Balance Sheet Jones Lang LaSalle Incorporated

Equities

JLL

US48020Q1076

Real Estate Services

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Jan. 29	IP Generation Pty Ltd acquired David Jones, Bourke St Mall for approximately AUD 220 million.	CI
Jan. 22	UBS Raises Price Target on Jones Lang LaSalle to $340 From $310, Maintains Buy Rating	MT

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Published financial data: JONES LANG LASALLE INCORPORATED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	10.03B	8.9B	11.05B	20.86B	20.76B
Total Revenues	10.03B	8.9B	11.05B	20.86B	20.76B
Cost of Goods Sold, Total	3.12B	2.7B	2.88B	9.65B	10.07B
Gross Profit	6.91B	6.2B	8.17B	11.21B	10.69B
Selling General & Admin Expenses, Total	5.82B	5.27B	6.82B	10.01B	9.77B
Depreciation & Amortization - (IS)	202M	226M	218M	228M	238M
Other Operating Expenses	0	0	0	-	-
Other Operating Expenses, Total	6.02B	5.5B	7.04B	10.24B	10.01B
Operating Income	896M	698M	1.12B	973M	677M
Interest Expense, Total	-56.4M	-52.8M	-40.1M	-75.2M	-135M
Net Interest Expenses	-56.4M	-52.8M	-40.1M	-75.2M	-135M
Income (Loss) On Equity Invest.	36.3M	8M	209M	51M	-194M
Other Non Operating Income (Expenses)	5.7M	9.3M	14.7M	8M	4.9M
EBT, Excl. Unusual Items	882M	662M	1.31B	957M	353M
Restructuring Charges	-40.9M	-81.3M	-84.7M	-105M	-101M
Merger & Related Restructuring Charges	-115M	-75.9M	-	-	-
Gain (Loss) On Sale Of Investments	-	9.8M	-	142M	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-28.4M	14.8M	-	-	-
EBT, Incl. Unusual Items	698M	530M	1.22B	994M	252M
Income Tax Expense	160M	107M	264M	201M	25.7M
Earnings From Continuing Operations	538M	423M	959M	793M	226M
Net Income to Company	538M	423M	959M	793M	226M
Minority Interest	-2.6M	-20.2M	2.3M	-139M	-800K
Net Income - (IS)	535M	402M	962M	654M	225M
Preferred Dividend and Other Adjustments	900K	-	-	-	-
Net Income to Common Incl Extra Items	534M	402M	962M	654M	225M
Net Income to Common Excl. Extra Items	534M	402M	962M	654M	225M
Per Share Items
Net EPS - Basic	10.99	7.79	18.89	13.51	4.73
Basic EPS - Continuing Operations	10.99	7.79	18.89	13.51	4.73
Basic Weighted Average Shares Outstanding	48.65M	51.68M	50.92M	48.45M	47.63M
Net EPS - Diluted	10.87	7.7	18.47	13.27	4.67
Diluted EPS - Continuing Operations	10.87	7.7	18.47	13.27	4.67
Diluted Weighted Average Shares Outstanding	49.15M	52.28M	52.07M	49.34M	48.29M
Normalized Basic EPS	11.28	7.62	16.1	9.47	4.61
Normalized Diluted EPS	11.16	7.53	15.75	9.3	4.55
Dividend Per Share	0.86	-	-	-	-
Payout Ratio	7.98	-	-	-	-
Supplemental Items
EBITDA	1.16B	1.02B	1.45B	1.32B	1.02B
EBITA	1.01B	846M	1.28B	1.16B	855M
EBIT	896M	698M	1.12B	973M	677M
EBITDAR	1.37B	1.24B	1.67B	1.54B	1.26B
Total Revenues (As Reported)	17.98B	16.59B	19.37B	-	-
Effective Tax Rate - (Ratio)	22.89	20.18	21.6	20.2	10.2
