Cushman & Wakefield Reports Financial Results for the Third Quarter 2024

Business Wire05:05

Strong global leasing revenue growth of 13%Net cash flow from operations and free cash flow both improved by more than $140 million year-to-date vs. 2023Fully repaid term loan due in 2025 CHICAGO, ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCushman & Wakefield Reports Financial Results for the Third Quarter 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/cushman-wakefield-reports-financial-results-210500414.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strong global leasing revenue growth of 13%Net cash flow from operations and free cash flow both improved by more than $140 million year-to-date vs. 2023Fully repaid term loan due in 2025\nCHICAGO, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cushman-wakefield-reports-financial-results-210500414.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CWK","symbol_name":"Cushman & Wakefield Plc","start_time":0,"source_url":"https://finance.yahoo.com/news/cushman-wakefield-reports-financial-results-210500414.html","article_id":"2481575045","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ofO3a.0_qRKJR3NQ_Sn3AQ--~B/aD03Mzk7dz0yMTY2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/26cb3e92004e5cc6884a34687d19ecfc"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481575045","pubTimestamp":1730754300,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Strong global leasing revenue growth of 13%Net cash flow from operations and free cash flow both improved by more than $140 million year-to-date vs. 2023Fully repaid term loan due in 2025. CHICAGO, November 04, 2024----Cushman & Wakefield  today reported financial results for the third quarter of 2024.\"This quarter marked an important turning point. We reported the highest quarter of global Leasing revenue growth and the first quarter of Americas Capital markets revenue growth since the second quarter of 2022. We also continued to generate strong free cash flow which facilitated the recent full repayment of our term loan due in 2025 well ahead of schedule,\" said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. \"The strategic work we have completed over the past year has created meaningful growth opportunities for our business and we are energized to deliver on these priorities in the years ahead.\". Revenue of $2.3 billion for the third quarter of 2024 increased 3% from ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CWK":"Cushman & Wakefield Plc","DEI":"道格拉斯艾美特","BK4194":"办公房地产投资信托","BK4079":"房地产服务","BK4223":"办公室房地产信托"},"translate_title":"戴德梁行公布2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DEI":1,"CWK":0.9},"content_text":"Strong global leasing revenue growth of 13%Net cash flow from operations and free cash flow both improved by more than $140 million year-to-date vs. 2023Fully repaid term loan due in 2025\nCHICAGO, November 04, 2024--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter of 2024.\n\"This quarter marked an important turning point. We reported the highest quarter of global Leasing revenue growth and the first quarter of Americas Capital markets revenue growth since the second quarter of 2022. We also continued to generate strong free cash flow which facilitated the recent full repayment of our term loan due in 2025 well ahead of schedule,\" said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. \"The strategic work we have completed over the past year has created meaningful growth opportunities for our business and we are energized to deliver on these priorities in the years ahead.\"\nThird Quarter Results:\n\nRevenue of $2.3 billion for the third quarter of 2024 increased 3% from the third quarter of 2023.\n  \nLeasing grew 13% driven by industrial and office leasing in the Americas and APAC.\nValuation and other grew 8% driven by the Americas and EMEA.\nServices and Capital markets declined 2% and 4%, respectively.\n\nNet income of $33.7 million for the third quarter of 2024 increased $67.6 million compared to net loss of $33.9 million for the third quarter of 2023. Diluted earnings per share was $0.14 for the quarter.\n  \nAdjusted EBITDA of $142.5 million decreased 5% from the third quarter of 2023, with Adjusted EBITDA margin of 8.7% declining 72 basis points from the third quarter of 2023.\nAdjusted diluted earnings per share was $0.23 for the quarter.\n\nOn August 1, 2024, we completed the sale of a non-core Services business in the Americas, which resulted in a loss on disposition of $4.5 million and $17.0 million during the three and nine months ended September 30, 2024, respectively.\n\nYear-to-Date Results:\n\nRevenue of $6.8 billion for the nine months ended September 30, 2024 decreased 2% from the nine months ended September 30, 2023.\n  \nStrong Leasing growth of 7% was driven by broad strength across all segments, particularly the Americas.\nValuation and other grew 2% driven by the Americas and EMEA.\nServices and Capital markets declined 2% and 7%, respectively.\n\nNet income of $18.4 million for the nine months ended September 30, 2024 increased $123.6 million compared to net loss of $105.2 million for the nine months ended September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2024 was $0.08.\n  \nAdjusted EBITDA of $359.5 million increased 1% from the nine months ended September 30, 2023, with an Adjusted EBITDA margin of 7.6% unchanged from the same period in 2023.\nAdjusted diluted earnings per share of $0.43 was up from $0.39 for the nine months ended September 30, 2023.\n\nNet cash provided by operating activities was $92.8 million for the nine months ended September 30, 2024.\n  \nFree cash flow generated for the nine months ended September 30, 2024 of $61.1 million was a $146.1 million improvement compared to a free cash flow use of $85.0 million in the nine months ended September 30, 2023.\n\nLiquidity as of September 30, 2024 was $1.9 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.\n\nIn October 2024, we elected to prepay the remaining $47.9 million principal balance outstanding under the Company’s term loans due in 2025, bringing our aggregate year-to-date debt repayments, including required principal payments, to $200.4 million. Currently, there are no funded long-term debt arrangements maturing prior to 2028. Additionally, in October 2024, we repriced $1.0 billion of the Company’s term loans due in 2030, reducing the applicable interest rate on such tranche by 50 basis points to 1-month Term SOFR plus 3.25%.