Jones Lang LaSalle (JLL) 8 Aug 182018 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to Jones Lang LaSalle Incorporated Second Quarter 2018 Earnings Conference Call.

For your information, this conference call is being recorded. I would now like to turn the conference over to Grace Chang, Managing Director of Investor Relations. Please go ahead.

operator. you, Thank welcome for and second XXXX quarter Good Lang to LaSalle call Jones Incorporated. conference morning our Earlier this website, morning, available we to issued our earnings remarks. prepared Investor a presentation section supplement with our on release, Relations of along our ir.jll.com, slide intended the which is

the will GAAP financial non-GAAP slides. non-GAAP and measures appropriate to reference During our financial believe earnings we supplemental of which call, include information useful reconciliations we in release provide for certain measures, investors. We where

undertaking being is of about call future discussed as statements live differ in call fiscal the company and other will today's filed be XX-K forward-looking transcript reminder, Christian like of with a the the performance and the result our that, plans, a about for to revise I And year Ulbrich, webcast recorded. would with A objectives may to ended any publicly Form are report from statements statements. this opening The in also annual Executive those XX, XXXX any or As Officer, forward-looking Chief and results factors and made call reports to remarks. Actual turn forward-looking for conference SEC. our expectations statement. performance website. results over update or on posted on Any and December disclaims

second for Thank half you, Grace, and our this quarter and the first review welcome, results everyone, to XXXX. of of

to will billion, the increase. and first revenue minutes. Christie and very $X.X details a CFO, increased second To a Our for had quarter increased she our Revenue provide we strong performance half. billion fee joins usual, as XX% a to XX% summarize, us about and in few Kelly, $X.X quarter

increase. while from billion, first revenue also fee XX% half, a previous year, For $X.X up reached $X.X billion, revenue the XX% totaled the

revenue revenue. Americas increases in across Corporate growth all included businesses quarter organic reflected transactional continued in segments. business our annuity-based Highlights Second our and expansion growth Solutions'

the million from reached at for half. $XX.X totaled quarter, up period equity under the and LaSalle's income in million quarter private Adjusted a of the billion $XX end In for capital earnings $XXX a of accounted for assets for quarter, year the first management $X.XX diluted net same $X.XX per share addition, record ago. Adjusted the $XXX for the billion.

For per compared the diluted first $X.XX adjusted XXXX. six reached the earnings $X.XX months half, first with share for of

during Even for the ago. X.X% GDP from year economic persisted second remained world up a year, as the conditions economic global positive. is quarter, uncertainty X.X% expected to full growth Annual reach

information posted Relations For more Capital activity details, supplemental document Slide the Investor section in of Leasing. the X see summarizes Markets jll.com. slide in X global and in

XX% Second rose to increase. quarter billion, a Capital transaction volumes year-on-year $XXX Markets

by track double-digit quarter, the beginning X% markets of registered X% XXXX. rate. rental with Strong quarter continued XX we global strongest First major half since continued during feet represents higher growth square activity Madrid. XXX.X ago, the and below offices remained in year-on-year including to office Milan grew This and year since across Several at second Rental points growth level leasing conditions through a began across million occupier was XXXX increase prime global the a the reached office XX% XXXX. reaching leasing assets and capital global growth to range activity. XX to when X.X% office the from year appreciation, performance fuel which highest quarter, XX basis down continued the steady XX% than prime since last X.X% for rate major rental With XX $XXX markets. Berlin, pushed billion, first Sydney, demand, leasing for XX.X%, the Singapore, seen keeping to within vacancy Income markets markets. growth annual the

for and and first have taken we quarter seen very a So, real good estate for second JLL. together, commercial half

Now, Christie on more for comments let's performance to this environment. in turn our detailed market

Thank our quarter for of the headline on our summary and Christian provided everyone current welcome the and to first results call. you, Christian, half.

