Jones Lang LaSalle-JLL Reports Financial Results for Fourth-Quarter and Full-Year 2024

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported strong financial performance for 2024, with significant revenue growth and earnings per share expansion driven by transactional activity and cost discipline [1][3][9] Financial Performance - For Q4 2024, JLL's revenue reached $6.81 billion, a 16% increase from Q4 2023, with transactional revenues up 22% and resilient revenues up 13% [9][41] - Full-year revenue for 2024 was$ 23.43 billion, reflecting a 13% increase compared to 2023 [41] - Diluted earnings per share for Q4 2024 were $4.97, up 39% from$ 3.57 in Q4 2023, while full-year diluted earnings per share were $11.30, a 142% increase from$ 4.67 in 2023 [1][10][41] Segment Performance - The Markets Advisory segment generated $1.33 billion in Q4 2024, an 11% increase year-over-year, with leasing revenue up 14% [17][42] - Capital Markets saw a 32% revenue growth in Q4 2024, driven by investment sales and debt advisory, with investment sales in the U.S. growing approximately 60% for the quarter [21][23] - Work Dynamics reported$ 4.56 billion in revenue for Q4 2024, a 15% increase, led by Workplace Management and Project Management [25][26] Cost Management and Cash Flow - JLL maintained cost discipline, with total operating expenses increasing by 15% in Q4 2024, which was lower than revenue growth, leading to improved margins [4][11] - Cash flows from operating activities for 2024 were $927.3 million, a 27% increase from the previous year, while free cash flow was$ 868.1 million, up 28% [12][13] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $454.8 million, a 19% increase from Q4 2023, with full-year adjusted EBITDA reaching$ 1.19 billion, a 26% increase [10][24] Debt and Liquidity - As of December 31, 2024, JLL's total net debt was $800.6 million, down from$ 1.15 billion a year earlier, reflecting improved cash flows [15] - The net leverage ratio improved to 0.7x, indicating stronger financial health [15] JLL Technologies and LaSalle Performance - JLL Technologies experienced a revenue decline of 9% in Q4 2024, attributed to lower contract signings in technology solutions [28][31] - LaSalle's revenue increased by 39% in Q4 2024, driven by higher incentive fees, although advisory fees decreased [32][33]