Third consecutive quarter of global leasing
growth Net cash flow from operations and free cash flow both
improved by more than $130 million year-to-date vs. 2023 Announces
sale of small non-core business to accelerate strategic growth
investments
Cushman & Wakefield (NYSE: CWK) today reported financial
results for the second quarter of 2024.
“Our solid second quarter results, highlighted by our third
consecutive quarter of leasing revenue growth and a meaningful
improvement in free cash flow, are evidence of our execution
against our strategic priorities,” said Michelle MacKay, Chief
Executive Officer of Cushman & Wakefield. “We are confident in
our position and energized about the increase in market optimism.
We continue to pursue our growth strategy from a place of strength
and stability in our core business, combined with our fortified
balance sheet.”
Second Quarter Results:
- Revenue of $2.3 billion for the second quarter of 2024
decreased 5% from the second quarter of 2023.
- Leasing grew 2% driven by the Americas and APAC.
- Services, Capital markets and Valuation and other declined 3%,
15% and 4%, respectively.
- Net income of $13.5 million for the second quarter of 2024
increased $8.4 million compared to net income of $5.1 million for
the second quarter of 2023. Diluted earnings per share was $0.06
for the quarter.
- Adjusted EBITDA of $138.9 million decreased 5% from the second
quarter of 2023, with Adjusted EBITDA margin of 8.8% declining 18
basis points from the second quarter of 2023.
- Adjusted diluted earnings per share was $0.20 for the
quarter.
- In June 2024, we repriced $1.0 billion of the Company’s term
loans due in 2030, reducing the applicable interest rate by 35
basis points to 1-month Term SOFR plus 3.00%. In addition, we
elected to prepay $45.0 million of the Company’s term loans due in
2025.
- On June 18, 2024, we signed a definitive agreement to sell a
non-core business that provides a third-party supplier network to
support a small portion of our Services clients in the U.S. and
Canada. This transaction will further the Company’s strategic focus
on core long-term growth opportunities and is expected to
accelerate optional debt repayment. The deal is expected to close
during the third quarter.
Year-to-Date Results:
- Revenue of $4.5 billion for the first half of 2024 decreased 4%
from the first half of 2023.
- Solid Leasing growth of 3% was driven by broad strength across
all segments.
- Services, Capital markets and Valuation and other declined 3%,
9% and 1%, respectively.
- Net loss of $15.3 million for the first half of 2024 improved
79% compared to net loss of $71.3 million for the first half of
2023. Diluted loss per share for the first half of 2024 was $0.07.
- Adjusted EBITDA of $217.0 million increased 5% from the first
half of 2023, with Adjusted EBITDA margin of 7% expanding 44 basis
points from the first half of 2023.
- Adjusted diluted earnings per share of $0.20 was up from $0.18
in the first half of 2023.
- Net cash used in operating activities was $103.3 million for
the first half of 2024.
- Free cash flow for the first half of 2024 was a use of $125.6
million compared to a use of $258.9 million in the first half of
2023.
- Liquidity as of June 30, 2024 was $1.7 billion, consisting of
availability on the Company’s undrawn revolving credit facility of
$1.1 billion and cash and cash equivalents of $0.6 billion.
Consolidated Results
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(in millions, except per share data)
2024
2023
% Change
in USD
% Change
in Local
Currency(5)
2024
2023
% Change
in USD
% Change
in Local
Currency(5)
Revenue:
Services
$
864.5
$
888.9
(3
)%
(2
)%
$
1,735.6
$
1,785.7
(3
)%
(2
)%
Leasing
450.3
441.8
2
%
2
%
832.0
804.4
3
%
4
%
Capital markets
163.2
191.9
(15
)%
(14
)%
304.8
334.8
(9
)%
(9
)%
Valuation and other
105.7
110.3
(4
)%
(3
)%
208.9
212.0
(1
)%
(1
)%
Total service line fee revenue(1)
1,583.7
1,632.9
(3
)%
(2
)%
3,081.3
3,136.9
(2
)%
(1
)%
Gross contract reimbursables(2)
704.3
773.1
(9
)%
(9
)%
1,391.5
1,518.4
(8
)%
(8
)%
Total revenue
$
2,288.0
$
2,406.0
(5
)%
(4
)%
$
4,472.8
$
4,655.3
(4
)%
(4
)%
Costs and expenses:
Cost of services provided to clients
$
1,170.5
$
1,205.0
(3
)%
(2
)%
$
2,315.8
$
2,367.3
(2
)%
(2
)%
Cost of gross contract reimbursables
704.3
773.1
(9
)%
(9
)%
1,391.5
1,518.4
(8
)%
(8
)%
Total costs of services
1,874.8
1,978.1
(5
)%
(5
)%
3,707.3
3,885.7
(5
)%
(4
)%
Operating, administrative and other
294.2
328.9
(11
)%
(10
)%
590.2
644.8
(8
)%
(8
)%
Depreciation and amortization
31.2
35.7
(13
)%
(12
)%
63.7
72.6
(12
)%
(12
)%
Restructuring, impairment and related
charges
17.4
7.0
n.m.
n.m.
22.4
14.2
58
%
57
%
Total costs and expenses
2,217.6
2,349.7
(6
)%
(5
)%
4,383.6
4,617.3
(5
)%
(5
)%
Operating income
70.4
56.3
25
%
27
%
89.2
38.0
n.m.
n.m.
Interest expense, net of interest
income
(60.8
)
(57.9
)
5
%
5
%
(119.5
)
(134.7
)
(11
)%
(11
)%
Earnings from equity method
investments
4.3
12.8
(66
)%
(66
)%
16.0
24.7
(35
)%
(35
)%
Other income (expense), net
3.3
(4.8
)
n.m.
n.m.
