Christian. you, Thank
prior I are period in otherwise the noted. that variances unless year reminder currency, a Before against begin, local
XXXX similar was reverse. we two experienced but XXXX to tale a in what of halves in
of by long-term revenue and the continue which for solid to the strong headwinds a slowdown, we platform full in slowdown rapid and saw creation. Our the make leasing growth progress second offset quarter, in half our XXXX year fourth investment in volumes. strengthening first industry-wide delivered was the particularly in value Despite fee performance sales half,
of sheet, via we strong while also investments shareholders balance incremental repurchases on our returned I'll in and course people the our making share about Using expand in $XXX remarks. later million of the to these year topics platform. over investment-grade capital my
to fee consolidated For the billion. $X.X full X% year, rose revenue
incremental from growth. XXX business full people basis our growth organic billion, travel, and the year and structures and fee XX% Markets. with approximately $X.X X% from Adjusted XX XXX equity changes than leasing. resilient full points XXX higher points year investment declined from fee our marketing growth of equity entertainment by XX X% earnings. from lower decline lines in basis basis margin XX.X%, platform, to revenue in commission to lower expenses, led within including the X%, EBITDA adjusted to more The by basis XX% offset revenue XX%, basis grew points points for more declined with Capital from Transaction-oriented collectively EBITDA Our grew points earnings,
$XX.XX EBITDA, top share driven the by interest EPS offset Adjusted by a on count. partially average adjusted declined lower of reduction of the expenses amortization XX%, higher and X% in
Investment fourth Leasing. Christian to the record and revenue decline The a macroeconomic Debt a quarter Dynamics with Advisory In fee declined fees. contrast, quarter in in Sales, Management as in JLL XX% XX% described and our Shifting lines grew factors performance. strength collectively Technologies XX% XXXX. and over well revenue an Fee Advisory decline notable XX% in business Workplace resilient in our Equity that LaSalle fourth within Work as drove business line
to year prior a million EBITDA due XX% adverse Adjusted the $XXX $XXX million, swing in equity fell to from mostly earnings. quarter
the Our adjusted margin over points which XXX XXXX, margin points EBITDA basis highest a years. quarter XX in the margin generated of from period approximately to decline. Lower fourth the contributed XX.X% of earnings down basis is XXX quarterly equity
partially drivers lower included the expense largely lower quarters, fee revenue higher over by incentive of drive the several past investments Additional transaction-based compensation. tied to and decrease growth to offset future performance-based fixed compensation
following Advisory. Markets declined detailed in review prior rate quarter. beginning operating a the year XX%, performance quarter XX% with of a to fee leasing growth Fourth segment, by Moving revenue
EMEA our fee to XX%, and down the geographies, XX%, with As leasing the Asia revenue declines macro Americas across conditions all quarter. too rates prior growth varied down so did in across in year strong XX%, down Pacific regions, comparison
decline. office Of On deal a global basis, sector. size, volume in U.S. particularly saw pronounced all with note, lower transaction the leases classes the office average asset primary in decline, a along saw large-scale
quarter sector fee to though fourth contraction favorably a office in with Research. compared volume according global fell office Our XX% XX%, revenue leasing JLL
global with given growth fee moved seen several the tight a directionally year ago revenue favorably XX%, market industrial from according with JLL activity the years. consistent a industrial This the over expectations Research. significant supply declined In decrease to sector, XX% compares past and growth and in
As more seeing high-quality for sustained Christian broadly. demand described, despite we're demand more softer assets leasing
and activity leasing sector addition, varies In geography. by
industrial ago, office retail from stronger our is gross and pipeline U.S. year the versus instance, time For a comparatively sector. leasing growth with larger in this
gross in half strength to cautious leasing year for is the be first likely near-term to optimism of the saw XXXX. While the full subdued, activity comparing when pipeline we the provides XXXX, especially
Advisory, revenue and with Also X%, grew line. which to speaks fourth resiliency X%, consistent primarily business full the Management Markets generally organic quarter for the rate the of within of Property growth fee a year
