Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 91

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 91
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 businesses with higher client pass-through expenses such as Workplace Management and Project Management, within Real Estate Management Services. Platform operating expenses were $1.8 billion for the second quarter, a 6% increase from the prior-year quarter, largely due to revenue-related expense growth.

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For the second quarter and first half of 2025, Restructuring and acquisition charges increased primarily due to higher severance and other employment-related charges, including expenses associated with the change in reporting segments. These second-quarter and year-to-date increases were also driven by changes in non-cash charges/benefit associated with expected achievement of acquisition-related earn-outs. Refer to the following table for detail on Restructuring and acquisition charges.

Three Months Ended June 30,Six Months Ended June 30,(in millions)2025202420252024Severance and other employment-related charges$18.0 7.2 $25.4 11.7 Restructuring, pre-acquisition and post-acquisition charges10.7 6.4 19.1 14.1 Fair value adjustments that resulted in a net decrease to earn-out liabilities from prior-period acquisition activity(7.4)(2.1)(3.5)(12.6)Restructuring and acquisition charges$21.3 11.5 $41.0 13.2 

Interest Expense

Interest expense, net of interest income, for the three and six months ended June 30, 2025, was $35.3 million and $59.9 million, respectively, compared with $41.7 million and $72.2 million in the prior-year periods. Lower expense resulted primarily from a lower effective interest rate and lower average borrowings compared with the respective prior-year periods.

Equity Earnings/Losses

The following details Equity earnings/losses by relevant segment. In the second quarter and first half of 2025, equity losses were largely attributable to valuation declines of investments within Software and Technology Solutions. Refer to the segment discussions for additional details.

Three Months Ended June 30,Six Months Ended June 30,(in millions)2025202420252024Investment Management$(1.3)(7.3)$(7.4)(11.2)Software and Technology Solutions$(27.4)(9.0)(48.9)(10.0)Other1.3 0.9 3.3 2.1 Equity losses$(27.4)(15.4