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美国
证券交易委员会
华盛顿特区20549
_____________________________
 
表格 10-Q
 
x
根据1934年证券交易所法案第13或第15（d）条的季度报告。
截至2024年6月30日季度结束 2024年9月30日
或者
☐根据1934年证券交易所法第13或第15（d）条的过渡报告
从_______________到_______________的过渡期间
委员会档案编号： 001-38611
cwlogoa03.jpg
Cushman & Wakefield plc
（依凭章程所载的完整登记名称）
 
英格兰和威尔士 98-1193584
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截至2024年10月30日， 229,486,924 普通股股份，每股面值$0.10，仍待支付。


高诗曼及韦富国际股份有限公司
第10-Q表格季报告
2024年9月30日
目 录
  页面
第I部分
项目1。
 
 
 
 
 
 
项目2。
项目3。
项目4。
 第二部分
项目1。
项目1A。
项目2。
项目3。
项目4。
项目5。
第6项。
 

1
T目录
第一部分 - 财务信息
项目1. 基本报表

Cushman & Wakefield plc
缩短的合并财务报表
截至日期
(以百万为单位，除股份数据外) 已发行股份
2024年9月30日2023年12月31日
资产（未经审计）
流动资产:
现金及现金等价物$775.4 $767.7 
应收贸易及其他账款，扣除$ 订立的津贴89.4 15.185.2截至2024年9月30日和2023年12月31日，分别为。
1,278.1 1,468.0 
应付所得税款项65.5 67.1 
短期合约资产净额302.0 311.0 
预付费用及其他流动资产227.9 189.4 
全部流动资产2,648.9 2,803.2 
物业及设备，扣除折旧后净值141.6 163.8 
商誉2,049.4 2,080.9 
无形资产，扣除累计摊销703.2 805.9 
权益法投资723.5 708.0 
递延税款贷项124.2 67.4 
非流动经营租赁资产303.7 339.0 
其他非流动资产839.5 805.8 
资产总额$7,534.0 $7,774.0 
负债及股东权益
当前负债：
短期借款和长期债务的当前部分$96.4 $149.7 
应付帐款和应计费用1,068.6 1,157.7 
应计薪酬799.9 851.4 
应付所得税30.7 20.8 
其他流动负债245.4 217.6 
流动负债合计2,241.0 2,397.2 
长期负债净额2,997.0 3,096.9 
递延所得税负债43.2 13.7 
非流动经营租赁负债279.8 319.6 
其他非流动负债270.0 268.6 
总负债5,831.0 6,096.0 
承诺和事项（请参阅附注11）
股东权益：
普通股份，面值$0.10 ， 800,000,000 授权股份为 229,420,978 和 227,282,173 截至2024年9月30日和2023年12月31日期间已发行并流通的股份数分别为
22.9 22.7 
资本公积额额外增资2,970.7 2,957.3 
累积亏损(1,098.8)(1,117.2)
累积其他全面损失(192.4)(185.4)
归属于公司的全部权益1,702.4 1,677.4 
非控制股权0.6 0.6 
总股本1,703.0 1,678.0 
负债总额及股东权益
$7,534.0 $7,774.0 

附注内容是这些简明合并基本报表的一部分。
2
T目录
Cushman & Wakefield plc
损益综合表简明合并报表
（未经审计）
截至九月三十日止三个月，截至九月三十日止九个月
（以百万计，每股数据除外）
2024202320242023
收入$2,344.2 $2,286.0 $6,817.0 $6,941.3 
成本和费用：
服务成本（不包括折旧和摊销）1,911.8 1,882.1 5,619.1 5,767.8 
营运、行政及其他314.2 300.9 904.4 945.7 
折旧和摊销28.9 36.2 92.6 108.8 
重组、减值及相关费用14.1 9.2 36.5 23.4 
总成本和支出2,269.0 2,228.4 6,652.6 6,845.7 
营业收入
75.2 57.6 164.4 95.6 
利息开支，除利息收入(54.9)(89.5)(174.4)(224.2)
股票方式投资收益12.1 16.6 28.1 41.3 
其他收入（费用），净额
20.6 (2.0)25.6 (12.8)
所得税前的盈利（亏损）
53.0 (17.3)43.7 (100.1)
所得税预约
19.3 16.6 25.3 5.1 
净收入（亏损）
$33.7 $(33.9)$18.4 $(105.2)
每股基本盈利（亏损）：
普通股东应占每股盈利（亏损），基本
$0.15 $(0.15)$0.08 $(0.46)
以每股基本盈利（亏损）计算的加权平均持仓股
229.3 227.2 228.7 226.9 
每股稀释盈利（亏损）：
普通股东应占每股盈利（亏损），稀释
$0.14 $(0.15)$0.08 $(0.46)
以每股稀释盈利（亏损）计算的加权平均持仓股
233.4 227.2 232.1 226.9 

附注是这些简明合并基本报表的组成部分。
3
T目录
库什曼和韦克菲尔德公司
综合收益（损失）的简明合并报表
(未经审计)
截至9月30日的三个月截至9月30日的九个月
（单位百万）
2024202320242023
$33.7 $(33.9)$18.4 $(105.2)
其他综合收益(损失), 净额(税后):
指定对冲（损失）收益
(28.6)7.1 (20.3)18.7 
确定福利计划精算（损失）收益
(1.9)0.9 (1.1)(0.3)
外币翻译49.0 (38.6)14.4 (36.0)
其他综合收益（损失）总额
18.5 (30.6)(7.0)(17.6)
总综合收益（损失）
$52.2 $(64.5)$11.4 $(122.8)
附注是这些简明合并财务报表的一部分。
4
T目录
高诗汉华地产顾问有限公司
压缩的综合权益变动表
对于截至2024年和2023年的三个和九个月份 截至2024年和2023年9月30日的月份
(未经审计)
累计其他综合收益（损失）
（单位百万）
普通股
普通股票（$）
股本外溢价
累计赤字
未实现对冲收益（损失）
外币翻译
定义的利益计划
累计其他综合损益，扣税后
归属于公司的总权益
非控制者权益
总股本
2024年6月30日的余额229.2 $22.9 $2,959.4 $(1,132.5)$45.3 $(216.2)$(40.0)$(210.9)$1,638.9 $0.6 $1,639.5 
净利润— — — 33.7 — — — — 33.7 — 33.7 
基于股票的报酬— — 10.4 — — — — — 10.4 — 10.4 
有关股权补偿计划的股份归属，扣除用于支付税款的金额0.2 — 0.9 — — — — — 0.9 — 0.9 
对冲工具未实现损失，扣除税金— — — — (17.2)— — (17.2)(17.2)— (17.2)
从AOCI重新分类金额至利润表— — — — (11.4)— — (11.4)(11.4)— (11.4)
外币翻译— — — — — 49.0 — 49.0 49.0 — 49.0 
企业年金计划精算亏损— — — — — — (1.9)(1.9)(1.9)— (1.9)
2024年9月30日余额229.4 $22.9 $2,970.7 $(1,098.8)$16.7 $(167.2)$(41.9)$(192.4)$1,702.4 $0.6 $1,703.0 
累计其他综合收益（损失）
（单位百万）
普通股
普通股股票 ($)
股本外溢价
累计赤字
未实现套期保值收益（损失）
外币翻译
定义的利益计划
其他综合损失累计总额，税后净额
归属于公司的总权益
非控制者权益
总股本
截至2023年6月30日的余额227.1 $22.7 $2,929.8 $(1,153.1)$60.3 $(198.0)$(40.3)$(178.0)$1,621.4 $0.6 $1,622.0 
净损失— — — (33.9)— — — — $(33.9)$— (33.9)
基于股票的报酬— — 14.4 — — — — — 14.4 — 14.4 
股权补偿计划相关股票的解禁，扣除用于缴纳税款的金额0.1 — (0.3)— — — — — (0.3)— (0.3)
对冲工具未实现收益，扣除税款— — — — 17.6 — — 17.6 17.6 — 17.6 
从AOCI重新分类到经营报表的金额— — — — (10.5)— — (10.5)(10.5)— (10.5)
外币翻译— — — — — (38.6)— (38.6)(38.6)— (38.6)
员工福利计划精算收益— — — — — — 0.9 0.9 0.9 — 0.9 
其他活动— — — — — — — — — (0.1)(0.1)
截至2023年9月30日的余额227.2 $22.7 $2,943.9 $(1,187.0)$67.4 $(236.6)$(39.4)$(208.6)$1,571.0 $0.5 $1,571.5 

附注是这些简明合并财务报表的一部分。
5
T目录
高诗汉华地产顾问有限公司
压缩的综合权益变动表
对于三个和九个 截至2024年和2023年9月30日的月份
(续)（未经审计）
累计其他综合收益（损失）
（单位百万）
普通股
普通股票（$）
股本外溢价
累计赤字
未实现对冲收益（损失）
外币翻译
定义的利益计划
累计其他综合损失，税后净额
归属于公司的总权益
非控制者权益
总股本
2023年12月31日的余额227.3 $22.7 $2,957.3 $(1,117.2)$37.0 $(181.6)$(40.8)$(185.4)$1,677.4 $0.6 $1,678.0 
净利润— — — 18.4 — — — — 18.4 — 18.4 
基于股票的报酬— — 22.3 — — — — — 22.3 — 22.3 
与股权补偿计划相关的股份分配，扣除用于支付税款的金额2.1 0.2 (8.9)— — — — — (8.7)— (8.7)
对冲工具未实现收益，扣除税款后— — — — 13.8 — — 13.8 13.8 — 13.8 
从AOCI重新分类至经营报表的金额— — — — (34.1)— — (34.1)(34.1)— (34.1)
外币翻译— — — — — 14.4 — 14.4 14.4 — 14.4 
定义利益计划的精算亏损— — — — — — (1.1)(1.1)(1.1)— (1.1)
2024年9月30日余额229.4$22.9 $2,970.7 $(1,098.8)$16.7 $(167.2)$(41.9)$(192.4)$1,702.4 $0.6 $1,703.0 
累计其他综合收益（损失）
（单位百万）
普通股
普通股份（$）
股本外溢价
累计赤字
未实现的对冲收益（损失）
外币翻译
定义的利益计划
累计其他综合损失总额，扣除税后
公司应占权益总额
非控制者权益
总股本
2022年12月31日余额225.8 $22.6 $2,911.5 $(1,081.8)$48.7 $(200.6)$(39.1)$(191.0)$1,661.3 $0.8 $1,662.1 
净损失— — — (105.2)— — — — (105.2)— (105.2)
基于股票的报酬— — 39.6 — — — — — 39.6 — 39.6 
与股权补偿计划相关的股份解禁，扣除用于支付税款的金额1.4 0.1 (7.2)— — — — — (7.1)— (7.1)
避险工具未实现收益，扣除税款后的净额— — — — 43.2 — — 43.2 43.2 — 43.2 
从AOCI重新分类到利润表的金额— — — — (24.5)— — (24.5)(24.5)— (24.5)
外币翻译— — — — — (36.0)— (36.0)(36.0)— (36.0)
定义福利计划的精算损失— — — — — — (0.3)(0.3)(0.3)— (0.3)
来自非控股利益的分配— — — — — — — — — (0.2)(0.2)
其他活动— — — — — — — — — (0.1)(0.1)
截至2023年9月30日的余额227.2 $22.7 $2,943.9 $(1,187.0)$67.4 $(236.6)$(39.4)$(208.6)$1,571.0 $0.5 $1,571.5 
附注是这些简明合并财务报表的一部分。
6
T目录
高诗汉华地产顾问有限公司
简明的综合现金流量表
(未经审计)
 
截至9月30日的九个月
（单位百万）
20242023
经营活动现金流
$18.4 $(105.2)
净利润(损失)与经营活动提供的现金净额调节：
折旧和摊销92.6 108.8 
减值损失3.8 4.5 
未实现外汇汇率期货收益
(0.9)(6.0)
基于股票的报酬22.3 39.9 
租赁摊销67.9 71.6 
债务清偿损失— 19.3 
债务发行成本摊销5.5 5.8 
权益法投资收益净额减收到的分配金额
(13.4)(22.7)
递延税项变化(22.9)13.0 
应收款项和其他资产的减值准备10.7 4.8 
业务处置损失17.0 1.3 
权益证券未实现损失净额0.8 22.9 
保险理赔收益
(17.3)— 
其他经营活动，净额(21.8)16.0 
资产和负债变动：
贸易及其他应收款61.6 150.5 
应付所得税10.6 (84.9)
短期合同资产、预付款项及其它流动资产17.7 36.0 
其他非流动资产(14.1)(32.6)
应付账款和应计费用(56.2)(81.4)
应计的薪资(46.2)(164.9)
其他流动和非流动负债(43.3)(46.9)
经营活动产生的净现金流量
92.8 (50.2)
投资活动现金流量
购买固定资产和设备的支付(31.7)(34.8)
权益证券和权益法合营企业投资(1.5)(6.5)
有利益的资产证券化份额的返还(380.0)(210.0)
有利益的资产证券化份额的收取405.0 330.0 
业务处置的收益
121.4 — 
其他投资活动，净额1.1 1.5 
投资活动提供的净现金流量
114.3 80.2 
筹资活动现金流量
用于支付雇员获股奖励所需的回购股份(10.2)(7.7)
支付递延和待付的对价(17.9)(13.8)
借款收入— 2,400.0 
偿还借款(150.0)(2,402.5)
债务发行费用— (65.4)
融资租赁负债的支付(20.5)(19.8)
其他筹资活动的净金额1.1 2.1 
筹集资金净额
(197.5)(107.1)
现金、现金等价物和受限制的现金的变动9.6 (77.1)
期初现金、现金等价物及限制性现金余额801.2 719.0 
汇率波动对现金、现金等价物及受限制的现金的影响2.1 (6.6)
期末现金、现金等价物及限制性现金余额$812.9 $635.3 

