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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments
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) net non-cash MSR and mortgage banking derivative activity, (v) Interest expense, net of interest income, (vi) Income tax provision, and (vii) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
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, 2023, we define the Global Executive Board, collectively, as our CODM.
Summarized financial information by business segment is as follows.
Year Ended December 31,
(in millions)202320222021
Markets Advisory  
Leasing$2,343.6 2,759.2 2,618.1 
Property Management1,675.1 1,525.3 1,437.9 
Advisory, Consulting and Other102.9 131.0 132.7 
Revenue$4,121.6 4,415.5 4,188.7 
Depreciation and amortization(1)
$65.6 70.6 69.4 
Equity (losses) earnings$(0.5)(0.3)0.7 
Adjusted EBITDA$416.6 527.5 546.5 
Capital Markets
Investment Sales, Debt/Equity Advisory and Other$1,261.6 1,955.4 2,111.0 
Value and Risk Advisory363.8 374.9 369.3 
Loan Servicing152.6 157.9 140.2 
Revenue$1,778.0 2,488.2 2,620.5 
Depreciation and amortization$65.6 61.6 63.1 
Equity earnings$6.7 3.1 4.9 
Adjusted EBITDA$173.1 444.0 543.2 
Work Dynamics
Workplace Management$10,706.2 9,819.2 8,731.5 
Project Management2,924.8 2,972.3 2,684.9 
Portfolio Services and Other500.1 477.0 475.1 
Revenue$14,131.1 13,268.5 11,891.5 
Depreciation and amortization$79.2 71.1 66.2 
Equity earnings$1.4 1.2 0.4 
Adjusted EBITDA$264.0 230.1 182.4 
JLL Technologies
Revenue$246.4 213.9 166.2 
Depreciation and amortization$15.9 15.4 10.5 
Equity (losses) earnings$(177.0)46.6 140.7 
Adjusted EBITDA$(196.1)(50.9)53.4 
LaSalle
Advisory fees$406.2 404.6 364.7 
Transaction fees and other30.0 44.8 41.5 
Incentive fees47.5 26.6 93.9 
Revenue$483.7 476.0 500.1 
Depreciation and amortization$8.1 6.5 8.3 
Equity (losses) earnings$(24.7)0.4 62.7 
Adjusted EBITDA$79.1 96.6 171.0 
(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 segment revenue to consolidated revenue.
Year Ended December 31,
(in millions)202320222021
Markets Advisory$4,121.6 4,415.5 4,188.7 
Capital Markets1,778.0 2,488.2 2,620.5 
Work Dynamics14,131.1 13,268.5 11,891.5 
JLL Technologies246.4 213.9 166.2 
LaSalle483.7 476.0 500.1 
Total revenue$20,760.8 20,862.1 19,367.0 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Year Ended December 31,
(in millions)202320222021
Adjusted EBITDA - Markets Advisory$416.6 527.5 546.5 
Adjusted EBITDA - Capital Markets173.1 444.0 543.2 
Adjusted EBITDA - Work Dynamics264.0 230.1 182.4 
Adjusted EBITDA - JLL Technologies(196.1)(50.9)53.4 
Adjusted EBITDA - LaSalle79.1 96.6 171.0 
Adjusted EBITDA - Consolidated$736.7 1,247.3 1,496.5 
Adjustments:
Restructuring and acquisition charges$(100.7)(104.8)(84.7)
Net (loss) gain on disposition(0.5)(7.5)12.4 
Interest on employee loans, net3.6 9.7 — 
Net non-cash MSR and mortgage banking derivative activity(18.2)11.0 59.3 
Interest expense, net of interest income(135.4)(75.2)(40.1)
Income tax provision(25.7)(200.8)(264.3)
Depreciation and amortization(1)
(234.4)(225.2)(217.5)
Net income attributable to common shareholders$225.4 654.5 961.6 
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
The following table sets forth the revenue from our most significant currencies.
Year Ended December 31,
(in millions)202320222021
United States dollar$12,258.9 12,375.9 11,283.1 
British pound1,640.0 1,575.6 1,626.6 
Euro1,436.1 1,535.6 1,393.3 
Australian dollar1,036.9 1,183.0 1,118.7 
Indian rupee661.4 591.0 508.2 
Canadian dollar613.8 593.8 508.3 
Hong Kong dollar544.8 532.3 545.6 
Chinese yuan480.9 506.0 539.1 
Singapore dollar425.4 368.4 327.4 
Japanese yen286.6 233.8 256.8 
Other currencies1,376.0 1,366.7 1,259.9 
Total revenue$20,760.8 20,862.1 19,367.0