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JLL Reports Financial Results for First-Quarter 2025
Broad-based increases in resilient and transactional revenues drove fourth consecutive quarter of double-digit revenue growth
CHICAGO, May 7, 2025 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for the first quarter of 2025 with diluted earnings per share of $1.14 (down 19%, driven by non-cash losses) and adjusted diluted earnings per share1 of $2.31 (up 28%). Growth momentum of Resilient4 and Transactional4 revenues continued as both achieved double-digit increases again this quarter.
- First-quarter revenue was $5.7 billion, up 13% in local currency1 with Transactional4 revenues up 14% and Resilient4 revenues up 13%
- Real Estate Management Services' momentum continued, up 14%, driven by Workplace Management and Project Management
- Leasing, within Leasing Advisory, increased 15% with broad-based growth across all asset classes, led by the U.S.
- Capital Markets Services achieved 16% growth highlighted by performance of the debt advisory and investment sales businesses
- Bottom-line performance reflected revenue growth and improved platform leverage partially offset by incremental investments in technology
- Previously announced changes in the company's reporting segments took effect January 1
"Broad-based revenue growth and the 28% increase in Adjusted EPS in the first quarter are a reflection of JLL's multi-year focus on platform differentiation, efficiency and resiliency," said Christian Ulbrich, JLL CEO. "As we enter the second quarter with a notably more volatile market backdrop, our pipelines are healthy and we have conviction in both the long-term fundamentals supporting our industry and the agility we have developed across our organization. Looking ahead, our ongoing investments to further unify our data, technology and people position us well to navigate real estate cycles and continue to deliver superior client outcomes."
| Summary Financial Results ($ in millions, except per share data, "LC" = local currency) | Three Months Ended March 31, | ||||
| 2025 | | 2024 | % Change | % Change | |
| | | | | | |
| Revenue | $ 5,746.4 | | $ 5,124.5 | 12 % | 13 % |
| | | | | | |
| Net income attributable to common shareholders | $ 55.3 | | $ 66.1 | (16) % | (19) % |
| Adjusted net income attributable to common shareholders1 | 111.6 | | 86.0 | 30 | 28 |
| | | | | | |
| Diluted earnings per share | $ 1.14 | | $ 1.37 | (17) % | (19) % |
| Adjusted diluted earnings per share1 | 2.31 | | 1.78 | 30 | 28 |
| | | | | | |
| Adjusted EBITDA1 | $ 224.8 | | $ 187.1 | 20 % | 20 % |
| | | | | | |
| Cash flows from operating activities | $ (767.6) | | $ (677.5) | (13) % | n/a |
| Free Cash Flow6 | (812.1) | | (720.7) | (13) % | n/a |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. | |||||
Consolidated First-Quarter 2025 Performance Highlights:
| Consolidated ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Real Estate Management Services | $ 4,569.4 | | $ 4,069.2 | | 12 % | | 14 % |
| Leasing Advisory | 586.1 | | 520.4 | | 13 | | 13 |
| Capital Markets Services | 435.3 | | 377.6 | | 15 | | 16 |
| Investment Management | 98.5 | | 103.4 | | (5) | | (4) |
| Software and Technology Solutions | 57.1 | | 53.9 | | 6 | | 6 |
| Total revenue | $ 5,746.4 | | $ 5,124.5 | | 12 % | | 13 % |
| Gross contract costs6 | $ 3,942.3 | | $ 3,498.7 | | 13 % | | 14 % |
| Platform operating expenses | 1,664.4 | | 1,509.9 | | 10 | | 11 |
| Restructuring and acquisition charges5 | 19.7 | | 1.7 | | n.m. | | n.m. |
| Total operating expenses | $ 5,626.4 | | $ 5,010.3 | | 12 % | | 14 % |
| Net non-cash MSR and mortgage banking derivative activity1 | $ (12.9) | | $ (9.0) | | (43) % | | (43) % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||
Revenue
Revenue increased 13% compared with the prior-year quarter. Several businesses with Resilient revenues, collectively up 13%, continued to deliver strong growth, highlighted by (i) Workplace Management, up 15%, and (ii) Project Management, up 16%, both within Real Estate Management Services, as well as (iii) Software and Technology Solutions, up 6%. The collective 14% increase in Transactional revenue was led by Leasing, within Leasing Advisory, up 15%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 22% (excluding the impact of non-cash MSR and mortgage banking derivative activity).