5.0
(10.8
)
n.m.
n.m.
Earnings (loss) before income taxes
17.2
6.4
n.m.
n.m.
(9.3
)
(82.8
)
(89
)%
(89
)%
Provision for (benefit from) income
taxes
3.7
1.3
n.m.
n.m.
6.0
(11.5
)
n.m.
n.m.
Net income (loss)
$
13.5
$
5.1
n.m.
n.m.
$
(15.3
)
$
(71.3
)
(79
)%
(79
)%
Net income (loss) margin
0.6
%
0.2
%
(0.3
)%
(1.5
)%
Adjusted EBITDA(3)
$
138.9
$
146.1
(5
)%
(4
)%
$
217.0
$
207.0
5
%
6
%
Adjusted EBITDA margin(3)
8.8
%
8.9
%
7.0
%
6.6
%
Adjusted net income(3)
$
45.7
$
50.5
(10
)%
$
46.3
$
41.1
13
%
Weighted average shares outstanding,
basic
229.0
227.1
228.5
226.7
Weighted average shares outstanding,
diluted(4)
231.5
227.1
231.3
227.2
Earnings (loss) per share, basic
$
0.06
$
0.02
$
(0.07
)
$
(0.31
)
Earnings (loss) per share, diluted
$
0.06
$
0.02
$
(0.07
)
$
(0.31
)
Adjusted earnings per share,
diluted(3)(4)
$
0.20
$
0.22
$
0.20
$
0.18
n.m. not meaningful
(1) Service line fee revenue represents
revenue for fees generated from each of our service lines.
(2) Gross contract reimbursables reflects
revenue from clients which have substantially no margin.
(3) See the end of this press release for
reconciliations of (i) Net income (loss) to Adjusted EBITDA and
(ii) Net income (loss) to Adjusted net income and for explanations
of the calculation of Adjusted EBITDA margin and Adjusted earnings
per share, diluted. See also the definition of, and a description
of the purposes for which management uses, these non-GAAP financial
measures under the Use of Non-GAAP Financial Measures section in
this press release.
(4) For all periods with a GAAP net loss,
weighted average shares outstanding, diluted is only used to
calculate Adjusted earnings per share, diluted. For all periods
with a GAAP net loss, all potentially dilutive shares would be
anti-dilutive; therefore, both basic and diluted loss per share are
calculated using weighted average shares outstanding, basic.
(5) In order to assist our investors and
improve comparability of results, we present the period-over-period
changes in certain of our non-GAAP financial measures, such as
Adjusted EBITDA, in “local” currency. The local currency change
represents the period-over-period change assuming no movement in
foreign exchange rates from the prior period. We believe that this
presentation provides our management and investors with a better
view of comparability and trends in the underlying operating
business.
Second Quarter Results
(unaudited)
Revenue
Revenue of $2.3 billion decreased $118.0 million or 5% compared
to the three months ended June 30, 2023, primarily driven by the
Americas, which decreased 7%. This decline was principally driven
by decreases in Services and Gross contract reimbursables revenue
of 3% and 9%, respectively, due to changes in client mix. Capital
markets revenue declined 15%, driven by a 19% decline in the
Americas, as volatility and uncertainty in the interest rate
environment continued to challenge investment sales activity.
Valuation and other revenue also declined 4%. Partially offsetting
these trends was 2% growth in Leasing revenue compared to the three
months ended June 30, 2023, driven by the Americas and APAC.
Costs of services
Costs of services of $1.9 billion decreased $103.3 million or 5%
compared to the three months ended June 30, 2023, principally
driven by a decrease in third-party consumables of approximately
$75.0 million and a decrease in employment costs of approximately
$23.0 million. Cost of services provided to clients decreased 3%
and Cost of gross contract reimbursables decreased 9%, driven by
the Americas, due to changes in client mix.
Operating, administrative and other
Operating, administrative and other expenses of $294.2 million
decreased $34.7 million or 11% compared to the three months ended
June 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.
Restructuring, impairment and related charges
Restructuring, impairment and related charges of $17.4 million
increased $10.4 million compared to the three months ended June 30,
2023. In June 2024, we signed a definitive agreement to sell a
non-core business in the Americas (the “Disposal Group”) which was
classified as held for sale as of June 30, 2024. The increase
compared to the three months ended June 30, 2023 was driven by a
loss of $12.5 million recognized in the second quarter of 2024 to
reduce the carrying value of the Disposal Group to its fair value
less costs to sell, partially offset by a decrease in severance and
employment-related costs of $1.9 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
into the first half of 2024.
Earnings from equity method investments
Earnings from equity method investments of $4.3 million
decreased $8.5 million compared to the three months ended June 30,
2023, primarily due to a decline of $6.5 million 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 $3.3 million for the three months ended
June 30, 2024 compared to other expense, net of $4.8 million for
the three months ended June 30, 2023, driven by lower net
unrealized losses on our fair value investments, primarily related
to our investment in WeWork, as well as higher royalty fee
income.
Provision for income taxes
Provision for income taxes for the second quarter of 2024 was
$3.7 million on earnings before income taxes of $17.2 million. For
the second quarter of 2023, the provision for income taxes was $1.3
million on earnings before income taxes of $6.4 million. The
increase in income tax expense compared to the three months ended
June 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.
Net income and Adjusted EBITDA
Net income of $13.5 million increased $8.4 million compared to
the three months ended June 30, 2023. Net income margin was 0.6%
compared to net income margin of 0.2% for the three months ended
June 30, 2023. The increase in net income was driven by the impact
of our cost savings initiatives, including lower employment costs,
growth in our Leasing service line, lower net unrealized losses on
our fair value investments and fewer one-time, non-recurring
expenses. In addition, a servicing liability fee associated with
the amendment and extension of the A/R Securitization in the second
quarter of 2023 also contributed to the year-over-year increase.
