Balance Sheet Jones Lang LaSalle Incorporated

Equities

JLL

US48020Q1076

Real Estate Services

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Mar. 03	Walker & Dunlop, Inc. Appoints Mark Washington as Managing Director of Capital Markets	CI
Mar. 03	Banyan Street Capital acquired Harborview Plaza from Cousins Properties Incorporated and Lafayette Street Capital for $39.5 million.	CI

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Published financial data: JONES LANG LASALLE INCORPORATED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	11.05B	20.86B	20.76B	23.43B	26.12B
Total Revenues	11.05B	20.86B	20.76B	23.43B	26.12B
Cost of Goods Sold, Total	2.88B	9.65B	10.07B	11.29B	12.77B
Gross Profit	8.17B	11.21B	10.69B	12.14B	13.35B
Selling General & Admin Expenses, Total	6.82B	10.01B	9.77B	10.99B	11.92B
Depreciation & Amortization - (IS)	218M	228M	238M	256M	253M
Other Operating Expenses	0	-	-	-	-
Other Operating Expenses, Total	7.04B	10.24B	10.01B	11.25B	12.18B
Operating Income	1.12B	973M	680M	891M	1.17B
Interest Expense, Total	-40.1M	-75.2M	-135M	-137M	-107M
Net Interest Expenses	-40.1M	-75.2M	-135M	-137M	-107M
Income (Loss) On Equity Invest.	209M	51M	-194M	-70.8M	-20.7M
Other Non Operating Income (Expenses)	14.7M	8M	1.9M	18.9M	11.7M
EBT, Excl. Unusual Items	1.31B	957M	353M	702M	1.06B
Restructuring Charges	-84.7M	-105M	-101M	-23.1M	-75.3M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	142M	-	-	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1.22B	994M	252M	679M	982M
Income Tax Expense	264M	201M	25.7M	132M	190M
Earnings From Continuing Operations	959M	793M	226M	547M	792M
Net Income to Company	959M	793M	226M	547M	792M
Minority Interest	2.3M	-139M	-800K	-	-100K
Net Income - (IS)	962M	654M	225M	547M	792M
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	962M	654M	225M	547M	792M
Net Income to Common Excl. Extra Items	962M	654M	225M	547M	792M
Per Share Items
Net EPS - Basic	18.89	13.51	4.73	11.51	16.73
Basic EPS - Continuing Operations	18.89	13.51	4.73	11.51	16.73
Basic Weighted Average Shares Outstanding	50.92M	48.45M	47.63M	47.49M	47.35M
Net EPS - Diluted	18.47	13.27	4.67	11.3	16.4
Diluted EPS - Continuing Operations	18.47	13.27	4.67	11.3	16.4
Diluted Weighted Average Shares Outstanding	52.07M	49.34M	48.29M	48.37M	48.31M
Normalized Basic EPS	16.1	9.47	4.61	9.24	13.95
Normalized Diluted EPS	15.75	9.3	4.55	9.08	13.67
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	1.45B	1.32B	1.03B	1.25B	1.54B
EBITA	1.28B	1.16B	858M	1.06B	1.33B
EBIT	1.12B	973M	680M	891M	1.17B
EBITDAR	1.67B	1.54B	1.26B	1.49B	1.78B
Total Revenues (As Reported)	19.37B	-	-	-	-
Effective Tax Rate - (Ratio)	21.6	20.2	10.2	19.51	19.3
Current Domestic Taxes	130M	111M	122M	46.9M	55.4M
Current Foreign Taxes	156M	136M	161M	121M	197M
Total Current Taxes	286M	247M	283M	168M	252M
Deferred Domestic Taxes	40.9M	-3.7M	-215M	-28.4M	-13.8M
Deferred Foreign Taxes	-62.3M	-42.7M	-42.3M	-6.7M	-49.2M
Total Deferred Taxes	-21.4M	-46.4M	-257M	-35.1M	-63M
Normalized Net Income	820M	459M	220M	439M	661M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Net Rental Expense, Total	226M	224M	232M	242M	240M
