Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 89

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 89
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olidated operating ventures (not investments), and therefore, the amounts are included in Adjusted EBITDA on both a segment and consolidated basis.

Credit losses on convertible note investments reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Software and Technology Solutions' investments and are therefore consistently excluded from adjusted measures.

Reconciliation of Non-GAAP Financial Measures

Below is a reconciliation of Net income attributable to common shareholders to Adjusted EBITDA.

Three Months Ended June 30,Six Months Ended June 30,(in millions)2025202420252024Net income attributable to common shareholders$112.3 84.4 $167.6 150.5 Add:Interest expense, net of interest income35.3 41.7 59.9 72.2 Income tax provision26.7 20.5 40.7 36.4 Depreciation and amortization(1)66.7 61.4 137.4 121.4 Adjustments:Restructuring and acquisition charges21.3 11.5 41.0 13.2 Net non-cash MSR and mortgage banking derivative activity4.2 11.8 17.1 20.8 Interest on employee loans, net of forgiveness(2.0)(1.3)(3.6)(2.3)Equity losses - Investment Management and Software and Technology Solutions(1)27.0 16.3 55.7 21.2 Credit losses on convertible note investments0.2 — 0.7 — Adjusted EBITDA$291.7 246.3 $516.5 433.4 

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

31

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 June