XXXX prior lines half So, first Fee basis. the I Services second of and occurred and year consolidated with all Management. of was fee results represented growth Facility year fee to the Revenue the will are XX% exceptional move businesses. for All half and both Property consolidated XXXX. to revenue XX% of our transactional basis, service broad strong based a quarter growth quarter segments local for growth gains revenue revenue first references and On & Leasing, recast and on both & to the a for half, directly growth across organic details driven reflected All was both performance. revenue by grew Development segments annuity and currency compared in in first Project across the organic. GAAP

consolidated the of changes segment growth. to the line except Turning dollar-denominated data, we XX% currency service local in first year-to-date led and represented where Leasing half, grew for report revenue U.S. X% Leasing quarter for fee by Markets, results, which the the which X% research aligns percentage with the Capital Americas, and for

the EMEA the the the first the prior impressive Americas first was quarter half, double-digit compared XX% and revenue both Consolidated led when the half. and quarter and year's quarter by X% both for Americas with growth. by the first half. For the fee for first for growth particularly for grew Capital and was Markets Growth

For nearly half, Advisory Facility as & revenue & both Real Services, growth. Project Services the Development such of the drove Property non-transactional Consulting Management, first quarter fee & XX% and businesses, Estate

Services XX%. and X%, Project the For Development Consulting Facility Management & our quarter, grew grew Property XX%, Advisory & revenue fee grew by &

front-end margin combined We supplemental company-wide after platform enhanced our for future investments performance will was on upgrade. gains, ERP for for depreciation, data and targets. enhancements, XX the from platform for in Asia solutions please and Pacific, associated to site our our investment Americas contribute million believe first, Americas investments. quarter. XX% with for of calculated To in the APAC and Adjusted towards From achieving technology and in primarily fee our and XX digitalization approximately page ongoing X we ASC quarter. selection; capability growth in color details quicker on of dollars systems patent of incremental $X implement investments to to spent upgrade excluding revenue Blackbird, client like EMEA a EBITDA ERP a slides global relates on the perspective, margins, decrease the implementation XX% basis an continued on offset ERP basis technology and a proprietary organic followed completed the generate technology; are The accounting enables refer the strong XXXX moving we client-facing performance innovation represents points XXX the by and tools, by with and quarter. provide that Turning system the XX% EMEA followed cutting-edge like our digital the in by our to of XXXX. investment incremental

also technology. creation Global real We in Venture on estate to focused Spark the of announced plans leveraging JLL companies Fund, which invest

significant are the of including Digital hitting milestones Product Officer. team, a and strong establishing We hiring Chief a

investment-grade commitment growth the focus and We on are our priorities for future JLL with sheet. balance an of to a investing

Total leverage the June company's XX, net working to We BBB+ million decrease to of debt-to-adjusted XX, quarter as but X from Since capital The to a reflected XXXX, efforts our EBITDA performance times recently stable net profile from to management. XXXX, XX-month June continue manage below and S&P. XXXX. year-over-year debt to $XXX.X second upgraded quarter our net from EBITDA. we trailing the stable million debt million for while BBB times, decreased decreased to rating increased $XX.X times to a improve most of adjusted have X X.X by rating being $XXX.X

with In capacity the remains a growth support to facility new at credit The term, extends improved pricing. XXXX June borrowing from maturity during operating quarter, bank flexibility to $X.XX our billion addition, and strategy. five-year which we amended May the our increase with XXXX

top-tier stronger provides liquidity facility, Group supported by and capacity Our pricing. attractive at credit Banking

we on we the our transactions acquisitions our standpoint, From global we M&A two did quarter, to cultural not the fit, meet During represent an new which second any our help with of maintain drive quarter, combined footprint. strong Capital and on our with Markets in Solutions close complemented Corporate our that ultimately, in while return shareholders. strategic capital disciplined focus added banks remain Spark. JLL performance acquisitions and, capital Management, on for into the deployment invested strategic footprint, Investment We growing continued LaSalle better operating focused maximize

growth on businesses. quarter XX% the fee evenly results, between to fee On second increased drove quarter total Moving transactional Estate transactional activity. a delivering the region annuity over XX% basis, by for X% Real second segment balanced over XXXX, revenue The and increased the year-to-date revenue quarter Services of the Americas in strong nearly XXXX.

for for X% the Our half. fee Leasing grew quarter the X% first revenue and by

XX% comparable over by due total represented transactions growth. performance softer the timing to gross market's quarter, For transactions. Leasing driven Americas XXXX growth the leasing the absorption, a and our consolidated of year-over-year Solutions' tough Corporate of was strong Against

