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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2022
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number 1-13145
jll-20220630_g1.jpg
Jones Lang LaSalle Incorporated
(Exact name of registrant as specified in its charter)
Maryland36-4150422
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 East Randolph DriveChicago,IL60601
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:(312)782-5800
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01JLLThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares outstanding of the registrant's common stock (par value $0.01) as of the close of business on August 1, 2022 was 47,917,661.



Table of Contents
Part I 
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 6.
2

Part I. Financial Information
Item 1. Financial Statements
JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)June 30, 2022December 31, 2021
Assets(unaudited)
Current assets:  
Cash and cash equivalents$568.0 593.7 
Trade receivables, net of allowance of $74.5 and $67.6
1,859.8 2,004.1 
Notes and other receivables400.6 389.3 
Reimbursable receivables1,780.0 1,734.5 
Warehouse receivables634.8 822.3 
Short-term contract assets, net of allowance of $2.7 and $2.5
354.3 343.1 
Prepaid and other552.3 500.7 
Total current assets6,149.8 6,387.7 
Property and equipment, net of accumulated depreciation of $944.3 and $909.1
731.7 740.0 
Operating lease right-of-use assets771.4 723.4 
Goodwill4,519.9 4,611.6 
Identified intangibles, net of accumulated amortization of $394.2 and $340.1
871.9 887.0 
Investments, including $786.1 and $639.6 at fair value
901.9 745.7 
Long-term receivables289.2 316.4 
Deferred tax assets, net277.9 330.8 
Deferred compensation plan528.1 528.8 
Other230.5 233.6 
Total assets$15,272.3 15,505.0 
Liabilities and Equity  
Current liabilities:  
Accounts payable and accrued liabilities$947.0 1,262.8 
Reimbursable payables1,308.3 1,350.0 
Accrued compensation and benefits1,351.1 2,029.5 
Short-term borrowings128.3 147.9 
Current maturities of long-term debt, net of debt issuance costs of $0.2 and $0.3
274.8 274.7 
Short-term contract liabilities and deferred income235.4 208.2 
Short-term acquisition-related obligations47.5 45.8 
Warehouse facilities622.3 795.7 
Short-term operating lease liabilities153.1 153.8 
Other269.4 218.1 
Total current liabilities5,337.2 6,486.5 
Credit facility, net of debt issuance costs of $10.7 and $11.8
1,364.3 138.2 
Long-term debt, net of debt issuance costs of $1.4 and $1.4
364.4 395.6 
Deferred tax liabilities, net211.6 179.7 
Deferred compensation490.9 525.4 
Long-term acquisition-related obligations54.3 66.3 
Long-term operating lease liabilities748.6 714.4 
Other547.1 577.7 
Total liabilities9,118.4 9,083.8 
Redeemable noncontrolling interest7.2 7.8 
Company shareholders' equity:  
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,084,171 and 52,076,800 shares issued; 48,240,672 and 50,024,139 outstanding
0.5 0.5 
Additional paid-in capital2,050.7 2,053.7 
Retained earnings5,275.4 4,937.6 
Treasury stock, at cost, 3,843,499 and 2,052,661 shares
(824.7)(406.3)
Shares held in trust(5.1)(5.2)
Accumulated other comprehensive loss(583.9)(395.4)
Total Company shareholders’ equity5,912.9 6,184.9 
Noncontrolling interest233.8 228.5 
Total equity6,146.7 6,413.4 
Total liabilities, redeemable noncontrolling interest and equity$15,272.3 15,505.0 
    See accompanying notes to Condensed Consolidated Financial Statements.
3

JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue$5,278.4 4,495.0 $10,079.8 8,532.1 
Operating expenses:    
Compensation and benefits$2,554.4 2,208.8 $4,965.2 4,197.8 
Operating, administrative and other2,407.6 1,989.3 4,548.6 3,886.5 
Depreciation and amortization55.4 54.5 109.8 107.5 
Restructuring and acquisition charges25.9 18.1 45.4 35.3 
Total operating expenses$5,043.3 4,270.7 $9,669.0 8,227.1 
Operating income$235.1 224.3 $410.8 305.0 
Interest expense, net of interest income15.7 10.6 25.9 21.0 
Equity earnings53.6 40.8 72.1 89.3 
Other income (expense)135.3 (0.2)135.5 11.6 
Income before income taxes and noncontrolling interest408.3 254.3 592.5 384.9 
Income tax provision72.8 54.9 113.1 83.1 
Net income335.5 199.4 479.4 301.8 
Net income (loss) attributable to noncontrolling interest141.6 (0.6)139.9 (1.2)
Net income attributable to common shareholders$193.9 200.0 $339.5 303.0 
Basic earnings per common share$3.98 3.90 $6.89 5.91 
Basic weighted average shares outstanding (in 000's)48,718 51,288 49,247 51,231 
Diluted earnings per common share$3.90 3.82 $6.75 5.80 
Diluted weighted average shares outstanding (in 000's)49,651 52,324 50,292 52,253 
Net income attributable to common shareholders$193.9 200.0 $339.5 303.0 
Change in pension liabilities, net of tax 0.7  0.5 
Foreign currency translation adjustments(164.4)(0.2)(188.5)(6.4)
Comprehensive income attributable to common shareholders$29.5 200.5 $151.0 297.1 
See accompanying notes to Condensed Consolidated Financial Statements.
4

JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
 Company Shareholders' Equity  
Common StockAdditionalShares
(in millions, except share and
per share data) (unaudited)
Shares OutstandingAmountPaid-InRetainedHeld inTreasuryTotal
CapitalEarningsTrustStock
AOCI(1)
NCI(2)
Equity
December 31, 202150,024,139 $0.5 2,053.7 4,937.6 (5.2)(406.3)(395.4)228.5 $6,413.4 
Net income (loss)— — — 145.6 — — — (1.7)143.9 
Shares issued under stock-based compensation programs305,435 — (3.6)— — 5.5 — — 1.9 
Shares repurchased for payment of taxes on stock-based compensation(105,295)— (1.9)— — (1.9)— — (3.8)
Amortization of stock-based compensation— — 18.6 — — — — — 18.6 
Shares held in trust— — — — 0.1 — — — 0.1 
Repurchase of common stock(615,351)— — — — (150.0)— — (150.0)
Foreign currency translation adjustments— — — — — — (24.1)— (24.1)
Increase in amounts attributable to noncontrolling interest— — — — — — — 15.2 15.2 
March 31, 202249,608,928 $0.5 2,066.8 5,083.2 (5.1)(552.7)(419.5)242.0 $6,415.2 
Net income (loss)(3)
   193.9    141.7 335.6 
Shares issued under stock-based compensation programs36,251  (25.4)(1.7) 42.2   15.1 
Shares repurchased for payment of taxes on stock-based compensation(6,592) (16.5)  (16.5)  (33.0)
Amortization of stock-based compensation  25.8      25.8 
Repurchase of common stock(1,397,915)    (297.7)  (297.7)
Foreign currency translation adjustments      (164.4) (164.4)
Decrease in amounts attributable to noncontrolling interest       (149.9)(149.9)
Balances at June 30, 202248,240,672 $0.5 2,050.7 5,275.4 (5.1)(824.7)(583.9)233.8 $6,146.7 
(1) AOCI: Accumulated other comprehensive income (loss)
(2) NCI: Noncontrolling interest
(3) Excludes net (loss) income attributable to redeemable noncontrolling interest of $(0.1) million for the three months ended June 30, 2022















