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Cushman & Wakefield Reports Financial Results for the Second Quarter 2023

Aixa Velez • 7/31/2023

CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the second quarter of 2023:

Year-to-Date Results:

  • Revenue of $4.7 billion and service line fee revenue of $3.1 billion for the first half of 2023 decreased 6% and 13%, respectively, from the first half of 2022.
    • Property, facilities and project management grew 4%, driven by the Americas and APAC.
    • Leasing, Capital markets and Valuation and other declined 20%, 49% and 14%, respectively.
  • Net loss and diluted loss per share for the first half of 2023 were $71.3 million and $0.31, respectively.
    • Adjusted EBITDA of $207.0 million was down 57% from the first half of 2022.
    • Adjusted diluted earnings per share of $0.18 was down from $1.10 in the first half of 2022.
  • We achieved $49.0 million of gross cost savings in the first half of 2023 and have increased our full year gross cost savings target to $130.0 million.
  • Liquidity as of June 30, 2023 was $1.6 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.5 billion.

Second Quarter Results:

  • Revenue of $2.4 billion and service line fee revenue of $1.6 billion for the second quarter of 2023 decreased 8% and 15%, respectively, from the second quarter of 2022.
    • Property, facilities and project management grew 2%.
    • Leasing, Capital markets and Valuation and other declined 20%, 48% and 13%, respectively.
  • Net income and diluted earnings per share for the second quarter of 2023 were $5.1 million and $0.02, respectively.
    • Adjusted EBITDA of $146.1 million was down 44% from the second quarter of 2022.
    • Adjusted diluted earnings per share of $0.22 was down from $0.63 in the second quarter of 2022.

“I am pleased with Cushman & Wakefield’s second quarter results, as we reported sequential improvements in revenue and Adjusted EBITDA and continued to execute on our strategic priorities,” said Michelle MacKay, Cushman & Wakefield Chief Executive Officer. “As anticipated, transactional markets remained under pressure during the quarter, while our services business showed resiliency, highlighting the benefits of our diversified platform. Today’s complex macroeconomic landscape requires comprehensive and thoughtful client engagement, and Cushman & Wakefield’s teams continue to provide outstanding service across the globe. We remain focused on strategic growth areas throughout our platform and continue to strengthen our overall position.”

>> Read full press release External Link.

 

INVESTOR RELATIONS:
Megan McGrath | Investor Relations
+1 312 338 7860
IR@cushwake.com

About Cushman & Wakefield
Cushman & 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 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. 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.

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