\nConsolidated Results (unaudited)\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions, except per share data)\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency(5)\n\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency(5)\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\n\n\nServices\n$\n865.2\n\n$\n878.8\n\n(2\n)%\n(2\n)%\n\n$\n2,600.6\n\n$\n2,664.7\n\n(2\n)%\n(2\n)%\n\n\nLeasing\n\n492.7\n\n\n435.7\n\n13\n%\n13\n%\n\n\n1,324.7\n\n\n1,240.0\n\n7\n%\n7\n%\n\n\nCapital markets\n\n169.5\n\n\n176.3\n\n(4\n)%\n(4\n)%\n\n\n474.3\n\n\n511.0\n\n(7\n)%\n(7\n)%\n\n\nValuation and other\n\n105.2\n\n\n97.3\n\n8\n%\n7\n%\n\n\n314.2\n\n\n309.3\n\n2\n%\n2\n%\n\n\nTotal service line fee revenue(1)\n\n1,632.6\n\n\n1,588.1\n\n3\n%\n3\n%\n\n\n4,713.8\n\n\n4,725.0\n\n0\n%\n0\n%\n\n\nGross contract reimbursables(2)\n\n711.6\n\n\n697.9\n\n2\n%\n2\n%\n\n\n2,103.2\n\n\n2,216.3\n\n(5\n)%\n(5\n)%\n\n\nTotal revenue\n$\n2,344.2\n\n$\n2,286.0\n\n3\n%\n2\n%\n\n$\n6,817.0\n\n$\n6,941.3\n\n(2\n)%\n(2\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\n\nCost of services provided to clients\n$\n1,200.2\n\n$\n1,184.2\n\n1\n%\n1\n%\n\n$\n3,515.9\n\n$\n3,551.5\n\n(1\n)%\n(1\n)%\n\n\nCost of gross contract reimbursables\n\n711.6\n\n\n697.9\n\n2\n%\n2\n%\n\n\n2,103.2\n\n\n2,216.3\n\n(5\n)%\n(5\n)%\n\n\nTotal costs of services\n\n1,911.8\n\n\n1,882.1\n\n2\n%\n1\n%\n\n\n5,619.1\n\n\n5,767.8\n\n(3\n)%\n(2\n)%\n\n\nOperating, administrative and other\n\n314.2\n\n\n300.9\n\n4\n%\n4\n%\n\n\n904.4\n\n\n945.7\n\n(4\n)%\n(4\n)%\n\n\nDepreciation and amortization\n\n28.9\n\n\n36.2\n\n(20\n)%\n(21\n)%\n\n\n92.6\n\n\n108.8\n\n(15\n)%\n(15\n)%\n\n\nRestructuring, impairment and related charges\n\n14.1\n\n\n9.2\n\n53\n%\n51\n%\n\n\n36.5\n\n\n23.4\n\n56\n%\n55\n%\n\n\nTotal costs and expenses\n\n2,269.0\n\n\n2,228.4\n\n2\n%\n2\n%\n\n\n6,652.6\n\n\n6,845.7\n\n(3\n)%\n(3\n)%\n\n\nOperating income\n\n75.2\n\n\n57.6\n\n31\n%\n31\n%\n\n\n164.4\n\n\n95.6\n\n72\n%\n72\n%\n\n\nInterest expense, net of interest income\n\n(54.9\n)\n\n(89.5\n)\n(39\n)%\n(39\n)%\n\n\n(174.4\n)\n\n(224.2\n)\n(22\n)%\n(22\n)%\n\n\nEarnings from equity method investments\n\n12.1\n\n\n16.6\n\n(27\n)%\n(28\n)%\n\n\n28.1\n\n\n41.3\n\n(32\n)%\n(32\n)%\n\n\nOther income (expense), net\n\n20.6\n\n\n(2.0\n)\nn.m.\nn.m.\n\n\n25.6\n\n\n(12.8\n)\nn.m.\nn.m.\n\n\nEarnings (loss) before income taxes\n\n53.0\n\n\n(17.3\n)\nn.m.\nn.m.\n\n\n43.7\n\n\n(100.1\n)\nn.m.\nn.m.\n\n\nProvision for income taxes\n\n19.3\n\n\n16.6\n\n16\n%\n15\n%\n\n\n25.3\n\n\n5.1\n\nn.m.\nn.m.\n\n\nNet income (loss)\n$\n33.7\n\n$\n(33.9\n)\nn.m.\nn.m.\n\n$\n18.4\n\n$\n(105.2\n)\nn.m.\nn.m.\n\n\nNet income (loss) margin\n\n1.4\n%\n\n(1.5\n)%\n\n\n\n\n0.3\n%\n\n(1.5\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA(3)\n$\n142.5\n\n$\n150.0\n\n(5\n)%\n(5\n)%\n\n$\n359.5\n\n$\n357.0\n\n1\n%\n1\n%\n\n\nAdjusted EBITDA margin(3)\n\n8.7\n%\n\n9.4\n%\n\n\n\n\n7.6\n%\n\n7.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted net income(3)\n$\n52.6\n\n$\n48.0\n\n10\n%\n\n\n$\n98.9\n\n$\n89.1\n\n11\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average shares outstanding, basic\n\n229.3\n\n\n227.2\n\n\n\n\n\n228.7\n\n\n226.9\n\n\n\n\n\nWeighted average shares outstanding, diluted(4)\n\n233.4\n\n\n227.7\n\n\n\n\n\n232.1\n\n\n227.4\n\n\n\n\n\nEarnings (loss) per share, basic\n$\n0.15\n\n$\n(0.15\n)\n\n\n\n$\n0.08\n\n$\n(0.46\n)\n\n\n\n\nEarnings (loss) per share, diluted\n$\n0.14\n\n$\n(0.15\n)\n\n\n\n$\n0.08\n\n$\n(0.46\n)\n\n\n\n\nAdjusted earnings per share, diluted(3)(4)\n$\n0.23\n\n$\n0.21\n\n\n\n\n$\n0.43\n\n$\n0.39\n\n\n\n\n\n\n\n\n\nn.m. not meaningful\n\n\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines.\n\n\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin.\n\n\n(3) See the end of this press release for reconciliations of (i) Net income (loss) to Adjusted EBITDA and (ii) Net income (loss) to Adjusted net income and for explanations of the calculation of Adjusted EBITDA margin and Adjusted earnings per share, diluted. See also the definition of, and a description of the purposes for which management uses, these non-GAAP financial measures under the Use of Non-GAAP Financial Measures section in this press release.\n\n\n(4) For all periods with a GAAP net loss, weighted average shares outstanding, diluted is only used to calculate Adjusted earnings per share, diluted. For all periods with a GAAP net loss, all potentially dilutive shares would be anti-dilutive; therefore, both basic and diluted loss per share are calculated using weighted average shares outstanding, basic.\n\n\n(5) In order to assist our investors and improve comparability of results, we present the period-over-period changes in certain of our non-GAAP financial measures, such as Adjusted EBITDA, in \"local\" currency. The local currency change represents the period-over-period change assuming no movement in foreign exchange rates from the prior period. We believe that this presentation provides our management and investors with a better view of comparability and trends in the underlying operating business.\n\n\n\n\n\n\nThird Quarter Results (unaudited)\nRevenue\nRevenue of $2.3 billion increased $58.2 million or 3% compared to the three months ended September 30, 2023, primarily driven by Leasing revenue growth of 13%, with strength in the Americas and APAC. In the Americas, Leasing revenue grew 16% primarily driven by strong office and industrial revenue as a result of improved business optimism. In addition, Valuation and other revenue increased 8%. Partially offsetting these trends was a 4% decline in Capital markets revenue, primarily driven by APAC, as volatility and uncertainty in the interest rate environment continued to challenge investment sales activity. Services revenue declined 2% and Gross contract reimbursables increased 2% due to changes in client mix and the sale of a non-core Services business on August 1, 2024.\nCosts of services\nCosts of services of $1.9 billion increased $29.7 million or 2% compared to the three months ended September 30, 2023, principally driven by an increase in employment costs of approximately $83.0 million including higher commissions as a result of higher Leasing revenue, partially offset by declines in third-party consumables and sub-contractor costs of approximately $40.0 million, as a result of lower Services revenue. Cost of services provided to clients increased 1% and Cost of gross contract reimbursables increased 2%.\nOperating, administrative and other\nOperating, administrative and other expenses of $314.2 million increased $13.3 million or 4% compared to the three months ended September 30, 2023, driven by higher employment costs due to the timing of incentive compensation accrual adjustments in the third quarter of 2023, partially offset by our cost savings initiatives.\nRestructuring, impairment and related charges\nRestructuring, impairment and related charges of $14.1 million increased $4.9 million compared to the three months ended September 30, 2023, primarily driven by an additional $4.5 million loss on disposition recognized in the third quarter of 2024 related to the sale of a non-core Services business in the Americas.\nInterest expense, net of interest income\nInterest expense of $54.9 million decreased $34.6 million or 39% compared to the three months ended September 30, 2023, primarily related to a loss on debt extinguishment of $25.0 million as well as $4.0 million of new transaction costs expensed in the third quarter of 2023 in connection with the refinancing of a portion of the borrowings under our 2018 Credit Agreement (see Note 10: Long-Term Debt and Other Borrowings in the Notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for further information). The decrease in interest expense was also partially driven by lower variable interest rates on our term loans compared to the prior year period.\nEarnings from equity method investments\nEarnings from equity method investments of $12.1 million decreased $4.5 million compared to the three months ended September 30, 2023, primarily due to a decline in earnings recognized from our equity method investment Cushman Wakefield Greystone LLC (the \"Greystone JV\") due to lower transaction volumes as a result of tighter lending conditions given the volatility in interest rates.