Cushman & Wakefield plc Files 2023 Annual Report on Form 10-K
Ticker: CWK · Form: 10-K · Filed: Feb 21, 2024 · CIK: 1628369
Sentiment: neutral
Topics: 10-K, Cushman & Wakefield, Annual Report, Financials, Real Estate
TL;DR
<b>Cushman & Wakefield plc has submitted its 2023 annual report (10-K) detailing financial performance and corporate information.</b>
AI Summary
Cushman & Wakefield plc (CWK) filed a Annual Report (10-K) with the SEC on February 21, 2024. Cushman & Wakefield plc filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 125 Old Broad Street, London, EC2N 1AR. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company was formerly known as Cushman & Wakefield Ltd.
Why It Matters
For investors and stakeholders tracking Cushman & Wakefield plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cushman & Wakefield's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's market position and potential challenges in the real estate sector.
Risk Assessment
Risk Level: medium — Cushman & Wakefield plc shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to economic fluctuations and market volatility, as indicated by the need for detailed financial reporting and risk factor analysis in its 10-K.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Cushman & Wakefield's performance and outlook in the current real estate market.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-02-21 — Filing Date (As of date)
- 2023 — Reporting Year (Fiscal year)
- 2022 — Prior Year (Fiscal year)
- 2021 — Prior Year (Fiscal year)
Key Players & Entities
- Cushman & Wakefield plc (company) — Filer name
- 2023 (date) — Fiscal year end
- February 21, 2024 (date) — Filing date
- 125 Old Broad Street, London, EC2N 1AR (location) — Business address
- Cushman & Wakefield Ltd (company) — Former company name
FAQ
When did Cushman & Wakefield plc file this 10-K?
Cushman & Wakefield plc filed this Annual Report (10-K) with the SEC on February 21, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Cushman & Wakefield plc (CWK).
Where can I read the original 10-K filing from Cushman & Wakefield plc?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cushman & Wakefield plc.
What are the key takeaways from Cushman & Wakefield plc's 10-K?
Cushman & Wakefield plc filed this 10-K on February 21, 2024. Key takeaways: Cushman & Wakefield plc filed its 2023 Form 10-K on February 21, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 125 Old Broad Street, London, EC2N 1AR..
Is Cushman & Wakefield plc a risky investment based on this filing?
Based on this 10-K, Cushman & Wakefield plc presents a moderate-risk profile. The company operates in the real estate sector, which is subject to economic fluctuations and market volatility, as indicated by the need for detailed financial reporting and risk factor analysis in its 10-K.
What should investors do after reading Cushman & Wakefield plc's 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Cushman & Wakefield's performance and outlook in the current real estate market. The overall sentiment from this filing is neutral.
How does Cushman & Wakefield plc compare to its industry peers?
Cushman & Wakefield operates within the global commercial real estate services industry, providing a wide range of services including leasing, property sales, and asset management.
Are there regulatory concerns for Cushman & Wakefield plc?
As a publicly traded company, Cushman & Wakefield is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.
Industry Context
Cushman & Wakefield operates within the global commercial real estate services industry, providing a wide range of services including leasing, property sales, and asset management.
Regulatory Implications
As a publicly traded company, Cushman & Wakefield is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.
What Investors Should Do
- Analyze the detailed financial statements for revenue, net income, and debt levels.
- Review the risk factors section for potential impacts on future performance.
- Compare key financial metrics with previous fiscal years to identify trends.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.
Year-Over-Year Comparison
This filing is the 2023 annual report, following previous filings which would include prior year financial data and disclosures.
