Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 81

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 81
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 project management capabilities) and ii) incremental human capital investments in the latter half of 2024, most notably in Project Management, to support future business growth. Higher gross contract costs correlated to top-line performance in the Resilient business lines (Workplace Management, Project Management and Property Management).

The change in Adjusted EBITDA and margin was primarily due to the technology platform and human capital investments described above, which outpaced revenue growth.

32

Leasing Advisory% ChangeThree Months Ended March 31,Change inin Local($ in millions)20252024U.S. dollarsCurrencyLeasing$566.1 497.3 68.8 14 %15 %Advisory, Consulting and Other20.0 23.1 (3.1)(13)(12)Revenue$586.1 520.4 65.7 13 %13 %Platform compensation and benefits$426.8 381.8 45.0 12 %13 %Platform operating, administrative and other60.4 57.6 2.8 5 6 Depreciation and amortization12.0 9.1 2.9 32 35 Segment platform operating expenses499.2 448.5 50.7 11 12 Gross contract costs2.0 6.4 (4.4)(69)(68)Segment operating expenses$501.2 454.9 46.3 10 %11 %Adjusted EBITDA$97.0 74.8 22.2 30 %29 %

Compared with the prior-year quarter, increased revenue was driven by broad-based Leasing growth across asset classes, led by growth in office together with accelerated momentum from industrial. Many geographies achieved double-digit Leasing revenue growth for the quarter, most notably the U.S., Canada, Greater China and Germany. U.S. office leasing increased for the fifth consecutive quarter, exceeding first-quarter 2019 levels, partially driven by an increase in the number of large leasing deals across nearly all asset classes. Globally, office leasing grew 18% over the prior-year quarter, outperforming market volume growth of 9% according to JLL Research.

The increase in segment platform operating expenses was due to higher commissions correlated to revenue growth, partially offset by continued improvement in platform leverage.

Higher Adjusted EBITDA was largely driven by the revenue growth and improved platform leverage described above