Maryland | 36-4150422 | |||||||||||||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer 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, former address and former fiscal year, if changed since last report: Not Applicable |
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 |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Part I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 6. | ||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | March 31, 2023 | December 31, 2022 | (in millions, except share and per share data) | June 30, 2023 | December 31, 2022 | ||||||||||
Assets | Assets | (unaudited) | Assets | (unaudited) | ||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 485.4 | 519.3 | Cash and cash equivalents | $ | 402.5 | 519.3 | ||||||||
Trade receivables, net of allowance of $75.4 and $66.7 | 1,976.9 | 2,148.8 | ||||||||||||||
Trade receivables, net of allowance of $76.8 and $66.7 | Trade receivables, net of allowance of $76.8 and $66.7 | 1,982.0 | 2,148.8 | |||||||||||||
Notes and other receivables | Notes and other receivables | 481.3 | 469.5 | Notes and other receivables | 410.9 | 469.5 | ||||||||||
Reimbursable receivables | Reimbursable receivables | 1,961.4 | 2,005.7 | Reimbursable receivables | 1,910.9 | 2,005.7 | ||||||||||
Warehouse receivables | Warehouse receivables | 881.6 | 463.2 | Warehouse receivables | 1,049.0 | 463.2 | ||||||||||
Short-term contract assets, net of allowance of $1.1 and $1.9 | 359.6 | 359.7 | ||||||||||||||
Short-term contract assets, net of allowance of $1.9 and $1.9 | Short-term contract assets, net of allowance of $1.9 and $1.9 | 357.2 | 359.7 | |||||||||||||
Prepaid and other | Prepaid and other | 625.6 | 603.5 | Prepaid and other | 593.3 | 603.5 | ||||||||||
Total current assets | Total current assets | 6,771.8 | 6,569.7 | Total current assets | 6,705.8 | 6,569.7 | ||||||||||
Property and equipment, net of accumulated depreciation of $992.5 and $960.5 | 586.2 | 582.9 | ||||||||||||||
Property and equipment, net of accumulated depreciation of $1,030.4 and $960.5 | Property and equipment, net of accumulated depreciation of $1,030.4 and $960.5 | 585.5 | 582.9 | |||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 758.0 | 776.3 | Operating lease right-of-use assets | 761.3 | 776.3 | ||||||||||
Goodwill | Goodwill | 4,543.9 | 4,528.0 | Goodwill | 4,577.7 | 4,528.0 | ||||||||||
Identified intangibles, net of accumulated amortization of $480.4 and $445.8 | 833.1 | 858.5 | ||||||||||||||
Investments, including $825.5 and $794.9 at fair value | 896.0 | 873.8 | ||||||||||||||
Identified intangibles, net of accumulated amortization of $499.0 and $445.8 | Identified intangibles, net of accumulated amortization of $499.0 and $445.8 | 821.1 | 858.5 | |||||||||||||
Investments, including $802.5 and $794.9 at fair value | Investments, including $802.5 and $794.9 at fair value | 872.7 | 873.8 | |||||||||||||
Long-term receivables | Long-term receivables | 343.8 | 331.1 | Long-term receivables | 372.1 | 331.1 | ||||||||||
Deferred tax assets, net | Deferred tax assets, net | 391.9 | 379.6 | Deferred tax assets, net | 394.6 | 379.6 | ||||||||||
Deferred compensation plan | Deferred compensation plan | 551.3 | 517.9 | Deferred compensation plan | 559.5 | 517.9 | ||||||||||
Other | Other | 173.1 | 175.9 | Other | 175.2 | 175.9 | ||||||||||
Total assets | Total assets | $ | 15,849.1 | 15,593.7 | Total assets | $ | 15,825.5 | 15,593.7 | ||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | $ | 1,110.5 | 1,236.8 | Accounts payable and accrued liabilities | $ | 1,054.6 | 1,236.8 | ||||||||
Reimbursable payables | Reimbursable payables | 1,352.3 | 1,579.5 | Reimbursable payables | 1,430.2 | 1,579.5 | ||||||||||
Accrued compensation and benefits | Accrued compensation and benefits | 1,121.6 | 1,749.8 | Accrued compensation and benefits | 1,141.2 | 1,749.8 | ||||||||||
Short-term borrowings | Short-term borrowings | 104.3 | 164.2 | Short-term borrowings | 112.1 | 164.2 | ||||||||||
Short-term contract liabilities and deferred income | Short-term contract liabilities and deferred income | 205.5 | 216.5 | Short-term contract liabilities and deferred income | 213.6 | 216.5 | ||||||||||
Short-term acquisition-related obligations | Short-term acquisition-related obligations | 18.4 | 23.1 | Short-term acquisition-related obligations | 20.5 | 23.1 | ||||||||||
Warehouse facilities | Warehouse facilities | 813.6 | 455.3 | Warehouse facilities | 941.8 | 455.3 | ||||||||||
Short-term operating lease liabilities | Short-term operating lease liabilities | 161.8 | 156.4 | Short-term operating lease liabilities | 164.3 | 156.4 | ||||||||||
Other | Other | 377.2 | 330.5 | Other | 412.4 | 330.5 | ||||||||||
Total current liabilities | Total current liabilities | 5,265.2 | 5,912.1 | Total current liabilities | 5,490.7 | 5,912.1 | ||||||||||
Credit facility, net of debt issuance costs of $10.3 and $11.2 | 2,089.7 | 1,213.8 | ||||||||||||||
Long-term debt, net of debt issuance costs of $1.2 and $1.2 | 379.2 | 372.8 | ||||||||||||||
Credit facility, net of debt issuance costs of $9.5 and $11.2 | Credit facility, net of debt issuance costs of $9.5 and $11.2 | 1,840.5 | 1,213.8 | |||||||||||||
Long-term debt, net of debt issuance costs of $1.1 and $1.2 | Long-term debt, net of debt issuance costs of $1.1 and $1.2 | 380.7 | 372.8 | |||||||||||||
Deferred tax liabilities, net | Deferred tax liabilities, net | 202.1 | 194.0 | Deferred tax liabilities, net | 191.6 | 194.0 | ||||||||||
Deferred compensation | Deferred compensation | 508.4 | 492.4 | Deferred compensation | 518.3 | 492.4 | ||||||||||
Long-term acquisition-related obligations | Long-term acquisition-related obligations | 67.5 | 76.3 | Long-term acquisition-related obligations | 58.6 | 76.3 | ||||||||||
Long-term operating lease liabilities | Long-term operating lease liabilities | 766.2 | 775.8 | Long-term operating lease liabilities | 766.6 | 775.8 | ||||||||||
Other | Other | 408.5 | 407.0 | Other | 386.6 | 407.0 | ||||||||||
Total liabilities | Total liabilities | 9,686.8 | 9,444.2 | Total liabilities | 9,633.6 | 9,444.2 | ||||||||||
Redeemable noncontrolling interest | Redeemable noncontrolling interest | 7.1 | 7.0 | Redeemable noncontrolling interest | 7.1 | 7.0 | ||||||||||
Company shareholders' equity: | Company shareholders' equity: | Company shareholders' equity: | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,095,157 and 52,085,968 shares issued; 47,609,204 and 47,507,758 outstanding | 0.5 | 0.5 | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,095,238 and 52,085,968 shares issued; 47,720,950 and 47,507,758 outstanding | Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,095,238 and 52,085,968 shares issued; 47,720,950 and 47,507,758 outstanding | 0.5 | 0.5 | |||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,981.3 | 2,022.6 | Additional paid-in capital | 2,015.3 | 2,022.6 | ||||||||||
Retained earnings | Retained earnings | 5,566.7 | 5,590.4 | Retained earnings | 5,567.6 | 5,590.4 | ||||||||||
Treasury stock, at cost, 4,485,953 and 4,578,210 shares | (883.5) | (934.6) | ||||||||||||||
Treasury stock, at cost, 4,374,288 and 4,578,210 shares | Treasury stock, at cost, 4,374,288 and 4,578,210 shares | (895.8) | (934.6) | |||||||||||||
Shares held in trust | Shares held in trust | (9.8) | (9.8) | Shares held in trust | (11.6) | (9.8) | ||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (621.4) | (648.2) | Accumulated other comprehensive loss | (611.4) | (648.2) | ||||||||||
Total Company shareholders’ equity | Total Company shareholders’ equity | 6,033.8 | 6,020.9 | Total Company shareholders’ equity | 6,064.6 | 6,020.9 | ||||||||||
Noncontrolling interest | Noncontrolling interest | 121.4 | 121.6 | Noncontrolling interest | 120.2 | 121.6 | ||||||||||
Total equity | Total equity | 6,155.2 | 6,142.5 | Total equity | 6,184.8 | 6,142.5 | ||||||||||
Total liabilities, redeemable noncontrolling interest and equity | Total liabilities, redeemable noncontrolling interest and equity | $ | 15,849.1 | 15,593.7 | Total liabilities, redeemable noncontrolling interest and equity | $ | 15,825.5 | 15,593.7 |
(in millions, except share and per share data) (unaudited) | (in millions, except share and per share data) (unaudited) | Three Months Ended March 31, | (in millions, except share and per share data) (unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2023 | 2022 | (in millions, except share and per share data) (unaudited) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Revenue | Revenue | $ | 4,715.5 | 4,801.4 | $ | 5,052.5 | 5,278.4 | $ | 9,768.0 | 10,079.8 | ||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 2,253.0 | 2,410.8 | Compensation and benefits | $ | 2,417.0 | 2,554.4 | $ | 4,670.0 | 4,965.2 | |||||||||||||||||||||||
Operating, administrative and other | Operating, administrative and other | 2,351.5 | 2,141.0 | Operating, administrative and other | 2,414.6 | 2,407.6 | 4,766.1 | 4,548.6 | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 57.5 | 54.4 | Depreciation and amortization | 59.9 | 55.4 | 117.4 | 109.8 | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 35.7 | 19.5 | Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 | ||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | $ | 4,697.7 | 4,625.7 | Total operating expenses | $ | 4,903.3 | 5,043.3 | $ | 9,601.0 | 9,669.0 | |||||||||||||||||||||||
Operating income | Operating income | $ | 17.8 | 175.7 | Operating income | $ | 149.2 | 235.1 | $ | 167.0 | 410.8 | |||||||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | 26.3 | 10.2 | Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | ||||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | (2.6) | 18.5 | Equity (losses) earnings | (103.5) | 53.6 | (106.1) | 72.1 | ||||||||||||||||||||||||||
Other income | 0.1 | 0.2 | ||||||||||||||||||||||||||||||||
(Loss) income before income taxes and noncontrolling interest | (11.0) | 184.2 | ||||||||||||||||||||||||||||||||
Income tax (benefit) provision | (2.3) | 40.3 | ||||||||||||||||||||||||||||||||
Net (loss) income | (8.7) | 143.9 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 0.5 | (1.7) | ||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (9.2) | 145.6 | |||||||||||||||||||||||||||||||
Basic (loss) earnings per common share | $ | (0.19) | 2.92 | |||||||||||||||||||||||||||||||
Other (expense) income | Other (expense) income | (1.2) | 135.3 | (1.1) | 135.5 | |||||||||||||||||||||||||||||
Income (loss) before income taxes and noncontrolling interest | Income (loss) before income taxes and noncontrolling interest | 4.0 | 408.3 | (7.0) | 592.5 | |||||||||||||||||||||||||||||
Income tax provision (benefit) | Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | |||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 3.2 | 335.5 | (5.5) | 479.4 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 0.7 | 141.6 | 1.2 | 139.9 | |||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | |||||||||||||||||||||||||||
Basic earnings (loss) per common share | Basic earnings (loss) per common share | $ | 0.05 | 3.98 | $ | (0.14) | 6.89 | |||||||||||||||||||||||||||
Basic weighted average shares outstanding (in 000's) | Basic weighted average shares outstanding (in 000's) | 47,555 | 49,781 | Basic weighted average shares outstanding (in 000's) | 47,748 | 48,718 | 47,652 | 49,247 | ||||||||||||||||||||||||||
Diluted (loss) earnings per common share | $ | (0.19) | 2.86 | |||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share | Diluted earnings (loss) per common share | $ | 0.05 | 3.90 | $ | (0.14) | 6.75 | |||||||||||||||||||||||||||
Diluted weighted average shares outstanding (in 000's) | Diluted weighted average shares outstanding (in 000's) | 47,555 | 50,957 | Diluted weighted average shares outstanding (in 000's) | 48,334 | 49,651 | 47,652 | 50,292 | ||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (9.2) | 145.6 | |||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | |||||||||||||||||||||||||||