Imputed Operating Lease Interest Expense	25.31M	46.75M	80.06M	86.89M	73.83M
Imputed Operating Lease Depreciation	201M	178M	152M	155M	166M
Stock-Based Comp., SG&A Exp. (Total)	62.3M	79.7M	74.9M	95.1M	112M
Stock-Based Comp., Other (Total)	34.1M	6.1M	3.4M	2.3M	2.7M
Total Stock-Based Compensation	96.4M	85.8M	78.3M	97.4M	115M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	594M	519M	410M	416M	599M
Total Cash And Short Term Investments	594M	519M	410M	416M	599M
Accounts Receivable, Total	2.35B	2.51B	2.43B	2.49B	2.64B
Other Receivables	1.73B	2.01B	2.32B	2.7B	3.1B
Notes Receivable	389M	470M	446M	457M	450M
Total Receivables	4.47B	4.98B	5.2B	5.64B	6.2B
Prepaid Expenses	192M	187M	186M	254M	279M
Loans Held For Sale	822M	463M	677M	771M	751M
Restricted Cash	248M	227M	253M	236M	300M
Other Current Assets, Total	60.4M	190M	128M	161M	52.2M
Total Current Assets	6.39B	6.57B	6.86B	7.48B	8.18B
Gross Property Plant And Equipment	2.37B	2.32B	2.38B	2.5B	2.66B
Accumulated Depreciation	-909M	-960M	-1.04B	-1.16B	-1.32B
Net Property Plant And Equipment	1.46B	1.36B	1.34B	1.34B	1.34B
Long-term Investments	746M	874M	817M	813M	893M
Goodwill	4.61B	4.53B	4.59B	4.61B	4.71B
Other Intangibles, Total	887M	858M	785M	724M	667M
Accounts Receivable Long-Term	92.8M	-	62.2M	49.6M	63.1M
Deferred Tax Assets Long-Term	331M	380M	497M	518M	610M
Other Long-Term Assets, Total	986M	1.02B	1.11B	1.23B	1.34B
Total Assets	15.5B	15.59B	16.06B	16.76B	17.8B
Liabilities
Accounts Payable, Total	1.26B	1.24B	1.41B	1.32B	1.4B
Accrued Expenses, Total	2.03B	1.75B	1.7B	1.77B	1.93B
Short-term Borrowings	938M	620M	811M	1.19B	852M
Current Portion of Long-Term Debt	275M	-	-	-	-
Current Portion of Leases	160M	156M	162M	157M	167M
Unearned Revenue Current, Total	208M	216M	226M	204M	237M
Other Current Liabilities	1.61B	1.93B	2.14B	2.5B	2.8B
Total Current Liabilities	6.49B	5.91B	6.45B	7.14B	7.39B
Long-Term Debt	534M	1.59B	1.39B	845M	797M
Long-Term Leases	724M	789M	774M	777M	808M
Pension & Other Post Retirement Benefits	-	-	-	2M	1.5M
Deferred Tax Liability Non Current	180M	194M	44.8M	45.6M	56M
Other Non Current Liabilities	1.16B	962M	1B	1.05B	1.13B
Total Liabilities	9.08B	9.44B	9.65B	9.87B	10.18B
Common Stock, Total	500K	500K	500K	500K	500K
Additional Paid In Capital	2.05B	2.02B	2.02B	2.03B	2.07B
Retained Earnings	4.94B	5.59B	5.8B	6.33B	7.11B
Treasury Stock	-406M	-935M	-920M	-938M	-1.09B
Comprehensive Income and Other	-401M	-658M	-602M	-659M	-586M
Total Common Equity	6.18B	6.02B	6.29B	6.77B	7.5B
Minority Interest	236M	129M	116M	124M	120M
Total Equity	6.42B	6.15B	6.41B	6.9B	7.62B
Total Liabilities And Equity	15.5B	15.59B	16.06B	16.76B	17.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	49.89M	47.6M	47.44M	47.39M	46.85M
ECS Total Common Shares Outstanding	50.02M	47.51M	47.51M	47.42M	46.95M
Book Value / Share	123.64	126.74	132.47	142.81	159.82
Tangible Book Value	686M	634M	921M	1.44B	2.13B
Tangible Book Value Per Share	13.72	13.35	19.39	30.29	45.35
Total Debt	2.63B	3.15B	3.14B	2.97B	2.62B
Net Debt	2.04B	2.63B	2.73B	2.56B	2.02B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-63.8M	-30M	-37.9M	-40.8M	-41.2M