附注是这些简明合并财务报表的一部分。
7
T目录
高诗汉华地产顾问有限公司
简明合并财务报表附注
（未经审计）

注解1：报告基础
附表未经审计的简明合并财务报表已根据美国通行会计准则（“U.S. GAAP”或“GAAP”）编制，并符合适用于第10-Q表格季度报告的规则。截至2024年9月30日以及截至2024年和2023年9月30日的三个和九个月未经审计的简明合并财务报表。已包括为了公允呈现这些中期时间段的未经审计的简明合并财务报表所需的所有调整（由正常往复调整组成，除非另有说明）。
本未经审计的简明综合季度财务信息的读者应参考Cushman＆Wakefield plc（及其附属公司“Cushman＆Wakefield”，“公司”，“我们”，“我们的”和“我们”）截至2023年12月31日年度的审计综合财务报表及附注内容，该报表包括在我们的2023年度10-k表格（我们的“2023年度报告”）中，该报告已提交给美国证券交易委员会（SEC），并在我们的网站（www.cushmanwakefield.com）上提供。根据SEC的规则和法规，在中期财务报表展示中，某些脚注披露已进行简化或省略，因为这些内容基本重复了审计财务报表中包含的披露，或者这些内容不是SEC规定的揭露要求。
请参阅公司2023年度报告中《基本报表附注》的第2条：重大会计政策总结，以进一步讨论公司的重要会计政策和估计。
由于季节性因素，截至2024年9月30日的三个月和九个月的营运结果，并不能准确预示到2024年12月31日结束的年度营运结果。
公司根据各国预测收入和已颁布的税率估算全年有效税率，提前计提所得税对中期基本报表的影响。

注意2：新会计准则公告
在2024年9月30日结束的九个月内，公司没有采纳的最近颁布的会计准则。以下会计声明已经发布，但对当前报告期不适用，公司也没有提前采纳：
业务组合– 合资企业
In August 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-05, ASU 2023-05 - 企业合并 - 合资企业成立（Subtopic 805-60）：确认和初始计量 （“ASU 2023-05”）。ASU 2023-05适用于成立合资公司，要求初始计量所有在成立时收到的出资以公允价值计量。该指南适用于所有成立日期在2025年1月1日或之后的所有合资公司。允许提前采纳。在生效日期之前成立的合资公司可以选择追溯应用，而在生效日期之后成立的合资公司必须前瞻应用。公司打算在指南生效后将符合合资公司定义的未来安排前瞻性地应用该指南。
美国证券交易委员会（SEC）工作人员公告和发布
2023年10月，FASB发布了ASU 2023-06，以修订会计准则规范（“ASC”）中各种话题的某些披露和呈现要求。这些修订使得ASC中的要求与SEC公布的某些披露要求从Regulation S-X和Regulation S-k中移除的要求相一致。 ASC中每个修改过的主题的生效日期即为SEC从Regulation S-X或Regulation S-k中移除相关披露要求的生效日期。不允许提前采用。公司不预计ASU将对其财务报表和相关披露产生重大影响。 信息披露改进：为响应美国证券交易委员会披露更新和简化计划的规范修改为修正会计准则守则（“ASC”）内涉及各种话题的特定披露和展示要求。这些修订将ASC中的要求与SEC废除的某些披露要求（列于《S-X法规》和《S-K法规》）保持一致。ASC中每个修订话题的生效日期要么是SEC自《S-X法规》或《S-K法规》中相关披露要求被废除的生效日期，要么是2027年6月30日，如果SEC在那日期之前没有废除这些要求。禁止提前实施。公司预计这些修订不会对其财务报表和相关披露产生影响。

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《修订和重新制定的2020年The Aaron's Company, Inc.股权和激励计划》，（参考到2024年5月16日提交给美国证券交易委员会的S-8表格附注4.3）。
2023年11月，FASB发布了ASU 2023-07，分部报告（主题 280）：报告服务部门（主题 280）变更披露方式，通过升级对意义重大的分部费用的披露来改进分部报告披露要求。该准则适用于 2023 年 12 月 15 日之后的财年和 2024 年 12 月 15 日之后的财年间隔期。该准则必须适用于财务报表中呈现的所有期间的追溯。该公司目前正在评估该标准对合并财务报表的影响。，以修订披露报告的业务分部要求。ASU 2023-07要求对定期向实体首席经营决策者或负责评估业务分部绩效和分配资源的人员提供的重要分部费用进行中期和年度披露。该指引适用于2023年12月15日后开始的年度期间以及2024年12月15日后开始的中期期间。修订后的披露要求需要进行追溯应用。公司目前正在评估这一ASU对其财务报表披露的影响。从公司于2024年12月31日结束的年度期间提交的10-k表开始，这一ASU将导致有关每个可报告分部的披露扩大，但不会对公司的财务状况或经营业绩产生影响。
所得税
2023年12月，FASB发布了ASU 2023-09，所得税（主题740）： 所得税披露改进，修改某些披露和呈现要求。ASU 2023-09要求实体在其有效税率调解中披露详细信息，以及有关已支付所得税的额外信息，例如按司法管辖区分类披露的支付金额，以及其他披露。该指引适用于2024年12月15日后开始的年度期间。允许提前采用。修改后的披露和呈现要求将以前瞻性的方式应用，但允许追溯应用。公司目前正在评估这项ASU对其财务报表披露以及采纳方法的影响。从公司将于2025年12月31日年度期结束后提交的10-K表开始，这项ASU将导致与所得税相关的披露扩大，但不会对公司财务状况或经营结果产生影响。

备注 3: 分段数据
公司通过以下几个板块报告其业务情况：(1) 美洲，(2) 欧洲、中东和非洲(“EMEA”)以及(3) 亚太地区 (“APAC”)。 美洲包括美国、加拿大和拉丁美洲主要市场的业务。 欧洲、中东和非洲包括英国、法国、荷兰以及欧洲和中东其他市场的业务。 亚太地区包括澳大利亚、新加坡、中国以及亚太地区其它市场的业务。
调整后的利息、所得税、折旧和摊销前利润（“调整后的EBITDA”）是向首席营运决策者（“CODM”）报告的盈利度量，用于在各业务板块之间分配资源以及评估各业务板块的表现。公司认为投资者发现这种度量在比较我们的经营表现与同行公司时很有用，因为这种度量通常展示了业务在未实现（获利）投资、净亏损、整合和其他与合并相关成本、收购相关成本和效率倡议、成本节约倡议、首席执行官过渡成本、服务责任费用和摊销、特定法律和合规事项、保险赔偿收入和其他非经常性项目之前的基本表现。调整的EBITDA也不包括融资、所得税以及折旧和无形资产摊销的非现金会计影响。
由于分部资产并未报告给或被CODm用于衡量业务绩效或分配资源，因此总分部资产和资本支出不在下文中呈现。

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按部门总结的财务信息如下（单位：百万美元）：
截至9月30日的三个月截至9月30日的九个月
20242023百分比变化20242023百分比变化
总收入
美洲$1,750.5 $1,701.9 3 %$5,085.1 $5,259.0 (3)%
EMEA219.9 241.9 (9)%664.1 687.0 (3)%
亚太地区373.8 342.2 9 %1,067.8 995.3 7 %
总收入$2,344.2 $2,286.0 3 %$6,817.0 $6,941.3 (2)%
调整后 EBITDA
美洲$111.3 $117.4 (5)%$284.7 $290.4 (2)%
EMEA12.4 16.6 (25)%34.6 31.4 10 %
亚太地区18.8 16.0 18 %40.2 35.2 14 %
调整后 EBITDA
$142.5 $150.0 (5)%$359.5 $357.0 1 %
调整后的EBITDA计算如下（单位：百万）：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
$33.7 $(33.9)$18.4 $(105.2)
调整：
折旧和摊销28.9 36.2 92.6 108.8 
利息费用，利息收入净额54.9 89.5 174.4 224.2 
所得税费用
19.3 16.6 25.3 5.1 
投资未实现收益（损失），净额
(0.9)4.0 0.8 22.9 
处置损失
5.5 — 19.5 1.8 
并购相关调整和其他成本
1.1 2.4 3.9 6.8 
收购相关成本和效率提升
— — — 11.7 
成本削减措施
11.5 14.2 28.9 41.4 
首席执行官交接成本
— 3.2 1.9 5.5 
负债费用和摊销
(0.5)0.7 (1.4)12.3 
法律和合规事项
— 14.1 — 14.1 
保险赔款净额比法律费用的收益
(16.5)— (16.5)1.1 
其他
5.5 3.0 11.7 6.5 
Adjusted EBITDA$142.5 $150.0 $359.5 $357.0 


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注意事项4：每股收益
每股收益（“EPS”）是通过将净利润或亏损除以加权平均流通股数来计算的。
由于公司在截至2023年9月30日的三个和九个月中处于净亏损的位置，公司已确定所有可能的摊薄股份在这些时段都是非摊薄的，因此这些股份被从摊薄后的加权平均股份计算中排除。这导致了在这些时段内基本和摊薄后每股收益的加权平均股份计算结果相同。大约 0.5百万潜在摊薄股份在截至2023年9月30日的三个和九个月中都被排除在摊薄后每股收益的计算之外，因为它们的影响会导致非摊薄。
以下是每股收益的计算（金额以百万美元计算，除每股数额外）。
截至9月30日的三个月截至9月30日的九个月
2024202320242023
每股收益
$33.7 $(33.9)$18.4 $(105.2)
基本每股普通股收益（亏损）的加权平均股数
229.3 227.2 228.7 226.9 
归属于普通股股东的基本每股收益
$0.15 $(0.15)$0.08 $(0.46)
摊薄后每股收益
$33.7 $(33.9)$18.4 $(105.2)
基本每股收益的加权平均股份
229.3 227.2 228.7 226.9 
受限股票单位的发行效应4.1 — 3.4 — 
期权的稀释效应
— — — — 
$
233.4 227.2 232.1 226.9 
每股摊薄收益（亏损）归属于普通股股东
$0.14 $(0.15)$0.08 $(0.46)

注5: 营业收入
收入分解
自2024年1月1日起，物业、设施和项目管理服务线更名为服务。此更名仅涉及名称，不会影响公司服务线的组成或其历史业绩。
以下表格按报告部门和服务线将营业收入细分（单位：百万美元）：
2024年9月30日止三个月
营业收入确认时机美洲欧洲、中东、非洲APAC（亚太地区）总计
服务
随着时间的推移$1,170.6 $106.6 $292.5 $1,569.7 
租赁在一个时间点上401.8 50.7 46.2 498.7 
资本市场在某个时间点139.0 20.2 10.8 170.0 
估值和其他在某个时间点或一段时间内39.1 42.4 24.3 105.8 
总收入$1,750.5 $219.9 $373.8 $2,344.2 
2023年9月30日止三个月
营业收入确认时机美洲欧洲、中东、非洲APAC（亚太地区）总计
服务
随着时间的推移$1,186.2 $127.1 $255.3 $1,568.6 
租赁在一个时间点上346.8 54.1 40.6 441.5 
资本市场在某个时间点136.7 20.9 19.3 176.9 
估值和其他在某个时间点或随着时间的推移32.2 39.8 27.0 99.0 
总收入$1,701.9 $241.9 $342.2 $2,286.0 

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2024年9月30日止九个月
营业收入确认时机美洲欧洲、中东、非洲APAC（亚太地区）总计
服务
随着时间的推移$3,522.0 $323.3 $836.5 $4,681.8 
租赁在一个时间点上1,065.6 158.4 118.9 1,342.9 
资本市场在某个时间点383.3 54.9 37.5 475.7 
估值和其他在某个时间点或随着时间的推移114.2 127.5 74.9 316.6 
总收入$5,085.1 $664.1 $1,067.8 $6,817.0 
2023年9月30日止九个月
营业收入确认时机美洲欧洲、中东、非洲APAC（亚太地区）总计
服务
随着时间的推移$3,732.5 $360.6 $761.5 $4,854.6 
租赁在一个时间点上1,000.4 148.6 109.4 1,258.4 
资本市场在某个时间点420.1 52.4 40.2 512.7 
估值和其他在某个时间点或随着时间的推移106.0 125.4 84.2 315.6 
总收入$5,259.0 $687.0 $995.3 $6,941.3 
合同余额
公司根据合同计费时间表从客户那里收取付款；应收账款在考虑权利变得无条件时记录。合同资产包括与完成的履约义务相关的金额，尚未能开具发票。合同负债在工作之前预先收到现金支付时记录，包括可退款的金额。
下表提供了包含在简明综合资产负债表中与客户签订的合同相关的合同资产和合同负债的信息（以百万计）。
截至
2024年9月30日2023年12月31日
短期合同资产$321.0 $352.7 
合同资产津贴(19.0)(41.7)
短期合同资产净额302.0 311.0 
非流动合同资产67.0 81.1 
合同资产津贴(2.2)(2.2)
其他非流动资产中包括的非流动合同资产净额
64.8 78.9 
合同资产总额净额$366.8 $389.9 
应付账款和预提费用中包括的合同负债$75.1 $57.0 
2024年9月30日结束的九个月内确认的营业收入金额，已包含在期初的合同负债余额中为$30.5 百万。公司在报告期内没有与合同资产相关的重大资产减值损失。
实用权宜之计
公司为获取特定服务领域的新合同而产生增量成本。由于这些费用的摊销期限为12个月或更短，公司根据ASC Topic 606将获取合同的增量成本列为费用。 与客户签订合同的营业收入 （"Topic 606"）。
剩余履约义务代表尚未满足的履约义务的总交易价格。根据第606号准则，公司不披露以下情况的尚未满足的履约义务：（i）原始预期长度为一年或更短的合同；（ii）公司确认我们有权开具的服务费发票金额中产生的收入的合同；和（iii）作为集数日常履约义务的变量考虑部分服务表现的合同，例如在服务服务线内执行的那些服务。这类服务合同中的履约义务占公司与客户的合同的重要比例，预计不会在12个月内完成。