Change in pension liabilities, net of tax | Change in pension liabilities, net of tax | (1.1) | — | (1.1) | — | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | 26.8 | (24.1) | Foreign currency translation adjustments | 11.1 | (164.4) | 37.9 | (188.5) | ||||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | Comprehensive income attributable to common shareholders | $ | 17.6 | 121.5 | Comprehensive income attributable to common shareholders | $ | 12.5 | 29.5 | $ | 30.1 | 151.0 |
Company Shareholders' Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional | Shares | ||||||||||||||||||||||||||||||
(in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | |||||||||||||||||||||||||
Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | ||||||||||||||||||||||||||
December 31, 2022 | 47,507,758 | $ | 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | $ | 6,142.5 | |||||||||||||||||||||
Net (loss) income | — | — | — | (9.2) | — | — | — | 0.5 | (8.7) | |||||||||||||||||||||||
Shares issued under stock-based compensation programs | 146,727 | — | (60.3) | (14.5) | — | 81.8 | — | — | 7.0 | |||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | (45,281) | — | 2.3 | — | — | (30.7) | — | — | (28.4) | |||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 16.7 | — | — | — | — | — | 16.7 | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | 26.8 | — | 26.8 | |||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (0.7) | (0.7) | |||||||||||||||||||||||
March 31, 2023 | 47,609,204 | $ | 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | $ | 6,155.2 | |||||||||||||||||||||
Company Shareholders' Equity | Company Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional | Shares | Common Stock | Additional | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) (unaudited) | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 50,024,139 | $ | 0.5 | 2,053.7 | 4,937.6 | (5.2) | (406.3) | (395.4) | 228.5 | $ | 6,413.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 145.6 | — | — | — | (1.7) | 143.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 47,507,758 | $ | 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | $ | 6,142.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | — | — | — | (9.2) | — | — | — | 0.5 | (8.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 305,435 | — | (3.6) | — | — | 5.5 | — | — | 1.9 | Shares issued under stock-based compensation programs | 146,727 | — | (60.3) | (14.5) | — | 81.8 | — | — | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (105,295) | — | (1.9) | — | — | (1.9) | — | — | (3.8) | Shares repurchased for payment of taxes on stock-based compensation | (45,281) | — | 2.3 | — | — | (30.7) | — | — | (28.4) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 18.6 | — | — | — | — | — | 18.6 | Amortization of stock-based compensation | — | — | 16.7 | — | — | — | — | — | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||
Shares held in trust | — | — | — | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (615,351) | — | — | — | — | (150.0) | — | — | (150.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | (24.1) | — | (24.1) | Foreign currency translation adjustments | — | — | — | — | — | — | 26.8 | — | 26.8 | ||||||||||||||||||||||||||||||||||||||||||||
Increase in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | 15.2 | 15.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 49,608,928 | $ | 0.5 | 2,066.8 | 5,083.2 | (5.1) | (552.7) | (419.5) | 242.0 | $ | 6,415.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | 47,609,204 | $ | 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | $ | 6,155.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income(3) | Net income(3) | — | — | — | 2.5 | — | — | — | 0.6 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 288,834 | — | (2.3) | (1.6) | — | 7.1 | — | — | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (104,766) | — | — | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 36.3 | — | — | — | — | — | 36.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares held in trust | Shares held in trust | — | — | — | — | (1.8) | — | — | — | (1.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (72,322) | — | — | — | — | (19.5) | — | — | (19.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in pension liabilities, net of tax | Change in pension liabilities, net of tax | — | — | — | — | — | — | (1.1) | — | (1.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | 11.1 | — | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (1.8) | (1.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | 47,720,950 | $ | 0.5 | 2,015.3 | 5,567.6 | (11.6) | (895.8) | (611.4) | 120.2 | $ | 6,184.8 |
Company Shareholders' Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional | Shares | ||||||||||||||||||||||||||||||
(in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | |||||||||||||||||||||||||
Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | ||||||||||||||||||||||||||
December 31, 2021 | 50,024,139 | $ | 0.5 | 2,053.7 | 4,937.6 | (5.2) | (406.3) | (395.4) | 228.5 | $ | 6,413.4 | |||||||||||||||||||||
Net income (loss) | — | — | — | 145.6 | — | — | — | (1.7) | 143.9 | |||||||||||||||||||||||
Shares issued under stock-based compensation programs | 305,435 | — | (3.6) | — | — | 5.5 | — | — | 1.9 | |||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | (105,295) | — | (1.9) | — | — | (1.9) | — | — | (3.8) | |||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 18.6 | — | — | — | — | — | 18.6 | |||||||||||||||||||||||
Shares held in trust | — | — | — | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||||||
Repurchase of common stock | (615,351) | — | — | — | — | (150.0) | — | — | (150.0) | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | (24.1) | — | (24.1) | |||||||||||||||||||||||
Increase in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | 15.2 | 15.2 | |||||||||||||||||||||||
March 31, 2022 | 49,608,928 | $ | 0.5 | 2,066.8 | 5,083.2 | (5.1) | (552.7) | (419.5) | 242.0 | $ | 6,415.2 | |||||||||||||||||||||
Net income(3) | — | — | — | 193.9 | — | — | — | 141.7 | 335.6 | |||||||||||||||||||||||
Shares issued under stock-based compensation programs | 36,251 | — | (25.4) | (1.7) | — | 42.2 | — | — | 15.1 | |||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | (6,592) | — | (16.5) | — | — | (16.5) | — | — | (33.0) | |||||||||||||||||||||||
Amortization of stock-based compensation | — | — | 25.8 | — | — | — | — | — | 25.8 | |||||||||||||||||||||||
Repurchase of common stock | (1,397,915) | — | — | — | — | (297.7) | — | — | (297.7) | |||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | (164.4) | — | (164.4) | |||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (149.9) | (149.9) | |||||||||||||||||||||||
June 30, 2022 | 48,240,672 | $ | 0.5 | 2,050.7 | 5,275.4 | (5.1) | (824.7) | (583.9) | 233.8 | $ | 6,146.7 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
(in millions) (unaudited) | (in millions) (unaudited) | 2023 | 2022 | (in millions) (unaudited) | 2023 | 2022 | ||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||
Net (loss) income | Net (loss) income | $ | (8.7) | 143.9 | Net (loss) income | $ | (5.5) | 479.4 | ||||||||
Reconciliation of net income to net cash used in operating activities: | ||||||||||||||||
Reconciliation of net (loss) income to net cash used in operating activities: | Reconciliation of net (loss) income to net cash used in operating activities: | |||||||||||||||
Depreciation and amortization | Depreciation and amortization | 57.5 | 54.4 | Depreciation and amortization | 117.4 | 109.8 | ||||||||||
Equity losses (earnings) | Equity losses (earnings) | 2.6 | (18.5) | Equity losses (earnings) | 106.1 | (72.1) | ||||||||||
Net gain on dispositions | — | 0.4 | ||||||||||||||
Net loss (gain) on dispositions | Net loss (gain) on dispositions | 1.8 | (134.8) | |||||||||||||
Distributions of earnings from investments | Distributions of earnings from investments | 3.8 | 2.6 | Distributions of earnings from investments | 6.0 | 9.9 | ||||||||||
Provision for loss on receivables and other assets | Provision for loss on receivables and other assets | 7.1 | 5.5 | Provision for loss on receivables and other assets | 19.0 | 11.8 | ||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | 16.7 | 18.6 | Amortization of stock-based compensation | 53.0 | 44.4 | ||||||||||
Net non-cash mortgage servicing rights and mortgage banking derivative activity | Net non-cash mortgage servicing rights and mortgage banking derivative activity | 1.8 | 3.6 | Net non-cash mortgage servicing rights and mortgage banking derivative activity | 2.4 | (7.6) | ||||||||||
Accretion of interest and amortization of debt issuance costs | Accretion of interest and amortization of debt issuance costs | 1.0 | 1.3 | Accretion of interest and amortization of debt issuance costs | 2.1 | 2.5 | ||||||||||
Other, net | Other, net | 0.9 | 0.6 | Other, net | 3.6 | 2.6 | ||||||||||
Change in: | Change in: | Change in: | ||||||||||||||
Receivables | Receivables | 158.5 | 76.2 | Receivables | 137.7 | 64.6 | ||||||||||
Reimbursable receivables and reimbursable payables | Reimbursable receivables and reimbursable payables | (181.6) | (89.4) | Reimbursable receivables and reimbursable payables | (51.0) | (94.2) | ||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (59.9) | (58.7) | Prepaid expenses and other assets | (46.5) | (21.3) | ||||||||||
Deferred tax assets, net | Deferred tax assets, net | (4.3) | 34.4 | Deferred tax assets, net | (17.3) | 78.8 | ||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | (93.3) | (181.2) | Accounts payable and accrued liabilities | (216.5) | (339.6) | ||||||||||
Accrued compensation | Accrued compensation | (618.4) | (710.1) | Accrued compensation | (591.6) | (673.6) | ||||||||||
Net cash used in operating activities | Net cash used in operating activities | (716.3) | (716.4) | Net cash used in operating activities | (479.3) | (539.4) | ||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||
Net capital additions – property and equipment | Net capital additions – property and equipment | (49.3) | (46.6) | Net capital additions – property and equipment | (88.2) | (86.9) | ||||||||||
Net investment asset activity (less than wholly-owned) | Net investment asset activity (less than wholly-owned) | — | (12.0) | Net investment asset activity (less than wholly-owned) | — | 137.0 | ||||||||||
Business acquisitions, net of cash acquired | Business acquisitions, net of cash acquired | — | (2.0) | Business acquisitions, net of cash acquired | (13.6) | (2.0) | ||||||||||
Capital contributions to investments | Capital contributions to investments | (32.8) | (36.5) | Capital contributions to investments | (66.2) | (121.4) | ||||||||||
Distributions of capital from investments | Distributions of capital from investments | 9.2 | 5.6 | Distributions of capital from investments | 12.7 | 13.1 | ||||||||||
Other, net | Other, net | (1.1) | (2.5) | Other, net | (5.4) | (2.9) | ||||||||||
Net cash used in investing activities | Net cash used in investing activities | (74.0) | (94.0) | Net cash used in investing activities | (160.7) | (63.1) | ||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||
Proceeds from borrowings under credit facility | Proceeds from borrowings under credit facility | 2,668.0 | 2,348.0 | Proceeds from borrowings under credit facility | 4,478.0 | 4,060.0 | ||||||||||
Repayments of borrowings under credit facility | Repayments of borrowings under credit facility | (1,793.0) | (1,373.0) | Repayments of borrowings under credit facility | (3,853.0) | (2,835.0) | ||||||||||