\nOther income (expense), net\nOther income, net was $20.6 million for the three months ended September 30, 2024 compared to other expense, net of $2.0 million for the three months ended September 30, 2023, driven by a $17.3 million gain from insurance proceeds recognized in the third quarter of 2024 (see Note 11: Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for further information), as well as lower net unrealized losses on our fair value investments, primarily related to our investment in WeWork.\nProvision for income taxes\nProvision for income taxes for the third quarter of 2024 was $19.3 million on earnings before income taxes of $53.0 million. For the third quarter of 2023, the provision for income taxes was $16.6 million on loss before income taxes of $17.3 million. The increase in income tax expense compared to the three months ended September 30, 2023 was primarily driven by higher earnings before income taxes and changes in the jurisdictional mix of earnings resulting in higher non-deductible losses when compared to the same period in 2023.\nNet income (loss) and Adjusted EBITDA\nNet income was $33.7 million for the three months ended September 30, 2024 compared to net loss of $33.9 million for the three months ended September 30, 2023. Net income margin was 1.4% compared to net loss margin of 1.5% for the three months ended September 30, 2023. The $67.6 million increase in net income was driven by growth in our Leasing service line, the impact of our cost savings initiatives, a one-time gain from insurance proceeds and lower losses on our fair value investments. Additionally, a loss on debt extinguishment incurred in 2023 contributed to the improvement from the prior year period. These favorable trends were partially offset by declines in our Services and Capital markets service lines, higher incentive compensation and the loss on disposition recognized in the third quarter of 2024.\nAdjusted EBITDA of $142.5 million decreased $7.5 million or 5% compared to the three months ended September 30, 2023, driven by the same factors impacting Net income above, with the exception of the gain from insurance proceeds, net unrealized losses on our fair value investments, loss on disposition and loss on debt extinguishment incurred in the prior year period. Adjusted EBITDA margin, measured against service line fee revenue, of 8.7% declined 72 basis points from the third quarter of 2023.\nYear-to-Date Results (unaudited)\nRevenue\nRevenue of $6.8 billion decreased $124.3 million or 2% compared to the nine months ended September 30, 2023, driven by the Americas and EMEA which decreased 3% and 3%, respectively, partially offset by growth in APAC of 7%. This decline was principally driven by decreases in Services and Gross contract reimbursables revenue of 2% and 5%, respectively, due to changes in client mix. Capital markets revenue declined 7%, driven by a 9% decline in the Americas, as volatility and uncertainty in the interest rate environment continued to challenge investment sales activity in the first half of 2024. Partially offsetting these trends was 7% growth in Leasing revenue compared to the nine months ended September 30, 2023, driven by broad strength across all segments, primarily within the industrial and office sectors. Valuation and other revenue also increased 2%.\nCosts of services\nCosts of services of $5.6 billion decreased $148.7 million or 3% compared to the nine months ended September 30, 2023, principally driven by a decrease in third-party consumables and sub-contractor costs of approximately $189.0 million, partially offset by an increase in employment costs of approximately $52.0 million. Cost of services provided to clients decreased 1% and Cost of gross contract reimbursables decreased 5%, driven by the Americas, due to changes in client mix. Total costs of services as a percentage of total revenue was 82% for the nine months ended September 30, 2024 compared to 83% for the nine months ended September 30, 2023.\nOperating, administrative and other\nOperating, administrative and other expenses of $904.4 million decreased $41.3 million or 4% compared to the nine months ended September 30, 2023, driven by the impact of our cost savings initiatives, primarily realized as a reduction in employment costs. In addition, during June 2023, the Company incurred an $11.3 million servicing liability fee in connection with the amendment and extension of our accounts receivable securitization program (the \"A/R Securitization\"). Operating, administrative and other expenses as a percentage of total revenue was 13% for the nine months ended September 30, 2024 compared to 14% for the nine months ended September 30, 2023.\nRestructuring, impairment and related charges\nRestructuring, impairment and related charges of $36.5 million increased $13.1 million compared to the nine months ended September 30, 2023, primarily driven by a loss on disposition of $17.0 million related to the sale of a non-core Services business in the Americas, partially offset by a decrease in severance and employment-related costs of $3.2 million. In 2023, the Company actioned certain cost savings initiatives, including a reduction in headcount across select roles to help optimize our workforce given the challenging macroeconomic conditions and operating environment, as well as property lease rationalizations. These actions continued through September 30, 2024.\nInterest expense, net of interest income\nInterest expense of $174.4 million decreased $49.8 million or 22% compared to the nine months ended September 30, 2023, primarily related to an aggregate loss on debt extinguishment of $41.9 million as well as $8.7 million of new transaction costs expensed in 2023 in connection with the refinancing of a portion of the borrowings under our 2018 Credit Agreement (see Note 10: Long-Term Debt and Other Borrowings in the Notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for further information). The decrease in interest expense was partially offset by higher variable interest rates on our term loans compared to the prior year period.\nEarnings from equity method investments\nEarnings from equity method investments of $28.1 million decreased $13.2 million compared to the nine months ended September 30, 2023, primarily due to a decline of $13.6 million in earnings recognized from the Greystone JV due to lower transaction volumes as a result of tighter lending conditions given the volatility in interest rates.\nOther income (expense), net\nOther income, net was $25.6 million for the nine months ended September 30, 2024 compared to other expense, net of $12.8 million for the nine months ended September 30, 2023, driven by a $17.3 million gain from insurance proceeds recognized in the third quarter of 2024 (see Note 11: Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for further information), as well as lower net unrealized losses on our fair value investments, primarily related to our investment in WeWork. These trends were partially offset by lower royalty fee income.\nProvision for income taxes\nProvision for income taxes for the nine months ended September 30, 2024 was $25.3 million on earnings before income taxes of $43.7 million. For the nine months ended September 30, 2023, the provision for income taxes was $5.1 million on a loss before income taxes of $100.1 million. The increase in income tax expense was driven by an increase in earnings before income taxes and changes in the jurisdictional mix of earnings resulting in higher non-deductible losses when compared to the same period in 2023.