Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q3 2021 Earnings Presentation
23 slides from Jones Lang Lasalle's earnings presentation, Nov 3, 2021
Slide 1: Earnings Presentation Third Quarter 2021
Earnings Presentation Third Quarter 2021 November 03, 2021
Slide 2: Cautionary Note Regarding Forward-looking Statements
Cautionary Note Regarding Forward-looking Statements Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and shares repurchases may be considered forward-looking statements within the meaning of the Private Securiti
Slide 3: Consolidated Third Quarter 2021 Financial Results
Consolidated Third Quarter 2021 Financial Results Growth rates and margins in local currency; growth rates represent % change over three months ended Q3 2020 and Q3 2019 Q3 2021 Q3 2020 ’21/’20 % Chg. Q3 2019 ’21/’19 % Chg. Revenue $4.9B $4.0B +22% $4.5B +7% Fee Revenue $2.1B $1.4B +45% $1.8B
Slide 4: Q3 2021 Strategic Review and Key Highlights
Q3 2021 Strategic Review and Key Highlights Continued to Accelerated Disciplined Maintained Strong Demonstrate Strategic Adherence to Financial Position Strong Momentum Investments to Fuel Capital Allocation and Financial Across Business Growth Framework Flexibility • Broad-based recovery • Announce
Slide 5: Q3 2021 Commercial Real Estate Operating Environment
Q3 2021 Commercial Real Estate Operating Environment • Overall sentiment and activity across the globe are improving although at differing speeds • Global capital markets transaction volumes totaled $292 billion during the quarter, up 77% year-over-year. The three most liquid countries, the U.S., Ge
Slide 6: Financial Overview
Financial Overview @ JLL
Slide 7: Q3 2021 Financial Results – Segment Revenue
Q3 2021 Financial Results – Segment Revenue ($ in millions; % change in local currency over three and nine months ended Q3 2020) Q3 2021 Revenue Q3 2021 Fee Revenue YTD 2021 Revenue YTD 2021 Fee Revenue Americas $3,083 $1,302 $8,229 $3,198 +29% +68% +15% +34% $830 $385 $2,356 $1,070 EMEA +8% +
Slide 8: Q3 2021 Financial Results – Segment Profitability
Q3 2021 Financial Results – Segment Profitability ($ in millions; % change, Adjusted EBITDA Margin and corresponding change in bps in local currency over three and nine months ended Q3 2020) Q3 2021 Adjusted Q3 2021 Adjusted EBITDA YTD 2021 Adjusted YTD 2021 EBITDA Margin EBITDA Adjusted EBITDA Marg
Slide 9: Q3 2021 Adjusted EBITDA Margin Performance
Q3 2021 Adjusted EBITDA Margin Performance Real Estate Services (“RES”): LaSalle: JLL Technologies: Reflected strong, broad-based growth across all Revenue growth offset by the impact from deferred Reflected continued investment in JLL Technologies service lines, led by Leasing and Capital Markets,
Slide 10: Q3 2021 Real Estate Services Fee Revenue by Service Line
Q3 2021 Real Estate Services Fee Revenue by Service Line ($ in millions; % change over Q3 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $583 86% 85% $76 35% 32% $58 37% 33% $717 74% 73% Capital Markets $393 124% 123% $1
Slide 11: LaSalle – Third Quarter 2021 Performance
LaSalle – Third Quarter 2021 Performance Fee Revenue in $M Adjusted EBITDA in $M Third Quarter Overview Fee Revenue increased by 16% (in LC) 123 106 • Revenue growth driven by strong advisory 31 31 fees growth, which remains focused on core open-end investment vehicles, as well as strong growth in i
Slide 12: Debt and Leverage
Debt and Leverage Highlights: • Strong balance sheet with ample liquidity provides operational flexibility Investment Grade Credit Ratings • Disciplined working capital management remains a key strategic focus Moody’s: Baa1 S&P: BBB+ Debt and Leverage ($M) Q3 2021 Q4 2020 Q3 2020 Cash and Cash Equiv
Slide 13: Appendix and Supplemental Material
Appendix and Supplemental Material
Slide 14: Q3 2021 JLL Research Market Performance Summary
Q3 2021 JLL Research Market Performance Summary Americas EMEA APAC Global Gross Office Leasing Volumes (square footage – volumes relate to the office sector) Q3 2021 +38% +51% +25% +39% (vs Q3 2020) Q3 2021 (31)% (26)% (4)% (25)% (vs Q3 2019) YTD 2021 +2% +21% +18% +11% (vs YTD 2020) Direct Commerci
Slide 15: Q3 2021 Real Estate Services Revenue by Service Line
Q3 2021 Real Estate Services Revenue by Service Line ($ in millions; % change over Q3 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $595 83% 83% $81 38% 35% $64 36% 33% $739 72% 71% Capital Markets $421 121% 120% $110 5
Slide 16: YTD 2021 Real Estate Services Fee Revenue by Service Line
YTD 2021 Real Estate Services Fee Revenue by Service Line ($ in millions; % change over YTD 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $1,407 43% 42% $197 32% 24% $135 40% 33% $1,739 41% 39% Capital Markets $888 60%
Slide 17: YTD 2021 Real Estate Services Revenue by Service Line
YTD 2021 Real Estate Services Revenue by Service Line ($ in millions; % change over YTD 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $1,443 41% 41% $209 36% 28% $148 40% 33% $1,799 40% 39% Capital Markets $934 61% 61%
Slide 18: Consolidated YTD 2021 Financial Results
Consolidated YTD 2021 Financial Results Growth rates and margins in local currency; growth rates represent % change over nine months ended Q3 2020 and Q3 2019 YTD 2021 YTD 2020 ’21/’20 % Chg. YTD 2019 ’21/’19 % Chg. Revenue $13.4B $11.7B +11% $12.6B +5% Fee Revenue $5.3B $4.2B +25% $4.8B +10
Slide 19: Fee Revenue / Fee-based Operating Expenses Reconciliation
Fee Revenue / Fee-based Operating Expenses Reconciliation Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2021 2020 2021 2020 Revenue $4,889.2 $3,978.1 $13,421.3 $11,744.5 Reimbursements (2,084.3) (1,886.7) (5,979.3) (5,591.6) Revenue before reimbursements 2,804.9 2,
Slide 20: Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings Per Share
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, ($ in millions except per share data) 2021 2020 2021 2020 Net income attributable to common shareholders $237.2 $131.9 $540.2 $152.4 Shares (in
Slide 21: Reconciliation of Net Income Attributable To Common Shareholders To Adjusted EBITDA
Reconciliation of Net Income Attributable To Common Shareholders To Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2021 2020 2021 2020 Net income attributable to common shareholders $237.2 $131.9 $540.2 $152.4 Interest expense, net of interest income
Slide 22: Non-GAAP Measures
Non-GAAP Measures Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholder
Slide 23: SLL
SLL