{"id":784609,"date":"2022-05-06T20:01:56","date_gmt":"2022-05-06T18:01:56","guid":{"rendered":"https:\/\/bebeez.it\/non-categorizzato\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/"},"modified":"2023-07-10T20:05:27","modified_gmt":"2023-07-10T18:05:27","slug":"cushman-wakefield-reports-financial-results-for-first-quarter-2022","status":"publish","type":"post","link":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/","title":{"rendered":"Cushman & Wakefield Reports Financial Results for First Quarter 2022"},"content":{"rendered":"

CHICAGO–(BUSINESS WIRE)–#CRE<\/a>–Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2022:\n<\/p>\n

<\/a><\/p>\n

\nFinancial Results\n<\/p>\n

Revenue of $2.3 billion and service line fee revenue of $1.7 billion for the first quarter of 2022 increased 21% and 27%, respectively, from the first quarter of 2021.<\/p>\n

Strong performance across all segments, led by the Americas.<\/p>\n

Leasing and Capital markets grew 56% and 74%, respectively.<\/p>\n

Property, facilities and project management and Valuation and other grew 9% and 8%, respectively.<\/p>\n

Net income and earnings per share for the first quarter of 2022 of $45.5 million and $0.20, respectively, improved compared to the first quarter of 2021 net loss of $17.2 million and loss per share of $0.08.<\/p>\n

Adjusted earnings per share of $0.48 was significantly ahead of the first quarter of 2021 of $0.11.<\/p>\n

Adjusted EBITDA of $214.4 million increased 115% with Adjusted EBITDA margin of 12.6% expanding 512 basis points from the first quarter of 2021.<\/p>\n

Liquidity at the end of the first quarter of 2022 was $1.6 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.6 billion.<\/p>\n

Amended revolving credit facility on April 28, 2022, increased availability to $1.1 billion, extended the maturity date to 2027 and added incentives linked to sustainability features based on our greenhouse gas emission targets.<\/p>\n

\n“We are off to a strong start to 2022 generating record first quarter results. Performance was pleasing across the board of our highly diversified portfolio, in particular brokerage, which continues to perform exceptionally well as investors seek attractive returns and return to office momentum drives leasing activity. Equally encouraging was the strength of our non-brokerage businesses which generated upper single digit revenue growth year-over-year as we continue to capture market share in our occupier services business. We are well positioned with a strong balance sheet and ample liquidity to continue to drive our growth strategy and to deliver material value to our shareholders,” said John Forrester, Cushman & Wakefield Chief Executive Officer.\n<\/p>\n

\u00a0<\/p>\n

\nConsolidated Results (unaudited)<\/span>\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(in millions)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\n% Change in
\n
USD\n<\/p>\n

\n% Change in
\n
Local Currency(5)\n<\/p>\n

\nRevenue:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty, facilities and project management\n<\/p>\n

\n$\n<\/p>\n

\n840.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n768.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\n11\n<\/p>\n

\n%\n<\/p>\n

\nLeasing\n<\/p>\n

\n\u00a0\n<\/p>\n

\n454.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n291.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n56\n<\/p>\n

\n%\n<\/p>\n

\n58\n<\/p>\n

\n%\n<\/p>\n

\nCapital markets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n288.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n166.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n74\n<\/p>\n

\n%\n<\/p>\n

\n76\n<\/p>\n

\n%\n<\/p>\n

\nValuation and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n120.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n111.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8\n<\/p>\n

\n%\n<\/p>\n

\n10\n<\/p>\n

\n%\n<\/p>\n

\nTotal service line fee revenue(1)<\/p>\n

\n\u00a0\n<\/p>\n

\n1,704.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,337.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n27\n<\/p>\n

\n%\n<\/p>\n

\n29\n<\/p>\n

\n%\n<\/p>\n

\nGross contract reimbursables(2)<\/p>\n

\n\u00a0\n<\/p>\n

\n626.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n586.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7\n<\/p>\n