Current Domestic Taxes	53.3M	28.9M	130M	111M	122M
Current Foreign Taxes	157M	104M	156M	136M	161M
Total Current Taxes	210M	133M	286M	247M	283M
Deferred Domestic Taxes	-19.9M	4M	40.9M	-3.7M	-215M
Deferred Foreign Taxes	-31.3M	-29.7M	-62.3M	-42.7M	-42.3M
Total Deferred Taxes	-51.2M	-25.7M	-21.4M	-46.4M	-257M
Normalized Net Income	549M	394M	820M	459M	220M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Net Rental Expense, Total	204M	223M	226M	224M	232M
Imputed Operating Lease Interest Expense	49.29M	32.36M	25.31M	46.75M	80.06M
Imputed Operating Lease Depreciation	155M	191M	201M	178M	152M
Stock-Based Comp., SG&A Exp. (Total)	48.4M	10.8M	62.3M	79.7M	74.9M
Stock-Based Comp., Other (Total)	28M	73M	34.1M	6.1M	3.4M
Total Stock-Based Compensation	76.4M	83.8M	96.4M	85.8M	78.3M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	452M	574M	594M	519M	410M
Total Cash And Short Term Investments	452M	574M	594M	519M	410M
Accounts Receivable, Total	2.37B	1.9B	2.35B	2.51B	2.43B
Other Receivables	1.67B	1.46B	1.73B	2.01B	2.32B
Notes Receivable	473M	470M	389M	470M	446M
Total Receivables	4.51B	3.83B	4.47B	4.98B	5.2B
Prepaid Expenses	131M	151M	192M	187M	186M
Loans Held For Sale	527M	1.53B	822M	463M	677M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	200M	266M	248M	227M	253M
Other Current Assets, Total	46.6M	100M	60.4M	190M	128M
Total Current Assets	5.87B	6.45B	6.39B	6.57B	6.86B
Gross Property Plant And Equipment	2.17B	2.18B	2.37B	2.32B	2.38B
Accumulated Depreciation	-661M	-806M	-909M	-960M	-1.04B
Net Property Plant And Equipment	1.51B	1.37B	1.46B	1.36B	1.34B
Long-term Investments	404M	431M	746M	874M	817M
Goodwill	4.17B	4.22B	4.61B	4.53B	4.59B
Other Intangibles, Total	683M	680M	887M	858M	785M
Accounts Receivable Long-Term	85.9M	79.9M	92.8M	-	62.2M
Deferred Tax Assets Long-Term	245M	296M	331M	380M	497M
Other Long-Term Assets, Total	711M	780M	986M	1.02B	1.11B
Total Assets	13.67B	14.32B	15.5B	15.59B	16.06B
Liabilities
Accounts Payable, Total	1.29B	1.23B	1.26B	1.24B	1.41B
Accrued Expenses, Total	1.73B	1.43B	2.03B	1.75B	1.7B
Short-term Borrowings	631M	1.56B	938M	620M	811M
Current Portion of Long-Term Debt	-	-	275M	-	-
Current Portion of Leases	158M	171M	160M	156M	162M
Unearned Revenue Current, Total	159M	193M	208M	216M	226M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	1.52B	1.55B	1.61B	1.93B	2.14B
Total Current Liabilities	5.49B	6.13B	6.49B	5.91B	6.45B
Long-Term Debt	1.18B	693M	534M	1.59B	1.39B
Long-Term Leases	758M	692M	724M	789M	774M
Deferred Tax Liability Non Current	106M	120M	180M	194M	44.8M
Other Non Current Liabilities	928M	1.07B	1.16B	962M	1B
Total Liabilities	8.46B	8.7B	9.08B	9.44B	9.65B
Common Stock, Total	500K	500K	500K	500K	500K
Additional Paid In Capital	1.96B	2.02B	2.05B	2.02B	2.02B
