Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q2 2021 Earnings Presentation
23 slides from Jones Lang Lasalle's earnings presentation, Aug 4, 2021
Slide 1: Earnings Presentation Second Quarter 2021
Earnings Presentation Second Quarter 2021 08/04/2021
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 Second Quarter 2021 Financial Results
Consolidated Second Quarter 2021 Financial Results Growth rates and margins in local currency; growth rates represent % change over three and six months ended Q2 2020 Revenue Fee Revenue Adjusted EBITDA Q2 2021 YTD 2021 Q2 2021 YTD 2021 Q2 2021 YTD 2021 $4.5B $8.5B $1.8B $3.3B $332M $523M +18% +
Slide 4: Q2 2021 Strategic Review and Key Highlights
Q2 2021 Strategic Review and Key Highlights Capitalized On Ongoing Disciplined Maintained Advanced Our Transaction-based Optimization of Adherence to Financial ESG Commitment Recovery Operational Capital Allocation Flexibility Efficiency Framework • Demonstrated JLL’s • Continued to realize • With b
Slide 5: JLL Technologies – Investing in Innovative Technologies
JLL Technologies – Investing in Innovative Technologies • JLL Technologies has made meaningful progress in its goal of investing and growing early-stage technology companies, including through its Spark Venture Funds, that are transforming the real estate industry through disruptive innovation Broad
Slide 6: Q2 2021 Commercial Real Estate Operating Environment
Q2 2021 Commercial Real Estate Operating Environment • Global capital markets transaction volumes totaled US$247 billion during the quarter, marking a 103% increase on the trough a year ago and a 2% increase from Q2 2019 • The increased competition and depth of capital targeting the commercial real
Slide 7: Financial Overview
@JLL Financial Overview
Slide 8: Q2 2021 Financial Results – Segment Revenue
Q2 2021 Financial Results – Segment Revenue ($ in millions; % change in local currency over three and six months ended Q2 2020) Q2 2021 Revenue Q2 2021 Fee Revenue YTD 2021 Revenue YTD 2021 Fee Revenue Americas $2,702 $1,063 $5,145 $1,896 +20% +55% +8% +18% EMEA $810 $374 $1,526 $685 +17% +27%
Slide 9: Q2 2021 Financial Results – Segment Profitability
Q2 2021 Financial Results – Segment Profitability ($ in millions; % change, Adjusted EBITDA Margin and corresponding change in bps in local currency over three and six months ended Q2 2020) Q2 2021 Adjusted Q2 2021 Adjusted EBITDA YTD 2021 Adjusted YTD 2021 EBITDA Margin EBITDA Adjusted EBITDA Margi
Slide 10: Q2 2021 Adjusted EBITDA Margin Performance
Q2 2021 Adjusted EBITDA Margin Performance RES: LaSalle: JLL Technologies: Non-Cash Items: (excluding equity earnings) Reflected strong, broad-based growth Reflected growth focused on core open- Reflected continued investment in JLL Represented a decrease to loan loss across all service lines, led b
Slide 11: Q2 2021 Real Estate Services Fee Revenue by Service Line
Q2 2021 Real Estate Services Fee Revenue by Service Line ($ in millions; % change over Q2 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $473 77% 76% $70 55% 41% $49 55% 45% $592 72% 69% Capital Markets $289 120% 119% $9
Slide 12: LaSalle – Second Quarter 2021 Performance
LaSalle – Second Quarter 2021 Performance Fee Revenue in $M Adjusted EBITDA in $M Second Quarter Overview Fee Revenue increased by 10% (in LC) 109 95 • Advisory fee growth was focused on core 41 open-end investment vehicles and recent 27 valuation increases in AUM • Significant increase in transacti
Slide 13: Balance Sheet
Balance Sheet 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+ $275M, 4.4% fixed Balance Sheet ($M) Q2 2021 Q4 2020 Q2 2020 LT Senior
Slide 14: Appendix and Supplemental Material
Appendix and Supplemental Material
Slide 15: Q2 2021 JLL Research Market Performance Summary
Q2 2021 JLL Research Market Performance Summary Americas EMEA APAC Global Gross Leasing Volumes (square footage – volumes relate to the office sector) Q2 2021 +33% +29% +103% +44% (vs Q2 2020) Q2 2021 (44)% (32)% (21)% (36)% (vs Q2 2019) YTD 2021 (17)% +7% +15% (3)% (vs YTD 2020) Direct Commercial R
Slide 16: Q2 2021 Real Estate Services Revenue by Service Line
Q2 2021 Real Estate Services Revenue by Service Line ($ in millions; % change over Q2 2020) Americas EMEA APAC Total RES % Change % Change % Change % Change ($M) USD LC ($M) USD LC ($M) USD LC ($M) USD LC Leasing $484 74% 73% $74 58% 45% $53 56% 45% $611 70% 67% Capital Markets $296 110% 109% $99 99
Slide 17: YTD 2021 Real Estate Services Fee Revenue by Service Line
YTD 2021 Real Estate Services Fee Revenue by Service Line ($ 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 $825 23% 22% $121 30% 20% $76 42% 32% $1,022 25% 23% Capital Markets $496 31% 31%
Slide 18: YTD 2021 Real Estate Services Revenue by Service Line
YTD 2021 Real Estate Services Revenue by Service Line ($ 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 $848 22% 21% $128 35% 24% $84 42% 32% $1,060 25% 22% Capital Markets $513 32% 32% $17
Slide 19: Fee Revenue / Fee-based Operating Expenses Reconciliation
Fee Revenue / Fee-based Operating Expenses Reconciliation Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2021 2020 2021 2020 Revenue $4,495.0 $3,670.4 $8,532.1 $7,766.4 Reimbursements (1,987.5) (1,841.9) (3,895.0) (3,704.9) Revenue before reimbursements 2,507.5 1,828.5 4,637.1
Slide 20: Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, ($ in millions except per share data) 2021 2020 2021 2020 Net income attributable to common shareholders $200.0 $15.2 $303.0 $20.5 Shares (in 000s) 52,324
Slide 21: Reconciliation of Net Income Attributable To Common Shareholders To Adjusted EBITDA
Reconciliation of Net Income Attributable To Common Shareholders To Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2021 2020 2021 2020 Net income attributable to common shareholders $200.0 $15.2 $303.0 $20.5 Interest expense, net of interest income 10.6 14.9 21
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