Maryland | 36-4150422 | |||||||||||||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||||||||||||||||||
200 East Randolph Drive | Chicago, | IL | 60601 | |||||||||||||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||||||||||||||
Registrant's telephone number, including area code: | (312) | 782-5800 | ||||||||||||||||||||||||||||||||||||||||||
Former name, former address and former fiscal year, if changed since last report: Not Applicable |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 | JLL | The New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Part I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 6. | ||||||||
(in millions, except share and per share data) | (in millions, except share and per share data) | June 30, 2023 | December 31, 2022 | (in millions, except share and per share data) | September 30, 2023 | December 31, 2022 | ||||||||||
Assets | Assets | (unaudited) | Assets | (unaudited) | ||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 402.5 | 519.3 | Cash and cash equivalents | $ | 389.5 | 519.3 | ||||||||
Trade receivables, net of allowance of $76.8 and $66.7 | 1,982.0 | 2,148.8 | ||||||||||||||
Trade receivables, net of allowance of $77.4 and $66.7 | Trade receivables, net of allowance of $77.4 and $66.7 | 1,912.7 | 2,148.8 | |||||||||||||
Notes and other receivables | Notes and other receivables | 410.9 | 469.5 | Notes and other receivables | 393.3 | 469.5 | ||||||||||
Reimbursable receivables | Reimbursable receivables | 1,910.9 | 2,005.7 | Reimbursable receivables | 2,005.6 | 2,005.7 | ||||||||||
Warehouse receivables | Warehouse receivables | 1,049.0 | 463.2 | Warehouse receivables | 705.2 | 463.2 | ||||||||||
Short-term contract assets, net of allowance of $1.9 and $1.9 | 357.2 | 359.7 | ||||||||||||||
Short-term contract assets, net of allowance of $2.0 and $1.9 | Short-term contract assets, net of allowance of $2.0 and $1.9 | 359.7 | 359.7 | |||||||||||||
Prepaid and other | Prepaid and other | 593.3 | 603.5 | Prepaid and other | 612.6 | 603.5 | ||||||||||
Total current assets | Total current assets | 6,705.8 | 6,569.7 | Total current assets | 6,378.6 | 6,569.7 | ||||||||||
Property and equipment, net of accumulated depreciation of $1,030.4 and $960.5 | 585.5 | 582.9 | ||||||||||||||
Property and equipment, net of accumulated depreciation of $1,009.6 and $960.5 | Property and equipment, net of accumulated depreciation of $1,009.6 and $960.5 | 589.4 | 582.9 | |||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 761.3 | 776.3 | Operating lease right-of-use assets | 755.3 | 776.3 | ||||||||||
Goodwill | Goodwill | 4,577.7 | 4,528.0 | Goodwill | 4,541.8 | 4,528.0 | ||||||||||
Identified intangibles, net of accumulated amortization of $499.0 and $445.8 | 821.1 | 858.5 | ||||||||||||||
Investments, including $802.5 and $794.9 at fair value | 872.7 | 873.8 | ||||||||||||||
Identified intangibles, net of accumulated amortization of $532.4 and $445.8 | Identified intangibles, net of accumulated amortization of $532.4 and $445.8 | 803.2 | 858.5 | |||||||||||||
Investments, including $792.8 and $794.9 at fair value | Investments, including $792.8 and $794.9 at fair value | 865.2 | 873.8 | |||||||||||||
Long-term receivables | Long-term receivables | 372.1 | 331.1 | Long-term receivables | 394.4 | 331.1 | ||||||||||
Deferred tax assets, net | Deferred tax assets, net | 394.6 | 379.6 | Deferred tax assets, net | 382.5 | 379.6 | ||||||||||
Deferred compensation plan | Deferred compensation plan | 559.5 | 517.9 | Deferred compensation plan | 590.3 | 517.9 | ||||||||||
Other | Other | 175.2 | 175.9 | Other | 179.8 | 175.9 | ||||||||||
Total assets | Total assets | $ | 15,825.5 | 15,593.7 | Total assets | $ | 15,480.5 | 15,593.7 | ||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | $ | 1,054.6 | 1,236.8 | Accounts payable and accrued liabilities | $ | 1,074.2 | 1,236.8 | ||||||||
Reimbursable payables | Reimbursable payables | 1,430.2 | 1,579.5 | Reimbursable payables | 1,469.4 | 1,579.5 | ||||||||||
Accrued compensation and benefits | Accrued compensation and benefits | 1,141.2 | 1,749.8 | Accrued compensation and benefits | 1,338.8 | 1,749.8 | ||||||||||
Short-term borrowings | Short-term borrowings | 112.1 | 164.2 | Short-term borrowings | 117.6 | 164.2 | ||||||||||
Short-term contract liabilities and deferred income | Short-term contract liabilities and deferred income | 213.6 | 216.5 | Short-term contract liabilities and deferred income | 206.5 | 216.5 | ||||||||||
Short-term acquisition-related obligations | Short-term acquisition-related obligations | 20.5 | 23.1 | Short-term acquisition-related obligations | 20.8 | 23.1 | ||||||||||
Warehouse facilities | Warehouse facilities | 941.8 | 455.3 | Warehouse facilities | 574.9 | 455.3 | ||||||||||
Short-term operating lease liabilities | Short-term operating lease liabilities | 164.3 | 156.4 | Short-term operating lease liabilities | 158.5 | 156.4 | ||||||||||
Other | Other | 412.4 | 330.5 | Other | 464.8 | 330.5 | ||||||||||
Total current liabilities | Total current liabilities | 5,490.7 | 5,912.1 | Total current liabilities | 5,425.5 | 5,912.1 | ||||||||||
Credit facility, net of debt issuance costs of $9.5 and $11.2 | 1,840.5 | 1,213.8 | ||||||||||||||
Credit facility, net of debt issuance costs of $8.6 and $11.2 | Credit facility, net of debt issuance costs of $8.6 and $11.2 | 1,591.4 | 1,213.8 | |||||||||||||
Long-term debt, net of debt issuance costs of $1.1 and $1.2 | Long-term debt, net of debt issuance costs of $1.1 and $1.2 | 380.7 | 372.8 | Long-term debt, net of debt issuance costs of $1.1 and $1.2 | 369.5 | 372.8 | ||||||||||
Deferred tax liabilities, net | Deferred tax liabilities, net | 191.6 | 194.0 | Deferred tax liabilities, net | 161.0 | 194.0 | ||||||||||
Deferred compensation | Deferred compensation | 518.3 | 492.4 | Deferred compensation | 542.2 | 492.4 | ||||||||||
Long-term acquisition-related obligations | Long-term acquisition-related obligations | 58.6 | 76.3 | Long-term acquisition-related obligations | 57.6 | 76.3 | ||||||||||
Long-term operating lease liabilities | Long-term operating lease liabilities | 766.6 | 775.8 | Long-term operating lease liabilities | 764.5 | 775.8 | ||||||||||
Other | Other | 386.6 | 407.0 | Other | 399.1 | 407.0 | ||||||||||
Total liabilities | Total liabilities | 9,633.6 | 9,444.2 | Total liabilities | 9,310.8 | 9,444.2 | ||||||||||
Redeemable noncontrolling interest | Redeemable noncontrolling interest | 7.1 | 7.0 | Redeemable noncontrolling interest | 6.8 | 7.0 | ||||||||||
Company shareholders' equity: | Company shareholders' equity: | Company shareholders' equity: | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,095,238 and 52,085,968 shares issued; 47,720,950 and 47,507,758 outstanding | 0.5 | 0.5 | ||||||||||||||
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,120,548 and 52,085,968 shares issued; 47,612,205 and 47,507,758 outstanding | Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,120,548 and 52,085,968 shares issued; 47,612,205 and 47,507,758 outstanding | 0.5 | 0.5 | |||||||||||||
Additional paid-in capital | Additional paid-in capital | 2,015.3 | 2,022.6 | Additional paid-in capital | 2,009.5 | 2,022.6 | ||||||||||
Retained earnings | Retained earnings | 5,567.6 | 5,590.4 | Retained earnings | 5,624.5 | 5,590.4 | ||||||||||
Treasury stock, at cost, 4,374,288 and 4,578,210 shares | (895.8) | (934.6) | ||||||||||||||
Treasury stock, at cost, 4,508,343 and 4,578,210 shares | Treasury stock, at cost, 4,508,343 and 4,578,210 shares | (907.2) | (934.6) | |||||||||||||
Shares held in trust | Shares held in trust | (11.6) | (9.8) | Shares held in trust | (11.4) | (9.8) | ||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (611.4) | (648.2) | Accumulated other comprehensive loss | (671.4) | (648.2) | ||||||||||
Total Company shareholders’ equity | Total Company shareholders’ equity | 6,064.6 | 6,020.9 | Total Company shareholders’ equity | 6,044.5 | 6,020.9 | ||||||||||
Noncontrolling interest | Noncontrolling interest | 120.2 | 121.6 | Noncontrolling interest | 118.4 | 121.6 | ||||||||||
Total equity | Total equity | 6,184.8 | 6,142.5 | Total equity | 6,162.9 | 6,142.5 | ||||||||||
Total liabilities, redeemable noncontrolling interest and equity | Total liabilities, redeemable noncontrolling interest and equity | $ | 15,825.5 | 15,593.7 | Total liabilities, redeemable noncontrolling interest and equity | $ | 15,480.5 | 15,593.7 |
(in millions, except share and per share data) (unaudited) | (in millions, except share and per share data) (unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions, except share and per share data) (unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Revenue | Revenue | $ | 5,052.5 | 5,278.4 | $ | 9,768.0 | 10,079.8 | Revenue | $ | 5,111.4 | 5,177.5 | $ | 14,879.4 | 15,257.3 | ||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 2,417.0 | 2,554.4 | $ | 4,670.0 | 4,965.2 | Compensation and benefits | $ | 2,434.6 | 2,496.2 | $ | 7,104.6 | 7,461.4 | ||||||||||||||||||||
Operating, administrative and other | Operating, administrative and other | 2,414.6 | 2,407.6 | 4,766.1 | 4,548.6 | Operating, administrative and other | 2,467.0 | 2,402.0 | 7,233.1 | 6,950.6 | ||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 59.9 | 55.4 | 117.4 | 109.8 | Depreciation and amortization | 59.1 | 55.7 | 176.5 | 165.5 | ||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 | Restructuring and acquisition charges | 31.6 | 21.0 | 79.1 | 66.4 | ||||||||||||||||||||||||
Total operating expenses | Total operating expenses | $ | 4,903.3 | 5,043.3 | $ | 9,601.0 | 9,669.0 | Total operating expenses | $ | 4,992.3 | 4,974.9 | $ | 14,593.3 | 14,643.9 | ||||||||||||||||||||
Operating income | Operating income | $ | 149.2 | 235.1 | $ | 167.0 | 410.8 | Operating income | $ | 119.1 | 202.6 | $ | 286.1 | 613.4 | ||||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | Interest expense, net of interest income | 37.1 | 23.2 | 103.9 | 49.1 | ||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | (103.5) | 53.6 | (106.1) | 72.1 | Equity (losses) earnings | (11.2) | 0.5 | (117.3) | 72.6 | ||||||||||||||||||||||||
Other (expense) income | (1.2) | 135.3 | (1.1) | 135.5 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes and noncontrolling interest | 4.0 | 408.3 | (7.0) | 592.5 | ||||||||||||||||||||||||||||||
Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | ||||||||||||||||||||||||||||||
Net income (loss) | 3.2 | 335.5 | (5.5) | 479.4 | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0.7 | 141.6 | 1.2 | 139.9 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | ||||||||||||||||||||||||||||
Basic earnings (loss) per common share | $ | 0.05 | 3.98 | $ | (0.14) | 6.89 | ||||||||||||||||||||||||||||
Other income | Other income | 3.0 | 0.5 | 1.9 | 136.0 | |||||||||||||||||||||||||||||
Income before income taxes and noncontrolling interest | Income before income taxes and noncontrolling interest | 73.8 | 180.4 | 66.8 | 772.9 | |||||||||||||||||||||||||||||
Income tax provision | Income tax provision | 14.5 | 42.3 | 13.0 | 155.4 | |||||||||||||||||||||||||||||
Net income | Net income | 59.3 | 138.1 | 53.8 | 617.5 | |||||||||||||||||||||||||||||
Net (loss) income attributable to noncontrolling interest | Net (loss) income attributable to noncontrolling interest | (0.4) | (2.1) | 0.8 | 137.8 | |||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 59.7 | 140.2 | $ | 53.0 | 479.7 | |||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.25 | 2.93 | $ | 1.11 | 9.83 | |||||||||||||||||||||||||||
Basic weighted average shares outstanding (in 000's) | Basic weighted average shares outstanding (in 000's) | 47,748 | 48,718 | 47,652 | 49,247 | Basic weighted average shares outstanding (in 000's) | 47,662 | 47,863 | 47,655 | 48,782 | ||||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.05 | 3.90 | $ | (0.14) | 6.75 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.23 | 2.88 | $ | 1.10 | 9.65 | |||||||||||||||||||||||||||
Diluted weighted average shares outstanding (in 000's) | Diluted weighted average shares outstanding (in 000's) | 48,334 | 49,651 | 47,652 | 50,292 | Diluted weighted average shares outstanding (in 000's) | 48,394 | 48,629 | 48,317 | 49,727 | ||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | ||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 59.7 | 140.2 | $ | 53.0 | 479.7 | |||||||||||||||||||||||||||
Change in pension liabilities, net of tax | Change in pension liabilities, net of tax | (1.1) | — | (1.1) | — | Change in pension liabilities, net of tax | — | — | (1.1) | — | ||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | 11.1 | (164.4) | 37.9 | (188.5) | Foreign currency translation adjustments | (60.0) | (139.1) | (22.1) | (327.6) | ||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | 12.5 | 29.5 | $ | 30.1 | 151.0 | ||||||||||||||||||||||||||||
Comprehensive (loss) income attributable to common shareholders | Comprehensive (loss) income attributable to common shareholders | $ | (0.3) | 1.1 | $ | 29.8 | 152.1 |
Company Shareholders' Equity | Company Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional | Shares | Common Stock | Additional | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) (unaudited) | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 47,507,758 | $ | 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | $ | 6,142.5 | December 31, 2022 | 47,507,758 | $ | 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | $ | 6,142.5 | ||||||||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | — | — | — | (9.2) | — | — | — | 0.5 | (8.7) | Net (loss) income | — | — | — | (9.2) | — | — | — | 0.5 | (8.7) | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 146,727 | — | (60.3) | (14.5) | — | 81.8 | — | — | 7.0 | Shares issued under stock-based compensation programs | 146,727 | — | (60.3) | (14.5) | — | 81.8 | — | — | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (45,281) | — | 2.3 | — | — | (30.7) | — | — | (28.4) | Shares repurchased for payment of taxes on stock-based compensation | (45,281) | — | 2.3 | — | — | (30.7) | — | — | (28.4) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 16.7 | — | — | — | — | — | 16.7 | Amortization of stock-based compensation | — | — | 16.7 | — | — | — | — | — | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | 26.8 | — | 26.8 | Foreign currency translation adjustments | — | — | — | — | — | — | 26.8 | — | 26.8 | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (0.7) | (0.7) | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2023 | 47,609,204 | $ | 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | $ | 6,155.2 | March 31, 2023 | 47,609,204 | $ | 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | $ | 6,155.2 | ||||||||||||||||||||||||||||||||||||||||