Retained Earnings	3.59B	3.98B	4.94B	5.59B	5.8B
Treasury Stock	-	-96.1M	-406M	-935M	-920M
Comprehensive Income and Other	-434M	-383M	-401M	-658M	-602M
Total Common Equity	5.12B	5.52B	6.18B	6.02B	6.29B
Minority Interest	95.2M	97M	236M	129M	116M
Total Equity	5.21B	5.62B	6.42B	6.15B	6.41B
Total Liabilities And Equity	13.67B	14.32B	15.5B	15.59B	16.06B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	51.57M	51.11M	49.89M	47.6M	47.44M
ECS Total Common Shares Outstanding	51.55M	51.11M	50.02M	47.51M	47.51M
Book Value / Share	99.28	108.03	123.64	126.74	132.47
Tangible Book Value	267M	616M	686M	634M	921M
Tangible Book Value Per Share	5.19	12.06	13.72	13.35	19.39
Total Debt	2.72B	3.11B	2.63B	3.15B	3.14B
Net Debt	2.27B	2.54B	2.04B	2.63B	2.73B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-10.7M	-11.1M	-63.8M	-30M	-37.9M
Debt Equivalent Oper. Leases	1.63B	1.79B	1.81B	1.79B	1.86B
Minority Interest, Total (Incl. Fin. Div)	95.2M	97M	236M	129M	116M
Equity Method Investments, Total	75.6M	90.5M	106M	78.9M	75.8M
Account Code - Inventory Valuation	3	3	3	-	3
Machinery, Total	868M	958M	1.02B	1.07B	1.13B
Full Time Employees	93.4K	91K	98.2K	103K	106K
Accumulated Allowance for Doubtful Accounts (Supple)	68.1M	66.5M	67.6M	66.7M	70.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	535M	402M	962M	654M	225M
Depreciation & Amortization - CF	158M	169M	164M	158M	168M
Amortization of Goodwill and Intangible Assets - (CF)	110M	148M	160M	185M	178M
Depreciation & Amortization, Total	267M	318M	324M	343M	346M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	5.6M	1.2M	-10.9M	-134M	500K
(Income) Loss On Equity Investments - (CF)	-15.3M	3.7M	-181M	-29.8M	206M
Stock-Based Compensation (CF)	74.2M	83.8M	96.4M	85.8M	78.3M
Provision and Write-off of Bad Debts	30.8M	45.6M	12.1M	27M	20.3M
Other Operating Activities, Total	-71.7M	-160M	-178M	24.1M	-66.9M
Change In Accounts Receivable	-330M	414M	-402M	-319M	11.1M
Change In Accounts Payable	-64.7M	177M	-11.6M	-115M	78.5M
Change In Income Taxes	-	-	-	-	-139M
Change In Deferred Taxes	-18.7M	-37.1M	-400K	-40.5M	-
Change in Other Net Operating Assets	70.9M	-134M	362M	-296M	-185M
Cash from Operations	484M	1.11B	972M	200M	576M
Capital Expenditure	-188M	-149M	-176M	-206M	-187M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-801M	-	-417M	-5.7M	-13.6M
Sale (Purchase) of Real Estate properties	-79.2M	1M	-70.9M	135M	-
Investment in Marketable and Equity Securities, Total	-23.9M	-38.8M	-107M	-143M	-85.7M
Other Investing Activities, Total	42.5M	16.6M	-35.1M	-23.5M	-4.2M
Cash from Investing	-1.05B	-171M	-806M	-243M	-290M
Short Term Debt Issued, Total	86.8M	-	91.8M	20.1M	-
Long-Term Debt Issued, Total	5.86B	5.22B	5.09B	7.56B	8.08B
Total Debt Issued	5.95B	5.22B	5.19B	7.58B	8.08B