Refer to segment performance highlights for additional detail.
The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Transactional, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Transactional revenues.
Net income and Adjusted EBITDA:
| ($ in millions, except per share data, "LC" = local currency) | Three Months Ended March 31, | ||||
| 2025 | | 2024 | % Change | % Change | |
| | | | | | |
| Net income attributable to common shareholders | $ 55.3 | | $ 66.1 | (16) % | (19) % |
| Adjusted net income attributable to common shareholders1 | 111.6 | | 86.0 | 30 | 28 |
| | | | | | |
| Diluted earnings per share | $ 1.14 | | $ 1.37 | (17) % | (19) % |
| Adjusted diluted earnings per share1 | 2.31 | | 1.78 | 30 | 28 |
| | | | | | |
| Adjusted EBITDA1 | $ 224.8 | | $ 187.1 | 20 % | 20 % |
| | | | | | |
| Effective tax rate ("ETR") | 19.5 % | | 19.5 % | 0 bps | n/a |
For the quarter, higher Adjusted EBITDA and margin were largely driven by Transactional revenue growth (notably Investment Sales, Debt/Equity Advisory and Leasing), partially offset by incremental investments in the platform (notably technology and artificial intelligence capabilities) across segments to drive future business growth.
For the first quarter, the following two items were the most meaningful year-over-year differences between net income attributable to common shareholders and non-GAAP measures1:
- Total aggregate equity losses for Investment Management and Software and Technology Solutions were $27.6 million in 2025, greater than the $4.9 million of aggregate equity losses in 2024, primarily associated with Software and Technology Solutions investments.
- Restructuring and acquisition charges were $18.0 million higher in 2025, compared with 2024, primarily due to the year-over-year change in non-cash charges/benefit associated with expected achievement of acquisition-related earn-outs.
Cash Flows and Capital Allocation:
| ($ in millions) | Three Months Ended March 31, | |||
| 2025 | | 2024 | Change in USD | |
| Cash flows from operating activities | $ (767.6) | | $ (677.5) | (13) % |
| Free Cash Flow6 | (812.1) | | (720.7) | (13) % |
Incremental cash outflow in the first quarter was primarily attributable to (i) the timing of Net reimbursables activity, and (ii) higher commission payments in the first quarter of 2025 compared with the prior-year quarter (reflecting higher transactional revenue activity in Q4 2024 compared with Q4 2023). These drivers were partially offset by greater cash provided by earnings.
Share repurchase activity is noted in the following table. As of March 31, 2025, $993.4 million remained authorized for repurchase.
| | Three Months Ended March 31, | |
| | 2025 | 2024 |
| Total number of shares repurchased (in thousands) | 75.3 | 110.7 |
| Total paid for shares repurchased (in millions) | $ 19.8 | $ 20.1 |
Net Debt, Leverage and Liquidity6:
| | March 31, 2025 | | December 31, 2024 | | March 31, 2024 |
| Total Net Debt (in millions) | $ 1,754.0 | | $ 800.6 | | $ 1,900.8 |
| Net Leverage Ratio | 1.4x | | 0.7x | | 1.9x |
| Corporate Liquidity (in millions) | $ 3,312.4 | | $ 3,616.3 | | $ 2,301.7 |
The increase in Net Debt from December 31, 2024, reflected (i) typical seasonality largely attributable to annual incentive compensation payments made in the first quarter and (ii) the $100 million investment in JLL Income Property Trust, an Investment Management flagship fund, made in January 2025. The Net Debt reduction from March 31, 2024, reflected improved cash flows from operations over the trailing twelve months ended March 31, 2025, compared with the twelve-month period ended March 31, 2024.
In addition to the Corporate Liquidity detailed above, the company maintains a commercial paper program (the "Program") with $2.5 billion authorized for issuance. As of March 31, 2025, there was $900.0 million outstanding under the Program.
