Q2 2024 Jones Lang LaSalle Inc Earnings Call Transcript
Key Points
- JLL's resilient business lines showed strong performance, contributing to increased profitability.
- Global office leasing volumes increased by 10% year over year, with notable improvements in the US and Europe.
- Transactional revenues increased by 5% in the quarter, led by growth in leasing and investment sales.
- The company achieved a 12% increase in revenue to $5.6 billion, driven by growth in workplace and project management.
- Free cash flow increased by 19% to $236 million, reflecting improved business performance and efficient working capital management.
- Global commercial real estate investment was down 1% year over year, with a 3% decline in the US.
- The global vacancy rate for office spaces increased to 16.6%, indicating ongoing challenges in the office leasing market.
- Industrial leasing activity remained subdued as occupiers are cautious about committing to new deals.
- JLL Technologies experienced a 7% decline in revenue due to lower bookings and client project delays.
- LaSalle's revenue decreased by 27%, primarily due to a decline in incentive fee activity and ongoing valuation declines in assets under management.
Good day and welcome to the Q2 2024 JLL earnings conference call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.
I'd now like to welcome Scott Einberger, Head of Investor Relations to begin the conference. Scott, over to you.
Thank you and good morning and welcome to the second-quarter 2024 earnings conference call for Jones Lang LaSalle Inc., Earlier this morning, we issued our earnings release along with a slide presentation and Excel file intended to supplement our prepared remarks.
These materials are available on the Investor Relations section of our website. Please visit ir.jll.com. During the call and in our slide presentation and accompanying Excel file, we reference certain non-GAAP financial measures, which we believe provide useful information for investors.
We include reconciliations of non-GAAP financial measures to GAAP in our earnings release and slide presentation. As
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