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注6：商誉和其他无形资产
以下表格总结了按部门划分的商誉账面金额变化（单位：百万美元）：
美洲EMEA亚太地区总计
截至 2023 年 12 月 31 日的余额$1,518.3 $320.8 $241.8 $2,080.9 
处置
(44.4)— — (44.4)
汇率变动的影响
(1.3)10.5 3.7 12.9 
截至 2024 年 9 月 30 日的余额$1,472.6 $331.3 $245.5 $2,049.4 
部分商誉以美元以外的货币计价；因此，这些余额的报告账面价值变动的部分归因于外币汇率的变动。
截至2024年和2023年九个月的时间， no 如果确定某个报告单位的商誉未受损坏，且未来的经济状况或其他条件恶化，或者某个报告单位的经营绩效或未来前景下降，我们的结论可能会改变。
以下表格总结了无形资产的账面价值和累计摊销额（单位：百万美元）：
截至2024年9月30日
有用寿命
（年）
总价值累计摊销净值
C&W 交易名称不确定$546.0 $— $546.0 
客户关系
2 - 15
1,276.7 (1,119.5)157.2 
其他无形资产
5
15.5 (15.5)— 
无形资产总额$1,838.2 $(1,135.0)$703.2 
截至2023年12月31日
有用寿命
（年）
总值累计摊销净值
C&W 交易名称不确定$546.0 $— $546.0 
客户关系
2 - 15
1,375.2 (1,115.7)259.5 
其他无形资产
5
15.3 (14.9)0.4 
无形资产总额$1,936.5 $(1,130.6)$805.9 
分期摊销费用为$10.5万美元和16.2 截至2024年9月30日和2023年，分别为百万美元。36.2万美元和49.3 截至2024年9月30日和2023年，分别为百万美元。
在2024年和2023年截至9月30日的九个月内，无可以转移的无形资产减值记录。
截至2024年9月30日止九个月，公司处置了客户关系，净额为$67.2 百万与出售一个非核心服务业务相关。有关详情，请参阅附注7：处置。

Note 7: 处置
2024年6月18日，公司与一家无关的第三方签订了一份购买协议，以出售一个为美洲地区的部分服务客户提供第三方供应商网络支持的非核心业务(“处置资产组”)。由于处置资产组的出售既不代表战略转变，也不会对公司的业务和财务结果产生重大影响，因此处置资产组被视为非终止经营。
销售于2024年8月1日结束，公司收到净现金对价$121.4百万。公司在2024年9月30日止9个月期间在经营活动损益表的重组、减值及相关费用内记录了处置损失$17.0 百万。


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注8：权益法投资
公司对该实体的财务和运营政策具有重大影响但不受控制的某些投资按权益法进行核算。该公司的重大权益法投资包括库什曼·韦克菲尔德·格雷斯通有限责任公司（“Greystone合资企业”），该公司在其中拥有一家 40利息百分比，以及CWVS Holding Limited（“万科合资企业”），该公司在其中拥有 35% 的利息。此外, 该公司将其某些商标许可给万科合资企业，并确认的特许权使用费收入为 $2.5百万和美元2.1 截至2024年9月30日和2023年9月30日的三个月，分别为百万美元，以及美元6.9 百万和美元6.2截至2024年9月30日和2023年9月30日的九个月中分别为百万美元，包含在简明合并运营报表中的其他收益（支出）净额中。
公司对按权益法核算的某些战略合资企业的投资如下（以百万美元计）：
截至
2024年9月30日2023年12月31日
灰石合资$579.2 $574.9 
万科合资133.9 122.7 
其他投资10.4 10.4 
全部股权法投资$723.5 $708.0 
公司在本期内按下列方式（数以百万计）承认投资权益法收益：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
Greystone合资$5.0 $12.9 $16.1 $29.7 
万科合资6.7 2.6 9.7 8.2 
其他投资0.4 1.1 2.3 3.4 
权益法下的投资总收益$12.1 $16.6 $28.1 $41.3 
公司在截至2024年和2023年9月30日的九个月内，从权益法下投资中收到分配的$4.0万美元和4.3 ，分别在截至2024年和2023年9月30日的三个月内认定为$百万和$百万14.71百万美元和18.6百万分别是2024年和2023年。

注9：衍生金融工具和对冲活动
公司面临业务运营和经济状况带来的某些风险，包括利率风险和汇率期货风险。为了减轻利率和汇率风险的影响，公司进行衍生金融工具交易。公司通过利率互换协议，将大部分整体利率敞口从浮动利率借款转换为固定利率基础。公司主要通过短期远期合约来管理汇率波动的风险敞口。
利率和汇率期货风险管理目标与公司截至2023年12月31日的审计基本报表披露的内容相比，没有发生重大变化。
利率衍生工具
截至2024年9月30日，公司的活跃利率套期工具包括 九 现金流量套期交易指定为利率对冲。在指定的现金流量套期交易中，有 三 名义金额为$的利率互换协议，于2025年8月21日到期1.4十亿美元的利率互换协议， 六个 名义金额为$的利率互换协议550.0到2028年5月31日到期的1百万美元。
此外，公司先前决定终止某些利率互换协议，分别在2022年11月和2023年6月。与这些终止的衍生工具相关的金额记录在累计其他综合损失中，将在原始协议的剩余期限内分期摊销至收益中，这些协议原定于2025年8月21日到期。
公司记录指定为现金流量套期交易的衍生工具的公允价值变动情况，并将其归入累积其他综合损益中，随后将这些变动重新分类到受到套期预期交易影响的期间中的收益中。截至

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截至2024年9月30日和2023年12月31日，预税收益分别为$10.1 百万和$34.5 与这些协议相关的累计其他综合损失中包含$百万的预税收益，这些收益将在根据2018年信贷协议支付利息时重新分类为利息支出，扣除利息收入；请参阅注释10：长期债务和其他借款，讨论2018年信贷协议（在其中定义）。在接下来的十二个月里，公司预计会有$百万的预税收益将被重新分类为合并的经营报表中的利息支出，扣除利息收入。14.4 在合并的经营报表中。
非指定汇率期货衍生工具
此外，公司签订了短期远期合同，以降低外汇汇率波动所带来的风险，这可能对公司某些以外币计价的交易产生不利影响。对此类合同未选择对冲会计。因此，这些合同的公允价值变动直接记录在收益中。公司确认已实现收益为$3.6 百万，已实现损失为$3.8百万，以及未实现收益为$0.8 百万和$0.6 百万，在截至2024年9月30日的三个月和九个月期间，分别为公司确认已实现损失为$4.8 百万和$14.6 百万，抵消未实现收益为$0.6 百万和$1.0 百万。
截至2024年9月30日和2023年12月31日，公司持有 30 和 27 外汇远期合约，覆盖名义金额分别为$661.9 百万和$1.3 十亿美元。截至2024年9月30日和2023年12月31日，公司没有发布，也没有持有与这些协议相关的任何抵押物。
下表列出了截至2024年9月30日和2023年12月31日的衍生品的公允价值（以百万计）：
September 30, 2024December 31, 2023
2024年9月30日资产负债资产负债
衍生工具名义金额公允价值公允价值公允价值公允价值
指定：
现金流量套期损益：
利率掉期$1,973.6 $— $9.9 $4.3 $6.7 
非指定：
外币远期合约$661.9 $1.3 $0.4 $1.0 $0.7 
利率掉期的公允价值分别包含在简明合并资产负债表中的其他非流动资产和其他非流动负债中。外汇远期合约的公允价值分别包含在预付费用和其他流动资产以及其他流动负债中。公司在简明合并资产负债表中不对冲衍生品。
下表显示了作为现金流量套期工具指定的衍生工具对2024年9月30日和2023年三个月结束的综合损益表的影响（单位：百万美元）：
累计其他综合损益（收益）初期余额(1)
其他综合损益中与衍生工具相关之损失（收益）数额(2)
重新分类出自累计其他综合损益到经营报表之损益数额
累计其他综合损益（收益）期末余额
2024年9月30日止三个月
利率现金流量套期保值$(45.3)$17.2 $11.4 $(16.7)
2023年9月30日止三个月
利率现金流量套期交易$(60.3)$(17.6)$10.5 $(67.4)
(1) 金额是扣除相关递延税费后的净额$1.1百万和$这些财务报表是根据美国通用会计准则（“美国GAAP”）编制的，供中期财务信息和10-Q表格的说明和Regulation S-X的第10条之用。因此，它们不包括美国GAAP对完整财务报表所需的所有信息和注脚。据管理层的意见，为了公正地呈现2024年6月30日公司的财务状况、运营结果、综合收益、现金流和股本变动的情况，已包含所有必要的调整（包括正常循环应计）。这些未经审计的简明合并财务报表应与包含在公司年度报告10-k中的合并财务报表和附注一起阅读。 2024年和2023年9月30日结束的三个月，分别为$
(2) 金额已扣除相关递延税收益$7.7百万和费用$5.1 2024年和2023年截至9月30日的三个月分别为百万。

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截至2024年9月30日和2023年9月30日的三个月期间，与利率对冲相关的收益为$11.4 百万和$10.5 百万，分别重新分类到收益中，并在压缩合并经营报表的利息支出中确认，扣除利息收入。
下表展示了截止至2024年9月30日和2023年9月30日的合并综合运营报表中指定为对冲的衍生品的影响（以百万计）：
累计其他综合损益（收益）初期余额(1)
在其他综合损益中确认的衍生品损益金额(2)
重新分类出自累计其他综合损益到经营报表之损益数额
累计其他综合损益（收益）期末余额
截至2024年9月30日的九个月
利率现金流量套期交易$(37.0)$(13.8)$34.1 $(16.7)
2023年9月30日止九个月
利率现金流对冲$(48.7)$(43.2)$24.5 $(67.4)
(1) 金额已扣除相关递延税收益$2.5百万和$这些财务报表是根据美国通用会计准则（“美国GAAP”）编制的，供中期财务信息和10-Q表格的说明和Regulation S-X的第10条之用。因此，它们不包括美国GAAP对完整财务报表所需的所有信息和注脚。据管理层的意见，为了公正地呈现2024年6月30日公司的财务状况、运营结果、综合收益、现金流和股本变动的情况，已包含所有必要的调整（包括正常循环应计）。这些未经审计的简明合并财务报表应与包含在公司年度报告10-k中的合并财务报表和附注一起阅读。 截至2024年和2023年9个月的财务报表。
(2) 金额已扣除相关递延税收益$4.1百万和费用$8.8百万美元分别于2024年和2023年截至9月30日的九个月中确认的收入。
截至2024年和2023年9月30日止的九个月期间，与利率对冲相关的收益为$34.1 百万和$24.5 百万，分别被重新分类到收益中，并在综合合并运营报表的利息支出中确认，扣除利息收入。
笔记10：长期负债和其他借款
长期债务包括以下内容（单位：百万美元）：
截至
2024年9月30日December 31, 2023
担保：
定期贷款，到期日为2025年8月$47.9 $192.9 
定期贷款，到期日为2030年1月第1批，扣除未摊销折扣和融资成本$9.9百万和$10.7分别为
982.6 984.3 
定期贷款，到期于2030年1月，第二部分，减去未摊销的折扣和融资费用$18.1百万和$19.5分别为
979.4 980.5 
6.750%优先担保票据，到期于2028年5月，减去未摊销的融资费用$5.2百万和$6.3分别为
644.8 643.7 
8.875%优先担保票据，到期于2031年9月，减去未摊销的折扣和融资费用$6.0百万和$6.7分别为
394.0 393.3 
融资租赁负债38.2 45.9 
总计3,086.9 3,240.6 
减：长期债务的流动部分(89.9)(143.7)
总开多期债务，净值$2,997.0 $3,096.9 
2018年信贷协议
2018年8月21日，公司签署了一项初始金额为美元的信贷协议3.5 十亿美元信贷协议（根据需要进行修订，以下简称“2018信贷协议”）2.7 这项协议包括初始金额为美元的优先担保固定期限贷款（“初始期限贷款”）和初始金额为美元的循环信贷设施（“循环信贷”）810.0 百万美元循环信贷额度（“授信额度”）
期限贷款
首次贷款净收益为$2.7•此外，2020年12月16日，一些州检察官在美国德克萨斯州东区地方法院提起了反垄断诉讼，声称Google在广告技术方面违反了美国反垄断法律以及州欺骗性贸易法律，2025年3月安排了审判。此外，2023年1月24日，司法部和许多州检察官在维吉尼亚州东区地方法院提起了反垄断诉讼，称Google的数字广告技术产品违反了美国反垄断法，2023年4月17日，许多州检察官加入了诉讼。审判安排在2024年9月。欧盟委员会、英国竞争与市场监管局和澳大利亚竞争与消费者委员会分别于2021年6月22日、2022年5月25日和2022年6月29日对Google的广告技术业务实践开展了正式调查。2023年6月14日，欧盟委员会发出反垄断指控（SO），通知Google其初步认为Google在其广告技术方面违反了欧洲反垄断法。我们于2023年12月1日对SO作出了回应。2.7 十亿美元的初始总本金减去$13.5百万美元的票面折让和$20.6 百万美元的债务交易成本）。
On January 20, 2020, the Company refinanced the Initial Term Loan under materially the same terms, incurring an additional $11.1 million in debt transaction costs.