Net proceeds from short-term borrowings | (62.3) | (27.4) | ||||||||||||||
Net repayments of short-term borrowings | Net repayments of short-term borrowings | (55.3) | (12.5) | |||||||||||||
Payments of deferred business acquisition obligations and earn-outs | Payments of deferred business acquisition obligations and earn-outs | (13.6) | (6.0) | Payments of deferred business acquisition obligations and earn-outs | (21.8) | (9.2) | ||||||||||
Repurchase of common stock | Repurchase of common stock | — | (150.0) | Repurchase of common stock | (19.5) | (447.7) | ||||||||||
Noncontrolling interest distributions, net | Noncontrolling interest distributions, net | — | (134.6) | |||||||||||||
Other, net | Other, net | (23.8) | 14.9 | Other, net | (24.5) | (19.7) | ||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 775.3 | 806.5 | Net cash provided by financing activities | 503.9 | 601.3 | ||||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 4.5 | (6.7) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 3.8 | (37.6) | ||||||||||
Net change in cash, cash equivalents and restricted cash | Net change in cash, cash equivalents and restricted cash | (10.5) | (10.6) | Net change in cash, cash equivalents and restricted cash | (132.3) | (38.8) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of the period | Cash, cash equivalents and restricted cash, beginning of the period | 746.0 | 841.6 | Cash, cash equivalents and restricted cash, beginning of the period | 746.0 | 841.6 | ||||||||||
Cash, cash equivalents and restricted cash, end of the period | Cash, cash equivalents and restricted cash, end of the period | $ | 735.5 | 831.0 | Cash, cash equivalents and restricted cash, end of the period | $ | 613.7 | 802.8 | ||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | ||||||||||||||
Restricted cash, beginning of period | Restricted cash, beginning of period | $ | 226.7 | 247.9 | Restricted cash, beginning of period | $ | 226.7 | 247.9 | ||||||||
Restricted cash, end of period | Restricted cash, end of period | 250.1 | 255.2 | Restricted cash, end of period | 211.2 | 234.8 | ||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||
Interest | Interest | $ | 23.9 | 5.5 | Interest | $ | 65.1 | 26.4 | ||||||||
Income taxes, net of refunds | Income taxes, net of refunds | 34.8 | 77.1 | Income taxes, net of refunds | 103.1 | 201.6 | ||||||||||
Operating leases | Operating leases | 47.2 | 44.0 | Operating leases | 96.2 | 91.5 | ||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||
Business acquisitions (including contingent consideration) | Business acquisitions (including contingent consideration) | $ | — | 2.0 | Business acquisitions (including contingent consideration) | $ | — | 2.0 | ||||||||
Non-cash consideration received for disposition | Non-cash consideration received for disposition | — | 15.8 | |||||||||||||
Deferred business acquisition obligations | Deferred business acquisition obligations | — | 1.4 | Deferred business acquisition obligations | — | 1.4 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Revenue excluded from scope of ASC Topic 606 | Revenue excluded from scope of ASC Topic 606 | $ | 66.2 | 69.9 | Revenue excluded from scope of ASC Topic 606 | $ | 77.2 | 76.5 | $ | 143.4 | 146.5 |
(in millions) | (in millions) | March 31, 2023 | December 31, 2022 | (in millions) | June 30, 2023 | December 31, 2022 | ||||||||||
Contract assets, gross | Contract assets, gross | $ | 434.6 | 447.0 | Contract assets, gross | $ | 427.8 | 447.0 | ||||||||
Contract asset allowance | Contract asset allowance | (2.5) | (2.3) | Contract asset allowance | (2.2) | (2.3) | ||||||||||
Contract assets, net | Contract assets, net | $ | 432.1 | 444.7 | Contract assets, net | $ | 425.6 | 444.7 | ||||||||
Contract liabilities | Contract liabilities | $ | 142.6 | 151.4 | Contract liabilities | $ | 145.0 | 151.4 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Markets Advisory | Markets Advisory | Markets Advisory | ||||||||||||||||||||||||||
Leasing | Leasing | $ | 487.0 | 600.9 | Leasing | $ | 591.4 | 708.4 | $ | 1,078.4 | 1,309.3 | |||||||||||||||||
Property Management | Property Management | 400.2 | 370.5 | Property Management | 409.9 | 378.2 | 810.1 | 748.7 | ||||||||||||||||||||
Advisory, Consulting and Other | Advisory, Consulting and Other | 19.2 | 28.1 | Advisory, Consulting and Other | 24.1 | 31.6 | 43.3 | 59.7 | ||||||||||||||||||||
Revenue | Revenue | $ | 906.4 | 999.5 | Revenue | $ | 1,025.4 | 1,118.2 | $ | 1,931.8 | 2,117.7 | |||||||||||||||||
Depreciation and amortization(1) | Depreciation and amortization(1) | $ | 16.1 | 17.1 | Depreciation and amortization(1) | $ | 16.5 | 16.3 | $ | 32.6 | 33.4 | |||||||||||||||||
Equity earnings | $ | 0.3 | 0.5 | |||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (0.1) | 0.4 | $ | 0.2 | 0.9 | |||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 71.6 | 111.2 | Adjusted EBITDA | $ | 99.4 | 134.0 | $ | 171.0 | 245.2 | |||||||||||||||||
Capital Markets | Capital Markets | Capital Markets | ||||||||||||||||||||||||||
Investment Sales, Debt/Equity Advisory and Other | Investment Sales, Debt/Equity Advisory and Other | $ | 240.6 | 476.1 | Investment Sales, Debt/Equity Advisory and Other | $ | 319.5 | 549.7 | $ | 560.1 | 1,025.8 | |||||||||||||||||
Valuation Advisory | Valuation Advisory | 79.1 | 84.6 | Valuation Advisory | 89.5 | 94.4 | 168.6 | 179.0 | ||||||||||||||||||||
Loan Servicing | Loan Servicing | 37.4 | 39.9 | Loan Servicing | 39.0 | 40.4 | 76.4 | 80.3 | ||||||||||||||||||||
Revenue | Revenue | $ | 357.1 | 600.6 | Revenue | $ | 448.0 | 684.5 | $ | 805.1 | 1,285.1 | |||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 15.9 | 15.6 | Depreciation and amortization | $ | 16.2 | 15.4 | $ | 32.1 | 31.0 | |||||||||||||||||
Equity earnings | Equity earnings | $ | 0.6 | 0.8 | Equity earnings | $ | 4.8 | 0.6 | $ | 5.4 | 1.4 | |||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 10.7 | 118.2 | Adjusted EBITDA | $ | 36.0 | 126.7 | $ | 46.7 | 244.9 | |||||||||||||||||
Work Dynamics | Work Dynamics | Work Dynamics | ||||||||||||||||||||||||||
Workplace Management | Workplace Management | $ | 2,497.2 | 2,320.4 | Workplace Management | $ | 2,553.4 | 2,434.0 | $ | 5,050.6 | 4,754.4 | |||||||||||||||||
Project Management | Project Management | 676.3 | 612.3 | Project Management | 703.2 | 754.8 | 1,379.5 | 1,367.1 | ||||||||||||||||||||
Portfolio Services and Other | Portfolio Services and Other | 102.7 | 100.9 | Portfolio Services and Other | 118.0 | 121.7 | 220.7 | 222.6 | ||||||||||||||||||||
Revenue | Revenue | $ | 3,276.2 | 3,033.6 | Revenue | $ | 3,374.6 | 3,310.5 | $ | 6,650.8 | 6,344.1 | |||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 19.3 | 16.5 | Depreciation and amortization | $ | 19.9 | 17.0 | $ | 39.2 | 33.5 | |||||||||||||||||
Equity earnings | Equity earnings | $ | 0.4 | 0.3 | Equity earnings | $ | 0.8 | 0.9 | $ | 1.2 | 1.2 | |||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 25.7 | 35.2 | Adjusted EBITDA | $ | 56.2 | 57.6 | $ | 81.9 | 92.8 | |||||||||||||||||
JLL Technologies | JLL Technologies | JLL Technologies | ||||||||||||||||||||||||||
Revenue | Revenue | $ | 61.4 | 49.4 | Revenue | $ | 60.6 | 50.7 | $ | 122.0 | 100.1 | |||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 3.9 | 3.8 | Depreciation and amortization | $ | 4.1 | 3.9 | $ | 8.0 | 7.7 | |||||||||||||||||
Equity earnings | $ | 4.9 | 18.8 | |||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (103.9) | 44.7 | $ | (99.0) | 63.5 | |||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | (13.3) | (12.3) | Adjusted EBITDA | $ | (105.2) | 12.9 | $ | (118.5) | 0.6 | |||||||||||||||||
LaSalle | LaSalle | LaSalle | ||||||||||||||||||||||||||
Advisory fees | Advisory fees | $ | 100.5 | 97.0 | Advisory fees | $ | 103.1 | 103.2 | $ | 203.6 | 200.2 | |||||||||||||||||
Transaction fees and other | Transaction fees and other | 10.4 | 17.1 | Transaction fees and other | 5.0 | 10.3 | 15.4 | 27.4 | ||||||||||||||||||||
Incentive fees | Incentive fees | 3.5 | 4.2 | Incentive fees | 35.8 | 1.0 | 39.3 | 5.2 | ||||||||||||||||||||
Revenue | Revenue | $ | 114.4 | 118.3 | Revenue | $ | 143.9 | 114.5 | $ | 258.3 | 232.8 | |||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 1.3 | 1.4 | Depreciation and amortization | $ | 2.3 | 1.8 | $ | 3.6 | 3.2 | |||||||||||||||||
Equity losses | $ | (8.8) | (1.9) | |||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (5.1) | 7.0 | $ | (13.9) | 5.1 | |||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 14.3 | 21.3 | Adjusted EBITDA | $ | 29.7 | 27.8 | $ | 44.0 | 49.1 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Adjusted EBITDA - Markets Advisory | Adjusted EBITDA - Markets Advisory | $ | 71.6 | 111.2 | Adjusted EBITDA - Markets Advisory | $ | 99.4 | 134.0 | $ | 171.0 | 245.2 | |||||||||||||||||
Adjusted EBITDA - Capital Markets | Adjusted EBITDA - Capital Markets | 10.7 | 118.2 | Adjusted EBITDA - Capital Markets | 36.0 | 126.7 | 46.7 | 244.9 | ||||||||||||||||||||
Adjusted EBITDA - Work Dynamics | Adjusted EBITDA - Work Dynamics | 25.7 | 35.2 | Adjusted EBITDA - Work Dynamics | 56.2 | 57.6 | 81.9 | 92.8 | ||||||||||||||||||||
Adjusted EBITDA - JLL Technologies | Adjusted EBITDA - JLL Technologies | (13.3) | (12.3) | Adjusted EBITDA - JLL Technologies | (105.2) | 12.9 | (118.5) | 0.6 | ||||||||||||||||||||
Adjusted EBITDA - LaSalle | Adjusted EBITDA - LaSalle | 14.3 | 21.3 | Adjusted EBITDA - LaSalle | 29.7 | 27.8 | 44.0 | 49.1 | ||||||||||||||||||||
Adjusted EBITDA - Consolidated | Adjusted EBITDA - Consolidated | $ | 109.0 | 273.6 | Adjusted EBITDA - Consolidated | $ | 116.1 | 359.0 | $ | 225.1 | 632.6 | |||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | $ | (35.7) | (19.5) | Restructuring and acquisition charges | $ | (11.8) | (25.9) | $ | (47.5) | (45.4) | |||||||||||||||||
Net loss on disposition | Net loss on disposition | (1.8) | (7.5) | (1.8) | (7.5) | |||||||||||||||||||||||
Interest on employee loans, net of forgiveness | Interest on employee loans, net of forgiveness | (0.2) | — | Interest on employee loans, net of forgiveness | 0.9 | — | 0.7 | — | ||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | (1.8) | (3.6) | Net non-cash MSR and mortgage banking derivative activity | (0.6) | 11.2 | (2.4) | 7.6 | ||||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | (26.3) | (10.2) | Interest expense, net of interest income | (40.5) | (15.7) | (66.8) | (25.9) | ||||||||||||||||||||
Income tax benefit (provision) | 2.3 | (40.3) | ||||||||||||||||||||||||||
Income tax (provision) benefit | Income tax (provision) benefit | (0.8) | (72.8) | 1.5 | (113.1) | |||||||||||||||||||||||
Depreciation and amortization(1) | Depreciation and amortization(1) | (56.5) | (54.4) | Depreciation and amortization(1) | (59.0) | (54.4) | (115.5) | (108.8) | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (9.2) | 145.6 | |||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 |
Acquired Company | Quarter of Acquisition | Country | Primary Segment | ||||||||
Kensington Capital Advisors (KCA) | Q2 | United States | Capital Markets |
($ in millions) | ($ in millions) | March 31, 2023 | December 31, 2022 | ($ in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 16 | 17 | Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 16 | 17 | ||||||||||||||||
Maximum earn-out payments (undiscounted) | Maximum earn-out payments (undiscounted) | $ | 113.2 | 114.6 | Maximum earn-out payments (undiscounted) | $ | 105.0 | 114.6 | ||||||||||||||
Short-term earn-out liabilities (fair value)(1) | Short-term earn-out liabilities (fair value)(1) | 10.4 | 5.0 | Short-term earn-out liabilities (fair value)(1) | 12.4 | 5.0 | ||||||||||||||||
Long-term earn-out liabilities (fair value)(1) | Long-term earn-out liabilities (fair value)(1) | 62.7 | 68.3 | Long-term earn-out liabilities (fair value)(1) | 51.9 | 68.3 |
