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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
 
FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______________ to _______________
Commission File Number 001-38611
cwlogoa03.jpg
Cushman & Wakefield plc
(Exact name of Registrant as specified in its charter)
 
England and Wales 98-1193584
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
125 Old Broad Street  
London, United Kingdom
EC2N 1AR
(Address of principal executive offices) (Zip Code)
   
 +44 20 3296 3000
Not applicable
(Registrant's telephone number, including area code) (Former name, former address and
former fiscal year, if changed since last report)
 Securities registered pursuant to section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Ordinary Shares, $0.10 nominal valueCWKNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x    No  ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 Accelerated filer☐
Non-accelerated filer☐ Smaller reporting company☐
   Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐     No  x

As of October 25, 2023, 227,253,350 of the Registrant's ordinary shares, $0.10 nominal value per share, were outstanding.


CUSHMAN & WAKEFIELD plc
QUARTERLY REPORT ON FORM 10-Q
September 30, 2023
TABLE OF CONTENTS
  Page
PART I
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

1
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

Cushman & Wakefield plc
Condensed Consolidated Balance Sheets
As of
(in millions, except per share data)
September 30, 2023December 31, 2022
Assets(unaudited)
Current assets:
Cash and cash equivalents$588.2 $644.5 
Trade and other receivables, net of allowance of $82.2 and $88.2, as of September 30, 2023 and December 31, 2022, respectively
1,359.6 1,462.4 
Income tax receivable113.7 55.4 
Short-term contract assets, net343.5 358.2 
Prepaid expenses and other current assets213.2 246.3 
Total current assets2,618.2 2,766.8 
Property and equipment, net160.3 172.6 
Goodwill2,052.4 2,065.5 
Intangible assets, net822.8 874.5 
Equity method investments693.5 677.3 
Deferred tax assets74.7 58.6 
Non-current operating lease assets327.6 358.0 
Other non-current assets832.9 976.0 
Total assets$7,582.4 $7,949.3 
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings and current portion of long-term debt$118.9 $49.8 
Accounts payable and accrued expenses1,113.5 1,199.0 
Accrued compensation751.4 916.5 
Income tax payable7.0 33.1 
Other current liabilities226.3 192.0 
Total current liabilities2,217.1 2,390.4 
Long-term debt, net3,125.2 3,211.7 
Deferred tax liabilities96.5 57.2 
Non-current operating lease liabilities305.6 334.6 
Other non-current liabilities266.5 293.3 
Total liabilities6,010.9 6,287.2 
Commitments and contingencies (see Note 10)
Shareholders' equity:
Ordinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 227,185,389 and 225,780,535 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
22.7 22.6 
Additional paid-in capital2,943.9 2,911.5 
Accumulated deficit(1,187.0)(1,081.8)
Accumulated other comprehensive loss(208.6)(191.0)
Total equity attributable to the Company1,571.0 1,661.3 
Non-controlling interests0.5 0.8 
Total equity1,571.5 1,662.1 
Total liabilities and shareholders' equity$7,582.4 $7,949.3 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
2
Cushman & Wakefield plc
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)
2023202220232022
Revenue$2,286.0 $2,515.1 $6,941.3 $7,458.7 
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)1,882.1 2,052.9 5,767.8 5,990.9 
Operating, administrative and other300.9 315.6 945.7 926.5 
Depreciation and amortization36.2 33.9 108.8 114.2 
Restructuring, impairment and related charges9.2 0.6 23.4 3.1 
Total costs and expenses2,228.4 2,403.0 6,845.7 7,034.7 
Operating income57.6 112.1 95.6 424.0 
Interest expense, net of interest income(89.5)(50.4)(224.2)(139.7)
Earnings from equity method investments16.6 20.0 41.3 54.4 
