JLL Stories Monetary Outcomes for Fourth-Quarter and Full-Yr 2021

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File Income of $5.9B and Payment Revenue¹ of $2.8B for the quarter and $19.4B and $8.1B, respectively, for the complete 12 months

CHICAGO, Feb. 28, 2022 /PRNewswire/ — Jones Lang LaSalle Integrated (NYSE: JLL) as we speak reported working efficiency for 2021 with fourth quarter diluted earnings per share of $8.16 and adjusted diluted earnings per share1 of $8.66, and full-year diluted earnings per share of $18.47 and adjusted diluted earnings per share1 of $19.47.

  • Consolidated fourth-quarter income and payment income elevated 23% and 42%, respectively

  • Fourth-quarter margin growth versus the prior 12 months mirrored:

  • Continued return of capital to shareholders with $152 million of share repurchases this quarter; $343 million for the complete 12 months

  • Extra $1.5 billion licensed for share repurchases

  • Reporting segments altering from geographic-centric Actual Property Providers to international enterprise strains within the first quarter of 2022

JLL delivered spectacular fourth-quarter and full-year 2021 monetary outcomes, led by power in Leasing and Capital Markets, in addition to valuation will increase on our strategic expertise investments. The broad capabilities of our totally built-in international platform are resonating with shoppers, driving sturdy prime and backside line outcomes and vital free money circulate era,” stated Christian Ulbrich, JLL CEO. “Through the previous 12 months, we made incremental investments in our enterprise to drive future progress and likewise elevated capital returns to shareholders. As we enter 2022, JLL is well-positioned to grab the numerous alternatives throughout the business actual property sector and proceed to generate long-term worth for stakeholders.”

Abstract Monetary Outcomes

($ in thousands and thousands, besides per share knowledge, “LC” = native foreign money)

Three months ended December 31,

Yr Ended December 31,

2021

2020

% Change in USD

% Change in LC

2021

2020

% Change in USD

% Change in LC

Income

$ 5,945.7

$ 4,845.4

23%

23%

$ 19,367.0

$ 16,589.9

17%

15%

Income earlier than reimbursements

3,603.6

2,747.2

31

32

11,045.6

8,900.1

24

22

Payment income1

2,772.3

1,962.6

41

42

8,104.8

6,130.3

32

31

Web revenue attributable to frequent shareholders

$ 421.4

$ 250.1

69%

70%

$ 961.6

$ 402.5

139%

137%

Adjusted web revenue attributable to frequent shareholders1

447.0

275.7

62

63

1,013.6

494.7

105

103

Diluted earnings per share

$ 8.16

$ 4.80

70%

71%

$ 18.47

$ 7.70

140%

138%

Adjusted diluted earnings per share1

8.66

5.29

64

65

19.47

9.46

106

104

Adjusted EBITDA1

$ 622.0

$ 417.1

49%

50%

$ 1,496.5

$ 859.6

74%

73%

Adjusted EBITDA, Actual Property Providers

570.9

390.0

46

48

1,352.4

798.8

69

69

Adjusted EBITDA, LaSalle

51.1

27.1

89

86

144.1

60.8

137

134

(1)

For dialogue of non-GAAP monetary measures, see Notice 1 following the Monetary Statements on this information launch.

Consolidated 2021 Efficiency Highlights:

Consolidated


($ in thousands and thousands, “LC” = native foreign money)

Three Months Ended December 31,

% Change in USD

% Change in LC

Yr Ended December 31,

% Change in USD

% Change in LC

2021

2020

2021

2020

Leasing

$ 994.8

$ 602.9

65%

66%

$ 2,794.0

$ 1,884.2

48%

47%

Capital Markets

849.7

565.8

50

51

2,193.5

1,407.4

56

54

Property & Facility Administration

2,841.5

2,541.1

12

12

10,222.7

9,485.4

8

6

Undertaking & Improvement Providers

807.5

757.4

7

8

2,684.9

2,530.1

6

4

Advisory, Consulting and Different

288.9

271.5

6

7

971.8

861.0

13

10

Actual Property Providers (“RES”) income

$ 5,782.4

$ 4,738.7

22%

23%

$ 18,866.9

$ 16,168.1

17%

15%

LaSalle

163.3

106.7

53

55

500.1

421.8

19

17

Complete income

$ 5,945.7

$ 4,845.4

23%

23%

$ 19,367.0

$ 16,589.9

17%

15%

Reimbursements

(2,342.1)