For the fee quarter Markets first Facility representing up driven M&A up with Capital and we financing Property by XX% the and quarter Northwest, revenue York by sales, for of market in half. grew was XX% half flat Midwest activity Florida. Mid-Atlantic nearly for debt New first business growth Capital our against decline strength the Markets X% followed business, X%, for The performance and of quarter, region, placements New revenue a saw was had Management the and Texas and in the services. positive for half. and volumes. up strong XX% the and in York remaining XX% & and the the Investment activity multifamily advisory

expansion growth our momentum We client from base. continued new existing contract organic combined awards our with from

organic first performance for quarter & Consulting and Looking quarter. controls. Consulting, for in higher revenue Project Development Adjusted Corporate was in to revenue for EBITDA The XX%, existing at & of multiservice Services first saw and wins, Services, Advisory basis quarter business margin as & accretive strong growth Advisory as grew the XX% the growth for Services Consulting and the the turned proportion around was trend contracts, a half. as outsourcing accounting Development of the for respectively. from well & X% Development driven of a point Work. for as the operating and X% XXX businesses outsourcing, Americas and revenue of continued by new picture, revenue transactional the fee & fee fee businesses the inclusive from XXX our by calculated leverage while increases Leasing, Project new driven continuing fee in the of growth Canada wins Project XX%, Future by cost Solutions in on after and half basis and respectively, XX.X% well XX% ASC businesses, clients improvement

revenue total timing Facility Development led by Project to revenue XXXX, EMEA, Turning quarter a second second Services. the & over grew transactions. to & quarter as for underperformed Property Capital Markets X% quarter forward and fee to pull the first due quarter from benefited Management

half, first being; the deals EMEA biggest constraints; were in XXXX For Leasing for in gross up half. first, and by against first with market longer close challenges second, absorption total grew and X%. was increasing fee relative X% The Germany; soft growth the second to bid/ask EMEA to supply taking revenue quarter the flat revenues spreads.

the the quarter, healthy volume. quarter first and generating is Overall, Markets in Management and saw This growth Property sales Capital quarter are the EMEA and total work by for upon driven quarter. timing for up Tétris the half XX% was XX% market and point, growth by the the in nearly by fee XX% To based quarter decline primarily Facility first of half, growth Consulting was retail XX% first quarter delivered by engineering increase fee Project our residential, revenue second half, XX% the in latest is the by grew in research, contracts encouraged office Management Integral, Facility for in For Management, the fee lower volumes. in Services Solutions' revenue X% we investment for Europe. Advisory growth this revenue first our & in residential our plus our offset quarter the by and work. X% in multiservice sales & to progress. increased and to business, a XX% Facility Growth first helped driven for Continental the activity. second growth fee Corporate X% for Considering year-to-date slow half. Development revenue performance for the in drove offset first UK the half. business & we growth compared above the revenue decreased for Growth mobile outlook XX% XX%, start advisory the the year. related. industrial investment the and beyond fee quarter market

adjusted delivered in in annuity margin a and timing, EMEA shift mix people. calculated profitability compensation service basis our transaction, revenue, increased EBITDA second in the X.X%. The revenue on and of and toward For quarter, a reflects fee platform decline investments

of to business in For people. of with This the the is partially ahead half, prior tracking offset data with to management. first associated of due spend largely margins expenses XXXX, combined are the non-core year continued wind-down elimination technology, UK by related investments and increased cost

increased Moving half. the and first prior the XX% to fee X% over Asia last for Pacific, revenue year quarter

For the Markets up XX% investment with quarter, was Capital revenue sales line and fee growth. in market

the year, grew followed led by Japan China. For and the XX%. activity, fee In Capital revenue quarter, Korea Markets the

Leasing market growth grew quarter typically or to in XX%. by challenged having the and in terms driven by correlate square slow first are Kong helped absorption remain half. X% lower market us for Asia driven of second leasing, is X% to Management office The cities China. the from This and makes per revenue our with where the year, quarter declined fee & type primarily significant This pipelines was as differences revenue Facility markets Property start Growth from by half. the anomaly Comparability rent quarter it growth size. Hong over compared is hard prior the meter. and revenue healthy. quarter recover deal with common growth and volumes, by first market the of in for first for fees to the fee X% foot of XX% with for directly the most growth fee

was negative organic new timing by year of partially the challenged growth, of half by first offset The business.

