4) (10.4) (10.4) Accumulated other comprehensive loss
(571.2) (537.4) (477.4) (377.2) (377.2) (383.6) (383.1) (430.3) (395.4)
(395.4) (419.5) (583.9) (723.0) (648.2) (648.2) (621.4) (611.4) (671.4)
(591.5) (591.5) Total company shareholders' equity 4,947.0 5,026.2 5,203.7
5,520.8 5,520.8 5,620.2 5,809.3 5,855.7 6,184.9 6,184.9 6,173.2 5,912.9
5,771.6 6,020.9 6,020.9 6,033.8 6,064.6 6,044.5 6,293.8 6,293.8 Noncontrolling
interest 81.9 83.2 82.5 89.2 89.2 86.7 90.4 96.4 228.5 228.5 242.0 233.8 230.6
121.6 121.6 121.4 120.2 118.4 116.1 116.1 Total equity 5,028.9 5,109.4 5,286.2
5,610.0 5,610.0 5,706.9 5,899.7 5,952.1 6,413.4 6,413.4 6,415.2 6,146.7
6,002.2 6,142.5 6,142.5 6,155.2 6,184.8 6,162.9 6,409.9 6,409.9 Total
liabilities and equity 13,900.8 12,810.5 13,902.1 14,316.5 14,316.5 13,306.4
13,455.1 15,447.4 15,505.0 15,505.0 15,392.6 15,272.3 15,378.6 15,593.7
15,593.7 15,849.1 15,825.5 15,480.5 16,064.8 16,064.8
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Jones Lang LaSalle Incorporated (in millions) Consolidated Statements of Cash
Flows Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4
2023 FY 2023 Cash flows from operating activities: Net income (loss) 17.6 31.9
166.5 422.7 422.7 102.4 301.8 538.5 959.3 959.3 143.9 479.4 617.5 793.4 793.4
(8.7) (5.5) 53.8 226.2 226.2 Reconciliation of net income (loss) to net cash
(used in) provided by operating activities: Depreciation and amortization 55.0
111.9 166.8 226.4 226.4 53.0 107.5 160.3 217.5 217.5 54.4 109.8 165.5 228.1
228.1 57.5 117.4 176.5 238.4 238.4 Equity losses (earnings) 28.3 13.6 (1.4)
(8.0) (8.0) (48.5) (89.3) (106.7) (209.4) (209.4) (18.5) (72.1) (72.6) (51.0)
(51.0) 2.6 106.1 117.3 194.1 194.1 Net loss (gain) on the disposition of
assets - 1.1 1.2 1.2 1.2 (11.4) (11.4) (11.3) (10.9) (10.9) 0.4 (134.8)
(134.8) (133.9) (133.9) - 1.8 0.5 0.5 0.5 Distributions of earnings from
investments 3.6 8.7 10.4 11.7 11.7 0.4 4.6 14.6 28.6 28.6 2.6 9.9 14.9 21.2
21.2 3.8 6.0 8.2 12.4 12.4 Provision for loss on receivables and other assets
38.1 54.2 61.4 45.6 45.6 (0.5) (0.2) 7.5 12.1 12.1 5.5 11.8 17.4 27.0 27.0 7.1
19.0 21.7 20.3 20.3 Amortization of stock-based compensation 18.6 49.3 65.6
83.8 83.8 17.5 43.8 67.8 96.4 96.4 18.6 44.4 69.7 85.8 85.8 16.7 53.0 59.5
78.3 78.3 Net non-cash mortgage servicing rights and mortgage banking
derivative activity 1.6 (7.0) (21.7) (66.6) (66.6) (9.7) (15.4) (43.4) (59.3)
(59.3) 3.6 (7.6) (12.8) (11.0) (11.0) 1.8 2.4 9.5 18.2 18.2 Accretion of
interest and amortization of debt issuance costs 1.4 2.7 3.9 5.1 5.1 1.2 2.2
3.2 4.4 4.4 1.3 2.5 3.7 4.8 4.8 1.0 2.1 3.1 4.3 4.3 Other, net (10.8) (36.9)
(37.0) (27.1) (27.1) (3.9) (21.1) (17.0) (14.0) (14.0) 0.6 2.6 4.2 5.9 5.9 0.9
3.6 15.4 17.5 17.5 Change in: Receivables 141.0 47.5 (115.2) (436.2) (436.2)
72.5 49.2 (74.1) (291.3) (291.3) 160.6 139.8 158.1 11.1 11.1 Reimbursable
receivables and reimbursable payables (107.6) (77.4) (38.3) (82.4) (82.4)
(89.4) (94.2) (162.6) (52.2) (52.2) (181.6) (51.0) (110.7) (93.3) (93.3)
Prepaid expenses and other assets 1.5 (18.6) (75.4) (149.6) (149.6) (29.1)
(22.0) (83.1) 39.9 39.9 (26.5) (4.9) (32.0) (24.0) (24.0) Income taxes
receivable, payable and deferred 3.1 (26.4) (19.6) 35.0 35.0 (32.0) (68.8)