(2,098.2)

12

12

(8,321.4)

(7,689.8)

8

7

Income earlier than reimbursements

$ 3,603.6

$ 2,747.2

31%

32%

$ 11,045.6

$ 8,900.1

24%

22%

Gross contract prices1

(815.5)

(739.7)

10

11

(2,881.5)

(2,703.2)

7

4

Web non-cash MSR and mortgage banking by-product exercise

(15.8)

(44.9)

(65)

(65)

(59.3)

(66.6)

(11)

(12)

Complete payment income1

$ 2,772.3

$ 1,962.6

41%

42%

$ 8,104.8

$ 6,130.3

32%

31%

Leasing

973.9

585.9

66

68

2,712.7

1,817.8

49

48

Capital Markets

823.8

512.9

61

62

2,099.5

1,309.2

60

59

Property & Facility Administration

350.0

329.3

6

7

1,286.2

1,199.5

7

5

Undertaking & Improvement Providers

243.7

221.2

10

12

805.9

776.1

4

2

Advisory, Consulting and Different

224.9

212.0

6

7

727.3

627.0

16

13

RES payment income

2,616.3

1,861.3

41

42

7,631.6

5,729.6

33

31

LaSalle

156.0

101.3

54

56

473.2

400.7

18

17

Working revenue

$ 445.6

$ 328.8

36%

37%

$ 1,043.5

$ 559.1

87%

86%

Fairness earnings

$ 102.7

$ 6.6

n.m.

n.m.

$ 209.4

$ 8.0

n.m.

n.m.

Adjusted EBITDA1

$ 622.0

$ 417.1

49%

50%

$ 1,496.5

$ 859.6

74%

73%

n.m. – not significant as represented by a share change of better than 1,000%, favorably or unfavorably.

(1) For dialogue of non-GAAP monetary measures, see Notice 1 following the Monetary Statements on this information launch. Share variances within the Consolidated Efficiency Highlights under are calculated and introduced on an area foreign money foundation, until in any other case famous.

For the fourth quarter, the corporate achieved consolidated Actual Property Providers (“RES”) income and payment income will increase of 23% and 42%, respectively, with natural RES payment income exceeding This fall 2019. This progress was broad-based throughout all service strains and was led by Leasing and Capital Markets, which elevated 68% and 62%, respectively, towards the prior-year quarter. Along with this sustained momentum in transaction-based revenues, annuity-based revenues continued to show their stability with modest progress. As well as, all RES segments achieved payment income progress of no less than 20% for the quarter. Americas led the This fall RES progress, contributing 77% of the consolidated RES payment income improve on an area foreign money foundation.

For the complete 12 months, consolidated RES income and payment income elevated 15% and 31%, respectively, with broad-based progress throughout all geographic segments and repair strains. Leasing and Capital Markets additionally led full-year consolidated RES payment income progress with will increase of 48% and 59%, respectively. Robust efficiency by Valuation Advisory drove the full-year progress in Advisory, Consulting and Different. Americas led the full-year progress amongst geographic segments, contributing 78% of the consolidated RES payment income improve on an area foreign money foundation.

LaSalle’s income progress for the fourth quarter and full 12 months had been considerably pushed by greater incentive and advisory charges.

Check with phase efficiency highlights for added element.

Web revenue attributable to frequent shareholders for the fourth quarter was $421.4 million, in contrast with $250.1 million within the prior-year quarter, and Adjusted EBITDA was $622.0 million, in contrast with $417.1 million final 12 months. Diluted earnings per share for the fourth quarter had been $8.16, up from $4.80 in 2020; adjusted diluted earnings per share had been $8.66, in contrast with $5.29 within the prior-year quarter.

Adjusted EBITDA margin for the quarter, calculated on a fee-revenue foundation, was 22.4% in USD and native foreign money, in contrast with 21.3% in 2020. The rise in margin was primarily as a consequence of (i) greater fairness earnings, together with $82.6 million from valuation will increase on JLL Applied sciences’ investments and an incremental $9.9 million from LaSalle and (ii) the numerous improve in income, significantly from greater margin transaction-based service strains, partially offset by the anticipated discount of sure non-permanent price financial savings from 2020 (together with authorities reduction applications). As well as, margin efficiency mirrored incremental investments in folks and expertise.