These favorable trends were partially offset by declines in our
Services and Capital markets service lines, and the loss on the
Disposal Group recognized in the second quarter of 2024.
Adjusted EBITDA of $138.9 million decreased $7.2 million or 5%
compared to the three months ended June 30, 2023, driven by the
same factors impacting Net income above, with the exception of the
loss on the Disposal Group, net unrealized losses on our fair value
investments and the A/R Securitization servicing liability fee
incurred in the prior year period. Adjusted EBITDA margin, measured
against service line fee revenue, of 8.8% declined 18 basis points
from the second quarter of 2023.
Year-to-Date Results
(unaudited)
Revenue
Revenue of $4.5 billion decreased $182.5 million or 4% compared
to the six months ended June 30, 2023, driven by the Americas,
which decreased 6%. This decline was principally driven by
decreases in Services and Gross contract reimbursables revenue of
3% and 8%, respectively, due to changes in client mix. Capital
markets revenue declined 9%, driven by a 14% decline in the
Americas, as volatility and uncertainty in the interest rate
environment continued to challenge investment sales activity.
Valuation and other revenue also declined 1%. Partially offsetting
these trends was 3% growth in Leasing revenue compared to the six
months ended June 30, 2023, driven by broad strength across all
segments.
Costs of services
Costs of services of $3.7 billion decreased $178.4 million or 5%
compared to the six months ended June 30, 2023, principally driven
by a decrease in third-party consumables of approximately $145.0
million and a decrease in employment costs of approximately $30.0
million. Cost of services provided to clients decreased 2% and Cost
of gross contract reimbursables decreased 8%, driven by the
Americas, due to changes in client mix. Total costs of services as
a percentage of total revenue was 83% for the six months ended June
30, 2024 compared to 83% for the six months ended June 30,
2023.
Operating, administrative and other
Operating, administrative and other expenses of $590.2 million
decreased $54.6 million or 8% compared to the six months ended June
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 six months ended June
30, 2024 compared to 14% for the six months ended June 30,
2023.
Restructuring, impairment and related charges
Restructuring, impairment and related charges of $22.4 million
increased $8.2 million compared to the six months ended June 30,
2023, which reflected a loss of $12.5 million recognized in the
second quarter of 2024 to reduce the carrying value of the Disposal
Group to its fair value less costs to sell, partially offset by a
decrease in severance and employment-related costs of $3.3 million,
as well as a decrease in right-of-use asset impairment charges of
$0.9 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 into the first half of
2024.
Interest expense, net of interest income
Interest expense of $119.5 million decreased $15.2 million or
11% compared to the six months ended June 30, 2023, primarily
related to a loss on debt extinguishment of $16.9 million, as well
as $4.7 million of new transaction costs expensed in the first
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 in our Quarterly Report on Form
10-Q for the quarter ended June 30, 2024 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 $16.0 million
decreased $8.7 million compared to the six months ended June 30,
2023, primarily due to a decline of $5.6 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 $5.0 million for the six months ended June
30, 2024 compared to other expense, net of $10.8 million for the
six months ended June 30, 2023, driven by lower net unrealized
losses on our fair value investments, primarily related to our
investment in WeWork.
Provision for (benefit from) income taxes
Provision for income taxes for the six months ended June 30,
2024 was $6.0 million on a loss before income taxes of $9.3
million. For the six months ended June 30, 2023, the benefit from
income taxes was $11.5 million on a loss before income taxes of
$82.8 million. The change from income tax benefit to income tax
expense was driven by a lower loss 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 loss and Adjusted EBITDA
Net loss of $15.3 million improved $56.0 million compared to net
loss of $71.3 million in the six months ended June 30, 2023. Net
loss margin was 0.3% compared to net loss margin of 1.5% for the
six months ended June 30, 2023. The improvement in net loss was
driven by the impact of our cost savings initiatives, including
lower employment costs, growth in our Leasing service line and
lower net unrealized losses on our fair value investments. In
addition, a loss on debt extinguishment incurred in the first
quarter of 2023 and a servicing liability fee associated with the
amendment and extension of the A/R Securitization in the second
quarter of 2023 also 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 the Disposal Group recognized in the second quarter of
2024.
Adjusted EBITDA of $217.0 million increased $10.0 million or 5%
compared to the six months ended June 30, 2023, driven by the same
factors impacting Net loss above, with the exception of the loss on
the Disposal Group, net unrealized losses on our fair value
investments, and the 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 7.0% expanded 44 basis points from the six months ended
June 30, 2023.
Balance Sheet
Liquidity at the end of the second quarter was $1.7 billion,
consisting of availability on the Company’s undrawn revolving
credit facility of $1.1 billion and cash and cash equivalents of
$0.6 billion.
Net debt as of June 30, 2024 was $2.5 billion reflecting the
Company’s outstanding term loans of $2.0 billion and senior secured
notes totaling $1.1 billion, net of cash and cash equivalents of
$0.6 billion. See the “Use of Non-GAAP Financial Measures” section
in this press release for the definition of, and a description of
the purposes for which management uses, this non-GAAP financial
measure.
Conference Call
The Company’s Second Quarter 2024 Earnings Conference Call will
be held today, July 29, 2024, at 5:00 p.m. Eastern Time. A webcast,
along with an associated slide presentation, will be accessible
through the Investor Relations section of the Company’s website at
http://ir.cushmanwakefield.com.
The direct dial-in number for the conference call is
1-844-825-9789 for U.S. callers and 1-412-317-5180 for
international callers. A replay of the call will be available
approximately two hours after the conference call by accessing
http://ir.cushmanwakefield.com. A transcript of the call will be
available on the Investor Relations section of the Company’s
website at http://ir.cushmanwakefield.com.