\n%\n<\/p>\n

\n8\n<\/p>\n

\n%\n<\/p>\n

\nTotal revenue\n<\/p>\n

\n$\n<\/p>\n

\n2,331.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,923.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n21\n<\/p>\n

\n%\n<\/p>\n

\n23\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCost of services provided to clients\n<\/p>\n

\n$\n<\/p>\n

\n1,234.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,003.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n23\n<\/p>\n

\n%\n<\/p>\n

\n25\n<\/p>\n

\n%\n<\/p>\n

\nCost of gross contract reimbursables\n<\/p>\n

\n\u00a0\n<\/p>\n

\n626.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n586.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7\n<\/p>\n

\n%\n<\/p>\n

\n8\n<\/p>\n

\n%\n<\/p>\n

\nTotal costs of services\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,860.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,589.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n17\n<\/p>\n

\n%\n<\/p>\n

\n18\n<\/p>\n

\n%\n<\/p>\n

\nOperating, administrative and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n293.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n280.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4\n<\/p>\n

\n%\n<\/p>\n

\n6\n<\/p>\n

\n%\n<\/p>\n

\nDepreciation and amortization\n<\/p>\n

\n\u00a0\n<\/p>\n

\n40.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6\n<\/p>\n

\n) %\n<\/p>\n

\n(5\n<\/p>\n

\n)%\n<\/p>\n

\nRestructuring, impairment and related charges\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n17.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(93\n<\/p>\n

\n) %\n<\/p>\n

\n(93\n<\/p>\n

\n)%\n<\/p>\n

\nTotal costs and expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,195.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,931.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n14\n<\/p>\n

\n%\n<\/p>\n

\n15\n<\/p>\n

\n%\n<\/p>\n

\nOperating income (loss)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n135.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.2\n<\/p>\n

\n)\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInterest expense, net of interest income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(43.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(42.4\n<\/p>\n

\n)\n<\/p>\n

\n2\n<\/p>\n

\n%\n<\/p>\n

\n3\n<\/p>\n

\n%\n<\/p>\n

\nEarnings from equity method investments\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther (expense) income, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(32.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) before income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n76.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(45.2\n<\/p>\n

\n)\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProvision for (benefit from) income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28.0\n<\/p>\n

\n)\n<\/p>\n

\n209\n<\/p>\n

\n%\n<\/p>\n

\n121\n<\/p>\n

\n%\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n$\n<\/p>\n

\n45.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(17.2\n<\/p>\n

\n)\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA(3)<\/p>\n

\n$\n<\/p>\n

\n214.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n99.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n115\n<\/p>\n

\n%\n<\/p>\n

\n118\n<\/p>\n

\n%\n<\/p>\n

\nAdjusted EBITDA margin(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n12.6\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.5\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted net income(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n109.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n25.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nWeighted average shares outstanding, basic\n<\/p>\n

\n\u00a0\n<\/p>\n

\n224.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n222.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nWeighted average shares outstanding, diluted(4)<\/p>\n

\n\u00a0\n<\/p>\n

\n229.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n223.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) per share, basic\n<\/p>\n

\n$\n<\/p>\n

\n0.20\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.08\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) per share, diluted\n<\/p>\n

\n$\n<\/p>\n

\n0.20\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.08\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted earnings per share, diluted(3)<\/p>\n

\n$\n<\/p>\n

\n0.48\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.11\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m. not meaningful\n<\/p>\n

\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines.\n<\/p>\n

\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin.\n<\/p>\n

\n(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 on the calculations 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 measures under the Use of Non-GAAP Financial Measures section in this press release.\n<\/p>\n

\n(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 earnings (loss) per share are calculated using weighted average shares outstanding, basic.\n<\/p>\n

\n(5) In order to assist our investors and improve comparability of results, we present the period-over-period changes in certain of our financial measures, such as service line fee revenue and 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.\n<\/p>\n