\nNet income (loss) and Adjusted EBITDA\nNet income was $18.4 million for the nine months ended September 30, 2024 compared to net loss of $105.2 million in the nine months ended September 30, 2023. Net income margin was 0.3% compared to net loss margin of 1.5% for the prior year period. The improvement was driven by the impact of our cost savings initiatives, including lower employment costs, growth in our Leasing service line, a one-time gain from insurance proceeds and lower net unrealized losses on our fair value investments. Additionally, an aggregate loss on debt extinguishment and a servicing liability fee associated with the amendment and extension of the A/R Securitization in 2023 contributed to the improvement from the prior year period. These favorable trends were partially offset by declines in our Services and Capital markets service lines and the loss on disposition recognized in 2024.\nAdjusted EBITDA of $359.5 million increased $2.5 million or 1% compared to the nine months ended September 30, 2023, driven by the same factors impacting Net income above, with the exception of the gain from insurance proceeds, net unrealized losses on our fair value investments, loss on disposition and the aggregate loss on debt extinguishment and A/R Securitization servicing liability fee incurred in the prior year period. Adjusted EBITDA margin, measured against service line fee revenue, of 7.6% remained unchanged from the nine months ended September 30, 2023.\nBalance Sheet\nLiquidity at the end of the third quarter was $1.9 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.\nNet debt as of September 30, 2024 was $2.3 billion reflecting the Company’s outstanding term loans of $2.0 billion and senior secured notes totaling $1.1 billion, net of cash and cash equivalents of $0.8 billion. See the \"Use of Non-GAAP Financial Measures\" section in this press release for the definition of, and a description of the purposes for which management uses, this non-GAAP financial measure.\nConference Call\nThe Company’s Third Quarter 2024 Earnings Conference Call will be held today, November 4, 2024, at 5:00 p.m. Eastern Time. A webcast, along with an associated slide presentation, will be accessible through the Investor Relations section of the Company’s website at http://ir.cushmanwakefield.com.\nThe direct dial-in number for the conference call is 1-844-825-9789 for U.S. callers and 1-412-317-5180 for international callers. A replay of the call will be available approximately two hours after the conference call by accessing http://ir.cushmanwakefield.com. A transcript of the call will be available on the Investor Relations section of the Company’s website at http://ir.cushmanwakefield.com.\nAbout Cushman & Wakefield\nCushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and approximately 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core service lines of (i) Services, (ii) Leasing, (iii) Capital markets, and (iv) Valuation and other. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.\nCautionary Note on Forward-Looking Statements\nAll statements in this release other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefield’s control. Such factors include, but are not limited to, disruptions in general macroeconomic conditions and global and regional demand for commercial real estate; our ability to attract and retain qualified revenue producing employees and senior management; the failure of our acquisitions and joint ventures to perform as expected or the lack of similar future opportunities; our ability to preserve, grow and leverage the value of our brand; the concentration of business with specific corporate clients; our ability to appropriately address actual or perceived conflicts of interest; our ability to maintain and execute our information technology strategies; interruption or failure of our information technology, communications systems or data services; our vulnerability to potential breaches in security related to our information systems; our ability to comply with current and future data privacy regulations and other confidentiality obligations; the extent to which infrastructure disruptions may affect our ability to provide our services; the potential impairment of our goodwill and other intangible assets; our ability to comply with laws and regulations and any changes thereto; changes in tax laws or tax rates and our ability to make correct determinations in complex tax regimes; our ability to successfully execute on our strategy for operational efficiency; the failure of third parties performing on our behalf to comply with contract, regulatory or legal requirements; risks associated with the climate change and ability to achieve our sustainability goals; foreign currency volatility; social, geopolitical and economic risks associated with our international operations; risks associated with sociopolitical polarization; restrictions imposed on us by the agreements governing our indebtedness; our amount of indebtedness and its potential adverse impact on our available cash flow and the operation of our business; our ability to incur more indebtedness; our ability to generate sufficient cash flow from operations to service our existing indebtedness; our ability to compete globally, regionally and locally; the seasonality of significant portions of our revenue and cash flow; our exposure to environmental liabilities due to our role as a real estate services provider; potential price declines resulting from future sales of a large number of our ordinary shares; risks related to our capital allocation strategy including current intentions to not pay cash dividends; risks related to litigation; the fact that the rights of our shareholders differ in certain respects from the rights typically offered to shareholders of a Delaware corporation; the fact that U.S. investors may have difficulty enforcing liabilities against us or be limited in their ability to bring a claim in a judicial forum they find favorable in the event of a dispute; and the possibility that English law and provisions in our articles of association may have anti-takeover effects that could discourage an acquisition of us by others or require shareholder approval for certain capital structure decisions. Should any Cushman & Wakefield estimates, projections and assumptions or these other uncertainties and factors materialize in ways that Cushman & Wakefield did not expect, there is no guarantee of future performance and the actual results could differ materially from the forward-looking statements in this press release, including the possibility that recipients may lose a material portion of the amounts invested. While Cushman & Wakefield believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, such assumptions are inherently uncertain and subjective and past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this press release, and nothing shall be relied upon as a promise or representation as to the performance of any investment. You are cautioned not to place undue reliance on such forward-looking statements or other information in this press release and should rely on your own assessment of an investment or a transaction. Any estimates or projections as to events that may occur in the future are based upon the best and current judgment of Cushman & Wakefield as actual results may vary from the projections and such variations may be material. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, Cushman & Wakefield expressly disclaims any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Additional information concerning factors that may influence the Company’s results is discussed under \"Risk Factors\" in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2023 and in its other periodic reports filed with the Securities and Exchange Commission (the \"SEC\").\n\n\n\nCushman & Wakefield plcCondensed Consolidated Statements of Operations(unaudited)\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions, except per share data)\n\n2024\n\n\n2023\n\n\n\n2024\n\n\n2023\n\n\n\nRevenue\n$\n2,344.2\n\n$\n2,286.0\n\n\n$\n6,817.0\n\n$\n6,941.3\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\nCosts of services (exclusive of depreciation and amortization)\n\n1,911.8\n\n\n1,882.1\n\n\n\n5,619.1\n\n\n5,767.8\n\n\n\nOperating, administrative and other\n\n314.2\n\n\n300.9\n\n\n\n904.4\n\n\n945.7\n\n\n\nDepreciation and amortization\n\n28.9\n\n\n36.2\n\n\n\n92.6\n\n\n108.8\n\n\n\n   ...\n   Restructuring, impairment and related charges\n\n14.1\n\n\n9.2\n\n\n\n36.5\n\n\n23.4\n\n\n\nTotal costs and expenses\n\n2,269.0\n\n\n2,228.4\n\n\n\n6,652.6\n\n\n6,845.7\n\n\n\nOperating income\n\n75.2\n\n\n57.6\n\n\n\n164.4\n\n\n95.6\n\n\n\nInterest expense, net of interest income\n\n(54.9\n)\n\n(89.5\n)\n\n\n(174.4\n)\n\n(224.2\n)\n\n\nEarnings from equity method investments\n\n12.1\n\n\n16.6\n\n\n\n28.1\n\n\n41.3\n\n\n\nOther income (expense), net\n\n20.6\n\n\n(2.0\n)\n\n\n25.6\n\n\n(12.8\n)\n\n\nEarnings (loss) before income taxes\n\n53.0\n\n\n(17.3\n)\n\n\n43.7\n\n\n(100.1\n)\n\n\nProvision for income taxes\n\n19.3\n\n\n16.6\n\n\n\n25.3\n\n\n5.1\n\n\n\nNet income (loss)\n$\n33.7\n\n$\n(33.9\n)\n\n$\n18.4\n\n$\n(105.2\n)\n\n\n\n\n\n\n\n\n\n\nBasic earnings (loss) per share:\n\n\n\n\n\n\n\nEarnings (loss) per share attributable to common shareholders, basic\n$\n0.15\n\n$\n(0.15\n)\n\n$\n0.08\n\n$\n(0.46\n)\n\n\nWeighted average shares outstanding for basic earnings (loss) per share\n\n229.3\n\n\n227.2\n\n\n\n228.7\n\n\n226.9\n\n\n\nDiluted earnings (loss) per share:\n\n\n\n\n\n\n\nEarnings (loss) per share attributable to common shareholders, diluted\n$\n0.14\n\n$\n(0.15\n)\n\n$\n0.08\n\n$\n(0.46\n)\n\n\nWeighted average shares outstanding for diluted earnings (loss) per share\n\n233.4\n\n\n227.2\n\n\n\n232.1\n\n\n226.9\n\n\n\n\n\n\n\nCushman & Wakefield plcCondensed Consolidated Balance Sheets\n\n\n\nAs of\n\n\n(in millions, except share data)\nSeptember 30, 2024\nDecember 31, 2023\n\n\nAssets\n(unaudited)\n\n\n\nCurrent assets:\n\n\n\n\nCash and cash equivalents\n$\n775.4\n\n$\n767.7\n\n\n\nTrade and other receivables, net of allowance of $89.4 and $85.2, as of September 30, 2024 and December 31, 2023, respectively\n\n1,278.1\n\n\n1,468.0\n\n\n\nIncome tax receivable\n\n65.5\n\n\n67.1\n\n\n\nShort-term contract assets, net\n\n302.0\n\n\n311.0\n\n\n\nPrepaid expenses and other current assets\n\n227.9\n\n\n189.4\n\n\n\nTotal current assets\n\n2,648.9\n\n\n2,803.2\n\n\n\nProperty and equipment, net\n\n141.6\n\n\n163.8\n\n\n\nGoodwill\n\n2,049.4\n\n\n2,080.9\n\n\n\nIntangible assets, net\n\n703.2\n\n\n805.9\n\n\n\nEquity method investments\n\n723.5\n\n\n708.0\n\n\n\nDeferred tax assets\n\n124.2\n\n\n67.4\n\n\n\nNon-current operating lease assets\n\n303.7\n\n\n339.0\n\n\n\nOther non-current assets\n\n839.5\n\n\n805.8\n\n\n\nTotal assets\n$\n7,534.0\n\n$\n7,774.0\n\n\n\n\n\n\n\n\nLiabilities and Shareholders’ Equity\n\n\n\n\nCurrent liabilities:\n\n\n\n\nShort-term borrowings and current portion of long-term debt\n$\n96.4\n\n$\n149.7\n\n\n\nAccounts payable and accrued expenses\n\n1,068.6\n\n\n1,157.7\n\n\n\nAccrued compensation\n\n799.9\n\n\n851.4\n\n\n\nIncome tax payable\n\n30.7\n\n\n20.8\n\n\n\nOther current liabilities\n\n245.4\n\n\n217.6\n\n\n\nTotal current liabilities\n\n2,241.0\n\n\n2,397.2\n\n\n\nLong-term debt, net\n\n2,997.0\n\n\n3,096.9\n\n\n\nDeferred tax liabilities\n\n43.2\n\n\n13.7\n\n\n\nNon-current operating lease liabilities\n\n279.8\n\n\n319.6\n\n\n\nOther non-current liabilities\n\n270.0\n\n\n268.6\n\n\n\nTotal liabilities\n\n5,831.0\n\n\n6,096.0\n\n\n\n\n\n\n\n\nShareholders’ equity:\n\n\n\n\nOrdinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 229,420,978 and 227,282,173 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively\n\n22.9\n\n\n22.7\n\n\n\nAdditional paid-in capital\n\n2,970.7\n\n\n2,957.3\n\n\n\nAccumulated deficit\n\n(1,098.8\n)\n\n(1,117.2\n)\n\n\nAccumulated other comprehensive loss\n\n(192.4\n)\n\n(185.4\n)\n\n\nTotal equity attributable to the Company\n\n1,702.4\n\n\n1,677.4\n\n\n\nNon-controlling interests\n\n0.6\n\n\n0.6\n\n\n\nTotal equity\n\n1,703.0\n\n\n1,678.0\n\n\n\nTotal liabilities and shareholders’ equity\n$\n7,534.0\n\n$\n7,774.0\n\n\n\n\n\n\n\nCushman & Wakefield plcCondensed Consolidated Statements of Cash Flows(unaudited)\n\n\n\nNine Months Ended September 30,\n\n\n(in millions)\n\n2024\n\n\n2023\n\n\n\nCash flows from operating activities\n\n\n\n\nNet income (loss)\n$\n18.4\n\n$\n(105.2\n)\n\n\nReconciliation of net income (loss) to net cash provided by (used in) operating activities:\n\n\n\n\nDepreciation and amortization\n\n92.6\n\n\n108.8\n\n\n\nImpairment charges\n\n3.8\n\n\n4.5\n\n\n\nUnrealized foreign exchange gain\n\n(0.9\n)\n\n(6.0\n)\n\n\nStock-based compensation\n\n22.3\n\n\n39.9\n\n\n\nLease amortization\n\n67.9\n\n\n71.6\n\n\n\nLoss on debt extinguishment\n\n—\n\n\n19.3\n\n\n\nAmortization of debt issuance costs\n\n5.5\n\n\n5.8\n\n\n\nEarnings from equity method investments, net of distributions received\n\n(13.4\n)\n\n(22.7\n)\n\n\nChange in deferred taxes\n\n(22.9\n)\n\n13.0\n\n\n\nProvision for loss on receivables and other assets\n\n10.7\n\n\n4.8\n\n\n\nLoss on disposal of business\n\n17.0\n\n\n1.3\n\n\n\nUnrealized loss on equity securities, net\n\n0.8\n\n\n22.9\n\n\n\nGain from insurance proceeds\n\n(17.3\n)\n\n—\n\n\n\nOther operating activities, net\n\n(21.8\n)\n\n16.0\n\n\n\nChanges in assets and liabilities:\n\n\n\n\nTrade and other receivables\n\n61.6\n\n\n150.5\n\n\n\nIncome taxes payable\n\n10.6\n\n\n(84.9\n)\n\n\nShort-term contract assets and Prepaid expenses and other current assets\n\n17.7\n\n\n36.0\n\n\n\nOther non-current assets\n\n(14.1\n)\n\n(32.6\n)\n\n\nAccounts payable and accrued expenses\n\n(56.2\n)\n\n(81.4\n)\n\n\nAccrued compensation\n\n(46.2\n)\n\n(164.9\n)\n\n\nOther current and non-current liabilities\n\n(43.3\n)\n\n(46.9\n)\n\n\nNet cash provided by (used in) operating activities\n\n92.8\n\n\n(50.2\n)\n\n\nCash flows from investing activities\n\n\n\n\nPayment for property and equipment\n\n(31.7\n)\n\n(34.8\n)\n\n\nInvestments in equity securities and equity method joint ventures\n\n(1.5\n)\n\n(6.5\n)\n\n\nReturn of beneficial interest in a securitization\n\n(380.0\n)\n\n(210.0\n)\n\n\nCollection on beneficial interest in a securitization\n\n405.0\n\n\n330.0\n\n\n\nProceeds from disposition of business\n\n121.4\n\n\n—\n\n\n\nOther investing activities, net\n\n1.1\n\n\n1.5\n\n\n\nNet cash provided by investing activities\n\n114.3\n\n\n80.2\n\n\n\nCash flows from financing activities\n\n\n\n\nShares repurchased for payment of employee taxes on stock awards\n\n(10.2\n)\n\n(7.7\n)\n\n\nPayment of deferred and contingent consideration\n\n(17.9\n)\n\n(13.8\n)\n\n\nProceeds from borrowings\n\n—\n\n\n2,400.0\n\n\n\nRepayment of borrowings\n\n(150.0\n)\n\n(2,402.5\n)\n\n\nDebt issuance costs\n\n—\n\n\n(65.4\n)\n\n\nPayment of finance lease liabilities\n\n(20.5\n)\n\n(19.8\n)\n\n\nOther financing activities, net\n\n1.1\n\n\n2.1\n\n\n\nNet cash used in financing activities\n\n(197.5\n)\n\n(107.1\n)\n\n\n\n\n\n\n\nChange in cash, cash equivalents and restricted cash\n\n9.6\n\n\n(77.1\n)\n\n\nCash, cash equivalents and restricted cash, beginning of the period\n\n801.2\n\n\n719.0\n\n\n\nEffects of exchange rate fluctuations on cash, cash equivalents and restricted cash\n\n2.1\n\n\n(6.6\n)\n\n\nCash, cash equivalents and restricted cash, end of the period\n$\n812.9\n\n$\n635.3\n\n\n\n\nSegment Results\nThe following tables summarize the results of operations for the Company’s segments for the three and nine months ended September 30, 2024 and 2023.