About Cushman &
Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global
commercial real estate services firm for property owners and
occupiers with approximately 52,000 employees in nearly 400 offices
and approximately 60 countries. In 2023, the firm reported revenue
of $9.5 billion across its core service lines of (i) Services, (ii)
Leasing, (iii) Capital markets, and (iv) Valuation and other. It
also receives numerous industry and business accolades for its
award-winning culture and commitment to Diversity, Equity and
Inclusion (DEI), sustainability and more. For additional
information, visit www.cushmanwakefield.com.
Cautionary Note on Forward-Looking
Statements
All statements in this release other than historical facts are
forward-looking statements, which rely on a number of estimates,
projections and assumptions concerning future events. Such
statements are also subject to a number of uncertainties and
factors outside Cushman & Wakefield’s control. Such factors
include, but are not limited to, disruptions in general
macroeconomic conditions and global and regional demand for
commercial real estate; our ability to attract and retain qualified
revenue producing employees and senior management; the failure of
our acquisitions and joint ventures to perform as expected or the
lack of similar future opportunities; our ability to preserve, grow
and leverage the value of our brand; the concentration of business
with specific corporate clients; our ability to appropriately
address actual or perceived conflicts of interest; our ability to
maintain and execute our information technology strategies;
interruption or failure of our information technology,
communications systems or data services; our vulnerability to
potential breaches in security related to our information systems;
our ability to comply with current and future data privacy
regulations and other confidentiality obligations; the extent to
which infrastructure disruptions may affect our ability to provide
our services; the potential impairment of our goodwill and other
intangible assets; our ability to comply with laws and regulations
and any changes thereto; changes in tax laws or tax rates and our
ability to make correct determinations in complex tax regimes; our
ability to successfully execute on our strategy for operational
efficiency; the failure of third parties performing on our behalf
to comply with contract, regulatory or legal requirements; risks
associated with the climate change and ability to achieve our
sustainability goals; foreign currency volatility; social,
geopolitical and economic risks associated with our international
operations; risks associated with sociopolitical polarization;
restrictions imposed on us by the agreements governing our
indebtedness; our amount of indebtedness and its potential adverse
impact on our available cash flow and the operation of our
business; our ability to incur more indebtedness; our ability to
generate sufficient cash flow from operations to service our
existing indebtedness; our ability to compete globally, regionally
and locally; the seasonality of significant portions of our revenue
and cash flow; our exposure to environmental liabilities due to our
role as a real estate services provider; potential price declines
resulting from future sales of a large number of our ordinary
shares; risks related to our capital allocation strategy including
current intentions to not pay cash dividends; risks related to
litigation; the fact that the rights of our shareholders differ in
certain respects from the rights typically offered to shareholders
of a 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; and 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. Should any Cushman & Wakefield estimates,
projections and assumptions or these other uncertainties and
factors materialize in ways that Cushman & Wakefield did not
expect, there is no guarantee of future performance and the actual
results could differ materially from the forward-looking statements
in this press release, including the possibility that recipients
may lose a material portion of the amounts invested. While Cushman
& Wakefield believes the assumptions underlying these
forward-looking statements are reasonable under current
circumstances, such assumptions are inherently uncertain and
subjective and past or projected performance is not necessarily
indicative of future results. No representation or warranty,
express or implied, is made as to the accuracy or completeness of
the information contained in this press release, and nothing shall
be relied upon as a promise or representation as to the performance
of any investment. You are cautioned not to place undue reliance on
such forward-looking statements or other information in this press
release and should rely on your own assessment of an investment or
a transaction. Any estimates or projections as to events that may
occur in the future are based upon the best and current judgment of
Cushman & Wakefield as actual results may vary from the
projections and such variations may be material. Any
forward-looking statements speak only as of the date of this press
release and, except to the extent required by applicable securities
laws, Cushman & Wakefield expressly disclaims any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise. Additional information
concerning factors that may influence the Company’s results is
discussed under “Risk Factors” in Part I, Item 1A of its Annual
Report on Form 10-K for the year ended December 31, 2023 and in its
other periodic reports filed with the Securities and Exchange
Commission (the “SEC”).