Change in External Reporting Segments:
In September 2024, the company announced an organizational change that brings together all building operation groups to address client needs and the changing dynamics of the real estate industry. As a result of these changes, effective January 1, 2025, the company reports Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics). Prior-period financial information was recast to conform with this presentation. Also effective January 1, 2025, Capital Markets was renamed Capital Markets Services, LaSalle was renamed Investment Management and JLL Technologies was renamed Software and Technology Solutions; there are no reporting changes within these three segments.
Real Estate Management Services First-Quarter 2025 Performance Highlights:
| Real Estate Management Services ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Revenue | $ 4,569.4 | | $ 4,069.2 | | 12 % | | 14 % |
| Workplace Management | 3,263.6 | | 2,871.7 | | 14 | | 15 |
| Project Management | 747.5 | | 656.4 | | 14 | | 16 |
| Property Management | 445.6 | | 429.7 | | 4 | | 5 |
| Portfolio Services and Other | 112.7 | | 111.4 | | 1 | | 2 |
| Segment operating expenses | $ 4,532.6 | | $ 4,027.2 | | 13 % | | 14 % |
| Segment platform operating expenses | 602.3 | | 558.1 | | 8 | | 10 |
| Gross contract costs6 | 3,930.3 | | 3,469.1 | | 13 | | 15 |
| Adjusted EBITDA1 | $ 66.3 | | $ 71.4 | | (7) % | | (9) % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||
Real Estate Management Services revenue growth was driven by continued strong performance in Workplace Management, largely from a balanced mix of client wins and mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth. Higher Project Management revenue was led by the U.S. and Asia Pacific, as a near-double-digit management fee increase was supplemented by higher pass-through costs.
The change in Adjusted EBITDA and margin was primarily due to i) continued investments in our technology platform (including in artificial intelligence and 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.
Leasing Advisory First-Quarter 2025 Performance Highlights:
| Leasing Advisory ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Revenue | $ 586.1 | | $ 520.4 | | 13 % | | 13 % |
| Leasing | 566.1 | | 497.3 | | 14 | | 15 |
| Advisory, Consulting and Other | 20.0 | | 23.1 | | (13) | | (12) |
| Segment operating expenses | $ 501.2 | | $ 454.9 | | 10 % | | 11 % |
| Segment platform operating expenses | 499.2 | | 448.5 | | 11 | | 12 |
| Gross contract costs6 | 2.0 | | 6.4 | | (69) | | (68) |
| Adjusted EBITDA1 | $ 97.0 | | $ 74.8 | | 30 % | | 29 % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||
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 China2 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.
Higher Adjusted EBITDA and margin were largely driven by the revenue growth described above as well as continued improvement in platform leverage.
Capital Markets Services First-Quarter 2025 Performance Highlights:
| Capital Markets Services ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Revenue | $ 435.3 | | $ 377.6 | | 15 % | | 16 % |
| Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR(a) | 325.5 | | 267.7 | | 22 | | 22 |
| Net non-cash MSR and mortgage banking derivative activity (a) | (12.9) | | (9.0) | | (43) | | (43) |
| Value and Risk Advisory | 81.6 | | 80.2 | | 2 | | 4 |
| Loan Servicing | 41.1 | | 38.7 | | 6 | | 6 |
| Segment operating expenses | $ 420.2 | | $ 378.4 | | 11 % | | 12 % |
| Segment platform operating expenses | 419.1 | | 364.8 | | 15 | | 16 |
| Gross contract costs6 | 1.1 | | 13.6 | | (92) | | (92) |
| Equity earnings | $ 1.6 | | $ 0.1 | | n.m. | | n.m. |
| Adjusted EBITDA1 | $ 48.6 | | $ 25.0 | | 94 % | | 90 % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance | |||||||
| (a) Historically, net non-cash MSR and mortgage banking derivative activity was included in the Investment Sales, Debt/Equity Advisory and Other caption. Effective beginning Q2 2024, | |||||||
Capital Markets Services top-line growth was fueled by debt advisory and investment sales, most notably in the United States. Debt advisory grew over 45% for the quarter while investment sales were up approximately 15%. The residential sector demonstrated the most significant improvement over the prior-year quarter, while hotels and industrial also contributed to the current-quarter growth. Specifically, Investment sales in the U.S. grew approximately 46% for the quarter, outperforming the broader market volume for U.S. investment sales, which grew 42% for the quarter, according to JLL Research.
