Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 15

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 15
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52024Revenue$57.1 53.9 Less:Platform compensation and benefits$45.5 47.3Platform operating, administrative and other14.5 10.5Gross contract costs0.7 1.2 Add:Other segment items0.7 — Adjusted EBITDA$(2.9)(5.1)Depreciation and amortization$6.3 4.5 Equity losses$(21.5)(1.0)

11

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.Three Months Ended March 31,(in millions)20252024Adjusted EBITDA - Real Estate Management Services$66.3 71.4 Adjusted EBITDA - Leasing Advisory97.0 74.8 Adjusted EBITDA - Capital Markets Services48.6 25.0 Adjusted EBITDA - Investment Management15.8 21.0 Adjusted EBITDA - Software and Technology Solutions(2.9)(5.1)Adjusted EBITDA - Consolidated$224.8 187.1 Adjustments:Restructuring and acquisition charges$(19.7)(1.7)Interest on employee loans, net of forgiveness1.6 1.0 Equity losses - Investment Management and Software and Technology Solutions(1)(28.7)(4.9)Credit losses on convertible note investments(0.5)— Net non-cash MSR and mortgage banking derivative activity(12.9)(9.0)Interest expense, net of interest income(24.6)(30.5)Income tax provision(14.0)(15.9)Depreciation and amortization(1)(70.7)(60.0)Net income attributable to common shareholders$55.3 66.1 

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

5.BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

2025 Business Combinations ActivityDuring the three months ended March 31, 2025 and 2024, we paid $0.6 million and $3.1 million, respectively, for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. We completed no strategic acquisitions in either period.Earn-Out Payments($ in millions)March 31, 2025December 31, 2024Number of acquisitions with earn