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On January 31, 2023, the Company amended the 2018 Credit Agreement to extend the maturity date of $1.0 billion of the $2.6 billion aggregate principal amount outstanding under the Initial Term Loan to January 31, 2030 (the “2030 Tranche-1”), incurring an additional $15.3 million in debt transaction costs which were capitalized and will be amortized over the remaining term of the loan. In addition, the Company recognized a loss on debt extinguishment of $16.9 million within Interest expense, net of interest income, consisting of $8.7 million in unamortized deferred financing costs and $8.2 million in certain new transaction costs paid to creditors. The Company also recognized $4.7 million of new transaction costs directly in Interest expense in the first quarter of 2023. At the time of this amendment, the August 21, 2025 maturity date of the then remaining $1.6 billion principal balance outstanding under the Initial Term Loan was not changed.
On June 21, 2023, the Company amended the 2018 Credit Agreement, effective June 28, 2023, to replace the LIBOR rate applicable to borrowings under the Initial Term Loan with Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit spread adjustment. As there were no other material changes to the terms and conditions of the 2018 Credit Agreement, the Company leveraged certain optional expedients for contract modifications related to reference rate reform provided in ASU 2020-04, ASU 2021-01 and ASU 2022-06.
On August 24, 2023, the Company amended the 2018 Credit Agreement to extend the maturity date of $1.0 billion of the then-remaining $1.6 billion aggregate principal amount outstanding under the Initial Term Loan to January 31, 2030 (the “2030 Tranche-2”), incurring an additional $20.4 million in debt transaction costs which were capitalized and will be amortized over the remaining term of the loan. In addition, the Company recognized a loss on debt extinguishment of $23.6 million within Interest expense, net of interest income, consisting of $10.6 million in unamortized deferred financing costs and $13.0 million in certain new transaction costs paid to creditors. The Company also recognized $2.5 million of transaction costs directly in Interest expense in the third quarter of 2023. Upon execution of this amendment, along with the repayment of principal outstanding thereunder using proceeds from the offering of $400.0 million in senior secured notes (discussed below), the Initial Term Loan had a remaining aggregate principal balance outstanding of $192.9 million and a maturity date of August 21, 2025. We refer to this remaining aggregate principal balance as the “2025 Tranche,” and we refer to the 2025 Tranche, the 2030 Tranche-1 and the 2030 Tranche-2 collectively as the “Term Loans”.
On April 9, 2024, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-2, reducing the applicable interest rate from 1-month Term SOFR plus 4.00% to 1-month Term SOFR plus 3.75%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. As a result of the reprice, the Company incurred additional debt transaction costs of $2.0 million, of which $0.5 million were capitalized and will be amortized over the remaining term of the loan and $1.5 million were recognized directly in Interest expense, net of interest income.
On June 18, 2024, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-1, reducing the applicable interest rate from 1-month Term SOFR, plus 0.10%, plus 3.25% to 1-month Term SOFR plus 3.00%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. As a result of the reprice, the Company incurred additional debt transaction costs of $1.9 million, of which $0.5 million were capitalized and will be amortized over the remaining term of the loan and $1.4 million were recognized directly in Interest expense, net of interest income.
The Term Loans bear interest at a variable rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2024, the Company elected to use an annual rate equal to (i) 1-month Term SOFR, plus 0.11% (which sum is subject to a minimum floor of 0.0%), plus 2.75% for the 2025 Tranche, (ii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.00% for the 2030 Tranche-1 and (iii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.75% for the 2030 Tranche-2. As of September 30, 2024, the effective interest rates were 7.84%, 8.21%, and 9.15% for the 2025 Tranche, the 2030 Tranche-1, and the 2030 Tranche-2, respectively.
The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of outstanding borrowings under the 2030 Tranche-1 and the 2030 Tranche-2, including any incremental borrowings. The 2018 Credit Agreement amendments entered into in the second quarter of 2024 deferred the mandatory principal payments for the 2030 Tranche-1 and the 2030 Tranche-2 for two quarters, with such principal payments re-commencing in December 2024. All required principal payments under the 2025 Tranche have been satisfied until maturity.

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In March, June and August 2024 the Company elected to prepay $50.0 million, $45.0 million and $50.0 million in principal, respectively, of the 2025 Tranche, resulting in a remaining aggregate principal balance outstanding under the 2025 Tranche of $47.9 million as of September 30, 2024. These optional principal prepayments, along with the required principal payment of $5.0 million in the first quarter of 2024, brought the Company’s aggregate debt repayments through September 30, 2024 to $150.0 million.
Revolver
On December 20, 2019, the Company amended the 2018 Credit Agreement to increase the aggregate commitments under the Revolver by $210.0 million, incurring an additional $0.5 million in debt transaction costs.
On April 28, 2022, the Company amended the 2018 Credit Agreement to (i) increase the aggregate commitments under the Revolver by $80.0 million, extending its borrowing capacity from $1.0 billion to $1.1 billion, (ii) extend the maturity date of borrowings under the Revolver from August 21, 2023 to April 28, 2027, (iii) replace the LIBOR rate applicable to borrowings under the Revolver with Term SOFR plus an applicable rate, and (iv) add pricing terms linked to achievement of certain greenhouse gas emission targets. The Company incurred an additional $3.7 million in debt transaction costs in connection with this amendment.
Borrowings under the Revolver, if any, bear interest at our option, at 1-month Term SOFR, plus 0.10%, plus an applicable rate varying from 1.75% to 2.75% based on achievement of certain Net Leverage Ratios (as defined in the 2018 Credit Agreement). The Revolver was undrawn as of September 30, 2024 and December 31, 2023.
Senior Secured Notes due 2028
On May 22, 2020, the Company issued $650.0 million of senior secured notes due May 15, 2028 (the “2028 Notes”). Net proceeds from the 2028 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2028 Notes were offered in a private placement exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 6.97% as of September 30, 2024.
Senior Secured Notes due 2031
On August 24, 2023, the Company issued $400.0 million of senior secured notes due September 1, 2031 (the “2031 Notes”). Net proceeds from the 2031 Notes were $392.8 million, consisting of a $400.0 million aggregate principal amount less $7.2 million from issuance costs. The 2031 Notes were offered in a private placement exempt from registration under the Securities Act. In addition, the Company recognized a loss on debt extinguishment of $1.4 million and directly expensed transaction costs of $1.5 million within Interest expense, net of interest income in the third quarter of 2023 related to this issuance. The 2031 Notes bear interest at a fixed rate of 8.88% and yielded an effective interest rate of 9.09% as of September 30, 2024.
Financial Covenant and Related Terms
The 2018 Credit Agreement has a springing financial covenant, tested on the last day of each fiscal quarter if the outstanding borrowings under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the Net Leverage Ratio (as defined in the 2018 Credit Agreement) may not exceed 5.00 to 1.00. In addition, the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes impose certain operating and financial restrictions on the Company, and in the event of certain defaults, all of the Company’s outstanding borrowings under the 2018 Credit Agreement, the 2028 Notes and the 2031 Notes, together with accrued interest and other fees, could become immediately due and payable.
The Company was in compliance with all of the covenants under the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes as of September 30, 2024 and December 31, 2023.


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Note 11: Commitments and Contingencies
Contingencies
In the normal course of business, the Company is subject to various claims and litigation. The Company is also subject to threatened or pending legal actions arising from activities of contractors. A liability is recorded for claims or other contingencies when the risk of loss is probable and estimable. Legal fees are expensed as incurred. Many of these claims may be covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The timing and ultimate settlement of these matters is inherently uncertain, however, based upon information currently available, unless otherwise noted, we believe the resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.
The Company is also subject to various workers’ compensation and medical claims, primarily as it relates to claims by employees in the U.S. for medical benefits and lost wages associated with injuries incurred in the course of their employment. A liability is also recorded for the Company’s incurred but not reported (“IBNR”) claims, based on assessment using prior claims history.
These various contingent claims liabilities are presented as Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, contingent liabilities recorded within Other current liabilities were $116.3 million and $80.4 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $56.8 million and $53.1 million, respectively. These contingent liabilities are made up of errors and omissions (“E&O”) claims, litigation matters, general liability, workers’ compensation and other medical claims. As of September 30, 2024 and December 31, 2023, E&O and other litigation claims were $54.3 million and $55.4 million, respectively, and general liability, workers’ compensation and medical claims liabilities were $118.8 million and $78.1 million, respectively.
The Company had insurance recoverable balances for E&O claims as of September 30, 2024 and December 31, 2023 totaling $0.8 million and $0.8 million, respectively.
Payroll Tax Claims
In a non-U.S. jurisdiction, the Company is currently engaged in a dispute with a local tax authority about the application of tax rules related to certain payroll taxes with respect to two of our subsidiaries for tax years ended 2015 to 2021. The tax authority has claimed the Company owes unpaid employer payroll tax contributions, plus interest. In addition, we could receive claims for alleged unpaid income taxes as we have been served with protective determinations by the same tax authority.
The Company believes that it has appropriately applied the payroll tax rules, including as a result of its consideration of a recent ruling by an appellate court in the jurisdiction, and disagrees with the amounts claimed. However, the Company recorded an immaterial liability as of December 31, 2023 that is equal to the estimated probable loss for the years under review. The Company continues to assess this matter and it is reasonably possible that the matter could result in an additional, potentially material, liability in future periods. There have been no changes to the estimated liability during the nine months ended September 30, 2024.
401(k) Nondiscrimination Testing
In 2023, the Company identified irregularities in its historical nondiscrimination testing for a qualified retirement savings plan available to U.S. employees. As of December 31, 2023, to remedy these irregularities, the Company accrued its best estimate of the amount that the Company would need to contribute to the plan in accordance with applicable correction protocols. The amount of the estimated corrective contribution is not material and there have been no material changes to the estimated amount during the nine months ended September 30, 2024.
Guarantees
The Company’s guarantees primarily relate to requirements under certain client service contracts and arise through the normal course of business. These guarantees, with certain financial institutions, have both open and closed-ended terms, with remaining closed-ended terms up to 8 years and maximum potential future payments of approximately $81.8 million in the aggregate. None of these guarantees are individually material to the Company’s operating results, financial position or liquidity. The Company considers the future payment or performance related to non-performance under these guarantees to be remote.

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Greystone JV Indemnity
On November 27, 2023, Greystone Servicing Company LLC (“GSC”), a wholly-owned subsidiary of the Greystone JV, entered into an indemnity agreement with Federal Home Loan Mortgage Corporation (“Freddie Mac”), which agreement is not in the normal course of GSC’s business, whereby Freddie Mac agreed to issue one or more loan commitment letters regarding the purchase of 45 first mortgage multifamily property loans brokered by a certain independent broker under temporary suspension by Freddie Mac (“Brokered Loans”). In exchange, GSC agreed to indemnify and hold Freddie Mac harmless from any claims or losses related to such Brokered Loans that result from any fraud, misinterpretation or omission. The Brokered Loans are currently performing and have not had any material impact on the Greystone JV at this time. The Company will continue to assess this matter and, although it considers the future indemnity obligations related to these Brokered Loans to be remote, it is possible that the matter could result in an additional, potentially material, liability for the Greystone JV in future periods. Any potential impact to the Greystone JV would only impact the Company’s Condensed Consolidated Financial Statements by our 40% interest in the Greystone JV.
Gain Contingency
Subsequent to the completion of our 2014 acquisition of the DTZ Group from UGL Limited (“UGL”), the Company brought a breach of warranty claim under warranty and indemnity insurance policies obtained in connection with the acquisition to cover certain losses incurred by the Company by reason of warranty breaches by UGL. The claim has been the subject of a lawsuit that has been pending since 2019 (the “Litigation”).
On September 30, 2024, the Company and one of the defendant insurers entered into a settlement agreement under which the insurer agreed to pay the Company $17.3 million in exchange for a release in the Litigation. On October 3, 2024, the amount was paid. As the amount was considered realizable as of September 30, 2024, the Company recorded a gain of $17.3 million within Other income (expense), net in the Condensed Consolidated Statements of Operations and a related receivable within Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.
The Litigation remains ongoing and the Company continues to seek loss recovery from the other defendant insurers and may potentially receive additional payments in the future, but the timing and amount of such potential payments is unknown at this time.

Note 12: Related Party Transactions
As of September 30, 2024 and December 31, 2023, the Company had receivables from brokers and other employees of $50.5 million and $49.9 million, respectively, that are included in Prepaid expenses and other current assets, and $326.4 million and $311.7 million, respectively, that are included in Other non-current assets in the Condensed Consolidated Balance Sheets. These amounts primarily represent prepaid commissions, retention and sign-on bonuses to brokers and other items such as travel and other advances to employees.
In addition, the Company recognized royalty fee income from equity method investments as disclosed in Note 8: Equity Method Investments.

Note 13: Fair Value Measurements
The Company measures certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows:
•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
•Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
•Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data.