5




JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
Company Shareholders' Equity
Common StockAdditionalShares
(in millions, except share and
per share data) (unaudited)
Shares OutstandingAmountPaid-InRetainedHeld inTreasuryTotal
CapitalEarningsTrustStock
AOCI(1)
NCI(2)
Equity
December 31, 202051,105,417 $0.5 2,023.3 3,975.9 (5.6)(96.1)(377.2)89.2 $5,610.0 
Net income (loss)
— — — 103.0 — — (0.6)102.4 
Shares issued under stock-based compensation programs290,563 — (15.6)— — 15.9 — — 0.3 
Shares repurchased for payment of taxes on stock-based compensation(89,780)— (9.7)— — (5.5)— — (15.2)
Amortization of stock-based compensation— — 17.5 — — — — — 17.5 
Shares held in trust— — — — 0.2 — — — 0.2 
Change in pension liabilities, net of tax— — — — — — (0.2)— (0.2)
Foreign currency translation adjustments— — — — — — (6.2)— (6.2)
Decrease in amounts attributable to noncontrolling interest— — — — — — — (1.9)(1.9)
March 31, 202151,306,200 $0.5 2,015.5 4,078.9 (5.4)(85.7)(383.6)86.7 $5,706.9 
Net income (loss)— — — 200.0 — — — (0.6)199.4 
Shares issued under stock-based compensation programs13,712 — (1.0)— — 1.5 — — 0.5 
Shares repurchased for payment of taxes on stock-based compensation(2,184)— (0.2)— — (0.2)— — (0.4)
Amortization of stock-based compensation— — 26.3 — — — — — 26.3 
Shares held in trust— — — — 0.1 — — — 0.1 
Change in pension liabilities, net of tax— — — — — — 0.7 — 0.7 
Repurchase of common stock(172,500)— — — — (37.9)— — (37.9)
Foreign currency translation adjustments— — — — — — (0.2)— (0.2)
Increase in amounts attributable to noncontrolling interest— — — — — — — 4.3 4.3 
Balances at June 30, 202151,145,228 $0.5 2,040.6 4,278.9 (5.3)(122.3)(383.1)90.4 $5,899.7 
(1) AOCI: Accumulated other comprehensive income (loss)
(2) NCI: Noncontrolling interest

See accompanying notes to Condensed Consolidated Financial Statements.
6

JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
(in millions) (unaudited)20222021
Cash flows from operating activities:  
Net income$479.4 301.8 
Reconciliation of net income to net cash used in operating activities: 
Depreciation and amortization109.8 107.5 
Equity earnings(72.1)(89.3)
Net gain on dispositions(134.8)(11.4)
Distributions of earnings from investments9.9 4.6 
Provision for loss on receivables and other assets11.8 (0.2)
Amortization of stock-based compensation44.4 43.8 
Net non-cash mortgage servicing rights and mortgage banking derivative activity(7.6)(15.4)
Accretion of interest and amortization of debt issuance costs2.5 2.2 
Other, net2.6 (21.1)
Change in: 
Receivables64.6 70.1 
Reimbursable receivables and reimbursable payables(94.2)(77.4)
Prepaid expenses and other assets(21.3)(75.8)
Deferred tax assets, net78.8 1.3 
Accounts payable and accrued liabilities(339.6)(265.7)
Accrued compensation(673.6)(221.1)
Net cash used in operating activities(539.4)(246.1)
Cash flows from investing activities: 
Net capital additions – property and equipment(86.9)(69.8)
Net investment asset activity (less than wholly-owned)137.0 (41.8)
Business acquisitions, net of cash acquired(2.0)(0.2)
Capital contributions to investments(121.4)(77.4)
Distributions of capital from investments13.1 13.5 
Other, net(2.9)(38.1)
Net cash used in investing activities(63.1)(213.8)
Cash flows from financing activities: 
Proceeds from borrowings under credit facility4,060.0 2,373.0 
Repayments of borrowings under credit facility(2,835.0)(2,023.0)
Net (repayments of) proceeds from short-term borrowings(12.5)47.6 
Payments of deferred business acquisition obligations and earn-outs(9.2)(54.3)
Repurchase of common stock(447.7)(37.9)
Noncontrolling interest (distributions) contributions, net(134.6)2.2 
Other, net(19.7)7.1 
Net cash provided by financing activities601.3 314.7 
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash(37.6)(9.7)
Net change in cash, cash equivalents and restricted cash(38.8)(154.9)
Cash, cash equivalents and restricted cash, beginning of the period841.6 839.8 
Cash, cash equivalents and restricted cash, end of the period$802.8 684.9 
Supplemental disclosure of cash flow information: 
Restricted cash, beginning of period$247.9 265.5 
Restricted cash, end of period234.8 190.9 
Cash paid during the period for: 
Interest$26.4 19.9 
Income taxes, net of refunds201.6 114.8 
Operating leases91.5 98.6 
Non-cash activities: 
Business acquisitions (including contingent consideration)$2.0 3.8 
Non-cash consideration received for disposition 15.8 23.9 
Deferred business acquisition obligations1.4  
See accompanying notes to Condensed Consolidated Financial Statements.
7