Adjusted EBITDA and margin improvements for the quarter were largely attributable to transactional revenue growth described above, together with continued improvement in platform leverage.
Investment Management First-Quarter 2025 Performance Highlights:
| Investment Management ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Revenue | $ 98.5 | | $ 103.4 | | (5) % | | (4) % |
| Advisory fees | 89.3 | | 92.3 | | (3) | | (2) |
| Transaction fees and other | 8.5 | | 8.9 | | (4) | | (4) |
| Incentive fees | 0.7 | | 2.2 | | (68) | | (67) |
| Segment operating expenses | $ 85.7 | | $ 84.6 | | 1 % | | 2 % |
| Segment platform operating expenses | 77.5 | | 76.2 | | 2 | | 3 |
| Gross contract costs6 | 8.2 | | 8.4 | | (2) | | (3) |
| Adjusted EBITDA1 | $ 15.8 | | $ 21.0 | | (25) % | | (22) % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||
Investment Management advisory fees declined primarily due to lower assets under management ("AUM"), reflecting asset dispositions on behalf of certain clients in the fourth quarter of 2024.
The changes in Adjusted EBITDA and margin were largely attributable to the overall reduction in revenue, foreign currency transaction losses in the current quarter, and the timing of certain expenses.
AUM3 decreased 7% in USD (4% in local currency) during the quarter, and decreased 8% in USD (6% in local currency) over the trailing twelve months. Changes in AUM are detailed in the tables below (in billions):
| Quarter-to-date | |
| Beginning balance (December 31, 2024) | $ 88.8 |
| Asset acquisitions/takeovers | 2.2 |
| Asset dispositions/withdrawals | (3.7) |
| Valuation changes | 0.2 |
| Foreign currency translation | (2.8) |
| Change in uncalled committed capital and cash held | (2.4) |
| Ending balance (March 31, 2025) | $ 82.3 |
| Trailing Twelve Months | |
| Beginning balance (March 31, 2024) | $ 89.7 |
| Asset acquisitions/takeovers | 5.3 |
| Asset dispositions/withdrawals | (7.0) |
| Valuation changes | (0.1) |
| Foreign currency translation | (2.2) |
| Change in uncalled committed capital and cash held | (3.4) |
| Ending balance (March 31, 2025) | $ 82.3 |
Software and Technology Solutions First-Quarter 2025 Performance Highlights:
| Software and Technology Solutions ($ in millions, "LC" = local currency) | Three Months Ended March 31, | | % Change | | % Change | ||
| 2025 | | 2024 | | | |||
| Revenue | $ 57.1 | | $ 53.9 | | 6 % | | 6 % |
| Segment operating expenses | $ 67.0 | | $ 63.5 | | 6 % | | 6 % |
| Segment platform operating expenses, excluding Carried interest | 68.7 | | 62.4 | | 10 | | 10 |
| Carried interest benefit(a) | (2.4) | | (0.1) | | n.m. | | n.m. |
| Gross contract costs6 | 0.7 | | 1.2 | | (42) | | (35) |
| Adjusted EBITDA1 | $ (2.9) | | $ (5.1) | | 43 % | | 37 % |
| Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the | |||||||
| (a) Carried interest expense/benefit is associated with equity earnings/losses on Spark Venture Funds investments. | |||||||
Software and Technology Solutions revenue growth was due to increased bookings from software, partially offset by technology solutions.
The improvement in Adjusted EBITDA and margin was primarily attributable to the year-over-year change in carried interest benefit and higher revenue, partially offset by growth in revenue-related expenses.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Connect with us
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https://twitter.com/jll
| Live Webcast | | Conference Call | |
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| | The conference call can be accessed live over the phone by | |
| | | | |
| Supplemental Information | | Contact | |
| Supplemental information regarding the first quarter 2025 earnings call has been | | If you have any questions, please contact Sean Coghlan, Head of | |
| | Phone: | +1 312 252 8943 | |
| | Email: | ||
Cautionary Note Regarding Forward-Looking Statements
Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in JLL's Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments or any change in events.