Debt Equivalent Oper. Leases	1.81B	1.79B	1.86B	1.93B	1.92B
Minority Interest, Total (Incl. Fin. Div)	236M	129M	116M	124M	120M
Equity Method Investments, Total	106M	78.9M	75.8M	70.7M	48.9M
Account Code - Inventory Valuation	3	-	3	3	3
Machinery, Total	1.02B	1.07B	1.13B	1.22B	1.33B
Full Time Employees	98.2K	103K	106K	112K	113K
Accumulated Allowance for Doubtful Accounts (Supple)	67.6M	66.7M	70.7M	60.8M	62.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	962M	654M	225M	547M	792M
Depreciation & Amortization - CF	164M	158M	168M	190M	202M
Amortization of Goodwill and Intangible Assets - (CF)	160M	185M	178M	168M	161M
Depreciation & Amortization, Total	324M	343M	346M	358M	363M
(Gain) Loss From Sale Of Asset	-10.9M	-134M	500K	-	-
(Income) Loss On Equity Investments - (CF)	-181M	-29.8M	206M	88.5M	49.5M
Stock-Based Compensation (CF)	96.4M	85.8M	78.3M	97.4M	115M
Provision and Write-off of Bad Debts	12.1M	27M	20.3M	38M	41.6M
Other Operating Activities, Total	-178M	24.1M	-66.9M	-78.4M	-74.5M
Change In Accounts Receivable	-402M	-319M	11.1M	-208M	-149M
Change In Accounts Payable	-11.6M	-115M	78.5M	36.2M	60.9M
Change In Income Taxes	-	-	-139M	-138M	-51.3M
Change In Deferred Taxes	-400K	-40.5M	-	-	-
Change in Other Net Operating Assets	362M	-296M	-185M	44.3M	46.8M
Cash from Operations	972M	200M	576M	785M	1.19B
Capital Expenditure	-176M	-206M	-187M	-186M	-216M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-417M	-5.7M	-13.6M	-57.2M	-7.7M
Sale (Purchase) of Real Estate properties	-70.9M	135M	-	-	-
Investment in Marketable and Equity Securities, Total	-107M	-143M	-85.7M	-69.4M	-111M
Other Investing Activities, Total	-35.1M	-23.5M	-4.2M	-4.7M	-2.2M
Cash from Investing	-806M	-243M	-290M	-317M	-337M
Short Term Debt Issued, Total	91.8M	20.1M	-	913M	3.77B
Long-Term Debt Issued, Total	5.09B	7.56B	8.08B	8.04B	9.13B
Total Debt Issued	5.19B	7.58B	8.08B	8.96B	12.9B
Short Term Debt Repaid, Total	-	-	-24.8M	-710M	-4.03B
Long-Term Debt Repaid, Total	-4.94B	-6.76B	-8.28B	-8.57B	-9.23B
Total Debt Repaid	-4.94B	-6.76B	-8.31B	-9.28B	-13.26B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-396M	-688M	-92.2M	-112M	-251M
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	10.2M	-145M	-57.3M	-16.6M	-28.2M
Cash from Financing	-144M	-13.1M	-374M	-451M	-643M
Foreign Exchange Rate Adjustments	-21M	-39.3M	6.3M	-28M	31.9M
Net Change in Cash	1.8M	-95.6M	-82.6M	-10.7M	246M
Supplemental Items
Cash Interest Paid	38.8M	74.3M	145M	147M	118M
Cash Income Tax Paid (Refund)	262M	321M	158M	285M	226M
Levered Free Cash Flow	1.72B	549M	519M	446M	985M
Unlevered Free Cash Flow	1.75B	596M	603M	531M	1.05B
Change In Net Working Capital	-798M	235M	59.2M	296M	-57M
Net Debt Issued / Repaid	242M	820M	-225M	-322M	-364M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.71	3.91	2.69	3.39	4.24
Return on Total Capital	7.91	6.63	4.51	5.74	7.3
Return On Equity %	15.94	12.62	3.6	8.22	10.91
Return on Common Equity	16.43	10.72	3.66	8.37	11.1
Margin Analysis
Gross Profit Margin %	73.93	53.74	51.47	51.81	51.12
SG&A Margin	61.78	47.99	47.05	46.92	45.66