\nAmericas Results\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\n\n\nServices\n$\n605.4\n\n$\n611.7\n\n(1\n)%\n0\n%\n\n$\n1,811.2\n\n$\n1,869.1\n\n(3\n)%\n(3\n)%\n\n\nLeasing\n\n396.0\n\n\n341.1\n\n16\n%\n16\n%\n\n\n1,047.8\n\n\n981.8\n\n7\n%\n7\n%\n\n\nCapital markets\n\n138.5\n\n\n136.2\n\n2\n%\n2\n%\n\n\n381.9\n\n\n418.4\n\n(9\n)%\n(9\n)%\n\n\nValuation and other\n\n38.8\n\n\n31.2\n\n24\n%\n26\n%\n\n\n113.0\n\n\n103.1\n\n10\n%\n11\n%\n\n\nTotal service line fee revenue(1)\n\n1,178.7\n\n\n1,120.2\n\n5\n%\n6\n%\n\n\n3,353.9\n\n\n3,372.4\n\n(1\n)%\n0\n%\n\n\nGross contract reimbursables(2)\n\n571.8\n\n\n581.7\n\n(2\n)%\n(1\n)%\n\n\n1,731.2\n\n\n1,886.6\n\n(8\n)%\n(8\n)%\n\n\nTotal revenue\n$\n1,750.5\n\n$\n1,701.9\n\n3\n%\n3\n%\n\n$\n5,085.1\n\n$\n5,259.0\n\n(3\n)%\n(3\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\n\nAmericas Fee-based operating expenses\n$\n1,071.6\n\n$\n1,017.2\n\n5\n%\n6\n%\n\n$\n3,091.1\n\n$\n3,110.4\n\n(1\n)%\n0\n%\n\n\nCost of gross contract reimbursables\n\n571.8\n\n\n581.7\n\n(2\n)%\n(1\n)%\n\n\n1,731.2\n\n\n1,886.6\n\n(8\n)%\n(8\n)%\n\n\nSegment operating expenses\n$\n1,643.4\n\n$\n1,598.9\n\n3\n%\n3\n%\n\n$\n4,822.3\n\n$\n4,997.0\n\n(3\n)%\n(3\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income (loss)\n$\n41.2\n\n$\n20.8\n\n98\n%\n97\n%\n\n$\n42.0\n\n$\n(10.1\n)\nn.m.\nn.m.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n$\n111.3\n\n$\n117.4\n\n(5\n)%\n(5\n)%\n\n$\n284.7\n\n$\n290.4\n\n(2\n)%\n(2\n)%\n\n\n\n\n\n\nn.m. not meaningful\n\n\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines.\n\n\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin.\n\n\n\nEMEA Results\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\n\n\nServices\n$\n78.2\n\n$\n98.9\n\n(21\n)%\n(22\n)%\n\n$\n239.2\n\n$\n280.0\n\n(15\n)%\n(16\n)%\n\n\nLeasing\n\n50.7\n\n\n54.0\n\n(6\n)%\n(8\n)%\n\n\n158.2\n\n\n148.5\n\n7\n%\n5\n%\n\n\nCapital markets\n\n20.2\n\n\n20.8\n\n(3\n)%\n(5\n)%\n\n\n54.9\n\n\n52.4\n\n5\n%\n3\n%\n\n\nValuation and other\n\n42.0\n\n\n39.1\n\n7\n%\n5\n%\n\n\n126.3\n\n\n122.9\n\n3\n%\n1\n%\n\n\nTotal service line fee revenue(1)\n\n191.1\n\n\n212.8\n\n(10\n)%\n(12\n)%\n\n\n578.6\n\n\n603.8\n\n(4\n)%\n(5\n)%\n\n\nGross contract reimbursables(2)\n\n28.8\n\n\n29.1\n\n(1\n)%\n(3\n)%\n\n\n85.5\n\n\n83.2\n\n3\n%\n1\n%\n\n\nTotal revenue\n$\n219.9\n\n$\n241.9\n\n(9\n)%\n(11\n)%\n\n$\n664.1\n\n$\n687.0\n\n(3\n)%\n(5\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\n\nEMEA Fee-based operating expenses\n$\n177.0\n\n$\n191.9\n\n(8\n)%\n(10\n)%\n\n$\n544.1\n\n$\n568.9\n\n(4\n)%\n(6\n)%\n\n\nCost of gross contract reimbursables\n\n28.8\n\n\n29.1\n\n(1\n)%\n(3\n)%\n\n\n85.5\n\n\n83.2\n\n3\n%\n1\n%\n\n\nSegment operating expenses\n$\n205.8\n\n$\n221.0\n\n(7\n)%\n(9\n)%\n\n$\n629.6\n\n$\n652.1\n\n(3\n)%\n(5\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss\n$\n(13.5\n)\n$\n(36.0\n)\n(63\n)%\n(63\n)%\n\n$\n(28.5\n)\n$\n(65.5\n)\n(56\n)%\n(56\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n$\n12.4\n\n$\n16.6\n\n(25\n)%\n(28\n)%\n\n$\n34.6\n\n$\n31.4\n\n10\n%\n10\n%\n\n\n\n\n\n\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines.\n\n\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin.\n\n\n\nAPAC Results\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\n2024\n\n\n2023\n\n% Change in USD\n% Change in Local Currency\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\n\n\nServices\n$\n181.6\n\n$\n168.2\n\n8\n%\n6\n%\n\n$\n550.2\n\n$\n515.6\n\n7\n%\n7\n%\n\n\nLeasing\n\n46.0\n\n\n40.6\n\n13\n%\n13\n%\n\n\n118.7\n\n\n109.7\n\n8\n%\n10\n%\n\n\nCapital markets\n\n10.8\n\n\n19.3\n\n(44\n)%\n(44\n)%\n\n\n37.5\n\n\n40.2\n\n(7\n)%\n(3\n)%\n\n\nValuation and other\n\n24.4\n\n\n27.0\n\n(10\n)%\n(10\n)%\n\n\n74.9\n\n\n83.3\n\n(10\n)%\n(9\n)%\n\n\nTotal service line fee revenue(1)\n\n262.8\n\n\n255.1\n\n3\n%\n2\n%\n\n\n781.3\n\n\n748.8\n\n4\n%\n5\n%\n\n\nGross contract reimbursables(2)\n\n111.0\n\n\n87.1\n\n27\n%\n26\n%\n\n\n286.5\n\n\n246.5\n\n16\n%\n17\n%\n\n\nTotal revenue\n$\n373.8\n\n$\n342.2\n\n9\n%\n8\n%\n\n$\n1,067.8\n\n$\n995.3\n\n7\n%\n8\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\n\n\nAPAC Fee-based operating expenses\n$\n251.5\n\n$\n243.7\n\n3\n%\n2\n%\n\n$\n754.3\n\n$\n730.6\n\n3\n%\n4\n%\n\n\nCost of gross contract reimbursables\n\n111.0\n\n\n87.1\n\n27\n%\n26\n%\n\n\n286.5\n\n\n246.5\n\n16\n%\n17\n%\n\n\nSegment operating expenses\n$\n362.5\n\n$\n330.8\n\n10\n%\n8\n%\n\n$\n1,040.8\n\n$\n977.1\n\n7\n%\n7\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income (loss)\n$\n6.0\n\n$\n(18.7\n)\nn.m.\nn.m.\n\n$\n4.9\n\n$\n(29.6\n)\nn.m.\nn.m.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n$\n18.8\n\n$\n16.0\n\n18\n%\n15\n%\n\n$\n40.2\n\n$\n35.2\n\n14\n%\n16\n%\n\n\n\n\n\n\nn.m. not meaningful\n\n\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines.\n\n\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin.\n\n\n\nCushman & Wakefield plc\nUse of Non-GAAP Financial Measures\nWe have used the following measures, which are considered \"non-GAAP financial measures\" under SEC guidelines:\n\n\n\ni.\nAdjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\") and Adjusted EBITDA margin;\n\n\nii.\nSegment operating expenses and Fee-based operating expenses;\n\n\niii.\nAdjusted net income and Adjusted earnings per share;\n\n\niv.\nFree cash flow;\n\n\nv.\nLocal currency; and\n\n\nvi.\nNet debt.\n\n\n\nManagement principally uses these non-GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not recognized measurements under GAAP. When analyzing our operating results, investors should use them in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the Company’s calculation of these non-GAAP financial measures may differ from other companies, our presentation of these measures may not be comparable to similarly titled measures of other companies.\nThe Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance. The measures eliminate the impact of certain items that may obscure trends in the underlying performance of our business. The Company believes that they are useful to investors for the additional purposes described below.\nAdjusted EBITDA and Adjusted EBITDA margin: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized (gain) loss on investments, net, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization. Adjusted EBITDA margin, a non-GAAP measure of profitability as a percent of revenue, is measured against service line fee revenue.