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Financial Instruments
The Company’s financial instruments include cash and cash equivalents, trade and other receivables, a deferred purchase price (“DPP”) receivable related to our revolving accounts receivables securitization program, which we have amended periodically (the “A/R Securitization”), restricted cash, accounts payable and accrued expenses, short-term borrowings, long-term debt, interest rate swaps and foreign exchange contracts. The carrying amount of cash and cash equivalents and restricted cash approximates the fair value of these instruments. Certain money market funds in which the Company has invested are highly liquid and considered cash equivalents. These funds are valued at the per unit rate published as the basis for current transactions. Due to the short-term nature of trade and other receivables, accounts payable and accrued expenses, and short-term borrowings, their carrying amount is considered to be the same as their fair value.
Under the A/R Securitization, the Company recorded a DPP receivable upon the initial sale of trade receivables. As of September 30, 2024 and December 31, 2023, the carrying amount of the DPP receivable approximates its fair value. Refer to Note 14: Accounts Receivable Securitization for more information.
The estimated fair value of external debt was $3.1 billion and $3.3 billion as of September 30, 2024 and December 31, 2023, respectively. These instruments were valued using dealer quotes that are classified as Level 2 inputs in the fair value hierarchy. The gross carrying value of the debt was $3.1 billion and $3.2 billion as of September 30, 2024 and December 31, 2023, respectively, which excludes debt issuance costs. Refer to Note 10: Long-Term Debt and Other Borrowings for additional information.
Recurring Fair Value Measurements
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in millions):
As of September 30, 2024
TotalLevel 1Level 2Level 3
Assets
Cash equivalents - money market funds$1.0 $1.0 $— $— 
Deferred compensation plan assets30.2 30.2 — — 
Foreign currency forward contracts1.3 — 1.3 — 
Total$32.5 $31.2 $1.3 $— 
Liabilities
Deferred compensation plan liabilities$32.2 $32.2 $— $— 
Interest rate swap agreements9.9 — 9.9 — 
Foreign currency forward contracts0.4 — 0.4 — 
Earn-out liabilities14.2 — — 14.2 
Total$56.7 $32.2 $10.3 $14.2 
As of December 31, 2023
TotalLevel 1Level 2Level 3
Assets
Cash equivalents - money market funds$1.0 $1.0 $— $— 
Deferred compensation plan assets31.0 31.0 — — 
Interest rate swap agreements
4.3 — 4.3 — 
Foreign currency forward contracts
1.0 — 1.0 — 
Total$37.3 $32.0 $5.3 $— 
Liabilities
Deferred compensation plan liabilities$33.1 $33.1 $— $— 
Interest rate swap agreements
6.7 — 6.7 — 
Foreign currency forward contracts
0.7 — 0.7 — 
Earn-out liabilities25.6 — — 25.6 
Total$66.1 $33.1 $7.4 $25.6 

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During the nine months ended September 30, 2024, there were no transfers between the three levels of the fair value hierarchy. There have been no significant changes to the valuation techniques and inputs used to develop the fair value measurements from those disclosed in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2023.
Deferred Compensation Plans
Prior to 2017, the Company sponsored non-qualified deferred compensation plans for certain U.S. employees whereby the employee could defer a portion of employee compensation, which the Company would hold in trust, enabling the employees to defer tax on compensation until payment is made to them from the trust. These plans are frozen. Employee balances held in trust are at risk for any investment losses of the funds held in trust.
The Company adopted a new non-qualified deferred compensation plan on January 1, 2019. The plan allows certain highly-compensated employees to defer a portion of their compensation, enabling the employees to defer tax on compensation until payment is made. This plan is also frozen. The Company has established a Rabbi Trust under which investments are held to fund payment of the liability of the deferred compensation plan. The investments of the Rabbi Trust consist of life insurance policies for which investment gains or losses are recognized based upon changes in cash surrender value that are driven by market performance.
The fair value of assets and liabilities of these plans is based on the value of the underlying investments using quoted prices in active markets at period end. Deferred compensation plan assets are presented within Prepaid expenses and other current assets and Other non-current assets in the Condensed Consolidated Balance Sheets. Deferred compensation liabilities are presented within Accrued compensation and Other non-current liabilities in the Condensed Consolidated Balance Sheets.
Foreign Currency Forward Contracts and Interest Rate Swaps
The estimated fair value of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative instrument. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves (Level 2 inputs). Refer to Note 9: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities.
Earn-out Liabilities
The Company has various contractual obligations associated with the acquisition of several real estate service companies in the United States, Australia, Canada and Europe, including contingent consideration, comprised of earn-out payments to the sellers subject to achievement of certain performance criteria in accordance with the terms and conditions set forth in the respective purchase agreements. An increase to a probability of achievement would result in a higher fair value measurement of the earn-out liability.
The amounts disclosed in the fair value hierarchy table above are included in Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of September 30, 2024, the Company had the potential to make a maximum of $17.1 million and a minimum of $0.0 million (undiscounted) in earn-out payments. Assuming the achievement of the applicable performance criteria, these earn-out payments will be made over the next 5 years.
Earn-out liabilities are classified within Level 3 in the fair value hierarchy because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions. The fair value of earn-out liabilities is based on the present value of probability-weighted expected return method related to the earn-out performance criteria on each reporting date. The probabilities of achievement assigned to the performance criteria are determined based on due diligence performed at the time of acquisition, as well as actual performance achieved subsequent to acquisition. Adjustments to the earn-out liabilities in periods subsequent to the completion of acquisitions are reflected within Operating, administrative and other in the Condensed Consolidated Statements of Operations.

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The table below presents a reconciliation of earn-out liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions):
Earn-out Liabilities
20242023
Balance as of January 1,$25.6 $29.3 
Net change in fair value and other adjustments1.7 (0.4)
Payments(13.1)(4.1)
Balance as of September 30,$14.2 $24.8 
Investments in Real Estate Ventures
The Company directly invests in early stage property technology (“proptech”) companies, real estate investment funds and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts these investments to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer.
Investments in early stage proptech companies or other real estate companies are typically fair valued as a result of pricing observed in initial or subsequent funding rounds. These investments are not fair valued on a recurring basis and as such have been excluded from the fair value hierarchy table. As of September 30, 2024 and December 31, 2023, our investments in early stage proptech companies had a fair value of approximately $42.0 million and $40.7 million, respectively, and are included in Other non-current assets in the Condensed Consolidated Balance Sheets.
Investments in real estate venture capital funds and co-investment funds are primarily fair valued using the net asset value (“NAV”) per share (or its equivalent) provided by investees or held at cost, less impairment charges. Critical inputs to NAV estimates include valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the fair value hierarchy table. As of September 30, 2024 and December 31, 2023, our investments in real estate venture capital funds and co-investment funds had a fair value of approximately $77.6 million and $79.0 million, respectively, and are included in Other non-current assets in the Condensed Consolidated Balance Sheets.
The Company adjusts these various real estate investments to their fair values each reporting period, and the changes in fair values are reflected in Other income (expense), net, in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2024, the Company recognized unrealized gains of $0.9 million and unrealized losses of $0.8 million, respectively, on our real estate investments. During the three and nine months ended September 30, 2023, the Company recognized an unrealized loss of $2.7 million and $20.4 million, respectively, related to our investment in WeWork and unrealized losses of $1.3 million and $2.5 million, respectively, on our other real estate investments.

Note 14: Accounts Receivable Securitization
Under the A/R Securitization, certain of the Company’s wholly-owned subsidiaries continuously sell receivables to certain wholly-owned special purpose entities at fair market value. The special purpose entities then sell 100% of the receivables to an unaffiliated financial institution (the “Purchaser”). Although the special purpose entities are wholly-owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to have liabilities satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company.
All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC Topic 860, Transfers and Servicing (“ASC 860”). Following the sale and transfer of the receivables to the Purchaser, the receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables. Receivables sold are derecognized from the consolidated balance sheet. The Company continues to service, administer and collect the receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance with ASC 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented.

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Under the A/R Securitization, the Company records a DPP receivable upon the initial sale of trade receivables. The DPP receivable represents the difference between the fair value of the trade receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP receivable is paid to the Company in cash on behalf of the Purchaser as the receivables are collected; however, due to the revolving nature of the A/R Securitization, cash collected from the Company’s customers is reinvested by the Purchaser daily in new receivable purchases under the A/R Securitization. The carrying amount of the DPP receivable, which approximates its fair value, is primarily based on the face amount of receivables, adjusted for estimated credit losses. As of September 30, 2024 and December 31, 2023, the DPP receivable of $270.3 million and $219.6 million, respectively, is included in Other non-current assets in the Condensed Consolidated Balance Sheets.
For the nine months ended September 30, 2024 and 2023, receivables sold under the A/R Securitization were $1.9 billion and $2.0 billion, respectively, and cash collections from customers on receivables sold were $1.8 billion and $2.1 billion, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. As of September 30, 2024 and December 31, 2023, the outstanding principal on receivables sold under the A/R Securitization was $429.9 million and $345.7 million, respectively.
The A/R Securitization also provides funding from the Purchaser against receivables sold into the program with a maximum facility limit of $200.0 million. As of September 30, 2024 and December 31, 2023, the Company had aggregate capital outstanding under this facility of $125.0 million and $100.0 million, respectively. On June 20, 2023, the Company amended the A/R Securitization to extend the maturity date to June 19, 2026 and incurred a servicing liability fee of $11.3 million in connection with the amendment, which will be amortized through the maturity date of the program.

Note 15: Supplemental Cash Flow Information
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions):
As of
September 30, 2024December 31, 2023
Cash and cash equivalents$775.4 $767.7 
Restricted cash recorded in Prepaid expenses and other current assets37.5 33.5 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows$812.9 $801.2 
Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):
Nine Months Ended September 30,
20242023
Cash paid for:
Interest$201.7 $167.6 
Income taxes35.2 74.5 
Operating leases86.8 89.5 
Non-cash investing/financing activities:
Property and equipment additions through finance leases13.0 21.7 
Increase (decrease) in beneficial interest in a securitization
75.7 (60.9)
Right of use assets obtained through operating leases36.2 46.3 
Note 16: Subsequent Events
The Company has evaluated subsequent events through November 4, 2024, the date on which these financial statements were issued, and has determined there were no material subsequent events to disclose.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim Condensed Consolidated Financial Statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”) and with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (our “2023 Annual Report”).
As discussed in “Cautionary Note Regarding Forward-Looking Statements” below, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in “Risk Factors” in Part I, Item 1A of our 2023 Annual Report and Part II, Item 1A in this Quarterly Report. Our fiscal year ends December 31.

Cautionary Note Regarding Forward-Looking Statements
Some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report may contain forward-looking statements that reflect our current views with respect to, among other things, future events, results and financial performance, which are intended to be covered by the safe harbor provisions for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. We also discuss those risks, uncertainties and other factors in our 2023 Annual Report in Part I, Item 1A.
These statements can be identified by the fact that they do not relate strictly to historical or current facts, and you can often identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “strives,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “goal,” “projects,” “forecasts,” “shall,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this Quarterly Report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. You should not place undue reliance on any forward-looking statements and should consider the following factors, as well as the factors discussed under “Risk Factors” in this Quarterly Report and in our 2023 Annual Report in Part I, Item 1A. We believe that these 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;

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•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 Delaware corporation;
•the fact that U.S. investors may have difficulty enforcing liabilities against us or be limited in their ability to bring a claim in a judicial forum they find favorable in the event of a dispute;
•the possibility that English law and provisions in our articles of association may have anti-takeover effects that could discourage an acquisition of us by others or require shareholder approval for certain capital structure decisions; and
•the other risk factors set forth elsewhere in this Quarterly Report and under Item 1A of Part I of our 2023 Annual Report.
The factors identified above should not be construed as an exhaustive list of factors that could affect our future results and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report. The forward-looking statements made in this Quarterly Report are made only as of the date of this Quarterly Report. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this Quarterly Report that could cause actual results to differ before making an investment decision to purchase our ordinary shares.
Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Overview
Cushman & Wakefield is a leading global commercial real estate services firm that makes a meaningful impact for our people, clients, communities and world. Led by an experienced executive team and driven by approximately 52,000 employees in nearly 400 offices and approximately 60 countries, we deliver exceptional value for real estate occupiers and owners, managing 6.2 billion square feet of commercial real estate space globally and offering a broad suite of services through our integrated and scalable platform. Our business is focused on meeting the increasing demands of our clients through comprehensive service offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services.


