Cushman & Wakefield Reports Financial Results for the Third Quarter 2024
Strong global leasing revenue growth of 13%
Net cash flow from operations and free cash flow both improved by more than
Fully repaid term loan due in 2025
“This quarter marked an important turning point. We reported the highest quarter of global Leasing revenue growth and the first quarter of
Third Quarter Results:
-
Revenue of
$2.3 billion for the third quarter of 2024 increased 3% from the third quarter of 2023.-
Leasing grew 13% driven by industrial and office leasing in the
Americas and APAC. -
Valuation and other grew 8% driven by the
Americas and EMEA. - Services and Capital markets declined 2% and 4%, respectively.
-
Leasing grew 13% driven by industrial and office leasing in the
-
Net income of
$33.7 million for the third quarter of 2024 increased$67.6 million compared to net loss of$33.9 million for the third quarter of 2023. Diluted earnings per share was$0.14 for the quarter.-
Adjusted EBITDA of
$142.5 million decreased 5% from the third quarter of 2023, with Adjusted EBITDA margin of 8.7% declining 72 basis points from the third quarter of 2023. -
Adjusted diluted earnings per share was
$0.23 for the quarter.
-
Adjusted EBITDA of
-
On
August 1, 2024 , we completed the sale of a non-core Services business in theAmericas , which resulted in a loss on disposition of$4.5 million and$17.0 million during the three and nine months endedSeptember 30, 2024 , respectively.
Year-to-Date Results:
-
Revenue of
$6.8 billion for the nine months endedSeptember 30, 2024 decreased 2% from the nine months endedSeptember 30, 2023 .Strong Leasing growth of 7% was driven by broad strength across all segments, particularly theAmericas .-
Valuation and other grew 2% driven by the
Americas and EMEA. - Services and Capital markets declined 2% and 7%, respectively.
-
Net income of
$18.4 million for the nine months endedSeptember 30, 2024 increased$123.6 million compared to net loss of$105.2 million for the nine months endedSeptember 30, 2023 . Diluted earnings per share for the nine months endedSeptember 30, 2024 was$0.08 .-
Adjusted EBITDA of
$359.5 million increased 1% from the nine months endedSeptember 30, 2023 , with an Adjusted EBITDA margin of 7.6% unchanged from the same period in 2023. -
Adjusted diluted earnings per share of
$0.43 was up from$0.39 for the nine months endedSeptember 30, 2023 .
-
Adjusted EBITDA of
-
Net cash provided by operating activities was
$92.8 million for the nine months endedSeptember 30, 2024 .-
Free cash flow generated for the nine months ended
September 30, 2024 of$61.1 million was a$146.1 million improvement compared to a free cash flow use of$85.0 million in the nine months endedSeptember 30, 2023 .
-
Free cash flow generated for the nine months ended
-
Liquidity as of
September 30, 2024 was$1.9 billion , consisting of availability on the Company’s undrawn revolving credit facility of$1.1 billion and cash and cash equivalents of$0.8 billion .
In
Consolidated Results (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency(5) |
|
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency(5) |
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Services |
$ |
865.2 |
|
$ |
878.8 |
|
(2 |
)% |
(2 |
)% |
|
$ |
2,600.6 |
|
$ |
2,664.7 |
|
(2 |
)% |
(2 |
)% |
|
Leasing |
|
492.7 |
|
|
435.7 |
|
13 |
% |
13 |
% |
|
|
1,324.7 |
|
|
1,240.0 |
|
7 |
% |
7 |
% |
|
Capital markets |
|
169.5 |
|
|
176.3 |
|
(4 |
)% |
(4 |
)% |
|
|
474.3 |
|
|
511.0 |
|
(7 |
)% |
(7 |
)% |
|
Valuation and other |
|
105.2 |
|
|
97.3 |
|
8 |
% |
7 |
% |
|
|
314.2 |
|
|
309.3 |
|
2 |
% |
2 |
% |
|
Total service line fee revenue(1) |
|
1,632.6 |
|
|
1,588.1 |
|
3 |
% |
3 |
% |
|
|
4,713.8 |
|
|
4,725.0 |
|
0 |
% |
0 |
% |
|
Gross contract reimbursables(2) |
|
711.6 |
|
|
697.9 |
|
2 |
% |
2 |
% |
|
|
2,103.2 |
|
|
2,216.3 |
|
(5 |
)% |
(5 |
)% |
|
Total revenue |
$ |
2,344.2 |
|
$ |
2,286.0 |
|
3 |
% |
2 |
% |
|
$ |
6,817.0 |
|
$ |
6,941.3 |
|
(2 |
)% |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of services provided to clients |
$ |
1,200.2 |
|
$ |
1,184.2 |
|
1 |
% |
1 |
% |
|
$ |
3,515.9 |
|
$ |
3,551.5 |
|
(1 |
)% |
(1 |
)% |
|
Cost of gross contract reimbursables |
|
711.6 |
|
|
697.9 |
|
2 |
% |
2 |
% |
|
|
2,103.2 |
|
|
2,216.3 |
|
(5 |
)% |
(5 |
)% |
|
Total costs of services |
|
1,911.8 |
|
|
1,882.1 |
|
2 |
% |
1 |
% |
|
|
5,619.1 |
|
|
5,767.8 |
|
(3 |
)% |
(2 |
)% |
|
Operating, administrative and other |
|
314.2 |
|
|
300.9 |
|
4 |
% |
4 |
% |
|
|
904.4 |
|
|
945.7 |
|
(4 |
)% |
(4 |
)% |
|
Depreciation and amortization |
|
28.9 |
|
|
36.2 |
|
(20 |
)% |
(21 |
)% |
|
|
92.6 |
|
|
108.8 |
|
(15 |
)% |
(15 |
)% |
|
