Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

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

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.

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS