Cushman & Wakefield Files Q3 2024 10-Q

TL;DR

C&W's Q3 10-Q is in, check the latest financials for 9/30/24.

AI Summary

Cushman & Wakefield plc filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity as of September 30, 2024, and compares it to the fiscal year-end of 2023. It also provides financial data for the nine months ended September 30, 2024, and the same period in 2023.

Why It Matters

This filing provides investors with an updated look at Cushman & Wakefield's financial health and operational performance during the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal shifts in financial performance or emerging risks that may impact stock price.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Latest financial snapshot)
• 2023-12-31 — Prior Fiscal Year End (Comparison point for financial statements)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Financial performance for the first nine months of 2024)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Comparison for year-to-date financial performance)

Key Players & Entities

• Cushman & Wakefield plc (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• 125 OLD BROAD STREET, LONDON (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• cwk-20240930.htm (10-Q) — 1623KB
• q32024exhibit311.htm (EX-31.1) — 9KB
• q32024exhibit312.htm (EX-31.2) — 9KB
• q32024exhibit321.htm (EX-32.1) — 5KB
• q32024exhibit322.htm (EX-32.2) — 5KB
• cwk-20240930_g1.jpg (GRAPHIC) — 85KB
• 0001628369-24-000020.txt ( ) — 8141KB
• cwk-20240930.xsd (EX-101.SCH) — 44KB
• cwk-20240930_cal.xml (EX-101.CAL) — 77KB
• cwk-20240930_def.xml (EX-101.DEF) — 235KB
• cwk-20240930_lab.xml (EX-101.LAB) — 629KB
• cwk-20240930_pre.xml (EX-101.PRE) — 447KB
• cwk-20240930_htm.xml (XML) — 1215KB

Financial Statements

Item 1. Financial Statements 2 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended Septe mber 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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44 PART II

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 1 T able 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) September 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 775.4 $ 767.7 Trade and other receivables, net of allowance of $ 89.4 and $ 85.2 , as of September 30, 2024 and December 31, 2023, respectively 1,278.1 1,468.0 Income tax receivable 65.5 67.1 Short-term contract assets, net 302.0 311.0 Prepaid expenses and other current assets 227.9 189.4 Total current assets 2,648.9 2,803.2 Property and equipment, net 141.6 163.8 Goodwill 2,049.4 2,080.9 Intangible assets, net 703.2 805.9 Equity method investments 723.5 708.0 Deferred tax assets 124.2 67.4 Non-current operating lease assets 303.7 339.0 Other non-current assets 839.5 805.8 Total assets $ 7,534.0 $ 7,774.0 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings and current portion of long-term debt $ 96.4 $ 149.7 Accounts payable and accrued expenses 1,068.6 1,157.7 Accrued compensation 799.9 851.4 Income tax payable 30.7 20.8 Other current liabilities 245.4 217.6 Total current liabilities 2,241.0 2,397.2 Long-term debt, net 2,997.0 3,096.9 Deferred tax liabilities 43.2 13.7 Non-current operating lease liabilities 279.8 319.6 Other non-current liabilities 270.0 268.6 Total liabilities 5,831.0 6,096.0 Commitments and contingencies (see Note 11) Shareholders' equity: Ordinary shares, nominal value $ 0.10 per share, 800,000,000 shares authorized; 229,420,978 and 227,282,173 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 22.9 22.7 Additional paid-in capital 2,970.7 2,957.3 Accumulated deficit ( 1,098.8 ) ( 1,117.2 ) Accumulated other comprehensive loss ( 192.4 ) ( 185.4 ) Total equity attributable to the Company 1,702.4 1,677.4 Non-controlling interests 0.6 0.6 Total equity 1,703.0 1,678.0 Total liabilities and shareholders' eq

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View this 10-Q filing on SEC EDGAR