(96.5) (105.1) (105.1) (43.7) (116.1) (114.0) (138.8) (138.8) Accounts
payable, accrued liabilities and other liabilities (182.0) (215.4) (213.5)
(12.8) (12.8) (111.1) (176.6) (174.8) (78.4) (78.4) (56.0) (119.8) (91.7) 78.5
78.5 Accrued compensation (including net deferred compensation) (418.3)
(278.3) 58.8 593.7 593.7 (739.7) (672.9) (483.5) (283.3) (283.3) (651.8)
(633.2) (428.8) (67.9) (67.9) Change in working capital items (699.5) (274.2)
(52.6) 419.9 419.9 (562.3) (568.6) (403.2) (52.3) (52.3) (928.8) (985.3)
(1,074.6) (770.4) (770.4) (799.0) (785.2) (619.1) (234.4) (234.4) Net cash
(used in) provided by operating activities (546.1) (44.7) 363.1 1,114.7
1,114.7 (461.8) (246.1) 210.3 972.4 972.4 (716.4) (539.4) (401.9) 199.9 199.9
(716.3) (479.3) (153.6) 575.8 575.8 Cash flows from investing activities: Net
capital additions - property and equipment (44.4) (77.3) (112.5) (149.4)
(149.4) (34.6) (69.8) (111.6) (175.9) (175.9) (46.6) (86.9) (136.0) (205.8)
(205.8) (49.3) (88.2) (137.7) (186.9) (186.9) Net investment asset activity
(less than wholly-owned) (3.2) (7.7) (10.2) 1.0 1.0 (37.2) (41.8) (53.8)
(70.9) (70.9) (12.0) 137.0 132.4 134.8 134.8 - - - - - Business acquisitions,
net of cash acquired - - - - - (0.2) (0.2) (22.2) (416.8) (416.8) (2.0) (2.0)
(5.7) (5.7) (5.7) - (13.6) (13.6) (13.6) (13.6) Capital contributions to
investments (54.0) (54.9) (63.2) (80.3) (80.3) (33.8) (77.4) (132.3) (181.1)
(181.1) (36.5) (121.4) (142.3) (167.3) (167.3) (32.8) (66.2) (86.8) (109.4)
(109.4) Distributions of capital from investments 13.4 24.7 30.5 41.5 41.5 4.0
13.5 39.1 74.0 74.0 5.6 13.1 19.1 24.4 24.4 9.2 12.7 21.5 23.7 23.7 Other, net
(2.3) 5.8 31.2 16.6 16.6 4.0 (38.1) (35.2) (35.1) (35.1) (2.5) (2.9) (15.3)
(23.5) (23.5) (1.1) (5.4) (3.8) (4.2) (4.2) Net cash used in investing
activities (90.5) (109.4) (124.2) (170.6) (170.6) (97.8) (213.8) (316.0)
(805.8) (805.8) (94.0) (63.1) (147.8) (243.1) (243.1) (74.0) (160.7) (220.4)
(290.4) (290.4) Cash flows from financing activities: Proceeds from borrowings
under credit facility 2,555.0 3,433.0 4,404.0 5,217.0 5,217.0 1,242.0 2,373.0
3,432.0 5,094.0 5,094.0 2,348.0 4,060.0 5,756.0 7,560.0 7,560.0 2,668.0
4,478.0 5,969.0 7,684.0 7,684.0 Repayments of borrowings under credit facility
(1,630.0) (3,258.0) (4,529.0) (5,742.0) (5,742.0) (892.0) (2,023.0) (3,207.0)
(4,944.0) (4,944.0) (1,373.0) (2,835.0) (4,306.0) (6,485.0) (6,485.0)
(1,793.0) (3,853.0) (5,594.0) (8,284.0) (8,284.0) Proceeds from senior notes -
- - - - - - - - - - - - - - - - - 400.0 400.0 Repayment of senior notes - - -
- - - - - - - - - (275.0) (275.0) (275.0) - - - - - Net (repayments of)
proceeds from short-term borrowings 6.6 (4.8) (17.1) (64.3) (64.3) 36.8 47.6
60.4 91.8 91.8 (27.4) (12.5) 109.6 20.1 20.1 (62.3) (55.3) (46.4) (24.8)
(24.8) Payments of deferred business acquisition obligations and earn-outs
(9.8) (25.0) (28.9) (44.4) (44.4) (21.0) (54.3) (58.3) (63.7) (63.7) (6.0)
(9.2) (10.4) (12.6) (12.6) (13.6) (21.8) (22.6) (26.6) (26.6) Shares
repurchased for payment of employee taxes on stock awards - - - (23.5) (23.5)
- - - (52.5) (52.5) - - - (87.2) (87.2) - - - (30.6) (30.6) Repurchase of
common stock (25.0) (19.1) (50.0) (100.0) (100.0) - (37.9) (189.5) (343.3)
(343.3) (150.0) (447.7) (596.6) (601.2) (601.2) - (19.5) (39.4) (61.6) (61.6)
Deconsolidation of variable interest entity - - - - - - - - - - - - - (20.4)
(20.4) - - - - - Noncontrolling interest (distributions) contributions, net -
- - (0.9) (0.9) - 2.2 - 19.0 19.0 - (134.6) (135.8) (142.7) (142.7) - - (4.2)
(6.5) (6.5) Other, net (13.5) (12.0) (22.8) (13.1) (13.1) 10.9 7.1 1.7 54.9
54.9 14.9 (19.7) (41.3) 30.9 30.9 (23.8) (24.5) (31.2) (24.2) (24.2) Net cash
provided by (used in) financing activities 883.3 114.1 (243.8) (771.2) (771.2)
376.7 314.7 39.3 (143.8) (143.8) 806.5 601.3 500.5 (13.1) (13.1) 775.3 503.9
231.2 (374.3) (374.3) Effect of currency exchange rate changes on cash, cash
equivalents and restricted cash (21.1) (15.1) (4.3) 14.8 14.8 (12.4) (9.7)
(17.3) (21.0) (21.0) (6.7) (37.6) (63.6) (39.3) (39.3) 4.5 3.8 (9.6) 6.3 6.3
Net change in cash, cash equivalents and restricted cash 225.6 (55.1) (9.2)
187.7 187.7 (195.3) (154.9) (83.7) 1.8 1.8 (10.6) (38.8) (112.8) (95.6) (95.6)
(10.5) (132.3) (152.4) (82.6) (82.6) Cash, cash equivalents and restricted
cash, beginning of the period 652.1 652.1 652.1 652.1 652.1 839.8 839.8 839.8
839.8 839.8 841.6 841.6 841.6 841.6 841.6 746.0 746.0 746.0 746.0 746.0 Cash,
cash equivalents and restricted cash, end of the period 877.7 597.0 642.9
839.8 839.8 644.5 684.9 756.1 841.6 841.6 831.0 802.8 728.8 746.0 746.0 735.5
613.7 593.6 663.4 663.4 Supplemental disclosure of cash flow information:
Restricted cash, beginning of period 200.2 200.2 200.2 200.2 200.2 265.5 265.5
265.5 265.5 265.5 247.9 247.9 247.9 247.9 247.9 226.7 226.7 226.7 226.7 226.7
Restricted cash, end of period 157.0 183.5 202.9 265.5 265.5 187.9 190.9 220.2
247.9 247.9 255.2 234.8 239.4 226.7 226.7 250.1 211.2 204.1 253.4 253.4 Cash
paid during the period for: Interest 9.3 29.0 35.0 50.2 50.2 4.5 19.9 24.5
38.8 38.8 5.5 26.4 41.2 74.3 74.3 23.9 65.1 105.6 144.8 144.8 Income taxes,
net of refunds 44.4 48.5 101.6 138.5 138.5 30.5 114.8 175.7 262.5 262.5 77.1
201.6 283.7 321.3 321.3 34.8 103.1 126.4 158.5 158.5 Operating leases 47.1
93.6 142.0 191.4 191.4 49.0 98.6 148.2 196.7 196.7 44.0 91.5 137.5 181.6 181.6
47.2 96.2 146.4 194.6 194.6 Non-cash activities: Business acquisitions
(including contingent consideration) - - - - - 3.8 3.8 31.3 68.6 68.6 2.0 2.0
5.3 5.3 5.3 - - - - - Non-cash consideration received for deposition - - - - -
23.9 23.9 23.9 23.9 23.9 - 15.8 15.8 15.8 15.8 - - - - - Deferred business
acquisition obligations - - - - - - - - 10.0 10.0 1.4 1.4 3.1 3.1 3.1 - - - -
- Reconciliation to Free Cash Flow Net cash (used in) provided by operating
activities (546.1) (44.7) 363.1 1,114.7 1,114.7 (461.8) (246.1) 210.3 972.4
972.4 (716.4) (539.4) (401.9) 199.9 199.9 (716.3) (479.3) (153.6) 575.8 575.8
Net capital additions - property and equipment (44.4) (77.3) (112.5) (149.4)
(149.4) (34.6) (69.8) (111.6) (175.9) (175.9) (46.6) (86.9) (136.0) (205.8)
(205.8) (49.3) (88.2) (137.7) (186.9) (186.9) Free Cash Flow (590.5) (122.0)
250.6 965.3 965.3 (496.4) (315.9) 98.7 796.5 796.5 (763.0) (626.3) (537.9)
(5.9) (5.9) (765.6) (567.5) (291.3) 388.9 388.9
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Jones Lang LaSalle Incorporated Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1
2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022
Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 LaSalle assets under management (AUM)
(in billions) Period beginning balance 67.6 69.5 65.0 65.7 67.6 68.9 70.9 73.4
74.7 68.9 76.6 77.8 82.1 81.7 76.6 90.3 93.5 93.2 92.9 90.3 Foreign currency
increases (decreases) 1.4 (1.6) 0.5 1.5 1.8 1.9 (1.1) 0.2 (1.0) 0.0 (0.5)
(1.6) (3.5) (3.6) (9.2) 3.0 (0.1) (0.7) (1.7) 0.5 Net valuations increases
(decreases) 1.2 (1.9) (0.2) 0.5 (0.4) 0.9 3.3 1.7 1.9 7.8 3.0 3.1 0.9 0.2 7.2
(1.6) (0.5) (0.5) (1.4) (4.0) Acquisitions 3.7 2.1 1.4 2.9 10.1 1.1 1.9 1.5
2.8 7.3 3.1 3.9 3.2 2.0 12.2 1.3 1.1 1.1 0.5 4.0 Dispositions and withdrawals
(4.4) (3.1) (1.0) (1.7) (10.2) (1.9) (1.6) (2.1) (1.8) (7.4) (4.4) (1.1) (1.0)
(1.2) (7.7) (3.3) (0.8) (0.4) (1.2) (5.7) UCCC + Cash 3.8 0.0 0.2 (0.1) 3.9
Period ending balance 69.5 65.0 65.7 68.9 68.9 70.9 73.4 74.7 76.6 76.6 77.8
82.1 81.7 79.1 79.1 93.5 93.2 92.9 89.0 89.0 Q1 2020 Q2 2020 Q3 2020 Q4 2020
FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4
2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Restructuring and
acquisition charges (in millions) Severance and other employment-related
charges 1.3 7.0 19.3 41.4 69.0 1.8 (0.9) 1.2 12.2 14.3 3.3 8.3 9.4 23.5 44.5
25.7 5.8 16.4 14.2 62.1 Restructuring, pre-acquisition and post-acquisition
charges 21.0 20.6 14.8 31.8 88.2 15.5 17.9 14.4 20.0 67.8 16.9 16.6 11.7 18.4
63.6 10.0 6.6 15.1 11.3 43.0 Fair value adjustments that resulted in a net
(decrease) increase to earn- out liabilities from prior-period acquisition
activity (8.2) 0.6 (0.6) (6.6) (14.8) (0.1) 1.1 - 1.6 2.6 (0.7) 1.0 (0.1)
(3.5) (3.3) - (0.6) 0.1 (3.9) (4.4) Total restructuring and acquisition
charges 14.1 28.2 33.5 66.6 142.4 17.2 18.1 15.6 33.8 84.7 19.5 25.9 21.0 38.4
104.8 35.7 11.8 31.6 21.6 100.7 Note: To more closely conform with the
methodology of similarly titled metrics provided by other industry
participants, the calculation of AUM was refined in 2024 to include uncalled
committed capital and cash held on behalf of clients based on a new standard
industry definition developed by industry groups NCREIF, INREV and ANREV.
Under the new methodology, AUM was $89.0 billion as of December 31, 2023.
Legacy AUM Methodology Current AUM Methodology
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(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 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. 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: 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. Adjustments to GAAP Financial Measures Used to
Calculate non-GAAP Financial 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. 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 not a line item in the segments' reconciliation
to Adjusted EBITDA. Amortization of Acquisition-Related Intangibles ,
primarily composed of the estimated fair value ascribed at closing of an
acquisition to assets such as acquired management contracts, customer backlog
and relationships, and trade name, is more notable following the company's
increase in acquisition activity in recent years. Such non-cash activity is
excluded as 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. 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.
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