Short Term Debt Repaid, Total	-	-64.3M	-	-	-24.8M
Long-Term Debt Repaid, Total	-5.34B	-5.74B	-4.94B	-6.76B	-8.28B
Total Debt Repaid	-5.34B	-5.81B	-4.94B	-6.76B	-8.31B
Issuance of Common Stock	3.7M	-	-	-	-
Repurchase of Common Stock	-13.6M	-124M	-396M	-688M	-92.2M
Common Dividends Paid	-42.7M	-	-	-	-
Common & Preferred Stock Dividends Paid	-42.7M	-	-	-	-
Other Financing Activities, Total	25.4M	-58.4M	10.2M	-145M	-57.3M
Cash from Financing	585M	-771M	-144M	-13.1M	-374M
Foreign Exchange Rate Adjustments	-800K	14.8M	-21M	-39.3M	6.3M
Net Change in Cash	17.9M	188M	1.8M	-95.6M	-82.6M
Supplemental Items
Cash Interest Paid	58.5M	50.2M	38.8M	74.3M	145M
Cash Income Tax Paid (Refund)	281M	138M	262M	321M	158M
Levered Free Cash Flow	279M	-107M	1.72B	549M	517M
Unlevered Free Cash Flow	314M	-73.84M	1.75B	596M	602M
Change In Net Working Capital	402M	762M	-798M	235M	59.2M
Net Debt Issued / Repaid	612M	-589M	242M	820M	-225M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.73	3.12	4.71	3.91	2.67
Return on Total Capital	8.84	5.23	7.91	6.63	4.49
Return On Equity %	12.02	7.81	15.94	12.62	3.6
Return on Common Equity	12.13	7.57	16.43	10.72	3.66
Margin Analysis
Gross Profit Margin %	68.94	69.62	73.93	53.74	51.47
SG&A Margin	57.98	59.24	61.78	47.99	47.06
EBITDA Margin %	11.6	11.41	13.11	6.31	4.93
EBITA Margin %	10.03	9.5	11.63	5.55	4.12
EBIT Margin %	8.94	7.84	10.18	4.66	3.26
Income From Continuing Operations Margin %	5.36	4.75	8.68	3.8	1.09
Net Income Margin %	5.34	4.52	8.71	3.14	1.09
Net Avail. For Common Margin %	5.33	4.52	8.71	3.14	1.09
Normalized Net Income Margin	5.47	4.42	7.42	2.2	1.06
Levered Free Cash Flow Margin	2.78	-1.2	15.58	2.63	2.49
Unlevered Free Cash Flow Margin	3.13	-0.83	15.8	2.86	2.9
Asset Turnover
Asset Turnover	0.85	0.64	0.74	1.34	1.31
Fixed Assets Turnover	9.67	6.19	7.79	14.78	15.36
Receivables Turnover (Average Receivables)	4.42	4.17	5.2	8.59	8.4
Short Term Liquidity
Current Ratio	1.07	1.05	0.98	1.11	1.06
Quick Ratio	0.82	0.64	0.72	0.85	0.8
Operating Cash Flow to Current Liabilities	0.09	0.18	0.15	0.03	0.09
Days Sales Outstanding (Average Receivables)	82.54	87.79	70.21	42.48	43.45
Average Days Payable Outstanding	149.41	170.53	157.95	47.27	47.89
Long Term Solvency
Total Debt/Equity	52.27	55.39	40.95	51.25	48.93
Total Debt / Total Capital	34.33	35.65	29.05	33.89	32.86
LT Debt/Equity	37.12	24.67	19.58	38.64	33.76
Long-Term Debt / Total Capital	24.38	15.87	13.89	25.54	22.67
Total Liabilities / Total Assets	61.87	60.76	58.59	60.56	60.1
EBIT / Interest Expense	15.89	13.21	28.04	12.94	5
EBITDA / Interest Expense	24.25	23.46	41.76	20.48	9.27
(EBITDA - Capex) / Interest Expense	20.92	20.63	37.38	17.74	7.89
Total Debt / EBITDA	1.99	2.51	1.57	2.05	2.5
Net Debt / EBITDA	1.66	2.05	1.22	1.71	2.17
Total Debt / (EBITDA - Capex)