Net income(3) | Net income(3) | — | — | — | 2.5 | — | — | — | 0.6 | 3.1 | Net income(3) | — | — | — | 2.5 | — | — | — | 0.6 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 288,834 | — | (2.3) | (1.6) | — | 7.1 | — | — | 3.2 | Shares issued under stock-based compensation programs | 288,834 | — | (2.3) | (1.6) | — | 7.1 | — | — | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (104,766) | — | — | — | — | 0.1 | — | — | 0.1 | Shares repurchased for payment of taxes on stock-based compensation | (104,766) | — | — | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 36.3 | — | — | — | — | — | 36.3 | Amortization of stock-based compensation | — | — | 36.3 | — | — | — | — | — | 36.3 | ||||||||||||||||||||||||||||||||||||||||||||
Shares held in trust | Shares held in trust | — | — | — | — | (1.8) | — | — | — | (1.8) | Shares held in trust | — | — | — | — | (1.8) | — | — | — | (1.8) | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (72,322) | — | — | — | — | (19.5) | — | — | (19.5) | Repurchase of common stock | (72,322) | — | — | — | — | (19.5) | — | — | (19.5) | ||||||||||||||||||||||||||||||||||||||||||||
Change in pension liabilities, net of tax | Change in pension liabilities, net of tax | — | — | — | — | — | — | (1.1) | — | (1.1) | Change in pension liabilities, net of tax | — | — | — | — | — | — | (1.1) | — | (1.1) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | 11.1 | — | 11.1 | Foreign currency translation adjustments | — | — | — | — | — | — | 11.1 | — | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (1.8) | (1.8) | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (1.8) | (1.8) | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | 47,720,950 | $ | 0.5 | 2,015.3 | 5,567.6 | (11.6) | (895.8) | (611.4) | 120.2 | $ | 6,184.8 | June 30, 2023 | 47,720,950 | $ | 0.5 | 2,015.3 | 5,567.6 | (11.6) | (895.8) | (611.4) | 120.2 | $ | 6,184.8 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss)(3) | Net income (loss)(3) | — | — | — | 59.7 | — | — | — | (0.1) | 59.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 67,398 | — | (12.3) | (2.8) | — | 13.8 | — | — | (1.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (25,983) | — | — | — | — | (5.3) | — | — | (5.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 6.5 | — | — | — | — | — | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares held in trust | Shares held in trust | — | — | — | — | 0.2 | — | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (150,160) | — | — | — | — | (19.9) | — | — | (19.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | (60.0) | — | (60.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (1.7) | (1.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | 47,612,205 | $ | 0.5 | 2,009.5 | 5,624.5 | (11.4) | (907.2) | (671.4) | 118.4 | $ | 6,162.9 |
Company Shareholders' Equity | Company Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional | Shares | Common Stock | Additional | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share and per share data) (unaudited) | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | (in millions, except share and per share data) (unaudited) | Shares Outstanding | Amount | Paid-In | Retained | Held in | Treasury | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | Capital | Earnings | Trust | Stock | AOCI(1) | NCI(2) | Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 50,024,139 | $ | 0.5 | 2,053.7 | 4,937.6 | (5.2) | (406.3) | (395.4) | 228.5 | $ | 6,413.4 | December 31, 2021 | 50,024,139 | $ | 0.5 | 2,053.7 | 4,937.6 | (5.2) | (406.3) | (395.4) | 228.5 | $ | 6,413.4 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 145.6 | — | — | — | (1.7) | 143.9 | Net income (loss) | — | — | — | 145.6 | — | — | — | (1.7) | 143.9 | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 305,435 | — | (3.6) | — | — | 5.5 | — | — | 1.9 | Shares issued under stock-based compensation programs | 305,435 | — | (3.6) | — | — | 5.5 | — | — | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (105,295) | — | (1.9) | — | — | (1.9) | — | — | (3.8) | Shares repurchased for payment of taxes on stock-based compensation | (105,295) | — | (1.9) | — | — | (1.9) | — | — | (3.8) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 18.6 | — | — | — | — | — | 18.6 | Amortization of stock-based compensation | — | — | 18.6 | — | — | — | — | — | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||
Shares held in trust | Shares held in trust | — | — | — | — | 0.1 | — | — | — | 0.1 | Shares held in trust | — | — | — | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (615,351) | — | — | — | — | (150.0) | — | — | (150.0) | Repurchase of common stock | (615,351) | — | — | — | — | (150.0) | — | — | (150.0) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | (24.1) | — | (24.1) | Foreign currency translation adjustments | — | — | — | — | — | — | (24.1) | — | (24.1) | ||||||||||||||||||||||||||||||||||||||||||||
Increase in amounts attributable to noncontrolling interest | Increase in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | 15.2 | 15.2 | Increase in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | 15.2 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2022 | 49,608,928 | $ | 0.5 | 2,066.8 | 5,083.2 | (5.1) | (552.7) | (419.5) | 242.0 | $ | 6,415.2 | March 31, 2022 | 49,608,928 | $ | 0.5 | 2,066.8 | 5,083.2 | (5.1) | (552.7) | (419.5) | 242.0 | $ | 6,415.2 | ||||||||||||||||||||||||||||||||||||||||
Net income(3) | Net income(3) | — | — | — | 193.9 | — | — | — | 141.7 | 335.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 36,251 | — | (25.4) | (1.7) | — | 42.2 | — | — | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (6,592) | — | (16.5) | — | — | (16.5) | — | — | (33.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 25.8 | — | — | — | — | — | 25.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (1,397,915) | — | — | — | — | (297.7) | — | — | (297.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | (164.4) | — | (164.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (149.9) | (149.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income(3) | — | — | — | 193.9 | — | — | — | 141.7 | 335.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | 48,240,672 | $ | 0.5 | 2,050.7 | 5,275.4 | (5.1) | (824.7) | (583.9) | 233.8 | $ | 6,146.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(3) | Net income (loss)(3) | — | — | — | 140.2 | — | — | — | (2.0) | 138.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation programs | Shares issued under stock-based compensation programs | 36,251 | — | (25.4) | (1.7) | — | 42.2 | — | — | 15.1 | Shares issued under stock-based compensation programs | 209,110 | — | (23.6) | — | — | 40.6 | — | — | 17.0 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for payment of taxes on stock-based compensation | Shares repurchased for payment of taxes on stock-based compensation | (6,592) | — | (16.5) | — | — | (16.5) | — | — | (33.0) | Shares repurchased for payment of taxes on stock-based compensation | (85,659) | — | (17.9) | — | — | (17.9) | — | — | (35.8) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | — | — | 25.8 | — | — | — | — | — | 25.8 | Amortization of stock-based compensation | — | — | 25.3 | — | — | — | — | — | 25.3 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (1,397,915) | — | — | — | — | (297.7) | — | — | (297.7) | Repurchase of common stock | (847,549) | — | — | — | — | (148.9) | — | — | (148.9) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Foreign currency translation adjustments | — | — | — | — | — | — | (164.4) | — | (164.4) | Foreign currency translation adjustments | — | — | — | — | — | — | (139.1) | — | (139.1) | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in amounts attributable to noncontrolling interest | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (149.9) | (149.9) | Decrease in amounts attributable to noncontrolling interest | — | — | — | — | — | — | — | (1.2) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | 48,240,672 | $ | 0.5 | 2,050.7 | 5,275.4 | (5.1) | (824.7) | (583.9) | 233.8 | $ | 6,146.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | 47,516,574 | $ | 0.5 | 2,034.5 | 5,415.6 | (5.1) | (950.9) | (723.0) | 230.6 | $ | 6,002.2 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) (unaudited) | (in millions) (unaudited) | 2023 | 2022 | (in millions) (unaudited) | 2023 | 2022 | ||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||
Net (loss) income | $ | (5.5) | 479.4 | |||||||||||||
Reconciliation of net (loss) income to net cash used in operating activities: | ||||||||||||||||
Net income | Net income | $ | 53.8 | 617.5 | ||||||||||||
Reconciliation of net income to net cash used in operating activities: | Reconciliation of net income to net cash used in operating activities: | |||||||||||||||
Depreciation and amortization | Depreciation and amortization | 117.4 | 109.8 | Depreciation and amortization | 176.5 | 165.5 | ||||||||||
Equity losses (earnings) | Equity losses (earnings) | 106.1 | (72.1) | Equity losses (earnings) | 117.3 | (72.6) | ||||||||||
Net loss (gain) on dispositions | Net loss (gain) on dispositions | 1.8 | (134.8) | Net loss (gain) on dispositions | 0.5 | (134.8) | ||||||||||
Distributions of earnings from investments | Distributions of earnings from investments | 6.0 | 9.9 | Distributions of earnings from investments | 8.2 | 14.9 | ||||||||||
Provision for loss on receivables and other assets | Provision for loss on receivables and other assets | 19.0 | 11.8 | Provision for loss on receivables and other assets | 21.7 | 17.4 | ||||||||||
Amortization of stock-based compensation | Amortization of stock-based compensation | 53.0 | 44.4 | Amortization of stock-based compensation | 59.5 | 69.7 | ||||||||||
Net non-cash mortgage servicing rights and mortgage banking derivative activity | Net non-cash mortgage servicing rights and mortgage banking derivative activity | 2.4 | (7.6) | Net non-cash mortgage servicing rights and mortgage banking derivative activity | 9.5 | (12.8) | ||||||||||
Accretion of interest and amortization of debt issuance costs | Accretion of interest and amortization of debt issuance costs | 2.1 | 2.5 | Accretion of interest and amortization of debt issuance costs | 3.1 | 3.7 | ||||||||||
Other, net | Other, net | 3.6 | 2.6 | Other, net | 15.4 | 4.2 | ||||||||||
Change in: | Change in: | Change in: | ||||||||||||||
Receivables | Receivables | 137.7 | 64.6 | Receivables | 162.9 | (49.7) | ||||||||||
Reimbursable receivables and reimbursable payables | Reimbursable receivables and reimbursable payables | (51.0) | (94.2) | Reimbursable receivables and reimbursable payables | (110.7) | (162.6) | ||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (46.5) | (21.3) | Prepaid expenses and other assets | (104.4) | (74.6) | ||||||||||
Deferred tax assets, net | Deferred tax assets, net | (17.3) | 78.8 | Deferred tax assets, net | (36.0) | 95.0 | ||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | (216.5) | (339.6) | Accounts payable and accrued liabilities | (174.5) | (390.7) | ||||||||||
Accrued compensation | Accrued compensation | (591.6) | (673.6) | Accrued compensation | (356.4) | (492.0) | ||||||||||
Net cash used in operating activities | Net cash used in operating activities | (479.3) | (539.4) | Net cash used in operating activities | (153.6) | (401.9) | ||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||
Net capital additions – property and equipment | Net capital additions – property and equipment | (88.2) | (86.9) | Net capital additions – property and equipment | (137.7) | (136.0) | ||||||||||
Net investment asset activity (less than wholly-owned) | Net investment asset activity (less than wholly-owned) | — | 137.0 | Net investment asset activity (less than wholly-owned) | — | 132.4 | ||||||||||
Business acquisitions, net of cash acquired | Business acquisitions, net of cash acquired | (13.6) | (2.0) | Business acquisitions, net of cash acquired | (13.6) | (5.7) | ||||||||||
Capital contributions to investments | Capital contributions to investments | (66.2) | (121.4) | Capital contributions to investments | (86.8) | (142.3) | ||||||||||
Distributions of capital from investments | Distributions of capital from investments | 12.7 | 13.1 | Distributions of capital from investments | 21.5 | 19.1 | ||||||||||
Other, net | Other, net | (5.4) | (2.9) | Other, net | (3.8) | (15.3) | ||||||||||
Net cash used in investing activities | Net cash used in investing activities | (160.7) | (63.1) | Net cash used in investing activities | (220.4) | (147.8) | ||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||
Proceeds from borrowings under credit facility | Proceeds from borrowings under credit facility | 4,478.0 | 4,060.0 | Proceeds from borrowings under credit facility | 5,969.0 | 5,756.0 | ||||||||||
Repayments of borrowings under credit facility | Repayments of borrowings under credit facility | (3,853.0) | (2,835.0) | Repayments of borrowings under credit facility | (5,594.0) | (4,306.0) | ||||||||||
Net repayments of short-term borrowings | (55.3) | (12.5) | ||||||||||||||
Repayment of senior notes | Repayment of senior notes | — | (275.0) | |||||||||||||
Net (repayments of) proceeds from short-term borrowings | Net (repayments of) proceeds from short-term borrowings | (46.4) | 109.6 | |||||||||||||
Payments of deferred business acquisition obligations and earn-outs | Payments of deferred business acquisition obligations and earn-outs | (21.8) | (9.2) | Payments of deferred business acquisition obligations and earn-outs | (22.6) | (10.4) | ||||||||||
Repurchase of common stock | Repurchase of common stock | (19.5) | (447.7) | Repurchase of common stock | (39.4) | (596.6) | ||||||||||
Noncontrolling interest distributions, net | Noncontrolling interest distributions, net | — | (134.6) | Noncontrolling interest distributions, net | (4.2) | (135.8) | ||||||||||
Other, net | Other, net | (24.5) | (19.7) | Other, net | (31.2) | (41.3) | ||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 503.9 | 601.3 | Net cash provided by financing activities | 231.2 | 500.5 | ||||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 3.8 | (37.6) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (9.6) | (63.6) | ||||||||||
Net change in cash, cash equivalents and restricted cash | Net change in cash, cash equivalents and restricted cash | (132.3) | (38.8) | Net change in cash, cash equivalents and restricted cash | (152.4) | (112.8) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of the period | Cash, cash equivalents and restricted cash, beginning of the period | 746.0 | 841.6 | Cash, cash equivalents and restricted cash, beginning of the period | 746.0 | 841.6 | ||||||||||