Other expense, net(2.0)(31.6)(12.8)(89.5)
(Loss) earnings before income taxes
(17.3)50.1 (100.1)249.2 
Provision for income taxes
16.6 26.2 5.1 82.6 
Net (loss) income
$(33.9)$23.9 $(105.2)$166.6 
Basic (loss) earnings per share:
(Loss) earnings per share attributable to common shareholders, basic
$(0.15)$0.11 $(0.46)$0.74 
Weighted average shares outstanding for basic (loss) earnings per share
227.2 225.7 226.9 225.3 
Diluted (loss) earnings per share:
(Loss) earnings per share attributable to common shareholders, diluted
$(0.15)$0.11 $(0.46)$0.73 
Weighted average shares outstanding for diluted (loss) earnings per share
227.2 227.5 226.9 228.3 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
3
Cushman & Wakefield plc
Condensed Consolidated Statements of Comprehensive (Loss) Income
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2023202220232022
Net (loss) income
$(33.9)$23.9 $(105.2)$166.6 
Other comprehensive income (loss), net of tax:
Designated hedge gains7.1 43.5 18.7 135.0 
Defined benefit plan actuarial gains (losses)
0.9 0.1 (0.3)(2.6)
Foreign currency translation(38.6)(85.2)(36.0)(174.5)
Total other comprehensive loss
(30.6)(41.6)(17.6)(42.1)
Total comprehensive (loss) income
$(64.5)$(17.7)$(122.8)$124.5 
The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
4
Cushman & Wakefield plc
Condensed Consolidated Statements of Changes in Equity
For the three and nine months ended September 30, 2023 and 2022
(unaudited)
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging Gains (Losses)
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of June 30, 2023227.1 $22.7 $2,929.8 $(1,153.1)$60.3 $(198.0)$(40.3)$(178.0)$1,621.4 $0.6 $1,622.0 
Net loss— — — (33.9)— — — — (33.9)— (33.9)
Stock-based compensation— — 14.4 — — — — — 14.4 — 14.4 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes0.1 — (0.3)— — — — — (0.3)— (0.3)
Unrealized gain on hedging instruments, net of tax— — — — 17.6 — — 17.6 17.6 — 17.6 
Amounts reclassified from AOCI to the statement of operations— — — — (10.5)— — (10.5)(10.5)— (10.5)
Foreign currency translation— — — — — (38.6)— (38.6)(38.6)— (38.6)
Defined benefit plans actuarial gain— — — — — — 0.9 0.9 0.9 — 0.9 
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2023227.2$22.7 $2,943.9 $(1,187.0)$67.4 $(236.6)$(39.4)$(208.6)$1,571.0 $0.5 $1,571.5 
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging Gains (Losses)
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of June 30, 2022225.7 $22.6 $2,892.0 $(1,135.5)$7.9 $(193.8)$(7.6)$(193.5)$1,585.6 $0.8 $1,586.4 
Net income— — — 23.9 — — — — 23.9 — 23.9 
Stock-based compensation— — 9.5 — — — — — 9.5 — 9.5 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes0.1 — — — — — — — — — — 
Unrealized gain on hedging instruments— — — — 41.3 — — 41.3 41.3 — 41.3 
Amounts reclassified from AOCI to the statement of operations— — — — 2.2 — — 2.2 2.2 — 2.2 
Foreign currency translation— — — — — (85.2)— (85.2)(85.2)— (85.2)
Defined benefit plans actuarial gain— — — — — — 0.1 0.1 0.1 — 0.1 
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2022225.8 $22.6 $2,901.5 $(1,111.6)$51.4 $(279.0)$(7.5)$(235.1)$1,577.4 $0.7 $1,578.1 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
5
Cushman & Wakefield plc
Condensed Consolidated Statements of Changes in Equity
For the three and nine months ended September 30, 2023 and 2022
(continued) (unaudited)
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging Gains (Losses)
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of December 31, 2022225.8 $22.6 $2,911.5 $(1,081.8)$48.7 $(200.6)$(39.1)$(191.0)$1,661.3 $0.8 $1,662.1 
Net loss— — — (105.2)— — — — (105.2)— (105.2)
Stock-based compensation— — 39.6 — — — — — 39.6 — 39.6 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes1.4 0.1 (7.2)— — — — — (7.1)— (7.1)
Unrealized gain on hedging instruments, net of tax— — — — 43.2 — — 43.2 43.2 — 43.2 