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Recent Developments and Outlook
Effective January 1, 2024, the Property, facilities and project management service line was renamed to Services. The change was to the name only and had no impact on the composition of the Company’s service lines or its historical results.
Highlights from the period ended September 30, 2024:
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.
•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.
•On August 1, 2024, we completed the sale of a non-core Services business in the Americas, which resulted in a loss on disposition of $4.5 million and $17.0 million during the three and nine months ended September 30, 2024, respectively.
Year-to-Date Results
•Revenue of $6.8 billion for the nine months ended September 30, 2024 decreased 2% from the nine months ended September 30, 2023.
◦Strong Leasing growth of 7% was driven by broad strength across all segments, particularly the Americas.
◦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 ended September 30, 2024 increased $123.6 million compared to net loss of $105.2 million for the nine months ended September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2024 was $0.08.
◦Adjusted EBITDA of $359.5 million increased 1% from the nine months ended September 30, 2023.
•Liquidity as of September 30, 2024 was $1.9 billion, consisting of availability on the Company’s undrawn Revolver of $1.1 billion and cash and cash equivalents of $0.8 billion.
October Debt Activity
In October 2024, we elected to prepay the remaining $47.9 million principal balance outstanding under the 2025 Tranche of our Term Loans, bringing our aggregate year-to-date debt repayments, including required principal payments, to $200.4 million. As of the date of this report, there are no funded long-term debt arrangements maturing prior to 2028. Additionally, in October 2024, we repriced the 2030 Tranche-2 of our Term Loans, reducing the applicable interest rate by 50 basis points to 1-month Term SOFR plus 3.25%.
Macroeconomic Trends and Uncertainty
Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions and the ability of market participants to access credit and the capital markets. Although borrowing costs have remained elevated, the commercial real estate industry overall has shown signs of improvement, as evidenced by growth in our Leasing revenue, which grew 7% compared to the nine months ended September 30, 2023, primarily driven by strength in the industrial and office sectors. In addition, actions taken by the Federal Reserve to lower interest rates in September 2024 are expected to improve optimism among real estate owners and investors and could result in more favorable commercial real estate fundamentals and underwriting assumptions.

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Recent Regulatory Developments
In March 2024, the SEC issued final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require registrants to provide certain climate-related information in their annual reports. The rules require disclosure of a registrant’s material climate-related risks, the risk management processes and governance related to such risks, material climate-related targets and goals, and material Scope 1 and Scope 2 greenhouse gas emissions. Additionally, the rules require disclosure in the notes to the registrant’s financial statements of the effects of severe weather events and other natural conditions (subject to de minimis thresholds). On April 4, 2024, the SEC issued an order staying the final climate-related disclosure rules pending judicial review of several petitions filed against the SEC challenging the rules’ validity. Because the SEC stayed the rules before its effective date, if the rules are upheld, their effective date will not be known until subsequently published by the SEC.

Critical Accounting Policies and Estimates
Our unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience, current facts and circumstances, and on other factors that we believe to be reasonable. Actual results may differ from those estimates and assumptions. We review these estimates on a periodic basis to ensure reasonableness. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. For additional detail regarding our critical accounting policies and estimates, refer to the Company’s 2023 Annual Report. There have been no material changes to these policies or estimates as of September 30, 2024.
Recently Issued Accounting Pronouncements
Refer to recently issued accounting pronouncements within Note 2: New Accounting Pronouncements of the Notes to the Condensed Consolidated Financial Statements.

Items Affecting Comparability
When reading our financial statements and the information included in this Quarterly Report, it should be considered that we have experienced, and continue to experience, several material trends and uncertainties that have affected our financial condition and results of operations and could affect future performance. We believe that the following material trends and uncertainties are important to understand the variability of our historical earnings and cash flows and any potential future variability.
Macroeconomic Conditions
Our results of operations are significantly impacted by economic trends, government policies and the global and regional real estate markets. These include the following: overall economic activity, volatility of the financial markets, interest rates and inflation, demand for commercial real estate, the impact of tax and regulatory policies, the cost and availability of credit, changes in employment rates and the geopolitical environment.
Our diversified operating model helps to partially mitigate the negative effect of difficult market conditions on our margins as a substantial portion of our costs are variable compensation expenses, specifically commissions and bonuses paid to our professionals in our Leasing and Capital markets service lines. Nevertheless, ongoing adverse economic trends could pose significant risks to our operating performance and financial condition.
Acquisitions and Dispositions
Our results may include the incremental impact of completed transactions, which could impact the comparability of our results on a year-over-year basis. Our results could include incremental revenues and expenses following the completion of an acquisition, or comparable results could include revenues and expenses of recent dispositions. Additionally, there could be an adverse impact on net income for a period of time after the completion of an acquisition driven by transaction-related and integration expenses. From time to time, we use strategic and in-fill acquisitions, as well as joint ventures, to add new service capabilities, to increase our scale within existing capabilities and to expand our presence in new or existing geographic regions globally. As it relates to dispositions, results may include gains or losses on the disposition and we may incur incremental transaction-related costs that could have an adverse impact on net income.

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International Operations
Our business consists of service lines operating in multiple regions inside and outside of the U.S. Our international operations expose us to global economic trends, as well as foreign government tax, regulatory and policy measures.
Additionally, outside of the U.S., we generate earnings in other currencies and are subject to fluctuations relative to the U.S. dollar (“USD”). These currency fluctuations, most notably the Australian dollar, euro and British pound sterling, have positively and adversely affected our operating results measured in USD in the past and are likely to do so in the future. It can be difficult to compare period-over-period financial statements when the movement in currencies against the USD does not reflect trends in the local underlying business as reported in its local currency.
In order to assist our investors and improve comparability of results, we present the year-over-year changes in certain of our non-GAAP financial measures, such as Fee-based operating expenses and Adjusted EBITDA, in “local” currency. The local currency change represents the year-over-year change assuming no movement in foreign exchange rates from the prior year. We believe that this provides our management and investors with a better view of comparability and trends in the underlying operating business.
Seasonality
A significant portion of our revenue is seasonal, especially for service lines such as Leasing and Capital markets. This impacts the comparison of our financial condition and results of operations on a quarter-by-quarter basis. Generally, our industry is focused on completing transactions by calendar year-end with a high concentration of activity in the last quarter of the calendar year while certain expenses are recognized more evenly throughout the calendar year. Historically, our revenue and operating income typically tend to be lowest in the first quarter, and highest in the fourth quarter of each year. Our Services revenue partially mitigates this intra-year seasonality, due to the recurring nature of this service line which generates more stable revenues throughout the year.

Use of Non-GAAP Financial Measures
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.Segment operating expenses and Fee-based operating expenses; and
iii.Local currency.
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.

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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.
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.
Adjustments to U.S. GAAP Financial Measures Used to Calculate Non-GAAP Financial Measures
During the periods presented in this Quarterly Report, 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 September 30, 2024.
CEO transition costs in 2024 reflects certain payroll taxes associated with compensation for John Forrester, the Company’s former Chief Executive Officer (“CEO”). In 2023, CEO transition costs reflects accelerated stock-based compensation expense associated with stock awards granted to Mr. Forrester, who stepped down from the position of CEO as of June 30, 2023, but who remained employed by the Company as a Strategic Advisor until December 31, 2023. The requisite service period under the applicable award agreements was satisfied upon Mr. Forrester’s retirement from the Company on December 31, 2023. In 2023, CEO transition costs also included Mr. Forrester’s salary and bonus accruals for the third quarter of 2023. We believe the accelerated stock-based compensation expense, salary and bonus accruals, as well as the payroll taxes associated with such compensation, are similar in nature to one-time severance benefits and are not normal, recurring operating expenses necessary to operate the business.
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 June 2026.
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.

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Results of Operations

The following table sets forth items derived from our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20242023% Change in USD% Change in Local Currency20242023% Change in USD% Change in Local Currency
Revenue:
Services
$865.2$878.8(2)%(2)%$2,600.6$2,664.7(2)%(2)%
Leasing492.7435.713 %13 %1,324.71,240.07 %7 %
Capital markets169.5176.3(4)%(4)%474.3511.0(7)%(7)%
Valuation and other105.297.38 %7 %314.2309.32 %2 %
Total service line fee revenue(1)
1,632.61,588.13 %3 %4,713.84,725.00 %0 %
Gross contract reimbursables(2)
711.6697.92 %2 %2,103.22,216.3(5)%(5)%
Total revenue$2,344.2$2,286.03 %2 %$6,817.0$6,941.3(2)%(2)%
Costs and expenses:
Cost of services provided to clients$1,200.2$1,184.21 %1 %$3,515.9$3,551.5(1)%(1)%
Cost of gross contract reimbursables711.6697.92 %2 %2,103.22,216.3(5)%(5)%
Total costs of services1,911.81,882.12 %1 %5,619.15,767.8(3)%(2)%
Operating, administrative and other314.2300.94 %4 %904.4945.7(4)%(4)%
Depreciation and amortization28.936.2(20)%(21)%92.6108.8(15)%(15)%
Restructuring, impairment and related charges14.19.253 %51 %36.523.456 %55 %
Total costs and expenses2,269.02,228.42 %2 %6,652.66,845.7(3)%(3)%
Operating income
75.257.631 %31 %164.495.672 %72 %
Interest expense, net of interest income(54.9)(89.5)(39)%(39)%(174.4)(224.2)(22)%(22)%
Earnings from equity method investments12.116.6(27)%(28)%28.141.3(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
19.316.616 %15 %25.35.1n.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$142.5$150.0(5)%(5)%$359.5$357.01 %1 %
Adjusted EBITDA margin(3)
8.7 %9.4 %7.6 %7.6 %
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) Adjusted EBITDA margin is measured against Total service line fee revenue.


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Reconciliation of Net income (loss) to Adjusted EBITDA (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income (loss)
$33.7 $(33.9)$18.4 $(105.2)
Adjustments:
Depreciation and amortization28.9 36.2 92.6 108.8 
Interest expense, net of interest income54.9 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 September 30, 2024, Other primarily reflects one-time consulting costs associated with the Company rebranding and discrete offshoring costs. For the nine months ended September 30, 2024, Other also includes non-cash stock-based compensation expense associated with certain one-time retention awards which vested in February 2024, bad debt expense driven by a sublessee default and one-time consulting costs associated with a secondary offering of our ordinary shares by our former shareholders. For the three and nine months ended September 30, 2023, Other primarily reflects non-cash stock-based compensation expense associated with certain one-time retention awards and one-time consulting costs associated with certain legal entity reorganization projects.

Summary of Total costs and expenses (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Americas Fee-based operating expenses$1,071.6 $1,017.2 $3,091.1 $3,110.4 
EMEA Fee-based operating expenses177.0 191.9 544.1 568.9 
APAC Fee-based operating expenses251.5 243.7 754.3 730.6 
Cost of gross contract reimbursables711.6 697.9 2,103.2 2,216.3 
Segment operating expenses2,211.7 2,150.7 6,492.7 6,626.2 
Depreciation and amortization28.9 36.2 92.6 108.8 
Loss on dispositions
5.5 — 19.5 1.8 
Integration and other costs related to merger1.1 2.4 3.9 6.8 
Acquisition related costs and efficiency initiatives— — — 11.7 
Cost savings initiatives11.5 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 September 30, 2024, Other primarily reflects one-time consulting costs associated with the Company rebranding, discrete offshoring costs and the effects of movements in foreign currency. For the nine months ended September 30, 2024, Other also includes non-cash stock-based compensation expense associated with certain one-time retention awards which vested in February 2024, bad debt expense driven by a sublessee default and one-time consulting costs associated with a secondary offering of our ordinary shares by our former shareholders. For the three and nine months ended September 30, 2023, Other primarily reflects non-cash stock-based compensation expense associated with certain one-time retention awards, one-time consulting costs associated with certain legal entity reorganization projects and the effects of movements in foreign currency.

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Three months ended September 30, 2024 compared to the three months ended September 30, 2023
Revenue
Revenue of $2.3 billion increased $58.2 million or 3% compared to the three months ended September 30, 2023, primarily driven by Leasing revenue growth of 13%, with strength in the Americas and APAC. In the Americas, Leasing revenue grew 16% primarily driven by strong office and industrial revenue as a result of improved business optimism. In addition, Valuation and other revenue increased 8%. Partially offsetting these trends was a 4% decline in Capital markets revenue, primarily driven by APAC, as volatility and uncertainty in the interest rate environment continued to challenge investment sales activity. Services revenue declined 2% and Gross contract reimbursables increased 2% due to changes in client mix and the sale of a non-core Services business on August 1, 2024.
Costs of services
Costs of services of $1.9 billion increased $29.7 million or 2% compared to the three months ended September 30, 2023, principally driven by an increase in employment costs of approximately $83.0 million including higher commissions as a result of higher Leasing revenue, partially offset by declines in third-party consumables and sub-contractor costs of approximately $40.0 million, as a result of lower Services revenue. Cost of services provided to clients increased 1% and Cost of gross contract reimbursables increased 2%.
Operating, administrative and other
Operating, administrative and other expenses of $314.2 million increased $13.3 million or 4% compared to the three months ended September 30, 2023, driven by higher employment costs due to the timing of incentive compensation accrual adjustments in the third quarter of 2023, partially offset by our cost savings initiatives.
Restructuring, impairment and related charges
Restructuring, impairment and related charges of $14.1 million increased $4.9 million compared to the three months ended September 30, 2023, primarily driven by an additional $4.5 million loss on disposition recognized in the third quarter of 2024 related to the sale of a non-core Services business in the Americas.
Interest expense, net of interest income
Interest expense of $54.9 million decreased $34.6 million or 39% compared to the three months ended September 30, 2023, primarily related to a loss on debt extinguishment of $25.0 million as well as $4.0 million of new transaction costs expensed in the third quarter of 2023 in connection with the refinancing of a portion of the borrowings under our 2018 Credit Agreement (see Note 10: Long-Term Debt and Other Borrowings in the Notes to the Condensed Consolidated Financial Statements for further information). The decrease in interest expense was also partially driven by lower variable interest rates on our Term Loans compared to the prior year period.
Earnings from equity method investments
Earnings from equity method investments of $12.1 million decreased $4.5 million compared to the three months ended September 30, 2023, primarily due to a decline in earnings recognized from our equity method investment Cushman Wakefield Greystone LLC (the “Greystone JV”) due to lower transaction volumes as a result of tighter lending conditions given the volatility in interest rates.
Other income (expense), net
Other income, net was $20.6 million for the three months ended September 30, 2024 compared to other expense, net of $2.0 million for the three months ended September 30, 2023, driven by a $17.3 million gain from insurance proceeds recognized in the third quarter of 2024 (see Note 11: Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements for further information), as well as lower net unrealized losses on our fair value investments, primarily related to our investment in WeWork.
Provision for income taxes
Provision for income taxes for the third quarter of 2024 was $19.3 million on earnings before income taxes of $53.0 million. For the third quarter of 2023, the provision for income taxes was $16.6 million on loss before income taxes of $17.3 million. The increase in income tax expense compared to the three months ended September 30, 2023 was primarily driven by higher earnings before income taxes and changes in the jurisdictional mix of earnings resulting in higher non-deductible losses when compared to the same period in 2023.