Cash, cash equivalents and restricted cash, end of the period | Cash, cash equivalents and restricted cash, end of the period | $ | 613.7 | 802.8 | Cash, cash equivalents and restricted cash, end of the period | $ | 593.6 | 728.8 | ||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | ||||||||||||||
Restricted cash, beginning of period | Restricted cash, beginning of period | $ | 226.7 | 247.9 | Restricted cash, beginning of period | $ | 226.7 | 247.9 | ||||||||
Restricted cash, end of period | Restricted cash, end of period | 211.2 | 234.8 | Restricted cash, end of period | 204.1 | 239.4 | ||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||
Interest | Interest | $ | 65.1 | 26.4 | Interest | $ | 105.6 | 41.2 | ||||||||
Income taxes, net of refunds | Income taxes, net of refunds | 103.1 | 201.6 | Income taxes, net of refunds | 126.4 | 283.7 | ||||||||||
Operating leases | Operating leases | 96.2 | 91.5 | Operating leases | 146.4 | 137.5 | ||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||
Business acquisitions (including contingent consideration) | Business acquisitions (including contingent consideration) | $ | — | 2.0 | Business acquisitions (including contingent consideration) | $ | — | 5.3 | ||||||||
Non-cash consideration received for disposition | Non-cash consideration received for disposition | — | 15.8 | Non-cash consideration received for disposition | — | 15.8 | ||||||||||
Deferred business acquisition obligations | Deferred business acquisition obligations | — | 1.4 | Deferred business acquisition obligations | — | 3.1 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Revenue excluded from scope of ASC Topic 606 | Revenue excluded from scope of ASC Topic 606 | $ | 77.2 | 76.5 | $ | 143.4 | 146.5 | Revenue excluded from scope of ASC Topic 606 | $ | 68.1 | 76.1 | $ | 211.5 | 222.6 |
(in millions) | (in millions) | June 30, 2023 | December 31, 2022 | (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||
Contract assets, gross | Contract assets, gross | $ | 427.8 | 447.0 | Contract assets, gross | $ | 427.4 | 447.0 | ||||||||
Contract asset allowance | Contract asset allowance | (2.2) | (2.3) | Contract asset allowance | (2.2) | (2.3) | ||||||||||
Contract assets, net | Contract assets, net | $ | 425.6 | 444.7 | Contract assets, net | $ | 425.2 | 444.7 | ||||||||
Contract liabilities | Contract liabilities | $ | 145.0 | 151.4 | Contract liabilities | $ | 134.0 | 151.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Markets Advisory | ||||||||||||||
Leasing | $ | 591.4 | 708.4 | $ | 1,078.4 | 1,309.3 | ||||||||
Property Management | 409.9 | 378.2 | 810.1 | 748.7 | ||||||||||
Advisory, Consulting and Other | 24.1 | 31.6 | 43.3 | 59.7 | ||||||||||
Revenue | $ | 1,025.4 | 1,118.2 | $ | 1,931.8 | 2,117.7 | ||||||||
Depreciation and amortization(1) | $ | 16.5 | 16.3 | $ | 32.6 | 33.4 | ||||||||
Equity (losses) earnings | $ | (0.1) | 0.4 | $ | 0.2 | 0.9 | ||||||||
Adjusted EBITDA | $ | 99.4 | 134.0 | $ | 171.0 | 245.2 | ||||||||
Capital Markets | ||||||||||||||
Investment Sales, Debt/Equity Advisory and Other | $ | 319.5 | 549.7 | $ | 560.1 | 1,025.8 | ||||||||
Valuation Advisory | 89.5 | 94.4 | 168.6 | 179.0 | ||||||||||
Loan Servicing | 39.0 | 40.4 | 76.4 | 80.3 | ||||||||||
Revenue | $ | 448.0 | 684.5 | $ | 805.1 | 1,285.1 | ||||||||
Depreciation and amortization | $ | 16.2 | 15.4 | $ | 32.1 | 31.0 | ||||||||
Equity earnings | $ | 4.8 | 0.6 | $ | 5.4 | 1.4 | ||||||||
Adjusted EBITDA | $ | 36.0 | 126.7 | $ | 46.7 | 244.9 | ||||||||
Work Dynamics | ||||||||||||||
Workplace Management | $ | 2,553.4 | 2,434.0 | $ | 5,050.6 | 4,754.4 | ||||||||
Project Management | 703.2 | 754.8 | 1,379.5 | 1,367.1 | ||||||||||
Portfolio Services and Other | 118.0 | 121.7 | 220.7 | 222.6 | ||||||||||
Revenue | $ | 3,374.6 | 3,310.5 | $ | 6,650.8 | 6,344.1 | ||||||||
Depreciation and amortization | $ | 19.9 | 17.0 | $ | 39.2 | 33.5 | ||||||||
Equity earnings | $ | 0.8 | 0.9 | $ | 1.2 | 1.2 | ||||||||
Adjusted EBITDA | $ | 56.2 | 57.6 | $ | 81.9 | 92.8 | ||||||||
JLL Technologies | ||||||||||||||
Revenue | $ | 60.6 | 50.7 | $ | 122.0 | 100.1 | ||||||||
Depreciation and amortization | $ | 4.1 | 3.9 | $ | 8.0 | 7.7 | ||||||||
Equity (losses) earnings | $ | (103.9) | 44.7 | $ | (99.0) | 63.5 | ||||||||
Adjusted EBITDA | $ | (105.2) | 12.9 | $ | (118.5) | 0.6 | ||||||||
LaSalle | ||||||||||||||
Advisory fees | $ | 103.1 | 103.2 | $ | 203.6 | 200.2 | ||||||||
Transaction fees and other | 5.0 | 10.3 | 15.4 | 27.4 | ||||||||||
Incentive fees | 35.8 | 1.0 | 39.3 | 5.2 | ||||||||||
Revenue | $ | 143.9 | 114.5 | $ | 258.3 | 232.8 | ||||||||
Depreciation and amortization | $ | 2.3 | 1.8 | $ | 3.6 | 3.2 | ||||||||
Equity (losses) earnings | $ | (5.1) | 7.0 | $ | (13.9) | 5.1 | ||||||||
Adjusted EBITDA | $ | 29.7 | 27.8 | $ | 44.0 | 49.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Markets Advisory | ||||||||||||||
Leasing | $ | 547.7 | 703.3 | $ | 1,626.1 | 2,012.6 | ||||||||
Property Management | 419.2 | 377.8 | 1,229.3 | 1,126.5 | ||||||||||
Advisory, Consulting and Other | 25.5 | 30.4 | 68.8 | 90.1 | ||||||||||
Revenue | $ | 992.4 | 1,111.5 | $ | 2,924.2 | 3,229.2 | ||||||||
Depreciation and amortization(1) | $ | 15.9 | 16.6 | $ | 48.5 | 50.0 | ||||||||
Equity earnings (losses) | $ | 0.1 | (0.2) | $ | 0.3 | 0.7 | ||||||||
Adjusted EBITDA | $ | 85.1 | 132.1 | $ | 256.1 | 377.3 | ||||||||
Capital Markets | ||||||||||||||
Investment Sales, Debt/Equity Advisory and Other | $ | 310.2 | 465.0 | $ | 870.3 | 1,490.8 | ||||||||
Value and Risk Advisory | 87.5 | 89.7 | 256.1 | 268.7 | ||||||||||
Loan Servicing | 38.1 | 40.5 | 114.5 | 120.8 | ||||||||||
Revenue | $ | 435.8 | 595.2 | $ | 1,240.9 | 1,880.3 | ||||||||
Depreciation and amortization | $ | 16.4 | 15.2 | $ | 48.5 | 46.2 | ||||||||
Equity earnings | $ | 0.7 | 0.7 | $ | 6.1 | 2.1 | ||||||||
Adjusted EBITDA | $ | 50.3 | 83.2 | $ | 97.0 | 328.1 | ||||||||
Work Dynamics | ||||||||||||||
Workplace Management | $ | 2,637.1 | 2,429.1 | $ | 7,687.7 | 7,183.5 | ||||||||
Project Management | 747.0 | 748.3 | 2,126.5 | 2,115.4 | ||||||||||
Portfolio Services and Other | 130.1 | 112.4 | 350.8 | 335.0 | ||||||||||
Revenue | $ | 3,514.2 | 3,289.8 | $ | 10,165.0 | 9,633.9 | ||||||||
Depreciation and amortization | $ | 19.7 | 17.6 | $ | 58.9 | 51.1 | ||||||||
Equity earnings | $ | 0.1 | 0.1 | $ | 1.3 | 1.3 | ||||||||
Adjusted EBITDA | $ | 61.6 | 53.4 | $ | 143.5 | 146.2 | ||||||||
JLL Technologies | ||||||||||||||
Revenue | $ | 58.9 | 56.5 | $ | 180.9 | 156.6 | ||||||||
Depreciation and amortization | $ | 3.9 | 3.7 | $ | 11.9 | 11.4 | ||||||||
Equity (losses) earnings | $ | (3.0) | 1.0 | $ | (102.0) | 64.5 | ||||||||
Adjusted EBITDA | $ | (8.7) | (15.3) | $ | (127.2) | (14.7) | ||||||||
LaSalle | ||||||||||||||
Advisory fees | $ | 102.7 | 102.6 | $ | 306.3 | 302.8 | ||||||||
Transaction fees and other | 7.4 | 10.0 | 22.8 | 37.4 | ||||||||||
Incentive fees | — | 11.9 | 39.3 | 17.1 | ||||||||||
Revenue | $ | 110.1 | 124.5 | $ | 368.4 | 357.3 | ||||||||
Depreciation and amortization | $ | 2.2 | 1.6 | $ | 5.8 | 4.8 | ||||||||
Equity (losses) earnings | $ | (9.1) | (1.1) | $ | (23.0) | 4.0 | ||||||||
Adjusted EBITDA | $ | 16.9 | 22.8 | $ | 60.9 | 71.9 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Adjusted EBITDA - Markets Advisory | Adjusted EBITDA - Markets Advisory | $ | 99.4 | 134.0 | $ | 171.0 | 245.2 | Adjusted EBITDA - Markets Advisory | $ | 85.1 | 132.1 | $ | 256.1 | 377.3 | ||||||||||||||
Adjusted EBITDA - Capital Markets | Adjusted EBITDA - Capital Markets | 36.0 | 126.7 | 46.7 | 244.9 | Adjusted EBITDA - Capital Markets | 50.3 | 83.2 | 97.0 | 328.1 | ||||||||||||||||||
Adjusted EBITDA - Work Dynamics | Adjusted EBITDA - Work Dynamics | 56.2 | 57.6 | 81.9 | 92.8 | Adjusted EBITDA - Work Dynamics | 61.6 | 53.4 | 143.5 | 146.2 | ||||||||||||||||||
Adjusted EBITDA - JLL Technologies | Adjusted EBITDA - JLL Technologies | (105.2) | 12.9 | (118.5) | 0.6 | Adjusted EBITDA - JLL Technologies | (8.7) | (15.3) | (127.2) | (14.7) | ||||||||||||||||||
Adjusted EBITDA - LaSalle | Adjusted EBITDA - LaSalle | 29.7 | 27.8 | 44.0 | 49.1 | Adjusted EBITDA - LaSalle | 16.9 | 22.8 | 60.9 | 71.9 | ||||||||||||||||||
Adjusted EBITDA - Consolidated | Adjusted EBITDA - Consolidated | $ | 116.1 | 359.0 | $ | 225.1 | 632.6 | Adjusted EBITDA - Consolidated | $ | 205.2 | 276.2 | $ | 430.3 | 908.8 | ||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | $ | (11.8) | (25.9) | $ | (47.5) | (45.4) | Restructuring and acquisition charges | $ | (31.6) | (21.0) | $ | (79.1) | (66.4) | ||||||||||||||
Net loss on disposition | (1.8) | (7.5) | (1.8) | (7.5) | ||||||||||||||||||||||||
Net gain (loss) on disposition | Net gain (loss) on disposition | 1.3 | — | (0.5) | (7.5) | |||||||||||||||||||||||
Interest on employee loans, net of forgiveness | Interest on employee loans, net of forgiveness | 0.9 | — | 0.7 | — | Interest on employee loans, net of forgiveness | 1.6 | — | 2.3 | — | ||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | (0.6) | 11.2 | (2.4) | 7.6 | Net non-cash MSR and mortgage banking derivative activity | (7.1) | 5.2 | (9.5) | 12.8 | ||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | (40.5) | (15.7) | (66.8) | (25.9) | Interest expense, net of interest income | (37.1) | (23.2) | (103.9) | (49.1) | ||||||||||||||||||
Income tax (provision) benefit | (0.8) | (72.8) | 1.5 | (113.1) | ||||||||||||||||||||||||
Income tax provision | Income tax provision | (14.5) | (42.3) | (13.0) | (155.4) | |||||||||||||||||||||||
Depreciation and amortization(1) | Depreciation and amortization(1) | (59.0) | (54.4) | (115.5) | (108.8) | Depreciation and amortization(1) | (58.1) | (54.7) | (173.6) | (163.5) | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | ||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 59.7 | 140.2 | $ | 53.0 | 479.7 |
Acquired Company | Quarter of Acquisition | Country | Primary Segment | ||||||||
Kensington Capital Advisors (KCA) | Q2 | United States | Capital Markets |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 16 | 17 | Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 16 | 17 | ||||||||||||||||
Maximum earn-out payments (undiscounted) | Maximum earn-out payments (undiscounted) | $ | 105.0 | 114.6 | Maximum earn-out payments (undiscounted) | $ | 103.8 | 114.6 | ||||||||||||||
Short-term earn-out liabilities (fair value)(1) | Short-term earn-out liabilities (fair value)(1) | 12.4 | 5.0 | Short-term earn-out liabilities (fair value)(1) | 13.4 | 5.0 | ||||||||||||||||
Long-term earn-out liabilities (fair value)(1) | Long-term earn-out liabilities (fair value)(1) | 51.9 | 68.3 | Long-term earn-out liabilities (fair value)(1) | 50.8 | 68.3 |
(in millions) | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | 1,742.9 | 1,949.2 | 532.6 | 247.7 | 55.6 | $ | 4,528.0 | Balance as of December 31, 2022 | $ | 1,742.9 | 1,949.2 | 532.6 | 247.7 | 55.6 | $ | 4,528.0 | ||||||||||||||||||||||||||||
Additions, net of adjustments | Additions, net of adjustments | — | 18.7 | — | — | — | 18.7 | Additions, net of adjustments | — | 18.7 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||
Dispositions | Dispositions | (0.4) | (0.2) | — | — | — | (0.6) | |||||||||||||||||||||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | 12.5 | 14.1 | 3.8 | — | 0.6 | 31.0 | Impact of exchange rate movements | (1.7) | (2.0) | (0.5) | (0.1) | — | (4.3) | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 1,755.4 | 1,982.0 | 536.4 | 247.7 | 56.2 | $ | 4,577.7 | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | 1,740.8 | 1,965.7 | 532.1 | 247.6 | 55.6 | $ | 4,541.8 |
(in millions) | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | (in millions) | Markets Advisory | Capital Markets | Work Dynamics | JLL Technologies | LaSalle | Consolidated | ||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | Balance as of January 1, 2022 | $ | 1,782.9 | 1,983.9 | 539.9 | 247.5 | 57.4 | $ | 4,611.6 | Balance as of January 1, 2022 | $ | 1,782.9 | 1,983.9 | 539.9 | 247.5 | 57.4 | $ | 4,611.6 | ||||||||||||||||||||||||||||
Additions, net of adjustments | Additions, net of adjustments | — | 0.8 | 4.6 | 0.4 | — | 5.8 | Additions, net of adjustments | — | 8.5 | 4.6 | 0.4 | — | 13.5 | ||||||||||||||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | (40.2) | (43.5) | (11.8) | (0.2) | (1.8) | (97.5) | Impact of exchange rate movements | (69.8) | (76.4) | (20.8) | (0.2) | (3.1) | (170.3) | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 1,742.7 | 1,941.2 | 532.7 | 247.7 | 55.6 | $ | 4,519.9 | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | 1,713.1 | 1,916.0 | 523.7 | 247.7 | 54.3 | $ | 4,454.8 |
(in millions) | (in millions) | MSRs | Other Intangibles | Consolidated | (in millions) | MSRs | Other Intangibles | Consolidated | ||||||||||||||||||||
Gross Carrying Amount | Gross Carrying Amount | Gross Carrying Amount | ||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | 747.3 | 557.0 | $ | 1,304.3 | Balance as of December 31, 2022 | $ | 747.3 | 557.0 | $ | 1,304.3 | ||||||||||||||||
Additions, net of adjustments(1) | Additions, net of adjustments(1) | 45.5 | 5.8 | 51.3 | Additions, net of adjustments(1) | 72.5 | 5.8 | 78.3 | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | (20.2) | (17.4) | (37.6) | Adjustment for fully amortized intangibles | (25.7) | (20.3) | (46.0) | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | 2.1 | 2.1 | Impact of exchange rate movements | — | (1.0) | (1.0) | ||||||||||||||||||||
Balance as of June 30, 2023 | $ | 772.6 | 547.5 | $ | 1,320.1 | |||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | 794.1 | 541.5 | $ | 1,335.6 | ||||||||||||||||||||||
Accumulated Amortization | Accumulated Amortization | Accumulated Amortization | ||||||||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | (242.2) | (203.6) | $ | (445.8) | Balance as of December 31, 2022 | $ | (242.2) | (203.6) | $ | (445.8) | ||||||||||||||||
Amortization, net(2) | Amortization, net(2) | (54.5) | (35.6) | (90.1) | Amortization, net(2) | (80.1) | (52.8) | (132.9) | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | 20.2 | 17.4 | 37.6 | Adjustment for fully amortized intangibles | 25.7 | 20.3 | 46.0 | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | (0.7) | (0.7) | Impact of exchange rate movements | — | 0.3 | 0.3 | ||||||||||||||||||||
Balance as of June 30, 2023 | $ | (276.5) | (222.5) | $ | (499.0) | |||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | (296.6) | (235.8) | $ | (532.4) | ||||||||||||||||||||||
Net book value as of June 30, 2023 | $ | 496.1 | 325.0 | $ | 821.1 | |||||||||||||||||||||||
Net book value as of September 30, 2023 | Net book value as of September 30, 2023 | $ | 497.5 | 305.7 | $ | 803.2 |
