JLL reports fourth-quarter and full-year 2020 results with record operating cash flow
Strong close to year, highlighted by Capital Markets improvement, as COVID-19 impact continued
CHICAGO, February 9, 2021 — Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for 2020 with fourth-quarter diluted earnings per share of $4.80 and adjusted diluted earnings per share1 of $5.29, and full-year diluted earnings per share of $7.70 and adjusted diluted earnings per share1 of $9.46.
- Fourth-quarter Consolidated revenue was $4.8 billion and fee revenue1 was $2.0 billion, decreases of 12% and 19%, respectively
- Pandemic continued to impact transaction-based service lines; Americas Capital Markets generated notable quarterly improvement
- Continued resilience from Property & Facility Management demonstrated strength of global platform
- LaSalle reflected expected lower incentive fees following an exceptional 2019
- Margin performance continued to benefit from cost mitigation actions, which more than offset lower transactional revenue
- Record full-year $1.1 billion operating cash flow reflected strong cash collections and drove ability to pay down credit facility
"Our resilient 2020 performance demonstrated the diversification of the JLL global platform and our commitment to provide outstanding service to our clients," said Christian Ulbrich, JLL CEO. "With disciplined financial management, we successfully leveraged our investments to drive efficiency gains and prioritized debt reduction to fortify our strong financial position. We accomplished this while realizing the benefits of integrating HFF into our Capital Markets platform, realigning our cost structure and increasing cash return to shareholders. JLL enters 2021 poised to lead in a post-pandemic environment and generate substantial value for all stakeholders over the long term."
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL Network is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of nearly 91,000 as of December 31, 2020.