(in millions) | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | 1,742.9 | 1,949.2 | 532.6 | 247.7 | 55.6 | $ | 4,528.0 | Balance as of December 31, 2022 | $ | 1,742.9 | 1,949.2 | 532.6 | 247.7 | 55.6 | $ | 4,528.0 | ||||||||||||||||||||||||||||
Additions, net of adjustments | Additions, net of adjustments | — | — | — | — | — | — | Additions, net of adjustments | — | 18.7 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | 6.5 | 7.2 | 1.9 | — | 0.3 | 15.9 | Impact of exchange rate movements | 12.5 | 14.1 | 3.8 | — | 0.6 | 31.0 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 1,749.4 | 1,956.4 | 534.5 | 247.7 | 55.9 | $ | 4,543.9 | ||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | 1,755.4 | 1,982.0 | 536.4 | 247.7 | 56.2 | $ | 4,577.7 |
(in millions) | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | ||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | Balance as of January 1, 2022 | $ | 1,782.9 | 1,983.9 | 539.9 | 247.5 | 57.4 | $ | 4,611.6 | Balance as of January 1, 2022 | $ | 1,782.9 | 1,983.9 | 539.9 | 247.5 | 57.4 | $ | 4,611.6 | ||||||||||||||||||||||||||||
Additions, net of adjustments | Additions, net of adjustments | — | 0.8 | 4.6 | 0.4 | — | 5.8 | Additions, net of adjustments | — | 0.8 | 4.6 | 0.4 | — | 5.8 | ||||||||||||||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | (7.9) | (8.8) | (2.4) | — | (0.4) | (19.5) | Impact of exchange rate movements | (40.2) | (43.5) | (11.8) | (0.2) | (1.8) | (97.5) | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | 1,775.0 | 1,975.9 | 542.1 | 247.9 | 57.0 | $ | 4,597.9 | ||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | 1,742.7 | 1,941.2 | 532.7 | 247.7 | 55.6 | $ | 4,519.9 |
(in millions) | (in millions) | MSRs | Other Intangibles | Consolidated | (in millions) | MSRs | Other Intangibles | Consolidated | ||||||||||||||||||||
Gross Carrying Amount | Gross Carrying Amount | Gross Carrying Amount | ||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | 747.3 | 557.0 | $ | 1,304.3 | Balance as of December 31, 2022 | $ | 747.3 | 557.0 | $ | 1,304.3 | ||||||||||||||||
Additions, net of adjustments(1) | Additions, net of adjustments(1) | 17.3 | — | 17.3 | Additions, net of adjustments(1) | 45.5 | 5.8 | 51.3 | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | (9.0) | (0.4) | (9.4) | Adjustment for fully amortized intangibles | (20.2) | (17.4) | (37.6) | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | 1.3 | 1.3 | Impact of exchange rate movements | — | 2.1 | 2.1 | ||||||||||||||||||||
Balance as of March 31, 2023 | $ | 755.6 | 557.9 | $ | 1,313.5 | |||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | 772.6 | 547.5 | $ | 1,320.1 | ||||||||||||||||||||||
Accumulated Amortization | Accumulated Amortization | Accumulated Amortization | ||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | (242.2) | (203.6) | $ | (445.8) | Balance as of December 31, 2022 | $ | (242.2) | (203.6) | $ | (445.8) | ||||||||||||||||
Amortization, net(2) | Amortization, net(2) | (26.1) | (17.5) | (43.6) | Amortization, net(2) | (54.5) | (35.6) | (90.1) | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | 9.0 | 0.4 | 9.4 | Adjustment for fully amortized intangibles | 20.2 | 17.4 | 37.6 | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | (0.4) | (0.4) | Impact of exchange rate movements | — | (0.7) | (0.7) | ||||||||||||||||||||
Balance as of March 31, 2023 | $ | (259.3) | (221.1) | $ | (480.4) | |||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | (276.5) | (222.5) | $ | (499.0) | ||||||||||||||||||||||
Net book value as of March 31, 2023 | $ | 496.3 | 336.8 | $ | 833.1 | |||||||||||||||||||||||
Net book value as of June 30, 2023 | Net book value as of June 30, 2023 | $ | 496.1 | 325.0 | $ | 821.1 |
(in millions) | MSRs | Other Intangibles | Total | |||||||||||
Gross Carrying Amount | ||||||||||||||
Balance as of December 31, 2021 | $ | 669.7 | 557.4 | $ | 1,227.1 | |||||||||
Additions, net of adjustments(1) | 78.1 | 4.9 | 83.0 | |||||||||||
Adjustment for fully amortized intangibles | (33.8) | (2.5) | (36.3) | |||||||||||
Impact of exchange rate movements | — | (7.7) | (7.7) | |||||||||||
Balance as of June 30, 2022 | $ | 714.0 | 552.1 | $ | 1,266.1 | |||||||||
Accumulated Amortization | ||||||||||||||
Balance as of December 31, 2021 | $ | (191.0) | (149.1) | $ | (340.1) | |||||||||
Amortization, net(2) | (58.8) | (33.7) | (92.5) | |||||||||||
Adjustment for fully amortized intangibles | 33.8 | 2.5 | 36.3 | |||||||||||
Impact of exchange rate movements | — | 2.1 | 2.1 | |||||||||||
Balance as of June 30, 2022 | $ | (216.0) | (178.2) | $ | (394.2) | |||||||||
Net book value as of June 30, 2022 | $ | 498.0 | 373.9 | $ | 871.9 |
(in millions) | MSRs | Other Intangibles | Total | |||||||||||
Gross Carrying Amount | ||||||||||||||
Balance as of December 31, 2021 | $ | 669.7 | 557.4 | $ | 1,227.1 | |||||||||
Additions, net of adjustments(1) | 37.3 | 1.8 | 39.1 | |||||||||||
Adjustment for fully amortized intangibles | (15.3) | (2.4) | (17.7) | |||||||||||
Impact of exchange rate movements | — | (1.2) | (1.2) | |||||||||||
Balance as of March 31, 2022 | $ | 691.7 | 555.6 | $ | 1,247.3 | |||||||||
Accumulated Amortization | ||||||||||||||
Balance as of December 31, 2021 | $ | (191.0) | (149.1) | $ | (340.1) | |||||||||
Amortization, net(2) | (29.0) | (16.8) | (45.8) | |||||||||||
Adjustment for fully amortized intangibles | 15.3 | 2.4 | 17.7 | |||||||||||
Impact of exchange rate movements | — | 0.4 | 0.4 | |||||||||||
Balance as of March 31, 2022 | $ | (204.7) | (163.1) | $ | (367.8) | |||||||||
Net book value as of March 31, 2022 | $ | 487.0 | 392.5 | $ | 879.5 |
(in millions) | (in millions) | March 31, 2023 | December 31, 2022 | (in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
JLL Technologies investments | JLL Technologies investments | $ | 496.3 | 483.4 | JLL Technologies investments | $ | 469.1 | 483.4 | ||||||||||||||
LaSalle co-investments | LaSalle co-investments | 374.9 | 366.5 | LaSalle co-investments | 376.1 | 366.5 | ||||||||||||||||
Other investments | Other investments | 24.8 | 23.9 | Other investments | 27.5 | 23.9 | ||||||||||||||||
Total | Total | $ | 896.0 | 873.8 | Total | $ | 872.7 | 873.8 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Revenue | Revenue | $ | — | 3.5 | Revenue | $ | — | 5.1 | $ | — | 8.6 | |||||||||||||||||||||||
Operating and other expenses | Operating and other expenses | — | (5.7) | Operating and other expenses | — | (6.0) | — | (11.7) | ||||||||||||||||||||||||||
Net loss | $ | — | (2.2) | |||||||||||||||||||||||||||||||
Net gains on sale of investments(1) | Net gains on sale of investments(1) | — | 142.3 | — | 142.3 | |||||||||||||||||||||||||||||
Net income | Net income | $ | — | 141.4 | $ | — | 139.2 |
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | ||||||||||
Fair value investments as of January 1, | Fair value investments as of January 1, | $ | 794.9 | 639.6 | Fair value investments as of January 1, | $ | 794.9 | 639.6 | ||||||||
Investments | Investments | 32.8 | 34.2 | Investments | 123.8 | 121.8 | ||||||||||
Distributions | Distributions | (6.6) | (6.6) | Distributions | (11.1) | (21.4) | ||||||||||
Change in fair value, net | Change in fair value, net | (3.3) | 15.2 | Change in fair value, net | (110.5) | 65.3 | ||||||||||
Foreign currency translation adjustments, net | Foreign currency translation adjustments, net | 7.7 | (4.9) | Foreign currency translation adjustments, net | 5.4 | (19.2) | ||||||||||
Fair value investments as of March 31, | $ | 825.5 | 677.5 | |||||||||||||
Fair value investments as of June 30, | Fair value investments as of June 30, | $ | 802.5 | 786.1 |
RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | |||||||||||||||||||
Unvested as of March 31, 2023 | 688.4 | 316.4 | 1,004.8 | $ | 192.36 | 1.66 | |||||||||||||||||
Granted | 345.2 | 151.8 | 497.0 | 137.67 | |||||||||||||||||||
Vested | (15.1) | — | (15.1) | 131.67 | |||||||||||||||||||
Forfeited | (15.1) | (4.6) | (19.7) | 186.15 | |||||||||||||||||||
Unvested as of June 30, 2023 | 1,003.4 | 463.6 | 1,467.0 | $ | 174.54 | 1.85 | |||||||||||||||||
Unvested as of March 31, 2022 | 786.8 | 466.1 | 1,252.9 | $ | 152.62 | 1.84 | |||||||||||||||||
Granted | 188.5 | 113.0 | 301.5 | 224.59 | |||||||||||||||||||
Vested | (28.6) | — | (28.6) | 129.96 | |||||||||||||||||||
Forfeited | (7.7) | (2.2) | (9.9) | 173.02 | |||||||||||||||||||
Unvested as of June 30, 2022 | 939.0 | 576.9 | 1,515.9 | $ | 167.23 | 1.98 |
RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | |||||||||||||||||||||||||||||||||||||
Unvested as of December 31, 2022 | Unvested as of December 31, 2022 | 841.3 | 567.0 | 1,408.3 | $ | 170.78 | 1.79 | Unvested as of December 31, 2022 | 841.3 | 567.0 | 1,408.3 | $ | 170.78 | 1.79 | ||||||||||||||||||||||||||||||||
Granted | Granted | — | 31.0 | 31.0 | 111.33 | Granted | 345.2 | 182.8 | 528.0 | 136.13 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (145.6) | (257.2) | (402.8) | 115.92 | Vested | (160.7) | (257.2) | (417.9) | 116.49 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (7.3) | (24.4) | (31.7) | 125.84 | Forfeited | (22.4) | (29.0) | (51.4) | 148.89 | ||||||||||||||||||||||||||||||||||||
Unvested as of March 31, 2023 | 688.4 | 316.4 | 1,004.8 | $ | 192.36 | 1.66 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2023 | Unvested as of June 30, 2023 | 1,003.4 | 463.6 | 1,467.0 | $ | 174.54 | 1.85 | |||||||||||||||||||||||||||||||||||||||
Unvested as of December 31, 2021 | Unvested as of December 31, 2021 | 912.4 | 646.0 | 1,558.4 | $ | 152.27 | 1.99 | Unvested as of December 31, 2021 | 912.4 | 646.0 | 1,558.4 | $ | 152.27 | 1.99 | ||||||||||||||||||||||||||||||||
Granted | Granted | — | — | — | — | Granted | 188.5 | 113.0 | 301.5 | 223.61 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (122.8) | (175.1) | (297.9) | 150.29 | Vested | (151.4) | (175.1) | (326.5) | 147.57 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (2.8) | (4.8) | (7.6) | 174.32 | Forfeited | (10.5) | (7.0) | (17.5) | 173.44 | ||||||||||||||||||||||||||||||||||||
Unvested as of March 31, 2022 | 786.8 | 466.1 | 1,252.9 | $ | 152.62 | 1.84 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2022 | Unvested as of June 30, 2022 | 939.0 | 576.9 | 1,515.9 | $ | 167.23 | 1.98 |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Long-term debt, fair value | $ | 360.1 | 360.9 | ||||||||
Long-term debt, carrying value, net of debt issuance costs | 379.2 | 372.8 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Long-term debt, fair value | $ | 363.3 | 360.9 | ||||||||
Long-term debt, carrying value, net of debt issuance costs | 380.7 | 372.8 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investments - fair value | Investments - fair value | $ | 55.5 | — | 466.5 | 58.3 | — | 452.0 | Investments - fair value | $ | 50.3 | — | 438.1 | 58.3 | — | 452.0 | ||||||||||||||||||||||||||||||
Foreign currency forward contracts receivable | Foreign currency forward contracts receivable | — | 4.9 | — | — | 3.7 | — | Foreign currency forward contracts receivable | — | 4.2 | — | — | 3.7 | — | ||||||||||||||||||||||||||||||||
Warehouse receivables | Warehouse receivables | — | 881.6 | — | — | 463.2 | — | Warehouse receivables | — | 1,049.0 | — | — | 463.2 | — | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets | Deferred compensation plan assets | — | 551.3 | — | — | 517.9 | — | Deferred compensation plan assets | — | 559.5 | — | — | 517.9 | — | ||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | Mortgage banking derivative assets | — | — | 155.2 | — | — | 190.2 | Mortgage banking derivative assets | — | — | 198.7 | — | — | 190.2 | ||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 55.5 | 1,437.8 | 621.7 | 58.3 | 984.8 | 642.2 | Total assets at fair value | $ | 50.3 | 1,612.7 | 636.8 | 58.3 | 984.8 | 642.2 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts payable | Foreign currency forward contracts payable | $ | — | 3.9 | — | — | 4.8 | — | Foreign currency forward contracts payable | $ | — | 9.2 | — | — | 4.8 | — | ||||||||||||||||||||||||||||||
