CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a global leader in real estate services, today announced Aubrey Waddell has been named Chief Executive Officer of the firm’s Global Occupier Services (GOS) division. “Our GOS business has been a top priority for many years now, as it is integral to our overall firm and client strategy – we have every confidence that Aubrey and the GOS leadership team will continue the growth of this critical service line,” said Andrew McDonald, Global President a ...

CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a global leader in real estate services, today announced the firm is working with Microsoft to deploy an advanced suite of artificial intelligence (AI) solutions. “We are committed to seamlessly integrating our people with the right technology and processes to enhance service offerings to our clients. Today’s launch of the use of Microsoft Azure OpenAI Service and Copilot for Microsoft 365 at Cushman & Wakefield again demonstrates our ability to ...

Cushman & Wakefield plc (NYSE:CWK) Q3 2023 Earnings Call Transcript October 30, 2023 5:00 PM ET Company Participants Megan McGrath - Head of IR Michelle MacKay - CEO Neil Johnston - CFO Conference Call Participants Anthony Paolone - JPMorgan Alex Kramm - UBS Michael Griffin - Citi Ronald Kamdem - Morgan Stanley Pat McIlwee - William Blair Patrick O'Shaughnessy - Raymond James Operator Welcome to the Cushman & Wakefield Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to preven ...

Q3 2023 EARNINGS PRESENTATION OCTOBER 30, 2023 Non-GAAP Financial Measures and other Financial Information Segment operating expenses and Fee-based operating expenses: Consistent with GAAP, reimbursed costs for certain customer contracts are presented on a gross basis in both revenue and operating expenses for which the Company recognizes substantially no margin. Total costs and expenses include segment operating expenses as well as other expenses such as depreciation and amortization, integration and other ...

Provision for income taxes for the third quarter of 2023 was $16.6 million on a loss before income taxes of $17.3 million. For the third quarter of 2022, the provision for income taxes was $26.2 million on earnings before income taxes of $50.1 million. The negative effective tax rate for the three months ended September 30, 2023 was principally driven by the increase in the valuation allowance the Company has placed on a portion of our deferred tax assets. Additionally, the decrease in income tax expense wa ...

Financial Data and Key Metrics Changes - The second quarter fee revenue was $1.6 billion, a decline of 14% year-over-year, with capital markets revenue down 48% and leasing revenue down 20% [55][63] - Adjusted EBITDA for the second quarter was $146 million, down 44% compared to the prior year, with an adjusted EBITDA margin of 8.9%, showing improvement from the first quarter margin of 4% [55][63] - Free cash flow for the second quarter was an outflow of $27 million, an improvement from an outflow of $100 million in the same period last year [63] Business Line Data and Key Metrics Changes - In the Americas, brokerage declined by 32% year-over-year, partially offset by a 4% growth in property management and facilities management (PM/FM) [4] - EMEA experienced a similar decline in brokerage as the Americas, while APAC reported flat brokerage trends with improvements in leasing, particularly in Australia [4] - PM/FM revenue was up 3%, driven by strength in property management and facilities services, while valuation and other services declined by 13% [55] Market Data and Key Metrics Changes - The decline in brokerage activity was attributed to a higher interest rate environment and macroeconomic headwinds affecting most asset types [4] - The company anticipates a 20% revenue decline in brokerage for the full year, with low to mid-single digit revenue growth expected in PM/FM [29][67] Company Strategy and Development Direction - The company is focusing on a holistic review of operations and strategic direction while maintaining a strong financial position [27][54] - A capital allocation framework is being updated to ensure business resiliency and evaluate returns on investments across business lines [3] - The company announced an additional $40 million in cost-cutting measures, building upon a previously announced $90 million program, aiming for total savings of $130 million for the year [84][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable improvements and capitalize on long-term opportunities despite current market challenges [64] - The outlook remains cautious, with no significant recovery expected in the fourth quarter, although sequential improvement is anticipated as the year progresses [100] - Management noted that the health of the balance sheet and liquidity profile will remain a top priority as they refine their strategy [62] Other Important Information - The company has a strong liquidity position with $1.6 billion available, including $502 million in cash and $1.1 billion from a revolving credit facility [63] - The adjusted earnings per share for the quarter was $0.22, a decrease of $0.41 compared to the prior year [85] Q&A Session Summary Question: What is the outlook for free cash flow conversion? - Management indicated that they aim for a free cash flow conversion rate around 30% and are focused on improving cash flow through working capital management [32] Question: Can you elaborate on the $11 million servicing liability fee related to account receivable securitization? - The CFO explained that the account receivable securitization facility provides $200 million to manage working capital, renewing every couple of years [51] Question: How do you see the brokerage market recovering? - Management believes there will be a thawing of capital markets late this year into early next year, with expectations for a recovery in transaction volumes [71] Question: What are the key areas for potential growth? - Management is evaluating each business line for growth opportunities and is focused on retaining talent that will contribute to future growth [72][101] Question: How do cost cuts impact margin guidance? - The cost-cutting measures are expected to contribute positively to margins, with $130 million in savings anticipated to enhance efficiency and margins as brokerage recovers [102]