Restructuring, impairment and related charges |
|
14.1 |
|
|
9.2 |
|
53 |
% |
51 |
% |
|
|
36.5 |
|
|
23.4 |
|
56 |
% |
55 |
% |
|
Total costs and expenses |
|
2,269.0 |
|
|
2,228.4 |
|
2 |
% |
2 |
% |
|
|
6,652.6 |
|
|
6,845.7 |
|
(3 |
)% |
(3 |
)% |
|
Operating income |
|
75.2 |
|
|
57.6 |
|
31 |
% |
31 |
% |
|
|
164.4 |
|
|
95.6 |
|
72 |
% |
72 |
% |
|
Interest expense, net of interest income |
|
(54.9 |
) |
|
(89.5 |
) |
(39 |
)% |
(39 |
)% |
|
|
(174.4 |
) |
|
(224.2 |
) |
(22 |
)% |
(22 |
)% |
|
Earnings from equity method investments |
|
12.1 |
|
|
16.6 |
|
(27 |
)% |
(28 |
)% |
|
|
28.1 |
|
|
41.3 |
|
(32 |
)% |
(32 |
)% |
|
Other income (expense), net |
|
20.6 |
|
|
(2.0 |
) |
n.m. |
n.m. |
|
|
25.6 |
|
|
(12.8 |
) |
n.m. |
n.m. |
||||
|
Earnings (loss) before income taxes |
|
53.0 |
|
|
(17.3 |
) |
n.m. |
n.m. |
|
|
43.7 |
|
|
(100.1 |
) |
n.m. |
n.m. |
||||
|
Provision for income taxes |
|
19.3 |
|
|
16.6 |
|
16 |
% |
15 |
% |
|
|
25.3 |
|
|
5.1 |
|
n.m. |
n.m. |
||
|
Net income (loss) |
$ |
33.7 |
|
$ |
(33.9 |
) |
n.m. |
n.m. |
|
$ |
18.4 |
|
$ |
(105.2 |
) |
n.m. |
n.m. |
||||
|
Net income (loss) margin |
|
1.4 |
% |
|
(1.5 |
)% |
|
|
|
|
0.3 |
% |
|
(1.5 |
)% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted EBITDA(3) |
$ |
142.5 |
|
$ |
150.0 |
|
(5 |
)% |
(5 |
)% |
|
$ |
359.5 |
|
$ |
357.0 |
|
1 |
% |
1 |
% |
|
Adjusted EBITDA margin(3) |
|
8.7 |
% |
|
9.4 |
% |
|
|
|
|
7.6 |
% |
|
7.6 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted net income(3) |
$ |
52.6 |
|
$ |
48.0 |
|
10 |
% |
|
|
$ |
98.9 |
|
$ |
89.1 |
|
11 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted average shares outstanding, basic |
|
229.3 |
|
|
227.2 |
|
|
|
|
|
228.7 |
|
|
226.9 |
|
|
|
||||
|
Weighted average shares outstanding, diluted(4) |
|
233.4 |
|
|
227.7 |
|
|
|
|
|
232.1 |
|
|
227.4 |
|
|
|
||||
|
Earnings (loss) per share, basic |
$ |
0.15 |
|
$ |
(0.15 |
) |
|
|
|
$ |
0.08 |
|
$ |
(0.46 |
) |
|
|
||||
|
Earnings (loss) per share, diluted |
$ |
0.14 |
|
$ |
(0.15 |
) |
|
|
|
$ |
0.08 |
|
$ |
(0.46 |
) |
|
|
||||
|
Adjusted earnings per share, diluted(3)(4) |
$ |
0.23 |
|
$ |
0.21 |
|
|
|
|
$ |
0.43 |
|
$ |
0.39 |
|
|
|
||||
|
n.m. not meaningful |
|
(1) Service line fee revenue represents revenue for fees generated from each of our service lines. |
|
(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin. |
|
(3) See the end of this press release for reconciliations of (i) Net income (loss) to Adjusted EBITDA and (ii) Net income (loss) to Adjusted net income and for explanations of the calculation of Adjusted EBITDA margin and Adjusted earnings per share, diluted. See also the definition of, and a description of the purposes for which management uses, these non-GAAP financial measures under the Use of Non-GAAP Financial Measures section in this press release. |
|
(4) For all periods with a GAAP net loss, weighted average shares outstanding, diluted is only used to calculate Adjusted earnings per share, diluted. For all periods with a GAAP net loss, all potentially dilutive shares would be anti-dilutive; therefore, both basic and diluted loss per share are calculated using weighted average shares outstanding, basic. |
|
(5) In order to assist our investors and improve comparability of results, we present the period-over-period changes in certain of our non-GAAP financial measures, such as Adjusted EBITDA, in “local” currency. The local currency change represents the period-over-period change assuming no movement in foreign exchange rates from the prior period. We believe that this presentation provides our management and investors with a better view of comparability and trends in the underlying operating business. |
Third Quarter Results (unaudited)
Revenue
Revenue of
Costs of services
Costs of services of
Operating, administrative and other
Operating, administrative and other expenses of
Restructuring, impairment and related charges
Restructuring, impairment and related charges of
Interest expense, net of interest income
Interest expense of
Earnings from equity method investments
Earnings from equity method investments of
Other income (expense), net
Other income, net was
Provision for income taxes
Provision for income taxes for the third quarter of 2024 was
Net income (loss) and Adjusted EBITDA
Net income was
Adjusted EBITDA of
Year-to-Date Results (unaudited)
Revenue
Revenue of
Costs of services
Costs of services of
Operating, administrative and other
Operating, administrative and other expenses of
Restructuring, impairment and related charges
Restructuring, impairment and related charges of
Interest expense, net of interest income
Interest expense of
Earnings from equity method investments
