Jones Lang LaSalle Incorporated

question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Brian Hogan, Interim Head of Investor Relations. Please go ahead.

Thank you and good morning. Welcome to the fourth quarter 2024 earnings conference call for Jones Bank LaSalle Incorporated. 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, as well as in our slide presentation and supplemental 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. We also reference resilient and transactional revenues, which we define in the footnotes of our earnings release. 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 annual report on Form 10-K and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements. Finally, a reminder that percentage variances are against the prior year period in local currency, unless otherwise noted. I will now turn the call over to Christian Ulbricht, our President and Chief Executive Officer, for opening remarks.

Thank you, Brian. Hello and welcome to our fourth quarter 2024 earnings call. We are pleased with our results for the fourth quarter and overall very strong 2024, exceeding the targets we laid out a year ago. The investments we have made in our platform and people, both notable revenue growth and market share gains. Our focus on enhancing operating efficiency throughout the course of 2024 is reflected in our improved profitability, free cash flow and leverage. Starting with our financial results, revenue in the fourth quarter grew double digits, driven by an acceleration in transactional activity and sustained growth in resilient revenues. Transactional revenue growth was led by our investment sales, debt and equity advisory, project management, and leasing business lines, as we continue to gain market share alongside an improving real estate cycle. At the same time, client demand for innovative real estate management solutions and industry expertise drove continued momentum within resilient revenues. At the consolidated level, adjusted EBITDA grew 20% in the fourth quarter, adjusted EPS grew 17%. For the full year, adjusted EBITDA and adjusted EPS grew an impressive 28% and 38% respectively. both significantly outpaced 13% revenue growth, testament to our ability to drive operating leverage across the platform. Importantly, we are very pleased with the increase in our free cash flow generation, which enabled us to reinvest in our business, reduce leverage, and return capital to shareholders in 2024. For a strong balance sheet, liquidity position, and cash generation, provide flexibility to prudently allocate capital where we see opportunities. At the top priority, we continue to invest in our business to drive differentiation and deliver superior outcomes for clients. During the quarter, we announced the consolidation of our leading AI capabilities into one platform we call JLL Falcon. JLL Falcon harnesses the power of AI to help our people work smarter, and elevate the service we deliver to clients across our businesses with timely revenue-generating and cost-saving insights. The technology powers tools, including JLL GPT, Commercial Real Estate's first purpose-built generated AI assistant, which launched in 2023 and is now used by nearly half of my colleagues, and JLL Azara, our data analysis application designed to transform how business leaders interact with corporate real estate and facilities management data. Combined with the extensive expertise of our people, we believe these applications will further accelerate our ability to differentiate in the market. In addition to these exciting developments, we also announced an investment into a joint venture with Slate Asset Management in the fourth quarter. Together, we will commercialize and scale JLL asset beacon and asset management software to help clients optimize investment decisions. For M&A, we continue to pursue select opportunities that we see augmenting organic initiatives and enhancing our platform to drive long-term growth. Our strategy is reflected in our 2024 acquisitions of scale power solutions, which enhance our technical and project management capabilities for data centers and raise commercial real estate, a technology-powered brokerage that accelerates our digital leasing platform capabilities. Both integrations are progressing in line with our expectations. Finally, we are actively returning capital to shareholders and have $1 billion remaining on our share repurchase authorization. During 2024, share repurchases totaled $80 million. The amount of future share repurchases will depend on our cash generation, the macroeconomic outlook, and geopolitical landscape, and weight against our broader investment opportunity set. But as a minimum, we plan to offset any dilution from stock compensation. With that, I will now turn the call over to Karen to provide more detail on our financial results and our 2025 financial targets.