\nFirst Quarter Results (unaudited)<\/span>\n<\/p>\n

\nRevenue\n<\/p>\n

\nRevenue of $2.3 billion, an increase of $407.2 million or 21% compared to the three months ended March 31, 2021, reflects strong revenue growth across all segments. Americas, EMEA and APAC revenue growth was 25%, 6%, and 12%, respectively, compared to the three months ended March 31, 2021. Service line fee revenue growth was led by brokerage, which was up 62% versus the first quarter of 2021. Leasing revenue of $454.7 million increased 56% principally driven by the strength of the industrial sector and improving momentum stemming from return-to-office activity. Capital markets revenue grew $122.5 million or 74% as investment fundamentals in commercial real estate assets continue to be favorable. Property, facilities and project management grew 9% driven by growth in our facilities management and project management businesses. Valuation and other and Gross contract reimbursables also grew 8% and 7%, respectively. Geographically, Americas, EMEA and APAC contributed 89%, 3%, and 8%, respectively, of the consolidated revenue growth.\n<\/p>\n

\nCosts of services\n<\/p>\n

\nCosts of services of $1.9 billion increased $271.0 million or 17% compared to the three months ended March 31, 2021. Cost of services provided to clients increased 23% principally due to higher variable costs including commissions, as a result of higher brokerage revenue. Cost of gross contract reimbursables increased 7% driven by the continued growth in our Property, facilities and project management service line. These increases were partially offset by tight cost management and savings generated from operating efficiency initiatives. Total costs of services as a percentage of total revenue were 80% for the first quarter of 2022 as compared to 83% for the first quarter of 2021.\n<\/p>\n

\nOperating, administrative and other\n<\/p>\n

\nOperating, administrative and other expenses of $293.4 million increased by $12.6 million or 4% compared to the three months ended March 31, 2021, as higher compensation costs were partially offset by savings generated from operating efficiency initiatives. Operating, administrative and other costs as a percentage of total revenue were 13% for the first quarter of 2022 as compared to 15% for the first quarter of 2021.\n<\/p>\n

\nRestructuring, impairment and related charges\n<\/p>\n

\nRestructuring, impairment and related charges were $1.2 million, a decrease of $16.4 million compared to the three months ended March 31, 2021. This decrease principally reflects the reduction of severance-related costs and impairment charges in connection with the Company’s previously announced strategic realignment of the business, that was substantially complete at the end of last year.\n<\/p>\n

\nEarnings from equity method investments\n<\/p>\n

\nEarnings from equity method investments of $16.9 million increased by $14.5 million compared to the three months ended March 31, 2021, primarily due to the earnings recognized from our equity method investment with Greystone in the Americas, which was finalized in December 2021.\n<\/p>\n

\nOther (expense) income, net\n<\/p>\n

\nOther expense, net during the three months ended March 31, 2022 reflects net unrealized losses on fair value investments of $21.5 million, primarily related to our investment in WeWork, which closed in the fourth quarter of 2021, partially offset by royalty income. In addition, the Company recorded a loss of $13.8 million in the three months ended March 31, 2022 related to the disposal of operations in Russia.\n<\/p>\n

\nProvision for (benefit from) income taxes\n<\/p>\n

\nProvision for income taxes for the first quarter of 2022 was $30.6 million on earnings before income taxes of $76.1 million. For the first quarter of 2021, the benefit from income taxes was $28.0 million on a loss before income taxes of $45.2 million. The increase in tax expense from the prior period was primarily driven by higher pre-tax earnings, partially offset by a lower effective tax rate.\n<\/p>\n

\nNet income and Adjusted EBITDA\n<\/p>\n

\nNet income of $45.5 million principally reflects the strong performance of brokerage activity as Leasing and Capital markets fee revenue increased 56% and 74%, respectively. Revenue in Property, facilities and project management and Valuation and other also increased 9% and 8%, respectively.\n<\/p>\n

\nAdjusted EBITDA of $214.4 million increased by $114.7 million or 115%, primarily due to the impact of revenue growth in all segments and service lines. As a result, Adjusted EBITDA margin, measured against service line fee revenue, of 12.6% for the three months ended March 31, 2022, increased 512 basis points as compared to 7.5% in the three months ended March 31, 2021.\n<\/p>\n

