Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 53

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 53
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 and first half of 2025 was driven by increased revenue-related expenses. For both the quarter-over-quarter and year-over-year, the favorable swings in carried interest offset increases in segment operating expenses.

The improvement in Adjusted EBITDA for the second quarter and first half of the year was primarily attributable to the favorable change in carried interest expense/benefit described above.

43

LIQUIDITY AND CAPITAL RESOURCES

We finance our operations, co-investment activity, share repurchases, capital expenditures and business acquisitions with internally generated funds, borrowings on our Facility, and through issuance of Long-term debt and commercial paper.

Cash Flows from Operating Activities

Operating activities used $434.8 million of cash in the first six months of 2025, compared with $403.6 million of cash used in operating activities during the same period in 2024. Incremental cash outflow in the first half was primarily attributable to higher commission payments in the first six months of 2025 compared with the prior-year period and the timing of Net reimbursables activity, partially offset by lower cash taxes paid in 2025.

Cash Flows from Investing Activities

We used $200.4 million of cash for investing activities during the first six months of 2025, compared with $154.1 million used during the same period in 2024. The increase in cash used for investing activities was primarily attributable to our $100 million contribution to JLL Income Property Trust ("JLL IPT"), an Investment Management flagship fund, in January 2025, partially offset by lower cash paid for acquisitions. We discuss other drivers of investing activity below in further detail.

Cash Flows from Financing Activities

Financing activities provided $617.5 million of cash during the first six months of 2025, compared with $566.6 million provided during the same period in 2024. The proceeds from increased borrowings were used to support the $100 million investment in JLL IPT and higher share repurchases in 2025. We discuss these drivers in further detail below.

Debt

Our $3.3 billion Facility matures on November 3, 2028, and bears a variable interest rate. Outstanding borrowings, including the balance of the Facility, Short-term borrowings (financing lease obligations, overdrawn bank accounts and local overdraft facilities) and the balance outstanding under the Program are presented below.

(in millions)June 30, 2025December 31, 2024Outstanding borrowings under the Facility$