Amounts reclassified from AOCI to the statement of operations— — — — (24.5)— — (24.5)(24.5)— (24.5)
Foreign currency translation— — — — — (36.0)— (36.0)(36.0)— (36.0)
Defined benefit plans actuarial loss— — — — — — (0.3)(0.3)(0.3)— (0.3)
Distribution from non-controlling interests— — — — — — — — — (0.2)(0.2)
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2023227.2 $22.7 $2,943.9 $(1,187.0)$67.4 $(236.6)$(39.4)$(208.6)$1,571.0 $0.5 $1,571.5 
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging (Losses) Gains
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of December 31, 2021223.7 $22.4 $2,896.6 $(1,278.2)$(83.6)$(104.5)$(4.9)$(193.0)$1,447.8 $0.8 $1,448.6 
Net income— — — 166.6 — — — — 166.6 — 166.6 
Stock-based compensation— — 29.8 — — — — — 29.8 — 29.8 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes2.1 0.2 (24.9)— — — — — (24.7)— (24.7)
Unrealized gain on hedging instruments— — — — 116.5 — — 116.5 116.5 — 116.5 
Amounts reclassified from AOCI to the statement of operations— — — — 19.1 — — 19.1 19.1 — 19.1 
Foreign currency translation— — — — — (174.5)— (174.5)(174.5)— (174.5)
Defined benefit plans actuarial loss— — — — — — (2.6)(2.6)(2.6)— (2.6)
Other activity— — — — (0.6)— — (0.6)(0.6)(0.1)(0.7)
Balance as of September 30, 2022225.8 $22.6 $2,901.5 $(1,111.6)$51.4 $(279.0)$(7.5)$(235.1)$1,577.4 $0.7 $1,578.1 
The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
6
Cushman & Wakefield plc
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
Nine Months Ended September 30,
(in millions)
20232022
Cash flows from operating activities
Net (loss) income$(105.2)$166.6 
Reconciliation of net (loss) income to net cash used in operating activities:
Depreciation and amortization108.8 114.2 
Impairment charges4.5 — 
Unrealized foreign exchange gain(6.0)(13.0)
Stock-based compensation39.9 30.2 
Lease amortization71.6 73.0 
Loss on debt extinguishment19.3 — 
Amortization of debt issuance costs5.8 5.2 
Earnings from equity method investments, net of dividends received(22.7)(31.1)
Change in deferred taxes13.0 (46.3)
Provision for loss on receivables and other assets4.8 17.8 
Loss on disposal of business1.3 14.0 
Unrealized loss on equity securities, net22.9 82.3 
Other operating activities, net16.0 (7.5)
Changes in assets and liabilities:
Trade and other receivables150.5 (187.7)
Income taxes payable(84.9)(78.7)
Short-term contract assets and Prepaid expenses and other current assets36.0 (90.1)
Other non-current assets(32.6)(124.2)
Accounts payable and accrued expenses(81.4)25.6 
Accrued compensation(164.9)(92.4)
Other current and non-current liabilities(46.9)(52.5)
Net cash used in operating activities(50.2)(194.6)
Cash flows from investing activities
Payment for property and equipment(34.8)(44.4)
Acquisitions of businesses, net of cash acquired— (31.6)
Investments in equity securities and equity method joint ventures(6.5)(22.8)
Return of beneficial interest in a securitization(210.0)(80.0)
Collection on beneficial interest in a securitization330.0 80.0 
Other investing activities, net1.5 (8.9)
Net cash provided by (used in) investing activities
80.2 (107.7)
Cash flows from financing activities 
Shares repurchased for payment of employee taxes on stock awards(7.7)(27.1)
Payment of deferred and contingent consideration(13.8)(4.3)
Proceeds from borrowings2,400.0 — 
Repayment of borrowings(2,402.5)(20.0)
Debt issuance costs(65.4)— 
Payment of finance lease liabilities(19.8)(12.3)
Other financing activities, net2.1 2.7 
Net cash used in financing activities(107.1)(61.0)
Change in cash, cash equivalents and restricted cash(77.1)(363.3)
Cash, cash equivalents and restricted cash, beginning of the period719.0 890.3 
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash(6.6)(37.2)
Cash, cash equivalents and restricted cash, end of the period$635.3 $489.8 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
7
Cushman & Wakefield plc
Notes to the Condensed Consolidated Financial Statements
(unaudited)