Cushman & Wakefield
plc
Condensed Consolidated
Statements of Operations
(unaudited)
Three Months
Ended
June 30,
Six Months
Ended
June 30,
(in millions, except per share data)
2024
2023
2024
2023
Revenue
$
2,288.0
$
2,406.0
$
4,472.8
$
4,655.3
Costs and expenses:
Costs of services (exclusive of
depreciation and amortization)
1,874.8
1,978.1
3,707.3
3,885.7
Operating, administrative and other
294.2
328.9
590.2
644.8
Depreciation and amortization
31.2
35.7
63.7
72.6
Restructuring, impairment and related
charges
17.4
7.0
22.4
14.2
Total costs and expenses
2,217.6
2,349.7
4,383.6
4,617.3
Operating income
70.4
56.3
89.2
38.0
Interest expense, net of interest
income
(60.8
)
(57.9
)
(119.5
)
(134.7
)
Earnings from equity method
investments
4.3
12.8
16.0
24.7
Other income (expense), net
3.3
(4.8
)
5.0
(10.8
)
Earnings (loss) before income taxes
17.2
6.4
(9.3
)
(82.8
)
Provision for (benefit from) income
taxes
3.7
1.3
6.0
(11.5
)
Net income (loss)
$
13.5
$
5.1
$
(15.3
)
$
(71.3
)
Basic earnings (loss) per share:
Earnings (loss) per share attributable to
common shareholders, basic
$
0.06
$
0.02
$
(0.07
)
$
(0.31
)
Weighted average shares outstanding for
basic earnings (loss) per share
229.0
227.1
228.5
226.7
Diluted earnings (loss) per share:
Earnings (loss) per share attributable to
common shareholders, diluted
$
0.06
$
0.02
$
(0.07
)
$
(0.31
)
Weighted average shares outstanding for
diluted earnings (loss) per share
231.5
227.1
228.5
226.7
Cushman & Wakefield
plc
Condensed Consolidated Balance
Sheets
As of
(in millions, except share data)
June 30,
2024
December 31,
2023
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
567.3
$
767.7
Trade and other receivables, net of
allowance of $87.8 and $85.2, as of June 30, 2024 and December 31,
2023, respectively
1,283.7
1,468.0
Income tax receivable
67.5
67.1
Short-term contract assets, net
296.7
311.0
Prepaid expenses and other current
assets
229.1
189.4
Assets held for sale
147.7
—
Total current assets
2,592.0
2,803.2
Property and equipment, net
148.2
163.8
Goodwill
2,024.0
2,080.9
Intangible assets, net
711.9
805.9
Equity method investments
710.5
708.0
Deferred tax assets
109.3
67.4
Non-current operating lease assets
307.8
339.0
Other non-current assets
739.3
805.8
Total assets
$
7,343.0
$
7,774.0
Liabilities and Shareholders’
Equity
Current liabilities:
Short-term borrowings and current portion
of long-term debt
$
141.7
$
149.7
Accounts payable and accrued expenses
1,032.4
1,157.7
Accrued compensation
671.9
851.4
Income tax payable
27.6
20.8
Other current liabilities
238.7
217.6
Liabilities associated with assets held
for sale
23.0
—
Total current liabilities
2,135.3
2,397.2
Long-term debt, net
3,001.7
3,096.9
Deferred tax liabilities
29.6
13.7
Non-current operating lease
liabilities
283.8
319.6
Other non-current liabilities
253.1
268.6
Total liabilities
5,703.5
6,096.0
Shareholders’ equity:
Ordinary shares, nominal value $0.10 per
share, 800,000,000 shares authorized; 229,191,378 and 227,282,173
shares issued and outstanding as of June 30, 2024 and December 31,
2023, respectively
22.9
22.7
Additional paid-in capital
2,959.4
2,957.3
Accumulated deficit
(1,132.5
)
(1,117.2
)
Accumulated other comprehensive loss
(210.9
)
(185.4
)
Total equity attributable to the
Company
1,638.9
1,677.4
Non-controlling interests
0.6
0.6
Total equity
1,639.5
1,678.0
Total liabilities and shareholders’
equity
$
7,343.0
$
7,774.0
Cushman & Wakefield
plc
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Six Months Ended
June 30,
(in millions)
2024
2023
Cash flows from operating
activities
Net loss
$
(15.3
)
$
(71.3
)
Reconciliation of net loss to net cash
used in operating activities:
Depreciation and amortization
63.7
72.6
Impairment charges
1.2
2.1
Unrealized foreign exchange gain
(3.4
)
(3.5
)
Stock-based compensation
11.9
25.3
Lease amortization
45.4
48.5
Loss on debt extinguishment
—
8.7
Amortization of debt issuance costs
3.7
3.9
Earnings from equity method investments,
net of distributions received
(5.3
)
(10.4
)
Change in deferred taxes
(30.1
)
(4.1
)
Provision for loss on receivables and
other assets
7.7
1.8
Loss on disposal of business
12.5
1.4
Unrealized loss on equity securities,
net
1.7
18.9
Other operating activities, net
(15.9
)
9.4
Changes in assets and liabilities:
Trade and other receivables
115.4
114.4
Income taxes payable
5.7
(67.4
)
Short-term contract assets and Prepaid
expenses and other current assets
(2.8
)
(19.2
)
Other non-current assets
(25.0
)
(38.7
)
Accounts payable and accrued expenses
(79.0
)
(72.2
)
Accrued compensation
(167.4
)
(227.7
)
Other current and non-current
liabilities
(28.0
)
(30.8
)
Net cash used in operating activities
(103.3
)
(238.3
)
Cash flows from investing
activities
Payment for property and equipment
(22.3
)
(20.6
)
Investments in equity securities and
equity method joint ventures
(0.9
)
(5.5
)
Return of beneficial interest in a
securitization
(200.0
)
(40.0
)
Collection on beneficial interest in a
securitization
280.0
210.0
Other investing activities, net
0.1
1.5
Net cash provided by investing
activities
56.9
145.4
Cash flows from financing
activities
Shares repurchased for payment of employee
taxes on stock awards
(9.7
)
(7.4
)
Payment of deferred and contingent
consideration
(14.3
)
(12.6
)
Proceeds from borrowings
—
1,000.0
Repayment of borrowings
(100.0
)
(1,000.0
)
Debt issuance costs
—
(23.5
)
Payment of finance lease liabilities
(15.5
)
(13.6
)
Other financing activities, net
(1.0
)
2.1
Net cash used in financing activities
(140.5
)
(55.0
)
Change in cash, cash equivalents and
restricted cash
(186.9
)
(147.9
)
Cash, cash equivalents and restricted
cash, beginning of the period
801.2
719.0
Effects of exchange rate fluctuations on
cash, cash equivalents and restricted cash
(9.4
)
1.7
Cash, cash equivalents and restricted
cash, end of the period
$
604.9
$
572.8
Segment Results
The following tables summarize the results of operations for the
Company’s segments for the three and six months ended June 30, 2024
and 2023.