EBITDA Margin %	13.11	6.31	4.94	5.33	5.88
EBITA Margin %	11.63	5.55	4.13	4.52	5.11
EBIT Margin %	10.18	4.66	3.28	3.8	4.49
Income From Continuing Operations Margin %	8.68	3.8	1.09	2.33	3.03
Net Income Margin %	8.71	3.14	1.09	2.33	3.03
Net Avail. For Common Margin %	8.71	3.14	1.09	2.33	3.03
Normalized Net Income Margin	7.42	2.2	1.06	1.87	2.53
Levered Free Cash Flow Margin	15.58	2.63	2.5	1.9	3.77
Unlevered Free Cash Flow Margin	15.8	2.86	2.91	2.27	4.03
Asset Turnover
Asset Turnover	0.74	1.34	1.31	1.43	1.51
Fixed Assets Turnover	7.79	14.78	15.36	17.45	19.46
Receivables Turnover (Average Receivables)	5.2	8.59	8.4	9.52	10.18
Short Term Liquidity
Current Ratio	0.98	1.11	1.06	1.05	1.11
Quick Ratio	0.72	0.85	0.8	0.78	0.86
Operating Cash Flow to Current Liabilities	0.15	0.03	0.09	0.11	0.16
Days Sales Outstanding (Average Receivables)	70.21	42.48	43.45	38.44	35.86
Average Days Payable Outstanding	157.95	47.27	47.89	44.24	38.9
Long Term Solvency
Total Debt/Equity	40.95	51.25	48.93	43.12	34.42
Total Debt / Total Capital	29.05	33.89	32.86	30.13	25.61
LT Debt/Equity	19.58	38.64	33.76	23.52	21.06
Long-Term Debt / Total Capital	13.89	25.54	22.67	16.44	15.67
Total Liabilities / Total Assets	58.59	60.56	60.1	58.87	57.18
EBIT / Interest Expense	28.04	12.94	5.02	6.51	10.93
EBITDA / Interest Expense	41.76	20.48	9.29	10.89	16.55
(EBITDA - Capex) / Interest Expense	37.38	17.74	7.91	9.53	14.54
Total Debt / EBITDA	1.57	2.05	2.49	1.99	1.48
Net Debt / EBITDA	1.22	1.71	2.17	1.72	1.14
Total Debt / (EBITDA - Capex)	1.75	2.36	2.93	2.28	1.68
Net Debt / (EBITDA - Capex)	1.36	1.97	2.55	1.96	1.3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.11	7.72	-0.49	12.87	11.45
Gross Profit, 1 Yr. Growth %	31.77	3.04	-4.69	13.62	9.95
EBITDA, 1 Yr. Growth %	42.68	-9.43	-22.12	23.28	22.99
EBITA, 1 Yr. Growth %	51.81	-10.12	-26.04	25.42	25.94
EBIT, 1 Yr. Growth %	61.14	-13.77	-30.25	31.6	31.65
Earnings From Cont. Operations, 1 Yr. Growth %	126.95	-17.29	-71.49	141.73	44.88
Net Income, 1 Yr. Growth %	138.91	-31.94	-65.56	142.59	44.86
Normalized Net Income, 1 Yr. Growth %	108.29	-44.02	-52.17	99.93	50.46
Diluted EPS Before Extra, 1 Yr. Growth %	139.87	-28.15	-64.81	141.97	45.13
Accounts Receivable, 1 Yr. Growth %	23.41	6.87	-2.97	2.23	6.21
Net Property, Plant and Equip., 1 Yr. Growth %	6.72	-7.12	-1.06	-0.27	0.13
Total Assets, 1 Yr. Growth %	8.3	0.57	3.02	4.35	6.19
Tangible Book Value, 1 Yr. Growth %	11.36	-7.56	45.24	55.86	48.23
Common Equity, 1 Yr. Growth %	12.03	-2.65	4.53	7.59	10.8
Cash From Operations, 1 Yr. Growth %	-12.77	-79.44	188.04	36.38	52.06
Capital Expenditures, 1 Yr. Growth %	17.74	17	-9.18	-0.75	16.23
Levered Free Cash Flow, 1 Yr. Growth %	-1.71K	-68.13	-5.76	-12.07	121.08
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.46K	-65.9	0.99	-10.19	98.1
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.94	12.14	3.54	5.98	12.16
Gross Profit, 2 Yr. CAGR %	8.67	13.94	-0.9	4.06	11.77
EBITDA, 2 Yr. CAGR %	14.64	19.07	-12.67	1.99	29.54
EBITA, 2 Yr. CAGR %	19.47	28.46	-12.8	4.37	40.38
EBIT, 2 Yr. CAGR %	11.78	17.77	-22.35	-4.29	31.63