fee do to and match due revenue declined quarter incremental $XX XX.X%, adjusted I annually. The to past basis our EBITDA note for end consulting contribution to business of from to growth and ago margin XXXX, investments the lower Markets a we and disposed that of expenses. at year over fourth the accounted a Its marketing points year the primarily was and million Advisory advisory leasing immaterial. EBITDA adjusted of fee that business in T&E revenue XXX talent nearly
growth within impacting movement X% our revenue Markets same fee EBITDA the technology XX.X% year in of factors full Advisory, points declined quarter investments basis in platform. the the margin well XXX the on to as as Despite adjusted
off described Capital in note our the contraction revenue of capital favorably volume platform, XX% decline strength global The revenue decline referenced. sales quarter. growth a and fee a global to the quarter deal market for Shifting key I rate Markets breadth fourth was Indicative to segment. our were of JLL's XX%. a and of XX% Christian investment in the the conditions fee of XXXX fourth markets factor compared Christian fall global segment XX%
market Fee quarter volume fell dollars XX% lowest the U.S. since to overall from the XXXX. sharpest JLL in the decline according fourth than terms revenue volume slightly Research. decline quarter and U.S. volumes of better perspective, For the market fourth fourth investment XX%, in quarter was sales was of about the in market XXXX,
resilient was more sectors. grew in Valuation Advisory across than which quarter. the broad-based Debt revenue, Sales, Advisory, fourth X% Growth fee Equity Investment regions is and and
of servicing services fees, approximately fell million than loan about $X fees. lower of revenue more offset on X% which XX% Our ordinary fee prepayment
compensation servicing ago expense, from over expense commissions increase Mae an higher investment higher past in reserve, points loan to several XX.X% incremental X%, the the by largely Fannie originations. to change future portfolio growth basis from drive revenue, increased year T&E on XXX a to Markets and contracted fourth more mix from bonus, in adjusted lower Our our Capital cash The margin quarters. loan quarter in multifamily our headcount EBITDA driven commission fee
fee as Markets EBITDA Capital For with technology. XXX incremental flat, same expense the to fell factors as revenue investments primarily driven by year, XX.X%, the the points margin basis full in adjusted well
and global markets sales debt Asia by advisory the year and last Americas slight decline growth as Pacific ahead, with offset the Looking in pipeline capital is is EMEA. consistent a investment equity in time modest this
growth tougher through closing impacting first deal I revenue Christian of factors the influenced growth comparisons remind year. amount of year the you and pace The for described. and the timing be that by the the heavily of will rates also half
prior Moving and segment. workplace with Dynamics. contract grew quarter Fourth across and the by transactional revenue next led XX% growth Client Work our XX%, within global trends. to revenue improvement extensions propelled revenue management wins in fee grew periods annuity in revenue XX% double-digit the Project fee streams to return-to-work management. in fee growth
in incremental basis ago, points from portfolio revenue fourth investment in leasing quarter. partially over fee year, technology scale strategies management Dynamics slowdown services increased margin past people. quarter and offset impacted adjusted a Work the year by growth by activity XXX The The driven EBITDA and adversely in cost enacted the expanded
EBITDA points For margin The and basis fee contract consistent expansions drive the of full wins expansion Dynamics full XX% in revenue adjusted Work year, were those in in margin XXXX global XXXX. drivers quarter. the helped year XX.X% The growth. with expanded to XX large-scale segment's the client
are though XXXX The growth, which time, management, is pipeline management client and within of moderate expansions lead than exhibited they indicative workplace demand currently in prior wins year. contract scale strong. solid given were future the more project The
trends growth linked albeit generally lagged. to However, are leasing,
reduces moderation conversion current activity latter of year. pipeline the Therefore, in the the leasing part certainty in of overall
the enterprise Turning to XX% by XX% JLL quarter. M&A clients. fourth driven of Technologies. inclusive Organic revenue, was increased largely Fee of in growth
revenue organic, by fee customers which of and XX% client Looking at grew year, expansions. new was full the XX%, driven
increases drivers the million revenue fee drove were driven quarter that its of in offset adjusted declines, services. influence in year carried few JLL the An adjusted consistent quarter. differentiates also impairment the of and through software quarter. swing of XX% Technologies valuation a year valuation earnings Equity primary the the equity handful with the investments. in over earnings prior contraction from EBITDA adverse partially a net interest JLL or approximate decline of across reminder, margin modest Technologies margin full a period were by As $XXX EBITDA JLL in the The by our more
