Jones Lang Lasalle (JLL) Q1 FY2024 earnings: revenue $5.1 billion, up 8.7% on the year

Jones Lang Lasalle Inc. (JLL) reported revenue of $5.1 billion for Q1 FY2024, the quarter ended 31 March 2024, up 8.7% on the same quarter a year earlier. Net income was $66 million, and diluted earnings per share $1.37. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2024.

Revenue$5.1 billionup 8.7%

Net income$66 million

Diluted EPS$1.37

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	5,124	5,881	n/a	n/a
Operating income	114	290	n/a	n/a
Operating margin	2.2%	4.9%	n/a
Pre-tax income	81.5	185	n/a	n/a
Income tax	15.9	12.7	n/a	n/a
Effective tax rate	19.5%	6.9%	n/a
Net income	66.1	172	n/a	n/a
Net margin	1.3%	2.9%	n/a
Diluted EPS	$1.37	$3.57	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-678	729	n/a	n/a
Capital expenditure	43.2	49.2	n/a	n/a
Free cash flow	-721	680	n/a	n/a
Free cash flow margin	-14.1%	11.6%	n/a
Cash from investing	-54.3	-70.0	n/a	n/a
Cash from financing	703	-606	n/a	n/a
Depreciation and amortisation	61.0	61.9	n/a	n/a
Share-based compensation	0.3	0.5	n/a	n/a
Buybacks	20.0	22.2	n/a	n/a
Diluted shares, weighted	48m	48m	n/a	n/a
Shares outstanding at period end	47m	48m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	6,294	6,294	n/a	n/a
Non-controlling interest	114	116	n/a	n/a
Redeemable equity	n/a	0.0	n/a	n/a
Debt	2,276	1,538	n/a	n/a
Operating lease liabilities	759	754	n/a	n/a
Other liabilities	6,040	7,363	n/a	n/a
Total liabilities and equity	15,482	16,065	n/a	n/a
Fixed assets	600	614	n/a	n/a
Goodwill	4,569	4,587	n/a	n/a
Intangible assets	763	785	n/a	n/a
Cash and equivalents	397	410	n/a	n/a
Receivables	1,915	2,096	n/a	n/a
Other assets	7,239	7,573	n/a	n/a
Total assets	15,482	16,065	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,111	5,881	5,124	5,629	5,869	6,811	5,746	6,250	6,510	7,609	6,386	6,928
Operating income	119	290	114	152	228	373	120	197	274	507	205	291
Operating margin	2%	5%	2%	3%	4%	5%	2%	3%	4%	7%	3%	4%
Pre-tax income	73.8	185	81.5	105	192	301	71.5	137	275	498	198	266
Tax rate	20%	7%	20%	20%	19%	20%	20%	19%	19%	19%	19%	19%
Net income	59.7	172	66.1	84.4	155	241	55.3	112	223	402	159	216
Net margin	1%	3%	1%	1%	3%	4%	1%	2%	3%	5%	2%	3%
Diluted EPS	$1.23	$3.57	$1.37	$1.75	$3.20	$4.97	$1.14	$2.32	$4.61	$8.34	$3.33	$4.59
Operating cash flow	326	729	-678	274	262	927	-768	333	617	1,012	-755	488
Capital expenditure	49.5	49.2	43.2	38.2	44.9	59.2	44.5	44.4	49.5	77.2	64.9	50.1
Free cash flow	276	680	-721	236	217	868	-812	288	568	935	-820	438
Buybacks	19.9	22.2	20.0	20.4	20.0	20.3	19.7	40.2	70.3	81.3	300	109
Shares outstanding	48m	48m	47m	47m	47m	47m	48m	47m	47m	47m	46m	46m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 6 May 2024, accession 0001037976-24-000021: the filing on EDGAR. All of Jones Lang Lasalle Inc.'s filings: EDGAR company page.

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