Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q4 2024 Earnings Presentation
19 slides from Cushman & Wakefield's earnings presentation, Feb 20, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2024 EARNINGS PRESENTATION FEBRUARY 20, 2025
Slide 2: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and f
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION We have used the following measures, which are considered “non-GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin; ii. Adj
Slide 4: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to U.S. GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures During the periods presented in this presentation, we had the following adjustments: Unrealized loss on investments, net represents net unreal
Slide 5: Fourth Quarter and Full Year 2024 Business Update
FOURTH QUARTER AND FULL YEAR 2024 BUSINESS UPDATE(1) Fourth Quarter Key 2024 Highlights › Q4'24 fee revenue of $1.9 billion, up 4% versus Q4’23 › Closed 2024 with strong positive momentum in Capital Markets, reporting Q4'24 global Capital Markets fee revenue growth of 36% ‒ Leasing fee revenue up 7%
Slide 6: Financial Overview
FINANCIAL OVERVIEW a
Slide 7: Fourth Quarter and Full Year Highlights
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS Three Months Ended % Change Twelve Months % Change USD $m, except December 31, Ended December 31, Adjusted EPS 2024 2023 USD LC 2024 2023 USD LC Fee Revenue $1,875 $1,806 4% 4% $6,589 $6,531 1% 1% Adjusted EBITDA $222 $213 4% 6% $582 $570 2% 3% Adjusted EBITDA
Slide 8: Q4'24 Fee Revenue by Segment and Service Line
Q4'24 FEE REVENUE BY SEGMENT AND SERVICE LINE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $1,875 $1,806 $880 $909 $623 $587 $127 $248 $184 $126 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Growth % LC(1) 4% (3%) 7% 36% (1%
Slide 9: Americas Q4'24 Performance
AMERICAS Q4'24 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $1,329 $1,251 $488 $609 $626 $439 $183 $49 $48 $138 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Growth % LC(1) 7% (2%) 12% 33% 4% % of Fee Revenue LTM
Slide 10: EMEA Q4'24 Performance
EMEA Q4'24 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $249 $254 $92 $91 $81 $69 $52 $51 $37 $31 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Growth % LC(1) (2%) 1% (15%) 20% 0% % of Fee Revenue LTM Q4’24(2) 40
Slide 11: APAC Q4'24 Performance
APAC Q4’24 PERFORMANCE In USD $m Total Fee Revenue Fee Revenue by Service Line Services Leasing Capital Markets Valuation & Other $297 $302 $178 $191 $66 $67 $28 $15 $25 $29 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Q4'24 Q4'23 Growth % LC(1) (1%) (7%) 0% 92% (12%) % of Fee Revenue LTM Q4’24(2
Slide 12: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA Debt Maturity Profile(1) in USD $m 4.3x 4.3x $980 3.8x 2.8x 2.9x $1,100 $981 $645 $394 2020 2021 2022 2023 2024 2023 2024 2025 2026 2027 2028 2029 2030 2031 Term Loan Undrawn Revolving Term Loan (’30 Senior Secured Notes (’25 Maturity)(3) Credit Facility Matu
Slide 13: FY 2025 Outlook
FY 2025 OUTLOOK › 2025 Leasing growth in mid-single-digits › Full year Capital Markets growth expected to accelerate vs. 2024, with magnitude of improvement dependent on macro trends, including interest rate volatility, investor sentiment and continued availability of capital › Services revenue reac
Slide 14: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Slide 15: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended (USD $m, unless otherwise indicated) December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Term Loans(1) $1,960.2 $2,157.7 $2,573.9 $2,593.8 $2,613.7 2028 Senior Secured Notes(2) 645.1 643.7 642.2 640.8 639.4 2031 Senior Secur
Slide 16: Summary of Total Segment Revenues
SUMMARY OF TOTAL SEGMENT REVENUES Three Months Ended Twelve Months Ended (USD $m) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Americas Segment Services $609.4 $625.9 $2,420.4 $2,494.7 Leasing 488.4 439.1 1,536.2 1,420.9 Capital markets 182.8 138.1 564.7 556.5 Valuation an
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Three Months Ended Twelve Months Ended (USD $m) December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2024 2023 2024 2023 2022 2021 2020 Net income (loss) $112.9 $69.8 $131.3 $(35.4) $196.4 $250.0 $(220.5) Ad
Slide 18: Reconciliation of Net Income (Loss) to Adjusted Net Income
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME Three Months Ended Twelve Months Ended (USD $m, unless otherwise indicated) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income (loss) $112.9 $69.8 $131.3 $(35.4) Adjustments: Merger and acquisition related dep
Slide 19: About Cushman & Wakefield
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service