| JONES LANG LASALLE INCORPORATED | |||
| Consolidated Statements of Operations (Unaudited) | |||
| | |||
| | Three Months Ended March 31, | ||
| (in millions, except share and per share data) | 2025 | | 2024 |
| | | | |
| Revenue | $ 5,746.4 | | $ 5,124.5 |
| | | | |
| Operating expenses: | | | |
| Compensation and benefits | $ 2,674.6 | | $ 2,415.6 |
| Operating, administrative and other | 2,860.5 | | 2,532.0 |
| Depreciation and amortization | 71.6 | | 61.0 |
| Restructuring and acquisition charges5 | 19.7 | | 1.7 |
| Total operating expenses | $ 5,626.4 | | $ 5,010.3 |
| | | | |
| Operating income | $ 120.0 | | $ 114.2 |
| | | | |
| Interest expense, net of interest income | 24.6 | | 30.5 |
| Equity losses | (25.6) | | (3.7) |
| Other income | 1.7 | | 1.5 |
| | | | |
| Income before income taxes and noncontrolling interest | 71.5 | | 81.5 |
| Income tax provision | 14.0 | | 15.9 |
| Net income | 57.5 | | 65.6 |
| | | | |
| Net income (loss) attributable to noncontrolling interest | 2.2 | | (0.5) |
| | | | |
| Net income attributable to common shareholders | $ 55.3 | | $ 66.1 |
| | | | |
| Basic earnings per common share | $ 1.17 | | $ 1.39 |
| Basic weighted average shares outstanding (in 000's) | 47,466 | | 47,485 |
| | | | |
| Diluted earnings per common share | $ 1.14 | | $ 1.37 |
| Diluted weighted average shares outstanding (in 000's) | 48,376 | | 48,280 |
| | | | |
| Please reference accompanying financial statement notes. | |||
| JONES LANG LASALLE INCORPORATED | |||
| Selected Segment Financial Data (Unaudited) | |||
| | Three Months Ended March 31, | ||
| (in millions) | 2025 | | 2024 |
| Real Estate Management Services | | | |
| Revenue | $ 4,569.4 | | $ 4,069.2 |
| | | | |
| Platform compensation and benefits | $ 431.6 | | $ 400.5 |
| Platform operating, administrative and other | 139.2 | | 128.6 |
| Depreciation and amortization | 31.5 | | 29.0 |
| Segment platform operating expenses | 602.3 | | 558.1 |
| Gross contract costs6 | 3,930.3 | | 3,469.1 |
| Segment operating expenses | $ 4,532.6 | | $ 4,027.2 |
| Segment operating income | $ 36.8 | | $ 42.0 |
| Add: | | | |
| Equity earnings | 0.4 | | 1.1 |
| Depreciation and amortization(a) | 30.6 | | 28.0 |
| Net (income) loss attributable to noncontrolling interest | (1.5) | | 0.3 |
| Adjusted EBITDA1 | $ 66.3 | | $ 71.4 |
| (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. | |||
| | |||
| JONES LANG LASALLE INCORPORATED | |||
| Selected Segment Financial Data (Unaudited) Continued | |||
| | Three Months Ended March 31, | ||
| (in millions) | 2025 | | 2024 |
| Leasing Advisory | | | |
| Revenue | $ 586.1 | | $ 520.4 |
| | | | |
| Platform compensation and benefits | $ 426.8 | | $ 381.8 |
| Platform operating, administrative and other | 60.4 | | 57.6 |
| Depreciation and amortization | 12.0 | | 9.1 |
| Segment platform operating expenses | 499.2 | | 448.5 |
| Gross contract costs6 | 2.0 | | 6.4 |
| Segment operating expenses | $ 501.2 | | $ 454.9 |
| Segment operating income | $ 84.9 | | $ 65.5 |
| Add: | | | |
| Depreciation and amortization | 12.0 | | 9.1 |
| Other income | 1.0 | | 0.9 |
| Adjustments: | | | |
| Interest on employee loans, net of forgiveness | (0.9) | | (0.7) |
| Adjusted EBITDA1 | $ 97.0 | | $ 74.8 |
| | |||
| JONES LANG LASALLE INCORPORATED | |||
| Selected Segment Financial Data (Unaudited) Continued | |||
| | Three Months Ended March 31, | ||
| (in millions) | 2025 | | 2024 |
| Capital Markets Services | | | |
| Revenue | $ 435.3 | | $ 377.6 |