Note 1: Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") and in conformity with rules applicable to quarterly reports on Form 10-Q. The Condensed Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 are unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim Condensed Consolidated Financial Statements for these interim periods have been included.
Readers of this unaudited condensed consolidated quarterly financial information should refer to the audited Consolidated Financial Statements and notes thereto of Cushman & Wakefield plc and its subsidiaries (“Cushman & Wakefield,” the “Company,” “we,” “our” and "us”) for the year ended December 31, 2022 included in our 2022 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and also available on our website (www.cushmanwakefield.com). Certain footnote disclosures that would substantially duplicate those contained in such audited financial statements or which are not required by the rules and regulations of the SEC for interim financial statement presentation have been condensed or omitted.
Refer to Note 2: Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements in the Company's 2022 Annual Report on Form 10-K for further discussion of the Company's accounting policies and estimates.
Due to seasonality, the results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2023.
The Company provides for the effects of income taxes on interim financial statements based on estimates of the effective tax rate for the full year, which is based on forecasted income by country and enacted tax rates.

Note 2: New Accounting Pronouncements
The following new accounting pronouncements have been adopted by the Company or recently issued:
Reference Rate Reform
In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2020-04 provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts, and ASU 2021-01 and ASU 2022-06 amended the scope and deferred the sunset date of ASU 2020-04, respectively. During the second quarter of 2023, the Company elected the optional expedient for modifications of debt contracts, which did not have a significant impact on our financial statements and related disclosures. Refer to Note 9: Long-Term Debt and Other Borrowings for additional information.
SEC Staff Bulletins and Releases
In July 2023, the FASB issued ASU 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification (“ASC”) to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. In August 2023, the FASB issued ASU 2023-04 to amend additional SEC paragraphs in the ASC to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 121. The ASUs do not provide any new guidance, so there is no transition or effective date associated with them and therefore, the Company adopted the ASUs with no impact to our financial statements and related disclosures.

8
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not anticipate that the ASU will have an impact on our financial statements and related disclosures.
Business Combinations: Joint Ventures
In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted. Joint ventures formed before the effective date have the option to apply it retrospectively, while those formed after the effective date are required to apply it prospectively. The Company intends to apply this guidance for future arrangements meeting the definition of a joint venture prospectively after the guidance is effective.

Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa (“EMEA”) and (3) Asia Pacific (“APAC”). The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.
Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to merger, pre-IPO stock-based compensation, unrealized (gains) / losses on investments, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.
As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.
Summarized financial information by segment is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20232022% Change20232022% Change
Total revenue
Americas$1,701.9 $1,959.5 (13)%$5,259.0 $5,756.2 (9)%
EMEA241.9 232.0 4 %687.0 741.6 (7)%
APAC342.2 323.6 6 %995.3 960.9 4 %
Total revenue$2,286.0 $2,515.1 (9)%$6,941.3 $7,458.7 (7)%
Adjusted EBITDA
Americas$117.4 $165.6 (29)%$290.4 $552.1 (47)%
EMEA16.6 24.8 (33)%31.4 76.7 (59)%
APAC16.0 11.5 39 %35.2 50.2 (30)%

9
Adjusted EBITDA is calculated as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Adjusted EBITDA - Americas$117.4 $165.6 $290.4 $552.1 
Adjusted EBITDA - EMEA16.6 24.8 31.4 76.7 
Adjusted EBITDA - APAC16.0 11.5 35.2 50.2 
Add/(less):
Depreciation and amortization(36.2)(33.9)(108.8)(114.2)
Interest expense, net of interest income(89.5)(50.4)(224.2)(139.7)
Provision for income taxes
(16.6)(26.2)(5.1)(82.6)
Unrealized loss on investments, net(4.0)(33.5)(22.9)(82.3)
Integration and other costs related to merger(2.4)(3.3)(6.8)(11.1)
Pre-IPO stock-based compensation— (0.8)— (2.5)
Acquisition related costs and efficiency initiatives— (19.2)(11.7)(54.2)
Cost savings initiatives(14.2)— (41.4)— 
CEO transition costs(3.2)— (5.5)— 
Servicing liability fees and amortization
(0.7)(6.3)(12.3)(6.9)
Legal and compliance matters
(14.1)— (14.1)— 
Other(3.0)(4.4)(9.4)(18.9)
Net (loss) income
$(33.9)$23.9 $(105.2)$166.6 