Americas Results
Three Months Ended June
30,
Six Months Ended June
30,
(in millions) (unaudited)
2024
2023
% Change
in USD
% Change
in Local
Currency
2024
2023
% Change
in USD
% Change
in Local
Currency
Revenue:
Services
$
606.5
$
628.7
(4
)%
(3
)%
$
1,205.9
$
1,257.0
(4
)%
(4
)%
Leasing
352.2
345.5
2
%
2
%
651.8
640.9
2
%
2
%
Capital markets
132.3
163.5
(19
)%
(19
)%
243.4
282.4
(14
)%
(14
)%
Valuation and other
38.7
38.4
1
%
2
%
74.2
71.8
3
%
4
%
Total service line fee revenue(1)
1,129.7
1,176.1
(4
)%
(4
)%
2,175.3
2,252.1
(3
)%
(3
)%
Gross contract reimbursables(2)
583.7
660.4
(12
)%
(11
)%
1,159.1
1,304.6
(11
)%
(11
)%
Total revenue
$
1,713.4
$
1,836.5
(7
)%
(6
)%
$
3,334.4
$
3,556.7
(6
)%
(6
)%
Costs and expenses:
Americas Fee-based operating expenses
$
1,026.3
$
1,067.0
(4
)%
(4
)%
$
2,019.4
$
2,093.2
(4
)%
(3
)%
Cost of gross contract reimbursables
583.7
660.4
(12
)%
(11
)%
1,159.1
1,304.6
(11
)%
(11
)%
Segment operating expenses
$
1,610.0
$
1,727.4
(7
)%
(7
)%
$
3,178.5
$
3,397.8
(6
)%
(6
)%
Net income (loss)
$
17.5
$
9.6
82
%
86
%
$
0.8
$
(30.9
)
n.m.
n.m.
Adjusted EBITDA
$
109.0
$
116.4
(6
)%
(6
)%
$
173.4
$
173.1
0
%
1
%
n.m. not meaningful
(1) Service line fee revenue represents
revenue for fees generated from each of our service lines.
(2) Gross contract reimbursables reflects
revenue from clients which have substantially no margin.
EMEA Results
Three Months Ended June
30,
Six Months Ended June
30,
(in millions) (unaudited)
2024
2023
% Change
in USD
% Change
in Local
Currency
2024
2023
% Change
in USD
% Change
in Local
Currency
Revenue:
Services
$
80.0
$
94.3
(15
)%
(15
)%
$
161.0
$
181.2
(11
)%
(12
)%
Leasing
53.9
54.0
0
%
0
%
107.6
94.4
14
%
13
%
Capital markets
19.2
18.0
7
%
7
%
34.7
31.6
10
%
9
%
Valuation and other
40.6
41.8
(3
)%
(3
)%
84.2
83.8
0
%
(1
)%
Total service line fee revenue(1)
193.7
208.1
(7
)%
(7
)%
387.5
391.0
(1
)%
(2
)%
Gross contract reimbursables(2)
28.2
31.8
(11
)%
(11
)%
56.7
54.2
5
%
3
%
Total revenue
$
221.9
$
239.9
(8
)%
(7
)%
$
444.2
$
445.2
0
%
(1
)%
Costs and expenses:
EMEA Fee-based operating expenses
$
181.7
$
191.4
(5
)%
(5
)%
$
367.3
$
377.0
(3
)%
(4
)%
Cost of gross contract reimbursables
28.2
31.8
(11
)%
(11
)%
56.7
54.2
5
%
3
%
Segment operating expenses
$
209.9
$
223.2
(6
)%
(6
)%
$
424.0
$
431.2
(2
)%
(3
)%
Net loss
$
(4.5
)
$
(5.2
)
(13
)%
(15
)%
$
(14.9
)
$
(29.5
)
(49
)%
(47
)%
Adjusted EBITDA
$
13.2
$
16.9
(22
)%
(20
)%
$
22.2
$
14.8
50
%
52
%
(1) Service line fee revenue represents
revenue for fees generated from each of our service lines.
(2) Gross contract reimbursables reflects
revenue from clients which have substantially no margin.
APAC Results
Three Months Ended June
30,
Six Months Ended June
30,
(in millions) (unaudited)
2024
2023
% Change
in USD
% Change
in Local
Currency
2024
2023
% Change
in USD
% Change
in Local
Currency
Revenue:
Services
$
178.0
$
165.9
7
%
9
%
$
368.7
$
347.5
6
%
8
%
Leasing
44.2
42.3
4
%
7
%
72.6
69.1
5
%
8
%
Capital markets
11.7
10.4
13
%
19
%
26.7
20.8
28
%
35
%
Valuation and other
26.4
30.1
(12
)%
(10
)%
50.5
56.4
(10
)%
(7
)%
Total service line fee revenue(1)
260.3
248.7
5
%
7
%
518.5
493.8
5
%
7
%
Gross contract reimbursables(2)
92.4
80.9
14
%
16
%
175.7
159.6
10
%
12
%
Total revenue
$
352.7
$
329.6
7
%
9
%
$
694.2
$
653.4
6
%
9
%
Costs and expenses:
APAC Fee-based operating expenses
$
247.9
$
240.7
3
%
5
%
$
502.9
$
486.9
3
%
5
%
Cost of gross contract reimbursables
92.4
80.9
14
%
16
%
175.7
159.6
10
%
12
%
Segment operating expenses
$
340.3
$
321.6
6
%
8
%
$
678.6
$
646.5
5
%
7
%
Net income (loss)
$
0.5
$
0.7
(29
)%
41
%
$
(1.2
)
$
(10.9
)
(89
)%
(94
)%
Adjusted EBITDA
$
16.7
$
12.8
30
%
34
%
$
21.4
$
19.1
12
%
16
%
(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.
Cushman & Wakefield plc
Use of Non-GAAP Financial Measures
We have used the following measures, which are considered
“non-GAAP financial measures” under SEC guidelines:
- Adjusted earnings before interest, taxes, depreciation and
amortization (“Adjusted EBITDA”) and Adjusted EBITDA margin;
- Segment operating expenses and Fee-based operating
expenses;
- Adjusted net income and Adjusted earnings per share;
- Free cash flow;
- Local currency; and
- Net debt.