\nSegment operating expenses and Fee-based operating expenses: Consistent with GAAP, reimbursed costs for certain customer contracts are presented on a gross basis in both revenue and operating expenses for which the Company recognizes substantially no margin. Total costs and expenses include segment operating expenses, as well as other expenses such as depreciation and amortization, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters and other non-recurring items. Segment operating expenses includes Fee-based operating expenses and Cost of gross contract reimbursables. We believe Fee-based operating expenses more accurately reflects the costs we incur during the course of delivering services to our clients and is more consistent with how we manage our expense base and operating margins.\nAdjusted net income and Adjusted earnings per share: Management also assesses the profitability of the business using Adjusted net income. We believe that investors find this measure useful in comparing our profitability to that of other companies in our industry because this calculation generally eliminates depreciation and amortization related to merger, unrealized (gain) loss on investments, net, financing and other facility fees, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds and other non-recurring items. Income tax, as adjusted, reflects management’s expectation about our long-term effective rate as a public company. The Company also uses Adjusted earnings per share (\"EPS\") as a component when measuring operating performance. Management defines Adjusted EPS as Adjusted net income divided by total basic and diluted weighted average shares outstanding.\nFree cash flow: Free cash flow is a financial performance metric that is calculated as net cash provided by (used in) operating activities, less capital expenditures (reflected as Payment for property and equipment in the investing section of the Condensed Consolidated Statements of Cash Flows).\nLocal currency: In discussing our results, we refer to percentage changes in local currency. These metrics are calculated by holding foreign currency exchange rates constant in year-over-year comparisons. Management believes that this methodology provides investors with greater visibility into the performance of our business excluding the effect of foreign currency rate fluctuations.\nNet debt: Net debt is used as a measure of our liquidity and is calculated as total debt minus cash and cash equivalents.\nAdjustments to U.S. GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures\nDuring the periods presented in this earnings release, we had the following adjustments:\nUnrealized (gain) loss on investments, net represents net unrealized gains and losses on fair value investments. Prior to 2024, this primarily reflected unrealized losses on our investment in WeWork.\nLoss on dispositions reflects losses on the sale or disposition of businesses as well as other transaction costs associated with the sales, which are not indicative of our core operating results given the low frequency of business dispositions by the Company.\nIntegration and other costs related to merger reflects the non-cash amortization expense of certain merger related retention awards that will be amortized through 2026, and the non-cash amortization expense of merger related deferred rent and tenant incentives which will be amortized through 2028.\nAcquisition related costs and efficiency initiatives includes internal and external consulting costs incurred to implement certain distinct operating efficiency initiatives designed to realign our organization to be a more agile partner to our clients. These initiatives vary in frequency, amount and occurrence based on factors specific to each initiative. In addition, this includes certain direct costs incurred in connection with acquiring businesses.\nCost savings initiatives primarily reflects severance and other one-time employment-related separation costs related to actions to reduce headcount across select roles to help optimize our workforce given the challenging macroeconomic conditions and operating environment, as well as property lease rationalizations. These actions continued through September 30, 2024.\nCEO transition costs in 2024 reflects certain payroll taxes associated with compensation for John Forrester, the Company’s former Chief Executive Officer (\"CEO\"). In 2023, CEO transition costs reflects accelerated stock-based compensation expense associated with stock awards granted to Mr. Forrester, who stepped down from the position of CEO as of June 30, 2023, but who remained employed by the Company as a Strategic Advisor until December 31, 2023. The requisite service period under the applicable award agreements was satisfied upon Mr. Forrester’s retirement from the Company on December 31, 2023. In 2023, CEO transition costs also included Mr. Forrester’s salary and bonus accruals for the third quarter of 2023. We believe the accelerated stock-based compensation expense, salary and bonus accruals, as well as the payroll taxes associated with such compensation, are similar in nature to one-time severance benefits and are not normal, recurring operating expenses necessary to operate the business.\nServicing liability fees and amortization reflects the additional non-cash servicing liability fees accrued in connection with the A/R Securitization amendments in prior years. The liability will be amortized through June 2026.\nLegal and compliance matters includes estimated losses and settlements for certain legal matters which are not considered ordinary course legal matters given the infrequency of similar cases brought against the Company, complexity of the matter, nature of the remedies sought and/or our overall litigation strategy. We exclude such losses from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods.\nGains from insurance proceeds represents one-time gains related to certain contingent events, such as insurance recoveries, which are not considered ordinary course and which are only recorded once realized or realizable, net of related legal fees. We exclude such net gains from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods.\nThe interim financial information for the three and nine months ended September 30, 2024 and 2023 is unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim condensed consolidated financial information for these periods have been included. Users of all of the aforementioned unaudited interim financial information should refer to the audited Consolidated Financial Statements of the Company and notes thereto for the year ended December 31, 2023 in the Company’s 2023 Annual Report on Form 10-K.\nPlease see the following tables for reconciliations of our non-GAAP financial measures to the most closely comparable GAAP measures.