Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 80

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 80
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 equity advisory, value and risk advisory, and loan servicing. Investment Management provides services on a global basis to institutional investors and high-net-worth individuals, while our Software and Technology Solutions segment offers various software products and services to our clients.

Segment operating expenses comprise Gross contract costs and Segment platform operating expenses, which includes Platform compensation and benefits; Platform operating, administrative and other expenses; and Depreciation and amortization. Our measure of segment results excludes Restructuring and acquisition charges.

31

Real Estate Management Services

% ChangeThree Months Ended March 31,Change inin Local($ in millions)20252024U.S. dollarsCurrencyWorkplace Management$3,263.6 2,871.7 391.9 14 %15 %Project Management747.5 656.4 91.1 14 16 Property Management445.6 429.7 15.9 4 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