Web revenue attributable to frequent shareholders was $961.6 million for the 12 months ended December 31, 2021, in contrast with $402.5 million final 12 months, and Adjusted EBITDA was $1,496.5 million, in contrast with $859.6 million in 2020. Diluted earnings per share had been $18.47 in 2021, up from $7.70 final 12 months; adjusted diluted earnings per share had been $19.47, in contrast with $9.46 in 2020.

Full-year adjusted EBITDA margin, calculated on a fee-revenue foundation, was 18.5% in USD (18.6% in native foreign money), in contrast with 14.0% final 12 months. The complete-year margin growth was primarily pushed by the numerous improve in income, significantly from greater margin transaction-based service strains in addition to greater fairness earnings, together with $140.8 million from valuation will increase on JLL Applied sciences’ investments and an incremental $75.1 million from LaSalle. These drivers had been partially offset by the anticipated discount of sure non-permanent price financial savings from 2020 and incremental investments in folks and expertise.

Web Debt, Leverage and Liquidity6:

Complete web debt was $375.9 million as of December 31, 2021, representing a lower of $111.4 million from September 30, 2021, and a rise of $183.8 million from December 31, 2020.

The corporate’s Web Leverage Ratio was 0.2x as of December 31, 2021, down from 0.4x as of September 30, 2021, and according to 0.2x as of December 31, 2020.

Company Liquidity as of December 31, 2021, was $3.2 billion.

Money Flows and Capital Allocation:

Free Money Circulation6 was $796.5 million for the full-year 2021, in contrast with $965.3 million within the prior 12 months. The lower in Free Money Circulation was primarily as a consequence of (i) decrease money collections within the first quarter of 2021 in contrast with the primary quarter of 2020 (commerce receivables stability was $1,636.1 million as of December 31, 2020, versus $2,034.3 million as of December 31, 2019) and (ii) the timing of funds associated to taxes and different authorities obligations, partially offset by (iii) decrease annual incentive compensation paid in early 2021 in contrast with early 2020 and (iv) greater money supplied by earnings.

Within the fourth quarter of 2021, the corporate repurchased 592,840 shares for $152.3 million. Yr to this point, roughly 1,452,000 shares had been repurchased, returning $343.3 million to shareholders, in contrast with roughly 897,000 shares repurchased and $100.0 million of capital returned in 2020. As of December 31, 2021, $256.8 million remained licensed for repurchases beneath the share repurchase program.

In February 2022, the corporate’s Board of Administrators licensed an extra $1.5 billion for share repurchases.

In November 2021, JLL acquired Constructing Engines, a market-leading constructing operations platform that leverages cloud-based expertise to remodel how properties are run. Additionally in November 2021, JLL entered right into a three way partnership with Sterling Bay, LLC, by buying a 50.1% fairness curiosity in Sterling Bay’s property administration platform (Sterling Bay Property Administration).

Change in Exterior Reporting Segments:

As a part of the final section of our Past transformation, efficient January 1, 2022, the corporate modified from its geographic-centric Actual Property Providers segments of Americas, EMEA and Asia Pacific to international enterprise line segments of Markets Advisory, Capital Markets, Work Dynamics and JLL Applied sciences. Complementing these new segments is LaSalle, which continues as a reporting phase.

Starting with the primary quarter of 2022, the corporate’s monetary outcomes shall be introduced on this foundation. Comparable intervals in 2021 and 2020 shall be restated to align with the brand new reporting construction.

Americas 2021 Efficiency Highlights:

Americas Actual Property Providers


($ in thousands and thousands, “LC” = native foreign money)

Three Months Ended December 31,

% Change in USD

% Change in LC

Yr Ended December 31,

% Change in USD

% Change in LC

2021

2020

2021

2020

Income

$ 3,658.5

$ 2,872.3

27%

27%

$ 11,887.1

$ 10,005.2

19%

18%

Reimbursements

(1,710.3)

(1,515.4)

13

13

(6,034.2)

(5,643.5)

7

7

Income earlier than reimbursements

$ 1,948.2

$ 1,356.9

44%

44%

$ 5,852.9

$ 4,361.7

34%

34%

Gross contract prices1

(254.9)