Note 4: Earnings Per Share
Earnings (loss) per share ("EPS") is calculated by dividing Net income or loss by the weighted average shares outstanding.
As the Company was in a Net loss position for the three and nine months ended September 30, 2023, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods and therefore these shares were excluded from the calculation of diluted weighted average shares outstanding. This resulted in the calculation of weighted average shares outstanding to be the same for both basic and diluted EPS for the three and nine months ended September 30, 2023. Approximately 0.5 million of potentially dilutive shares for both the three and nine months ended September 30, 2023, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.
The following is a calculation of EPS (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Basic EPS
Net (loss) income
$(33.9)$23.9 $(105.2)$166.6 
Weighted average shares outstanding for basic (loss) earnings per share
227.2 225.7 226.9 225.3 
Basic (loss) earnings per share attributable to common shareholders
$(0.15)$0.11 $(0.46)$0.74 
Diluted EPS
Net (loss) income
$(33.9)$23.9 $(105.2)$166.6 
Weighted average shares outstanding for basic (loss) earnings per share
227.2 225.7 226.9 225.3 
Dilutive effect of restricted stock units— 1.4 — 2.2 
Dilutive effective of stock options— 0.4 — 0.8 
Weighted average shares outstanding for diluted (loss) earnings per share
227.2 227.5 226.9 228.3 
Diluted (loss) earnings per share attributable to common shareholders
$(0.15)$0.11 $(0.46)$0.73 


10
Note 5: Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by reportable segment and service line (in millions):
Three Months Ended September 30, 2023
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$1,186.2 $127.1 $255.3 $1,568.6 
LeasingAt a point in time346.8 54.1 40.6 441.5 
Capital marketsAt a point in time136.7 20.9 19.3 176.9 
Valuation and otherAt a point in time or over time32.2 39.8 27.0 99.0 
Total revenue$1,701.9 $241.9 $342.2 $2,286.0 
Three Months Ended September 30, 2022
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$1,257.1 $111.4 $240.9 $1,609.4 
LeasingAt a point in time430.3 52.6 41.2 524.1 
Capital marketsAt a point in time223.6 28.1 12.4 264.1 
Valuation and otherAt a point in time or over time48.5 39.9 29.1 117.5 
Total revenue$1,959.5 $232.0 $323.6 $2,515.1 
Nine Months Ended September 30, 2023
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$3,732.5 $360.6 $761.5 $4,854.6 
LeasingAt a point in time1,000.4 148.6 109.4 1,258.4 
Capital marketsAt a point in time420.1 52.4 40.2 512.7 
Valuation and otherAt a point in time or over time106.0 125.4 84.2 315.6 
Total revenue$5,259.0 $687.0 $995.3 $6,941.3 
Nine Months Ended September 30, 2022
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$3,576.0 $344.1 $706.5 $4,626.6 
LeasingAt a point in time1,254.6 166.6 120.9 1,542.1 
Capital marketsAt a point in time775.7 102.4 44.0 922.1 
Valuation and otherAt a point in time or over time149.9 128.5 89.5 367.9 
Total revenue$5,756.2 $741.6 $960.9 $7,458.7 
Contract Balances
The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet invoiced or able to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable.

11
The following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions):
As of
September 30, 2023December 31, 2022
Short-term contract assets$382.8 $397.3 
Contract asset allowances(39.3)(39.1)
Short-term contract assets, net343.5 358.2 
Non-current contract assets77.5 89.7 
Contract asset allowances(1.8)(2.2)
Non-current contract assets, net, included in Other non-current assets75.7 87.5 
Total contract assets, net$419.2 $445.7 
Contract liabilities included in Accounts payable and accrued expenses$65.2 $68.7 
The amount of revenue recognized during the nine months ended September 30, 2023 that was included in the contract liabilities balance at the beginning of the period was $45.9 million. The Company had no material asset impairment charges related to contract assets in the periods presented.
Exemptions
The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”).
Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Property, facilities and project management service line. Performance obligations within these businesses represent a significant portion of the Company's contracts with customers not expected to be completed within 12 months.

Note 6: Goodwill and Other Intangible Assets
The following table summarizes the changes in the carrying amount of goodwill by segment (in millions):
AmericasEMEAAPACTotal
Balance as of December 31, 2022$1,516.8 $305.9 $242.8 $2,065.5 
Dispositions— (0.7)(1.6)(2.3)
Effect of movements in exchange rates and other(0.1)2.0 (12.7)(10.8)
Balance as of September 30, 2023$1,516.7 $307.2 $228.5 $2,052.4 
Portions of goodwill are denominated in currencies other than the U.S. dollar; therefore, a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.
The Company identified immaterial measurement period adjustments during the nine months ended September 30, 2023 and adjusted the provisional goodwill amounts recognized.
For the nine months ended September 30, 2023 and 2022, no impairments of goodwill were recognized as the estimated fair value of each of the identified reporting units was in excess of its carrying value. It is possible that our current determination that goodwill for a reporting unit is not impaired could change in the future if current economic conditions or other conditions deteriorate or the operating performance or future prospects for a particular reporting unit declines.

