Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 133

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 133
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2 %1 %Adjusted EBITDA$(1.1)(5.6)4.5 80 %84 %

% ChangeNine Months Ended September 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyRevenue$171.6 167.0 4.6 3 %3 %Platform compensation and benefits$143.9 146.8 (2.9)(2)%(2)%Platform operating, administrative and other42.3 35.7 6.6 18 19 Depreciation and amortization20.7 14.2 6.5 46 45 Segment platform operating expenses206.9 196.7 10.2 55Gross contract costs2.0 4.0 (2.0)(50)(49)Segment operating expenses$208.9 200.7 8.2 4 %4 %Adjusted EBITDA$(15.2)(19.5)4.3 22 %22 %

For the third quarter and first nine months of 2025, Software and Technology Solutions revenue increased due to double-digit growth in software, offset by declines in technology solutions as certain large existing clients reduced their discretionary technology spend.

Segment operating expense growth for the third quarter and first nine months of 2025 was driven by increased revenue-related expenses. In the third quarter, this increase was partially offset by cost management actions.

The improvement in Adjusted EBITDA was driven by the increased revenue described above and cost management actions.

44

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 provided $182.3 million of cash in the first nine months of 2025, compared with $142.0 million of cash used in operating activities during the same period in 2024. Cash inflow in 2025 was primarily attributable to higher cash provided by earnings and improved collection of receivables, partially offset by higher commissions paid.

Cash Flows from Investing Activities

We used $251.6 million of cash for investing activities during the first nine months of 2025, compared with $219.0 million used during the same period in 2024. The increase in cash used for