(234.6)

9

9

(918.0)

(842.5)

9

9

Web non-cash MSR and mortgage banking by-product exercise

(15.8)

(44.9)

(65)

(65)

(59.3)

(66.6)

(11)

(11)

Payment income1

$ 1,677.5

$ 1,077.4

56%

56%

$ 4,875.6

$ 3,452.6

41%

41%

Leasing

725.0

417.5

74

74

2,132.1

1,403.7

52

52

Capital Markets

575.1

327.7

75

75

1,463.4

881.3

66

66

Property & Facility Administration

187.0

166.9

12

12

648.6

592.5

9

9

Undertaking & Improvement Providers

118.5

103.2

15

15

393.3

376.4

4

4

Advisory, Consulting and Different

71.9

62.1

16

16

238.2

198.7

20

20

Fairness earnings (losses)

$ 83.6

$ (1.4)

n.m.

n.m.

$ 142.2

$ 19.0

648%

648%

Phase revenue

$ 436.6

$ 277.8

57%

57%

$ 1,073.8

$ 554.9

94%

93%

Adjusted EBITDA1

$ 461.0

$ 269.4

71%

71%

$ 1,157.6

$ 626.6

85%

84%

(1) For dialogue of non-GAAP monetary measures, see Notice 1 following the Monetary Statements on this information launch. Share variances within the Americas Efficiency Highlights under are calculated and introduced on an area foreign money foundation, until in any other case famous.

Transaction-based service strains led the income and payment income improve within the Americas for This fall and the complete 12 months. Particularly for the quarter, Americas payment income was up 56% in contrast with This fall 2020 and 31% in contrast with This fall 2019. Leasing progress for each This fall and the complete 12 months was pushed by greater transaction volumes and a rise in common deal dimension within the U.S., with sturdy efficiency throughout all sectors, particularly workplace and industrial. Capital Markets progress mirrored funding gross sales almost doubling versus This fall 2020 (up over 80% for the complete 12 months), continued momentum in debt and fairness advisory, and a 34% improve in This fall servicing income from the multi-housing enterprise (up 28% for the 12 months). The rise in This fall Property & Facility Administration payment income was pushed by new shopper wins and growth of present shopper mandates in Work Dynamics and was particularly notable given the prior-year quarter grew 24% towards 2019.

Fairness earnings for the fourth quarter and full 12 months had been attributable to JLL Applied sciences’ strategic investments, primarily pushed by valuation will increase on account of subsequent rounds of funding at greater per-share valuations.

Adjusted EBITDA margin for the quarter, calculated on a fee-revenue foundation, was 27.5% in USD and native foreign money, in contrast with 25.0% in 2020. The margin growth was primarily pushed by the transaction-based income progress famous above and better fairness earnings, partially offset by the anticipated discount of sure non-permanent price financial savings from the prior 12 months and incremental investments in folks and expertise.

EMEA 2021 Efficiency Highlights:

EMEA Actual Property Providers


($ in thousands and thousands, “LC” = native foreign money)

Three Months Ended December 31,

% Change in USD

% Change in LC

Yr Ended December 31,

% Change in USD

% Change in LC

2021

2020

2021

2020

Income

$ 1,121.7

$ 966.9

16%

18%

$ 3,477.7

$ 3,092.8

12%

8%

Reimbursements

(224.8)

(207.6)

8

9

(741.2)

(708.3)

5

Income earlier than reimbursements

$ 896.9

$ 759.3

18%

21%

$ 2,736.5

$ 2,384.5

15%

11%

Gross contract prices1

(322.8)

(282.9)

14

16

(1,092.1)

(1,005.0)

9

4

Payment income1

$ 574.1

$ 476.4

21%

24%

$ 1,644.4

$ 1,379.5

19%

15%

Leasing

134.2

90.1

49

55

331.1

239.2

38

36

Capital Markets

183.0

129.5

41

45

450.9

313.7

44

40

Property & Facility Administration

83.5

81.8

2

2

321.9

302.8

6

Undertaking & Improvement Providers

86.8

83.0

5

8

276.0

276.0

(3)

Advisory, Consulting and Different

86.6

92.0

(6)

(3)

264.5

247.8

7

3

Fairness losses

$ —

$ (0.8)

100%

100%

$ —

$ —



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