Q2 2023 EARNINGS PRESENTATION JULY 31, 2023 CUSHMAN & WAKEFIELD / 2 Our management principally uses these non-GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not recognized measurements under GAAP. When analyzing our operating results, investors should use them in addition to, but not as an alternative for, the most directly comparabl ...

Financial Performance - Net income for the three months ended June 30, 2023, was $5.1 million, a significant decrease from $97.2 million in the same period of 2022[166]. - Total comprehensive income for the six months ended June 30, 2023, was a loss of $58.3 million, compared to a profit of $142.2 million in the same period of 2022[166]. - Revenue for the first half of 2023 was $4.7 billion, a decrease of 6% from the first half of 2022[200]. - Net loss for the first half of 2023 was $71.3 million, with a diluted loss per share of $0.31[202]. - Revenue for the second quarter of 2023 was $2.4 billion, an 8% decrease from the second quarter of 2022[204]. - Net income for the second quarter of 2023 was $5.1 million, with diluted earnings per share of $0.02[205]. - Net income for Q2 2023 was $5.1 million, a significant decline of 95% compared to $97.2 million in Q2 2022[234]. - Net loss for the six months ended June 30, 2023, was $71.3 million, reflecting a 20% decline in Leasing revenue and a 49% decline in Capital markets revenue[262]. Adjusted EBITDA - Adjusted EBITDA for the Americas segment was $116.4 million for the three months ended June 30, 2023, down from $210.5 million in the same period of 2022[172]. - Adjusted EBITDA for the first half of 2023 was $207.0 million, a decline of 57% from the first half of 2022[200]. - Adjusted EBITDA for the second quarter of 2023 was $146.1 million, a 44% decrease from the second quarter of 2022[205]. - Adjusted EBITDA for the three months ended June 30, 2023, was $146.1 million, a decrease of $116.7 million or 44% compared to the same period in 2022[252]. - Adjusted EBITDA decreased by $270.1 million or 57% to $207.0 million, with a margin of 6.6%, down from 13.2% in the prior year[263]. - EMEA Adjusted EBITDA for the three months ended June 30, 2023, decreased by $18.4 million or 52% to $16.9 million, primarily due to lower brokerage activity[274]. - Adjusted EBITDA for the six months ended June 30, 2023, was $14.8 million, a decrease of $37.2 million or 72% compared to the same period in 2022, primarily driven by lower brokerage activity[284]. Revenue Breakdown - Service line fee revenue for the first half of 2023 was $3.1 billion, down 13% compared to the same period last year[200]. - Service line fee revenue for the second quarter of 2023 was $1.6 billion, down 15% year-over-year[204]. - Total service line fee revenue decreased by 15% year-over-year to $1,632.9 million in Q2 2023 from $1,916.4 million in Q2 2022[234]. - Total service line fee revenue in the Americas for the three months ended June 30, 2023, was $1.2 billion, a decrease of 17% from the previous year[270]. - EMEA revenue for Q2 2023 was $239.9 million, a decrease of $32.0 million or 12% from Q2 2022, primarily due to lower Leasing and Capital markets revenue, which declined by 17% and 61% respectively on a local currency basis[279]. - APAC revenue for Q2 2023 was $329.6 million, an increase of $0.3 million from Q2 2022, with a 4% increase on a local currency basis after excluding foreign currency impacts[287]. - APAC revenue for the six months ended June 30, 2023, was $653.4 million, an increase of $16.1 million or 3% from the same period in 2022, with a 7% increase on a local currency basis after excluding foreign currency impacts[290]. Costs and Expenses - Total costs and expenses for the three months ended June 30, 2023, were $2.35 billion, a decrease of $86.3 million or 4% compared to the same period in 2022[238]. - Costs of services for the six months ended June 30, 2023, were $3.9 billion, a decrease of $52.3 million or 1% compared to the same period in 2022[254]. - Operating, administrative, and other expenses for the six months ended June 30, 2023, were $644.8 million, an increase of $33.9 million or 6% compared to the same period in 2022[255]. - The cost of services provided to clients was $1,205.0 million in Q2 2023, reflecting a 13% decrease from $1,381.3 million in Q2 2022[234]. - Fee-based operating expenses for the six months ended June 30, 2023, were $2.1 billion, a decrease of 9% compared to the same period in 2022[271]. - Fee-based operating expenses for the six months ended June 30, 2023, were $377.0 million, a decrease of 7% on a local currency basis, with expenses as a percentage of total service line fee revenue increasing to 96% from 89% year-over-year[283]. Balance Sheet and Liquidity - Total current assets decreased to $2,624.6 million as of June 30, 2023, from $2,766.8 million as of December 31, 2022[179]. - Total liabilities decreased to $6,018.1 million as of June 30, 2023, from $6,287.2 million as of December 31, 2022[179]. - Cash and cash equivalents were $502.3 million as of June 30, 2023, down from $644.5 million as of December 31, 2022[179]. - The company reported a total equity attributable to the company of $1,621.4 million as of June 30, 2023, compared to $1,661.3 million as of December 31, 2022[179]. - Liquidity as of June 30, 2023, was $1.6 billion, including $1.1 billion available on the undrawn revolving credit facility[203]. - As of June 30, 2023, the company had $1.6 billion of liquidity, consisting of $0.5 billion in cash and cash equivalents and $1.1 billion available on an undrawn revolving credit facility[298]. - The company used $238.3 million of cash for operating activities during the six months ended June 30, 2023, a decrease of $8.0 million compared to the same period in 2022[301]. Foreign Exchange and Interest Rate Risks - The company is exposed to fluctuations in foreign exchange rates, which may impact cash receipts and payments in USD[308]. - Foreign exchange risk management includes establishing local operations, invoicing in the same currency as costs, and using foreign currency forward contracts[312]. - Interest rate risk is managed through derivative financial instruments such as interest rate swap agreements to hedge variability in future interest payments[310]. - The company continually assesses interest rate sensitivity to estimate the impact of rising short-term interest rates on variable rate debt[311]. - Interest expense increased by $45.4 million or 51% to $134.7 million due to refinancing and higher variable interest rates[258]. Corporate Governance and Compliance - There were no material changes in internal control over financial reporting during the quarter ended June 30, 2023[317]. - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2023[316]. - The company has not experienced any material changes to its risk factors as disclosed in the previous Annual Report[320]. - There were no defaults upon senior securities during the reporting period[322]. - The company has not engaged in any unregistered sales of equity securities[321]. - There were no insider trading arrangements adopted or terminated by directors or officers during the most recent fiscal quarter[325].

Cushman & Wakefield plc (NYSE:CWK) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Megan McGrath – Head-Investor Relations John Forrester – Chief Executive Officer Neil Johnston – Chief Financial Officer Michelle MacKay – Chief Operating Officer Conference Call Participants Anthony Paolone – JPMorgan Matt Filek – William Blair Ronald Kamdem – Morgan Stanley Michael Griffin – Citi Patrick O’Shaughnessy – Raymond James Operator Good afternoon and welcome to the Cushman & Wakefield ...

Ordinary Shares, $0.10 nominal value CWK New York Stock Exchange Cushman & Wakefield plc (Exact name of Registrant as specified in its charter) England and Wales 98-1193584 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number) 125 Old Broad Street London, United Kingdom EC2N 1AR (Address of principal executive offices) (Zip Code) +44 20 3296 3000 Not applicable (Registrant's telephone number, including area code) (Former name, former address and former fiscal ...