(in millions) | (in millions) | MSRs | Other Intangibles | Total | (in millions) | MSRs | Other Intangibles | Total | ||||||||||||||||||||
Gross Carrying Amount | Gross Carrying Amount | Gross Carrying Amount | ||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | 669.7 | 557.4 | $ | 1,227.1 | Balance as of December 31, 2021 | $ | 669.7 | 557.4 | $ | 1,227.1 | ||||||||||||||||
Additions, net of adjustments(1) | Additions, net of adjustments(1) | 78.1 | 4.9 | 83.0 | Additions, net of adjustments(1) | 103.3 | 19.1 | 122.4 | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | (33.8) | (2.5) | (36.3) | Adjustment for fully amortized intangibles | (47.9) | (2.7) | (50.6) | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | (7.7) | (7.7) | Impact of exchange rate movements | — | (13.7) | (13.7) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | 714.0 | 552.1 | $ | 1,266.1 | |||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | 725.1 | 560.1 | $ | 1,285.2 | ||||||||||||||||||||||
Accumulated Amortization | Accumulated Amortization | Accumulated Amortization | ||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | (191.0) | (149.1) | $ | (340.1) | Balance as of December 31, 2021 | $ | (191.0) | (149.1) | $ | (340.1) | ||||||||||||||||
Amortization, net(2) | Amortization, net(2) | (58.8) | (33.7) | (92.5) | Amortization, net(2) | (86.7) | (51.5) | (138.2) | ||||||||||||||||||||
Adjustment for fully amortized intangibles | Adjustment for fully amortized intangibles | 33.8 | 2.5 | 36.3 | Adjustment for fully amortized intangibles | 47.9 | 2.7 | 50.6 | ||||||||||||||||||||
Impact of exchange rate movements | Impact of exchange rate movements | — | 2.1 | 2.1 | Impact of exchange rate movements | — | 4.1 | 4.1 | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (216.0) | (178.2) | $ | (394.2) | |||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | (229.8) | (193.8) | $ | (423.6) | ||||||||||||||||||||||
Net book value as of June 30, 2022 | $ | 498.0 | 373.9 | $ | 871.9 | |||||||||||||||||||||||
Net book value as of September 30, 2022 | Net book value as of September 30, 2022 | $ | 495.3 | 366.3 | $ | 861.6 |
(in millions) | (in millions) | June 30, 2023 | December 31, 2022 | (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
JLL Technologies investments | JLL Technologies investments | $ | 469.1 | 483.4 | JLL Technologies investments | $ | 469.3 | 483.4 | ||||||||||||||
LaSalle co-investments | LaSalle co-investments | 376.1 | 366.5 | LaSalle co-investments | 368.3 | 366.5 | ||||||||||||||||
Other investments | Other investments | 27.5 | 23.9 | Other investments | 27.6 | 23.9 | ||||||||||||||||
Total | Total | $ | 872.7 | 873.8 | Total | $ | 865.2 | 873.8 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Revenue | Revenue | $ | — | 5.1 | $ | — | 8.6 | Revenue | $ | — | 4.6 | $ | — | 13.2 | ||||||||||||||||||||
Operating and other expenses | Operating and other expenses | — | (6.0) | — | (11.7) | Operating and other expenses | — | (6.2) | — | (17.9) | ||||||||||||||||||||||||
Net gains on sale of investments(1) | Net gains on sale of investments(1) | — | 142.3 | — | 142.3 | Net gains on sale of investments(1) | — | — | — | 142.3 | ||||||||||||||||||||||||
Net income | $ | — | 141.4 | $ | — | 139.2 | ||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | — | (1.6) | $ | — | 137.6 |
(in millions) | (in millions) | 2023 | 2022 | (in millions) | 2023 | 2022 | ||||||||||
Fair value investments as of January 1, | Fair value investments as of January 1, | $ | 794.9 | 639.6 | Fair value investments as of January 1, | $ | 794.9 | 639.6 | ||||||||
Investments(1) | Investments(1) | 123.8 | 121.8 | Investments(1) | 141.1 | 140.3 | ||||||||||
Distributions | Distributions | (11.1) | (21.4) | Distributions | (20.2) | (29.9) | ||||||||||
Change in fair value, net | Change in fair value, net | (110.5) | 65.3 | Change in fair value, net | (121.8) | 65.2 | ||||||||||
Foreign currency translation adjustments, net | Foreign currency translation adjustments, net | 5.4 | (19.2) | Foreign currency translation adjustments, net | (1.2) | (28.5) | ||||||||||
Fair value investments as of June 30, | $ | 802.5 | 786.1 | |||||||||||||
Fair value investments as of September 30, | Fair value investments as of September 30, | $ | 792.8 | 786.7 |
RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | |||||||||||||||||||||||||||||||||||||
Unvested as of March 31, 2023 | 688.4 | 316.4 | 1,004.8 | $ | 192.36 | 1.66 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2023 | Unvested as of June 30, 2023 | 1,003.4 | 463.6 | 1,467.0 | $ | 174.54 | 1.85 | |||||||||||||||||||||||||||||||||||||||
Granted | Granted | 345.2 | 151.8 | 497.0 | 137.67 | Granted | 175.3 | 2.4 | 177.7 | 165.96 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (15.1) | — | (15.1) | 131.67 | Vested | (66.4) | — | (66.4) | 145.97 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (15.1) | (4.6) | (19.7) | 186.15 | Forfeited | (39.6) | (4.2) | (43.8) | 176.43 | ||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2023 | 1,003.4 | 463.6 | 1,467.0 | $ | 174.54 | 1.85 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of September 30, 2023 | Unvested as of September 30, 2023 | 1,072.7 | 461.8 | 1,534.5 | $ | 174.73 | 1.78 | |||||||||||||||||||||||||||||||||||||||
Unvested as of March 31, 2022 | 786.8 | 466.1 | 1,252.9 | $ | 152.62 | 1.84 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2022 | Unvested as of June 30, 2022 | 939.0 | 576.9 | 1,515.9 | $ | 167.23 | 1.98 | |||||||||||||||||||||||||||||||||||||||
Granted | Granted | 188.5 | 113.0 | 301.5 | 224.59 | Granted | 59.9 | 1.6 | 61.5 | 172.22 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (28.6) | — | (28.6) | 129.96 | Vested | (203.7) | — | (203.7) | 141.15 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (7.7) | (2.2) | (9.9) | 173.02 | Forfeited | (10.2) | (10.6) | (20.8) | 158.85 | ||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2022 | 939.0 | 576.9 | 1,515.9 | $ | 167.23 | 1.98 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of September 30, 2022 | Unvested as of September 30, 2022 | 785.0 | 567.9 | 1,352.9 | $ | 171.51 | 1.85 |
RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | RSU Shares (in 000's) | PSU Shares (in 000's) | Total Shares (in 000's) | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Life (in years) | |||||||||||||||||||||||||||||||||||||
Unvested as of December 31, 2022 | Unvested as of December 31, 2022 | 841.3 | 567.0 | 1,408.3 | $ | 170.78 | 1.79 | Unvested as of December 31, 2022 | 841.3 | 567.0 | 1,408.3 | $ | 170.78 | 1.79 | ||||||||||||||||||||||||||||||||
Granted | Granted | 345.2 | 182.8 | 528.0 | 136.13 | Granted | 520.5 | 185.2 | 705.7 | 143.64 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (160.7) | (257.2) | (417.9) | 116.49 | Vested | (227.1) | (257.2) | (484.3) | 120.53 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (22.4) | (29.0) | (51.4) | 148.89 | Forfeited | (62.0) | (33.2) | (95.2) | 161.55 | ||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2023 | 1,003.4 | 463.6 | 1,467.0 | $ | 174.54 | 1.85 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of September 30, 2023 | Unvested as of September 30, 2023 | 1,072.7 | 461.8 | 1,534.5 | $ | 174.73 | 1.78 | |||||||||||||||||||||||||||||||||||||||
Unvested as of December 31, 2021 | Unvested as of December 31, 2021 | 912.4 | 646.0 | 1,558.4 | $ | 152.27 | 1.99 | Unvested as of December 31, 2021 | 912.4 | 646.0 | 1,558.4 | $ | 152.27 | 1.99 | ||||||||||||||||||||||||||||||||
Granted | Granted | 188.5 | 113.0 | 301.5 | 223.61 | Granted | 248.4 | 114.6 | 363.0 | 214.90 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (151.4) | (175.1) | (326.5) | 147.57 | Vested | (355.1) | (175.1) | (530.2) | 145.10 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (10.5) | (7.0) | (17.5) | 173.44 | Forfeited | (20.7) | (17.6) | (38.3) | 165.51 | ||||||||||||||||||||||||||||||||||||
Unvested as of June 30, 2022 | 939.0 | 576.9 | 1,515.9 | $ | 167.23 | 1.98 | ||||||||||||||||||||||||||||||||||||||||
Unvested as of September 30, 2022 | Unvested as of September 30, 2022 | 785.0 | 567.9 | 1,352.9 | $ | 171.51 | 1.85 |
(in millions) | (in millions) | June 30, 2023 | December 31, 2022 | (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Long-term debt, fair value | Long-term debt, fair value | $ | 363.3 | 360.9 | Long-term debt, fair value | $ | 357.8 | 360.9 | ||||||||||||||
Long-term debt, carrying value, net of debt issuance costs | Long-term debt, carrying value, net of debt issuance costs | 380.7 | 372.8 | Long-term debt, carrying value, net of debt issuance costs | 369.5 | 372.8 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investments - fair value | Investments - fair value | $ | 50.3 | — | 438.1 | 58.3 | — | 452.0 | Investments - fair value | $ | 46.3 | — | 438.7 | 58.3 | — | 452.0 | ||||||||||||||||||||||||||||||
Foreign currency forward contracts receivable | Foreign currency forward contracts receivable | — | 4.2 | — | — | 3.7 | — | Foreign currency forward contracts receivable | — | 3.3 | — | — | 3.7 | — | ||||||||||||||||||||||||||||||||
Warehouse receivables | Warehouse receivables | — | 1,049.0 | — | — | 463.2 | — | Warehouse receivables | — | 705.2 | — | — | 463.2 | — | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets | Deferred compensation plan assets | — | 559.5 | — | — | 517.9 | — | Deferred compensation plan assets | — | 590.3 | — | — | 517.9 | — | ||||||||||||||||||||||||||||||||
Mortgage banking derivative assets | Mortgage banking derivative assets | — | — | 198.7 | — | — | 190.2 | Mortgage banking derivative assets | — | — | 214.1 | — | — | 190.2 | ||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 50.3 | 1,612.7 | 636.8 | 58.3 | 984.8 | 642.2 | Total assets at fair value | $ | 46.3 | 1,298.8 | 652.8 | 58.3 | 984.8 | 642.2 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts payable | Foreign currency forward contracts payable | $ | — | 9.2 | — | — | 4.8 | — | Foreign currency forward contracts payable | $ | — | 8.3 | — | — | 4.8 | — | ||||||||||||||||||||||||||||||
Deferred compensation plan liabilities | Deferred compensation plan liabilities | — | 517.1 | — | — | 485.4 | — | Deferred compensation plan liabilities | — | 540.4 | — | — | 485.4 | — | ||||||||||||||||||||||||||||||||
Earn-out liabilities | Earn-out liabilities | — | — | 64.3 | — | — | 73.2 | Earn-out liabilities | — | — | 64.2 | — | — | 73.2 | ||||||||||||||||||||||||||||||||
Mortgage banking derivative liabilities | Mortgage banking derivative liabilities | — | — | 139.6 | — | — | 169.5 | Mortgage banking derivative liabilities | — | — | 183.2 | — | — | 169.5 | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | — | 526.3 | 203.9 | — | 490.2 | 242.7 | Total liabilities at fair value | $ | — | 548.7 | 247.4 | — | 490.2 | 242.7 |
(in billions) | (in billions) | June 30, 2023 | December 31, 2022 | (in billions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Foreign currency forward contracts, gross notional value | Foreign currency forward contracts, gross notional value | $ | 1.76 | 1.81 | Foreign currency forward contracts, gross notional value | $ | 1.73 | 1.81 | ||||||||||||||
Foreign currency forward contracts, net basis | Foreign currency forward contracts, net basis | 1.08 | 1.02 | Foreign currency forward contracts, net basis | 1.19 | 1.02 |
(in millions) | (in millions) | June 30, 2023 | December 31, 2022 | (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Net asset, receivable positions | Net asset, receivable positions | $ | 5.4 | 7.7 | Net asset, receivable positions | $ | 3.4 | 7.7 | ||||||||||||||
Net asset, payable positions | Net asset, payable positions | (1.2) | (4.0) | Net asset, payable positions | (0.1) | (4.0) | ||||||||||||||||
Foreign currency forward contracts receivable | Foreign currency forward contracts receivable | $ | 4.2 | 3.7 | Foreign currency forward contracts receivable | $ | 3.3 | 3.7 | ||||||||||||||
Net liability, receivable positions | Net liability, receivable positions | $ | (1.7) | (1.6) | Net liability, receivable positions | $ | (1.4) | (1.6) | ||||||||||||||
Net liability, payable positions | Net liability, payable positions | 10.9 | 6.4 | Net liability, payable positions | 9.7 | 6.4 | ||||||||||||||||
Foreign currency forward contracts payable | Foreign currency forward contracts payable | $ | 9.2 | 4.8 | Foreign currency forward contracts payable | $ | 8.3 | 4.8 |
(in millions) | (in millions) | June 30, 2023 | December 31, 2022 | (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Deferred compensation plan assets | Deferred compensation plan assets | $ | 559.5 | 517.9 | Deferred compensation plan assets | $ | 590.3 | 517.9 | ||||||||||||||
Long-term deferred compensation plan liabilities | Long-term deferred compensation plan liabilities | 517.1 | 485.4 | Long-term deferred compensation plan liabilities | 540.4 | 485.4 | ||||||||||||||||
Shares held in trust | Shares held in trust | 11.6 | 9.8 | Shares held in trust | 11.4 | 9.8 |
(in millions) | Balance as of March 31, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers In(2) | Balance as of June 30, 2023 | |||||||||||||||||||
Investments | $ | 466.5 | (103.9) | 0.7 | 11.0 | — | 63.8 | $ | 438.1 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 12.8 | 43.9 | — | 37.4 | (35.0) | — | 59.1 | |||||||||||||||||||
Earn-out liabilities | 73.1 | (0.6) | — | — | (8.2) | — | 64.3 |
(in millions) | Balance as of March 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of June 30, 2022 | ||||||||||||||||||||
Investments | $ | 344.2 | 45.3 | — | 71.1 | (0.2) | $ | 460.4 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 37.1 | 2.2 | — | 48.4 | (66.1) | 21.6 | ||||||||||||||||||||
Earn-out liabilities | 79.5 | 1.0 | (0.3) | — | (5.3) | 74.9 |
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers In(2) | Balance as of June 30, 2023 | |||||||||||||||||||
Investments | $ | 452.0 | (99.0) | 1.2 | 20.1 | — | 63.8 | $ | 438.1 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 20.7 | 38.9 | — | 68.5 | (69.0) | — | 59.1 | |||||||||||||||||||
Earn-out liabilities | 73.2 | (0.6) | 0.2 | — | (8.5) | — | 64.3 |
(in millions) | Balance as of December 31, 2021 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Balance as of June 30, 2022 | ||||||||||||||||||||
Investments | $ | 303.5 | 62.5 | — | 94.6 | (0.2) | $ | 460.4 | ||||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 21.9 | 22.6 | — | 86.0 | (108.9) | 21.6 | ||||||||||||||||||||
Earn-out liabilities | 84.1 | 0.3 | (0.4) | 2.0 | (11.1) | 74.9 |
(in millions) | Balance as of June 30, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in(2) | Balance as of September 30, 2023 | |||||||||||||||||||
Investments | $ | 438.1 | (2.0) | (1.0) | 0.5 | — | 3.1 | $ | 438.7 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 59.1 | 18.0 | — | 25.3 | (71.5) | — | 30.9 | |||||||||||||||||||
