JONES LANG LASALLE INCJLL
JONES LANG LASALLE INC Segments Disclosure
3. BUSINESS SEGMENTS
We manage and report our operations as five global business segments:
(1) Markets Advisory,
(2) Capital Markets,
(3) Work Dynamics,
(4) JLL Technologies and
(5) LaSalle.
Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory and consulting services. Capital Markets service offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services. Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals.
We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology.
Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net, (iv) Equity earnings/losses for JLL Technologies and LaSalle, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
In the first quarter of 2024, we revised the definition of segment Adjusted EBITDA to exclude certain Equity earnings/losses from investments. The impact of this revision is limited to the JLL Technologies and LaSalle segments. Comparable periods have been recast to conform to the revised presentation. Equity earnings/losses from unconsolidated operating ventures (not investments) remain included in Adjusted EBITDA.
The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net, (iv) credit losses on convertible note investments, (v) net non-cash MSR and mortgage banking derivative activity, (vi) net income/loss attributable to noncontrolling interest and (vii) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. As of December 31, 2024, we define the Global Executive Board, collectively, as our CODM.
Summarized financial information by business segment is as follows.
| Markets Advisory | Year Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Leasing | $ | 2,596.2 | 2,343.6 | 2,759.2 | |||||||
| Property Management | 1,795.1 | 1,675.1 | 1,525.3 | ||||||||
| Advisory, Consulting and Other | 109.4 | 102.9 | 131.0 | ||||||||
| Revenue | $ | 4,500.7 | 4,121.6 | 4,415.5 | |||||||
| Less: | |||||||||||
| Platform compensation and benefits | $ | 2,309.2 | 2,178.2 | 2,433.7 | |||||||
| Platform operating, administrative and other | 371.9 | 368.3 | 405.0 | ||||||||
| Gross contract costs | 1,269.6 | 1,153.6 | 1,055.3 | ||||||||
| Add: | |||||||||||
| Equity earnings (losses) | 0.7 | (0.5) | (0.3) | ||||||||
| Other segment items | (3.1) | (4.4) | 6.3 | ||||||||
| Adjusted EBITDA | $ | 547.6 | 416.6 | 527.5 | |||||||
Depreciation and amortization(1) | $ | 66.2 | 65.6 | 70.6 | |||||||
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
| Capital Markets | Year Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Investment Sales, Debt/Equity Advisory and Other | $ | 1,506.2 | 1,261.6 | 1,955.4 | |||||||
| Value and Risk Advisory | 373.0 | 363.8 | 374.9 | ||||||||
| Loan Servicing | 161.2 | 152.6 | 157.9 | ||||||||
| Revenue | $ | 2,040.4 | 1,778.0 | 2,488.2 | |||||||
| Less: | |||||||||||
| Platform compensation and benefits | $ | 1,491.9 | 1,337.7 | 1,727.1 | |||||||
| Platform operating, administrative and other | 278.4 | 246.1 | 263.2 | ||||||||
| Gross contract costs | 48.6 | 47.5 | 47.0 | ||||||||
| Add: | |||||||||||
| Equity earnings | 2.7 | 6.7 | 3.1 | ||||||||
| Other segment items | 20.2 | 19.7 | (10.0) | ||||||||
| Adjusted EBITDA | $ | 244.4 | 173.1 | 444.0 | |||||||
| Depreciation and amortization | $ | 66.8 | 65.6 | 61.6 | |||||||
| Work Dynamics | Year Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Workplace Management | $ | 12,529.7 | 10,706.2 | 9,819.2 | |||||||
| Project Management | 3,151.9 | 2,924.8 | 2,972.3 | ||||||||
| Portfolio Services and Other | 516.0 | 500.1 | 477.0 | ||||||||
| Revenue | $ | 16,197.6 | 14,131.1 | 13,268.5 | |||||||
| Less: | |||||||||||
| Platform compensation and benefits | $ | 1,385.8 | 1,305.1 | 1,202.3 | |||||||
| Platform operating, administrative and other | 467.8 | 431.6 | 432.9 | ||||||||
| Gross contract costs | 14,029.9 | 12,131.4 | 11,403.8 | ||||||||
| Add: | |||||||||||
| Equity earnings | 2.2 | 1.4 | 1.2 | ||||||||
| Other segment items | — | (0.4) | (0.6) | ||||||||
| Adjusted EBITDA | $ | 316.3 | 264.0 | 230.1 | |||||||
| Depreciation and amortization | $ | 91.1 | 79.2 | 71.1 | |||||||
| JLL Technologies | Year Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Revenue | $ | 226.3 | 246.4 | 213.9 | |||||||
| Less: | |||||||||||
| Platform compensation and benefits | $ | 197.0 | 200.7 | 240.3 | |||||||
| Platform operating, administrative and other | 54.2 | 50.3 | 57.4 | ||||||||
| Gross contract costs | 5.5 | 14.5 | 13.7 | ||||||||
| Add: | |||||||||||
| Other segment items | 8.1 | — | — | ||||||||
| Adjusted EBITDA | $ | (22.3) | (19.1) | (97.5) | |||||||
| Depreciation and amortization | $ | 19.4 | 15.9 | 15.4 | |||||||
| Equity (losses) earnings | $ | (53.8) | (177.0) | 46.6 | |||||||
| LaSalle | Year Ended December 31, | ||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Advisory fees | $ | 373.8 | 406.2 | 404.6 | |||||||
| Transaction fees and other | 33.5 | 30.0 | 44.8 | ||||||||
| Incentive fees | 60.6 | 47.5 | 26.6 | ||||||||
| Revenue | $ | 467.9 | 483.7 | 476.0 | |||||||
| Less: | |||||||||||
| Platform compensation and benefits | $ | 268.9 | 288.7 | 290.4 | |||||||
| Platform operating, administrative and other | 69.8 | 62.6 | 59.7 | ||||||||
| Gross contract costs | 37.4 | 28.9 | 29.3 | ||||||||
| Add: | |||||||||||
| Other segment items | 8.5 | 0.3 | (0.4) | ||||||||
| Adjusted EBITDA | $ | 100.3 | 103.8 | 96.2 | |||||||
| Depreciation and amortization | $ | 8.5 | 8.1 | 6.5 | |||||||
| Equity (losses) earnings | $ | (22.6) | (24.7) | 0.4 | |||||||
The following table is a reconciliation of segment revenue to consolidated revenue.
