Cushman & Wakefield Files Q2 2024 10-Q Report

TL;DR

C&W dropped their Q2 10-Q. Check financials.

AI Summary

Cushman & Wakefield plc filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first half of the fiscal year. Key financial data and operational details for the company, a global real estate services firm, are presented in this report.

Why It Matters

This filing provides investors and analysts with crucial financial performance data for Cushman & Wakefield, impacting investment decisions and market analysis in the commercial real estate sector.

Risk Assessment

Risk Level: medium — As a real estate services firm, Cushman & Wakefield is subject to market fluctuations, economic conditions, and competitive pressures inherent in the industry.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter and half-year covered by the report.)
• 2024-07-30 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Cushman & Wakefield plc (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Filing date of the report

FAQ

Key Financial Figures

• $0.10 — on which registered Ordinary Shares, $0.10 nominal value CWK New York Stock Exchan

Filing Documents

• cwk-20240630.htm (10-Q) — 1618KB
• exhibit103-formrsuxnonxemp.htm (EX-10.3) — 30KB
• q22024exhibit311.htm (EX-31.1) — 9KB
• q22024exhibit312.htm (EX-31.2) — 9KB
• q22024exhibit321.htm (EX-32.1) — 5KB
• q22024exhibit322.htm (EX-32.2) — 5KB
• cwk-20240630_g1.jpg (GRAPHIC) — 85KB
• 0001628369-24-000015.txt ( ) — 8342KB
• cwk-20240630.xsd (EX-101.SCH) — 46KB
• cwk-20240630_cal.xml (EX-101.CAL) — 85KB
• cwk-20240630_def.xml (EX-101.DEF) — 249KB
• cwk-20240630_lab.xml (EX-101.LAB) — 646KB
• cwk-20240630_pre.xml (EX-101.PRE) — 463KB
• cwk-20240630_htm.xml (XML) — 1240KB

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of June 30 , 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the three and six months ended June 3 0 , 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30 , 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 (unaudited) 7 Notes to the Condensed Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45 PART II

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Signatures

Signatures 48 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Cushman & Wakefield plc Condensed Consolidated Balance Sheets As of (in millions, except share data) June 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 567.3 $ 767.7 Trade and other receivables, net of allowance of $ 87.8 and $ 85.2 , as of June 30, 2024 and December 31, 2023, respectively 1,283.7 1,468.0 Income tax receivable 67.5 67.1 Short-term contract assets, net 296.7 311.0 Prepaid expenses and other current assets 229.1 189.4 Assets held for sale 147.7 — Total current assets 2,592.0 2,803.2 Property and equipment, net 148.2 163.8 Goodwill 2,024.0 2,080.9 Intangible assets, net 711.9 805.9 Equity method investments 710.5 708.0 Deferred tax assets 109.3 67.4 Non-current operating lease assets 307.8 339.0 Other non-current assets 739.3 805.8 Total assets $ 7,343.0 $ 7,774.0 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings and current portion of long-term debt $ 141.7 $ 149.7 Accounts payable and accrued expenses 1,032.4 1,157.7 Accrued compensation 671.9 851.4 Income tax payable 27.6 20.8 Other current liabilities 238.7 217.6 Liabilities associated with assets held for sale 23.0 — Total current liabilities 2,135.3 2,397.2 Long-term debt, net 3,001.7 3,096.9 Deferred tax liabilities 29.6 13.7 Non-current operating lease liabilities 283.8 319.6 Other non-current liabilities 253.1 268.6 Total liabilities 5,703.5 6,096.0 Commitments and contingencies (see Note 11) Shareholders' equity: Ordinary shares, nominal value $ 0.10 per share, 800,000,000 shares authorized; 229,191,378 and 227,282,173 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 22.9 22.7 Additional paid-in capital 2,959.4 2,957.3 Accumulated deficit ( 1,132.5 ) ( 1,117.2 ) Accumulated other comprehensive loss ( 210.9 ) ( 185.4 ) Total equity attributable to the Company 1,638.9 1,677.4 Non-controlling interests 0.6

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View this 10-Q filing on SEC EDGAR