JLL Files Q3 2024 10-Q

TL;DR

JLL's Q3 2024 10-Q is in. Check financials.

AI Summary

Jones Lang LaSalle Inc. (JLL) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the third quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors and analysts with the latest financial data for Jones Lang LaSalle, crucial for understanding the company's performance in the real estate services sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-06 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial analysis from the prior fiscal year-end.)

Key Players & Entities

• Jones Lang LaSalle Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• 200 E RANDOLPH DR (address) — Company's business street address
• CHICAGO (location) — Company's business city
• IL (location) — Company's business state
• 60601 (zip_code) — Company's business zip code

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 JLL The New York Stock Exchange Indic
• $0.1 million — trolling interest of $(0.3) million and $0.1 million for the three months ended September 30

Filing Documents

• jll-20240930.htm (10-Q) — 2085KB
• exhibit311-jllq32024.htm (EX-31.1) — 10KB
• exhibit312-jllq32024.htm (EX-31.2) — 10KB
• exhibit32-jllq32024.htm (EX-32) — 7KB
• jll-20240930_g1.jpg (GRAPHIC) — 41KB
• jll-20240930_g2.jpg (GRAPHIC) — 58KB
• jll-20240930_g3.jpg (GRAPHIC) — 79KB
• jll-20240930_g4.jpg (GRAPHIC) — 64KB
• jll-20240930_g5.jpg (GRAPHIC) — 88KB
• 0001037976-24-000044.txt ( ) — 10501KB
• jll-20240930.xsd (EX-101.SCH) — 60KB
• jll-20240930_cal.xml (EX-101.CAL) — 82KB
• jll-20240930_def.xml (EX-101.DEF) — 366KB
• jll-20240930_lab.xml (EX-101.LAB) — 759KB
• jll-20240930_pre.xml (EX-101.PRE) — 567KB
• jll-20240930_htm.xml (XML) — 1610KB

Financial Information

Part I Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements: 3 Balance Sheets as of September 30, 2024 and December 31, 2023 3 4 5 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 51 Signature 52 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements JONES LANG LASALLE INCORPORATED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) September 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 437.8 410.0 Trade receivables, net of allowance of $ 79.1 and $ 70.7 1,998.5 2,095.8 Notes and other receivables 414.6 446.4 Reimbursable receivables 2,535.4 2,321.7 Warehouse receivables 2,055.9 677.4 Short-term contract assets, net of allowance of $ 1.5 and $ 1.6 327.3 338.3 Prepaid and other 637.2 567.4 Total current assets 8,406.7 6,857.0 Property and equipment, net of accumulated depreciation of $ 1,157.4 and $ 1,039.1 599.3 613.9 Operating lease right-of-use assets 746.8 730.9 Goodwill 4,667.2 4,587.4 Identified intangibles, net of accumulated amortization of $ 661.0 and $ 563.0 721.1 785.0 Investments, including $ 795.5 and $ 740.8 at fair value 866.5 816.6 Long-term receivables 390.9 363.8 Deferred tax assets, net 525.9 497.4 Deferred compensation plan 672.2 604.3 Other 220.6 208.5 Total assets $ 17,817.2 16,064.8 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,162.0 1,406.7 Reimbursable payables 1,846.8 1,796.9 Accrued compensation and benefits 1,366.4 1,698.3 Short-term borrowings 99.6 147.9 Commercial paper, net of debt issuance costs of $ 2.0 and $ — 798.0 — Short-term contract liabilities and deferred income 200.1 226.4 Warehouse facilities 2,053.1 662.7 Short-term operating lease liabilities 162.8 161.9 Other 339.2 345.3 Total current liabilities 8,028.0 6,446.1 Credit facility, net of debt issuance costs of $ 12.2 and $ 14.4 332.8 610.6 Long-term debt, net of debt issuance costs of $ 6.8 and $ 8.1 783.7 779.3 Deferred tax liabilities, net 41.6 44.8 Deferred compensation 653.0 580.0 Long-term operating lease liabilities 783.1 754.5 Other 426.0 439.6 Total liabilities 11,048.2 9,654.9 Company shareholders' equity: Common stock

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company," "we," "us" or "our") for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2023 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Consolidated Financial Statements as of September 30, 2024, and for the periods ended September 30, 2024 and 2023, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements for these interim periods. As discussed within our 2023 Annual Report on Form 10-K, specific to our Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows, we have made certain presentation changes and recast prior-period information to conform with the current presentation. Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly thro

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View this 10-Q filing on SEC EDGAR