Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 43

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 43
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.3 12.9 3.4 26 28 Depreciation and amortization2.9 2.0 0.9 45 51 Segment platform operating expenses77.5 76.2 1.3 2 3 Gross contract costs8.2 8.4 (0.2)(2)(3)Segment operating expenses$85.7 84.6 1.1 1 %2 %Adjusted EBITDA(1)$15.8 21.0 (5.2)(25)%(22)%Equity losses$(6.1)(3.9)(2.2)(56)%(60)%

(1) Adjusted EBITDA excludes Equity losses attributable to common shareholders for Investment Management.

Investment Management advisory fees declined primarily due to lower assets under management ("AUM"), reflecting asset dispositions on behalf of certain clients in the fourth quarter of 2024.

The net increase in segment operating expenses was driven primarily by foreign currency transaction losses in the current quarter, and the timing of certain expenses.

The change in Adjusted EBITDA was attributable to the overall reduction in revenue, coupled with the expense drivers described above.

AUM decreased 7% in USD (4% in local currency) during the quarter, and decreased 8% in USD (6% in local currency) over the trailing twelve months. Changes in AUM are detailed in the tables below (in billions):Quarter-to-dateBeginning balance (December 31, 2024)$88.8 Asset acquisitions/takeovers2.2 Asset dispositions/withdrawals(3.7)Valuation changes0.2 Foreign currency translation(2.8)Change in uncalled committed capital and cash held(2.4)Ending balance (March 31, 2025)$82.3    Trailing Twelve MonthsBeginning balance (March 31, 2024)$89.7 Asset acquisitions/takeovers5.3 Asset dispositions/withdrawals(7.0)Valuation changes(0.1)Foreign currency translation(2.2)Change in uncalled committed capital and cash held(3.4)Ending balance (March 31, 2025)$82.3 

35

Software and Technology Solutions

% ChangeThree Months Ended March 31,Change inin Local($ in millions)20252024U.S. dollarsCurrencyRevenue$57.1