JLL - Jones Lang LaSalle Incorporated (JLL) Q1 2024 Earnings Call Transcript

2024-05-06 14:40:18 ET

Jones Lang LaSalle Incorporated (JLL)

Q1 2024 Earnings Conference Call

May 6, 2024 9:00 AM ET

Corporate Participants

Scott Einberger - Head of Investor Relations

Christian Ulbrich - President and Chief Executive Officer

Karen Brennan - Chief Financial Officer

Conference Call Participants

Stephen Sheldon - William Blair

Peter Abramovitz - Jefferies

Michael Griffin - Citi

Anthony Palone - JP Morgan

Alex Kramm - UBS Financial

Jade Rahmani – KBW

Patrick O'Shaughnessy - Raymond James

Presentation

Operator

Welcome to the Q1 2024 JLL Earnings Conference Call. My name is Benjamin and I will the operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. [Operator Instructions] As a reminder, the conference is being recorded. I will now turn the call over to Scott Einberger, Head of Investor Relations. Scott, you may begin.

Scott Einberger

Thank you, and good morning. Welcome to the first quarter 2024 earnings conference call for Jones Lang LaSalle, Incorporated.

Earlier this morning, we issued our earnings release, along with the slide presentation, an 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 our 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 a reminder, today's call is being webcast live and recorded. A transcript and recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, expectations, and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in our soon to be filed Annual Report on Form 10-K for the fiscal year December 31, 2023, and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements.

I will now turn the call over to Christian Ulbrich, our President and Chief Executive Officer for opening remarks.

Christian Ulbrich

Thank you, Scott. Hello, and welcome to our first quarter 2024 earnings call. I am very pleased with our first quarter results. We were able to grow both resilient and transactional revenue and turned up into meaningful profit growth. The year started with some positive momentum, highlighted by an increase in bidders and the closing of several large deals in North America.

These green shoots encapsulate investors’ willingness to deploy capital when market conditions warrants. However, once inflation data came in higher than expected and the hope for several interest rate cuts later this year diminished, real estate capital markets became much quieter again....

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