expense the growth and government fee X% in created margin X% Facility delivered Project in Services half, overruns beyond for & addition, for two activity for quarter was first we operating Considering dilution. in & driven our Australia the fee which Japan. half, first quarter revenue for by contracts multiservice XX% the also contracts, on driven first Advisory had grew Solutions' In separate which Development performance XX% half. Management, contracts the revenue Consulting, XX% by China. Greater up and was and primarily the Corporate

quarter, recast XX was adjusted expansion The a XX%. XXX after (XX:XX) growth. Asia in margin gains, basis for productivity points bonus the For phasing attributable margin largely coupled on basis was EBITDA of for accounting with Pacific organic to ASC

quarter business. reflect LaSalle's annuity decline second XX.X%, and decrease offset is which margin from results also the margin diverse from quarter the the LaSalle securities platform, reflected the for the XXXX on was Moving for XX% solid $XX in driven equity fee to from Investment by the partially contribution our across advisory performance the $XXX the of EBITDA a equity fees, private margin for XX.X%. Management dispositions higher The million revenue quarter business, Asia in XX% growth and shift second reflects revenue in million first Pacific. for totaling and in half. was incentive contraction which adjusted half. fee LaSalle's asset earnings primarily fees mix quarter, first expansion the Performance margin was down

the is to quarter, down proportionately EBITDA. margin a is for it's consolidated as of adjusted accretive LaSalle the consolidated part LaSalle Although larger margins

to ahead For year first fees, last with equity half, incentive of the LaSalle earning. increased are increased margins combined due

Investor and Management exciting at strength acquisitions platform. of For of is the out strategic the to entered agreement quarter, This the latest announced of LaSalle's step Encore+ Aviva as Estate full of acquire ownership capital significant an in December. Investors $X.X the LaSalle laid new JLL's mark the and that These business vision billion Beyond and the Multi-Manager raised management to broader and we Investment Day addition in last Real also breadth Fund. our into global

Noting June page XX, on that's our XXXX. XX%. of management represented Assets securities breakout our the to we private billion $XX.X were year, slides, supplemental XX strategy. growth in as XX% management Last and under our assets robust with continued decreased see of equity alignment of public under in to

doesn't a five-year million a if performance to $XX with million its average success. Asia pipeline LaSalle would to contributing Lastly, its fees. $XX exceed $XX track second Pacific minimum is surprised to million in incentive half fees, we perspective, generate in notably incentive the in of be on From outstanding

pipeline for progresses. back to keep We as on year it will the final will updated now I Christian remarks. the you turn

Thank you, Christie.

Markets XXX regions. Rush space existing example of with renewed across wins million of XXX Medical Center Solutions Technologies and at square of HCL the recent a examples lines square shows in in As totaled wins $XXX where we we Corporate sale relationships half and facilities square sites These won XX feet. space contracts. across results, Park XX across In India, business, from to tower. York, XXXX, of million provide slide And we this a X expanded and in X.X Chicago by million another assignments feet in totaling in the iconic million chosen all Bryant XX few area. include these million new management the services One is service Greater new were Representative management University Capital generated business completed feet how integrated our wins services geographies. acquisition clients office New nine won facilities X.X first the of during XX we $XXX for we funding secured

takeover of Centre, square foot System. to was In State the for in of property China, a April, And management near Stockmann foot to advised in leading we office Financial XXX,XXX property assignments developer square €XXX sale in Employees' a landmark the their retained portfolio lease billion Madinaty, quarter's Beijing. LaSalle retail awarded Plc in included manage office Cairo. being were of Helsinki, a separate then and part building. on TMG, community, and Book new We also a House selected Retirement The Mall planned account lease Egypt, $X.X by the leasing million Pennsylvania a Taiping and XXX,XXX

again with summarizes investors future the turn the and number attracted other real asset let's outlook Capital of compared global steady their relative demand the growing for streams investor look slide by with increasing to and X, Now, our to strong, classes. income near-term Markets, year. market full performance a which remains allocations, estate In

global higher we investment of volumes the in levels markets match vacancy estate levels occupier second year just new only move about full XXXX ago, of project to Despite will XX% high full global year, million indicates matching square under totals billion. worldwide, strong For feet. see rates a year-end. coming by leasing $XXX supply commercial year market, real XX% at higher with slightly quarter In to that to levels we XXXX XXX demand than

at Should timing As Christie know, incentive easily fees mentioned average. could transactions LaSalle's year of million full fees for least will But We above spread recognized that hard more. is of you that incentive our if much, second control. in not we the incentive fees and be the predict into example, that first as half slip her remarks, $XX we the for incentive pricing expand, on fees in believe in notoriously our and bid/ask anticipate historical half fully could be to the not XXXX. well

all, let in more, will this remain know. optimistic own in learn we you we business we As All prospects environment. our about

