Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 77

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 77
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19.7 1.7 Net non-cash MSR and mortgage banking derivative activity12.9 9.0 Interest on employee loans, net of forgiveness(1.6)(1.0)Equity losses - Investment Management and Software and Technology Solutions(1)28.7 4.9 Credit losses on convertible note investments0.5 — Adjusted EBITDA$224.8 187.1 

(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

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In discussing our operating results, we report percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of our foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. We believe this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations. 

The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA.

Three Months Ended March 31,($ in millions)2025% ChangeRevenue:At current period exchange rates$5,746.4 12 %Impact of change in exchange rates60.4 n/aAt comparative period exchange rates$5,806.8 13 %Operating income:At current period exchange rates$120.0 5 %Impact of change in exchange rates(1.3)n/aAt comparative period exchange rates$118.7 4 %Adjusted EBITDA:At current period exchange rates$224.8 20 %Impact of change in exchange rates(0.5)n/aAt comparative period exchange rates$224.3 20 %

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Revenue

Revenue increased 13% compared with the prior-year quarter. Several businesses with Resilient revenues, collectively up 13%, continued to deliver strong growth, highlighted by (i) Workplace Management, up 15%, and (ii) Project Management, up 16%, both within Real Estate Management Services, as well as (iii) Software and Technology Solutions, up 6%. The collective 14% increase in Transactional revenue was led by Leasing, within Leasing Advisory, up 15%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 22% (excluding the impact of non-cash MSR and mortgage banking derivative activity).

The following highlights Revenue by segment, for