12
The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):
As of September 30, 2023
Useful Life
(in years)
Gross ValueAccumulated AmortizationNet Value
C&W trade nameIndefinite$546.0 $— $546.0 
Customer relationships
1 - 15
1,367.1 (1,091.0)276.1 
Other intangible assets
5 - 7
15.1 (14.4)0.7 
Total intangible assets$1,928.2 $(1,105.4)$822.8 
As of December 31, 2022
Useful Life
(in years)
Gross ValueAccumulated AmortizationNet Value
C&W trade nameIndefinite$546.0 $— $546.0 
Customer relationships
1 - 15
1,372.0 (1,045.7)326.3 
Other intangible assets
5 - 7
16.8 (14.6)2.2 
Total intangible assets$1,934.8 $(1,060.3)$874.5 
Amortization expense was $16.2 million and $15.9 million for the three months ended September 30, 2023 and 2022, respectively, and $49.3 million and $47.8 million for the nine months ended September 30, 2023 and 2022, respectively.
No impairments of intangible assets were recorded during the nine months ended September 30, 2023 and 2022.

Note 7: Equity Method Investments
Certain investments in which the Company has significant influence over the entity’s financial and operating policies, but does not control, are accounted for under the equity method. The Company’s material equity method investments include Cushman Wakefield Greystone LLC (“Greystone JV”), in which the Company owns a 40% interest, and CWVS Holding Limited ("Vanke JV"), in which the Company owns a 35% interest. In addition, the Company licenses certain of its trademarks to the Vanke JV and recognized royalty fee income of $2.1 million and $1.8 million for the three months ended September 30, 2023 and 2022, respectively, and $6.2 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively.
The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions):
As of
September 30, 2023December 31, 2022
Greystone JV$566.6 $550.8 
Vanke JV117.9 116.3 
Other investments9.0 10.2 
Total Equity method investments$693.5 $677.3 
The Company recognized earnings from equity method investments during the period as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Greystone JV$12.9 $17.1 $29.7 $45.3 
Vanke JV2.6 1.0 8.2 3.4 
Other investments1.1 1.9 3.4 5.7 
Total Earnings from equity method investments$16.6 $20.0 $41.3 $54.4 


13
Note 8: Derivative Financial Instruments and Hedging Activities
The Company is exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign exchange risk. To mitigate the impact of interest rate and foreign exchange risk, the Company enters into derivative financial instruments. The Company maintains the majority of its overall interest rate exposure on floating rate borrowings to a fixed-rate basis, primarily with interest rate swap agreements. The Company manages exposure to foreign exchange fluctuations primarily through short-term forward contracts.
There have been no significant changes to the interest rate and foreign exchange risk management objectives from those disclosed in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2022.
Interest Rate Derivative Instruments
In November 2022, the Company elected to terminate and monetize its five interest rate swap agreements designated as cash flow hedges with a notional value of $1.4 billion. Upon termination, the Company received a cash settlement of $62.9 million in exchange for its derivative asset. Amounts relating to these terminated derivative instruments recorded in Accumulated other comprehensive loss will be amortized into earnings over the remaining life of the original agreements, which were scheduled to expire on August 21, 2025.
Additionally, in November 2022, the Company entered into three new interest rate swap agreements for a notional amount of $1.4 billion with an effective date of October 31, 2022, expiring on August 21, 2025. The underlying hedged transaction related to these interest rate swaps referenced a LIBOR rate. The Company concurrently designated these derivative instruments as cash flow hedges. As part of the Company’s transition from a LIBOR benchmark to a Secured Overnight Financing Rate (“SOFR”) benchmark, these three interest rate swaps were terminated, effective June 30, 2023. Amounts relating to these terminated derivative instruments recorded in Accumulated other comprehensive loss will be amortized into earnings over the remaining life of the original agreements. Concurrently, the Company entered into three new interest rate swap agreements for a notional amount of $1.4 billion with an effective date of June 30, 2023, expiring on August 21, 2025. The underlying hedged transaction related to these interest rate swaps references a SOFR rate. The Company concurrently designated these derivative instruments as cash flow hedges.
In May 2023, the Company entered into six new interest rate swap agreements for a notional amount of $550.0 million with an effective date of May 31, 2023, expiring on May 31, 2028. The underlying hedged transaction related to these interest rate swaps references a SOFR rate. The Company concurrently designated these derivative instruments as cash flow hedges.
As of September 30, 2023, the Company's active interest rate hedging instruments consisted of nine interest rate swap agreements designated as cash flow hedges. The Company's hedge instrument balances as of September 30, 2023 related solely to these interest rate swaps and are further described below.
The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and subsequently reclassifies the changes into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2023 and December 31, 2022, there were $76.2 million and $48.7 million in pre-tax gains, respectively, included in Accumulated other comprehensive loss related to these agreements, which will be reclassified to Interest expense, net of interest income as interest payments are made in accordance with the 2018 Credit Agreement; refer to Note 9: Long-Term Debt and Other Borrowings for discussion of the 2018 Credit Agreement (which is defined therein). During the next twelve months, the Company estimates that pre-tax gains of $44.3 million will be reclassified to Interest expense, net of interest income in the Condensed Consolidated Statements of Operations.
Non-Designated Foreign Exchange Derivative Instruments
Additionally, the Company enters into short-term forward contracts to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact some of the Company’s foreign currency denominated transactions. Hedge accounting was not elected for any of these contracts. As such, changes in the fair values of these contracts are recorded directly in earnings. The Company recognized realized losses of $4.8 million and $14.6 million, offset by unrealized gains of $0.6 million and $1.0 million during the three and nine months ended September 30, 2023, respectively. The Company recognized realized losses of $2.7 million and $12.5 million, offset by unrealized gains of $1.6 million and $2.5 million, during the three and nine months ended September 30, 2022, respectively.

