Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 91

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 91
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87Depreciation and amortization196.9 188.8 8.1 44Total platform operating expenses5,465.3 5,014.8 450.5 9 9 Gross contract costs12,397.8 11,107.9 1,289.9 1212Restructuring and acquisition charges52.7 4.4 48.3 n.m.n.m.Total operating expenses$17,915.8 16,127.1 1,788.7 11 %11 %Operating income$591.1 494.9 96.2 19 %19 %Equity losses$(25.6)(20.0)(5.6)(28)%(29)%Net non-cash MSR and mortgage banking derivative activity$(17.3)(25.9)8.6 33 %33 %Adjusted EBITDA$863.8 731.5 132.3 18 %18 %(1) Included in Platform compensation and benefits is a carried interest benefit of $0.6 million and a carried interest expense of $4.3 million for the nine months ended September 30, 2025 and 2024. Carried interest expense/benefit is associated with Equity earnings/losses on Proptech Investments.

30

Non-GAAP Financial Measures

Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following:

•Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA") and

•Percentage changes against prior periods, presented on a local currency basis.

However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. GAAP. Any measure that eliminates components of a company’s capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers U.S. GAAP financial measures and does not rely solely on non-GAAP financial measures. Because our non-GAAP financial measures are not calculated in accordance with U.S. GAAP, they may not be comparable to similarly titled measures used by other companies.

Adjustments to U.S. GAAP Financial Measures Used to Calculate non-GAAP Financial Measures

Net non-cash MSR