| | | | |
| Platform compensation and benefits | $ 329.5 | | $ 287.6 |
| Platform operating, administrative and other | 70.7 | | 60.8 |
| Depreciation and amortization | 18.9 | | 16.4 |
| Segment platform operating expenses | 419.1 | | 364.8 |
| Gross contract costs6 | 1.1 | | 13.6 |
| Segment operating expenses | $ 420.2 | | $ 378.4 |
| Segment operating income (loss) | $ 15.1 | | $ (0.8) |
| Add: | | | |
| Equity earnings | 1.6 | | 0.1 |
| Depreciation and amortization | 18.9 | | 16.4 |
| Other income | 0.8 | | 0.6 |
| Adjustments: | | | |
| Net non-cash MSR and mortgage banking derivative activity | 12.9 | | 9.0 |
| Interest on employee loans, net of forgiveness | (0.7) | | (0.3) |
| Adjusted EBITDA1 | $ 48.6 | | $ 25.0 |
| JONES LANG LASALLE INCORPORATED | |||
| Selected Segment Financial Data (Unaudited) Continued | |||
| | Three Months Ended March 31, | ||
| (in millions) | 2025 | | 2024 |
| Investment Management | | | |
| Revenue | $ 98.5 | | $ 103.4 |
| | | | |
| Platform compensation and benefits | $ 58.3 | | $ 61.3 |
| Platform operating, administrative and other | 16.3 | | 12.9 |
| Depreciation and amortization | 2.9 | | 2.0 |
| Segment platform operating expenses | 77.5 | | 76.2 |
| Gross contract costs6 | 8.2 | | 8.4 |
| Segment operating expenses | $ 85.7 | | $ 84.6 |
| Segment operating income | $ 12.8 | | $ 18.8 |
| Add: | | | |
| Depreciation and amortization | 2.9 | | 2.0 |
| Other income | 0.1 | | — |
| Net loss attributable to noncontrolling interest(a) | — | | 0.2 |
| Adjusted EBITDA1 | $ 15.8 | | $ 21.0 |
| Equity losses | $ (6.1) | | $ (3.9) |
| (a) This adjustment excludes the noncontrolling interest portion of Equity earnings which is not attributable to common shareholders. | |||
| | |||
| JONES LANG LASALLE INCORPORATED | |||
| Selected Segment Financial Data (Unaudited) Continued | |||
| | Three Months Ended March 31, | ||
| (in millions) | 2025 | | 2024 |
| Software and Technology Solutions | | | |
| Revenue | $ 57.1 | | $ 53.9 |
| | | | |
| Platform compensation and benefits(a) | $ 45.5 | | $ 47.3 |
| Platform operating, administrative and other | 14.5 | | 10.5 |
| Depreciation and amortization | 6.3 | | 4.5 |
| Segment platform operating expenses | 66.3 | | 62.3 |
| Gross contract costs6 | 0.7 | | 1.2 |
| Segment operating expenses | $ 67.0 | | $ 63.5 |
| Segment operating loss | $ (9.9) | | $ (9.6) |
| Add: | | | |
| Depreciation and amortization | 6.3 | | 4.5 |
| Other income | (0.2) | | — |
| Net income attributable to noncontrolling interest | 0.4 | | — |
| Adjustments: | | | |
| Credit losses on convertible note investments | 0.5 | | — |
| Adjusted EBITDA1 | $ (2.9) | | $ (5.1) |
| Equity losses | $ (21.5) | | $ (1.0) |
| (a) Included in Segment platform operating expenses is a carried interest benefit of $2.4 million and $0.1 million for the three months ended March 31, 2025 and 2024, | |||
| JONES LANG LASALLE INCORPORATED | ||||||||
| Consolidated Statement of Cash Flows (Unaudited) | ||||||||
| | | | | | | | | |
| | Three Months | | | Three Months | ||||
| (in millions) | 2025 | | 2024 | | | 2025 | | 2024 |
| Cash flows from operating activities: | | | | | Cash flows from investing activities: | | | |
| Net income | $ 57.5 | | $ 65.6 | | Net capital additions – property and equipment | $ (44.5) | | $ (43.2) |
| Reconciliation of net income to net cash used in operating activities: | | | | | Capital contributions to investments | (112.9) | | (17.4) |