Deferred compensation plan liabilities | Deferred compensation plan liabilities | — | 507.9 | — | — | 485.4 | — | Deferred compensation plan liabilities | — | 517.1 | — | — | 485.4 | — | ||||||||||||||||||||||||||||||||
Earn-out liabilities | Earn-out liabilities | — | — | 73.1 | — | — | 73.2 | Earn-out liabilities | — | — | 64.3 | — | — | 73.2 | ||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | Mortgage banking derivative liabilities | — | — | 142.4 | — | — | 169.5 | Mortgage banking derivative liabilities | — | — | 139.6 | — | — | 169.5 | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | — | 511.8 | 215.5 | — | 490.2 | 242.7 | Total liabilities at fair value | $ | — | 526.3 | 203.9 | — | 490.2 | 242.7 |
(in billions) | (in billions) | March 31, 2023 | December 31, 2022 | (in billions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Foreign currency forward contracts, gross notional value | Foreign currency forward contracts, gross notional value | $ | 1.79 | 1.81 | Foreign currency forward contracts, gross notional value | $ | 1.76 | 1.81 | ||||||||||||||
Foreign currency forward contracts, net basis | Foreign currency forward contracts, net basis | 0.90 | 1.02 | Foreign currency forward contracts, net basis | 1.08 | 1.02 |
(in millions) | (in millions) | March 31, 2023 | December 31, 2022 | (in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Net asset, receivable positions | Net asset, receivable positions | $ | 6.7 | 7.7 | Net asset, receivable positions | $ | 5.4 | 7.7 | ||||||||||||||
Net asset, payable positions | Net asset, payable positions | (1.8) | (4.0) | Net asset, payable positions | (1.2) | (4.0) | ||||||||||||||||
Foreign currency forward contracts receivable | Foreign currency forward contracts receivable | $ | 4.9 | 3.7 | Foreign currency forward contracts receivable | $ | 4.2 | 3.7 | ||||||||||||||
Net liability, receivable positions | Net liability, receivable positions | $ | (1.5) | (1.6) | Net liability, receivable positions | $ | (1.7) | (1.6) | ||||||||||||||
Net liability, payable positions | Net liability, payable positions | 5.4 | 6.4 | Net liability, payable positions | 10.9 | 6.4 | ||||||||||||||||
Foreign currency forward contracts payable | Foreign currency forward contracts payable | $ | 3.9 | 4.8 | Foreign currency forward contracts payable | $ | 9.2 | 4.8 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Deferred compensation plan assets | $ | 559.5 | 517.9 | ||||||||
Long-term deferred compensation plan liabilities | 517.1 | 485.4 | |||||||||
Shares held in trust | 11.6 | 9.8 |
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of March 31, 2023 | ||||||||||||||||||||
Investments | $ | 452.0 | 4.9 | 0.5 | 9.1 | — | $ | 466.5 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 20.7 | (5.0) | — | 31.1 | (34.0) | 12.8 | ||||||||||||||||||||
Earn-out liabilities | 73.2 | — | 0.2 | — | (0.3) | 73.1 |
(in millions) | Balance as of December 31, 2021 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of March 31, 2022 | ||||||||||||||||||||
Investments | $ | 303.5 | 17.2 | — | 23.5 | — | $ | 344.2 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 21.9 | 20.4 | — | 37.6 | (42.8) | 37.1 | ||||||||||||||||||||
Earn-out liabilities | 84.1 | (0.7) | (0.1) | 2.0 | (5.8) | 79.5 |
(in millions) | Balance as of March 31, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers In(2) | Balance as of June 30, 2023 | |||||||||||||||||||
Investments | $ | 466.5 | (103.9) | 0.7 | 11.0 | — | 63.8 | $ | 438.1 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 12.8 | 43.9 | — | 37.4 | (35.0) | — | 59.1 | |||||||||||||||||||
Earn-out liabilities | 73.1 | (0.6) | — | — | (8.2) | — | 64.3 |
(in millions) | Balance as of March 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of June 30, 2022 | ||||||||||||||||||||
Investments | $ | 344.2 | 45.3 | — | 71.1 | (0.2) | $ | 460.4 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 37.1 | 2.2 | — | 48.4 | (66.1) | 21.6 | ||||||||||||||||||||
Earn-out liabilities | 79.5 | 1.0 | (0.3) | — | (5.3) | 74.9 |
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers In(2) | Balance as of June 30, 2023 | |||||||||||||||||||
Investments | $ | 452.0 | (99.0) | 1.2 | 20.1 | — | 63.8 | $ | 438.1 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 20.7 | 38.9 | — | 68.5 | (69.0) | — | 59.1 | |||||||||||||||||||
Earn-out liabilities | 73.2 | (0.6) | 0.2 | — | (8.5) | — | 64.3 |
(in millions) | Balance as of December 31, 2021 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of June 30, 2022 | ||||||||||||||||||||
Investments | $ | 303.5 | 62.5 | — | 94.6 | (0.2) | $ | 460.4 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 21.9 | 22.6 | — | 86.0 | (108.9) | 21.6 | ||||||||||||||||||||
Earn-out liabilities | 84.1 | 0.3 | (0.4) | 2.0 | (11.1) | 74.9 |
Category of Assets/Liabilities using Unobservable Inputs | Condensed Consolidated Statements of Comprehensive Income Account Caption | ||||
Earn-out liabilities (Short-term and Long-term) | Restructuring and acquisition charges | ||||
Investments | Equity earnings | ||||
Other current assets - Mortgage banking derivative assets | Revenue | ||||
Other current liabilities - Mortgage banking derivative liabilities | Revenue |
($ in millions) | ($ in millions) | March 31, 2023 | December 31, 2022 | ($ in millions) | June 30, 2023 | December 31, 2022 | ||||||||||
Short-term debt: | Short-term debt: | Short-term debt: | ||||||||||||||
Local overdraft facilities | Local overdraft facilities | $ | 10.9 | 21.2 | Local overdraft facilities | $ | 13.0 | 21.2 | ||||||||
Other short-term borrowings | Other short-term borrowings | 93.4 | 143.0 | Other short-term borrowings | 99.1 | 143.0 | ||||||||||
Total short-term debt | Total short-term debt | $ | 104.3 | 164.2 | Total short-term debt | $ | 112.1 | 164.2 | ||||||||
Credit facility, net of debt issuance costs of $10.3 and $11.2 | 2,089.7 | 1,213.8 | ||||||||||||||
Credit facility, net of debt issuance costs of $9.5 and $11.2 | Credit facility, net of debt issuance costs of $9.5 and $11.2 | 1,840.5 | 1,213.8 | |||||||||||||
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | 189.7 | 186.5 | Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | 190.4 | 186.5 | ||||||||||
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.7 and $0.7 | 189.5 | 186.3 | ||||||||||||||
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.6 | Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.6 | 190.3 | 186.3 | |||||||||||||
Total debt | Total debt | $ | 2,573.2 | 1,750.8 | Total debt | $ | 2,333.3 | 1,750.8 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Average outstanding borrowings | Average outstanding borrowings | $ | 1,719.9 | 683.2 | Average outstanding borrowings | $ | 2,315.8 | 1,581.9 | $ | 2,019.5 | 1,135.0 | |||||||||||||||||
Average effective interest rate | Average effective interest rate | 5.4 | % | 1.0 | % | Average effective interest rate | 5.9 | % | 1.6 | % | 5.7 | % | 1.4 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Outstanding Balance | Maximum Capacity | Outstanding Balance | Maximum Capacity | ($ in millions) | Outstanding Balance | Maximum Capacity | Outstanding Balance | Maximum Capacity | ||||||||||||||||||||||||
Warehouse facilities: | Warehouse facilities: | Warehouse facilities: | ||||||||||||||||||||||||||||||||
BSBY(1) plus 1.30%, expires September 18, 2023 | BSBY(1) plus 1.30%, expires September 18, 2023 | $ | 254.4 | 700.0 | 215.7 | 700.0 | BSBY(1) plus 1.30%, expires September 18, 2023 | $ | 397.2 | 700.0 | 215.7 | 700.0 | ||||||||||||||||||||||
SOFR plus 1.30%, expires September 15, 2023 | SOFR plus 1.30%, expires September 15, 2023 | 503.1 | 1,200.0 | 132.3 | 1,200.0 | SOFR plus 1.30%, expires September 15, 2023 | 387.4 | 1,200.0 | 132.3 | 1,200.0 | ||||||||||||||||||||||||
SOFR plus 1.40%, expires July 28, 2023 | SOFR plus 1.40%, expires July 28, 2023 | — | 400.0 | 9.0 | 400.0 | SOFR plus 1.40%, expires July 28, 2023 | 78.7 | 400.0 | 9.0 | 400.0 | ||||||||||||||||||||||||
Fannie Mae ASAP(2) program, SOFR plus 1.25% | 56.6 | n/a | 99.2 | n/a | ||||||||||||||||||||||||||||||
Fannie Mae ASAP(3) program, SOFR plus 1.25% | Fannie Mae ASAP(3) program, SOFR plus 1.25% | 78.7 | n/a | 99.2 | n/a | |||||||||||||||||||||||||||||
Gross warehouse facilities | Gross warehouse facilities | 814.1 | 2,300.0 | 456.2 | 2,300.0 | Gross warehouse facilities | 942.0 | 2,300.0 | 456.2 | 2,300.0 | ||||||||||||||||||||||||
Debt issuance costs | Debt issuance costs | (0.5) | n/a | (0.9) | n/a | Debt issuance costs | (0.2) | n/a | (0.9) | n/a | ||||||||||||||||||||||||
Total warehouse facilities | Total warehouse facilities | $ | 813.6 | 2,300.0 | 455.3 | 2,300.0 | Total warehouse facilities | $ | 941.8 | 2,300.0 | 455.3 | 2,300.0 |
(in millions) | |||||
December 31, 2022 | $ | 2.2 | |||
New claims | |||||
Prior year claims adjustments (including foreign currency changes) | |||||
Claims paid | — | ||||
$ | |||||
December 31, 2021 | $ | 1.2 | |||
New claims | — | ||||
Prior year claims adjustments (including foreign currency changes) | |||||
Claims paid | — | ||||
$ |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Severance and other employment-related charges | Severance and other employment-related charges | $ | 25.7 | 3.3 | Severance and other employment-related charges | $ | 5.8 | 8.3 | $ | 31.5 | 11.6 | |||||||||||||||||||||||
Restructuring, pre-acquisition and post-acquisition charges | Restructuring, pre-acquisition and post-acquisition charges | 8.2 | 14.2 | Restructuring, pre-acquisition and post-acquisition charges | 5.1 | 13.9 | 13.3 | 28.1 | ||||||||||||||||||||||||||
Stock-based compensation expense for post-acquisition retention awards | Stock-based compensation expense for post-acquisition retention awards | 1.8 | 2.7 | Stock-based compensation expense for post-acquisition retention awards | 1.5 | 2.7 | 3.3 | 5.4 | ||||||||||||||||||||||||||
Fair value adjustments to earn-out liabilities | Fair value adjustments to earn-out liabilities | — | (0.7) | Fair value adjustments to earn-out liabilities | (0.6) | 1.0 | (0.6) | 0.3 | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | $ | 35.7 | 19.5 | Restructuring and acquisition charges | $ | 11.8 | 25.9 | $ | 47.5 | 45.4 |
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||||||
Balance as of March 31, 2023 | Balance as of March 31, 2023 | $ | (64.2) | (557.2) | $ | (621.4) | ||||||||||||||||||||||
Other comprehensive (loss) income before reclassification | Other comprehensive (loss) income before reclassification | (1.1) | 11.1 | 10.0 | ||||||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ -, $ - and $ - | Amounts reclassified from AOCI after tax expense of $ -, $ - and $ - | — | — | — | ||||||||||||||||||||||||
Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | (1.1) | 11.1 | 10.0 | ||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | (65.3) | (546.1) | $ | (611.4) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||||||
Balance as of March 31, 2022 | Balance as of March 31, 2022 | $ | (42.7) | (376.8) | $ | (419.5) | ||||||||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | — | (164.4) | (164.4) | ||||||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (164.4) | (164.4) | ||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | (42.7) | (541.2) | $ | (583.9) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | (64.2) | (584.0) | $ | (648.2) | Balance as of December 31, 2022 | $ | (64.2) | (584.0) | $ | (648.2) | ||||||||||||||||