Earn-out liabilities | 64.3 | 0.1 | (0.1) | — | (0.1) | — | 64.2 |
(in millions) | Balance as of June 30, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers out | Balance as of September 30, 2022 | |||||||||||||||||||
Investments | $ | 460.4 | 2.5 | — | 1.8 | — | (11.2) | $ | 453.5 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 21.6 | 34.1 | — | 33.6 | (29.0) | — | 60.3 | |||||||||||||||||||
Earn-out liabilities | 74.9 | (0.1) | (0.3) | 3.3 | (1.2) | — | 76.6 |
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in(2) | Balance as of September 30, 2023 | |||||||||||||||||||
Investments | $ | 452.0 | (101.0) | 0.2 | 20.6 | — | 66.9 | $ | 438.7 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 20.7 | 56.9 | — | 93.8 | (140.5) | — | 30.9 | |||||||||||||||||||
Earn-out liabilities | 73.2 | (0.5) | 0.1 | — | (8.6) | — | 64.2 |
(in millions) | Balance as of December 31, 2021 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers out | Balance as of September 30, 2022 | |||||||||||||||||||
Investments | $ | 303.5 | 65.0 | — | 96.2 | — | (11.2) | $ | 453.5 | |||||||||||||||||
Mortgage banking derivative assets and liabilities, net | 21.9 | 56.7 | — | 119.6 | (137.9) | — | 60.3 | |||||||||||||||||||
Earn-out liabilities | 84.1 | 0.2 | (0.7) | 5.3 | (12.3) | — | 76.6 |
Category of Assets/Liabilities using Unobservable Inputs | Condensed Consolidated Statements of Comprehensive Income Account Caption | ||||
Earn-out liabilities (Short-term and Long-term) | Restructuring and acquisition charges | ||||
Investments | Equity (losses) earnings | ||||
Other current assets - Mortgage banking derivative assets | Revenue | ||||
Other current liabilities - Mortgage banking derivative liabilities | Revenue |
($ in millions) | ($ in millions) | June 30, 2023 | December 31, 2022 | ($ in millions) | September 30, 2023 | December 31, 2022 | ||||||||||
Short-term debt: | ||||||||||||||||
Local overdraft facilities | Local overdraft facilities | $ | 13.0 | 21.2 | Local overdraft facilities | $ | 15.2 | 21.2 | ||||||||
Other short-term borrowings | Other short-term borrowings | 99.1 | 143.0 | Other short-term borrowings | 102.4 | 143.0 | ||||||||||
Total short-term debt | $ | 112.1 | 164.2 | |||||||||||||
Credit facility, net of debt issuance costs of $9.5 and $11.2 | 1,840.5 | 1,213.8 | ||||||||||||||
Short-term borrowings | Short-term borrowings | $ | 117.6 | 164.2 | ||||||||||||
Credit facility, net of debt issuance costs of $8.6 and $11.2 | Credit facility, net of debt issuance costs of $8.6 and $11.2 | 1,591.4 | 1,213.8 | |||||||||||||
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | 190.4 | 186.5 | Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 | 184.8 | 186.5 | ||||||||||
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.6 | 190.3 | 186.3 | ||||||||||||||
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.7 | Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.7 | 184.7 | 186.3 | |||||||||||||
Total debt | Total debt | $ | 2,333.3 | 1,750.8 | Total debt | $ | 2,078.5 | 1,750.8 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Average outstanding borrowings | Average outstanding borrowings | $ | 2,315.8 | 1,581.9 | $ | 2,019.5 | 1,135.0 | Average outstanding borrowings | $ | 2,011.9 | 1,599.8 | $ | 2,017.0 | 1,295.9 | ||||||||||||||
Average effective interest rate | Average effective interest rate | 5.9 | % | 1.6 | % | 5.7 | % | 1.4 | % | Average effective interest rate | 6.1 | % | 3.2 | % | 5.8 | % | 2.2 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | Outstanding Balance | Maximum Capacity | Outstanding Balance | Maximum Capacity | ($ in millions) | Outstanding Balance | Maximum Capacity | Outstanding Balance | Maximum Capacity | ||||||||||||||||||||||||
Warehouse facilities: | Warehouse facilities: | Warehouse facilities: | ||||||||||||||||||||||||||||||||
BSBY(1) plus 1.30%, expires September 18, 2023 | $ | 397.2 | 700.0 | 215.7 | 700.0 | |||||||||||||||||||||||||||||
SOFR plus 1.30%, expires September 15, 2023 | 387.4 | 1,200.0 | 132.3 | 1,200.0 | ||||||||||||||||||||||||||||||
SOFR plus 1.40%, expires July 28, 2023(2) | 78.7 | 400.0 | 9.0 | 400.0 | ||||||||||||||||||||||||||||||
Fannie Mae ASAP(3) program, SOFR plus 1.25% | 78.7 | n/a | 99.2 | n/a | ||||||||||||||||||||||||||||||
BSBY(1) plus 1.30%, expires September 16, 2024(2) | BSBY(1) plus 1.30%, expires September 16, 2024(2) | $ | 174.9 | 700.0 | 215.7 | 700.0 | ||||||||||||||||||||||||||||
SOFR plus 1.30%, expires September 14, 2024(3) | SOFR plus 1.30%, expires September 14, 2024(3) | 381.4 | 1,200.0 | 132.3 | 1,200.0 | |||||||||||||||||||||||||||||
SOFR plus 1.40%, expires July 26, 2024(4) | SOFR plus 1.40%, expires July 26, 2024(4) | — | 400.0 | 9.0 | 400.0 | |||||||||||||||||||||||||||||
Fannie Mae ASAP(5) program, SOFR plus 1.25% | Fannie Mae ASAP(5) program, SOFR plus 1.25% | 19.9 | n/a | 99.2 | n/a | |||||||||||||||||||||||||||||
Gross warehouse facilities | Gross warehouse facilities | 942.0 | 2,300.0 | 456.2 | 2,300.0 | Gross warehouse facilities | 576.2 | 2,300.0 | 456.2 | 2,300.0 | ||||||||||||||||||||||||
Debt issuance costs | Debt issuance costs | (0.2) | n/a | (0.9) | n/a | Debt issuance costs | (1.3) | n/a | (0.9) | n/a | ||||||||||||||||||||||||
Total warehouse facilities | Total warehouse facilities | $ | 941.8 | 2,300.0 | 455.3 | 2,300.0 | Total warehouse facilities | $ | 574.9 | 2,300.0 | 455.3 | 2,300.0 |
(in millions) | |||||
December 31, 2022 | $ | 2.2 | |||
New claims | |||||
Prior year claims adjustments (including foreign currency changes) | |||||
Claims paid | |||||
$ | |||||
December 31, 2021 | $ | 1.2 | |||
New claims | — | ||||
Prior year claims adjustments (including foreign currency changes) | (0.1) | ||||
Claims paid | |||||
$ |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Severance and other employment-related charges | Severance and other employment-related charges | $ | 5.8 | 8.3 | $ | 31.5 | 11.6 | Severance and other employment-related charges | $ | 16.4 | 9.4 | $ | 47.9 | 21.0 | ||||||||||||||||||||
Restructuring, pre-acquisition and post-acquisition charges | Restructuring, pre-acquisition and post-acquisition charges | 5.1 | 13.9 | 13.3 | 28.1 | Restructuring, pre-acquisition and post-acquisition charges | 15.5 | 11.4 | 28.8 | 39.5 | ||||||||||||||||||||||||
Stock-based compensation expense for post-acquisition retention awards | Stock-based compensation expense for post-acquisition retention awards | 1.5 | 2.7 | 3.3 | 5.4 | Stock-based compensation expense for post-acquisition retention awards | (0.4) | 0.3 | 2.9 | 5.7 | ||||||||||||||||||||||||
Fair value adjustments to earn-out liabilities | Fair value adjustments to earn-out liabilities | (0.6) | 1.0 | (0.6) | 0.3 | Fair value adjustments to earn-out liabilities | 0.1 | (0.1) | (0.5) | 0.2 | ||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | $ | 11.8 | 25.9 | $ | 47.5 | 45.4 | Restructuring and acquisition charges | $ | 31.6 | 21.0 | $ | 79.1 | 66.4 |
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of March 31, 2023 | $ | (64.2) | (557.2) | $ | (621.4) | |||||||||||||||||||||||
Other comprehensive (loss) income before reclassification | (1.1) | 11.1 | 10.0 | |||||||||||||||||||||||||
Balance as of June 30, 2023 | Balance as of June 30, 2023 | $ | (65.3) | (546.1) | $ | (611.4) | ||||||||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | — | (60.0) | (60.0) | ||||||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ -, $ - and $ - | Amounts reclassified from AOCI after tax expense of $ -, $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ -, $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | (1.1) | 11.1 | 10.0 | |||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | (65.3) | (546.1) | $ | (611.4) | |||||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (60.0) | (60.0) | ||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | (65.3) | (606.1) | $ | (671.4) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of March 31, 2022 | $ | (42.7) | (376.8) | $ | (419.5) | |||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | $ | (42.7) | (541.2) | $ | (583.9) | ||||||||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | — | (164.4) | (164.4) | Other comprehensive loss before reclassification | — | (139.1) | (139.1) | ||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (164.4) | (164.4) | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (139.1) | (139.1) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (42.7) | (541.2) | $ | (583.9) | |||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | (42.7) | (680.3) | $ | (723.0) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of December 31, 2022 | Balance as of December 31, 2022 | $ | (64.2) | (584.0) | $ | (648.2) | Balance as of December 31, 2022 | $ | (64.2) | (584.0) | $ | (648.2) | ||||||||||||||||
Other comprehensive (loss) income before reclassification | (1.1) | 37.9 | 36.8 | |||||||||||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | (1.1) | (22.1) | (23.2) | ||||||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive (loss) income after tax expense of $ - , $ - and $ - | (1.1) | 37.9 | 36.8 | |||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | (65.3) | (546.1) | $ | (611.4) | |||||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | (1.1) | (22.1) | (23.2) | ||||||||||||||||||||||||
Balance as of September 30, 2023 | Balance as of September 30, 2023 | $ | (65.3) | (606.1) | $ | (671.4) | ||||||||||||||||||||||
(in millions) | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | (in millions) | Pension and postretirement benefit | Cumulative foreign currency translation adjustment | Total | ||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | (42.7) | (352.7) | $ | (395.4) | Balance as of December 31, 2021 | $ | (42.7) | (352.7) | $ | (395.4) | ||||||||||||||||
Other comprehensive loss before reclassification | Other comprehensive loss before reclassification | — | (188.5) | (188.5) | Other comprehensive loss before reclassification | — | (327.6) | (327.6) | ||||||||||||||||||||
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - | — | — | — | ||||||||||||||||||||
Other comprehensive loss after tax expense of $ - , $ - and $ - | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (188.5) | (188.5) | Other comprehensive loss after tax expense of $ - , $ - and $ - | — | (327.6) | (327.6) | ||||||||||||||||||||
Balance as of June 30, 2022 | $ | (42.7) | (541.2) | $ | (583.9) | |||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | $ | (42.7) | (680.3) | $ | (723.0) |
Three Months Ended June 30, | Change in | % Change in Local Currency | Three Months Ended September 30, | Change in | % Change in Local Currency | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | ($ in millions) | 2023 | 2022 | U.S. dollars | ||||||||||||||||||||||||||
Markets Advisory | Markets Advisory | $ | 1,025.4 | 1,118.2 | (92.8) | (8) | % | (7) | % | Markets Advisory | $ | 992.4 | 1,111.5 | (119.1) | (11) | % | (11) | % | ||||||||||||||||
Capital Markets | Capital Markets | 448.0 | 684.5 | (236.5) | (35) | (34) | Capital Markets | 435.8 | 595.2 | (159.4) | (27) | (28) | ||||||||||||||||||||||
Work Dynamics | Work Dynamics | 3,374.6 | 3,310.5 | 64.1 | 2 | 3 | Work Dynamics | 3,514.2 | 3,289.8 | 224.4 | 7 | 6 | ||||||||||||||||||||||
JLL Technologies | JLL Technologies | 60.6 | 50.7 | 9.9 | 20 | 20 | JLL Technologies | 58.9 | 56.5 | 2.4 | 4 | 4 | ||||||||||||||||||||||
LaSalle | LaSalle | 143.9 | 114.5 | 29.4 | 26 | 26 | LaSalle | 110.1 | 124.5 | (14.4) | (12) | (13) | ||||||||||||||||||||||
Revenue | Revenue | $ | 5,052.5 | 5,278.4 | (225.9) | (4) | % | (4) | % | Revenue | $ | 5,111.4 | 5,177.5 | (66.1) | (1) | % | (2) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (3,205.8) | (3,128.4) | (77.4) | 2 | 3 | Gross contract costs | (3,327.1) | (3,123.7) | (203.4) | 7 | 6 | ||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 11.8 | (105) | (106) | Net non-cash MSR and mortgage banking derivative activity | 7.1 | (5.2) | 12.3 | (237) | (236) | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 1,847.3 | 2,138.8 | (291.5) | (14) | % | (13) | % | Fee revenue | $ | 1,791.4 | 2,048.6 | (257.2) | (13) | % | (13) | % | ||||||||||||||||
Markets Advisory | Markets Advisory | 741.1 | 855.8 | (114.7) | (13) | (13) | Markets Advisory | 704.0 | 847.9 | (143.9) | (17) | (17) | ||||||||||||||||||||||
Capital Markets | Capital Markets | 435.5 | 660.7 | (225.2) | (34) | (34) | Capital Markets | 431.4 | 579.1 | (147.7) | (26) | (27) | ||||||||||||||||||||||
Work Dynamics | Work Dynamics | 477.8 | 467.0 | 10.8 | 2 | 3 | Work Dynamics | 497.7 | 452.9 | 44.8 | 10 | 9 | ||||||||||||||||||||||
JLL Technologies | JLL Technologies | 56.5 | 48.0 | 8.5 | 18 | 18 | JLL Technologies | 55.6 | 52.7 | 2.9 | 6 | 5 | ||||||||||||||||||||||
LaSalle | LaSalle | 136.4 | 107.3 | 29.1 | 27 | 28 | LaSalle | 102.7 | 116.0 | (13.3) | (11) | (13) | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 1,332.5 | 1,530.4 | (197.9) | (13) | % | (12) | % | Compensation and benefits, excluding gross contract costs | $ | 1,299.8 | 1,472.4 | (172.6) | (12) | % | (13) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 293.3 | 303.2 | (9.9) | (3) | (2) | Operating, administrative and other expenses, excluding gross contract costs | 274.7 | 302.1 | (27.4) | (9) | (12) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 59.9 | 55.4 | 4.5 | 8 | 9 | Depreciation and amortization | 59.1 | 55.7 | 3.4 | 6 | 5 | ||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 11.8 | 25.9 | (14.1) | (54) | (57) | Restructuring and acquisition charges | 31.6 | 21.0 | 10.6 | 50 | 46 | ||||||||||||||||||||||
Total fee-based operating expenses | Total fee-based operating expenses | 1,697.5 | 1,914.9 | (217.4) | (11) | (11) | Total fee-based operating expenses | 1,665.2 | 1,851.2 | (186.0) | (10) | (11) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 3,205.8 | 3,128.4 | 77.4 | 2 | 3 | Gross contract costs | 3,327.1 | 3,123.7 | 203.4 | 7 | 6 | ||||||||||||||||||||||
Total operating expenses | Total operating expenses | $ | 4,903.3 | 5,043.3 | (140.0) | (3) | % | (2) | % | Total operating expenses | $ | 4,992.3 | 4,974.9 | 17.4 | — | % | (1) | % | ||||||||||||||||
Operating income | Operating income | $ | 149.2 | 235.1 | (85.9) | (37) | % | (37) | % | Operating income | $ | 119.1 | 202.6 | (83.5) | (41) | % | (39) | % | ||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (103.5) | 53.6 | (157.1) | (293) | % | (293) | % | Equity (losses) earnings | $ | (11.2) | 0.5 | (11.7) | n.m. | |||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 116.1 | 359.0 | (242.9) | (68) | % | (68) | % | Adjusted EBITDA | $ | 205.2 | 276.2 | (71.0) | (26) | % | (23) | % | ||||||||||||||||
