XML 57 R21.htm IDEA: XBRL DOCUMENT v3.23.2
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Summarized Unaudited Financial Information by Business Segments
Summarized financial information by business segment is as follows.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2023202220232022
Markets Advisory  
Leasing$591.4 708.4 $1,078.4 1,309.3 
Property Management409.9 378.2 810.1 748.7 
Advisory, Consulting and Other24.1 31.6 43.3 59.7 
Revenue$1,025.4 1,118.2 $1,931.8 2,117.7 
Depreciation and amortization(1)
$16.5 16.3 $32.6 33.4 
Equity (losses) earnings$(0.1)0.4 $0.2 0.9 
Adjusted EBITDA$99.4 134.0 $171.0 245.2 
Capital Markets  
Investment Sales, Debt/Equity Advisory and Other$319.5 549.7 $560.1 1,025.8 
Valuation Advisory89.5 94.4 168.6 179.0 
Loan Servicing39.0 40.4 76.4 80.3 
Revenue$448.0 684.5 $805.1 1,285.1 
Depreciation and amortization$16.2 15.4 $32.1 31.0 
Equity earnings $4.8 0.6 $5.4 1.4 
Adjusted EBITDA$36.0 126.7 $46.7 244.9 
Work Dynamics
Workplace Management$2,553.4 2,434.0 $5,050.6 4,754.4 
Project Management703.2 754.8 1,379.5 1,367.1 
Portfolio Services and Other118.0 121.7 220.7 222.6 
Revenue$3,374.6 3,310.5 $6,650.8 6,344.1 
Depreciation and amortization$19.9 17.0 $39.2 33.5 
Equity earnings$0.8 0.9 $1.2 1.2 
Adjusted EBITDA$56.2 57.6 $81.9 92.8 
JLL Technologies
Revenue$60.6 50.7 $122.0 100.1 
Depreciation and amortization$4.1 3.9 $8.0 7.7 
Equity (losses) earnings$(103.9)44.7 $(99.0)63.5 
Adjusted EBITDA$(105.2)12.9 $(118.5)0.6 
LaSalle  
Advisory fees$103.1 103.2 $203.6 200.2 
Transaction fees and other5.0 10.3 15.4 27.4 
Incentive fees35.8 1.0 39.3 5.2 
Revenue$143.9 114.5 $258.3 232.8 
Depreciation and amortization$2.3 1.8 $3.6 3.2 
Equity (losses) earnings$(5.1)7.0 $(13.9)5.1 
Adjusted EBITDA$29.7 27.8 $44.0 49.1 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
The following table is a reconciliation of Adjusted EBITDA to Net income (loss) attributable to common shareholders.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2023202220232022
Adjusted EBITDA - Markets Advisory$99.4 134.0 $171.0 245.2 
Adjusted EBITDA - Capital Markets36.0 126.7 46.7 244.9 
Adjusted EBITDA - Work Dynamics56.2 57.6 81.9 92.8 
Adjusted EBITDA - JLL Technologies(105.2)12.9 (118.5)0.6 
Adjusted EBITDA - LaSalle29.7 27.8 44.0 49.1 
Adjusted EBITDA - Consolidated$116.1 359.0 $225.1 632.6 
Adjustments:
Restructuring and acquisition charges$(11.8)(25.9)$(47.5)(45.4)
Net loss on disposition(1.8)(7.5)(1.8)(7.5)
Interest on employee loans, net of forgiveness0.9 — 0.7 — 
Net non-cash MSR and mortgage banking derivative activity(0.6)11.2 (2.4)7.6 
Interest expense, net of interest income(40.5)(15.7)(66.8)(25.9)
Income tax (provision) benefit(0.8)(72.8)1.5 (113.1)
Depreciation and amortization(1)
(59.0)(54.4)(115.5)(108.8)
Net income (loss) attributable to common shareholders$2.5 193.9 $(6.7)339.5 
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.