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JLL Reports Financial Results for Third-Quarter 2021

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  • JLL

Diluted earnings per share of $4.57, up from $2.52 last year; adjusted diluted earnings per share¹ of $4.56, up from $2.99

CHICAGO, Nov. 3, 2021 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today announced operating performance for the third quarter of 2021.

  • Consolidated revenue of $4.9 billion and fee revenue1 of $2.1 billion, increases of 22% and 45%, respectively

  • Margin performance versus the prior year reflected

  • Continued return of capital to shareholders with $150 million of share repurchases this quarter, over $190 million year-to-date

"JLL delivered another quarter of exceptional performance, continuing our strong momentum. The robust growth in revenue and profits was fueled by the ongoing recovery across the commercial real estate industry and the high demand for services and products from our clients," said Christian Ulbrich, JLL CEO. "Our disciplined approach to capital allocation balances our commitment to investing strategically to drive future growth with the return of capital to shareholders. Going forward, we remain confident in our ability to drive meaningful top and bottom-line growth and create long-term value for all our stakeholders."

Summary Financial Results

($ in millions, except per share data, "LC" = local currency)

Three months ended September 30,


Nine months ended September 30,

2021


2020

% Change
in USD

% Change
in LC


2021


2020

% Change
in USD

% Change
in LC













Revenue

$

4,889.2



$

3,978.1


23

%

22

%


$

13,421.3



$

11,744.5


14

%

11

%

Revenue before reimbursements

2,804.9



2,091.4


34


32



7,442.0



6,152.9


21


18


Fee revenue1

2,072.9



1,417.6


46


45



5,332.5



4,167.7


28


25














Net income attributable to common shareholders

$

237.2



$

131.9


80

%

80

%


$

540.2



$

152.4


254

%

249

%

Adjusted net income attributable to common shareholders1

236.8



156.4


51


51



566.6



219.0


159


153














Diluted earnings per share

$

4.57



$

2.52


81

%

81

%


$

10.35



$

2.92


254

%

249

%

Adjusted diluted earnings per share1

4.56



2.99


53


52



10.86



4.19


159


153














Adjusted EBITDA1

$

352.0



$

243.6


44

%

44

%


$

874.5



$

442.5


98

%

95

%

Adjusted EBITDA, Real Estate Services

321.0



212.3


51


51



781.5



408.8


91


89


Adjusted EBITDA, LaSalle

31.0



31.3


(1)




93.0



33.7


176


174



(1) For discussion of non-GAAP financial measures, see Note 1 following the Financial Statements in this news release.

Consolidated Third-Quarter 2021 Performance Highlights:

Consolidated


($ in millions, "LC" = local currency)

Three Months Ended September 30,


%
Change
in USD


%
Change
in LC


Nine Months Ended September 30,


%
Change
in USD


%
Change
in LC

2021


2020




2021


2020



Leasing

$

738.8



$

430.3



72

%


71

%


$

1,799.2



$

1,281.3



40

%


39

%

Capital Markets

575.0



284.5



102



100



1,343.8



841.6



60



56


Property & Facility Management

2,500.6



2,303.3



9



7



7,381.2



6,944.3



6



4


Project & Development Services

707.9



631.5



12



11



1,877.4



1,772.7



6



3


Advisory, Consulting and Other

237.1



218.2



9



7



682.9



589.5



16



12


Real Estate Services ("RES") revenue

$

4,759.4



$

3,867.8



23

%


22

%


$

13,084.5



$

11,429.4



14

%


12

%

LaSalle

129.8



110.3



18



17



336.8



315.1



7



4


Total revenue

$

4,889.2



$

3,978.1



23

%


22

%


$

13,421.3



$

11,744.5



14

%


11

%

Reimbursements

(2,084.3)



(1,886.7)



10



9



(5,979.3)



(5,591.6)



7



5


Revenue before reimbursements

$

2,804.9



$

2,091.4



34

%


32

%


$

7,442.0



$

6,152.9



21

%


18

%

Gross contract costs1

(703.9)



(659.1)



7



5



(2,066.0)



(1,963.5)



5



1


Net non-cash MSR and mortgage banking
derivative activity

(28.1)



(14.7)



91



91



(43.5)



(21.7)



100



100


Total fee revenue1

$

2,072.9



$

1,417.6



46

%


45

%


$

5,332.5



$

4,167.7



28

%


25

%

Leasing

717.3



412.9



74



73



1,738.8



1,231.9



41



39


Capital Markets

537.9



262.8



105



103



1,275.7



796.3



60



57


Property & Facility Management

313.7



302.4



4



2



936.2



870.2



8



4


Project & Development Services

201.0



188.0



7



6



562.2



554.9



1



(2)


Advisory, Consulting and Other

179.6



145.7



23



21



502.4



415.0



21



16


RES fee revenue

1,949.5



1,311.8



49



47



5,015.3



3,868.3



30



27


LaSalle

123.4



105.8



17



16



317.2



299.4



6



3


Operating income

...