XX%, inaugural an business June, continuing delivering JLL. and These said, invest profitable range Spark Capital to leveraging and invest development margin in Innovation with to investments Global for Corporate estate, a the our increase in JLL companies We technology were we and capabilities to XXXX management. have priorities, our both Award already by efficiency, investing allocation, transform In leasing on Three for further our XX% of plans maintaining be XX. benefit Venture will investments a real the EG Fund Tech are clients And Markets by focused to office as leveraging our strategies in include in is EBITDA for dividends, to expanding growth, search awarded everything our from a our global identified. JLL NXT to effectively. operational in for the NXT platform for adjusted makes differentiate capital will London to slide their been Christie markets the France, manage you find currently occupiers July, to JLL. to NXT continuing to announced Solutions technology to and being on faster, location more JLL clients for exported to technology JLL new They Office, efficiently stack, across guided capital dramatically for teams and Office process other rigorous platform helping way space. developed in continue Originally which approach paying globally. the Office to

who XXX rankings. service these European where Additional our in Corporate again Debt Estate list. continuing CR Best the Real the Investor won to rise our We Awards, Fund at made awards employees Magazine's Year's Best Employers named and thanks to other to Citizens were awards America's the included in Best Debt Strategies we Fortune second We III our continued to to the XXX to were world quarter. were recent received the honors. the selected provide We to Fund possible, Property LaSalle clients in around Forbes JLL. and Congratulations of for excellent to rankings. And the the all people and

let's Operator, process. your explain Now, please will take the you questions.

have we the on questions do line? Bridget, phone any

do. We

first Germain JMP Securities. Our with is from question Mitch

Your line is open.

Mitch. there, Hey

your phone is on If unmute. please mute,

Hello?

you Mitch. can We you? are Hey, now. How hear

Okay.

How part you wanted have your for taken at plenty sheet you've are at M&A Obviously, you? here. order, balance of environment. – and the got that. in M&A thanks. gotten about I the capacity most a to wanted to the look I look pause Sorry

you environment just out maybe And I'm if the to what bit a pipeline rational, maybe, if about gotten has and So, seeing can then curious B, there? little talk be the pricing A? bit a more you're

Christian. Mitch. It's Hi,

Hey, Christian.

Well, rational for really more pricing for now. our I rational to whether is for don't shareholders creates the it It's want us our and if business. value comment

LaSalle There's targets. on active us. at we is the you read, side offered have lot analyzing to as moment. in critical out there. And very lot being a A the are we so, And are

that's has at are so, to it's shareholders. And but potential not our targets, we we not it where that really moment. create the identifying for And are value

in targets identifying in successful as not as XXXX. we are were We

the about know dispositions curious I being half incentives the some incentives been to seemed driven of was from in in is I of they year, in the Where And next LaSalle. have from? the Asia. first Thanks. bucket helpful. That's delivered

very We're throughout strong there, the additional EMEA coming performance and performance through seeing Americas. got a Hey and region, Asia-Pacific in Mitch. the we've still

primarily, in terms drive Asia expect so, the though, Pacific And incentive in of fees.

you. Got

project? Just a employee leadership relief he the do on firm, to Or on and playbook Christian's client-facing? when of multiyear curious, was get type, going innovative. took more priorities, of maybe how are you think some I'm years. JLL one be to just continuation over these the really the technology in looks enhance then – of obviously curious investments ERP I'm it's some and to you you side make or And do several becomes believe technology investment just the investments, the course next the more

