Cushman & Wakefield(US:CWK)2025-02-20 12:01Revenue Performance - Revenue for Q4 2024 was $2.6 billion, a 3% increase from Q4 2023, driven by a 6% increase in Leasing revenue and a 35% increase in Capital markets revenue[5] - Full year revenue for 2024 was $9.4 billion, a decrease of $47.2 million from 2023, with Leasing revenue increasing by 7% and Capital markets revenue increasing by 4%[5] - Revenue for the year ended December 31, 2024, was $9.4 billion, relatively flat compared to the previous year, with a decline of $47.2 million driven by a 2% decrease in the Americas and EMEA, partially offset by 7% growth in APAC[15] - Total revenue for the year 2024 was $9,446.5 million, slightly down by 0.5% from $9,493.7 million in 2023[34] - Total revenue for the Americas increased by 2% to $1,912.9 million in Q4 2024 compared to $1,870.9 million in Q4 2023[40] - EMEA total revenue increased by 1% to $289.2 million in Q4 2024, up from $286.3 million in Q4 2023[41] - APAC total revenue grew by 8% to $427.4 million in Q4 2024, compared to $395.2 million in Q4 2023[42] Net Income and Earnings - Net income for Q4 2024 was $112.9 million, up $43.1 million from Q4 2023, with diluted earnings per share increasing to $0.48 from $0.30[5] - Net income for the full year 2024 was $131.3 million, a significant recovery from a net loss of $35.4 million in 2023, with diluted earnings per share rising to $0.56[5] - Net income for the year ended December 31, 2024, was $131.3 million, an improvement from a net loss of $35.4 million in 2023, resulting in a net income margin of 1.4% compared to a net loss margin of 0.4%[24] - Basic earnings per share for Q4 2024 was $0.49, compared to $0.31 in Q4 2023, reflecting a 58.1% increase[34] - Adjusted net income for Q4 2024 was $113.5 million, compared to $102.4 million in Q4 2023, which is an 10.8% increase[65] Cash Flow and Liquidity - Free cash flow for the year ended December 31, 2024, was $167.0 million, an increase of $65.8 million compared to 2023[5] - Liquidity as of December 31, 2024, was $1.9 billion, consisting of $1.1 billion in undrawn revolving credit and $0.8 billion in cash[5] - Liquidity at the end of the fourth quarter was $1.9 billion, consisting of $1.1 billion availability on the undrawn revolving credit facility and $0.8 billion in cash and cash equivalents[26] - The company reported a net cash provided by operating activities of $208.0 million for the year 2024, up from $152.2 million in 2023[38] Operating Performance - Operating income for Q4 2024 was $174.5 million, a 59% increase compared to Q4 2023[6] - Adjusted EBITDA for the full year 2024 was $581.9 million, a 2% increase from 2023, with an adjusted EBITDA margin of 8.8%[5] - Adjusted EBITDA for the year ended December 31, 2024, was $581.9 million, an increase of $11.8 million or 2% compared to the previous year, with an adjusted EBITDA margin of 8.8% remaining relatively flat[25] - The company incurred $28.9 million in cost savings initiatives for the year ended December 31, 2024, down from $55.6 million in 2023, reflecting a 48.0% reduction[63] Costs and Expenses - Costs of services for the year ended December 31, 2024, were $7.7 billion, a decrease of $121.4 million or 2% compared to the previous year, with total costs of services as a percentage of total revenue at 82%[16] - Operating, administrative, and other expenses decreased to $1.2 billion, down $38.7 million or 3% compared to the year ended December 31, 2023, primarily due to cost savings initiatives[17] - Interest expense for the year ended December 31, 2024, was $229.9 million, a decrease of $51.2 million or 18% compared to the previous year, attributed to lower interest rates and debt management[19] - Total costs and expenses for Q4 2024 were $2,455.0 million, slightly higher than $2,442.4 million in Q4 2023, indicating a 0.5% increase[64] Regional Performance - Net income for the Americas reached $84.8 million in Q4 2024, a significant increase from $28.0 million in Q4 2023[40] - Adjusted EBITDA for the Americas rose by 9% to $151.7 million in Q4 2024, compared to $139.1 million in Q4 2023[40] - EMEA net income improved by 32% to $25.1 million in Q4 2024, compared to $19.0 million in Q4 2023[41] - APAC net income decreased by 87% to $3.0 million in Q4 2024, down from $22.8 million in Q4 2023[42] Tax and Investments - Provision for income taxes for the year ended December 31, 2024, was $44.5 million on earnings before income taxes of $175.8 million, compared to $5.4 million on a loss before income taxes of $30.0 million in 2023[23] - The company reported a provision for income taxes of $19.2 million in Q4 2024, significantly higher than $0.3 million in Q4 2023[63] - Earnings from equity method investments decreased to $37.4 million for the year ended December 31, 2024, down $20.7 million compared to 2023, primarily due to lower transaction volumes in the Greystone JV[21] - The unrealized loss on investments for the year ended December 31, 2024, was $0.8 million, a decrease from $27.8 million in 2023[63] Future Outlook - The company plans to focus on enhancing its information technology strategies and expanding its market presence in the coming years[32]