Other comprehensive income before reclassification | — | 26.8 | 26.8 | |||||||||||||||||||||||||
Other comprehensive (loss) income before reclassification | Other comprehensive (loss) income before reclassification | (1.1) | 37.9 | 36.8 | ||||||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive income after tax expense of $ - , $ - and $ - | — | 26.8 | 26.8 | |||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | (64.2) | (557.2) | $ | (621.4) | |||||||||||||||||||||||
Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | (1.1) | 37.9 | 36.8 | ||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | (65.3) | (546.1) | $ | (611.4) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | (42.7) | (352.7) | $ | (395.4) | Balance as of December 31, 2021 | $ | (42.7) | (352.7) | $ | (395.4) | ||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | — | (24.1) | (24.1) | Other comprehensive loss before reclassification | — | (188.5) | (188.5) | ||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (24.1) | (24.1) | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (188.5) | (188.5) | ||||||||||||||||||||
Balance as of March 31, 2022 | $ | (42.7) | (376.8) | $ | (419.5) | |||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | (42.7) | (541.2) | $ | (583.9) |
Three Months Ended March 31, | Change in | % Change in Local Currency | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | ||||||||||||||
Markets Advisory | $ | 906.4 | 999.5 | (93.1) | (9) | % | (7) | % | |||||||||
Capital Markets | 357.1 | 600.6 | (243.5) | (41) | (39) | ||||||||||||
Work Dynamics | 3,276.2 | 3,033.6 | 242.6 | 8 | 11 | ||||||||||||
JLL Technologies | 61.4 | 49.4 | 12.0 | 24 | 25 | ||||||||||||
LaSalle | 114.4 | 118.3 | (3.9) | (3) | 1 | ||||||||||||
Revenue | $ | 4,715.5 | 4,801.4 | (85.9) | (2) | % | 1 | % | |||||||||
Gross contract costs | (3,133.3) | (2,904.5) | (228.8) | 8 | 11 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 1.8 | 3.6 | (1.8) | 50 | 51 | ||||||||||||
Fee revenue | $ | 1,584.0 | 1,900.5 | (316.5) | (17) | % | (15) | % | |||||||||
Markets Advisory | 627.3 | 741.2 | (113.9) | (15) | (14) | ||||||||||||
Capital Markets | 349.6 | 591.5 | (241.9) | (41) | (39) | ||||||||||||
Work Dynamics | 442.0 | 410.5 | 31.5 | 8 | 11 | ||||||||||||
JLL Technologies | 57.8 | 45.3 | 12.5 | 28 | 29 | ||||||||||||
LaSalle | 107.3 | 112.0 | (4.7) | (4) | — | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 1,180.1 | 1,377.8 | (197.7) | (14) | % | (12) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 291.1 | 269.5 | 21.6 | 8 | 12 | ||||||||||||
Depreciation and amortization | 57.5 | 54.4 | 3.1 | 6 | 8 | ||||||||||||
Restructuring and acquisition charges | 35.7 | 19.5 | 16.2 | 83 | 89 | ||||||||||||
Total fee-based operating expenses | 1,564.4 | 1,721.2 | (156.8) | (9) | (6) | ||||||||||||
Gross contract costs | 3,133.3 | 2,904.5 | 228.8 | 8 | 11 | ||||||||||||
Total operating expenses | $ | 4,697.7 | 4,625.7 | 72.0 | 2 | % | 4 | % | |||||||||
Operating income | $ | 17.8 | 175.7 | (157.9) | (90) | % | (93) | % | |||||||||
Equity (losses) earnings | $ | (2.6) | 18.5 | (21.1) | (114) | % | (115) | % | |||||||||
Adjusted EBITDA | $ | 109.0 | 273.6 | (164.6) | (60) | % | (61) | % | |||||||||
Net (loss) income margin attributable to common shareholders (USD basis) | (0.2) | % | 3.0 | % | (320) bps | n/a | |||||||||||
Adjusted EBITDA margin (local currency basis) | 6.6 | % | 14.4 | % | (750) bps | (780) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 6.9 | % |
Three Months Ended June 30, | Change in | % Change in Local Currency | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | ||||||||||||||
Markets Advisory | $ | 1,025.4 | 1,118.2 | (92.8) | (8) | % | (7) | % | |||||||||
Capital Markets | 448.0 | 684.5 | (236.5) | (35) | (34) | ||||||||||||
Work Dynamics | 3,374.6 | 3,310.5 | 64.1 | 2 | 3 | ||||||||||||
JLL Technologies | 60.6 | 50.7 | 9.9 | 20 | 20 | ||||||||||||
LaSalle | 143.9 | 114.5 | 29.4 | 26 | 26 | ||||||||||||
Revenue | $ | 5,052.5 | 5,278.4 | (225.9) | (4) | % | (4) | % | |||||||||
Gross contract costs | (3,205.8) | (3,128.4) | (77.4) | 2 | 3 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 11.8 | (105) | (106) | ||||||||||||
Fee revenue | $ | 1,847.3 | 2,138.8 | (291.5) | (14) | % | (13) | % | |||||||||
Markets Advisory | 741.1 | 855.8 | (114.7) | (13) | (13) | ||||||||||||
Capital Markets | 435.5 | 660.7 | (225.2) | (34) | (34) | ||||||||||||
Work Dynamics | 477.8 | 467.0 | 10.8 | 2 | 3 | ||||||||||||
JLL Technologies | 56.5 | 48.0 | 8.5 | 18 | 18 | ||||||||||||
LaSalle | 136.4 | 107.3 | 29.1 | 27 | 28 | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 1,332.5 | 1,530.4 | (197.9) | (13) | % | (12) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 293.3 | 303.2 | (9.9) | (3) | (2) | ||||||||||||
Depreciation and amortization | 59.9 | 55.4 | 4.5 | 8 | 9 | ||||||||||||
Restructuring and acquisition charges | 11.8 | 25.9 | (14.1) | (54) | (57) | ||||||||||||
Total fee-based operating expenses | 1,697.5 | 1,914.9 | (217.4) | (11) | (11) | ||||||||||||
Gross contract costs | 3,205.8 | 3,128.4 | 77.4 | 2 | 3 | ||||||||||||
Total operating expenses | $ | 4,903.3 | 5,043.3 | (140.0) | (3) | % | (2) | % | |||||||||
Operating income | $ | 149.2 | 235.1 | (85.9) | (37) | % | (37) | % | |||||||||
Equity (losses) earnings | $ | (103.5) | 53.6 | (157.1) | (293) | % | (293) | % | |||||||||
Adjusted EBITDA | $ | 116.1 | 359.0 | (242.9) | (68) | % | (68) | % | |||||||||
Net income margin attributable to common shareholders (USD basis) | — | % | 3.7 | % | (370) bps | n/a | |||||||||||
Adjusted EBITDA margin (local currency basis) | 6.2 | % | 16.8 | % | (1,050) bps | (1,060) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 6.3 | % |
Six Months Ended June 30, | Change in | % Change in Local Currency | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | ||||||||||||||
Markets Advisory | $ | 1,931.8 | 2,117.7 | (185.9) | (9) | % | (7) | % | |||||||||
Capital Markets | 805.1 | 1,285.1 | (480.0) | (37) | (36) | ||||||||||||
Work Dynamics | 6,650.8 | 6,344.1 | 306.7 | 5 | 7 | ||||||||||||
JLL Technologies | 122.0 | 100.1 | 21.9 | 22 | 22 | ||||||||||||
LaSalle | 258.3 | 232.8 | 25.5 | 11 | 13 | ||||||||||||
Revenue | $ | 9,768.0 | 10,079.8 | (311.8) | (3) | % | (2) | % | |||||||||
Gross contract costs | (6,339.1) | (6,032.9) | (306.2) | 5 | 7 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 2.4 | (7.6) | 10.0 | (132) | (132) | ||||||||||||
Fee revenue | $ | 3,431.3 | 4,039.3 | (608.0) | (15) | % | (14) | % | |||||||||
Markets Advisory | 1,368.4 | 1,597.0 | (228.6) | (14) | (13) | ||||||||||||
Capital Markets | 785.1 | 1,252.2 | (467.1) | (37) | (36) | ||||||||||||
Work Dynamics | 919.8 | 877.5 | 42.3 | 5 | 7 | ||||||||||||
JLL Technologies | 114.3 | 93.3 | 21.0 | 23 | 23 | ||||||||||||
LaSalle | 243.7 | 219.3 | 24.4 | 11 | 14 | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 2,512.6 | 2,908.2 | (395.6) | (14) | % | (12) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 584.4 | 572.7 | 11.7 | 2 | 4 | ||||||||||||
Depreciation and amortization | 117.4 | 109.8 | 7.6 | 7 | 9 | ||||||||||||
Restructuring and acquisition charges | 47.5 | 45.4 | 2.1 | 5 | 6 | ||||||||||||
Total fee-based operating expenses | 3,261.9 | 3,636.1 | (374.2) | (10) | (9) | ||||||||||||
Gross contract costs | 6,339.1 | 6,032.9 | 306.2 | 5 | 7 | ||||||||||||
Total operating expenses | $ | 9,601.0 | 9,669.0 | (68.0) | (1) | % | 1 | % | |||||||||
Operating income | $ | 167.0 | 410.8 | (243.8) | (59) | % | (61) | % | |||||||||
Equity (losses) earnings | $ | (106.1) | 72.1 | (178.2) | (247) | % | (247) | % | |||||||||
Adjusted EBITDA | $ | 225.1 | 632.6 | (407.5) | (64) | % | (65) | % | |||||||||
Net (loss) income margin attributable to common shareholders (USD basis) | (0.1) | % | 3.4 | % | (350) bps | n/a | |||||||||||
Adjusted EBITDA margin (local currency basis) | 6.3 | % | 15.7 | % | (910) bps | (940) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 6.6 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | Revenue | $ | 4,715.5 | 4,801.4 | Revenue | $ | 5,052.5 | 5,278.4 | $ | 9,768.0 | 10,079.8 | |||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Gross contract costs | Gross contract costs | (3,133.3) | (2,904.5) | Gross contract costs | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | ||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 1.8 | 3.6 | Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | ||||||||||||||||||||
Fee revenue | Fee revenue | $ | 1,584.0 | 1,900.5 | Fee revenue | $ | 1,847.3 | 2,138.8 | $ | 3,431.3 | 4,039.3 | |||||||||||||||||
Operating expenses | Operating expenses | $ | 4,697.7 | 4,625.7 | Operating expenses | $ | 4,903.3 | 5,043.3 | $ | 9,601.0 | 9,669.0 | |||||||||||||||||
Less: Gross contract costs | Less: Gross contract costs | (3,133.3) | (2,904.5) | Less: Gross contract costs | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | ||||||||||||||||||||
Fee-based operating expenses | Fee-based operating expenses | $ | 1,564.4 | 1,721.2 | Fee-based operating expenses | $ | 1,697.5 | 1,914.9 | $ | 3,261.9 | 3,636.1 | |||||||||||||||||
Operating income | Operating income | $ | 17.8 | 175.7 | Operating income | $ | 149.2 | 235.1 | $ | 167.0 | 410.8 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (9.2) | 145.6 | |||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | |||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | 26.3 | 10.2 | Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | ||||||||||||||||||||
Income tax (benefit) provision | (2.3) | 40.3 | ||||||||||||||||||||||||||
Income tax provision (benefit) | Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | |||||||||||||||||||||||
Depreciation and amortization(1) | Depreciation and amortization(1) | 56.5 | 54.4 | Depreciation and amortization(1) | 59.0 | 54.4 | 115.5 | 108.8 | ||||||||||||||||||||
EBITDA | EBITDA | $ | 71.3 | 250.5 | EBITDA | $ | 102.8 | 336.8 | $ | 174.1 | 587.3 | |||||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 35.7 | 19.5 | Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 | ||||||||||||||||||||
Net loss on disposition | Net loss on disposition | 1.8 | 7.5 | 1.8 | 7.5 | |||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 1.8 | 3.6 | Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | ||||||||||||||||||||
Interest on employee loans, net of forgiveness | Interest on employee loans, net of forgiveness | 0.2 | — | Interest on employee loans, net of forgiveness | (0.9) | — | (0.7) | — | ||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 109.0 | 273.6 | Adjusted EBITDA | $ | 116.1 | 359.0 | $ | 225.1 | 632.6 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | % Change | ($ in millions) | 2023 | % Change | 2023 | % Change | ||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 4,715.5 | (2) | % | At current period exchange rates | $ | 5,052.5 | (4) | % | $ | 9,768.0 | (3) | % | ||||||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | 120.6 | n/a | Impact of change in exchange rates | 37.5 | n/a | 158.1 | n/a | ||||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 4,836.1 | 1 | % | At comparative period exchange rates | $ | 5,090.0 | (4) | % | $ | 9,926.1 | (2) | % | ||||||||||||||||||||
Fee revenue: | Fee revenue: | Fee revenue: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 1,584.0 | (17) | % | At current period exchange rates | $ | 1,847.3 | (14) | % | $ | 3,431.3 | (15) | % | ||||||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | 40.8 | n/a | Impact of change in exchange rates | 9.5 | n/a | 50.3 | n/a | ||||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 1,624.8 | (15) | % | At comparative period exchange rates | $ | 1,856.8 | (13) | % | $ | 3,481.6 | (14) | % | ||||||||||||||||||||