Earnings from equity method investments of
Other income (expense), net
Other income, net was
Provision for income taxes
Provision for income taxes for the nine months ended
Net income (loss) and Adjusted EBITDA
Net income was
Adjusted EBITDA of
Balance Sheet
Liquidity at the end of the third quarter was
Net debt as of
Conference Call
The Company’s Third Quarter 2024 Earnings Conference Call will be held today,
The direct dial-in number for the conference call is 1-844-825-9789 for
About
Cautionary Note on Forward-Looking Statements
All statements in this release 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 factors outside Cushman & Wakefield’s control. Such factors include, but are not limited to, disruptions in general macroeconomic conditions and global and regional demand for commercial real estate; our ability to attract and retain qualified revenue producing employees and senior management; the failure of our acquisitions and joint ventures to perform as expected or the lack of similar future opportunities; our ability to preserve, grow and leverage the value of our brand; the concentration of business with specific corporate clients; our ability to appropriately address actual or perceived conflicts of interest; our ability to maintain and execute our information technology strategies; interruption or failure of our information technology, communications systems or data services; our vulnerability to potential breaches in security related to our information systems; our ability to comply with current and future data privacy regulations and other confidentiality obligations; the extent to which infrastructure disruptions may affect our ability to provide our services; the potential impairment of our goodwill and other intangible assets; our ability to comply with laws and regulations and any changes thereto; changes in tax laws or tax rates and our ability to make correct determinations in complex tax regimes; our ability to successfully execute on our strategy for operational efficiency; the failure of third parties performing on our behalf to comply with contract, regulatory or legal requirements; risks associated with the climate change and ability to achieve our sustainability goals; foreign currency volatility; social, geopolitical and economic risks associated with our international operations; risks associated with sociopolitical polarization; restrictions imposed on us by the agreements governing our indebtedness; our amount of indebtedness and its potential adverse impact on our available cash flow and the operation of our business; our ability to incur more indebtedness; our ability to generate sufficient cash flow from operations to service our existing indebtedness; our ability to compete globally, regionally and locally; the seasonality of significant portions of our revenue and cash flow; our exposure to environmental liabilities due to our role as a real estate services provider; potential price declines resulting from future sales of a large number of our ordinary shares; risks related to our capital allocation strategy including current intentions to not pay cash dividends; risks related to litigation; the fact that the rights of our shareholders differ in certain respects from the rights typically offered to shareholders of a
|
Condensed Consolidated Statements of Operations (unaudited)
|
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Revenue |
$ |
2,344.2 |
|
$ |
2,286.0 |
|
|
$ |
6,817.0 |
|
$ |
6,941.3 |
|
|
Costs and expenses: |
|
|
|
|
|
||||||||
|
Costs of services (exclusive of depreciation and amortization) |
|
1,911.8 |
|
|
1,882.1 |
|
|
|
5,619.1 |
|
|
5,767.8 |
|
|
Operating, administrative and other |
|
314.2 |
|
|
300.9 |
|
|
|
904.4 |
|
|
945.7 |
|
|
Depreciation and amortization |
|
28.9 |
|
|
36.2 |
|
|
|
92.6 |
|
|
108.8 |
|
|
Restructuring, impairment and related charges |
|
14.1 |
|
|
9.2 |
|
|
|
36.5 |
|
|
23.4 |
|
|
Total costs and expenses |
|
2,269.0 |
|
|
2,228.4 |
|
|
|
6,652.6 |
|
|
6,845.7 |
|
|
Operating income |
|
75.2 |
|
|
57.6 |
|
|
|
164.4 |
|
|
95.6 |
|
|
Interest expense, net of interest income |
|
(54.9 |
) |
|
(89.5 |
) |
|
|
(174.4 |
) |
|
(224.2 |
) |
|
Earnings from equity method investments |
|
12.1 |
|
|
16.6 |
|
|
|
28.1 |
|
|
41.3 |
|
|
Other income (expense), net |
|
20.6 |
|
|
(2.0 |
) |
|
|
25.6 |
|
|
(12.8 |
) |
|
Earnings (loss) before income taxes |
|
53.0 |
|
|
(17.3 |
) |
|
|
43.7 |
|
|
(100.1 |
) |
|
Provision for income taxes |
|
19.3 |
|
|
16.6 |
|
|
|
25.3 |
|
|
5.1 |
|
|
Net income (loss) |
$ |
33.7 |
|
$ |
(33.9 |
) |
|
$ |
18.4 |
|
$ |
(105.2 |
) |
|
|
|
|
|
|
|
||||||||
|
Basic earnings (loss) per share: |
|
|
|
|
|