Management principally uses these non-GAAP financial measures to
evaluate operating performance, develop budgets and forecasts,
improve comparability of results and assist our investors in
analyzing the underlying performance of our business. These
measures are not recognized measurements under GAAP. When analyzing
our operating results, investors should use them in addition to,
but not as an alternative for, the most directly comparable
financial results calculated and presented in accordance with GAAP.
Because the Company’s calculation of these non-GAAP financial
measures may differ from other companies, our presentation of these
measures may not be comparable to similarly titled measures of
other companies.
The Company believes that these measures provide a more complete
understanding of ongoing operations, enhance comparability of
current results to prior periods and may be useful for investors to
analyze our financial performance. The measures eliminate the
impact of certain items that may obscure trends in the underlying
performance of our business. The Company believes that they are
useful to investors for the additional purposes described
below.
Adjusted EBITDA and Adjusted EBITDA
margin: We have determined Adjusted EBITDA to be our primary
measure of segment profitability. We believe that investors find
this measure useful in comparing our operating performance to that
of other companies in our industry because these calculations
generally eliminate unrealized loss on investments, net, loss on
disposal group, 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. Adjusted EBITDA also excludes the effects of
financings, income tax and the non-cash accounting effects of
depreciation and intangible asset amortization. Adjusted EBITDA
margin, a non-GAAP measure of profitability as a percent of
revenue, is measured against service line fee revenue.
Segment operating expenses and Fee-based
operating expenses: Consistent with GAAP, reimbursed costs
for certain customer contracts are presented on a gross basis in
both revenue and operating expenses for which the Company
recognizes substantially no margin. Total costs and expenses
include segment operating expenses, as well as other expenses such
as depreciation and amortization, loss on disposal group,
integration and other costs related to merger, acquisition related
costs and efficiency initiatives, cost savings initiatives, CEO
transition costs, servicing liability fees and amortization,
certain legal and compliance matters, and other non-recurring
items. Segment operating expenses includes Fee-based operating
expenses and Cost of gross contract reimbursables.
We believe Fee-based operating expenses more accurately reflects
the costs we incur during the course of delivering services to our
clients and is more consistent with how we manage our expense base
and operating margins.
Adjusted net income and Adjusted earnings
per share: Management also assesses the profitability of the
business using Adjusted net income. We believe that investors find
this measure useful in comparing our profitability to that of other
companies in our industry because this calculation generally
eliminates depreciation and amortization related to merger,
unrealized loss on investments, net, financing and other facility
fees, loss on disposal group, 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. Income tax, as adjusted, reflects
management’s expectation about our long-term effective rate as a
public company. The Company also uses Adjusted earnings per share
(“EPS”) as a component when measuring operating performance.
Management defines Adjusted EPS as Adjusted net income divided by
total basic and diluted weighted average shares outstanding.
Free cash flow: Free cash flow is a
financial performance metric that is calculated as net cash
provided by (used in) operating activities, less capital
expenditures (reflected as Payment for property and equipment in
the investing section of the Condensed Consolidated Statements of
Cash Flows).
Local currency: In discussing our
results, we refer to percentage changes in local currency. These
metrics are calculated by holding foreign currency exchange rates
constant in year-over-year comparisons. Management believes that
this methodology provides investors with greater visibility into
the performance of our business excluding the effect of foreign
currency rate fluctuations.
Net debt: Net debt is used as a
measure of our liquidity and is calculated as total debt minus cash
and cash equivalents.
Adjustments to U.S. GAAP Financial
Measures Used to Calculate Non-GAAP Financial
Measures
During the periods presented in this earnings release, the
Company had the following adjustments:
Unrealized loss on investments, net represents net unrealized
losses on fair value investments. Prior to 2024, this primarily
reflected unrealized losses on our investment in WeWork.
Loss on disposal group reflects the loss of $12.5 million
recognized in the second quarter of 2024 to reduce the carrying
value of the Disposal Group to its fair value less costs to sell,
as well as $1.5 million of other transaction costs associated with
the pending sale. In 2023, loss on disposal group reflects a loss
on the sale of a business in APAC.
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 in the first half of 2024.
CEO transition costs in 2024 reflects certain payroll taxes
associated with compensation for John Forrester, the Company’s
former Chief Executive Officer. 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. We believe the accelerated expense for these
stock awards, 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.
The interim financial information for the three and six months
ended June 30, 2024 and 2023 is unaudited. All adjustments,
consisting of normal recurring adjustments, except as otherwise
noted, considered necessary for a fair presentation of the
unaudited interim condensed consolidated financial information for
these periods have been included. Users of all of the
aforementioned unaudited interim financial information should refer
to the audited Consolidated Financial Statements of the Company and
notes thereto for the year ended December 31, 2023 in the Company’s
2023 Annual Report on Form 10-K.
Please see the following tables for reconciliations of our
non-GAAP financial measures to the most closely comparable GAAP
measures.