Filing Stats: 4,435 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-02-20 19:18:59
Key Financial Figures
- $0.10 — ge on Which Registered Ordinary Share, $0.10 par value CWK New York Stock Exchange
- $9.5 b — 2022 and 2021, we generated revenues of $9.5 billion, $10.1 billion and $9.4 billion,
- $10.1 billion — we generated revenues of $9.5 billion, $10.1 billion and $9.4 billion, respectively, and ser
- $9.4 b — nues of $9.5 billion, $10.1 billion and $9.4 billion, respectively, and service line f
- $6.5 b — tively, and service line fee revenue of $6.5 billion, $7.2 billion and $6.9 billion, r
- $7.2 billion — rvice line fee revenue of $6.5 billion, $7.2 billion and $6.9 billion, respectively. Since
- $6.9 b — venue of $6.5 billion, $7.2 billion and $6.9 billion, respectively. Since 2014, we ha
Filing Documents
- cwk-20231231.htm (10-K) — 2332KB
- q42023ex211-subsidiaries.htm (EX-21.1) — 146KB
- q42023exhibit231.htm (EX-23.1) — 2KB
- q42023exhibit311.htm (EX-31.1) — 9KB
- q42023exhibit312.htm (EX-31.2) — 9KB
- q42023exhibit321.htm (EX-32.1) — 5KB
- q42023exhibit322.htm (EX-32.2) — 5KB
- q42023ex971-clawbackpolicy.htm (EX-97.1) — 39KB
- cwk-20231231_g1.jpg (GRAPHIC) — 85KB
- cwk-20231231_g2.jpg (GRAPHIC) — 152KB
- 0001628369-24-000005.txt ( ) — 14465KB
- cwk-20231231.xsd (EX-101.SCH) — 79KB
- cwk-20231231_cal.xml (EX-101.CAL) — 138KB
- cwk-20231231_def.xml (EX-101.DEF) — 417KB
- cwk-20231231_lab.xml (EX-101.LAB) — 1157KB
- cwk-20231231_pre.xml (EX-101.PRE) — 798KB
- cwk-20231231_htm.xml (XML) — 2317KB
Business Overview
Item 1. Business Overview 4 Item 1A.
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 27 Item 1C. C ybersecurity 27
Properties
Item 2. Properties 28
Legal Proceedings
Item 3. Legal Proceedings 28
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 28 PART II
Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29
[Reserved]
Item 6. [Reserved] 30
Management ' s Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 48
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 94
Controls and Procedures
Item 9A. Controls and Procedures 94
Other Information
Item 9B. Other Information 94
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 95
Executive Compensation
Item 11. Executive Compensation 95
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 95
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 95 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 95 Item 16. F orm 10-K Summary 95 Schedule II - Valuation and Qualifying Accounts 96
Signatures
Signatures 100 3 Table of Contents PART I
Business Overview
Item 1. Business Overview Cushman & Wakefield plc (together with its subsidiaries, "Cushman & Wakefield," " the Company ," "we," "ours" and "us" ) is a leading global commercial real estate services firm that makes a meaningful impact for our people, clients, communities and world. Led by an experienced executive team and driven by approximately 52,000 employees in nearly 400 offices and approximately 60 countries, we deliver exceptional value for real estate occupiers and owners, managing 6.2 billion square feet of commercial real estate space globally and offering a broad suite of services through our integrated and scalable platform. Our business is focused on meeting the increasing demands of our clients through a comprehensive offering of services including (i) Property, facilities and project management, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2023, 2022 and 2021, we generated revenues of $9.5 billion, $10.1 billion and $9.4 billion, respectively, and service line fee revenue of $6.5 billion, $7.2 billion and $6.9 billion, respectively. Since 2014, we have built our company organically and through various mergers and acquisitions, giving us the scale and global footprint to effectively serve our clients' multinational businesses. The result is a global real estate services firm with the iconic, more than 100-year-old, Cushman & Wakefield brand. In August 2018, Cushman & Wakefield completed an initial public offering (the "IPO"), listing its ordinary shares on the New York Stock Exchange (NYSE: CWK). Our recent history has been a period of transformation for our company. Our experienced management team has been focused on improving financial performance, driving operating efficiencies, realizing cost savings, and attracting and retaining top talent. Today, Cushman & Wakefield is one of the top three real estate services providers as measured by revenue and workforce. We have gained third-party recognition as a provider a