| Depreciation and amortization | 71.6 | | 61.0 | | Distributions of capital from investments | 4.9 | | 5.7 |
| Equity losses | 25.6 | | 3.7 | | Other, net | (0.3) | | 0.6 |
| Distributions of earnings from investments | 1.6 | | 3.2 | | Net cash used in investing activities | (152.8) | | (54.3) |
| Provision for loss on receivables and other assets | 9.4 | | 9.9 | | Cash flows from financing activities: | | | |
| Amortization of stock-based compensation | 22.0 | | 11.2 | | Proceeds from borrowings under credit facility | 2,232.0 | | 2,760.0 |
| Net non-cash mortgage servicing rights and mortgage banking derivative | 12.9 | | 9.0 | | Repayments of borrowings under credit facility | (1,912.0) | | (1,990.0) |
| Accretion of interest and amortization of debt issuance costs | 1.7 | | 1.4 | | Proceeds from issuance of commercial paper | 1,000.0 | | — |
| Other, net | 6.9 | | (8.6) | | Repayments of commercial paper | (300.0) | | — |
| Change in: | | | | | Net repayments of short-term borrowings | (67.2) | | (18.7) |
| Receivables | 163.5 | | 156.2 | | Payments of deferred business acquisition obligations and earn-outs | (0.6) | | (3.1) |
| Reimbursable receivables and reimbursable payables | (271.8) | | (193.4) | | Repurchase of common stock | (19.7) | | (20.0) |
| Prepaid expenses and other assets | (24.0) | | (18.7) | | Noncontrolling interest distributions, net | (2.9) | | (1.5) |
| Income taxes receivable, payable and deferred | (22.7) | | (24.4) | | Other, net | (28.9) | | (23.3) |
| Accounts payable, accrued liabilities and other liabilities | (171.3) | | (154.5) | | Net cash provided by financing activities | 900.7 | | 703.4 |
| Accrued compensation (including net deferred compensation) | (650.5) | | (599.1) | | Effect of currency exchange rate changes on cash, cash equivalents | 11.7 | | (9.7) |
| Net cash used in operating activities | $ (767.6) | | $ (677.5) | | Net change in cash, cash equivalents and restricted cash | $ (8.0) | | $ (38.1) |
| | | | | | Cash, cash equivalents and restricted cash, beginning of the period | 652.7 | | 663.4 |
| | | | | | Cash, cash equivalents and restricted cash, end of the period | $ 644.7 | | $ 625.3 |
| | | | | | | | | |
| Please reference accompanying financial statement notes. | ||||||||
| JONES LANG LASALLE INCORPORATED | ||||||||||||
| Consolidated Balance Sheets | ||||||||||||
| | ||||||||||||
| | March 31, | | December 31, | | | March 31, | | December 31, | ||||
| (in millions, except share and per share data) | 2025 | | 2024 | | | 2025 | | 2024 | ||||
| ASSETS | (Unaudited) | | | | LIABILITIES AND EQUITY | (Unaudited) | | | ||||
| Current assets: | | | | | Current liabilities: | | | | ||||
| | Cash and cash equivalents | $ 432.4 | | $ 416.3 | | | Accounts payable and accrued liabilities | $ 1,201.4 | | $ 1,322.7 | ||
| | Trade receivables, net of allowance | 2,013.3 | | 2,153.5 | | | Reimbursable payables | 2,038.0 | | 2,176.3 | ||
| | Notes and other receivables | 457.4 | | 456.9 | | | Accrued compensation and benefits | 1,162.8 | | 1,768.5 | ||
| | Reimbursable receivables | 2,833.9 | | 2,695.0 | | | Short-term borrowings | 88.3 | | 153.8 | ||
| | Warehouse receivables | 601.6 | | 770.7 | | | Commercial paper, net of debt issuance costs | 898.3 | | 199.3 | ||
| | Short-term contract assets, net of allowance | 314.8 | | 334.8 | | | Short-term contract liability and deferred income | 187.7 | | 203.8 | ||
| | Restricted cash, prepaid and other | 580.3 | | 651.3 | | | Warehouse facilities Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | |||||