Mitch, has company be has technology on We company, very to focused to I company that it technology. every to any degree. become would a say call some

it is the optimal to on have and the offset within was side side, the drive for the inflation using productivity. X years organization where are level have talent, be not You're average in on we spend heavily everywhere as It's are with XX investing. the the that, on investing same pressures the But side, renew will side, technology which because ERP we of the the three-year platform great always right world, will our program by we that employee platform. even wage war you that on to than our investment to ERP it on would ago higher continue we currently a expect to

that on strongly never investment which technology, side, it the to on best will side away. which the so will one client-facing reasons And the Spark capital into front-footing, client-facing continuous really new clients. go the fund drive we new be technology, is identifying why identify. our It be early On will can we possible value and a venture JLL our to pushing with are the of

investments couple underwriting? regards me types of what there Spark, sort had terms were or a Christian, JLL that of in making from Is of made. I you, guess one investments any is Last Great. with theme you're mentioned to

will Yeah. of I XXX investment we more an look. took we tracking these deals. three deal three the of tracking, XXX. XX value Sure. more since the become which than for as roughly is screened One companies. mean, closer of in than these technology, out of And enhance different areas will our announcement area pipeline in At clients. a And stated, we are

something is which in AI the is space. in The And the is one space. the aggregator one other third

as really, announce will really that scene and But and is are it's can. super all as amazing whole that them gearing we becoming quickly We professional. up of exciting quickly proptech how is

Have Thanks. of great a the summer. rest

Mitch. Thanks,

You, too.

you. Thank

too. You

Our line William comes Blair. the of with next Stephen Sheldon question from

open. is line Your

Good morning. Hi.

Good morning, Stephen.

view like moved So, volumes year, and for the you investment better start upgraded flat your global region. being to (XX:XX) to up and trends looks think this given year, I every it projections

at all to would I your relative So, second outperformance changed qualitatively has compared do expectations? And outlook what what you coming the for the guess, you the attribute half into have to year? so far thought to your initial

year. in with half, part question, It the the really hasn't first start coming was which changed the is too of It second easy. across I cautious. were that I'd that overall the not expected half. for our stronger outlook for we the (XX:XX) mean, now the and We board. political updated the created The is outlook overall than that we second Stephen. environment was

And a impact that so, too cautious our would how bit researchers were market.

happy are that asset very strong So that's this the been class. continue we as an into real will great. hasn't interest estate case, And that and that far,

you in like overruns. Asia-Pacific? And talk been starts noted Sounds can in have contract and Property business, & about Helpful. trends out, looking then, pushed expense contract may Okay. too, Facility Management you the I think,

on and some items looks those provide the can right now? detail pipeline So, how more maybe you there

Sure, Stephen.

of couple a things. So,

We the on significant strong. looks new pipeline the all, of past First outsized years couple over of wins. had performance

new sometimes the of in as to went data. the with contracts, new the it most overruns, couple do teams had the clients, executing. as So, we relates accurate And a baseline really contract we – of transactions process we into are with those not

of the with be hard year. the start that rectify the second a and during half we'll to working clients to So, better are off the teams

EMEA this to Got XXXX? one, the it. that start of years, those felt Asia-Pacific, will be ERP in And then with investments some rollout or more in last will hit just and predominantly

Hi Stephen. there,

to Some this year hitting related in investments for of system as Asia-Pacific the XXXX, see, XXXX hit those are the ERP around specific the relates to with go-live. efforts And go-live. associated it investments then EMEA we'll

So, come. is more hard. working to Everybody

Got Thank you. it.

Stephen. Thanks,

Rahmani next comes question from the Jade of Our KBW. line with

Your line open. is

proptech Thanks do commercial or potentially the on transformational? technologies very be business the very Markets disruptive complementary view brokerage people-intensive. real there those think could you as landscape? historically And and much. Capital brokerage Leasing side Are been has to The estate side overall you that

that's in which question to of complementary the will answered different. the we have kind Jade, don't quite so Well, completely for at same more cannot because any world tend technology, It's be the transformational. seen way, think markets far be moment. I which whole that a be

You NXT will our our process of and speed makes but much a perspective. example which in the makes a new that perspective, efficient great process – is space technology a from leasing much the And more more identifying it efficient tenant. client see technology, it whole also which a is significantly which environment, for will from will up it

work these technologies technology. tool using as and significantly the the that in So, theme the broker across more Most their is them broker who see key of able be to the is than who supporting use make of productive. new are board. this its productive will doesn't NXT brokers more you a be And kind

so, going up. And head per is revenue the

them better or Is you terms Google they would picture it to the analytics clients, the technologies, using Earth your properties flows without mapping they're is in? excited most to technology? be give data Where think are do in that having of (XX:XX) where see virtually ability of to a information in excited? submarket and And travel, it most about clients

they Well, them process excited efficient. very the are whole if becomes for more

are what's the doesn't process out overall on. So, the a communicating kind clients much enjoy. technology, efficiency big a to who client the informed, cut them of that the what of is on you in but a it a a it. it's with which client be It base of better doesn't allows an client when that client talk drives any which advice have clue going market. that's And educated has knowledge the situation mean piece And when rather going good obviously, in to really we want to your of what's providing, they better to

the give quarter? second share? flow have do for the expectations you any operating And you full-year Could cash you could

