Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 94

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 94
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 7 7 Gross contract costs14,029.9 12,131.4 1,898.5 16 16 Segment operating expenses$15,974.6 13,947.3 2,027.3 15 %15 %Equity earnings$2.2 1.4 0.8 57 %58 %Adjusted EBITDA$316.3 264.0 52.3 20 %20 %

Work Dynamics revenue growth was led by continued strong performance in Workplace Management, largely from a balanced mix of client wins and mandate expansions, as well as incremental pass-through costs in the United States. Project Management revenue performance varied across geographies given shifts in business mix as management fees increased in the mid-single digits, supplemented by higher pass-through costs.

The increase in Segment platform operating expenses was driven by (i) a nearly $13 million lower actuarial benefit associated with U.S. medical self-insurance compared to the prior year, (ii) higher U.S. state gross receipt tax expense reported in the third quarter of 2024 and (iii) incremental investments in our platform (including technology and artificial intelligence capabilities).

Adjusted EBITDA growth was driven by top-line performance, which more than overcame the incremental expenses described above.

59

JLL Technologies% ChangeYear Ended December 31,Change inin Local($ in millions)20242023U.S. dollarsCurrencyRevenue$226.3 246.4 (20.1)(8)%(8)%Platform compensation and benefits(1)$197.0 200.7 (3.7)(2 %)(2 %)Platform operating, administrative and other54.2 50.3 3.9 8 8 Depreciation and amortization19.4 15.9 3.5 22 22 Segment platform operating expenses270.6 266.9 3.7 1 1 Gross contract costs5.5 14.5 (9.0)(62)(62)Segment operating expenses$276.1 281.4 (5.3)(2)%(2)%Adjusted EBITDA(2)$(22.3)(19.1)(3.2)(17)%(15)%Equity losses$(53.8)(177.0)123.2 70 %70 %

(1) Included in Compensation and benefits expenses for J