Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 101

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 101
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5 Portfolio Services and Other112.7 111.4 1.3 1 2 Revenue$4,569.4 4,069.2 500.2 12 %14 %Platform compensation and benefits$431.6 400.5 31.1 8 %9 %Platform operating, administrative and other139.2 128.6 10.6 8 10 Depreciation and amortization31.5 29.0 2.5 9 10 Segment platform operating expenses602.3 558.1 44.2 8 10 Gross contract costs3,930.3 3,469.1 461.2 13 15 Segment operating expenses$4,532.6 4,027.2 505.4 13 %14 %Equity earnings$0.4 1.1 (0.7)(64 %)(63)%Adjusted EBITDA$66.3 71.4 (5.1)(7)%(9)%

Real Estate Management Services revenue growth was driven by continued strong performance in Workplace Management, largely from a balanced mix of client wins and mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth. Project Management revenue increase was led by the U.S. and Asia Pacific, as a near-double-digit management fee increase was supplemented by higher pass-through costs.

Increased segment platform operating expenses were driven by i) continued investments in our technology platform (including in artificial intelligence and project management capabilities) and ii) incremental human capital investments in the latter half of 2024, most notably in Project Management, to support future business growth. Higher gross contract costs correlated to top-line performance in the Resilient business lines (Workplace Management, Project Management and Property Management).

The change in Adjusted EBITDA and margin was primarily due to the technology platform and human capital investments described above, which outpaced revenue growth.

32

Leasing Advisory% ChangeThree Months Ended March 31,Change inin Local($ in millions)20252024U.S. dollarsCurrencyLeasing$566.1 497.3 68.8 14 %15 %Advisory, Consulting and Other20.0 23.1 (3.1)(13)(12)Revenue$586.1 520.4 65.7 13 %13 %Platform compensation and benefits