Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 43

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 43
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 Financial Measures

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

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Net income attributable to common shareholders$222.8 155.1 $390.4 305.6 Add:Interest expense, net of interest income29.2 38.1 89.1 110.3 Income tax provision52.6 37.4 93.3 73.8 Depreciation and amortization(1)56.7 64.5 194.1 185.9 Adjustments:Restructuring and acquisition charges11.7 (8.8)52.7 4.4 Net non-cash MSR and mortgage banking derivative activity0.2 5.1 17.3 25.9 Interest on employee loans, net of forgiveness(1.5)(1.8)(5.1)(4.1)Equity (earnings) losses - Investment Management and Proptech Investments(1)(26.6)2.2 29.1 23.4 Credit losses on convertible note investments2.2 6.3 2.9 6.3 Adjusted EBITDA$347.3 298.1 $863.8 731.5 

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

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. 

32

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

Three Months Ended September 30,Nine Months Ended September 30,($ in millions)2025% Change2025% ChangeRevenue:At current period exchange rates$6,510.4 11 %$18,506.9 11 %Impact of change in exchange rates(40.9)n/a(19.7)n/aAt comparative period exchange rates$6,469.5 10 %$18,487