| Summarized Unaudited Financial Information by Business Segments |
Summarized financial information by business segment is as follows.
| | | | | | | | | | | | | | | | | | | Real Estate Management Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Workplace Management | $ | 3,349.1 | | 3,021.1 | | | $ | 6,612.7 | | 5,892.8 | | | Project Management | 971.6 | | 788.1 | | | 1,719.1 | | 1,444.5 | | | Property Management | 454.4 | | 436.6 | | | 900.0 | | 866.3 | | | Portfolio Services and Other | 118.9 | | 124.1 | | | 231.6 | | 235.5 | | | Revenue | $ | 4,894.0 | | 4,369.9 | | | $ | 9,463.4 | | 8,439.1 | | | Less: | | | | | | | Platform compensation and benefits | $ | 465.8 | | 416.5 | | | $ | 897.4 | | 817.0 | | | Platform operating, administrative and other | 147.5 | | 146.8 | | | 286.7 | | 275.4 | | | Gross contract costs | 4,173.0 | | 3,717.1 | | | 8,103.3 | | 7,186.2 | | | Add: | | | | | | | Equity earnings | 0.5 | | 0.3 | | | 0.9 | | 1.4 | | | Other segment items | (1.6) | | (1.2) | | | (4.0) | | (1.9) | | | Adjusted EBITDA | $ | 106.6 | | 88.6 | | | $ | 172.9 | | 160.0 | | Depreciation and amortization(1) | $ | 29.2 | | 28.3 | | | $ | 59.8 | | 56.3 | |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
| | | | | | | | | | | | | | | | | | | Leasing Advisory | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Leasing | $ | 651.5 | | 619.1 | | | $ | 1,217.6 | | 1,116.4 | | | Advisory, Consulting and Other | 25.3 | | 23.1 | | | 45.3 | | 46.2 | | | Revenue | $ | 676.8 | | 642.2 | | | $ | 1,262.9 | | 1,162.6 | | | Less: | | | | | | | Platform compensation and benefits | $ | 479.3 | | 460.7 | | | $ | 906.1 | | 842.5 | | | Platform operating, administrative and other | 74.2 | | 61.3 | | | 134.6 | | 118.9 | | | Gross contract costs | 3.3 | | 8.3 | | | 5.3 | | 14.7 | | | Add: | | | | | | | Equity earnings | — | | 0.1 | | | — | | 0.1 | | | Other segment items | 0.4 | | 0.1 | | | 0.5 | | 0.3 | | | Adjusted EBITDA | $ | 120.4 | | 112.1 | | | $ | 217.4 | | 186.9 | | | Depreciation and amortization | $ | 11.0 | | 9.0 | | | $ | 23.0 | | 18.1 | |
| | | | | | | | | | | | | | | | | | | Capital Markets Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Investment Sales, Debt/Equity Advisory and Other | $ | 380.6 | | 320.3 | | | $ | 693.2 | | 579.0 | | | Value and Risk Advisory | 97.7 | | 95.8 | | | 179.3 | | 176.0 | | | Loan Servicing | 42.0 | | 41.5 | | | 83.1 | | 80.2 | | | Revenue | $ | 520.3 | | 457.6 | | | $ | 955.6 | | 835.2 | | | Less: | | | | | | | Platform compensation and benefits | $ | 374.1 | | 341.1 | | | $ | 703.6 | | 628.7 | | | Platform operating, administrative and other | 95.0 | | 83.3 | | | 165.7 | | 144.1 | | | Gross contract costs | 1.7 | | 11.8 | | | 2.8 | | 25.4 | | | Add: | | | | | | | Equity earnings | 0.8 | | 0.5 | | | 2.4 | | 0.6 | | | Other segment items | 4.4 | | 11.9 | | | 17.4 | | 21.2 | | | Adjusted EBITDA | $ | 54.7 | | 33.8 | | | $ | 103.3 | | 58.8 | | | Depreciation and amortization | $ | 17.5 | | 17.3 | | | $ | 36.4 | | 33.7 | |
