2023 Q1 Form 10-K Financial Statement

#000103797623000007 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.716B $5.605B $20.86B
YoY Change -1.79% -5.73% 7.72%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.605B $5.249B $19.67B
YoY Change 1.16% 71.15% 102.93%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.50M $62.60M $157.7M
YoY Change 5.7% 9.44% -3.96%
% of Gross Profit
Operating Expenses $4.698B $5.312B $19.99B
YoY Change 1.56% 70.02% 9.12%
Operating Profit $17.80M $868.1M
YoY Change -89.87% -16.81%
Interest Expense -$28.90M -$47.70M -$17.80M
YoY Change -448.19% -151.18% -111.04%
% of Operating Profit -162.36% -2.05%
Other Income/Expense, Net $100.0K $14.30M $150.3M
YoY Change -50.0% -780.95% 1291.67%
Pretax Income -$11.00M $221.3M $994.2M
YoY Change -105.97% -58.77% -18.75%
Income Tax -$2.300M $45.40M $200.8M
% Of Pretax Income 20.52% 20.2%
Net Earnings -$9.200M $174.8M $654.5M
YoY Change -106.32% -58.52% -31.94%
Net Earnings / Revenue -0.2% 3.12% 3.14%
Basic Earnings Per Share -$0.19 $13.51
Diluted Earnings Per Share -$0.19 $3.63 $13.27
COMMON SHARES
Basic Shares Outstanding 47.60M shares 47.46M shares 48.45M shares
Diluted Shares Outstanding 49.34M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $485.4M $519.3M $519.3M
YoY Change -15.7% -12.53% -12.53%
Cash & Equivalents $485.4M $519.3M $519.3M
Short-Term Investments
Other Short-Term Assets $625.6M $603.5M $603.5M
YoY Change 10.39% 20.53% 20.53%
Inventory
Prepaid Expenses
Receivables $1.977B $2.149B $2.509B
Other Receivables $3.324B $2.938B $2.938B
Total Short-Term Assets $6.772B $6.570B $6.570B
YoY Change 9.84% 2.85% 2.85%
LONG-TERM ASSETS
Property, Plant & Equipment $586.2M $582.9M $1.359B
YoY Change -21.75% -21.23% -7.12%
Goodwill $4.544B $4.528B
YoY Change -1.17% -1.81%
Intangibles $833.1M $858.5M
YoY Change -5.28% -3.21%
Long-Term Investments $896.0M $873.8M $873.8M
YoY Change 14.1% 17.18% 17.18%
Other Assets $173.1M $175.9M $1.073B
YoY Change -29.98% -24.7% -1.81%
Total Long-Term Assets $9.077B $9.024B $9.024B
YoY Change -1.62% -1.02% -1.02%
TOTAL ASSETS
Total Short-Term Assets $6.772B $6.570B $6.570B
Total Long-Term Assets $9.077B $9.024B $9.024B
Total Assets $15.85B $15.59B $15.59B
YoY Change 2.97% 0.57% 0.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.111B $1.237B $1.237B
YoY Change 4.82% -2.06% -2.06%
Accrued Expenses $1.283B $1.906B $1.906B
YoY Change -13.83% -12.69% -12.69%
Deferred Revenue
YoY Change
Short-Term Debt $104.3M $619.5M $619.5M
YoY Change -73.45% 46.59% -34.35%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $5.265B $5.912B $5.912B
YoY Change -2.55% -8.86% -8.86%
LONG-TERM LIABILITIES
Long-Term Debt $2.469B $1.587B $1.587B
YoY Change 64.43% 197.23% 197.23%
Other Long-Term Liabilities $408.5M $407.0M $1.752B
YoY Change -25.5% -29.55% -7.02%
Total Long-Term Liabilities $408.5M $407.0M $3.338B
YoY Change -25.5% -29.55% 38.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.265B $5.912B $5.912B
Total Long-Term Liabilities $408.5M $407.0M $3.338B
Total Liabilities $9.687B $9.444B $9.573B
YoY Change 7.99% 3.97% 2.71%
SHAREHOLDERS EQUITY
Retained Earnings $5.567B $5.590B
YoY Change 9.51% 13.22%
Common Stock $1.982B $2.023B
YoY Change -4.14% -1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $883.5M $934.6M
YoY Change 59.85% 130.03%
Treasury Stock Shares 4.486M shares 4.578M shares
Shareholders Equity $6.034B $6.021B $6.021B
YoY Change
Total Liabilities & Shareholders Equity $15.85B $15.59B $15.59B
YoY Change 2.97% 0.57% 0.57%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$9.200M $174.8M $654.5M
YoY Change -106.32% -58.52% -31.94%
Depreciation, Depletion And Amortization $57.50M $62.60M $157.7M
YoY Change 5.7% 9.44% -3.96%
Cash From Operating Activities -$716.3M $601.8M $199.9M
YoY Change -0.01% -21.03% -79.44%
INVESTING ACTIVITIES
Capital Expenditures $49.30M $69.80M $205.8M
YoY Change -205.79% -208.55% -217.0%
Acquisitions $0.00 $5.700M
YoY Change -100.0% -98.63%
Other Investing Activities $1.100M -$25.50M $23.50M
YoY Change -56.0% -94.01% -33.05%
Cash From Investing Activities -$74.00M -$95.30M -$243.1M
YoY Change -21.28% -80.54% -69.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $601.2M
YoY Change 75.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $775.3M -513.6M -$13.10M
YoY Change -3.87% 180.5% -90.89%
NET CHANGE
Cash From Operating Activities -$716.3M 601.8M $199.9M
Cash From Investing Activities -$74.00M -95.30M -$243.1M
Cash From Financing Activities $775.3M -513.6M -$13.10M
Net Change In Cash -$10.50M -7.100M -$95.60M
YoY Change -0.94% -107.96% -5411.11%
FREE CASH FLOW
Cash From Operating Activities -$716.3M $601.8M $199.9M
Capital Expenditures $49.30M $69.80M $205.8M
Free Cash Flow -$765.6M $532.0M -$5.900M
YoY Change 14.3% -35.62% -100.51%

Facts In Submission

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ORGANIZATION<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">Jones Lang LaSalle Incorporated ("Jones Lang LaSalle," which we may refer to as "JLL," "we," "us," "our," or the "Company") was incorporated in 1997. We have corporate offices worldwide and over 103,000 employees, including approximately 45,400 employees whose costs are reimbursed by our clients. We provide comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. We are an industry leader in property and facility management services, with a managed portfolio of approximately 4.6 billion square feet worldwide as of December 31, 2022. LaSalle Investment Management ("LaSalle") is one of the world's largest and most diversified real estate investment management firms, with $79.1 billion of assets under management (unaudited) as of December 31, 2022.</span></div><div style="margin-bottom:9pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">We work for a broad range of clients representing a wide variety of industries in markets throughout the world. Our clients vary greatly in size and include for-profit and not-for-profit entities of all kinds, public-private partnerships and governmental (public sector) entities. We provide real estate investment management services on a global basis for both public and private assets through LaSalle. Our integrated global business model, industry-leading research capabilities, client relationship management focus, consistent worldwide service delivery and strong brand are attributes that enhance our services.</span></div>
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:130%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions about future events that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during each reporting period. Such estimates include the value and allocation of purchase consideration, valuation of accounts receivable, Reimbursable receivables, Warehouse receivables, Investments, Goodwill, intangible assets, derivative financial instruments, other long-lived assets, earn-out liabilities, legal contingencies, assumptions used in the calculation of income taxes, incentive compensation, self-insurance program liabilities, and retirement and other post-employment benefits, among others.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:130%">These estimates and assumptions are based on management's best estimate and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency exchange rate fluctuations can increase the uncertainty in such estimates and assumptions. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material.</span></div>
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-3300000 usd
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2600000 usd
CY2020 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-14800000 usd
CY2022 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
104800000 usd
CY2021 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
84700000 usd
CY2020 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
142400000 usd
CY2022 dei Auditor Name
AuditorName
KPMG, LLP
CY2022 dei Auditor Location
AuditorLocation
Chicago, IL
CY2022 dei Auditor Firm
AuditorFirmId
185

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