Reconciliations of Non-GAAP financial
measures
Reconciliation of Net income (loss) to Adjusted EBITDA:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions) (unaudited)
2024
2023
2024
2023
Net income (loss)
$
13.5
$
5.1
$
(15.3
)
$
(71.3
)
Add/(less):
Depreciation and amortization
31.2
35.7
63.7
72.6
Interest expense, net of interest
income
60.8
57.9
119.5
134.7
Provision for (benefit from) income
taxes
3.7
1.3
6.0
(11.5
)
Unrealized loss on investments, net
0.7
8.2
1.7
18.9
Loss on disposal group
14.0
1.8
14.0
1.8
Integration and other costs related to
merger
1.5
2.0
2.8
4.4
Acquisition related costs and efficiency
initiatives
—
5.1
—
11.7
Cost savings initiatives
10.2
12.2
17.4
27.2
CEO transition costs
1.9
2.3
1.9
2.3
Servicing liability fees and
amortization
(0.5
)
11.6
(0.9
)
11.6
Other(1)
1.9
2.9
6.2
4.6
Adjusted EBITDA
$
138.9
$
146.1
$
217.0
$
207.0
(1) For the three months ended June 30,
2024, Other primarily reflects one-time consulting costs associated
with certain legal entity reorganization projects and a secondary
offering of our ordinary shares by our former shareholders. For the
six months ended June 30, 2024, Other also includes non-cash
stock-based compensation expense associated with certain one-time
retention awards which vested in February 2024 and bad debt expense
driven by a sublessee default. For the three and six months ended
June 30, 2023, Other primarily reflects non-cash stock-based
compensation expense associated with certain one-time retention
awards.
Reconciliation of Net income (loss) to Adjusted net income:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share
data) (unaudited)
2024
2023
2024
2023
Net income (loss)
$
13.5
$
5.1
$
(15.3
)
$
(71.3
)
Add/(less):
Merger and acquisition related
depreciation and amortization
12.8
17.7
26.7
35.8
Unrealized loss on investments, net
0.7
8.2
1.7
18.9
Financing and other facility fees(1)
2.9
—
2.9
21.6
Loss on disposal group
14.0
1.8
14.0
1.8
Integration and other costs related to
merger
1.5
2.0
2.8
4.4
Acquisition related costs and efficiency
initiatives
—
5.1
—
11.7
Cost savings initiatives
10.2
12.2
17.4
27.2
CEO transition costs
1.9
2.3
1.9
2.3
Servicing liability fees and
amortization
(0.5
)
11.6
(0.9
)
11.6
Other
1.9
2.9
6.2
4.6
Tax impact of adjusted items(2)
(13.2
)
(18.4
)
(11.1
)
(27.5
)
Adjusted net income
$
45.7
$
50.5
$
46.3
$
41.1
Weighted average shares outstanding,
basic
229.0
227.1
228.5
226.7
Weighted average shares outstanding,
diluted(3)
231.5
227.1
231.3
227.2
Adjusted earnings per share, basic
$
0.20
$
0.22
$
0.20
$
0.18
Adjusted earnings per share,
diluted(3)
$
0.20
$
0.22
$
0.20
$
0.18
(1) Financing and other facility fees
reflects costs related to the refinancing of a portion of the
borrowings under our 2018 Credit Agreement in April 2024, June 2024
and January 2023, including $2.9 million of new transaction costs
expensed directly in the second quarter of 2024, and a loss on debt
extinguishment of $16.9 million and $4.7 million of new transaction
costs expensed directly in the first quarter of 2023.
(2) Reflective of management’s estimation
of an adjusted effective tax rate of 27% for both the three and six
months ended June 30, 2024 and 28% for both the three and six
months ended June 30, 2023, respectively.
(3) Weighted average shares outstanding,
diluted is calculated by taking basic weighted average shares
outstanding and adding dilutive shares of 2.5 million and 0.0
million for the three months ended June 30, 2024 and 2023,
respectively, and dilutive shares of 2.8 million and 0.5 million
for the six months ended June 30, 2024 and 2023, respectively.
Reconciliation of Net cash used in operating activities to Free
cash flow:
Six Months Ended
June 30,
(in millions) (unaudited)
2024
2023
Net cash used in operating activities
$
(103.3
)
$
(238.3
)
Payment for property and equipment
(22.3
)
(20.6
)
Free cash flow
$
(125.6
)
$
(258.9
)
Summary of Total costs and expenses:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions) (unaudited)
2024
2023
2024
2023
Americas Fee-based operating expenses
$ 1,026.3
$ 1,067.0
$ 2,019.4
$ 2,093.2
EMEA Fee-based operating expenses
181.7
191.4
367.3
377.0
APAC Fee-based operating expenses
247.9
240.7
502.9
486.9
Cost of gross contract reimbursables
704.3
773.1
1,391.5
1,518.4
Segment operating expenses
2,160.2
2,272.2
4,281.1
4,475.5
Depreciation and amortization
31.2
35.7
63.7
72.6
Loss on disposal group
14.0
1.8
14.0
1.8
Integration and other costs related to
merger
1.5
2.0
2.8
4.4
Acquisition related costs and efficiency
initiatives
—
5.1
—
11.7
Cost savings initiatives
10.2
12.2
17.4
27.2
CEO transition costs
1.9
2.3
1.9
2.3
Servicing liability fees and
amortization
(0.5)
11.6
(0.9)
11.6
Other, including foreign currency
movements(1)
(0.9)
6.8
3.6
10.2
Total costs and expenses
$ 2,217.6
$ 2,349.7
$ 4,383.6
$ 4,617.3
(1) For the three months ended June 30,
2024, Other primarily reflects one-time consulting costs associated
with certain legal entity reorganization projects and a secondary
offering of our ordinary shares by our former shareholders, and the
effects of movements in foreign currency. For the six months ended
June 30, 2024, Other also includes non-cash stock-based
compensation expense associated with certain one-time retention
awards which vested in February 2024 and bad debt expense driven by
a sublessee default. For the three and six months ended June 30,
2023, Other primarily reflects non-cash stock-based compensation
expense associated with certain one-time retention awards and the
effects of movements in foreign currency.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240729038189/en/
INVESTOR RELATIONS Megan
McGrath Investor Relations +1 312 338 7860 IR@cushwake.com
MEDIA CONTACT Aixa
Velez Corporate Communications +1 312 424 8195
aixa.velez@cushwake.com
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