Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 92

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 92
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1 Segment platform operating expenses2,751.1 2,616.1 135.0 5 5 Gross contract costs1,269.6 1,153.6 116.0 10 11 Segment operating expenses$4,020.7 3,769.7 251.0 7 %7 %Equity earnings (losses)$0.7 (0.5)1.2 240 %227 %Adjusted EBITDA$547.6 416.6 131.0 31 %31 %

The broad-based increase in Markets Advisory revenue was primarily driven by Leasing and led by the office sector. Many geographies achieved double-digit Leasing revenue growth, most notably the U.S., India and the UK. In addition, the number of large Leasing deals (where JLL has a greater presence) increased over the prior year in nearly all asset classes. Property Management revenue growth for the year was led by expansions in the U.S. and several countries in Asia Pacific, largely due to greater pass-through costs (i.e., Gross contract costs), as management fees increased low single-digits.

The increase in Segment platform operating expenses was driven by higher commissions, partially offset by greater platform leverage.

Higher Adjusted EBITDA was driven by transactional revenue growth, which outpaced the expense increased described above.

57

Capital Markets

% ChangeYear Ended December 31,Change in in Local($ in millions)20242023U.S. dollars CurrencyInvestment Sales, Debt/Equity Advisory and Other$1,506.2 1,261.6 244.6 19 %20 %Value and Risk Advisory373.0 363.8 9.2 3 3 Loan Servicing161.2 152.6 8.6 6 6 Revenue$2,040.4 1,778.0 262.4 15 %15 %Platform compensation and benefits$1,491.9 1,337.7 154.2 12 %12 %Platform operating, administrative and other278.4 246.1 32.3 13 13 Depreciation and amortization66.8 65.6 1.2 2 2 Segment platform operating expenses1,837.1 1,649.4 187.7 11 11 Gross contract