Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 93

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 93
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 costs48.6 47.5 1.1 2 3 Segment operating expenses$1,885.7 1,696.9 188.8 11 %11 %Equity earnings$2.7 6.7 (4.0)(60)%(59)%Net non-cash MSR and mortgage banking derivative activity$(18.2)(18.2)— — %— %Adjusted EBITDA$244.4 173.1 71.3 41 %42 %

Capital Markets top-line results were driven by Investment Sales, Debt/Equity Advisory and Other as investor sentiment and increasing interest rate stability supported year-over-year accelerated activity. Both investment sales and debt advisory achieved double-digit growth across most geographies. Investment sales in the U.S. grew 30%, outperforming the broader market for U.S. investment sales, which grew 12% according to JLL Research.

The increase in Segment platform operating expenses was driven by (i) higher commissions, correlated to revenue growth, (ii) the $19.5 million adverse impact associated with the August repurchase of a Fannie Mae loan and (iii) $5.1 million higher non-cash expense attributable to the year-over-year change in loan loss credit reserves. 

The Adjusted EBITDA improvement was largely attributable to transactional revenue growth, together with cost discipline, tempered by the expense drivers described above.

58

Work Dynamics% ChangeYear Ended December 31,Change in in Local($ in millions)20242023U.S. dollars CurrencyWorkplace Management$12,529.7 10,706.2 1,823.5 17 %17 %Project Management3,151.9 2,924.8 227.1 8 8 Portfolio Services and Other516.0 500.1 15.9 3 3 Revenue$16,197.6 14,131.1 2,066.5 15 %15 %Platform compensation and benefits$1,385.8 1,305.1 80.7 6 %6 %Platform operating, administrative and other467.8 431.6 36.2 8 9 Depreciation and amortization91.1 79.2 11.9 15 15 Segment platform operating expenses1,944.7 1,815.9 128.8