Earnings From Cont. Operations, 2 Yr. CAGR %	33.54	37	-51.44	-16.98	87.14
Net Income, 2 Yr. CAGR %	34.03	27.52	-51.59	-8.6	87.46
Normalized Net Income, 2 Yr. CAGR %	22.25	7.98	-48.25	-2.21	73.44
Diluted EPS Before Extra, 2 Yr. CAGR %	30.35	31.28	-49.72	-7.72	87.4
Accounts Receivable, 2 Yr. CAGR %	-0.43	14.85	1.83	-0.4	4.2
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.43	-0.44	-4.14	-0.66	-0.07
Total Assets, 2 Yr. CAGR %	6.49	4.37	1.79	3.68	5.27
Tangible Book Value, 2 Yr. CAGR %	60.24	1.46	15.87	50.46	52
Common Equity, 2 Yr. CAGR %	9.93	4.43	0.88	6.05	9.18
Cash From Operations, 2 Yr. CAGR %	41.77	-57.65	-23.05	98.2	44.01
Capital Expenditures, 2 Yr. CAGR %	-3.22	17.37	3.08	-5.06	7.4
Levered Free Cash Flow, 2 Yr. CAGR %	182.14	67.56	-43.34	1.79	55.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	163.51	91.49	-39.36	5.52	45.99
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.71	27.65	7.76	6.56	7.77
Gross Profit, 3 Yr. CAGR %	9.98	17.48	7.36	3.72	5.99
EBITDA, 3 Yr. CAGR %	15.84	6.07	3.42	-2.45	8.56
EBITA, 3 Yr. CAGR %	19.86	8.76	6.94	-2.07	11.11
EBIT, 3 Yr. CAGR %	14.67	2.64	-1.02	-7.56	6.44
Earnings From Cont. Operations, 3 Yr. CAGR %	24.95	13.83	-18.81	-17.09	-0.05
Net Income, 3 Yr. CAGR %	25.67	6.93	-17.57	-17.15	6.57
Normalized Net Income, 3 Yr. CAGR %	21.51	-5.77	-17.68	-18.8	12.9
Diluted EPS Before Extra, 3 Yr. CAGR %	20.56	6.88	-15.35	-15.11	7.31
Accounts Receivable, 3 Yr. CAGR %	2.67	1.94	8.57	1.96	1.75
Net Property, Plant and Equip., 3 Yr. CAGR %	37.1	-3.37	-0.65	-2.86	-0.4
Total Assets, 3 Yr. CAGR %	15.64	4.48	3.92	2.64	4.51
Tangible Book Value, 3 Yr. CAGR %	1.48	33.39	14.35	27.91	49.71
Common Equity, 3 Yr. CAGR %	18.77	5.56	4.46	3.07	7.61
Cash From Operations, 3 Yr. CAGR %	17.2	-25.52	-19.76	-6.88	81.44
Capital Expenditures, 3 Yr. CAGR %	2.8	3.1	7.75	1.79	1.56
Levered Free Cash Flow, 3 Yr. CAGR %	49.27	36.45	38.43	-34.91	31.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	47.03	33.35	54.83	-31.34	30.17
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.83	21.23	17.96	18.49	9.5
Gross Profit, 5 Yr. CAGR %	11.65	15.88	11.73	11.92	9.1
EBITDA, 5 Yr. CAGR %	16.59	12.08	1.95	2.54	10.61
EBITA, 5 Yr. CAGR %	19.34	14.96	2.84	3.33	13.73
EBIT, 5 Yr. CAGR %	16.21	11.03	-1.82	-0.19	10.83
Earnings From Cont. Operations, 5 Yr. CAGR %	22.63	23.2	-14.38	0.33	13.39
Net Income, 5 Yr. CAGR %	23.87	18.82	-14.19	0.43	14.5
Normalized Net Income, 5 Yr. CAGR %	20.98	5.52	-13.64	-4.36	10.9
Diluted EPS Before Extra, 5 Yr. CAGR %	20.63	17.09	-15.02	0.78	16.32
Accounts Receivable, 5 Yr. CAGR %	4.64	5.52	2.34	1	6.8
Net Property, Plant and Equip., 5 Yr. CAGR %	23.91	20.1	18.82	-2.3	-0.42
Total Assets, 5 Yr. CAGR %	15.24	11	9.89	4.16	4.45
Tangible Book Value, 5 Yr. CAGR %	51.99	14.26	7	39.97	28.14
Common Equity, 5 Yr. CAGR %	17.26	12.51	11.26	5.76	6.33
Cash From Operations, 5 Yr. CAGR %	34.3	-24.2	-0.96	10.17	1.39
Capital Expenditures, 5 Yr. CAGR %	-4.04	6.33	2.91	-0.25	7.61
Levered Free Cash Flow, 5 Yr. CAGR %	47.76	-6.41	0.06	15.58	38.19
Unlevered Free Cash Flow, 5 Yr. CAGR %	51.89	-5.71	1.9	16.15	45.29
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-