CHICAGO-Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter of 2023:
Year-to-Date Results:
- Revenue of $6.9 billion and service line fee revenue of $4.7 billion for the nine months ended September 30, 2023 decreased 7% and 12%, respectively, from the nine months ended September 30, 2022.
- Property, facilities and project management grew 3%, primarily driven by the Americas and APAC.
- Leasing, Capital markets and Valuation and other declined 19%, 44% and 15%, respectively.
- Net loss and diluted loss per share for the nine months ended September 30, 2023 were $105.2 million and $0.46, respectively.
- Adjusted EBITDA of $357.0 million was down 47% from the nine months ended September 30, 2022.
- Adjusted diluted earnings per share of $0.39 was down from $1.54 in the nine months ended September 30, 2022.
- We achieved $98.2 million of gross cost savings during the nine months ended September 30, 2023 and expect to modestly exceed our full year gross cost savings target of $130.0 million.
- Liquidity as of September 30, 2023 was $1.7 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.6 billion.
Third Quarter Results:
- Revenue of $2.3 billion and service line fee revenue of $1.6 billion for the third quarter of 2023 decreased 9% and 11%, respectively, from the third quarter of 2022.
- Property, facilities and project management remained flat compared to the prior period.
- Leasing, Capital markets and Valuation and other declined 16%, 33% and 17%, respectively.
- Net loss and diluted loss per share for the third quarter of 2023 were $33.9 million and $0.15, respectively.
- Adjusted EBITDA of $150.0 million was down 26% from the third quarter of 2022.
- Adjusted diluted earnings per share of $0.21 was down from $0.43 in the third quarter of 2022.
“In the third quarter we continued to execute on our strategy by refinancing more than $1 billion in debt, improving our free cash flow and accelerating our cost efficiency efforts, resulting in sequential EBITDA and margin improvement despite the challenging operating backdrop,” said Michelle MacKay, Cushman & Wakefield Chief Executive Officer. “In this complex and evolving built world our teams are providing compelling solutions and outstanding execution to our clients. Looking ahead, we’re focused on creating additional flexibility and optionality in our business. Our differentiated, client-centric approach, combined with our proprietary data and insights and dedicated team, will allow C&W to better anticipate market trends as the market recovers, and capture first-mover advantage where and when it really matters.”
INVESTOR RELATIONS
Megan McGrath, Investor Relations
+1 312 338 7860
IR@cushwake.com