||||||||
|
Earnings (loss) per share attributable to common shareholders, basic |
$ |
0.15 |
|
$ |
(0.15 |
) |
|
$ |
0.08 |
|
$ |
(0.46 |
) |
|
Weighted average shares outstanding for basic earnings (loss) per share |
|
229.3 |
|
|
227.2 |
|
|
|
228.7 |
|
|
226.9 |
|
|
Diluted earnings (loss) per share: |
|
|
|
|
|
||||||||
|
Earnings (loss) per share attributable to common shareholders, diluted |
$ |
0.14 |
|
$ |
(0.15 |
) |
|
$ |
0.08 |
|
$ |
(0.46 |
) |
|
Weighted average shares outstanding for diluted earnings (loss) per share |
|
233.4 |
|
|
227.2 |
|
|
|
232.1 |
|
|
226.9 |
|
|
Condensed Consolidated Balance Sheets
|
||||||
|
|
As of |
|||||
|
(in millions, except share data) |
|
|
||||
|
Assets |
(unaudited) |
|
||||
|
Current assets: |
|
|
||||
|
Cash and cash equivalents |
$ |
775.4 |
|
$ |
767.7 |
|
|
Trade and other receivables, net of allowance of |
|
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 |
|
|
|
|
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 |
|
|
|
|
|
||||
|
Shareholders’ equity: |
|
|
||||
|
Ordinary shares, nominal value |
|
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’ equity |
$ |
7,534.0 |
|
$ |
7,774.0 |
|
|
Condensed Consolidated Statements of Cash Flows (unaudited)
|
||||||
|
|
Nine Months Ended |
|||||
|
(in millions) |
|
2024 |
|
|
2023 |
|
|
Cash flows from operating activities |
|
|
||||
|
Net income (loss) |
$ |
18.4 |
|
$ |
(105.2 |
) |
|
Reconciliation of net income (loss) to net cash provided by (used in) operating activities: |
|
|
||||
|
Depreciation and amortization |
|
92.6 |
|
|
108.8 |
|
|
Impairment charges |
|
3.8 |
|
|
4.5 |
|
|
Unrealized foreign exchange gain |
|
(0.9 |
) |
|
(6.0 |
) |
|
Stock-based compensation |
|
22.3 |
|
|
39.9 |
|
|
Lease amortization |
|
67.9 |
|
|
71.6 |
|
|
Loss on debt extinguishment |
|
— |
|
|
19.3 |
|
|
Amortization of debt issuance costs |
|
5.5 |
|
|
5.8 |
|
|
Earnings from equity method investments, net of distributions received |
|
(13.4 |
) |
|
(22.7 |
) |
|
Change in deferred taxes |
|
(22.9 |
) |
|
13.0 |
|
|
Provision for loss on receivables and other assets |
|
10.7 |
|
|
4.8 |
|
|
Loss on disposal of business |
|
17.0 |
|
|
1.3 |
|
|
Unrealized loss on equity securities, net |
|
0.8 |
|
|
22.9 |
|
|
Gain from insurance proceeds |
|
(17.3 |
) |
|
— |
|
|
Other operating activities, net |
|
(21.8 |
) |
|
16.0 |
|
|
Changes in assets and liabilities: |
|
|
||||
|
Trade and other receivables |
|
61.6 |
|
|
150.5 |
|
|
Income taxes payable |
|
10.6 |
|
|
(84.9 |
) |
|
Short-term contract assets and Prepaid expenses and other current assets |
|
17.7 |
|
|
36.0 |
|
|
Other non-current assets |
|
(14.1 |
) |
|
(32.6 |
) |
|
Accounts payable and accrued expenses |
|
(56.2 |
) |
|
(81.4 |
) |
|
Accrued compensation |
|
(46.2 |
) |
|
(164.9 |
) |
|
Other current and non-current liabilities |
|
(43.3 |
) |
|
(46.9 |
) |
|
Net cash provided by (used in) operating activities |
|
92.8 |
|
|
(50.2 |
) |
|
Cash flows from investing activities |
|
|
||||
|
Payment for property and equipment |
|
(31.7 |
) |
|
(34.8 |
) |
|
Investments in equity securities and equity method joint ventures |
|
(1.5 |
) |
|
(6.5 |
) |
|
Return of beneficial interest in a securitization |
|
(380.0 |
) |
|
(210.0 |
) |
|
Collection on beneficial interest in a securitization |
|
405.0 |
|
|
330.0 |
|
|
Proceeds from disposition of business |
|
121.4 |
|
|
— |
|
|
Other investing activities, net |
|
1.1 |
|
|
1.5 |
|
|
Net cash provided by investing activities |
|
114.3 |
|
|
80.2 |
|
|
Cash flows from financing activities |
|
|
||||
|
Shares repurchased for payment of employee taxes on stock awards |
|
(10.2 |
) |
|
(7.7 |
) |
|
Payment of deferred and contingent consideration |
|
(17.9 |
) |
|
(13.8 |
) |
|
Proceeds from borrowings |
|
— |
|
|
2,400.0 |
|
|
Repayment of borrowings |
|
(150.0 |
) |
|
(2,402.5 |
) |
|
Debt issuance costs |
|
— |
|
|
(65.4 |
) |
|
Payment of finance lease liabilities |
|
(20.5 |
) |
|
(19.8 |
) |
|
Other financing activities, net |
|
1.1 |
|
|
2.1 |
|
|
Net cash used in financing activities |
|
(197.5 |
) |
|
(107.1 |
) |
|
|
|
|
||||
|
Change in cash, cash equivalents and restricted cash |
|
9.6 |
|
|
(77.1 |
) |
|
Cash, cash equivalents and restricted cash, beginning of the period |
|
801.2 |
|
|
719.0 |
|
|
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash |
|
2.1 |
|
|
(6.6 |
) |
|
Cash, cash equivalents and restricted cash, end of the period |
$ |
812.9 |
|
$ |
635.3 |
|
Segment Results
The following tables summarize the results of operations for the Company’s segments for the three and nine months ended
Americas Results
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
|