Jade. Sure, Sure.

last For a receivables, we bit, primarily look at came of and the of receivables on little as flow in flow year, significantly sales quarter, our targeted the last cash end we fact year a nice look and that was had we the cash Americas in the that $XXX basis. a outstanding. revenue had take of late from the a the And fee $XXX take the some ERP performance as cash XX-month Overall, quarter. really go-live flow a we as through very some on towards in performance, the the a had million when versus days transactions over to at look percentage reduction improvement you of the objectives are or that And trailing X% result you well when nice million in pickup at we've in down though, above. Americas some larger-sized remainder since operations year, drive track

improvement adjusted the did business EBITDA margins, Turning you where to line? see most by

examples business Christian well off that investments we're recast only technology the for margins, perspective, seeing leverage From revenue saw we've from an XXX that's for been that EBITDA supply well effort. a bottom very platform over working XXX, years, chain over adjusted improvement the Americas with terms some perspective, nice but line also head, cycle substantial ASC And team increasing cost productivity including and management great business. drive gave we're not really business in are on for paying couple the the to of as per points to EBITDA associated specifically, seeing on basis controls a of of margin time in the thanks to starting

performance some saw very results Pacific mix the as Asia we nice a outstanding overall, well in So and as from also control. cost in Americas perspective both

mentioned and then, in lot I of a for at Capital volumes? side softer you point look risk on growing of Capital the believe And kind or a M&A some too there's in recruiting the so, decline would much at terms in the cycle JLL. in this Would in focus In potentially, that the on be Markets? growth Markets, you footprint and M&A opportunistic you maybe Americas is a there of of environment, opportunity

strengthen to idea the Well, our...

Is it a reasonable way to think about it?

sorry, I'm Jade.

Well, idea Americas for strengthen years. of to our the plate Yeah. has couple been our business Capital Markets the in on

the is hesitant do major continue to saw enough whether and to we But not to profile U.S., shareholders. very will analyze Capital Markets propose always because we opportunities that in the favorable that And so M&A we far, been risk/reward see the around our changing. to have

For are the organically. focused on it time we very growing being,

fantastic When in real Capital see business U.S., to continue stunning our over absolutely future. the be Markets We and growth will foreseeable the the are it case making revenue it's you in progress. the

much taking the for very Thanks questions.

Thanks, Jade.

with from comes Bank America Merrill of question David next Our Lynch. line Ridley-Lane the of

open. line is Your

Hi, David.

morning. Good

client-specific nonrecurring or being well bankruptcy of thing targeted growth-oriented & better last contracts the helpful So, above-target I Property/Facility's top of your about in had would that Facilities line of some of was with that versus quarter, what issues it Asia-Pac Obviously, But are there's you've that the these follow-on for profitability in had business. contracts on kind your that as their EMEA, issues. sort as overruns. I fall percentage – understand percentage of to earned one a investments bottom is, this contracts a investors guess, the there of of understand be Management within sort below? the more some focused Property where does talk But couple you line versus

a can hand. David, have We we at look those take we don't think, on specifically, can I statistics, that.

of that take in millions relationships. there, things there we money big to And feet that of upon of I a to make business. that opportunity the out space, the we want significant road. have in under you away. occasionally of that Solutions management it's us that client blips And hundreds give good key wins with Corporate of But just hundreds few So impress square the they're and is one the the the in are business, a hundreds occasionally and

there and we're working baseline to So, for rectify on was time our time, some from said, with data. like It that. fumbling situation, I clients the Asia-Pacific happens to

the always get for do. And we'll example, just then, a it that that there so, there. And we're that space relates mentioned But we in as as as the debt. it bad say, again, I had player contractor relates in some that as to, the well construction a recouped you the we UK business challenge was we result fallout order, of in big a challenges will and to UK, the Brexit. in And

