Jones Lang LaSalle(JLL) - 2024 Q4 - Annual Results

Revenue Growth - Fourth-quarter revenue reached $6.81 billion, a 16% increase year-over-year, with transactional revenues up 22% and resilient revenues up 13%[2] - For the full year, total revenue increased to $23.43 billion, reflecting a 13% growth compared to 2023[1] - Revenue for Q4 2024 was $1,328.0 million, an 11% increase from $1,197.4 million in Q4 2023, with full-year revenue reaching $4,500.7 million, up 9% from $4,121.6 million in 2023[20] - Capital Markets revenue surged to $706.4 million in Q4 2024, a 32% increase from $537.1 million in Q4 2023, with full-year revenue at $2,040.4 million, up 15% from $1,778.0 million[25] - Work Dynamics revenue for Q4 2024 was $4,556.6 million, a 15% increase from $3,966.1 million in Q4 2023, with full-year revenue at $16,197.6 million, also a 15% increase from $14,131.1 million[30] - JLL's total revenue for Q4 2024 was $6.81 billion, up from $5.88 billion in Q4 2023, with full-year revenue reaching $23.43 billion compared to $20.76 billion in 2023[46] - Revenue for the Markets Advisory segment increased to $1,328.0 million in Q4 2024, up 10.9% from $1,197.4 million in Q4 2023[49] - The Work Dynamics segment reported total revenue of $3,472.3 million for the three months ended December 31, 2024, compared to $3,018.5 million in the same period of 2023, an increase of 15.0%[98] Earnings and Profitability - Diluted earnings per share for Q4 were $4.97, up 39% from $3.57 in the prior year, while full-year diluted earnings per share rose to $11.30, a 142% increase[9] - Adjusted EBITDA for Q4 was $454.8 million, a 19% increase year-over-year, and for the full year, it reached $1.19 billion, up 26%[9] - Adjusted EBITDA for Q4 2024 was $170.8 million, a 6% increase from $160.5 million in Q4 2023, with full-year Adjusted EBITDA rising to $547.6 million, a 31% increase from $416.6 million in 2023[20] - Adjusted EBITDA for the Markets Advisory segment improved to $170.8 million in 2024, compared to $160.5 million in 2023[49] - Adjusted EBITDA for the Capital Markets segment surged to $119.9 million in Q4 2024, up 57.5% from $76.1 million in Q4 2023[52] - The LaSalle segment's operating income improved to $40.6 million in Q4 2024, up from $17.6 million in Q4 2023[59] - Net income for the year ended December 31, 2024, was $546.8 million, a significant increase from $226.2 million in 2023, representing a growth of 142.5%[61] Cash Flow and Liquidity - Cash flows from operating activities for 2024 totaled $785.3 million, a 36% increase from $575.8 million in 2023[14] - Free cash flow for the year was $599.8 million, reflecting a 54% increase compared to $388.9 million in 2023[14] - The company maintained corporate liquidity of $3,616.3 million as of December 31, 2024, up from $3,392.8 million on September 30, 2024, and $3,085.0 million on December 31, 2023[17] - The company reported net cash used in investing activities of $316.8 million in 2024, compared to $290.4 million in 2023, an increase of 9.1%[61] - The company’s net cash used in financing activities was $451.2 million in 2024, compared to $374.3 million in 2023, an increase of 20.5%[61] Debt and Leverage - Total Net Debt decreased to $800.6 million as of December 31, 2024, down from $1,597.3 million on September 30, 2024, and $1,150.3 million on December 31, 2023[17] - The Net Leverage Ratio improved to 0.7x as of December 31, 2024, compared to 1.4x on September 30, 2024, and 1.2x on December 31, 2023[17] - Total debt as of December 31, 2024, was $1,216.9 million, down from $1,560.3 million in 2023[94] Segment Performance - Capital Markets segment revenue grew by 32% in Q4, driven by strong performance in investment sales and debt advisory[3] - The Work Dynamics segment delivered its fourth consecutive quarter of double-digit growth, with a 15% increase in revenue for Q4[2] - JLL Technologies reported Q4 2024 revenue of $59.3 million, down 9% from $65.5 million in Q4 2023, with full-year revenue decreasing 8% to $226.3 million from $246.4 million[34] - LaSalle's Q4 2024 revenue increased by 39% to $160.6 million compared to $115.3 million in Q4 2023, while full-year revenue decreased by 3% to $467.9 million from $483.7 million[38] Expenses and Costs - JLL's compensation and benefits expenses for Q4 2024 were $3.13 billion, compared to $2.67 billion in Q4 2023, reflecting a significant increase in operational costs[46] - The company reported platform operating expenses of $2,135.9 million for the three months ended December 31, 2024, compared to $1,859.7 million for the same period in 2023, marking an increase of 14.8%[98] - Gross contract costs for the three months ended December 31, 2024, were $3,927.9 million, up from $3,383.9 million in the same period of 2023, indicating an increase of 16.1%[98] Taxation - The effective tax rate for 2024 was 19.5%, a slight decrease from 19.6% in the previous year[9] - The provision for income tax increased to $132.5 million in 2024 from $25.7 million in 2023, reflecting a more normal effective tax rate[19]