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Services |
$ |
605.4 |
$ |
611.7 |
(1 |
)% |
0 |
% |
|
$ |
1,811.2 |
$ |
1,869.1 |
(3 |
)% |
(3 |
)% |
||||
|
Leasing |
|
396.0 |
|
|
341.1 |
|
16 |
% |
16 |
% |
|
|
1,047.8 |
|
|
981.8 |
|
7 |
% |
7 |
% |
|
Capital markets |
|
138.5 |
|
|
136.2 |
|
2 |
% |
2 |
% |
|
|
381.9 |
|
|
418.4 |
|
(9 |
)% |
(9 |
)% |
|
Valuation and other |
|
38.8 |
|
|
31.2 |
|
24 |
% |
26 |
% |
|
|
113.0 |
|
|
103.1 |
|
10 |
% |
11 |
% |
|
Total service line fee revenue(1) |
|
1,178.7 |
|
|
1,120.2 |
|
5 |
% |
6 |
% |
|
|
3,353.9 |
|
|
3,372.4 |
|
(1 |
)% |
0 |
% |
|
Gross contract reimbursables(2) |
|
571.8 |
|
|
581.7 |
|
(2 |
)% |
(1 |
)% |
|
|
1,731.2 |
|
|
1,886.6 |
|
(8 |
)% |
(8 |
)% |
|
Total revenue |
$ |
1,750.5 |
|
$ |
1,701.9 |
|
3 |
% |
3 |
% |
|
$ |
5,085.1 |
|
$ |
5,259.0 |
|
(3 |
)% |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Americas Fee-based operating expenses |
$ |
1,071.6 |
|
$ |
1,017.2 |
|
5 |
% |
6 |
% |
|
$ |
3,091.1 |
|
$ |
3,110.4 |
|
(1 |
)% |
0 |
% |
|
Cost of gross contract reimbursables |
|
571.8 |
|
|
581.7 |
|
(2 |
)% |
(1 |
)% |
|
|
1,731.2 |
|
|
1,886.6 |
|
(8 |
)% |
(8 |
)% |
|
Segment operating expenses |
$ |
1,643.4 |
|
$ |
1,598.9 |
|
3 |
% |
3 |
% |
|
$ |
4,822.3 |
|
$ |
4,997.0 |
|
(3 |
)% |
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income (loss) |
$ |
41.2 |
|
$ |
20.8 |
|
98 |
% |
97 |
% |
|
$ |
42.0 |
|
$ |
(10.1 |
) |
n.m. |
n.m. |
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted EBITDA |
$ |
111.3 |
|
$ |
117.4 |
|
(5 |
)% |
(5 |
)% |
|
$ |
284.7 |
|
$ |
290.4 |
|
(2 |
)% |
(2 |
)% |
|
n.m. not meaningful |
|
(1) Service line fee revenue represents revenue for fees generated from each of our service lines. |
|
(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin. |
EMEA Results
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
|
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Services |
$ |
78.2 |
|
$ |
98.9 |
|
(21 |
)% |
(22 |
)% |
|
$ |
239.2 |
|
$ |
280.0 |
|
(15 |
)% |
(16 |
)% |
|
Leasing |
|
50.7 |
|
|
54.0 |
|
(6 |
)% |
(8 |
)% |
|
|
158.2 |
|
|
148.5 |
|
7 |
% |
5 |
% |
|
Capital markets |
|
20.2 |
|
|
20.8 |
|
(3 |
)% |
(5 |
)% |
|
|
54.9 |
|
|
52.4 |
|
5 |
% |
3 |
% |
|
Valuation and other |
|
42.0 |
|
|
39.1 |
|
7 |
% |
5 |
% |
|
|
126.3 |
|
|
122.9 |
|
3 |
% |
1 |
% |
|
Total service line fee revenue(1) |
|
191.1 |
|
|
212.8 |
|
(10 |
)% |
(12 |
)% |
|
|
578.6 |
|
|
603.8 |
|
(4 |
)% |
(5 |
)% |
|
Gross contract reimbursables(2) |
|
28.8 |
|
|
29.1 |
|
(1 |
)% |
(3 |
)% |
|
|
85.5 |
|
|
83.2 |
|
3 |
% |
1 |
% |
|
Total revenue |
$ |
219.9 |
|
$ |
241.9 |
|
(9 |
)% |
(11 |
)% |
|
$ |
664.1 |
|
$ |
687.0 |
|
(3 |
)% |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
EMEA Fee-based operating expenses |
$ |
177.0 |
|
$ |
191.9 |
|
(8 |
)% |
(10 |
)% |
|
$ |
544.1 |
|
$ |
568.9 |
|
(4 |
)% |
(6 |
)% |
|
Cost of gross contract reimbursables |
|
28.8 |
|
|
29.1 |
|
(1 |
)% |
(3 |
)% |
|
|
85.5 |
|
|
83.2 |
|
3 |
% |
1 |
% |
|
Segment operating expenses |
$ |
205.8 |
|
$ |
221.0 |
|
(7 |
)% |
(9 |
)% |
|
$ |
629.6 |
|
$ |
652.1 |
|
(3 |
)% |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net loss |
$ |
(13.5 |
) |
$ |
(36.0 |
) |
(63 |
)% |
(63 |
)% |
|
$ |
(28.5 |
) |
$ |
(65.5 |
) |
(56 |
)% |
(56 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted EBITDA |
$ |
12.4 |
|
$ |
16.6 |
|
(25 |
)% |
(28 |
)% |
|
$ |
34.6 |
|
$ |
31.4 |
|
10 |
% |
10 |
% |
|
(1) Service line fee revenue represents revenue for fees generated from each of our service lines. |
|
(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin. |
APAC Results
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
|
|
2024 |
|
|
2023 |
|
% Change in USD |
% Change in Local Currency |
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
Services |
$ |
181.6 |
$ |
168.2 |
|
8 |
% |
6 |
% |
|
$ |
550.2 |
$ |
515.6 |
|
7 |
% |
7 |
% |
||
|
Leasing |
|
46.0 |
|
|
40.6 |
|
13 |
% |
13 |
% |
|
|
118.7 |
|
|
109.7 |
|
8 |
% |
10 |
% |
|
Capital markets |
|
10.8 |
|
|
19.3 |
|
(44 |
)% |
(44 |
)% |
|
|
37.5 |
|
|
40.2 |
|
(7 |
)% |
(3 |
)% |
|
Valuation and other |
|
24.4 |
|
|
27.0 |
|
(10 |
)% |
(10 |
)% |
|
|
74.9 |
|
|
83.3 |
|
(10 |
)% |
(9 |
)% |
|
Total service line fee revenue(1) |
|
262.8 |
|
|
255.1 |
|
3 |
% |
2 |
% |
|
|
781.3 |
|
|
748.8 |
|
4 |
% |
5 |
% |
|
Gross contract reimbursables(2) |
|
111.0 |
|
|
87.1 |
|
27 |
% |
26 |
% |
|
|
286.5 |
|
|
246.5 |
|
16 |
% |
17 |
% |
|
Total revenue |
$ |
373.8 |
|
$ |
342.2 |
|
9 |
% |
8 |
% |
|
$ |
1,067.8 |
|
$ |
995.3 |
|
7 |
% |
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||||
|
APAC Fee-based operating expenses |
$ |
251.5 |
|
$ |
243.7 |
|
3 |
% |
2 |
% |
|
$ |
754.3 |