So on might we driving is our very for at while the shareholders. superior operational and end day, service, the client have here team focused excellence returns there, stumbles our of a and few and

you. your sort And rates question, That terms quantitative, view that of ultimately, Are percentage you're could you still just give that being of deals on follow win Are still to Thank up. holding bid you on, of metrics selective of but not qualitative sort renewal up? trending sort that of rates thing. tracking you'd, on? that maybe key of the in

Yeah. Absolutely, David.

that We number at and the sustainability. clients. and And things, people then, of eye terms also track, And we engineers overall deals not in. that training business look to of team satisfaction. we've we comes then, our services finally, client We decided look we towards And the is globe at further So delivering expansions. very measured an the We renewals, certification, from look we track then for mean, in win at these look who talent around bids margins always perspective, rates. of are We and track made. on have clients at pursue. I are pursuits. a an our overall how that set

could in, have any Aviva acquisitions? offerings? existing should if similar financial the the Thank expect similar we acquired share on And And economics funds details to to you I you. LaSalle's could dynamics, sneak one more

that the We in is comments, little take are to detail a on any the not But deal you earlier strong M&A as we adding from we value bit our share details that. LaSalle a more my around finalized to be overall. opportunities. can that which position will transaction is And very business. business yet. complementary LaSalle Once It be give a analytically, closed, assess UK will very is margins will to it once

Thank you very much.

David. Thanks,

is next Our with from Sidoti. question Marc Riddick

Your line is open.

Marc. Hi,

Good Hi. morning.

Morning.

whether Thank to you. what just not different cross-selling that seeing region? multiple you of or are general having that with wanted get you of is I and thoughts receptivity are the feel opportunity where services level clients. with clients by – providing efforts and on some you're How geographic there

our Marc, clients receptive. are speaking, generally very Well,

reduce have, of that providers. We to say, the can a global clients I their want numbers trend

getting And happening we also the year-by-year are successful And so, is in cross-selling in it's concentration more strengths, one exactly our it countries. clients of well-connected we than complicated when region to leading of selling to client. back with usually And are that that in process are industry. the services in very increase organization always one and several big that numbers and our cross-regional. obviously, is more servicing wind, incredibly and goes our that that we But one is

optimism lot regards of growth our perspective So, with drives to of that the JLL. a going forward is something which

you the of into system couple see the over the detail as and next greater that around insight having ERP with something worldwide that would is Is executed greater rollout years?

around are that efficiently. and the information allows into ERP are of aspect one tie world bring to we share organization, that much very information important is mean, us current established a goes agreeing reducing JLL, to program, I Sure. back systems. we which like in much that that if significantly more systems an In using, on XXXX, that different that our more we to in system hundreds the we you have are easy,

much money are reasons the we that why So, so of investing into platform. is that one

very you Thank Great. much. Okay.

Marc. Thanks,

Thank you. from with Patrick Raymond O'Shaughnessy And next is our James. question

open. is line Your

Hey. morning. Good

Patrick. Hi,

So, Christian, good – you hey, morning.

inflation. talent So, is top on angle and or that demanding that Christian, you challenges terms talent you you're in payouts other wage of to of in Are pressure ways? retention seeing is the seeing the spoke that maybe itself manifesting spoke to the you some

makes have and them pressure on that technology you. best have No. talent Doesn't they're you superior the at very don't productive. what payout, you more No, it's they much help top any because an expecting, but to hand that we talent top slightly you see absolute if platform don't important supporting is a have higher a that technology because in

What of employees, you And mentioning board revenue international your which to best of in them so many the the talent best inflation. hunt India, work making we can go have broker our You it is top much at our base, wherever you see is across I China as in when people. the and to get very in much also are employee the across where more get wage was wider more the really as numbers hand. organization. people brand, large us, And Asia-Pacific, was for ago, inflation into the we the strong arena board you and have wage tries have a an there technology general years have easy in, what Today, are to you well-educated everybody to same resource. the all because scarce world, hard in

much. very you Great. Thank

Patrick. Thanks,

turn to closing now I'm for the back Thank over questions. showing any And not remarks. you. management further I'll call

We with your no again talking the third With you for forward again, quarter. and Thank to interest Okay. call. once and in Christie you look for will further following we joining JLL. me, continued end questions, today's

So, thanks.

Ladies this program. conclude does the and gentlemen,

may now have disconnect. Everyone, day. wonderful a You