Net income margin attributable to common shareholders (USD basis) | Net income margin attributable to common shareholders (USD basis) | — | % | 3.7 | % | (370) bps | n/a | Net income margin attributable to common shareholders (USD basis) | 1.2 | % | 2.7 | % | (150) bps | n/a | ||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 6.2 | % | 16.8 | % | (1,050) bps | (1,060) bps | Adjusted EBITDA margin (local currency basis) | 12.0 | % | 13.5 | % | (200) bps | (150) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 6.3 | % | Adjusted EBITDA margin (USD basis) | 11.5 | % |
Six Months Ended June 30, | Change in | % Change in Local Currency | Nine Months Ended September 30, | Change in | % Change in Local Currency | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | ($ in millions) | 2023 | 2022 | U.S. dollars | ||||||||||||||||||||||||||
Markets Advisory | Markets Advisory | $ | 1,931.8 | 2,117.7 | (185.9) | (9) | % | (7) | % | Markets Advisory | $ | 2,924.2 | 3,229.2 | (305.0) | (9) | % | (9) | % | ||||||||||||||||
Capital Markets | Capital Markets | 805.1 | 1,285.1 | (480.0) | (37) | (36) | Capital Markets | 1,240.9 | 1,880.3 | (639.4) | (34) | (34) | ||||||||||||||||||||||
Work Dynamics | Work Dynamics | 6,650.8 | 6,344.1 | 306.7 | 5 | 7 | Work Dynamics | 10,165.0 | 9,633.9 | 531.1 | 6 | 6 | ||||||||||||||||||||||
JLL Technologies | JLL Technologies | 122.0 | 100.1 | 21.9 | 22 | 22 | JLL Technologies | 180.9 | 156.6 | 24.3 | 16 | 16 | ||||||||||||||||||||||
LaSalle | LaSalle | 258.3 | 232.8 | 25.5 | 11 | 13 | LaSalle | 368.4 | 357.3 | 11.1 | 3 | 4 | ||||||||||||||||||||||
Revenue | Revenue | $ | 9,768.0 | 10,079.8 | (311.8) | (3) | % | (2) | % | Revenue | $ | 14,879.4 | 15,257.3 | (377.9) | (2) | % | (2) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (6,339.1) | (6,032.9) | (306.2) | 5 | 7 | Gross contract costs | (9,666.2) | (9,156.6) | (509.6) | 6 | 7 | ||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 2.4 | (7.6) | 10.0 | (132) | (132) | Net non-cash MSR and mortgage banking derivative activity | 9.5 | (12.8) | 22.3 | (174) | (174) | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 3,431.3 | 4,039.3 | (608.0) | (15) | % | (14) | % | Fee revenue | $ | 5,222.7 | 6,087.9 | (865.2) | (14) | % | (14) | % | ||||||||||||||||
Markets Advisory | Markets Advisory | 1,368.4 | 1,597.0 | (228.6) | (14) | (13) | Markets Advisory | 2,072.4 | 2,444.9 | (372.5) | (15) | (15) | ||||||||||||||||||||||
Capital Markets | Capital Markets | 785.1 | 1,252.2 | (467.1) | (37) | (36) | Capital Markets | 1,216.5 | 1,831.3 | (614.8) | (34) | (33) | ||||||||||||||||||||||
Work Dynamics | Work Dynamics | 919.8 | 877.5 | 42.3 | 5 | 7 | Work Dynamics | 1,417.5 | 1,330.4 | 87.1 | 7 | 7 | ||||||||||||||||||||||
JLL Technologies | JLL Technologies | 114.3 | 93.3 | 21.0 | 23 | 23 | JLL Technologies | 169.9 | 146.0 | 23.9 | 16 | 16 | ||||||||||||||||||||||
LaSalle | LaSalle | 243.7 | 219.3 | 24.4 | 11 | 14 | LaSalle | 346.4 | 335.3 | 11.1 | 3 | 4 | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 2,512.6 | 2,908.2 | (395.6) | (14) | % | (12) | % | Compensation and benefits, excluding gross contract costs | $ | 3,812.4 | 4,380.6 | (568.2) | (13) | % | (12) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 584.4 | 572.7 | 11.7 | 2 | 4 | Operating, administrative and other expenses, excluding gross contract costs | 859.1 | 874.8 | (15.7) | (2) | (2) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 117.4 | 109.8 | 7.6 | 7 | 9 | Depreciation and amortization | 176.5 | 165.5 | 11.0 | 7 | 8 | ||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 47.5 | 45.4 | 2.1 | 5 | 6 | Restructuring and acquisition charges | 79.1 | 66.4 | 12.7 | 19 | 18 | ||||||||||||||||||||||
Total fee-based operating expenses | Total fee-based operating expenses | 3,261.9 | 3,636.1 | (374.2) | (10) | (9) | Total fee-based operating expenses | 4,927.1 | 5,487.3 | (560.2) | (10) | (10) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 6,339.1 | 6,032.9 | 306.2 | 5 | 7 | Gross contract costs | 9,666.2 | 9,156.6 | 509.6 | 6 | 7 | ||||||||||||||||||||||
Total operating expenses | Total operating expenses | $ | 9,601.0 | 9,669.0 | (68.0) | (1) | % | 1 | % | Total operating expenses | $ | 14,593.3 | 14,643.9 | (50.6) | — | % | — | % | ||||||||||||||||
Operating income | Operating income | $ | 167.0 | 410.8 | (243.8) | (59) | % | (61) | % | Operating income | $ | 286.1 | 613.4 | (327.3) | (53) | % | (53) | % | ||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (106.1) | 72.1 | (178.2) | (247) | % | (247) | % | Equity (losses) earnings | $ | (117.3) | 72.6 | (189.9) | (262) | % | (262) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 225.1 | 632.6 | (407.5) | (64) | % | (65) | % | Adjusted EBITDA | $ | 430.3 | 908.8 | (478.5) | (53) | % | (52) | % | ||||||||||||||||
Net (loss) income margin attributable to common shareholders (USD basis) | (0.1) | % | 3.4 | % | (350) bps | n/a | ||||||||||||||||||||||||||||
Net income margin attributable to common shareholders (USD basis) | Net income margin attributable to common shareholders (USD basis) | 0.4 | % | 3.1 | % | (270) bps | n/a | |||||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 6.3 | % | 15.7 | % | (910) bps | (940) bps | Adjusted EBITDA margin (local currency basis) | 8.3 | % | 14.9 | % | (670) bps | (660) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 6.6 | % | Adjusted EBITDA margin (USD basis) | 8.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Revenue | Revenue | $ | 5,052.5 | 5,278.4 | $ | 9,768.0 | 10,079.8 | Revenue | $ | 5,111.4 | 5,177.5 | $ | 14,879.4 | 15,257.3 | ||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Gross contract costs | Gross contract costs | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | Gross contract costs | (3,327.1) | (3,123.7) | (9,666.2) | (9,156.6) | ||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | Net non-cash MSR and mortgage banking derivative activity | 7.1 | (5.2) | 9.5 | (12.8) | ||||||||||||||||||
Fee revenue | Fee revenue | $ | 1,847.3 | 2,138.8 | $ | 3,431.3 | 4,039.3 | Fee revenue | $ | 1,791.4 | 2,048.6 | $ | 5,222.7 | 6,087.9 | ||||||||||||||
Operating expenses | Operating expenses | $ | 4,903.3 | 5,043.3 | $ | 9,601.0 | 9,669.0 | Operating expenses | $ | 4,992.3 | 4,974.9 | $ | 14,593.3 | 14,643.9 | ||||||||||||||
Less: Gross contract costs | Less: Gross contract costs | (3,205.8) | (3,128.4) | (6,339.1) | (6,032.9) | Less: Gross contract costs | (3,327.1) | (3,123.7) | (9,666.2) | (9,156.6) | ||||||||||||||||||
Fee-based operating expenses | Fee-based operating expenses | $ | 1,697.5 | 1,914.9 | $ | 3,261.9 | 3,636.1 | Fee-based operating expenses | $ | 1,665.2 | 1,851.2 | $ | 4,927.1 | 5,487.3 | ||||||||||||||
Operating income | Operating income | $ | 149.2 | 235.1 | $ | 167.0 | 410.8 | Operating income | $ | 119.1 | 202.6 | $ | 286.1 | 613.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 2.5 | 193.9 | $ | (6.7) | 339.5 | ||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 59.7 | 140.2 | $ | 53.0 | 479.7 | |||||||||||||||||||||
Add: | Add: | Add: | ||||||||||||||||||||||||||
Interest expense, net of interest income | Interest expense, net of interest income | 40.5 | 15.7 | 66.8 | 25.9 | Interest expense, net of interest income | 37.1 | 23.2 | 103.9 | 49.1 | ||||||||||||||||||
Income tax provision (benefit) | 0.8 | 72.8 | (1.5) | 113.1 | ||||||||||||||||||||||||
Income tax provision | Income tax provision | 14.5 | 42.3 | 13.0 | 155.4 | |||||||||||||||||||||||
Depreciation and amortization(1) | Depreciation and amortization(1) | 59.0 | 54.4 | 115.5 | 108.8 | Depreciation and amortization(1) | 58.1 | 54.7 | 173.6 | 163.5 | ||||||||||||||||||
EBITDA | EBITDA | $ | 102.8 | 336.8 | $ | 174.1 | 587.3 | EBITDA | $ | 169.4 | 260.4 | $ | 343.5 | 847.7 | ||||||||||||||
Adjustments: | Adjustments: | Adjustments: | ||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 | Restructuring and acquisition charges | 31.6 | 21.0 | 79.1 | 66.4 | ||||||||||||||||||
Net loss on disposition | 1.8 | 7.5 | 1.8 | 7.5 | ||||||||||||||||||||||||
Net (gain) loss on disposition | Net (gain) loss on disposition | (1.3) | — | 0.5 | 7.5 | |||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 2.4 | (7.6) | Net non-cash MSR and mortgage banking derivative activity | 7.1 | (5.2) | 9.5 | (12.8) | ||||||||||||||||||
Interest on employee loans, net of forgiveness | Interest on employee loans, net of forgiveness | (0.9) | — | (0.7) | — | Interest on employee loans, net of forgiveness | (1.6) | — | (2.3) | — | ||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 116.1 | 359.0 | $ | 225.1 | 632.6 | Adjusted EBITDA | $ | 205.2 | 276.2 | $ | 430.3 | 908.8 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | % Change | 2023 | % Change | ($ in millions) | 2023 | % Change | 2023 | % Change | ||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 5,052.5 | (4) | % | $ | 9,768.0 | (3) | % | At current period exchange rates | $ | 5,111.4 | (1) | % | $ | 14,879.4 | (2) | % | ||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | 37.5 | n/a | 158.1 | n/a | Impact of change in exchange rates | (39.6) | n/a | 118.5 | n/a | ||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 5,090.0 | (4) | % | $ | 9,926.1 | (2) | % | At comparative period exchange rates | $ | 5,071.8 | (2) | % | $ | 14,997.9 | (2) | % | ||||||||||||||||
Fee revenue: | Fee revenue: | Fee revenue: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 1,847.3 | (14) | % | $ | 3,431.3 | (15) | % | At current period exchange rates | $ | 1,791.4 | (13) | % | $ | 5,222.7 | (14) | % | ||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | 9.5 | n/a | 50.3 | n/a | Impact of change in exchange rates | (18.4) | n/a | 31.9 | n/a | ||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 1,856.8 | (13) | % | $ | 3,481.6 | (14) | % | At comparative period exchange rates | $ | 1,773.0 | (13) | % | $ | 5,254.6 | (14) | % | ||||||||||||||||
Operating income: | Operating income: | Operating income: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 149.2 | (37) | % | $ | 167.0 | (59) | % | At current period exchange rates | $ | 119.1 | (41) | % | $ | 286.1 | (53) | % | ||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | (1.5) | n/a | (6.6) | n/a | Impact of change in exchange rates | 5.0 | n/a | 1.6 | n/a | ||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 147.7 | (37) | % | $ | 160.4 | (61) | % | At comparative period exchange rates | $ | 124.1 | (39) | % | $ | 287.7 | (53) | % | ||||||||||||||||
Adjusted EBITDA: | Adjusted EBITDA: | Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
At current period exchange rates | At current period exchange rates | $ | 116.1 | (68) | % | $ | 225.1 | (64) | % | At current period exchange rates | $ | 205.2 | (26) | % | $ | 430.3 | (53) | % | ||||||||||||||||
Impact of change in exchange rates | Impact of change in exchange rates | (1.1) | n/a | (4.1) | n/a | Impact of change in exchange rates | 6.8 | n/a | 5.9 | n/a | ||||||||||||||||||||||||
At comparative period exchange rates | At comparative period exchange rates | $ | 115.0 | (68) | % | $ | 221.0 | (65) | % | At comparative period exchange rates | $ | 212.0 | (23) | % | $ | 436.2 | (52) | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Severance and other employment-related charges | Severance and other employment-related charges | $ | 5.8 | 8.3 | $ | 31.5 | 11.6 | Severance and other employment-related charges | $ | 16.4 | 9.4 | $ | 47.9 | 21.0 | ||||||||||||||||||||
Restructuring, pre-acquisition and post-acquisition charges | Restructuring, pre-acquisition and post-acquisition charges | 6.6 | 16.6 | 16.6 | 33.5 | Restructuring, pre-acquisition and post-acquisition charges | 15.1 | 11.7 | 31.7 | 45.2 | ||||||||||||||||||||||||
Fair value adjustments that resulted in a net (decrease) increase to earn-out liabilities from prior-period acquisition activity | (0.6) | 1.0 | (0.6) | 0.3 | ||||||||||||||||||||||||||||||
Total restructuring and acquisition charges | $ | 11.8 | 25.9 | $ | 47.5 | 45.4 | ||||||||||||||||||||||||||||
Fair value adjustments that resulted in a net increase (decrease) to earn-out liabilities from prior-period acquisition activity | Fair value adjustments that resulted in a net increase (decrease) to earn-out liabilities from prior-period acquisition activity | 0.1 | (0.1) | (0.5) | 0.2 | |||||||||||||||||||||||||||||
Restructuring and acquisition charges | Restructuring and acquisition charges | $ | 31.6 | 21.0 | $ | 79.1 | 66.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2023 | 2022 | 2023 | 2022 | (in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
JLL Technologies | JLL Technologies | $ | (103.9) | 44.7 | $ | (99.0) | 63.5 | JLL Technologies | $ | (3.0) | 1.0 | $ | (102.0) | 64.5 | ||||||||||||||||||||
LaSalle | LaSalle | (5.1) | 7.0 | (13.9) | 5.1 | LaSalle | (9.1) | (1.1) | (23.0) | 4.0 | ||||||||||||||||||||||||
Other | Other | 5.5 | 1.9 | 6.8 | 3.5 | Other | 0.9 | 0.6 | 7.7 | 4.1 | ||||||||||||||||||||||||
Total equity (losses) earnings | $ | (103.5) | 53.6 | $ | (106.1) | 72.1 | ||||||||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (11.2) | 0.5 | $ | (117.3) | 72.6 |
% Change | % Change | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change in | in Local | Three Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 1,025.4 | 1,118.2 | (92.8) | (8) | % | (7) | % | Revenue | $ | 992.4 | 1,111.5 | (119.1) | (11) | % | (11) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (284.3) | (262.4) | (21.9) | 8 | 10 | Gross contract costs | (288.4) | (263.6) | (24.8) | 9 | 10 | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 741.1 | 855.8 | (114.7) | (13) | % | (13) | % | Fee revenue | $ | 704.0 | 847.9 | (143.9) | (17) | % | (17) | % | ||||||||||||||||
Leasing | Leasing | 588.0 | 703.5 | (115.5) | (16) | (16) | Leasing | 542.5 | 696.4 | (153.9) | (22) | (22) | ||||||||||||||||||||||
Property Management | Property Management | 131.0 | 122.2 | 8.8 | 7 | 9 | Property Management | 138.4 | 122.9 | 15.5 | 13 | 12 | ||||||||||||||||||||||
Advisory, Consulting and Other | Advisory, Consulting and Other | 22.1 | 30.1 | (8.0) | (27) | (25) | Advisory, Consulting and Other | 23.1 | 28.6 | (5.5) | (19) | (19) | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 546.4 | 618.5 | (72.1) | (12) | % | (11) | % | Compensation and benefits, excluding gross contract costs | $ | 531.2 | 620.4 | (89.2) | (14) | % | (15) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 93.3 | 103.8 | (10.5) | (10) | (9) | Operating, administrative and other expenses, excluding gross contract costs | 86.5 | 96.9 | (10.4) | (11) | (11) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 17.4 | 17.3 | 0.1 | 1 | 2 | Depreciation and amortization | 16.9 | 17.6 | (0.7) | (4) | (4) | ||||||||||||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 657.1 | 739.6 | (82.5) | (11) | (11) | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 634.6 | 734.9 | (100.3) | (14) | (14) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 284.3 | 262.4 | 21.9 | 8 | 10 | Gross contract costs | 288.4 | 263.6 | 24.8 | 9 | 10 | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 941.4 | 1,002.0 | (60.6) | (6) | % | (5) | % | Segment operating expenses | $ | 923.0 | 998.5 | (75.5) | (8) | % | (8) | % | ||||||||||||||||
