Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 84

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 84
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)Change in uncalled committed capital and cash held(2.4)Ending balance (March 31, 2025)$82.3    Trailing Twelve MonthsBeginning balance (March 31, 2024)$89.7 Asset acquisitions/takeovers5.3 Asset dispositions/withdrawals(7.0)Valuation changes(0.1)Foreign currency translation(2.2)Change in uncalled committed capital and cash held(3.4)Ending balance (March 31, 2025)$82.3 

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Software and Technology Solutions

% ChangeThree Months Ended March 31,Change inin Local($ in millions)20252024U.S. dollarsCurrencyRevenue$57.1 53.9 3.2 6 %6 %Platform compensation and benefits(1)$45.5 47.3 (1.8)(4)%(3)%Platform operating, administrative and other14.5 10.5 4.0 38 38 Depreciation and amortization6.3 4.5 1.8 40 39 Segment platform operating expenses66.3 62.3 4.0 6 7 Gross contract costs0.7 1.2 (0.5)(42)(35)Segment operating expenses$67.0 63.5 3.5 6 %6 %Adjusted EBITDA(2)$(2.9)(5.1)2.2 43 %37 %Equity losses$(21.5)(1.0)(20.5)n.m.n.m.

(1) Included in Platform compensation and benefits expense is a reduction in carried interest expense of $2.4 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively. Carried interest expense (benefit) is associated with equity earnings/losses on Spark Venture Funds investments.

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

Software and Technology Solutions revenue growth was due to increased bookings from software, partially offset by technology solutions.

The increase in segment operating expenses was driven by growth in revenue-related expenses, partially offset by the higher year-over-year carried interest benefit.

The improvement in Adjusted EBITDA was a product of the change in carried interest benefit and higher revenue, partially tempered by the revenue-related expense growth.

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