| | | | | | | | | | | | | | | | | | | Investment Management | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Advisory fees | $ | 93.3 | | 93.1 | | | $ | 182.6 | | 185.4 | | | Transaction fees and other | 6.5 | | 6.9 | | | 15.0 | | 15.8 | | | Incentive fees | 3.3 | | 2.6 | | | 4.0 | | 4.8 | | | Revenue | $ | 103.1 | | 102.6 | | | $ | 201.6 | | 206.0 | | | Less: | | | | | | | Platform compensation and benefits | $ | 60.9 | | 59.0 | | | $ | 119.2 | | 120.3 | | | Platform operating, administrative and other | 17.5 | | 20.5 | | | 33.8 | | 33.4 | | | Gross contract costs | 8.3 | | 8.8 | | | 16.5 | | 17.2 | | | Add: | | | | | | | Other segment items | (0.1) | | 8.4 | | | — | | 8.6 | | | Adjusted EBITDA | $ | 16.3 | | 22.7 | | | $ | 32.1 | | 43.7 | | | Depreciation and amortization | $ | 2.8 | | 2.0 | | | $ | 5.7 | | 4.0 | | | Equity losses | $ | (1.3) | | (7.3) | | | $ | (7.4) | | (11.2) | |
| | | | | | | | | | | | | | | | | | | Software and Technology Solutions | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Revenue | $ | 55.9 | | 56.4 | | | $ | 113.0 | | 110.3 | | | Less: | | | | | | | Platform compensation and benefits | $ | 47.1 | | 53.5 | | $ | 92.6 | | 100.8 | | Platform operating, administrative and other | 15.5 | | 12.4 | | 30.0 | | 22.9 | | Gross contract costs | 0.5 | | 1.4 | | 1.2 | | 2.6 | | | Add: | | | | | | | Other segment items | 0.9 | | — | | | 1.6 | | — | | | Adjusted EBITDA | $ | (6.3) | | (10.9) | | | $ | (9.2) | | (16.0) | | | Depreciation and amortization | $ | 6.2 | | 4.8 | | | $ | 12.5 | | 9.3 | | | Equity losses | $ | (27.4) | | (9.0) | | | $ | (48.9) | | (10.0) | |
The following table is a reconciliation of segment revenue to consolidated revenue. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | 2025 | 2024 | | Real Estate Management Services | $ | 4,894.0 | | 4,369.9 | | 9,463.4 | | 8,439.1 | | | Leasing Advisory | 676.8 | | 642.2 | | 1,262.9 | | 1,162.6 | | | Capital Markets Services | 520.3 | | 457.6 | | 955.6 | | 835.2 | | | Investment Management | 103.1 | | 102.6 | | 201.6 | | 206.0 | | | Software and Technology Solutions | 55.9 | | 56.4 | | 113.0 | | 110.3 | | | Total Revenue | $ | 6,250.1 | | 5,628.7 | | 11,996.5 | | 10,753.2 | |
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | 2025 | 2024 | | Adjusted EBITDA - Real Estate Management Services | $ | 106.6 | | 88.6 | | $ | 172.9 | | 160.0 | | | Adjusted EBITDA - Leasing Advisory | 120.4 | | 112.1 | | 217.4 | | 186.9 | | | Adjusted EBITDA - Capital Markets Services | 54.7 | | 33.8 | | 103.3 | | 58.8 | | | Adjusted EBITDA - Investment Management | 16.3 | | 22.7 | | 32.1 | | 43.7 | | | Adjusted EBITDA - Software and Technology Solutions | (6.3) | | (10.9) | | (9.2) | | (16.0) | | | Adjusted EBITDA - Consolidated | $ | 291.7 | | 246.3 | | $ | 516.5 | | 433.4 | | | Adjustments: | | | | | | Restructuring and acquisition charges | $ | (21.3) | | (11.5) | | $ | (41.0) | | (13.2) | | | | | | | | Interest on employee loans, net of forgiveness | 2.0 | | 1.3 | | 3.6 | | 2.3 | | Equity losses - Investment Management and Software and Technology Solutions(1) | (27.0) | | (16.3) | | (55.7) | | (21.2) | | | Credit losses on convertible note investments | (0.2) | | — | | (0.7) | | — | | | Net non-cash MSR and mortgage banking derivative activity | (4.2) | | (11.8) | | (17.1) | | (20.8) | | | Interest expense, net of interest income | (35.3) | | (41.7) | | (59.9) | | (72.2) | | | Income tax provision | (26.7) | | (20.5) | | (40.7) | | (36.4) | | Depreciation and amortization(1) | (66.7) | | (61.4) | | (137.4) | | (121.4) | | | Net income attributable to common shareholders | $ | 112.3 | | 84.4 | | $ | 167.6 | | 150.5 | |
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
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