Equity (losses) earnings | $ | (0.1) | 0.4 | (0.5) | (125) | % | (97) | % | ||||||||||||||||||||||||||
Equity earnings (losses) | Equity earnings (losses) | $ | 0.1 | (0.2) | 0.3 | 150 | % | 120 | % | |||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 99.4 | 134.0 | (34.6) | (26) | % | (26) | % | Adjusted EBITDA | $ | 85.1 | 132.1 | (47.0) | (36) | % | (33) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 13.2 | % | 15.7 | % | (230) bps | (250) bps | Adjusted EBITDA margin (local currency basis) | 12.6 | % | 15.6 | % | (350) bps | (300) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 13.4 | % | Adjusted EBITDA margin (USD basis) | 12.1 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | Nine Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 1,931.8 | 2,117.7 | (185.9) | (9) | % | (7) | % | Revenue | $ | 2,924.2 | 3,229.2 | (305.0) | (9) | % | (9) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (563.4) | (520.7) | (42.7) | 8 | 11 | Gross contract costs | (851.8) | (784.3) | (67.5) | 9 | 11 | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 1,368.4 | 1,597.0 | (228.6) | (14) | % | (13) | % | Fee revenue | $ | 2,072.4 | 2,444.9 | (372.5) | (15) | % | (15) | % | ||||||||||||||||
Leasing | Leasing | 1,070.5 | 1,300.4 | (229.9) | (18) | (17) | Leasing | 1,613.0 | 1,996.8 | (383.8) | (19) | (19) | ||||||||||||||||||||||
Property Management | Property Management | 258.1 | 240.8 | 17.3 | 7 | 10 | Property Management | 396.5 | 363.7 | 32.8 | 9 | 11 | ||||||||||||||||||||||
Advisory, Consulting and Other | Advisory, Consulting and Other | 39.8 | 55.8 | (16.0) | (29) | (26) | Advisory, Consulting and Other | 62.9 | 84.4 | (21.5) | (25) | (24) | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 1,007.4 | 1,159.3 | (151.9) | (13) | % | (12) | % | Compensation and benefits, excluding gross contract costs | $ | 1,538.6 | 1,779.7 | (241.1) | (14) | % | (13) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 186.9 | 195.7 | (8.8) | (4) | (3) | Operating, administrative and other expenses, excluding gross contract costs | 273.4 | 292.6 | (19.2) | (7) | (6) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 34.5 | 34.4 | 0.1 | — | 2 | Depreciation and amortization | 51.4 | 52.0 | (0.6) | (1) | — | ||||||||||||||||||||||
Segment fee-based operating expenses | Segment fee-based operating expenses | 1,228.8 | 1,389.4 | (160.6) | (12) | (10) | Segment fee-based operating expenses | 1,863.4 | 2,124.3 | (260.9) | (12) | (12) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 563.4 | 520.7 | 42.7 | 8 | 11 | Gross contract costs | 851.8 | 784.3 | 67.5 | 9 | 11 | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 1,792.2 | 1,910.1 | (117.9) | (6) | % | (5) | % | Segment operating expenses | $ | 2,715.2 | 2,908.6 | (193.4) | (7) | % | (6) | % | ||||||||||||||||
Equity earnings | Equity earnings | $ | 0.2 | 0.9 | (0.7) | (78) | % | (72) | % | Equity earnings | $ | 0.3 | 0.7 | (0.4) | (57) | % | (58) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 171.0 | 245.2 | (74.2) | (30) | % | (31) | % | Adjusted EBITDA | $ | 256.1 | 377.3 | (121.2) | (32) | % | (31) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 12.3 | % | 15.4 | % | (290) bps | (310) bps | Adjusted EBITDA margin (local currency basis) | 12.4 | % | 15.4 | % | (300) bps | (300) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 12.5 | % | Adjusted EBITDA margin (USD basis) | 12.4 | % |
% Change | |||||||||||||||||
Three Months Ended June 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 448.0 | 684.5 | (236.5) | (35) | % | (34) | % | |||||||||
Gross contract costs | (13.1) | (12.6) | (0.5) | 4 | 6 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 0.6 | (11.2) | 11.8 | (105) | (106) | ||||||||||||
Fee revenue | $ | 435.5 | 660.7 | (225.2) | (34) | % | (34) | % | |||||||||
Investment Sales, Debt/Equity Advisory and Other | 309.9 | 528.0 | (218.1) | (41) | (41) | ||||||||||||
Valuation Advisory | 86.6 | 92.3 | (5.7) | (6) | (5) | ||||||||||||
Loan Servicing | 39.0 | 40.4 | (1.4) | (3) | (3) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 335.4 | 469.9 | (134.5) | (29) | % | (28) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 69.2 | 64.8 | 4.4 | 7 | 7 | ||||||||||||
Depreciation and amortization | 16.2 | 15.4 | 0.8 | 5 | 5 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 420.8 | 550.1 | (129.3) | (24) | (23) | ||||||||||||
Gross contract costs | 13.1 | 12.6 | 0.5 | 4 | 6 | ||||||||||||
Segment operating expenses | $ | 433.9 | 562.7 | (128.8) | (23) | % | (23 | %) | |||||||||
Equity earnings | $ | 4.8 | 0.6 | 4.2 | 700 | % | 761 | % | |||||||||
Adjusted EBITDA | $ | 36.0 | 126.7 | (90.7) | (72) | % | (72) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 8.2 | % | 19.2 | % | (1,090) bps | (1,100) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 8.3 | % |
% Change | |||||||||||||||||
Three Months Ended September 30, | Change in | in Local | |||||||||||||||
($ in millions) | 2023 | 2022 | U.S. dollars | Currency | |||||||||||||
Revenue | $ | 435.8 | 595.2 | (159.4) | (27) | % | (28) | % | |||||||||
Gross contract costs | (11.5) | (10.9) | (0.6) | 6 | 1 | ||||||||||||
Net non-cash MSR and mortgage banking derivative activity | 7.1 | (5.2) | 12.3 | (237) | (236) | ||||||||||||
Fee revenue | $ | 431.4 | 579.1 | (147.7) | (26) | % | (27) | % | |||||||||
Investment Sales, Debt/Equity Advisory and Other | 308.9 | 452.1 | (143.2) | (32) | (33) | ||||||||||||
Value and Risk Advisory | 84.4 | 86.5 | (2.1) | (2) | (4) | ||||||||||||
Loan Servicing | 38.1 | 40.5 | (2.4) | (6) | (6) | ||||||||||||
Compensation and benefits, excluding gross contract costs | $ | 323.8 | 430.6 | (106.8) | (25) | % | (26) | % | |||||||||
Operating, administrative and other expenses, excluding gross contract costs | 58.3 | 66.0 | (7.7) | (12) | (13) | ||||||||||||
Depreciation and amortization | 16.4 | 15.2 | 1.2 | 8 | 8 | ||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 398.5 | 511.8 | (113.3) | (22) | (23) | ||||||||||||
Gross contract costs | 11.5 | 10.9 | 0.6 | 6 | 1 | ||||||||||||
Segment operating expenses | $ | 410.0 | 522.7 | (112.7) | (22) | % | (23 | %) | |||||||||
Equity earnings | $ | 0.7 | 0.7 | — | 0 | % | 12 | % | |||||||||
Adjusted EBITDA | $ | 50.3 | 83.2 | (32.9) | (40) | % | (40) | % | |||||||||
Adjusted EBITDA margin (local currency basis) | 11.7 | % | 14.4 | % | (270) bps | (270) bps | |||||||||||
Adjusted EBITDA margin (USD basis) | 11.7 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | Nine Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 805.1 | 1,285.1 | (480.0) | (37) | % | (36) | % | Revenue | $ | 1,240.9 | 1,880.3 | (639.4) | (34) | % | (34) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (22.4) | (25.3) | 2.9 | (11) | (9) | Gross contract costs | (33.9) | (36.2) | 2.3 | (6) | (6) | ||||||||||||||||||||||
Net non-cash MSR and mortgage banking derivative activity | Net non-cash MSR and mortgage banking derivative activity | 2.4 | (7.6) | 10.0 | (132) | (132) | Net non-cash MSR and mortgage banking derivative activity | 9.5 | (12.8) | 22.3 | (174) | (174) | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 785.1 | 1,252.2 | (467.1) | (37) | % | (36) | % | Fee revenue | $ | 1,216.5 | 1,831.3 | (614.8) | (34) | % | (33) | % | ||||||||||||||||
Investment Sales, Debt/Equity Advisory and Other | Investment Sales, Debt/Equity Advisory and Other | 545.1 | 996.5 | (451.4) | (45) | (45) | Investment Sales, Debt/Equity Advisory and Other | 854.0 | 1,448.6 | (594.6) | (41) | (41) | ||||||||||||||||||||||
Valuation Advisory | 163.6 | 175.4 | (11.8) | (7) | (4) | |||||||||||||||||||||||||||||
Value and Risk Advisory | Value and Risk Advisory | 248.0 | 261.9 | (13.9) | (5) | (4) | ||||||||||||||||||||||||||||
Loan Servicing | Loan Servicing | 76.4 | 80.3 | (3.9) | (5) | (5) | Loan Servicing | 114.5 | 120.8 | (6.3) | (5) | (5) | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 619.3 | 888.1 | (268.8) | (30) | % | (29) | % | Compensation and benefits, excluding gross contract costs | $ | 943.1 | 1,318.7 | (375.6) | (28) | % | (28) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 125.3 | 120.7 | 4.6 | 4 | 6 | Operating, administrative and other expenses, excluding gross contract costs | 183.6 | 186.7 | (3.1) | (2) | (1) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 32.1 | 31.0 | 1.1 | 4 | 4 | Depreciation and amortization | 48.5 | 46.2 | 2.3 | 5 | 6 | ||||||||||||||||||||||
Segment fee-based operating expenses | Segment fee-based operating expenses | 776.7 | 1,039.8 | (263.1) | (25) | (24) | Segment fee-based operating expenses | 1,175.2 | 1,551.6 | (376.4) | (24) | (24) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 22.4 | 25.3 | (2.9) | (11) | (9) | Gross contract costs | 33.9 | 36.2 | (2.3) | (6) | (6) | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 799.1 | 1,065.1 | (266.0) | (25) | % | (24) | % | Segment operating expenses | $ | 1,209.1 | 1,587.8 | (378.7) | (24) | % | (23) | % | ||||||||||||||||
Equity earnings | Equity earnings | $ | 5.4 | 1.4 | 4.0 | 286 | % | 285 | % | Equity earnings | $ | 6.1 | 2.1 | 4.0 | 190 | % | 195 | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 46.7 | 244.9 | (198.2) | (81) | % | (81) | % | Adjusted EBITDA | $ | 97.0 | 328.1 | (231.1) | (70) | % | (71) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 5.8 | % | 19.6 | % | (1,370) bps | (1,380) bps | Adjusted EBITDA margin (local currency basis) | 7.9 | % | 17.9 | % | (990) bps | (1,000) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 5.9 | % | Adjusted EBITDA margin (USD basis) | 8.0 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change in | in Local | Three Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 3,374.6 | 3,310.5 | 64.1 | 2 | % | 3 | % | Revenue | $ | 3,514.2 | 3,289.8 | 224.4 | 7 | % | 6 | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (2,896.8) | (2,843.5) | (53.3) | 2 | 3 | Gross contract costs | (3,016.5) | (2,836.9) | (179.6) | 6 | 6 | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 477.8 | 467.0 | 10.8 | 2 | % | 3 | % | Fee revenue | $ | 497.7 | 452.9 | 44.8 | 10 | % | 9 | % | ||||||||||||||||
Workplace Management | Workplace Management | 188.2 | 184.9 | 3.3 | 2 | 2 | Workplace Management | 195.1 | 183.6 | 11.5 | 6 | 5 | ||||||||||||||||||||||
Project Management | Project Management | 229.7 | 214.9 | 14.8 | 7 | 8 | Project Management | 229.6 | 210.0 | 19.6 | 9 | 8 | ||||||||||||||||||||||
Portfolio Services and Other | Portfolio Services and Other | 59.9 | 67.2 | (7.3) | (11) | (11) | Portfolio Services and Other | 73.0 | 59.3 | 13.7 | 23 | 21 | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 321.0 | 304.0 | 17.0 | 6 | % | 6 | % | Compensation and benefits, excluding gross contract costs | $ | 332.9 | 285.0 | 47.9 | 17 | % | 15 | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 101.2 | 106.3 | (5.1) | (5) | (4) | Operating, administrative and other expenses, excluding gross contract costs | 103.3 | 114.6 | (11.3) | (10) | (12) | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 19.9 | 17.0 | 2.9 | 17 | 18 | Depreciation and amortization | 19.7 | 17.6 | 2.1 | 12 | 9 | ||||||||||||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 442.1 | 427.3 | 14.8 | 3 | 4 | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 455.9 | 417.2 | 38.7 | 9 | 7 | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 2,896.8 | 2,843.5 | 53.3 | 2 | 3 | Gross contract costs | 3,016.5 | 2,836.9 | 179.6 | 6 | 6 | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 3,338.9 | 3,270.8 | 68.1 | 2 | % | 3 | % | Segment operating expenses | $ | 3,472.4 | 3,254.1 | 218.3 | 7 | % | 6 | % | ||||||||||||||||
Equity earnings | Equity earnings | $ | 0.8 | 0.9 | (0.1) | (11) | % | (15) | % | Equity earnings | $ | 0.1 | 0.1 | — | — | % | (34) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 56.2 | 57.6 | (1.4) | (2) | % | (3) | % | Adjusted EBITDA | $ | 61.6 | 53.4 | 8.2 | 15 | % | 17 | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 11.6 | % | 12.4 | % | (60) bps | (80) bps | Adjusted EBITDA margin (local currency basis) | 12.7 | % | 11.8 | % | 60 bps | 90 bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 11.8 | % | Adjusted EBITDA margin (USD basis) | 12.4 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | Nine Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 6,650.8 | 6,344.1 | 306.7 | 5 | % | 7 | % | Revenue | $ | 10,165.0 | 9,633.9 | 531.1 | 6 | % | 6 | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (5,731.0) | (5,466.6) | (264.4) | 5 | 7 | Gross contract costs | (8,747.5) | (8,303.5) | (444.0) | 5 | 6 | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 919.8 | 877.5 | 42.3 | 5 | % | 7 | % | Fee revenue | $ | 1,417.5 | 1,330.4 | 87.1 | 7 | % | 7 | % | ||||||||||||||||
Workplace Management | Workplace Management | 371.4 | 366.9 | 4.5 | 1 | 3 | Workplace Management | 566.5 | 550.5 | 16.0 | 3 | 4 | ||||||||||||||||||||||
Project Management | Project Management | 440.6 | 390.6 | 50.0 | 13 | 15 | Project Management | 670.2 | 600.6 | 69.6 | 12 | 13 | ||||||||||||||||||||||
Portfolio Services and Other | Portfolio Services and Other | 107.8 | 120.0 | (12.2) | (10) | (9) | Portfolio Services and Other | 180.8 | 179.3 | 1.5 | 1 | 1 | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 626.0 | 585.8 | 40.2 | 7 | % | 9 | % | Compensation and benefits, excluding gross contract costs | $ | 958.9 | 870.8 | 88.1 | 10 | % | 11 | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 212.7 | 200.1 | 12.6 | 6 | 9 | Operating, administrative and other expenses, excluding gross contract costs | 316.0 | 314.7 | 1.3 | — | 2 | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 39.2 | 33.5 | 5.7 | 17 | 20 | Depreciation and amortization | 58.9 | 51.1 | 7.8 | 15 | 16 | ||||||||||||||||||||||
Segment fee-based operating expenses | Segment fee-based operating expenses | 877.9 | 819.4 | 58.5 | 7 | 10 | Segment fee-based operating expenses | 1,333.8 | 1,236.6 | 97.2 | 8 | 9 | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 5,731.0 | 5,466.6 | 264.4 | 5 | 7 | Gross contract costs | 8,747.5 | 8,303.5 | 444.0 | 5 | 6 | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 6,608.9 | 6,286.0 | 322.9 | 5 | % | 7 | % | Segment operating expenses | $ | 10,081.3 | 9,540.1 | 541.2 | 6 | % | 7 | % | ||||||||||||||||
