Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 52

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 52
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8 1.4 29 31 Segment platform operating expenses68.8 70.7 (1.9)(3)(3)Gross contract costs0.5 1.4 (0.9)(64)(64)Segment operating expenses$69.3 72.1 (2.8)(4)%(4)%Adjusted EBITDA(2)$(6.3)(10.9)4.6 42 %43 %Equity losses$(27.4)(9.0)(18.4)(204)%(206)%

% ChangeSix Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyRevenue$113.0 110.3 2.7 2 %3 %Platform compensation and benefits, excluding Carried interest$97.5 98.7 (1.2)(1)%(1)%Carried interest (benefit) expense(4.9)2.1 (7.0)(333)(336)Platform operating, administrative and other30.0 22.9 7.1 31 31 Depreciation and amortization12.5 9.3 3.2 34 35 Segment platform operating expenses135.1 133.0 2.1 22Gross contract costs1.2 2.6 (1.4)(54)(51)Segment operating expenses$136.3 135.6 0.7 1 %1 %Adjusted EBITDA(1)$(9.2)(16.0)6.8 43 %41 %Equity losses$(48.9)(10.0)(38.9)(389)%(389)%

(1) Adjusted EBITDA excludes Equity losses for Software and Technology Solutions.

Lower Software and Technology Solutions revenue for the second quarter was primarily due to reduced technology spend from certain large existing clients, partially offset by low double-digit growth in software services. For the first half of 2025, net revenue growth was due to increased bookings from software, which outpaced the decline in technology solutions.

Carried interest expense is associated with equity earnings/losses on certain investments within the segment's Spark Venture Funds and the reduction to expense in the current year reflected the equity losses on certain investments in 2025.

Excluding the impact of carried interest, segment operating expense growth for the second quarter