Cushman & Wakefield Recasts 2024-2025 Financials, Discontinues Key Non-GAAP Measures for Industry Alignment
Cushman & Wakefield Ltd. has made available recast historical financial information for quarterly periods within 2024 and 2025, effective January 1, 2026. The company will discontinue reporting "service line fee revenue" and several non-GAAP financial measures, including Adjusted EBITDA margin, Segment operating expenses, and Fee-based operating expenses. Additionally, the definition of "Cost of gross contract reimbursables" has been revised to "Gross contract costs," and corporate cost allocation has been refined, impacting segment-level Net income (loss) and Adjusted EBITDA. These comprehensive reporting changes are intended to better align the company's financial performance reporting with industry competitors and enhance internal decision-making, with no impact on total revenue, consolidated net income (loss), earnings (loss) per share, or cash flows for any previously reported periods.
Key Highlights
- Cushman & Wakefield Ltd. has made available recast historical financial information for quarterly periods within 2024 and 2025.
- Effective January 1, 2026, the company will no longer report "service line fee revenue" or the non-GAAP financial measures: Adjusted EBITDA margin, Segment operating expenses, and Fee-based operating expenses.
- The definition of "Cost of gross contract reimbursables" has been revised to include client-dedicated labor, subcontractor costs, and third-party consumables, now reported as "Gross contract costs."
- The company refined the allocation of corporate costs, which impacted previously reported Net income (loss) and Adjusted EBITDA by segment.
- These reporting changes have no impact on the Company’s total revenue, consolidated net income (loss), earnings (loss) per share, or cash flows for any of the previously reported periods.
- The changes are intended to better align the Company’s reporting of financial performance with industry competitors and enhance management decision-making.
Price Impact
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