Equity earnings | Equity earnings | $ | 1.2 | 1.2 | — | — | % | — | % | Equity earnings | $ | 1.3 | 1.3 | — | — | % | (3) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 81.9 | 92.8 | (10.9) | (12) | % | (15) | % | Adjusted EBITDA | $ | 143.5 | 146.2 | (2.7) | (2) | % | (3) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 8.5 | % | 10.6 | % | (170) bps | (210) bps | Adjusted EBITDA margin (local currency basis) | 9.9 | % | 11.0 | % | (90) bps | (110) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 8.9 | % | Adjusted EBITDA margin (USD basis) | 10.1 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change in | in Local | Three Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 60.6 | 50.7 | 9.9 | 20 | % | 20 | % | Revenue | $ | 58.9 | 56.5 | 2.4 | 4 | % | 4 | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (4.1) | (2.7) | (1.4) | 52 | 53 | Gross contract costs | (3.3) | (3.8) | 0.5 | (13) | (12) | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 56.5 | 48.0 | 8.5 | 18 | % | 18 | % | Fee revenue | $ | 55.6 | 52.7 | 2.9 | 6 | % | 5 | % | ||||||||||||||||
Compensation and benefits, excluding gross contract costs(1) | Compensation and benefits, excluding gross contract costs(1) | $ | 45.3 | 65.8 | (20.5) | (31) | % | (31 | %) | Compensation and benefits, excluding gross contract costs(1) | $ | 48.7 | 57.7 | (9.0) | (16) | % | (16 | %) | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 12.5 | 13.9 | (1.4) | (10) | (9) | Operating, administrative and other expenses, excluding gross contract costs | 12.6 | 11.3 | 1.3 | 12 | 11 | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 4.1 | 3.9 | 0.2 | 5 | 6 | Depreciation and amortization | 3.9 | 3.7 | 0.2 | 5 | 3 | ||||||||||||||||||||||
Segment fee-based operating expenses (excluding restructuring and acquisition charges) | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 61.9 | 83.6 | (21.7) | (26) | (26) | Segment fee-based operating expenses (excluding restructuring and acquisition charges) | 65.2 | 72.7 | (7.5) | (10) | (11) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 4.1 | 2.7 | 1.4 | 52 | 53 | Gross contract costs | 3.3 | 3.8 | (0.5) | (13) | (12) | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 66.0 | 86.3 | (20.3) | (24 | %) | (23 | %) | Segment operating expenses | $ | 68.5 | 76.5 | (8.0) | (10 | %) | (11 | %) | ||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (103.9) | 44.7 | (148.6) | (332) | % | (332) | % | Equity (losses) earnings | $ | (3.0) | 1.0 | (4.0) | (400) | % | (394) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | (105.2) | 12.9 | (118.1) | (916) | % | (914) | % | Adjusted EBITDA | $ | (8.7) | (15.3) | 6.6 | 43 | % | 44 | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | (186.9) | % | 27.0 | % | n.m. | n.m. | Adjusted EBITDA margin (local currency basis) | (15.5) | % | (29.0) | % | 1,340 bps | 1,350 bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | (186.2) | % | Adjusted EBITDA margin (USD basis) | (15.6) | % |
% Change | % Change | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | Nine Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 122.0 | 100.1 | 21.9 | 22 | % | 22 | % | Revenue | $ | 180.9 | 156.6 | 24.3 | 16 | % | 16 | % | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | (7.7) | (6.8) | (0.9) | 13 | 13 | Gross contract costs | (11.0) | (10.6) | (0.4) | 4 | 4 | ||||||||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 114.3 | 93.3 | 21.0 | 23 | % | 23 | % | Fee revenue | $ | 169.9 | 146.0 | 23.9 | 16 | % | 16 | % | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs(1) | Compensation and benefits, excluding gross contract costs(1) | $ | 106.6 | 128.0 | (21.4) | (17) | % | (16 | %) | Compensation and benefits, excluding gross contract costs(1) | $ | 155.3 | 185.7 | (30.4) | (16) | % | (16 | %) | ||||||||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 27.2 | 28.1 | (0.9) | (3) | (3) | Operating, administrative and other expenses, excluding gross contract costs | 39.8 | 39.4 | 0.4 | 1 | 1 | ||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 8.0 | 7.7 | 0.3 | 4 | 5 | Depreciation and amortization | 11.9 | 11.4 | 0.5 | 4 | 5 | ||||||||||||||||||||||||||||
Segment fee-based operating expenses | Segment fee-based operating expenses | 141.8 | 163.8 | (22.0) | (13) | (13) | Segment fee-based operating expenses | 207.0 | 236.5 | (29.5) | (12) | (12) | ||||||||||||||||||||||||||||
Gross contract costs | Gross contract costs | 7.7 | 6.8 | 0.9 | 13 | 13 | Gross contract costs | 11.0 | 10.6 | 0.4 | 4 | 4 | ||||||||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 149.5 | 170.6 | (21.1) | (12) | % | (12 | %) | Segment operating expenses | $ | 218.0 | 247.1 | (29.1) | (12) | % | (11 | %) | ||||||||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (99.0) | 63.5 | (162.5) | (256) | % | (256) | % | Equity (losses) earnings | $ | (102.0) | 64.5 | (166.5) | (258) | % | (258) | % | ||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | (118.5) | 0.6 | (119.1) | n.m. | n.m. | Adjusted EBITDA | $ | (127.2) | (14.7) | (112.5) | (765) | % | (773) | % | ||||||||||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | (104.1) | % | 0.6 | % | n.m. | n.m. | Adjusted EBITDA margin (local currency basis) | (75.2) | % | (10.1) | % | (6,480) bps | (6,510) bps | ||||||||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | (103.7) | % | Adjusted EBITDA margin (USD basis) | (74.9) | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change in | in Local | Three Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 143.9 | 114.5 | 29.4 | 26 | % | 26 | % | Revenue | $ | 110.1 | 124.5 | (14.4) | (12) | % | (13) | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (7.5) | (7.2) | (0.3) | 4 | 4 | Gross contract costs | (7.4) | (8.5) | 1.1 | (13) | (13) | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 136.4 | 107.3 | 29.1 | 27 | % | 28 | % | Fee revenue | $ | 102.7 | 116.0 | (13.3) | (11) | % | (13) | % | ||||||||||||||||
Advisory fees | Advisory fees | 94.4 | 98.2 | (3.8) | (4) | (3) | Advisory fees | 95.3 | 95.4 | (0.1) | — | (2) | ||||||||||||||||||||||
Transaction fees and other | Transaction fees and other | 6.2 | 8.1 | (1.9) | (23) | (19) | Transaction fees and other | 7.4 | 8.7 | (1.3) | (15) | (14) | ||||||||||||||||||||||
Incentive fees | Incentive fees | 35.8 | 1.0 | 34.8 | n.m. | Incentive fees | — | 11.9 | (11.9) | (100) | (105) | |||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 84.4 | 72.2 | 12.2 | 17 | % | 18 | % | Compensation and benefits, excluding gross contract costs | $ | 63.2 | 78.7 | (15.5) | (20) | % | (21) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 17.1 | 14.4 | 2.7 | 19 | 20 | Operating, administrative and other expenses, excluding gross contract costs | 14.0 | 13.3 | 0.7 | 5 | 2 | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 2.3 | 1.8 | 0.5 | 28 | 30 | Depreciation and amortization | 2.2 | 1.6 | 0.6 | 38 | 37 | ||||||||||||||||||||||
Segment fee-based operating expenses (excluding restructuring & acquisition charges) | Segment fee-based operating expenses (excluding restructuring & acquisition charges) | 103.8 | 88.4 | 15.4 | 17 | 19 | Segment fee-based operating expenses (excluding restructuring & acquisition charges) | 79.4 | 93.6 | (14.2) | (15) | (17) | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 7.5 | 7.2 | 0.3 | 4 | 4 | Gross contract costs | 7.4 | 8.5 | (1.1) | (13) | (13) | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 111.3 | 95.6 | 15.7 | 16 | % | 17 | % | Segment operating expenses | $ | 86.8 | 102.1 | (15.3) | (15) | % | (17) | % | ||||||||||||||||
Equity (losses) earnings | $ | (5.1) | 7.0 | (12.1) | (173) | % | (172) | % | ||||||||||||||||||||||||||
Equity losses | Equity losses | $ | (9.1) | (1.1) | (8.0) | (727) | % | (667) | % | |||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 29.7 | 27.8 | 1.9 | 7 | % | 7 | % | Adjusted EBITDA | $ | 16.9 | 22.8 | (5.9) | (26) | % | (28) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 21.7 | % | 26.0 | % | (420) bps | (430) bps | Adjusted EBITDA margin (local currency basis) | 16.3 | % | 19.7 | % | (320) bps | (340) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 21.8 | % | Adjusted EBITDA margin (USD basis) | 16.5 | % |
% Change | % Change | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change in | in Local | Nine Months Ended September 30, | Change in | in Local | |||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ($ in millions) | 2023 | 2022 | U.S. dollars | Currency | ||||||||||||||||||||||||
Revenue | Revenue | $ | 258.3 | 232.8 | 25.5 | 11 | % | 13 | % | Revenue | $ | 368.4 | 357.3 | 11.1 | 3 | % | 4 | % | ||||||||||||||||
Gross contract costs | Gross contract costs | (14.6) | (13.5) | (1.1) | 8 | 8 | Gross contract costs | (22.0) | (22.0) | — | — | — | ||||||||||||||||||||||
Fee revenue | Fee revenue | $ | 243.7 | 219.3 | 24.4 | 11 | % | 14 | % | Fee revenue | $ | 346.4 | 335.3 | 11.1 | 3 | % | 4 | % | ||||||||||||||||
Advisory fees | Advisory fees | 189.1 | 188.9 | 0.2 | — | 2 | Advisory fees | 284.4 | 284.3 | 0.1 | — | 1 | ||||||||||||||||||||||
Transaction fees and other | Transaction fees and other | 15.3 | 25.2 | (9.9) | (39) | (36) | Transaction fees and other | 22.7 | 33.9 | (11.2) | (33) | (30) | ||||||||||||||||||||||
Incentive fees | Incentive fees | 39.3 | 5.2 | 34.1 | 656 | 671 | Incentive fees | 39.3 | 17.1 | 22.2 | 130 | 130 | ||||||||||||||||||||||
Compensation and benefits, excluding gross contract costs | Compensation and benefits, excluding gross contract costs | $ | 153.3 | 147.0 | 6.3 | 4 | % | 7 | % | Compensation and benefits, excluding gross contract costs | $ | 216.5 | 225.7 | (9.2) | (4) | % | (3) | % | ||||||||||||||||
Operating, administrative and other expenses, excluding gross contract costs | Operating, administrative and other expenses, excluding gross contract costs | 32.3 | 28.1 | 4.2 | 15 | 18 | Operating, administrative and other expenses, excluding gross contract costs | 46.3 | 41.4 | 4.9 | 12 | 13 | ||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 3.6 | 3.2 | 0.4 | 13 | 14 | Depreciation and amortization | 5.8 | 4.8 | 1.0 | 21 | 21 | ||||||||||||||||||||||
Segment fee-based operating expenses | Segment fee-based operating expenses | 189.2 | 178.3 | 10.9 | 6 | 9 | Segment fee-based operating expenses | 268.6 | 271.9 | (3.3) | (1) | — | ||||||||||||||||||||||
Gross contract costs | Gross contract costs | 14.6 | 13.5 | 1.1 | 8 | 8 | Gross contract costs | 22.0 | 22.0 | — | — | — | ||||||||||||||||||||||
Segment operating expenses | Segment operating expenses | $ | 203.8 | 191.8 | 12.0 | 6 | % | 9 | % | Segment operating expenses | $ | 290.6 | 293.9 | (3.3) | (1) | % | — | % | ||||||||||||||||
Equity (losses) earnings | Equity (losses) earnings | $ | (13.9) | 5.1 | (19.0) | (373) | % | (372) | % | Equity (losses) earnings | $ | (23.0) | 4.0 | (27.0) | (675) | % | (680) | % | ||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 44.0 | 49.1 | (5.1) | (10) | % | (9) | % | Adjusted EBITDA | $ | 60.9 | 71.9 | (11.0) | (15) | % | (15) | % | ||||||||||||||||
Adjusted EBITDA margin (local currency basis) | Adjusted EBITDA margin (local currency basis) | 17.9 | % | 22.4 | % | (430) bps | (450) bps | Adjusted EBITDA margin (local currency basis) | 17.4 | % | 21.4 | % | (380) bps | (400) bps | ||||||||||||||||||||
Adjusted EBITDA margin (USD basis) | Adjusted EBITDA margin (USD basis) | 18.1 | % | Adjusted EBITDA margin (USD basis) | 17.6 | % |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Outstanding borrowings under the Facility | $ | 1,600.0 | $ | 1,225.0 | |||||||
Short-term borrowings | 117.6 | 164.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Average outstanding borrowings | $ | 2,011.9 | 1,599.8 | $ | 2,017.0 | 1,295.9 | ||||||||
Average effective interest rate | 6.1 | % | 3.2 | % | 5.8 | % | 2.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ($ in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Total number of shares repurchased (in 000's) | Total number of shares repurchased (in 000's) | 139.3 | 1,397.9 | 139.3 | 2,013.2 | Total number of shares repurchased (in 000's) | 123.2 | 909.2 | 262.5 | 2,922.4 | ||||||||||||||||||||||||
Total paid for shares repurchased | Total paid for shares repurchased | $ | 20.0 | 297.7 | $ | 20.0 | 447.7 | Total paid for shares repurchased | $ | 20.1 | 153.5 | $ | 40.1 | 601.2 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
British pound | British pound | 8 | % | 8 | % | British pound | 8 | % | 8 | % | ||||||||||||||||||||||||
Euro | Euro | 7 | 7 | Euro | 7 | 7 | ||||||||||||||||||||||||||||
Australian dollar | Australian dollar | 5 | 6 | Australian dollar | 5 | 6 | ||||||||||||||||||||||||||||
Other(1) | Other(1) | 21 | 20 | Other(1) | 21 | 19 | ||||||||||||||||||||||||||||
Revenue exposed to foreign exchange rates | Revenue exposed to foreign exchange rates | 41 | % | 41 | % | Revenue exposed to foreign exchange rates | 41 | % | 40 | % | ||||||||||||||||||||||||
United States dollar | United States dollar | 59 | 59 | United States dollar | 59 | 60 | ||||||||||||||||||||||||||||
Total revenue | Total revenue | 100 | % | 100 | % | Total revenue | 100 | % | 100 | % |
Period | Total number of shares purchased | Weighted average price paid per share | Total number of shares purchased as part of publicly announced plan | Approximate dollar value of shares that may yet be purchased under the plan (in millions) | ||||||||||||||||
April 1, 2023 - April 30, 2023 | — | $ | — | — | ||||||||||||||||
May 1, 2023 - May 31, 2023 | 72,332 | $ | 138.25 | 72,332 | ||||||||||||||||
June 1, 2023 - June 30, 2023 | 66,963 | $ | 149.34 | 66,963 | $ | 1,135.6 | ||||||||||||||
Total | 139,295 | 139,295 |
Period | Total number of shares purchased | Weighted average price paid per share | Total number of shares purchased as part of publicly announced plan | Approximate dollar value of shares that may yet be purchased under the plan (in millions) | ||||||||||||||||
July 1, 2023 - July 31, 2023 | 27,035 | $ | 168.80 | 27,035 | ||||||||||||||||
August 1, 2023 - August 31, 2023 | 56,152 | $ | 168.05 | 56,152 | ||||||||||||||||
September 1, 2023 - September 30, 2023 | 39,973 | $ | 153.06 | 39,973 | $ | 1,115.5 | ||||||||||||||
Total | 123,160 | 123,160 |
Exhibit Number | Description | ||||
31.1* | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||
31.2* | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||
32* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
JONES LANG LASALLE INCORPORATED | |||||||||||
By: | /s/ Karen Brennan | ||||||||||
Karen Brennan | |||||||||||
Chief Financial Officer | |||||||||||
(Authorized Officer and Principal Financial Officer) |