Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 102

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 102
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 of 2025, compared with $403.6 million of cash used in operating activities during the same period in 2024. Incremental cash outflow in the first half was primarily attributable to higher commission payments in the first six months of 2025 compared with the prior-year period and the timing of Net reimbursables activity, partially offset by lower cash taxes paid in 2025.

Cash Flows from Investing Activities

We used $200.4 million of cash for investing activities during the first six months of 2025, compared with $154.1 million used during the same period in 2024. The increase in cash used for investing activities was primarily attributable to our $100 million contribution to JLL Income Property Trust ("JLL IPT"), an Investment Management flagship fund, in January 2025, partially offset by lower cash paid for acquisitions. We discuss other drivers of investing activity below in further detail.

Cash Flows from Financing Activities

Financing activities provided $617.5 million of cash during the first six months of 2025, compared with $566.6 million provided during the same period in 2024. The proceeds from increased borrowings were used to support the $100 million investment in JLL IPT and higher share repurchases in 2025. We discuss these drivers in further detail below.

Debt

Our $3.3 billion Facility matures on November 3, 2028, and bears a variable interest rate. Outstanding borrowings, including the balance of the Facility, Short-term borrowings (financing lease obligations, overdrawn bank accounts and local overdraft facilities) and the balance outstanding under the Program are presented below.

(in millions)June 30, 2025December 31, 2024Outstanding borrowings under the Facility$380.0 100.0 Short-term borrowings107.2 153.8 Outstanding commercial paper690.0 200.0 

In addition to our Facility, we had the capacity to borrow up to $46.1 million under local overdraft facilities as of June 30, 2025.

The following table provides additional information on our Facility, Uncommitted Facility and the Program, collectively.

Three Months Ended June 30,Six Months Ended June 30,($ in millions)2025202420252024Average outstanding borrowings $1,573.5 1,705.8 $1,290.0 1,381.3 Average effective interest rate5.0