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Net income (loss) and Adjusted EBITDA
Net income was $33.7 million for the three months ended September 30, 2024 compared to net loss of $33.9 million for the three months ended September 30, 2023. Net income margin was 1.4% compared to net loss margin of 1.5% for the three months ended September 30, 2023. The $67.6 million increase in net income was driven by growth in our Leasing service line, the impact of our cost savings initiatives, a one-time gain from insurance proceeds and lower losses on our fair value investments. Additionally, a loss on debt extinguishment incurred in 2023 contributed to the improvement from the prior year period. These favorable trends were partially offset by declines in our Services and Capital markets service lines, higher incentive compensation and the loss on disposition recognized in the third quarter of 2024.
Adjusted EBITDA of $142.5 million decreased $7.5 million or 5% compared to the three months ended September 30, 2023, driven by the same factors impacting Net income above, with the exception of the gain from insurance proceeds, net unrealized losses on our fair value investments, loss on disposition and loss on debt extinguishment incurred in the prior year period. Adjusted EBITDA margin, measured against service line fee revenue, of 8.7% declined 72 basis points from the third quarter of 2023.
Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
Revenue
Revenue of $6.8 billion decreased $124.3 million or 2% compared to the nine months ended September 30, 2023, driven by the Americas and EMEA which decreased 3% and 3%, respectively, partially offset by growth in APAC of 7%. This decline was principally driven by decreases in Services and Gross contract reimbursables revenue of 2% and 5%, respectively, due to changes in client mix. Capital markets revenue declined 7%, driven by a 9% decline in the Americas, as volatility and uncertainty in the interest rate environment continued to challenge investment sales activity in the first half of 2024. Partially offsetting these trends was 7% growth in Leasing revenue compared to the nine months ended September 30, 2023, driven by broad strength across all segments, primarily within the industrial and office sectors. Valuation and other revenue also increased 2%.
Costs of services
Costs of services of $5.6 billion decreased $148.7 million or 3% compared to the nine months ended September 30, 2023, principally driven by a decrease in third-party consumables and sub-contractor costs of approximately $189.0 million, partially offset by an increase in employment costs of approximately $52.0 million. Cost of services provided to clients decreased 1% and Cost of gross contract reimbursables decreased 5%, driven by the Americas, due to changes in client mix. Total costs of services as a percentage of total revenue was 82% for the nine months ended September 30, 2024 compared to 83% for the nine months ended September 30, 2023.
Operating, administrative and other
Operating, administrative and other expenses of $904.4 million decreased $41.3 million or 4% compared to the nine months ended September 30, 2023, driven by the impact of our cost savings initiatives, primarily realized as a reduction in employment costs. In addition, during June 2023, the Company incurred an $11.3 million servicing liability fee in connection with the amendment and extension of the A/R Securitization. Operating, administrative and other expenses as a percentage of total revenue was 13% for the nine months ended September 30, 2024 compared to 14% for the nine months ended September 30, 2023.
Restructuring, impairment and related charges
Restructuring, impairment and related charges of $36.5 million increased $13.1 million compared to the nine months ended September 30, 2023, primarily driven by a loss on disposition of $17.0 million related to the sale of a non-core Services business in the Americas, partially offset by a decrease in severance and employment-related costs of $3.2 million. In 2023, the Company actioned certain cost savings initiatives, including a reduction in 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 September 30, 2024.
Interest expense, net of interest income
Interest expense of $174.4 million decreased $49.8 million or 22% compared to the nine months ended September 30, 2023, primarily related to an aggregate loss on debt extinguishment of $41.9 million as well as $8.7 million of new transaction costs expensed in 2023 in connection with the refinancing of a portion of the borrowings under our 2018 Credit Agreement (see Note 10: Long-Term Debt and Other Borrowings in the Notes to the Condensed

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Consolidated Financial Statements for further information). The decrease in interest expense was partially offset by higher variable interest rates on our Term Loans compared to the prior year period.
Earnings from equity method investments
Earnings from equity method investments of $28.1 million decreased $13.2 million compared to the nine months ended September 30, 2023, primarily due to a decline of $13.6 million in earnings recognized from the Greystone JV due to lower transaction volumes as a result of tighter lending conditions given the volatility in interest rates.
Other income (expense), net
Other income, net was $25.6 million for the nine months ended September 30, 2024 compared to other expense, net of $12.8 million for the nine months ended September 30, 2023, driven by a $17.3 million gain from insurance proceeds recognized in the third quarter of 2024 (see Note 11: Commitments and Contingencies in the Notes to the Condensed Consolidated Financial Statements for further information), as well as lower net unrealized losses on our fair value investments, primarily related to our investment in WeWork. These trends were partially offset by lower royalty fee income.
Provision for income taxes
Provision for income taxes for the nine months ended September 30, 2024 was $25.3 million on earnings before income taxes of $43.7 million. For the nine months ended September 30, 2023, the provision for income taxes was $5.1 million on a loss before income taxes of $100.1 million. The increase in income tax expense was driven by an increase in earnings before income taxes and changes in the jurisdictional mix of earnings resulting in higher non-deductible losses when compared to the same period in 2023.
Net income (loss) and Adjusted EBITDA
Net income was $18.4 million for the nine months ended September 30, 2024 compared to net loss of $105.2 million in the nine months ended September 30, 2023. Net income margin was 0.3% compared to net loss margin of 1.5% for the prior year period. The improvement was driven by the impact of our cost savings initiatives, including lower employment costs, growth in our Leasing service line, a one-time gain from insurance proceeds and lower net unrealized losses on our fair value investments. Additionally, an aggregate loss on debt extinguishment and a servicing liability fee associated with the amendment and extension of the A/R Securitization in 2023 contributed to the improvement from the prior year period. These favorable trends were partially offset by declines in our Services and Capital markets service lines and the loss on disposition recognized in 2024.
Adjusted EBITDA of $359.5 million increased $2.5 million or 1% compared to the nine months ended September 30, 2023, driven by the same factors impacting Net income above, with the exception of the gain from insurance proceeds, net unrealized losses on our fair value investments, loss on disposition and the aggregate loss on debt extinguishment and A/R Securitization servicing liability fee incurred in the prior year period. Adjusted EBITDA margin, measured against service line fee revenue, of 7.6% remained unchanged from the nine months ended September 30, 2023.

Segment Results
We report our operations through the following segments: (1) Americas, (2) EMEA and (3) APAC. The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the United Kingdom, 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.
For segment reporting, Service line fee revenue represents revenue for fees generated from each of our service lines. Gross contract reimbursables reflects revenue from clients which have substantially no margin. Our measure of segment profitability, Adjusted EBITDA, excludes the effects of financings, income taxes and depreciation and amortization, as well as 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.


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Americas Results
The following table summarizes our results of operations by our Americas segment for the three and nine months ended September 30, 2024 and 2023 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20242023% Change in USD% Change in Local Currency20242023% Change in USD% Change in Local Currency
Revenue:
Services
$605.4$611.7(1)%0 %$1,811.2$1,869.1(3)%(3)%
Leasing396.0341.116 %16 %1,047.8981.87 %7 %
Capital markets138.5136.22 %2 %381.9418.4(9)%(9)%
Valuation and other38.831.224 %26 %113.0103.110 %11 %
Total service line fee revenue(1)
1,178.71,120.25 %6 %3,353.93,372.4(1)%0 %
Gross contract reimbursables(2)
571.8581.7(2)%(1)%1,731.21,886.6(8)%(8)%
Total revenue$1,750.5$1,701.93 %3 %$5,085.1$5,259.0(3)%(3)%
Costs and expenses:
Americas Fee-based operating expenses$1,071.6$1,017.25 %6 %$3,091.1$3,110.4(1)%0 %
Cost of gross contract reimbursables571.8581.7(2)%(1)%1,731.21,886.6(8)%(8)%
Segment operating expenses$1,643.4$1,598.93 %3 %$4,822.3$4,997.0(3)%(3)%
Net income (loss)
$41.2$20.898 %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.

Americas: Three months ended September 30, 2024 compared to the three months ended September 30, 2023
Americas revenue in the third quarter of 2024 was $1.8 billion, an increase of $48.6 million or 3% from the third quarter of 2023. This increase was principally driven by higher Leasing revenue which was up 16%, primarily due to higher tenant representation revenue as a result of more favorable market conditions than the third quarter of 2023. In addition, Valuation and other and Capital markets revenue increased by 24% and 2%, respectively, reflecting improved business confidence. Partially offsetting these increases were declines in Services and Gross contract reimbursables revenue of 1% and 2%, respectively, primarily as a result of the sale of a non-core Services business on August 1, 2024.
Fee-based operating expenses of $1.1 billion increased 5% principally due to higher commissions associated with revenue increases in Leasing and higher employment costs due to the timing of incentive compensation accrual adjustments in the third quarter of 2023, partially offset by lower sub-contractor and third-party consumable costs associated with revenue decreases in Services.
Adjusted EBITDA of $111.3 million decreased $6.1 million or 5% compared to the third quarter of 2023, primarily driven by the impact of the sale of a non-core Services business in the third quarter of 2024, higher employment costs due to the timing of incentive compensation accrual adjustments in the third quarter of 2023, and lower earnings recognized from the Greystone JV. These trends were partially offset by growth in our Leasing, Capital markets and Valuation and other service lines.

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Americas: Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
Americas revenue in the nine months ended September 30, 2024 was $5.1 billion, a decrease of $173.9 million or 3% from the nine months ended September 30, 2023. This decline was principally driven by lower Services and Gross contract reimbursables revenue which were down 3% and 8%, respectively, primarily due to declines in facilities management, including as a result of the sale of a non-core Services business in the third quarter of 2024, facilities services and changes in client mix. In addition, volatility and uncertainty in the interest rate environment continued to challenge investment sales activity resulting in a decline in Capital markets revenue of 9%. Partially offsetting these declines was growth in Leasing and Valuation and other revenue of 7% and 10%, respectively.
Fee-based operating expenses of $3.1 billion decreased 1% principally due to lower sub-contractor and third-party consumable costs associated with revenue decreases in Services, as well as the impact of our cost savings initiatives.
Adjusted EBITDA of $284.7 million decreased $5.7 million compared to the nine months ended September 30, 2023, primarily driven by declines in our Services and Capital markets service lines, the impact of the sale of a non-core Services business in the third quarter of 2024 and lower earnings recognized from the Greystone JV. These trends were partially offset by the impact of our cost savings initiatives and growth in our Leasing and Valuation and other service lines.

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EMEA Results
The following table summarizes our results of operations by our EMEA segment for the three and nine months ended September 30, 2024 and 2023 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20242023% Change in USD% Change in Local Currency20242023% Change in USD% Change in Local Currency
Revenue:
Services
$78.2$98.9(21)%(22)%$239.2$280.0(15)%(16)%
Leasing50.754.0(6)%(8)%158.2148.57 %5 %
Capital markets20.220.8(3)%(5)%54.952.45 %3 %
Valuation and other42.039.17 %5 %126.3122.93 %1 %
Total service line fee revenue(1)
191.1212.8(10)%(12)%578.6603.8(4)%(5)%
Gross contract reimbursables(2)
28.829.1(1)%(3)%85.583.23 %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 reimbursables28.829.1(1)%(3)%85.583.23 %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$31.410 %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.

EMEA: Three months ended September 30, 2024 compared to the three months ended September 30, 2023
EMEA revenue in the third quarter of 2024 was $219.9 million, a decrease of $22.0 million or 9% from the third quarter of 2023. Excluding the favorable impact of foreign currency of $5.2 million, EMEA revenue decreased 11% on a local currency basis. The decrease was principally driven by lower Services and Gross contract reimbursables revenue which were down 22% and 3%, on a local currency basis, respectively, due to declines in project management. In addition, Leasing and Capital markets revenue decreased 8% and 5%, respectively, on a local currency basis. Partially offsetting these declines was growth in Valuation and other revenue, which was up 5%, on a local currency basis.
Fee-based operating expenses of $177.0 million decreased 10% on a local currency basis principally due to lower sub-contractor and third-party consumable costs associated with revenue decreases in Services, partially offset by cost inflation.
Adjusted EBITDA of $12.4 million decreased $4.2 million or 25% compared to the third quarter of 2023, primarily driven by lower Services, Leasing and Capital markets revenue.