JONES LANG LASALLE INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.INTERIM INFORMATION
Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2021, which are included in our 2021 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.jll.com), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.
Our Condensed Consolidated Financial Statements as of June 30, 2022, and for the periods ended June 30, 2022 and 2021, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods. We have also reclassified certain prior year amounts to conform to the current presentation, specifically the incorporation of directly reimbursed expenses within Compensation and benefits, and Operating, administrative and other on our Condensed Consolidated Statements of Comprehensive Income, compared with its historical separate presentation.
Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Growth in our Property Management and Workplace Management businesses as well as other annuity-based services has, to an extent, lessened the seasonality in our revenue and profits during the past several years. Within our Markets Advisory and Capital Markets segments, revenue from transaction-based activities is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations.
A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis.
We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate.
As a result of the items mentioned above, the results for the periods ended June 30 are not fully indicative of what our results will be for the full fiscal year.
Change in Reporting Segments
Effective January 1, 2022, we changed from our geographic-centric Real Estate Services segments of Americas, EMEA and Asia Pacific to global business line segments of Markets Advisory, Capital Markets, Work Dynamics and JLL Technologies. Our real estate investment management business, LaSalle, continues as a reporting segment. As our segment financial results are presented on this global business line view, the comparable period has been recast to align with the new reporting structure. Refer to Note 2, Revenue Recognition, and Note 3, Business Segments, for additional information, including detail financial information, on our segments.
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2.REVENUE RECOGNITION
We earn revenue from the following services (segments are bolded).
Markets Advisory
Leasing
Property Management
Advisory, Consulting and Other
Capital Markets
Investment Sales, Debt/Equity Advisory and Other
Loan Servicing
Valuation Advisory
Work Dynamics
Workplace Management
Project Management
Portfolio Services and Other
JLL Technologies
LaSalle
Markets Advisory
Leasing
Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g., tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, therefore, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of a future event(s) uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained.
Property Management
Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.
Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.
Advisory, Consulting and Other
Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report for which client acceptance is required. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients.
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Capital Markets
Investment Sales, Debt/Equity Advisory and Other
We provide brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancing. Our performance obligation is to facilitate the execution of capital transactions, and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. In addition, revenue related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees are reported within Investment Sales, Debt/Equity Advisory and Other.
Loan Servicing
We service substantially all the loans we originate and sell, and service loans we did not originate but subsequently acquire the rights to service. We obtain a periodic fee for each loan we service based on a proportion of the cash collections.
Capital Markets revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606")
Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to MSRs and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Revenue excluded from scope of ASC Topic 606$76.5 63.4 $146.5 133.6 

Valuation Advisory
Valuation Advisory service offerings include (but are not limited to) asset appraisal, business valuation, property tax advisory, complex litigation, and environmental property consulting. Our performance obligation is to provide services as specified in the contract and our pricing is negotiated based on the scale and complexity of each assignment. Typically, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of an appraisal or report for which client acceptance is required.
Work Dynamics
Workplace Management
Workplace Management, previously referred to as Integrated Facilities Management (IFM), provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.
Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Workplace Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.
Project Management
Project Management, previously referred to as Project & Development Services, provides short-term construction-related services ranging from development and design to general contracting and project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion).
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Typically, we are entitled to consideration at distinct milestones over the term of an engagement. For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the third-party costs incurred on behalf of clients, along with the associated reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income. In contrast, where we act as agent on behalf of clients, third-party costs incurred and the associated revenue are presented net on our Condensed Consolidated Statements of Comprehensive Income.
Portfolio Services and Other
Portfolio Services and Other includes a variety of different service offerings, including advising clients on how to optimize their workplace strategies and occupancy planning efforts, and overall portfolio strategy management and administration for our clients. Our performance obligation is to provide services as specified in the contract. For event-driven point-in-time transactions, we record revenue when our performance obligation is complete, such as the delivery of a report where client acceptance is required, whereas revenue is recorded over time for services with a continuous transfer of control to our clients.
JLL Technologies
JLL Technologies offers multiple cloud-based software solutions that generate value for investors and businesses by enabling higher-quality decision-making through improved data and analytics. We recognize cloud-based software revenue over time commensurate with the length and terms of the contract. In addition, we offer professional services such as program and project management, implementation and support, managed services, and advisory services. We recognize professional services revenue at the time our performance obligation is satisfied.
LaSalle
LaSalle provides real estate investment management services to clients and generally earns consideration in the form of advisory fees, transaction fees and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained.
Contract assets and liabilities - Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below.
(in millions)June 30, 2022December 31, 2021
Contract assets, gross$449.2 438.7 
Contract asset allowance(2.7)(2.8)
Contract assets, net$446.5 435.9 
Contract liabilities$156.5 128.9 
Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of June 30, 2022, the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months.
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3. BUSINESS SEGMENTS
On February 28, 2022, we announced a new organizational structure that became effective on January 1, 2022. Under the new structure, we organize our operations around, and publicly report our financial results on, 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, equity and debt advisory, loan servicing, and valuation advisory. 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) depreciation and amortization, (ii) restructuring and acquisition charges, (iii) interest expense, net of interest income, (iv) provision for income tax, (v) gain on disposal, (vi) net non-cash MSR and mortgage which are otherwise included in Net income on the Condensed 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.
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Summarized financial information by business segment is as follows.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Markets Advisory  
Leasing$708.4 572.4 $1,309.3 989.0 
Property Management378.2 347.8 748.7 695.4 
Advisory, Consulting and Other31.6 31.1 59.7 59.6 
Revenue$1,118.2 951.3 $2,117.7 1,744.0 
Depreciation and amortization(a)
$16.3 16.7 $33.4 32.6 
Equity earnings$0.4 0.1 $0.9 0.5 
Adjusted EBITDA$134.0 113.9 $245.2 179.9 
Capital Markets  
Investment Sales, Debt/Equity Advisory and Other$549.7 430.1 $1,025.8 732.1 
Valuation Advisory94.4 91.4 179.0 171.1 
Loan Servicing40.4 30.6 80.3 60.6 
Revenue$684.5 552.1 $1,285.1 963.8 
Depreciation and amortization$15.4 16.7 $31.0 32.6 
Equity earnings $0.6 1.4 $1.4 1.8 
Adjusted EBITDA$126.7 120.8 $244.9 179.9 
Work Dynamics
Workplace Management$2,434.0 2,107.2 $4,754.4 4,155.6 
Project Management754.8 617.8 1,367.1 1,169.6 
Portfolio Services and Other121.7 111.2 222.6 209.1 
Revenue$3,310.5 2,836.2 $6,344.1 5,534.3 
Depreciation and amortization$17.0 16.8 $33.5 33.0 
Equity earnings (losses)$0.9 (0.3)$1.2 (0.2)
Adjusted EBITDA$57.6 51.2 $92.8 76.1 
JLL Technologies
Revenue$50.7 39.6 $100.1 83.0 
Depreciation and amortization$3.9 2.2 $7.7 5.1 
Equity earnings$44.7 16.2 $63.5 50.8 
Adjusted EBITDA$12.9 (1.5)$0.6 12.5 
LaSalle  
Advisory fees$103.2 89.6 $200.2 173.1 
Transaction fees and other10.3 11.0 27.4 18.7 
Incentive fees1.0 15.2 5.2 15.2 
Revenue$114.5