|
$ |
730.6 |
|
3 |
% |
4 |
% |
|
Cost of gross contract reimbursables |
|
111.0 |
|
|
87.1 |
|
27 |
% |
26 |
% |
|
|
286.5 |
|
|
246.5 |
|
16 |
% |
17 |
% |
|
Segment operating expenses |
$ |
362.5 |
|
$ |
330.8 |
|
10 |
% |
8 |
% |
|
$ |
1,040.8 |
|
$ |
977.1 |
|
7 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income (loss) |
$ |
6.0 |
|
$ |
(18.7 |
) |
n.m. |
n.m. |
|
$ |
4.9 |
|
$ |
(29.6 |
) |
n.m. |
n.m. |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted EBITDA |
$ |
18.8 |
|
$ |
16.0 |
|
18 |
% |
15 |
% |
|
$ |
40.2 |
|
$ |
35.2 |
|
14 |
% |
16 |
% |
|
n.m. not meaningful |
|
(1) Service line fee revenue represents revenue for fees generated from each of our service lines. |
|
(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin. |
Use of Non-GAAP Financial Measures
We have used the following measures, which are considered “non-GAAP financial measures” under
|
i. |
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin; |
|
ii. |
Segment operating expenses and Fee-based operating expenses; |
|
iii. |
Adjusted net income and Adjusted earnings per share; |
|
iv. |
Free cash flow; |
|
v. |
Local currency; and |
|
vi. |
Net debt. |
Management principally uses these non-GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not recognized measurements under GAAP. When analyzing our operating results, investors should use them in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the Company’s calculation of these non-GAAP financial measures may differ from other companies, our presentation of these measures may not be comparable to similarly titled measures of other companies.
The Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance. The measures eliminate the impact of certain items that may obscure trends in the underlying performance of our business. The Company believes that they are useful to investors for the additional purposes described below.
Adjusted EBITDA and Adjusted EBITDA margin: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate unrealized (gain) loss on investments, net, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds 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. Adjusted EBITDA margin, a non-GAAP measure of profitability as a percent of revenue, is measured against service line fee revenue.
Segment operating expenses and Fee-based operating expenses: Consistent with GAAP, reimbursed costs for certain customer contracts are presented on a gross basis in both revenue and operating expenses for which the Company recognizes substantially no margin. Total costs and expenses include segment operating expenses, as well as other expenses such as depreciation and amortization, loss on dispositions, integration and other costs related to merger, 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. Segment operating expenses includes Fee-based operating expenses and Cost of gross contract reimbursables. We believe Fee-based operating expenses more accurately reflects the costs we incur during the course of delivering services to our clients and is more consistent with how we manage our expense base and operating margins.
Adjusted net income and Adjusted earnings per share: Management also assesses the profitability of the business using Adjusted net income. We believe that investors find this measure useful in comparing our profitability to that of other companies in our industry because this calculation generally eliminates depreciation and amortization related to merger, unrealized (gain) loss on investments, net, financing and other facility fees, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds and other non-recurring items. Income tax, as adjusted, reflects management’s expectation about our long-term effective rate as a public company. The Company also uses Adjusted earnings per share (“EPS”) as a component when measuring operating performance. Management defines Adjusted EPS as Adjusted net income divided by total basic and diluted weighted average shares outstanding.
Free cash flow: Free cash flow is a financial performance metric that is calculated as net cash provided by (used in) operating activities, less capital expenditures (reflected as Payment for property and equipment in the investing section of the Condensed Consolidated Statements of Cash Flows).
Local currency: In discussing our results, we refer to percentage changes in local currency. These metrics are calculated by holding foreign currency exchange rates constant in year-over-year comparisons. Management believes that this methodology provides investors with greater visibility into the performance of our business excluding the effect of foreign currency rate fluctuations.