14
As of September 30, 2023 and December 31, 2022, the Company had 24 and 25 foreign currency exchange forward contracts outstanding covering a notional amount of $1,238.3 million and $886.6 million, respectively. As of September 30, 2023 and December 31, 2022, the Company had not posted, and did not hold, any collateral related to these agreements.
The following table presents the fair value of derivatives as of September 30, 2023 and December 31, 2022 (in millions):
September 30, 2023December 31, 2022
September 30, 2023AssetsLiabilitiesAssetsLiabilities
Derivative InstrumentNotionalFair ValueFair ValueFair ValueFair Value
Designated:
Cash flow hedges:
Interest rate swaps$1,973.6 $33.7 $— $— $10.7 
Non-designated:
Foreign currency forward contracts$1,238.3 $1.1 $0.5 $2.8 $3.0 
The fair value of interest rate swaps is included within Other non-current assets and Other non-current liabilities as of September 30, 2023 and December 31, 2022, respectively, in the Condensed Consolidated Balance Sheets. The fair value of foreign currency forward contracts is included in Prepaid expenses and other current assets and Other current liabilities in the Condensed Consolidated Balance Sheets, respectively. The Company does not net derivatives in the Condensed Consolidated Balance Sheets.
The following table presents the effect of derivatives designated as cash flow hedges in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2023 and 2022 (in millions):
Beginning
Accumulated Other
Comprehensive
Loss (Gain)
Amount of Loss (Gain) Recognized in Other
Comprehensive
Loss on Derivatives(1)
Amount of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss
into Statement of Operations		Ending
Accumulated Other
Comprehensive
Loss (Gain)
Three Months Ended September 30, 2023
Interest rate cash flow hedges$(60.3)$(17.6)$10.5 $(67.4)
Three Months Ended September 30, 2022
Interest rate cash flow hedges$(7.9)$(41.3)$(2.2)$(51.4)
(1) Amount is net of deferred tax expense of $5.1 million and $0.0 million for the three months ended September 30, 2023 and 2022, respectively.
Gains of $10.5 million and losses of $2.2 million were reclassified into earnings during the three months ended September 30, 2023 and 2022, respectively, related to interest rate hedges and were recognized in Interest expense, net of interest income in the Condensed Consolidated Statements of Operations.
The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2023 and 2022 (in millions):
Beginning
Accumulated Other
Comprehensive
Loss (Gain)
Amount of Loss (Gain) Recognized in Other
Comprehensive
Loss on Derivatives(1)
Amount of Gain (Loss)
Reclassified from
Accumulated Other
Comprehensive Loss
into Statement of Operations		Ending
Accumulated Other
Comprehensive
Loss (Gain)
Nine Months Ended September 30, 2023
Interest rate cash flow hedges$(48.7)$(43.2)$24.5 $(67.4)
Nine Months Ended September 30, 2022