Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 95

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 95
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LL Technologies is carried interest expense of $2.7 million for the twelve months ended December 31, 2024, and carried interest benefit of $13.8 million for the twelve months ended December 31, 2023. Carried interest expense (benefit) is associated with equity earnings/losses on Spark Venture Funds investments.

(2) Adjusted EBITDA excludes Equity losses for JLL Technologies.

The decrease in JLL Technologies revenue was due to lower contract signings in technology solutions over the past year, partially offset by modest growth in software services.

The net increase in Segment platform operating expenses was largely driven by a $16.5 million year-over-year difference associated with carried interest expense (given incremental expense in 2024 compared with a reduction in carried interest in 2023), largely offset by the impact of cost discipline and improved operating efficiency achieved over the past year.

The decline in Adjusted EBITDA was attributable to the revenue and expense drivers described above.

Lower equity losses in 2024 were attributable to modest valuation increases across several investments, offset by less significant valuation declines compared with 2023.

60

LaSalle% ChangeYear Ended December 31,Change in in Local($ in millions)20242023U.S. dollars CurrencyAdvisory fees$373.8 406.2 (32.4)(8)%(7)%Transaction fees and other33.5 30.0 3.5 12 14 Incentive fees60.6 47.5 13.1 28 36 Revenue$467.9 483.7 (15.8)(3)%(2)%Platform compensation and benefits$268.9 288.7 (19.8)(7)%(6)%Platform operating, administrative and other69.8 62.6 7.2 12 11 Depreciation and amortization8.5 8.1 0.4 5 5 Segment platform operating expenses347.2 359.4 (12.2)(3)(3)Gross contract costs37.4 28.9 8.5 29 30 Segment operating expenses$384.6 388.3 (3.7)(1)%— %Adjusted EBITDA (1)$100.3 103.8 (3.5)(3)%1 %Equity losses$(22.6)(24.7)2.