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Cushman & Wakefield Reports Financial Results for the Third Quarter 2023

Michael Boonshoft • 10/30/2023

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.”

View full press release.

 

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

Giới thiệu về Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) là một trong những công ty dịch vụ bất động sản lớn nhất thế giới, mang lại giá trị tốt nhất cho khách hàng, với khoảng 52.000 nhân viên tại hơn 400 văn phòng và 60 quốc gia. Năm 2023, công ty đạt doanh thu 9,5 tỷ USD từ các dịch vụ bất động sản cốt lõi bao gồm Quản lý cơ sở vật chất và Quản lý dự án, Cho thuê thương mại, Thị trường vốn, Thẩm định giá và các dịch vụ khác. Để tìm hiểu thêm, hãy truy cập www.cushmanwakefield.com hoặc theo dõi @CushWake trên Twitter.

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