NYSE$CWK

Cushman & Wakefield PLC · Q3 2022 earnings

Q3 2022 earnings · · Investor relations

Briefing

Cushman & Wakefield delivered top-line growth, with strong performance in Leasing and Property, facilities and project management.

Cushman & Wakefield reported an 8% increase in revenue for Q3 2022 compared to Q3 2021, driven by growth in Leasing and Property, facilities and project management. Net income decreased by 65% due to unrealized losses on fair value investments and higher commissions. Adjusted EBITDA decreased by 8%.

  • Revenue increased by 8% compared to the third quarter of 2021, reaching $2.5 billion.
  • Leasing and Property, facilities and project management grew 13% and 10%, respectively.
  • Net income decreased 65% compared to the third quarter of 2021, totaling $23.9 million.
  • Adjusted EBITDA decreased 8% from the third quarter of 2021, amounting to $201.9 million.

Headline financials

Total Revenue

$2.52B

Previous: $2.33B+7.8%
EPS (adj)

$0.43

Previous: $0.48-10.4%
Adjusted EBITDA

$202M

Previous: $219M-7.9%
Adjusted EBITDA Margin

11.4%

Previous: 12.9%-11.6%
Capital Expenditures

-$44.4M

Previous: -$31.8M-39.6%
Free Cash Flow

-$20.5M

Previous: $36.9M-155.6%
Net Income

$23.9M

Previous: $68.7M-65.2%
Operating Income

$112M

Previous: $130M-14.0%
Gross Profit

-$2.05B

Previous: -$1.85B-11.0%
Cash & Equivalents

$381M

Previous: $1.19B-68.0%
Total Assets

$7.62B

Previous: $7.48B+1.9%
Stock-Based Comp

$9.7M

Previous: $17.8M-45.5%

Revenue & EPS history

Cushman & Wakefield · Revenue · Quarterly

$2.52B

Q3 2022+7.8%vs Q3 2021
Beat estimate in 13 of 15 quarters(87%)
ActualEstimate

Revenue by segment

Cushman & Wakefield · $898M total across 3 segments · Q3 2022

  • Leasing
    $518M+13.0%
  • Capital Markets
    $263M-20.3%
  • Valuation & Other
    $117M-2.6%

Forward guidance

Even in the midst of the current environment, we remain extremely encouraged about the long-term fundamentals in our industry and our ability to drive value for our clients and shareholders.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2022

Historical avgQ3 2022

-0.2%

Avg return

Earnings day

-0.2%

Avg return

5 days after

-2.3%

Avg return

30 days after

42%

15 / 36 earnings

Positive

+16.4%

Q3 2024

Best reaction

-13.9%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-4.4%-7.7%-7.6%
Q4 2025-3.2%+0.1%-12.7%
Q3 2025-2.1%-5.4%+1.3%
Q1 2025+4.4%+11.9%+12.4%
Q4 2024-6.0%-8.9%-19.8%
Q3 2024+16.4%+14.5%+16.0%
Q2 2024-5.2%-8.4%-4.3%
Q1 2024-0.7%+3.1%+10.8%
Q4 2023-13.1%-14.7%-11.2%
Q3 2023+10.3%+23.7%+24.6%
Q2 2023+6.1%+6.9%-4.6%
Q1 2023-13.9%-17.3%-7.9%
Q4 2022-2.4%-2.7%-26.4%
Q3 2022-2.4%-3.0%+10.3%
Q2 2022-4.2%-5.2%-12.5%
Q1 2022-2.8%-6.0%-5.7%
Q4 2021+4.5%-3.6%-9.0%
Q3 2021+6.5%+2.7%+0.4%
Q2 2021-0.9%-1.5%-3.9%
Q1 2021+6.7%+2.3%+3.3%
Q4 2020-9.7%-13.2%-3.4%
Q3 2020-3.8%+10.5%+26.0%
Q2 2020+1.8%+8.3%+8.1%
Q1 2020+3.3%-9.8%+23.6%
Q4 2019+5.6%+8.3%-30.9%
Q3 2019-4.5%-2.3%-0.9%
Q2 2019-6.1%-11.6%-15.1%
Q1 2018-6.1%-7.1%-7.2%
Q1 2019-6.2%-7.4%-11.8%
Q2 2018-1.4%-0.4%-5.7%
Q4 2018-0.4%+3.0%-3.3%
Q3 2017+8.5%+8.4%-1.4%
Q3 2018+13.2%+11.0%+4.1%
Q1 2017+2.2%+5.9%-5.8%
Q2 2017+2.2%+5.9%-5.8%
Q4 2017+2.2%+4.3%-5.7%

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