Net debt: Net debt is used as a measure of our liquidity and is calculated as total debt minus cash and cash equivalents.
Adjustments to
During the periods presented in this earnings release, we had the following adjustments:
Unrealized (gain) loss on investments, net represents net unrealized gains and losses on fair value investments. Prior to 2024, this primarily reflected unrealized losses on our investment in WeWork.
Loss on dispositions reflects losses on the sale or disposition of businesses as well as other transaction costs associated with the sales, which are not indicative of our core operating results given the low frequency of business dispositions by the Company.
Integration and other costs related to merger reflects the non-cash amortization expense of certain merger related retention awards that will be amortized through 2026, and the non-cash amortization expense of merger related deferred rent and tenant incentives which will be amortized through 2028.
Acquisition related costs and efficiency initiatives includes internal and external consulting costs incurred to implement certain distinct operating efficiency initiatives designed to realign our organization to be a more agile partner to our clients. These initiatives vary in frequency, amount and occurrence based on factors specific to each initiative. In addition, this includes certain direct costs incurred in connection with acquiring businesses.
Cost savings initiatives
primarily reflects severance and other one-time employment-related separation costs related to actions to reduce headcount across select roles to help optimize our workforce given the challenging macroeconomic conditions and operating environment, as well as property lease rationalizations. These actions continued through
CEO transition costs in 2024 reflects certain payroll taxes associated with compensation for
Servicing liability fees and amortization
reflects the additional non-cash servicing liability fees accrued in connection with the A/R Securitization amendments in prior years. The liability will be amortized through
Legal and compliance matters includes estimated losses and settlements for certain legal matters which are not considered ordinary course legal matters given the infrequency of similar cases brought against the Company, complexity of the matter, nature of the remedies sought and/or our overall litigation strategy. We exclude such losses from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods.
Gains from insurance proceeds represents one-time gains related to certain contingent events, such as insurance recoveries, which are not considered ordinary course and which are only recorded once realized or realizable, net of related legal fees. We exclude such net gains from the calculation of Adjusted EBITDA to improve the comparability of our operating results for the current period to prior and future periods.
The interim financial information for the three and nine months ended
Please see the following tables for reconciliations of our non-GAAP financial measures to the most closely comparable GAAP measures.
Reconciliations of Non-GAAP financial measures
Reconciliation of Net income (loss) to Adjusted EBITDA:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Net income (loss) |
$ |
33.7 |
|
$ |
(33.9 |
) |
|
$ |
18.4 |
|
$ |
(105.2 |
) |
|
Adjustments: |
|
|
|
|
|
||||||||
|
Depreciation and amortization |
|
28.9 |
|
|
36.2 |
|
|
|
92.6 |
|
|
108.8 |
|
|
Interest expense, net of interest income |
|
54.9 |
|
|
89.5 |
|
|
|
174.4 |
|
|
224.2 |
|
|
Provision for income taxes |
|
19.3 |
|
|
16.6 |
|
|
|
25.3 |
|
|
5.1 |
|
|
Unrealized (gain) loss on investments, net |
|
(0.9 |
) |
|
4.0 |
|
|
|
0.8 |
|
|
22.9 |
|
|
Loss on dispositions |
|
5.5 |
|
|
— |
|
|
|
19.5 |
|
|
1.8 |
|
|
Integration and other costs related to merger |
|
1.1 |
|
|
2.4 |
|
|
|
3.9 |
|
|
6.8 |
|
|
Acquisition related costs and efficiency initiatives |
|
— |
|
|
— |
|
|
|
— |
|
|
11.7 |
|
|
Cost savings initiatives |
|
11.5 |
|
|
14.2 |
|
|
|
28.9 |
|
|
41.4 |
|
|
CEO transition costs |
|
— |
|
|
3.2 |
|
|
|
1.9 |
|
|
5.5 |
|
|
Servicing liability fees and amortization |
|
(0.5 |
) |
|
0.7 |
|
|
|
(1.4 |
) |
|
12.3 |
|
|
Legal and compliance matters |
|
— |
|
|
14.1 |
|
|
|
— |
|
|
14.1 |
|
|
Gain from insurance proceeds, net of legal fees |
|
(16.5 |
) |
|
— |
|
|
|
(16.5 |
) |
|
1.1 |
|
|
Other(1) |
|
5.5 |
|
|
3.0 |
|
|
|
11.7 |
|
|
6.5 |
|
|
Adjusted EBITDA |
$ |
