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Cushman & Wakefield Reports Financial Results for The Full Year and Fourth Quarter 2023

Aixa Velez • 2/20/2024

CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter of 2023:

Full Year 2023 Results

  • Revenue of $9.5 billion and service line fee revenue of $6.5 billion for the year ended December 31, 2023 decreased 6% and 10%, respectively, from the year ended December 31, 2022.
    • Property, facilities and project management grew 3%, primarily driven by the Americas and APAC.
      Leasing, Capital markets and Valuation and other declined 12%, 41% and 12%, respectively.
  • Net loss and diluted loss per share for the year ended December 31, 2023 were $35.4 million and $0.16, respectively.
    • Adjusted EBITDA of $570.1 million was down 37% from the year ended December 31, 2022.
    • Adjusted diluted earnings per share of $0.84 was down from $2.00 in the year ended December 31, 2022.
  • Net cash provided by operating activities was $152.2 million and we generated $101.2 million of free cash flow during the year ended December 31, 2023.
  • Liquidity as of December 31, 2023 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.

Fourth Quarter 2023 Results

  • Revenue of $2.6 billion and service line fee revenue of $1.8 billion for the fourth quarter of 2023 decreased 4% and 2%, respectively, from the fourth quarter of 2022.
    • Leasing increased 5%, with growth in all three geographic segments.
    • Property, facilities and project management increased 2%, with strength in property management and facilities services.
    • Capital markets and Valuation and other declined 31% and 3%, respectively.
  • Net income and diluted earnings per share for the fourth quarter of 2023 were $69.8 million and $0.30, respectively.
    • Adjusted EBITDA of $213.1 million was down 3% from the fourth quarter of 2022.
    • Adjusted diluted earnings per share of $0.45 was down from $0.46 in the fourth quarter of 2022.

“Our Cushman & Wakefield team accomplished a great deal in 2023,” said Michelle MacKay, Cushman & Wakefield Chief Executive Officer. “To strengthen the core of our business and position the Company for long-term growth, we completed two debt refinancings, improved free cash flow, and reduced costs. We remain focused on unlocking meaningful value in 2024 and beyond by continuing to provide insightful advice, specialized expertise and disciplined execution for our clients.”

View full press release.

 

INVESTOR RELATIONS:
Megan McGrath
+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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