Operating income: | Operating income: | Operating income: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 17.8 | (90) | % | At current period exchange rates | $ | 149.2 | (37) | % | $ | 167.0 | (59) | % | ||||||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | (5.1) | n/a | Impact of change in exchange rates | (1.5) | n/a | (6.6) | n/a | ||||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 12.7 | (93) | % | At comparative period exchange rates | $ | 147.7 | (37) | % | $ | 160.4 | (61) | % | ||||||||||||||||||||
Adjusted EBITDA: | Adjusted EBITDA: | Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 109.0 | (60) | % | At current period exchange rates | $ | 116.1 | (68) | % | $ | 225.1 | (64) | % | ||||||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | (2.5) | n/a | Impact of change in exchange rates | (1.1) | n/a | (4.1) | n/a | ||||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 106.5 | (61) | % | At comparative period exchange rates | $ | 115.0 | (68) | % | $ | 221.0 | (65) | % |
Three Months Ended March 31, | |||||||||||||||||
(in millions) | 2023 | 2022 | |||||||||||||||
Severance and other employment-related charges | $ | 25.7 | 3.3 | ||||||||||||||
Restructuring, pre-acquisition and post-acquisition charges | 10.0 | 16.9 | |||||||||||||||
Fair value adjustments that resulted in a net decrease to earn-out liabilities from prior-period acquisition activity | — | (0.7) | |||||||||||||||
Total restructuring and acquisition charges | $ | 35.7 | 19.5 | ||||||||||||||
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 March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
JLL Technologies | JLL Technologies | $ | 4.9 | 18.8 | JLL Technologies | $ | (103.9) | 44.7 | $ | (99.0) | 63.5 | |||||||||||||||||||||||
LaSalle | LaSalle | (8.8) | (1.9) | LaSalle | (5.1) | 7.0 | (13.9) | 5.1 | ||||||||||||||||||||||||||
Other | Other | 1.3 | 1.6 | Other | 5.5 | 1.9 | 6.8 | 3.5 | ||||||||||||||||||||||||||
Total equity (losses) earnings | Total equity (losses) earnings | $ | (2.6) | 18.5 | Total equity (losses) earnings | $ | (103.5) | 53.6 | $ | (106.1) | 72.1 |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 1,025.4 | 1,118.2 | (92.8) | (8) | % | (7) | % | |||||||||
Gross contract costs | (284.3) | (262.4) | (21.9) | 8 | 10 | ||||||||||||
Fee revenue | $ | 741.1 | 855.8 | (114.7) | (13) | % | (13) | % | |||||||||
Leasing | 588.0 | 703.5 | (115.5) | (16) | (16) | ||||||||||||
Property Management | 131.0 | 122.2 | 8.8 | 7 | 9 | ||||||||||||
Advisory, Consulting and Other | 22.1 | 30.1 | (8.0) | (27) | (25) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 546.4 | 618.5 | (72.1) | (12) | % | (11) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 93.3 | 103.8 | (10.5) | (10) | (9) | ||||||||||||
Depreciation and amortization | 17.4 | 17.3 | 0.1 | 1 | 2 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 657.1 | 739.6 | (82.5) | (11) | (11) | ||||||||||||
Gross contract costs | 284.3 | 262.4 | 21.9 | 8 | 10 | ||||||||||||
Segment operating expenses | $ | 941.4 | 1,002.0 | (60.6) | (6) | % | (5) | % | |||||||||
Equity (losses) earnings | $ | (0.1) | 0.4 | (0.5) | (125) | % | (97) | % | |||||||||
Adjusted EBITDA | $ | 99.4 | 134.0 | (34.6) | (26) | % | (26) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 13.2 | % | 15.7 | % | (230) bps | (250) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 13.4 | % |
% Change | |||||||||||||||||
Three Months Ended March 31, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 906.4 | 999.5 | (93.1) | (9) | % | (7) | % | |||||||||
Gross contract costs | (279.1) | (258.3) | (20.8) | 8 | 12 | ||||||||||||
Fee revenue | $ | 627.3 | 741.2 | (113.9) | (15) | % | (14) | % | |||||||||
Leasing | 482.5 | 596.9 | (114.4) | (19) | (18) | ||||||||||||
Property Management | 127.1 | 118.6 | 8.5 | 7 | 12 | ||||||||||||
Advisory, Consulting and Other | 17.7 | 25.7 | (8.0) | (31) | (27) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 461.0 | 540.8 | (79.8) | (15) | % | (13) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 93.6 | 91.9 | 1.7 | 2 | 5 | ||||||||||||
Depreciation and amortization | 17.1 | 17.1 | — | — | 2 | ||||||||||||
Segment fee-based operating expenses | 571.7 | 649.8 | (78.1) | (12) | (10) | ||||||||||||
Gross contract costs | 279.1 | 258.3 | 20.8 | 8 | 12 | ||||||||||||
Segment operating expenses | $ | 850.8 | 908.1 | (57.3) | (6) | % | (4) | % | |||||||||
Equity earnings | $ | 0.3 | 0.5 | (0.2) | (40) | % | (57) | % | |||||||||
Adjusted EBITDA | $ | 71.6 | 111.2 | (39.6) | (36) | % | (36) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 11.2 | % | 15.0 | % | (360) bps | (380) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 11.4 | % |
% Change | |||||||||||||||||
Six Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 1,931.8 | 2,117.7 | (185.9) | (9) | % | (7) | % | |||||||||
Gross contract costs | (563.4) | (520.7) | (42.7) | 8 | 11 | ||||||||||||
Fee revenue | $ | 1,368.4 | 1,597.0 | (228.6) | (14) | % | (13) | % | |||||||||
Leasing | 1,070.5 | 1,300.4 | (229.9) | (18) | (17) | ||||||||||||
Property Management | 258.1 | 240.8 | 17.3 | 7 | 10 | ||||||||||||
Advisory, Consulting and Other | 39.8 | 55.8 | (16.0) | (29) | (26) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 1,007.4 | 1,159.3 | (151.9) | (13) | % | (12) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 186.9 | 195.7 | (8.8) | (4) | (3) | ||||||||||||
Depreciation and amortization | 34.5 | 34.4 | 0.1 | — | 2 | ||||||||||||
Segment fee-based operating expenses | 1,228.8 | 1,389.4 | (160.6) | (12) | (10) | ||||||||||||
Gross contract costs | 563.4 | 520.7 | 42.7 | 8 | 11 | ||||||||||||
Segment operating expenses | $ | 1,792.2 | 1,910.1 | (117.9) | (6) | % | (5) | % | |||||||||
Equity earnings | $ | 0.2 | 0.9 | (0.7) | (78) | % | (72) | % | |||||||||
Adjusted EBITDA | $ | 171.0 | 245.2 | (74.2) | (30) | % | (31) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 12.3 | % | 15.4 | % | (290) bps | (310) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 12.5 | % |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 448.0 | 684.5 | (236.5) | (35) | % | (34) | % | |||||||||
Gross contract costs | (13.1) | (12.6) | (0.5) | 4 | 6 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 11.8 | (105) | (106) | ||||||||||||
Fee revenue | $ | 435.5 | 660.7 | (225.2) | (34) | % | (34) | % | |||||||||
Investment Sales, Debt/Equity Advisory and Other | 309.9 | 528.0 | (218.1) | (41) | (41) | ||||||||||||
Valuation Advisory | 86.6 | 92.3 | (5.7) | (6) | (5) | ||||||||||||
Loan Servicing | 39.0 | 40.4 | (1.4) | (3) | (3) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 335.4 | 469.9 | (134.5) | (29) | % | (28) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 69.2 | 64.8 | 4.4 | 7 | 7 | ||||||||||||
Depreciation and amortization | 16.2 | 15.4 | 0.8 | 5 | 5 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 420.8 | 550.1 | (129.3) | (24) | (23) | ||||||||||||
Gross contract costs | 13.1 | 12.6 | 0.5 | 4 | 6 | ||||||||||||
Segment operating expenses | $ | 433.9 | 562.7 | (128.8) | (23) | % | (23 | %) | |||||||||
Equity earnings | $ | 4.8 | 0.6 | 4.2 | 700 | % | 761 | % | |||||||||
Adjusted EBITDA | $ | 36.0 | 126.7 | (90.7) | (72) | % | (72) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 8.2 | % | 19.2 | % | (1,090) bps | (1,100) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 8.3 | % |
% Change | |||||||||||||||||
Three Months Ended March 31, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 357.1 | 600.6 | (243.5) | (41) | % | (39) | % | |||||||||
Gross contract costs | (9.3) | (12.7) | 3.4 | (27) | (22) | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 1.8 | 3.6 | (1.8) | 50 | 51 | ||||||||||||
Fee revenue | $ | 349.6 | 591.5 | (241.9) | (41) | % | (39) | % | |||||||||
Investment Sales, Debt/Equity Advisory and Other | 235.2 | 468.5 | (233.3) | (50) | (48) | ||||||||||||
Valuation Advisory | 77.0 | 83.1 | (6.1) | (7) | (3) | ||||||||||||
Loan Servicing | 37.4 | 39.9 | (2.5) | (6) | (6) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 283.9 | 418.2 | (134.3) | (32) | % | (30) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 56.1 | 55.9 | 0.2 | — | 3 | ||||||||||||
Depreciation and amortization | 15.9 | 15.6 | 0.3 | 2 | 4 | ||||||||||||
Segment fee-based operating expenses | 355.9 | 489.7 | (133.8) | (27) | (25) | ||||||||||||
Gross contract costs | 9.3 | 12.7 | (3.4) | (27) | (22) | ||||||||||||
Segment operating expenses | $ | 365.2 | 502.4 | (137.2) | (27) | % | (25) | % | |||||||||
Equity earnings | $ | 0.6 | 0.8 | (0.2) | (25) | % | (25) | % | |||||||||
Adjusted EBITDA | $ | 10.7 | 118.2 | (107.5) | (91) | % | (91) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 2.9 | % | 20.0 | % | (1690) bps | (1710) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 3.1 | % |
% Change | |||||||||||||||||
Six Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 805.1 | 1,285.1 | (480.0) | (37) | % | (36) | % | |||||||||
Gross contract costs | (22.4) | (25.3) | 2.9 | (11) | (9) | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 2.4 | (7.6) | 10.0 | (132) | (132) | ||||||||||||
Fee revenue | $ | 785.1 | 1,252.2 | (467.1) | (37) | % | (36) | % | |||||||||
Investment Sales, Debt/Equity Advisory and Other | 545.1 | 996.5 | (451.4) | (45) | (45) | ||||||||||||
Valuation Advisory | 163.6 | 175.4 | (11.8) | (7) | (4) | ||||||||||||
Loan Servicing | 76.4 | 80.3 | (3.9) | (5) | (5) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 619.3 | 888.1 | (268.8) | (30) | % | (29) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 125.3 | 120.7 | 4.6 | 4 | 6 | ||||||||||||
Depreciation and amortization | 32.1 | 31.0 | 1.1 | 4 | 4 | ||||||||||||
Segment fee-based operating expenses | 776.7 | 1,039.8 | (263.1) | (25) | (24) | ||||||||||||
Gross contract costs | 22.4 | 25.3 | (2.9) | (11) | (9) | ||||||||||||
Segment operating expenses | $ | 799.1 | 1,065.1 | (266.0) | (25) | % | (24) | % | |||||||||
Equity earnings | $ | 5.4 | 1.4 | 4.0 | 286 | % | 285 | % | |||||||||
Adjusted EBITDA | $ | 46.7 | 244.9 | (198.2) | (81) | % | (81) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 5.8 | % | 19.6 | % | (1,370) bps | (1,380) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 5.9 | % |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 3,374.6 | 3,310.5 | 64.1 | 2 | % | 3 | % | |||||||||
Gross contract costs | (2,896.8) | (2,843.5) | (53.3) | 2 | 3 | ||||||||||||
Fee revenue | $ | 477.8 | 467.0 | 10.8 | 2 | % | 3 | % | |||||||||
Workplace Management | 188.2 | 184.9 | 3.3 | 2 | 2 | ||||||||||||
Project Management | 229.7 | 214.9 | 14.8 | 7 | 8 | ||||||||||||
Portfolio Services and Other | 59.9 | 67.2 | (7.3) | (11) | (11) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 321.0 | 304.0 | 17.0 | 6 | % | 6 | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 101.2 | 106.3 | (5.1) | (5) | (4) | ||||||||||||
Depreciation and amortization | 19.9 | 17.0 | 2.9 | 17 | 18 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 442.1 | 427.3 | 14.8 | 3 | 4 | ||||||||||||
Gross contract costs | 2,896.8 | 2,843.5 | 53.3 | 2 | 3 | ||||||||||||
Segment operating expenses | $ | 3,338.9 | 3,270.8 | 68.1 | 2 | % | 3 | % | |||||||||
Equity earnings | $ | 0.8 | 0.9 | (0.1) | (11) | % | (15) | % | |||||||||
Adjusted EBITDA | $ | 56.2 | 57.6 | (1.4) | (2) | % | (3) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 11.6 | % | 12.4 | % | (60) bps | (80) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 11.8 | % |
% Change | |||||||||||||||||
Three Months Ended March 31, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 3,276.2 | 3,033.6 | 242.6 | 8 | % | 11 | % | |||||||||
Gross contract costs | (2,834.2) | (2,623.1) | (211.1) | 8 | 11 | ||||||||||||
Fee revenue | $ | 442.0 | 410.5 | 31.5 | 8 | % | 11 | % | |||||||||
Workplace Management | 183.2 | 182.0 | 1.2 | 1 | 3 | ||||||||||||
Project Management | 210.9 | 175.7 | 35.2 | 20 | 24 | ||||||||||||
