Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 99

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 99
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 charges/benefit associated with expected achievement of acquisition-related earn-outs. Refer to the following table for detail on Restructuring and acquisition charges.

Three Months Ended March 31,(in millions)20252024Severance and other employment-related charges$7.4 4.5 Restructuring, pre-acquisition and post-acquisition charges8.4 7.7 Fair value adjustments that resulted in a net increase (decrease) to earn-out liabilities from prior-period acquisition activity3.9 (10.5)Restructuring and acquisition charges$19.7 1.7 

Interest Expense

Interest expense, net of interest income, for the three months ended March 31, 2025 was $24.6 million, compared with $30.5 million in the prior-year period. Lower expense resulted primarily from a lower effective interest rate and also lower average borrowings for the current quarter. 

Equity (Losses) Earnings

The following details Equity (losses) earnings by relevant segment. In the current period, equity losses were largely attributable to valuation declines of investments within Software and Technology Solutions. Refer to the segment discussions for additional details.

Three Months Ended March 31,(in millions)20252024Investment Management$(6.1)(3.9)Software and Technology Solutions(21.5)(1.0)Other2.0 1.2 Equity losses$(25.6)(3.7)

Income Taxes

The Income tax provision was $14.0 million for the three months ended March 31, 2025, representing an effective tax rate ("ETR") of 19.5%. For the three months ended March 31, 2024, the income tax provision was $15.9 million, also representing an ETR of 19.5%. 

A number of countries in which we have a taxable presence have enacted legislation effective in 2024 correlated to the Organization for Economic Co-operation and Development (OECD) guidance for a global minimum tax rate of 15%, referred to as "Pillar Two" taxation. Such legislation enacted through March 31, 2025 did not have a material impact on our effective tax rate for the first three months of 2025 and is not presently expected to have a material impact for the full year 2025.

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Net Income and Adjusted EBITDA

Net income attributable to common shareholders was $55.3 million for the three months ended March