deployment drove translated open-end rise X% management, within mostly to capital a which revenue assets strong funds. LaSalle, advisory in our and fair in XX months for value As past fee XX% the increases under over growth core
increase year, Equity which asset a The earnings to quarter to for fee million driven than are growth $XX by moderating were lower fee be likely generation. resulting near-term more quarter. the in LaSalle's prior were incentive EBITDA the margin in revenue fee the than benefit fourth in headwind advisory revenue, revenue offset advisory platform broadly, adjusted valuations transaction and earnings for lower and and scale fee equity and decline the incentive lower a by
adjusted For fee The year, contraction. fee in scale platform a equity margin the lower drove revenue and revenue as offset and XX% than earnings adjusted incentive LaSalle's revenue the XX% EBITDA all substantially full declined more year advisory benefit. increase earnings of and EBITDA incentive equity lower fee
the in prior related below generated the our to payouts was the to million in and full higher of XXXX year structure; to two, for commissions commission in to year $X as which year cash full leasing to year well Capital compensation year one, fourth in flow profitability timing tied early bonus higher the driven and lower bringing XXXX, performance as Moving incremental of three, expectation commissions by: quarter $XXX fourth prior from outflow payments growth the the incentive was attributable to Markets strong full performance; an for quarter, year and free cash earned XXXX tax reflecting profitability; XXXX. payments four, this this changes million. cash The higher in We greater free year. year outflow flow, the payments
flow is high improving on a And remain Cash focused conversion priority. efficiency. capital working we our
Now on for balance our an and update allocation. sheet capital
lower share our X.Xx leverage midpoint up our XX, flow. target is to year reported investments in at December business repurchases, primarily from X.Xx due earlier, a incremental cash the net free our and range of of As of and
of a reminder, our As year. deleveraging the peaks we in typically And a ratio leverage have first of the quickly. part history
liquidity end $X.X of $X.X capacity. credit billion at including billion facility Our totaled fourth the quarter, undrawn the of
As fourth not previously repurchase indicated, did shares we the in quarter. any
over of share of period-end from X% share about first as a count a Our of was repurchases the million year. approximate of the earlier our $XXX year down course result the
As of share our market recovery of dependent generation. we investor The performance of stated share repurchases at December resuming November, Approximately will $X.X be on activity repurchase in we are of the committed cash business, 'XX. on remained our the XX, amount billion repurchase briefing the our evolution to particularly share XXXX. in as and authorization
in for the balancing having platform the last our three in implications the top with growth continue long-term our a in business long-term rapid growth business remains our environment business on changes the to years, have navigate focus we and Along reinvestment to on our of demonstrated sharper Despite diversified pronounced and strengthen macroeconomic profitability. short-term ability and repurchases, and both business the a to our impact profitable resiliency priority. cycles, shorter drive share further and
currently more persist comparisons of the saw strong environment in first revenue to the broader transaction-oriented we fee the we softness With in half market mind, our anticipate year. the and growth through
priorities our also We rebound and basis continue activity. to our both in platform, to further preparing for while calibrate cost anticipated transform investment
approximately Christian noted, actions respond cost reduction As to X.X% [OAO] of The million and near-term XXXX fee-based date approximately run reflect benefits taken our reduce the our actions we've cost and and challenges $XXX compensation rate base. to expenses. to of
XX% these minimal XX% in Inclusive range. year our the earnings a we margin actions XXXX cost full adjusted to EBITDA of equity anticipate assumption, and be to
the back in GDP people of our expansion have to drive anticipating healthy us global fee with and and our along evolving stakeholder over to clients' largely on growth which growth This focus our investments due meaningfully Christian, term. needs, long record the continue is platform margin a revenue We track to you. to exceeding position value.