Portfolio Services and Other | 47.9 | 52.8 | (4.9) | (9) | (7) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 305.0 | 281.8 | 23.2 | 8 | % | 12 | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 111.5 | 93.8 | 17.7 | 19 | 24 | ||||||||||||
Depreciation and amortization | 19.3 | 16.5 | 2.8 | 17 | 22 | ||||||||||||
Segment fee-based operating expenses | 435.8 | 392.1 | 43.7 | 11 | 15 | ||||||||||||
Gross contract costs | 2,834.2 | 2,623.1 | 211.1 | 8 | 11 | ||||||||||||
Segment operating expenses | $ | 3,270.0 | 3,015.2 | 254.8 | 8 | % | 11 | % | |||||||||
Equity earnings | $ | 0.4 | 0.3 | 0.1 | 33 | % | 59 | % | |||||||||
Adjusted EBITDA | $ | 25.7 | 35.2 | (9.5) | (27) | % | (33) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 5.1 | % | 8.6 | % | (280) bps | (350) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 5.8 | % |
% Change | |||||||||||||||||
Six Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 6,650.8 | 6,344.1 | 306.7 | 5 | % | 7 | % | |||||||||
Gross contract costs | (5,731.0) | (5,466.6) | (264.4) | 5 | 7 | ||||||||||||
Fee revenue | $ | 919.8 | 877.5 | 42.3 | 5 | % | 7 | % | |||||||||
Workplace Management | 371.4 | 366.9 | 4.5 | 1 | 3 | ||||||||||||
Project Management | 440.6 | 390.6 | 50.0 | 13 | 15 | ||||||||||||
Portfolio Services and Other | 107.8 | 120.0 | (12.2) | (10) | (9) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 626.0 | 585.8 | 40.2 | 7 | % | 9 | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 212.7 | 200.1 | 12.6 | 6 | 9 | ||||||||||||
Depreciation and amortization | 39.2 | 33.5 | 5.7 | 17 | 20 | ||||||||||||
Segment fee-based operating expenses | 877.9 | 819.4 | 58.5 | 7 | 10 | ||||||||||||
Gross contract costs | 5,731.0 | 5,466.6 | 264.4 | 5 | 7 | ||||||||||||
Segment operating expenses | $ | 6,608.9 | 6,286.0 | 322.9 | 5 | % | 7 | % | |||||||||
Equity earnings | $ | 1.2 | 1.2 | — | — | % | — | % | |||||||||
Adjusted EBITDA | $ | 81.9 | 92.8 | (10.9) | (12) | % | (15) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 8.5 | % | 10.6 | % | (170) bps | (210) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 8.9 | % |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 60.6 | 50.7 | 9.9 | 20 | % | 20 | % | |||||||||
Gross contract costs | (4.1) | (2.7) | (1.4) | 52 | 53 | ||||||||||||
Fee revenue | $ | 56.5 | 48.0 | 8.5 | 18 | % | 18 | % | |||||||||
Compensation and benefits, excluding gross contract costs(1) | $ | 45.3 | 65.8 | (20.5) | (31) | % | (31 | %) | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 12.5 | 13.9 | (1.4) | (10) | (9) | ||||||||||||
Depreciation and amortization | 4.1 | 3.9 | 0.2 | 5 | 6 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 61.9 | 83.6 | (21.7) | (26) | (26) | ||||||||||||
Gross contract costs | 4.1 | 2.7 | 1.4 | 52 | 53 | ||||||||||||
Segment operating expenses | $ | 66.0 | 86.3 | (20.3) | (24 | %) | (23 | %) | |||||||||
Equity (losses) earnings | $ | (103.9) | 44.7 | (148.6) | (332) | % | (332) | % | |||||||||
Adjusted EBITDA | $ | (105.2) | 12.9 | (118.1) | (916) | % | (914) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | (186.9) | % | 27.0 | % | n.m. | n.m. | |||||||||||
Adjusted EBITDA margin (USD basis) | (186.2) | % |
% Change | |||||||||||||||||
Three Months Ended March 31, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 61.4 | 49.4 | 12.0 | 24 | % | 25 | % | |||||||||
Gross contract costs | (3.6) | (4.1) | 0.5 | (12) | (13) | ||||||||||||
Fee revenue | $ | 57.8 | 45.3 | 12.5 | 28 | % | 29 | % | |||||||||
Compensation and benefits, excluding gross contract costs(1) | $ | 61.3 | 62.2 | (0.9) | (1) | % | — | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 14.7 | 14.2 | 0.5 | 4 | 4 | ||||||||||||
Depreciation and amortization | 3.9 | 3.8 | 0.1 | 3 | 4 | ||||||||||||
Segment fee-based operating expenses | 79.9 | 80.2 | (0.3) | — | 1 | ||||||||||||
Gross contract costs | 3.6 | 4.1 | (0.5) | (12) | (13) | ||||||||||||
Segment operating expenses | $ | 83.5 | 84.3 | (0.8) | (1) | % | — | % | |||||||||
Equity earnings | $ | 4.9 | 18.8 | (13.9) | (74) | % | (74) | % | |||||||||
Adjusted EBITDA | $ | (13.3) | (12.3) | (1.0) | (8) | % | (12) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | (23.7) | % | (27.2) | % | 420 bps | 350 bps | |||||||||||
Adjusted EBITDA margin (USD basis) | (23.0) | % |
% Change | ||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | ||||||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||
Revenue | $ | 122.0 | 100.1 | 21.9 | 22 | % | 22 | % | ||||||||||||
Gross contract costs | (7.7) | (6.8) | (0.9) | 13 | 13 | |||||||||||||||
Fee revenue | $ | 114.3 | 93.3 | 21.0 | 23 | % | 23 | % | ||||||||||||
Compensation and benefits, excluding gross contract costs(1) | $ | 106.6 | 128.0 | (21.4) | (17) | % | (16 | %) | ||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | 27.2 | 28.1 | (0.9) | (3) | (3) | |||||||||||||||
Depreciation and amortization | 8.0 | 7.7 | 0.3 | 4 | 5 | |||||||||||||||
Segment fee-based operating expenses | 141.8 | 163.8 | (22.0) | (13) | (13) | |||||||||||||||
Gross contract costs | 7.7 | 6.8 | 0.9 | 13 | 13 | |||||||||||||||
Segment operating expenses | $ | 149.5 | 170.6 | (21.1) | (12) | % | (12 | %) | ||||||||||||
Equity (losses) earnings | $ | (99.0) | 63.5 | (162.5) | (256) | % | (256) | % | ||||||||||||
Adjusted EBITDA | $ | (118.5) | 0.6 | (119.1) | n.m. | n.m. | ||||||||||||||
Adjusted EBITDA margin (local currency basis) | (104.1) | % | 0.6 | % | n.m. | n.m. | ||||||||||||||
Adjusted EBITDA margin (USD basis) | (103.7) | % |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 143.9 | 114.5 | 29.4 | 26 | % | 26 | % | |||||||||
Gross contract costs | (7.5) | (7.2) | (0.3) | 4 | 4 | ||||||||||||
Fee revenue | $ | 136.4 | 107.3 | 29.1 | 27 | % | 28 | % | |||||||||
Advisory fees | 94.4 | 98.2 | (3.8) | (4) | (3) | ||||||||||||
Transaction fees and other | 6.2 | 8.1 | (1.9) | (23) | (19) | ||||||||||||
Incentive fees | 35.8 | 1.0 | 34.8 | n.m. | n.m. | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 84.4 | 72.2 | 12.2 | 17 | % | 18 | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 17.1 | 14.4 | 2.7 | 19 | 20 | ||||||||||||
Depreciation and amortization | 2.3 | 1.8 | 0.5 | 28 | 30 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring & acquisition charges) | 103.8 | 88.4 | 15.4 | 17 | 19 | ||||||||||||
Gross contract costs | 7.5 | 7.2 | 0.3 | 4 | 4 | ||||||||||||
Segment operating expenses | $ | 111.3 | 95.6 | 15.7 | 16 | % | 17 | % | |||||||||
Equity (losses) earnings | $ | (5.1) | 7.0 | (12.1) | (173) | % | (172) | % | |||||||||
Adjusted EBITDA | $ | 29.7 | 27.8 | 1.9 | 7 | % | 7 | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 21.7 | % | 26.0 | % | (420) bps | (430) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 21.8 | % |
% Change | |||||||||||||||||
Six Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 258.3 | 232.8 | 25.5 | 11 | % | 13 | % | |||||||||
Gross contract costs | (14.6) | (13.5) | (1.1) | 8 | 8 | ||||||||||||
Fee revenue | $ | 243.7 | 219.3 | 24.4 | 11 | % | 14 | % | |||||||||
Advisory fees | 189.1 | 188.9 | 0.2 | — | 2 | ||||||||||||
Transaction fees and other | 15.3 | 25.2 | (9.9) | (39) | (36) | ||||||||||||
Incentive fees | 39.3 | 5.2 | 34.1 | 656 | 671 | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 153.3 | 147.0 | 6.3 | 4 | % | 7 | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 32.3 | 28.1 | 4.2 | 15 | 18 | ||||||||||||
Depreciation and amortization | 3.6 | 3.2 | 0.4 | 13 | 14 | ||||||||||||
Segment fee-based operating expenses | 189.2 | 178.3 | 10.9 | 6 | 9 | ||||||||||||
Gross contract costs | 14.6 | 13.5 | 1.1 | 8 | 8 | ||||||||||||
Segment operating expenses | $ | 203.8 | 191.8 | 12.0 | 6 | % | 9 | % | |||||||||
Equity (losses) earnings | $ | (13.9) | 5.1 | (19.0) | (373) | % | (372) | % | |||||||||
Adjusted EBITDA | $ | 44.0 | 49.1 | (5.1) | (10) | % | (9) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 17.9 | % | 22.4 | % | (430) bps | (450) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 18.1 | % |
% Change | |||||||||||||||||
Three Months Ended March 31, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 114.4 | 118.3 | (3.9) | (3) | % | 1 | % | |||||||||
Gross contract costs | (7.1) | (6.3) | (0.8) | 13 | 13 | ||||||||||||
Fee revenue | $ | 107.3 | 112.0 | (4.7) | (4) | % | — | % | |||||||||
Advisory fees | 94.7 | 90.7 | 4.0 | 4 | 9 | ||||||||||||
Transaction fees and other | 9.1 | 17.1 | (8.0) | (47) | (44) | ||||||||||||
Incentive fees | 3.5 | 4.2 | (0.7) | (17) | (2) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 68.9 | 74.8 | (5.9) | (8) | % | (3) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 15.2 | 13.7 | 1.5 | 11 | 17 | ||||||||||||
Depreciation and amortization | 1.3 | 1.4 | (0.1) | (7) | (6) | ||||||||||||
Segment fee-based operating expenses | 85.4 | 89.9 | (4.5) | (5) | — | ||||||||||||
Gross contract costs | 7.1 | 6.3 | 0.8 | 13 | 13 | ||||||||||||
Segment operating expenses | $ | 92.5 | 96.2 | (3.7) | (4) | % | 1 | % | |||||||||
Equity losses | $ | (8.8) | (1.9) | (6.9) | (363) | % | (358) | % | |||||||||
Adjusted EBITDA | $ | 14.3 | 21.3 | (7.0) | (33) | % | (30) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 13.3 | % | 19.0 | % | (570) bps | (570) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 13.3 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Total number of shares repurchased (in 000's) | Total number of shares repurchased (in 000's) | — | 615.3 | Total number of shares repurchased (in 000's) | 139.3 | 1,397.9 | 139.3 | 2,013.2 | ||||||||||||||||||||||||||
Total paid for shares repurchased | Total paid for shares repurchased | $ | — | 150.0 | Total paid for shares repurchased | $ | 20.0 | 297.7 | $ | 20.0 | 447.7 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
British pound | British pound | 8 | % | 8 | % | British pound | 8 | % | 8 | % | ||||||||||||||||||||||||
Euro | Euro | 7 | 7 | Euro | 7 | 7 | ||||||||||||||||||||||||||||
Australian dollar | Australian dollar | 5 | 6 | Australian dollar | 5 | 6 | ||||||||||||||||||||||||||||
Other(1) | Other(1) | 21 | 19 | Other(1) | 21 | 20 | ||||||||||||||||||||||||||||
Revenue exposed to foreign exchange rates | Revenue exposed to foreign exchange rates | 41 | % | 40 | % | Revenue exposed to foreign exchange rates | 41 | % | 41 | % | ||||||||||||||||||||||||
United States dollar | United States dollar | 59 | 60 | United States dollar | 59 | 59 | ||||||||||||||||||||||||||||
Total revenue | Total revenue | 100 | % | 100 | % | Total revenue | 100 | % | 100 | % |
Period | Total number of shares purchased | Weighted average price paid per share | Total number of shares purchased as part of publicly announced plan | Approximate dollar value of shares that may yet be purchased under the plan (in millions) | ||||||||||||||||
April 1, 2023 - April 30, 2023 | — | $ | — | — | ||||||||||||||||
May 1, 2023 - May 31, 2023 | 72,332 | $ | 138.25 | 72,332 | ||||||||||||||||
June 1, 2023 - June 30, 2023 | 66,963 | $ | 149.34 | 66,963 | $ | 1,135.6 | ||||||||||||||
Total | 139,295 | 139,295 |
Exhibit Number | Description | ||||
Second Amended and Restated 2019 Stock Award and Incentive Plan effective as of May 25, 2023 (as approved by the Shareholders of Jones Lang LaSalle Incorporated on May 25, 2023 and incorporated by reference to Annex C to the Proxy Statement included in Schedule 14A filed on April 14, 2023 (File No. 001-13145) | |||||
Letter Agreement dated June 27, 2023 between Jones Lang LaSalle Inc. and Greg O’Brien | |||||
31.1* | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||
31.2* | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||
32* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
JONES LANG LASALLE INCORPORATED | |||||||||||
By: | /s/ Karen Brennan | ||||||||||
Karen Brennan | |||||||||||
Chief Financial Officer | |||||||||||
(Authorized Officer and Principal Financial Officer) |