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Mar 31, 2024
Cushman & Wakefield Q1 2024 Earnings Report
Cushman & Wakefield reported a decrease in revenue but an increase in adjusted EBITDA for Q1 2024.
Key Takeaways
Cushman & Wakefield reported a 3% decrease in revenue to $2.2 billion for Q1 2024. Net loss decreased by 62% to $28.8 million, and adjusted EBITDA increased by 28% to $78.1 million with an adjusted EBITDA margin of 5.2%.
Revenue decreased by 3% compared to Q1 2023, totaling $2.2 billion.
Net loss decreased by 62% to $28.8 million compared to a net loss of $76.4 million in Q1 2023.
Adjusted EBITDA increased by 28% to $78.1 million, with the Adjusted EBITDA margin expanding by 117 basis points to 5.2%.
Leasing revenue increased by 5%, driven by strong growth in EMEA.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cushman & Wakefield reported strong first quarter results demonstrating strength of service offerings and commitment to strategic priorities. The company aims to build upon this quarter's momentum and capitalize on growth opportunities.
Positive Outlook
- Solid leasing growth driven by teams across the globe.
- Meaningful improvement in sales pace during the quarter.
- Maintained cost discipline to drive margin improvement.
- Recently repaid and refinanced debt to reduce annual interest expense.
- Positioning to capitalize on growth opportunities as they arise.
Challenges Ahead
- Disruptions in general macroeconomic conditions and global and regional demand for commercial real estate.
- Ability to attract and retain qualified revenue producing employees and senior management.
- Failure of acquisitions and joint ventures to perform as expected or the lack of similar future opportunities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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