142.5 |
|
$ |
150.0 |
|
|
$ |
359.5 |
|
$ |
357.0 |
|
|
(1) |
For the three months ended |
Summary of Total costs and expenses:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Americas Fee-based operating expenses |
$ |
1,071.6 |
|
$ |
1,017.2 |
|
$ |
3,091.1 |
|
$ |
3,110.4 |
||
|
EMEA Fee-based operating expenses |
|
177.0 |
|
|
191.9 |
|
|
|
544.1 |
|
|
568.9 |
|
|
APAC Fee-based operating expenses |
|
251.5 |
|
|
243.7 |
|
|
|
754.3 |
|
|
730.6 |
|
|
Cost of gross contract reimbursables |
|
711.6 |
|
|
697.9 |
|
|
|
2,103.2 |
|
|
2,216.3 |
|
|
Segment operating expenses |
|
2,211.7 |
|
|
2,150.7 |
|
|
|
6,492.7 |
|
|
6,626.2 |
|
|
Depreciation and amortization |
|
28.9 |
|
|
36.2 |
|
|
|
92.6 |
|
|
108.8 |
|
|
Loss on dispositions |
|
5.5 |
|
|
— |
|
|
|
19.5 |
|
|
1.8 |
|
|
Integration and other costs related to merger |
|
1.1 |
|
|
2.4 |
|
|
|
3.9 |
|
|
6.8 |
|
|
Acquisition related costs and efficiency initiatives |
|
— |
|
|
— |
|
|
|
— |
|
|
11.7 |
|
|
Cost savings initiatives |
|
11.5 |
|
|
14.2 |
|
|
|
28.9 |
|
|
41.4 |
|
|
CEO transition costs |
|
— |
|
|
3.2 |
|
|
|
1.9 |
|
|
5.5 |
|
|
Servicing liability fees and amortization |
|
(0.5 |
) |
|
0.7 |
|
|
|
(1.4 |
) |
|
12.3 |
|
|
Legal and compliance matters |
|
— |
|
|
14.1 |
|
|
|
— |
|
|
14.1 |
|
|
Other, including foreign currency movements(1) |
|
10.8 |
|
|
6.9 |
|
|
|
14.5 |
|
|
17.1 |
|
|
Total costs and expenses |
$ |
2,269.0 |
|
$ |
2,228.4 |
|
|
$ |
6,652.6 |
|
$ |
6,845.7 |
|
|
(1) |
For the three months ended |
Reconciliation of Net income (loss) to Adjusted net income:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
(in millions, except per share data) (unaudited) |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Net income (loss) |
$ |
33.7 |
|
$ |
(33.9 |
) |
|
$ |
18.4 |
|
$ |
(105.2 |
) |
|
Add/(less): |
|
|
|
|
|
||||||||
|
Merger and acquisition related depreciation and amortization |
|
10.8 |
|
|
16.9 |
|
|
|
37.5 |
|
|
52.7 |
|
|
Unrealized (gain) loss on investments, net |
|
(0.9 |
) |
|
4.0 |
|
|
|
0.8 |
|
|
22.9 |
|
|
Financing and other facility fees(1) |
|
— |
|
|
29.0 |
|
|
|
2.9 |
|
|
50.6 |
|
|
Loss on dispositions |
|
5.5 |
|
|
— |
|
|
|
19.5 |
|
|
1.8 |
|
|
Integration and other costs related to merger |
|
1.1 |
|
|
2.4 |
|
|
|
3.9 |
|
|
6.8 |
|
|
Acquisition related costs and efficiency initiatives |
|
— |
|
|
— |
|
|
|
— |
|
|
11.7 |
|
|
Cost savings initiatives |
|
11.5 |
|
|
14.2 |
|
|
|
28.9 |
|
|
41.4 |
|
|
CEO transition costs |
|
— |
|
|
3.2 |
|
|
|
1.9 |
|
|
5.5 |
|
|
Servicing liability fees and amortization |
|
(0.5 |
) |
|
0.7 |
|
|
|
(1.4 |
) |
|
12.3 |
|
|
Legal and compliance matters |
|
— |
|
|
14.1 |
|
|
|
— |
|
|
14.1 |
|
|
Gain from insurance proceeds, net of legal fees |
|
(16.5 |
) |
|
— |
|
|
|
(16.5 |
) |
|
1.1 |
|
|
Other |
|
5.5 |
|
|
3.0 |
|
|
|
11.7 |
|
|
6.5 |
|
|
Tax impact of adjusted items(2) |
|
2.4 |
|
|
(5.6 |
) |
|
|
(8.7 |
) |
|
(33.1 |
) |
|
Adjusted net income |
$ |
52.6 |
|
$ |
48.0 |
|
|
$ |
98.9 |
|
$ |
89.1 |
|
|
Weighted average shares outstanding, basic |
|
229.3 |
|
|
227.2 |
|
|
|
228.7 |
|
|
226.9 |
|
|
Weighted average shares outstanding, diluted(3) |
|
233.4 |
|
|
227.7 |
|
|
|
232.1 |
|
|
227.4 |
|
|
Adjusted earnings per share, basic |
$ |
0.23 |
|
$ |
0.21 |
|
|
$ |
0.43 |
|
$ |
0.39 |
|
|
Adjusted earnings per share, diluted(3) |
$ |
0.23 |
|
$ |
0.21 |
|
|
$ |
0.43 |
|
$ |
0.39 |
|
|
(1) |
Financing and other facility fees reflects costs related to the refinancing of a portion of the borrowings under our 2018 Credit Agreement, including |
|
(2) |
Reflective of management’s estimation of an adjusted effective tax rate of 24% and 32% for the three months ended |
|
(3) |
Weighted average shares outstanding, diluted is calculated by taking basic weighted average shares outstanding and adding dilutive shares of 4.1 million and 0.5 million for the three months ended |
Reconciliation of Net cash provided by (used in) operating activities to Free cash flow:
|
|
Nine Months Ended |
|||||
|
(in millions) (unaudited) |
|
2024 |
|
|
2023 |
|
|
Net cash provided by (used in) operating activities |
$ |
92.8 |
|
$ |
(50.2 |
) |
|
Payment for property and equipment |
|
(31.7 |
) |
|
(34.8 |
) |
|
Free cash flow |
$ |
61.1 |
|
$ |
(85.0 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104122747/en/
INVESTOR RELATIONS
Investor Relations
+1 312 338 7860
IR@cushwake.com
MEDIA CONTACT
Corporate Communications
+1 312 424 8195
aixa.velez@cushwake.com
Source:
