$CWK
Cushman & Wakefield plc

2023 Q4 Form 10-Q Financial Statement

#000162836923000020 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.552B $2.286B
YoY Change -3.57% -9.11%
Cost Of Revenue $2.074B $1.882B
YoY Change -4.11% -8.32%
Gross Profit $478.6M $403.9M
YoY Change -1.2% -12.61%
Gross Profit Margin 18.75% 17.67%
Selling, General & Admin $300.9M
YoY Change -4.66%
% of Gross Profit 74.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.80M $36.20M
YoY Change 12.54% 6.78%
% of Gross Profit 7.69% 8.96%
Operating Expenses $353.9M $300.9M
YoY Change -3.7% -4.66%
Operating Profit $124.7M $57.60M
YoY Change 6.67% -48.62%
Interest Expense -$40.10M $89.50M
YoY Change 75.88% 77.58%
% of Operating Profit -32.16% 155.38%
Other Income/Expense, Net $200.0K -$2.000M
YoY Change -60.0% -93.67%
Pretax Income $70.10M -$17.30M
YoY Change -21.06% -134.53%
Income Tax $300.0K $16.60M
% Of Pretax Income 0.43%
Net Earnings $69.80M -$33.90M
YoY Change 134.23% -241.84%
Net Earnings / Revenue 2.73% -1.48%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share $0.31 -$0.15
COMMON SHARES
Basic Shares Outstanding 227.3M shares 227.2M shares
Diluted Shares Outstanding 227.2M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $767.7M $588.2M
YoY Change 19.12% 54.46%
Cash & Equivalents $767.7M $588.2M
Short-Term Investments
Other Short-Term Assets $139.5M $163.6M
YoY Change -28.64% -27.83%
Inventory
Prepaid Expenses $189.4M $213.2M
Receivables $1.779B $1.703B
Other Receivables $117.0M $163.3M
Total Short-Term Assets $2.803B $2.618B
YoY Change 1.32% 8.94%
LONG-TERM ASSETS
Property, Plant & Equipment $163.8M $160.3M
YoY Change -5.1% 2.69%
Goodwill $2.081B $2.052B
YoY Change 0.75% 1.58%
Intangibles $805.9M $822.8M
YoY Change -7.84% -7.07%
Long-Term Investments $708.0M $693.5M
YoY Change 4.53% 5.17%
Other Assets $805.8M $832.9M
YoY Change -17.44% -22.45%
Total Long-Term Assets $4.971B $4.964B
YoY Change -4.08% -4.87%
TOTAL ASSETS
Total Short-Term Assets $2.803B $2.618B
Total Long-Term Assets $4.971B $4.964B
Total Assets $7.774B $7.582B
YoY Change -2.21% -0.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.101B $1.048B
YoY Change -8.2% 1.92%
Accrued Expenses $962.7M $751.4M
YoY Change -6.0% -12.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $143.7M $113.8M
YoY Change 225.11% 173.56%
Total Short-Term Liabilities $2.397B $2.217B
YoY Change 0.28% -0.27%
LONG-TERM LIABILITIES
Long-Term Debt $3.097B $3.125B
YoY Change -3.57% -2.69%
Other Long-Term Liabilities $268.6M $266.5M
YoY Change -8.42% 1.56%
Total Long-Term Liabilities $3.366B $3.392B
YoY Change -3.98% -2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.397B $2.217B
Total Long-Term Liabilities $3.366B $3.392B
Total Liabilities $6.096B $6.011B
YoY Change -3.04% -0.54%
SHAREHOLDERS EQUITY
Retained Earnings -$1.117B -$1.187B
YoY Change 3.27% 6.78%
Common Stock $22.70M $22.70M
YoY Change 0.44% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.677B $1.571B
YoY Change
Total Liabilities & Shareholders Equity $7.774B $7.582B
YoY Change -2.21% -0.51%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $69.80M -$33.90M
YoY Change 134.23% -241.84%
Depreciation, Depletion And Amortization $36.80M $36.20M
YoY Change 12.54% 6.78%
Cash From Operating Activities $202.4M $188.1M
YoY Change -16.95% 263.83%
INVESTING ACTIVITIES
Capital Expenditures $16.20M $14.20M
YoY Change 157.14% -202.16%
Acquisitions
YoY Change
Other Investing Activities -$15.10M -$51.00M
YoY Change 125.37% -47.1%
Cash From Investing Activities -$31.30M -$65.20M
YoY Change 140.77% -40.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.70M -52.10M
YoY Change -25.14% 231.85%
NET CHANGE
Cash From Operating Activities 202.4M 188.1M
Cash From Investing Activities -31.30M -65.20M
Cash From Financing Activities -13.70M -52.10M
Net Change In Cash 157.4M 70.80M
YoY Change -25.89% -195.29%
FREE CASH FLOW
Cash From Operating Activities $202.4M $188.1M
Capital Expenditures $16.20M $14.20M
Free Cash Flow $186.2M $173.9M
YoY Change -21.57% 165.09%

Facts In Submission

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CY2022Q3 us-gaap Legal Fees
LegalFees
0 usd
us-gaap Legal Fees
LegalFees
14100000 usd
us-gaap Legal Fees
LegalFees
0 usd
CY2022Q3 cwk Earnings Before Interest Taxes Depreciation And Amortization Other Adjustments
EarningsBeforeInterestTaxesDepreciationAndAmortizationOtherAdjustments
4400000 usd
cwk Earnings Before Interest Taxes Depreciation And Amortization Other Adjustments
EarningsBeforeInterestTaxesDepreciationAndAmortizationOtherAdjustments
9400000 usd
cwk Earnings Before Interest Taxes Depreciation And Amortization Other Adjustments
EarningsBeforeInterestTaxesDepreciationAndAmortizationOtherAdjustments
18900000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-33900000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23900000 usd
us-gaap Net Income Loss
NetIncomeLoss
-105200000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
us-gaap Net Income Loss
NetIncomeLoss
166600000 usd
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
23900000 usd
us-gaap Net Income Loss
NetIncomeLoss
-105200000 usd
us-gaap Net Income Loss
NetIncomeLoss
166600000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
226900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225300000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228300000 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2286000000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2515100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6941300000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7458700000 usd
CY2023Q3 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
382800000 usd
CY2022Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
397300000 usd
CY2023Q3 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss Current
ContractWithCustomerAssetAccumulatedAllowanceForCreditLossCurrent
39300000 usd
CY2022Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss Current
ContractWithCustomerAssetAccumulatedAllowanceForCreditLossCurrent
39100000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
343500000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
358200000 usd
CY2023Q3 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
77500000 usd
CY2022Q4 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
89700000 usd
CY2023Q3 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss Noncurrent
ContractWithCustomerAssetAccumulatedAllowanceForCreditLossNoncurrent
1800000 usd
CY2022Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss Noncurrent
ContractWithCustomerAssetAccumulatedAllowanceForCreditLossNoncurrent
2200000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
75700000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
87500000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
419200000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
445700000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
65200000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
45900000 usd
CY2023Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
43200000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
2065500000 usd
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
2300000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-10800000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
2052400000 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1934800000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1060300000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
874500000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16200000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15900000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49300000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
47800000 usd
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
43400000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
39600000 usd
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
3239000000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
3255900000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
113800000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
44200000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3125200000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3211700000 usd
CY2023Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
101600000 usd
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
76900000 usd
CY2023Q3 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
50700000 usd
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
39700000 usd
cwk Guarantor Obligations Close Ended Term
GuarantorObligationsCloseEndedTerm
P8Y
CY2023Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3200000000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3200000000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3200000000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3200000000 usd
cwk Business Combination Contingent Consideration Arrangements Earn Out Payment
BusinessCombinationContingentConsiderationArrangementsEarnOutPayment
P6Y
CY2022Q3 cwk Transferors Interests In Transferred Financial Assets Receivables Sold Percent
TransferorsInterestsInTransferredFinancialAssetsReceivablesSoldPercent
1
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
6800000 usd
us-gaap Restructuring Charges
RestructuringCharges
18900000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
5700000 usd
us-gaap Restructuring Charges
RestructuringCharges
18900000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
18700000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
5900000 usd
CY2023Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
5900000 usd
CY2022Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
5700000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
588200000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
644500000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
47100000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
74500000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
635300000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
719000000.0 usd
us-gaap Interest Paid Net
InterestPaidNet
167600000 usd
us-gaap Interest Paid Net
InterestPaidNet
116200000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
74500000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
197800000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
89500000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
85400000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
21700000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
21900000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
23600000 usd
cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
-60900000 usd
cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
233000000.0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
46300000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29800000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
cwk-20230930_def.xml Edgar Link unprocessable
cwk-20230930_cal.xml Edgar Link unprocessable
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0001628369-23-000020-index.html Edgar Link pending
0001628369-23-000020.txt Edgar Link pending
0001628369-23-000020-xbrl.zip Edgar Link pending
cwk-20230930.htm Edgar Link pending
cwk-20230930.xsd Edgar Link pending
cwk-20230930_g1.jpg Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
q32023exhibit311.htm Edgar Link pending
q32023exhibit312.htm Edgar Link pending
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cwk-20230930_lab.xml Edgar Link unprocessable
cwk-20230930_pre.xml Edgar Link unprocessable
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cwk-20230930_htm.xml Edgar Link completed
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