\nReconciliations of Non-GAAP financial measures\nReconciliation of Net income (loss) to Adjusted EBITDA:\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n\n\n2024\n\n\n2023\n\n\n\nNet income (loss)\n$\n33.7\n\n$\n(33.9\n)\n\n$\n18.4\n\n$\n(105.2\n)\n\n\nAdjustments:\n\n\n\n\n\n\n\nDepreciation and amortization\n\n28.9\n\n\n36.2\n\n\n\n92.6\n\n\n108.8\n\n\n\nInterest expense, net of interest income\n\n54.9\n\n\n89.5\n\n\n\n174.4\n\n\n224.2\n\n\n\nProvision for income taxes\n\n19.3\n\n\n16.6\n\n\n\n25.3\n\n\n5.1\n\n\n\nUnrealized (gain) loss on investments, net\n\n(0.9\n)\n\n4.0\n\n\n\n0.8\n\n\n22.9\n\n\n\nLoss on dispositions\n\n5.5\n\n\n—\n\n\n\n19.5\n\n\n1.8\n\n\n\nIntegration and other costs related to merger\n\n1.1\n\n\n2.4\n\n\n\n3.9\n\n\n6.8\n\n\n\nAcquisition related costs and efficiency initiatives\n\n—\n\n\n—\n\n\n\n—\n\n\n11.7\n\n\n\nCost savings initiatives\n\n11.5\n\n\n14.2\n\n\n\n28.9\n\n\n41.4\n\n\n\nCEO transition costs\n\n—\n\n\n3.2\n\n\n\n1.9\n\n\n5.5\n\n\n\nServicing liability fees and amortization\n\n(0.5\n)\n\n0.7\n\n\n\n(1.4\n)\n\n12.3\n\n\n\nLegal and compliance matters\n\n—\n\n\n14.1\n\n\n\n—\n\n\n14.1\n\n\n\nGain from insurance proceeds, net of legal fees\n\n(16.5\n)\n\n—\n\n\n\n(16.5\n)\n\n1.1\n\n\n\nOther(1)\n\n5.5\n\n\n3.0\n\n\n\n11.7\n\n\n6.5\n\n\n\nAdjusted EBITDA\n$\n142.5\n\n$\n150.0\n\n\n$\n359.5\n\n$\n357.0\n\n\n\n\n\n\n\n(1)\nFor the three months ended September 30, 2024, Other primarily reflects one-time consulting costs associated with the Company rebranding and discrete offshoring costs. For the nine months ended September 30, 2024, Other also includes non-cash stock-based compensation expense associated with certain one-time retention awards which vested in February 2024, bad debt expense driven by a sublessee default and one-time consulting costs associated with a secondary offering of our ordinary shares by our former shareholders. For the three and nine months ended September 30, 2023, Other primarily reflects non-cash stock-based compensation expense associated with certain one-time retention awards and one-time consulting costs associated with certain legal entity reorganization projects.\n\n\n\nSummary of Total costs and expenses:\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n\n\n2024\n\n\n2023\n\n\n\nAmericas Fee-based operating expenses\n$\n1,071.6\n\n$\n1,017.2\n\n\n$\n3,091.1\n\n$\n3,110.4\n\n\n\nEMEA Fee-based operating expenses\n\n177.0\n\n\n191.9\n\n\n\n544.1\n\n\n568.9\n\n\n\nAPAC Fee-based operating expenses\n\n251.5\n\n\n243.7\n\n\n\n754.3\n\n\n730.6\n\n\n\nCost of gross contract reimbursables\n\n711.6\n\n\n697.9\n\n\n\n2,103.2\n\n\n2,216.3\n\n\n\nSegment operating expenses\n\n2,211.7\n\n\n2,150.7\n\n\n\n6,492.7\n\n\n6,626.2\n\n\n\nDepreciation and amortization\n\n28.9\n\n\n36.2\n\n\n\n92.6\n\n\n108.8\n\n\n\nLoss on dispositions\n\n5.5\n\n\n—\n\n\n\n19.5\n\n\n1.8\n\n\n\nIntegration and other costs related to merger\n\n1.1\n\n\n2.4\n\n\n\n3.9\n\n\n6.8\n\n\n\nAcquisition related costs and efficiency initiatives\n\n—\n\n\n—\n\n\n\n—\n\n\n11.7\n\n\n\nCost savings initiatives\n\n11.5\n\n\n14.2\n\n\n\n28.9\n\n\n41.4\n\n\n\nCEO transition costs\n\n—\n\n\n3.2\n\n\n\n1.9\n\n\n5.5\n\n\n\nServicing liability fees and amortization\n\n(0.5\n)\n\n0.7\n\n\n\n(1.4\n)\n\n12.3\n\n\n\nLegal and compliance matters\n\n—\n\n\n14.1\n\n\n\n—\n\n\n14.1\n\n\n\nOther, including foreign currency movements(1)\n\n10.8\n\n\n6.9\n\n\n\n14.5\n\n\n17.1\n\n\n\nTotal costs and expenses\n$\n2,269.0\n\n$\n2,228.4\n\n\n$\n6,652.6\n\n$\n6,845.7\n\n\n\n\n\n\n\n(1)\nFor the three months ended September 30, 2024, Other primarily reflects one-time consulting costs associated with the Company rebranding, discrete offshoring costs and the effects of movements in foreign currency. For the nine months ended September 30, 2024, Other also includes non-cash stock-based compensation expense associated with certain one-time retention awards which vested in February 2024, bad debt expense driven by a sublessee default and one-time consulting costs associated with a secondary offering of our ordinary shares by our former shareholders. For the three and nine months ended September 30, 2023, Other primarily reflects non-cash stock-based compensation expense associated with certain one-time retention awards, one-time consulting costs associated with certain legal entity reorganization projects and the effects of movements in foreign currency.\n\n\n\nReconciliation of Net income (loss) to Adjusted net income:\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(in millions, except per share data) (unaudited)\n\n2024\n\n\n2023\n\n\n\n2024\n\n\n2023\n\n\n\nNet income (loss)\n$\n33.7\n\n$\n(33.9\n)\n\n$\n18.4\n\n$\n(105.2\n)\n\n\nAdd/(less):\n\n\n\n\n\n\n\nMerger and acquisition related depreciation and amortization\n\n10.8\n\n\n16.9\n\n\n\n37.5\n\n\n52.7\n\n\n\nUnrealized (gain) loss on investments, net\n\n(0.9\n)\n\n4.0\n\n\n\n0.8\n\n\n22.9\n\n\n\nFinancing and other facility fees(1)\n\n—\n\n\n29.0\n\n\n\n2.9\n\n\n50.6\n\n\n\nLoss on dispositions\n\n5.5\n\n\n—\n\n\n\n19.5\n\n\n1.8\n\n\n\nIntegration and other costs related to merger\n\n1.1\n\n\n2.4\n\n\n\n3.9\n\n\n6.8\n\n\n\nAcquisition related costs and efficiency initiatives\n\n—\n\n\n—\n\n\n\n—\n\n\n11.7\n\n\n\nCost savings initiatives\n\n11.5\n\n\n14.2\n\n\n\n28.9\n\n\n41.4\n\n\n\nCEO transition costs\n\n—\n\n\n3.2\n\n\n\n1.9\n\n\n5.5\n\n\n\nServicing liability fees and amortization\n\n(0.5\n)\n\n0.7\n\n\n\n(1.4\n)\n\n12.3\n\n\n\nLegal and compliance matters\n\n—\n\n\n14.1\n\n\n\n—\n\n\n14.1\n\n\n\nGain from insurance proceeds, net of legal fees\n\n(16.5\n)\n\n—\n\n\n\n(16.5\n)\n\n1.1\n\n\n\nOther\n\n5.5\n\n\n3.0\n\n\n\n11.7\n\n\n6.5\n\n\n\nTax impact of adjusted items(2)\n\n2.4\n\n\n(5.6\n)\n\n\n(8.7\n)\n\n(33.1\n)\n\n\nAdjusted net income\n$\n52.6\n\n$\n48.0\n\n\n$\n98.9\n\n$\n89.1\n\n\n\nWeighted average shares outstanding, basic\n\n229.3\n\n\n227.2\n\n\n\n228.7\n\n\n226.9\n\n\n\nWeighted average shares outstanding, diluted(3)\n\n233.4\n\n\n227.7\n\n\n\n232.1\n\n\n227.4\n\n\n\nAdjusted earnings per share, basic\n$\n0.23\n\n$\n0.21\n\n\n$\n0.43\n\n$\n0.39\n\n\n\nAdjusted earnings per share, diluted(3)\n$\n0.23\n\n$\n0.21\n\n\n$\n0.43\n\n$\n0.39\n\n\n\n\n\n\n\n(1)\nFinancing and other facility fees reflects costs related to the refinancing of a portion of the borrowings under our 2018 Credit Agreement, including $2.9 million of new transaction costs expensed directly in the second quarter of 2024, and an aggregate loss on debt extinguishment of $41.9 million and $8.7 million of new transaction costs expensed directly in 2023.\n\n\n(2)\nReflective of management’s estimation of an adjusted effective tax rate of 24% and 32% for the three months ended September 30, 2024 and 2023, respectively, and 26% and 30% for the nine months ended September 30, 2024 and 2023, respectively.\n\n\n(3)\nWeighted average shares outstanding, diluted is calculated by taking basic weighted average shares outstanding and adding dilutive shares of 4.1 million and 0.5 million for the three months ended September 30, 2024 and 2023, respectively, and dilutive shares of 3.4 million and 0.5 million for the nine months ended September 30, 2024 and 2023, respectively.\n\n\n\nReconciliation of Net cash provided by (used in) operating activities to Free cash flow:\n\n\n\n\nNine Months Ended September 30,\n\n\n(in millions) (unaudited)\n\n2024\n\n\n2023\n\n\n\nNet cash provided by (used in) operating activities\n$\n92.8\n\n$\n(50.2\n)\n\n\nPayment for property and equipment\n\n(31.7\n)\n\n(34.8\n)\n\n\nFree cash flow\n$\n61.1\n\n$\n(85.0\n)\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241104122747/en/\nContacts\nINVESTOR RELATIONS Megan McGrath Investor Relations+1 312 338 7860IR@cushwake.com\nMEDIA CONTACT Aixa Velez Corporate Communications+1 312 424 8195aixa.velez@cushwake.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481575045"}