| Year Ended December 31, | |||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Markets Advisory | $ | 4,500.7 | 4,121.6 | 4,415.5 | |||||||
| Capital Markets | 2,040.4 | 1,778.0 | 2,488.2 | ||||||||
| Work Dynamics | 16,197.6 | 14,131.1 | 13,268.5 | ||||||||
| JLL Technologies | 226.3 | 246.4 | 213.9 | ||||||||
| LaSalle | 467.9 | 483.7 | 476.0 | ||||||||
| Total revenue | $ | 23,432.9 | 20,760.8 | 20,862.1 | |||||||
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
| Year Ended December 31, | |||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| Adjusted EBITDA - Markets Advisory | $ | 547.6 | 416.6 | 527.5 | |||||||
| Adjusted EBITDA - Capital Markets | 244.4 | 173.1 | 444.0 | ||||||||
| Adjusted EBITDA - Work Dynamics | 316.3 | 264.0 | 230.1 | ||||||||
| Adjusted EBITDA - JLL Technologies | (22.3) | (19.1) | (97.5) | ||||||||
| Adjusted EBITDA - LaSalle | 100.3 | 103.8 | 96.2 | ||||||||
| Adjusted EBITDA - Consolidated | $ | 1,186.3 | 938.4 | 1,200.3 | |||||||
| Adjustments: | |||||||||||
| Restructuring and acquisition charges | $ | (23.1) | (100.7) | (104.8) | |||||||
| Net (loss) gain on disposition | — | (0.5) | (7.5) | ||||||||
| Interest on employee loans, net | 5.9 | 3.6 | 9.7 | ||||||||
| Equity earnings (losses) - JLL Technologies and LaSalle | (76.4) | (201.7) | 47.0 | ||||||||
| Credit losses on convertible note investments | (6.3) | — | — | ||||||||
| Net non-cash MSR and mortgage banking derivative activity | (18.2) | (18.2) | 11.0 | ||||||||
| Interest expense, net of interest income | (136.9) | (135.4) | (75.2) | ||||||||
| Income tax provision | (132.5) | (25.7) | (200.8) | ||||||||
Depreciation and amortization(1) | (252.0) | (234.4) | (225.2) | ||||||||
| Net income attributable to common shareholders | $ | 546.8 | 225.4 | 654.5 | |||||||
The following table sets forth the revenue from our most significant currencies.
| Year Ended December 31, | |||||||||||
| (in millions) | 2024 | 2023 | 2022 | ||||||||
| United States dollar | $ | 14,402.3 | 12,258.9 | 12,375.9 | |||||||
| British pound | 1,773.5 | 1,640.0 | 1,575.6 | ||||||||
| Euro | 1,464.9 | 1,436.1 | 1,535.6 | ||||||||
| Australian dollar | 1,085.3 | 1,036.9 | 1,183.0 | ||||||||
| Indian rupee | 823.8 | 661.4 | 591.0 | ||||||||
| Canadian dollar | 612.6 | 613.8 | 593.8 | ||||||||
| Hong Kong dollar | 567.1 | 544.8 | 532.3 | ||||||||
| Chinese yuan | 488.1 | 480.9 | 506.0 | ||||||||
| Singapore dollar | 447.3 | 425.4 | 368.4 | ||||||||
| Japanese yen | 346.3 | 286.6 | 233.8 | ||||||||
| Other currencies | 1,421.7 | 1,376.0 | 1,366.7 | ||||||||
| Total revenue | $ | 23,432.9 | 20,760.8 | 20,862.1 | |||||||
Change in Reporting Structure
Effective January 1, 2025, we will report our Property Management business together with our existing Work Dynamics businesses in a segment named Real Estate Management Services. Prior period results will be restated to conform with our new reporting structure in 2025.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.