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EMEA: Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
EMEA revenue in the nine months ended September 30, 2024 was $664.1 million, a decrease of $22.9 million or 3% from the nine months ended September 30, 2023. Excluding the favorable impact of foreign currency of $9.9 million, EMEA revenue decreased 5% on a local currency basis. The decrease was principally driven by lower Services revenue which was down 16%, on a local currency basis, due to declines in project management and changes in client mix. Partially offsetting this decline was growth in Leasing, Capital markets and Valuation and other revenue which were up 5%, 3% and 1%, respectively, on a local currency basis, due to more favorable market conditions than the nine months ended September 30, 2023 driving momentum in trading across most markets.
Fee-based operating expenses of $544.1 million decreased 6% on a local currency basis principally due to lower sub-contractor and third-party consumable costs associated with revenue decreases in Services, partially offset by higher incentive compensation and cost inflation.
Adjusted EBITDA of $34.6 million increased $3.2 million or 10% compared to the nine months ended September 30, 2023, primarily driven by increases in Leasing, Capital markets and Valuation and other revenue and the impact of our cost savings initiatives, partially offset by a decline in Services, higher incentive compensation and cost inflation.


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APAC Results
The following table summarizes our results of operations by our APAC segment for the three and nine months ended September 30, 2024 and 2023 (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20242023% Change in USD% Change in Local Currency20242023% Change in USD% Change in Local Currency
Revenue:
Services
$181.6$168.28 %6 %$550.2$515.67 %7 %
Leasing46.040.613 %13 %118.7109.78 %10 %
Capital markets10.819.3(44)%(44)%37.540.2(7)%(3)%
Valuation and other24.427.0(10)%(10)%74.983.3(10)%(9)%
Total service line fee revenue(1)
262.8255.13 %2 %781.3748.84 %5 %
Gross contract reimbursables(2)
111.087.127 %26 %286.5246.516 %17 %
Total revenue$373.8$342.29 %8 %$1,067.8$995.37 %8 %
Costs and expenses:
APAC Fee-based operating expenses$251.5$243.73 %2 %$754.3$730.63 %4 %
Cost of gross contract reimbursables111.087.127 %26 %286.5246.516 %17 %
Segment operating expenses$362.5$330.810 %8 %$1,040.8$977.17 %7 %
Net income (loss)
$6.0$(18.7)n.m.n.m.$4.9$(29.6)n.m.n.m.
Adjusted EBITDA$18.8$16.018 %15 %$40.2$35.214 %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.

APAC: Three months ended September 30, 2024 compared to the three months ended September 30, 2023
APAC revenue in the third quarter of 2024 was $373.8 million, an increase of $31.6 million or 9% from the third quarter of 2023. Excluding the favorable impact of foreign currency of $4.1 million, APAC revenue increased 8% on a local currency basis. The increase was principally driven by growth in Services and Gross contract reimbursables revenue which were up 6% and 26%, respectively, on a local currency basis, due to increases in facilities management and facilities services. In addition, Leasing revenue increased 13% on a local currency basis, due to more favorable market conditions than the third quarter of 2023. Partially offsetting these trends were declines in Capital markets and Valuation and other revenue of 44% and 10%, respectively, on a local currency basis.
Fee-based operating expenses of $251.5 million increased 2% on a local currency basis principally due to higher sub-contractor and third-party consumable costs associated with revenue increases in Services and higher employment costs due to the timing of incentive compensation accrual adjustments in the third quarter of 2023, partially offset by our cost savings initiatives.
Adjusted EBITDA of $18.8 million increased $2.8 million or 18% compared to the third quarter of 2023, primarily driven by growth in Services and Leasing revenue and the impact of our cost savings initiatives, partially offset by declines in our Capital markets and Valuation and other service lines and higher incentive compensation.

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APAC: Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
APAC revenue in the nine months ended September 30, 2024 was $1.1 billion, an increase of $72.5 million or 7% from the nine months ended September 30, 2023. Excluding the unfavorable impact of foreign currency of $10.6 million, APAC revenue increased 8% on a local currency basis. The increase was principally driven by growth in Services and Gross contract reimbursables revenue which were up 7% and 17%, on a local currency basis, respectively, due to increases in facilities management and project management. In addition, Leasing revenue also increased 10% on a local currency basis, due to more favorable market conditions than the nine months ended September 30, 2023. Partially offsetting these trends were declines in Capital markets and Valuation and other revenue of 3% and 9%, respectively, on a local currency basis.
Fee-based operating expenses of $754.3 million increased 4% on a local currency basis principally due to higher sub-contractor and third-party consumable costs associated with revenue increases in Services, partially offset by the impact of our cost savings initiatives.
Adjusted EBITDA of $40.2 million increased $5.0 million or 14% compared to the nine months ended September 30, 2023, primarily driven by growth in Leasing and Services revenue and the impact of our cost savings initiatives, partially offset by declines in our Capital Markets and Valuation and other service lines.

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Liquidity and Capital Resources
Our primary sources of liquidity are cash flows from operations, available cash reserves, debt capacity under our Revolver and funding from our A/R Securitization. Our primary uses of liquidity are operating expenses, acquisitions, investments and debt payments.
While macroeconomic challenges and uncertainty continue to be present, we believe that we have maintained sufficient liquidity to satisfy our working capital and other funding requirements, including capital expenditures, and expenditures for human capital and contractual obligations, with operating cash flow and cash on hand and, as necessary, borrowings under our Revolver or funding from our A/R Securitization. We continually evaluate opportunities to obtain, retire or restructure our debt, credit facilities or financing arrangements for strategic reasons or to obtain additional financing to fund investments, operations and obligations to further strengthen our financial position.
We have historically relied on our operating cash flow to fund our working capital needs and ongoing capital expenditures on an annual basis. Our operating cash flow is seasonal—typically lowest in the first quarter of the year, when revenue is lowest, and greatest in the fourth quarter of the year, when revenue is highest. The seasonal nature of our operating cash flow can result in a mismatch with funding needs, which we manage using available cash on hand and, as necessary, borrowings under our Revolver or funding from our A/R Securitization.
In the absence of a large strategic acquisition or other extraordinary events, we believe our cash on hand, cash flow from operations and availability under our Revolver will be sufficient to meet our anticipated cash requirements for the foreseeable future, and at a minimum for the next 12 months. We may seek to take advantage of opportunities to refinance existing debt instruments, as we have done in the past, with new debt instruments at interest rates, maturities and terms we consider attractive.
In October 2024, we elected to prepay the remaining $47.9 million principal balance outstanding under the 2025 Tranche of our Term Loans, bringing our aggregate year-to-date debt repayments, including required principal payments, to $200.4 million. As of the date of this report, there are no further long-term debt arrangements maturing prior to 2028. Additionally, in October 2024, we repriced the 2030 Tranche-2 of our Term Loans, reducing the applicable interest rate by 50 basis points to 1-month Term SOFR plus 3.25%.
As of September 30, 2024, the Company had $1.9 billion of liquidity, consisting of cash and cash equivalents of $0.8 billion and availability on our undrawn Revolver of $1.1 billion.
As a professional services firm, funding our operating activities is not capital intensive. Total capital expenditures for the nine months ended September 30, 2024 were $31.7 million.
Off-Balance Sheet Arrangements
The Company is party to an off-balance sheet revolving A/R Securitization, whereby we continuously sell eligible trade receivables to an unaffiliated financial institution. Receivables are derecognized from our balance sheet upon sale, for which we receive cash payment and record a deferred purchase price receivable which is realized after collection of the underlying receivables. This program also provides funding from a committed purchaser against receivables sold into the program with a maximum facility limit of $200.0 million. As of September 30, 2024, the Company had aggregate capital outstanding under this facility of $125.0 million. This amount was repaid in full in October 2024. The A/R Securitization expires on June 19, 2026, unless extended or an earlier termination event occurs. Refer to Note 14: Accounts Receivable Securitization of the Notes to the Condensed Consolidated Financial Statements for further information.


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Cash Flow Summary
Nine Months Ended September 30,
Cash Flow Summary20242023
Net cash provided by (used in) operating activities
$92.8 $(50.2)
Net cash provided by investing activities
114.3 80.2 
Net cash used in financing activities
(197.5)(107.1)
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash2.1 (6.6)
Total change in cash, cash equivalents and restricted cash$11.7 $(83.7)
Operating Activities
We generated $92.8 million of cash from operating activities during the nine months ended September 30, 2024, an increase of $143.0 million compared to the nine months ended September 30, 2023. For the nine months ended September 30, 2024, we used net working capital for operations of $69.9 million, a decrease of $154.3 million compared to the nine months ended September 30, 2023. The reduction in our use of net working capital was principally driven by lower bonus accruals and lower income taxes payable, partially offset by lower trade receivables. In addition, the improvement in cash flows from operating activities was driven by a $123.6 million increase from net loss to net income.
Investing Activities
We generated $114.3 million of cash from investing activities during the nine months ended September 30, 2024, an increase of $34.1 million compared to the nine months ended September 30, 2023, primarily driven by proceeds from the sale of a non-core Services business in the third quarter of 2024 of $121.4 million, offset by a decrease in the net capital funding from the facility limit secured by our A/R Securitization of $95.0 million and lower investments in equity securities.
Financing Activities
We used $197.5 million of cash in financing activities during the nine months ended September 30, 2024, an increase of $90.4 million from the nine months ended September 30, 2023, primarily driven by repayment of borrowings under our 2018 Credit Agreement of $150.0 million, partially offset by payment of debt issuance costs of $65.4 million in the nine months ended September 30, 2023.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market and Other Risk Factors
Market Risk
The principal market risks we are exposed to are:
i.interest rates on debt obligations; and
ii.foreign exchange risk.
We manage these risks primarily by managing the amount, sources and duration of our debt funding and by using various derivative financial instruments such as interest rate swaps or foreign currency contracts. We enter into derivative instruments with trusted and diverse counterparties to reduce credit risk. These derivative instruments are strictly used for risk management purposes and, accordingly, are not used for trading or speculative purposes.
Interest Rate Risk
We are exposed to interest rate volatility with regard to the Term Loans and any borrowings we draw under the Revolver.
The Term Loans bear interest at a variable rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2024, we elected to use an annual rate equal to (i) 1-month Term SOFR, plus 0.11% (which sum is subject to a minimum floor of 0.00%), plus 2.75% for the 2025 Tranche, (ii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.00% for the 2030 Tranche-1 and (iii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.75% for the 2030 Tranche-2. In October 2024, we repriced the 2030

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Tranche-2, reducing the applicable interest rate by 50 basis points to 1-month Term SOFR plus 3.25%. Our 2028 Notes and 2031 Notes bear interest at annual fixed rates of 6.75% and 8.88%, respectively.
We manage this interest rate risk by entering into derivative financial instruments such as interest rate swap agreements to attempt to hedge the variability of future interest payments driven by fluctuations in interest rates. We continually assess interest rate sensitivity to estimate the impact of changes in short-term interest rates on our variable rate debt. Our interest rate risk management strategy is focused on limiting the impact of interest rate changes on earnings and cash flows to lower our overall borrowing costs.
Foreign Exchange Risk
Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of USD, our reporting currency. Refer to the discussion of international operations included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further detail.
Our foreign exchange risk management strategy is achieved by establishing local operations in the markets that we serve, invoicing customers in the same currency in which costs are incurred and the use of derivative financial instruments such as foreign currency forward contracts. Translating expenses incurred in foreign currencies into USD offsets the impact of translating revenue earned in foreign currencies into USD. We enter into forward foreign currency exchange contracts to manage currency risks associated with intercompany transactions and cash management.
Refer to Note 9: Derivative Financial Instruments and Hedging Activities of the Notes to the Condensed Consolidated Financial Statements for additional information about interest rate and foreign currency risks managed through derivative activities and notional amounts of underlying hedged items.

Item 4. Controls and Procedures
Disclosure Controls and Procedures
Rules 13a-15 and 15d-15 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), require that we conduct an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report. This evaluation is designed to ensure that all corporate disclosures are complete and accurate in all material respects. The evaluation is further designed to ensure that all information required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions regarding required disclosures to be recorded, processed, summarized and reported within the time periods and in the manner specified in the SEC’s rules and forms. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our Chief Executive Officer and Chief Financial Officer supervise and participate in this evaluation, and they are assisted by other members of our Disclosure Committee.
We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined by Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of September 30, 2024 to accomplish their objectives with reasonable assurance.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings
From time to time, we are party to a number of pending or threatened lawsuits arising out of, or incident to, the ordinary course of our business. We are not currently party to any legal proceedings that, if determined adversely to us, we believe would individually or in the aggregate have a material adverse effect on our business, financial condition, results of operations or liquidity.

Item 1A. Risk Factors
There have been no material changes to our risk factors as previously disclosed in our 2023 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

Item 3. Defaults Upon Senior Securities
None.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
Disclosure Channels to Disseminate Information
Cushman & Wakefield investors and others should note that we announce material information to the public about the Company through a variety of means, including the Company’s website, press releases and SEC filings, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage investors and others to review the information we make public, as such information could be deemed to be material information.
Insider Trading Arrangements
During the fiscal quarter ended September 30, 2024, none of our directors or officers subject to Section 16 of the Exchange Act adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and/or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).

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Item 6. Exhibits
EXHIBIT INDEX
Exhibit Number Description of ExhibitMethod of Filing
Amendment No. 9 to the Credit Agreement, dated as of October 10, 2024, among Cushman & Wakefield U.S. Borrower, LLC, DTZ UK Guarantor Limited, JPMorgan Chase Bank, N.A. as administrative agent, and other Lenders party thereto
Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated October 10, 2024
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002Filed herewith
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002Filed herewith
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Furnished herewith
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Furnished herewith
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Inline XBRL Cover Page Interactive Data File (included in Exhibit 101)

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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CUSHMAN & WAKEFIELD PLC
Date: November 4, 2024
/s/ Laurida Sayed
Laurida Sayed
Chief Accounting Officer (Authorized Signatory and Principal Accounting Officer)


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