\nBalance Sheet<\/span>\n<\/p>\n

\nLiquidity at the end of the first quarter was $1.6 billion, including availability on the Company’s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.6 billion.\n<\/p>\n

\nNet debt as of March 31, 2022 was $2.6 billion including the Company’s outstanding 2018 First Lien debt of $2.6 billion and the 2020 Notes of $0.6 billion, net of cash and cash equivalents of $0.6 billion.\n<\/p>\n

\nConference Call<\/span>\n<\/p>\n

\nThe Company\u2019s First Quarter 2022 Earnings Conference Call will be held today, May 5, 2022, 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\u2019s website at http:\/\/ir.cushmanwakefield.com<\/a>.\n<\/p>\n

\nThe direct dial-in number for the conference call is 1-877-407-9208 for U.S. callers and 1-201-493-6784 for international callers. The Conference ID is 13728186. A replay of the call will be available approximately two hours after the conference call by accessing http:\/\/ir.cushmanwakefield.com<\/a>. A transcript of the call will be available on the Company\u2019s Investor Relations website at http:\/\/ir.cushmanwakefield.com<\/a>.\n<\/p>\n

\nAbout Cushman & Wakefield<\/span>\n<\/p>\n

\nCushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com<\/a> or follow @CushWake on Twitter.\n<\/p>\n

\nCautionary Note on Forward-Looking Statements<\/span>\n<\/p>\n

\nAll 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\u2019s control. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions and changes in government policies, laws, regulations and practices. 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, recipients should bear in mind that such assumptions are inherently uncertain and subjective and that 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\u2019s results is discussed under \u201cRisk Factors\u201d in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2021.\n<\/p>\n

\u00a0<\/p>\n

\nCushman & Wakefield plc\n<\/p>\n

\nCondensed Consolidated Statements of Operations\n<\/p>\n

\n(unaudited)\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n(in millions, except per share data)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\nRevenue\n<\/p>\n

\n$\n<\/p>\n

\n2,331.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,923.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts of services (exclusive of depreciation and amortization)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,860.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,589.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating, administrative and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n293.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n280.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDepreciation and amortization\n<\/p>\n

\n\u00a0\n<\/p>\n

\n40.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nRestructuring, impairment and related charges\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n17.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal costs and expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,195.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,931.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating income (loss)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n135.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.2\n<\/p>\n

\n)\n<\/p>\n

\nInterest expense, net of interest income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(43.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(42.4\n<\/p>\n

\n)\n<\/p>\n

\nEarnings from equity method investments\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther (expense) income, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(32.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) before income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n76.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(45.2\n<\/p>\n

\n)\n<\/p>\n

\nProvision for (benefit from) income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28.0\n<\/p>\n

\n)\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n$\n<\/p>\n

\n45.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(17.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nBasic earnings (loss) per share:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) per share attributable to common shareholders, basic\n<\/p>\n

\n$\n<\/p>\n

\n0.20\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.08\n<\/p>\n

\n)\n<\/p>\n

\nWeighted average shares outstanding for basic earnings (loss) per share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n224.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n222.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDiluted earnings (loss) per share:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings (loss) per share attributable to common shareholders, diluted\n<\/p>\n

\n$\n<\/p>\n

\n0.20\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.08\n<\/p>\n

\n)\n<\/p>\n

\nWeighted average shares outstanding for diluted earnings (loss) per share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n229.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n222.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\u00a0<\/p>\n

\nCushman & Wakefield plc\n<\/p>\n

\nCondensed Consolidated Balance Sheets\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nAs of\n<\/p>\n

\n(in millions, except per share data)\n<\/p>\n

\nMarch 31, 2022\n<\/p>\n

\nDecember 31, 2021\n<\/p>\n

\nAssets\n<\/p>\n

\n(unaudited)\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCurrent assets:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCash and cash equivalents\n<\/p>\n

\n$\n<\/p>\n

\n611.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n770.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTrade and other receivables, net of allowance of $78.2 million and $72.2 million, as of March 31, 2022 and December 31, 2021, respectively\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,372.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,446.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIncome tax receivable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n32.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nShort-term contract assets, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n360.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n318.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPrepaid expenses and other current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n295.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n264.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,672.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,830.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty and equipment, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n192.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n194.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nGoodwill\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,084.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,081.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIntangible assets, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n908.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n922.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEquity method investments\n<\/p>\n

\n\u00a0\n<\/p>\n

\n654.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n641.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDeferred tax assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n65.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n65.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNon-current operating lease assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n398.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n413.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n780.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n741.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal assets\n<\/p>\n

\n$\n<\/p>\n

\n7,756.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n7,890.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLiabilities and Shareholders’ Equity\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCurrent liabilities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nShort-term borrowings and current portion of long-term debt\n<\/p>\n

\n$\n<\/p>\n

\n43.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n42.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccounts payable and accrued expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,083.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,106.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccrued compensation\n<\/p>\n

\n\u00a0\n<\/p>\n

\n840.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n976.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIncome tax payable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n136.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n105.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n215.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n204.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,319.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,434.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLong-term debt, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3,215.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3,220.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDeferred tax liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n36.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n48.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNon-current operating lease liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n377.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n394.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n268.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n343.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6,217.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6,441.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCommitments and contingencies (see Note 9)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nShareholders’ equity:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOrdinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 225,445,522 and 223,709,308 shares issued and outstanding as of March 31, 2022 and at December 31, 2021, respectively\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdditional paid-in capital\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,880.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2,896.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccumulated deficit\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1,232.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1,278.2\n<\/p>\n

\n)\n<\/p>\n

\nAccumulated other comprehensive loss\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(132.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(193.0\n<\/p>\n

\n)\n<\/p>\n

\nTotal equity attributable to the Company\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,537.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,447.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNon-controlling interests\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal equity\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,538.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,448.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal liabilities and shareholders’ equity\n<\/p>\n

\n$\n<\/p>\n

\n7,756.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n7,890.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\u00a0<\/p>\n

\nCushman & Wakefield plc\n<\/p>\n

\nCondensed Consolidated Statements of Cash Flows\n<\/p>\n

\n(unaudited)\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n(in millions)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\nCash flows from operating activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n$\n<\/p>\n

\n45.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(17.2\n<\/p>\n

\n)\n<\/p>\n

\nReconciliation of net income (loss) to net cash used in operating activities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDepreciation and amortization\n<\/p>\n

\n\u00a0\n<\/p>\n

\n40.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nImpairment charges\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nUnrealized foreign exchange (gain) loss\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(5.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nStock-based compensation\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLease amortization\n<\/p>\n

\n\u00a0\n<\/p>\n

\n25.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n27.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of debt issuance costs\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEarnings from equity method investments, net of dividends received\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(12.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nChange in deferred taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(12.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(25.4\n<\/p>\n

\n)\n<\/p>\n

\nProvision for loss on receivables and other assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLoss on disposal of business\n<\/p>\n

\n\u00a0\n<\/p>\n

\n13.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther operating activities, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n17.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.1\n<\/p>\n

\n)\n<\/p>\n

\nChanges in assets and liabilities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTrade and other receivables\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n114.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIncome taxes payable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(14.4\n<\/p>\n

\n)\n<\/p>\n

\nShort-term contract assets and Prepaid expenses and other current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(78.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(39.7\n<\/p>\n

\n)\n<\/p>\n

\nOther non-current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(98.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(14.8\n<\/p>\n

\n)\n<\/p>\n

\nAccounts payable and accrued expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(12.6\n<\/p>\n

\n)\n<\/p>\n

\nAccrued compensation\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(130.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(64.5\n<\/p>\n

\n)\n<\/p>\n

\nOther current and non-current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(19.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(36.6\n<\/p>\n

\n)\n<\/p>\n

\nNet cash used in operating activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(158.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(16.4\n<\/p>\n

\n)\n<\/p>\n

\nCash flows from investing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPayment for property and equipment\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(18.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(12.9\n<\/p>\n

\n)\n<\/p>\n

\nAcquisitions of businesses, net of cash acquired\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInvestments in equity securities and equity method joint ventures\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(11.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(15.9\n<\/p>\n

\n)\n<\/p>\n

\nCollection on beneficial interest in a securitization\n<\/p>\n

\n\u00a0\n<\/p>\n

\n80.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther investing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(9.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet cash provided by (used in) investing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n36.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28.8\n<\/p>\n

\n)\n<\/p>\n

\nCash flows from financing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nShares repurchased for payment of employee taxes on stock awards\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(26.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(4.8\n<\/p>\n

\n)\n<\/p>\n

\nPayment of contingent consideration\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nRepayment of borrowings\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.7\n<\/p>\n

\n)\n<\/p>\n

\nPayment of finance lease liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.3\n<\/p>\n

\n)\n<\/p>\n

\nOther financing activities, net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet cash used in financing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(35.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(13.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nChange in cash, cash equivalents and restricted cash\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(157.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(58.8\n<\/p>\n

\n)\n<\/p>\n

\nCash, cash equivalents and restricted cash, beginning of the period\n<\/p>\n

\n\u00a0\n<\/p>\n

\n890.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,164.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEffects of exchange rate fluctuations on cash, cash equivalents and restricted cash\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(4.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.5\n<\/p>\n

\n)\n<\/p>\n

\nCash, cash equivalents and restricted cash, end of the period\n<\/p>\n

\n$\n<\/p>\n

\n728.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,101.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nSegment Results<\/span>\n<\/p>\n

\nThe following tables summarize our results of operations for our operating segments for the three months ended March 31, 2022 and 2021.\n<\/p>\n

\nAmericas Results\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(in millions) (unaudited)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\n% Change in\n<\/p>\n

\nUSD\n<\/p>\n

\n% Change in\n<\/p>\n

\nLocal Currency\n<\/p>\n

\nRevenue:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty, facilities and project management\n<\/p>\n

\n$\n<\/p>\n

\n591.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n540.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\nLeasing\n<\/p>\n

\n\u00a0\n<\/p>\n

\n368.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n219.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n68\n<\/p>\n

\n%\n<\/p>\n

\n68\n<\/p>\n

\n%\n<\/p>\n

\nCapital markets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n241.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n133.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n81\n<\/p>\n

\n%\n<\/p>\n

\n81\n<\/p>\n

\n%\n<\/p>\n

\nValuation and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n47.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n37.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n27\n<\/p>\n

\n%\n<\/p>\n

\n28\n<\/p>\n

\n%\n<\/p>\n

\nTotal service line fee revenue(1)<\/p>\n

\n\u00a0\n<\/p>\n

\n1,247.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n931.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n34\n<\/p>\n

\n%\n<\/p>\n

\n34\n<\/p>\n

\n%\n<\/p>\n

\nGross contract reimbursables(2)<\/p>\n

\n\u00a0\n<\/p>\n

\n537.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n493.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\nTotal revenue\n<\/p>\n

\n$\n<\/p>\n

\n1,785.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,424.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n25\n<\/p>\n

\n%\n<\/p>\n

\n25\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmericas Fee-based operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n1,086.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n854.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n27\n<\/p>\n

\n%\n<\/p>\n

\n27\n<\/p>\n

\n%\n<\/p>\n

\nCost of gross contract reimbursables\n<\/p>\n

\n\u00a0\n<\/p>\n

\n537.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n493.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\nSegment operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n1,624.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,347.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n20\n<\/p>\n

\n%\n<\/p>\n

\n21\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA\n<\/p>\n

\n$\n<\/p>\n

\n176.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n77.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n126\n<\/p>\n

\n%\n<\/p>\n

\n126\n<\/p>\n

\n%\n<\/p>\n

\nAdjusted EBITDA margin(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n14.1\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.4\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines\n<\/p>\n

\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin\n<\/p>\n

\n(3) Adjusted EBITDA margin is measured against Total service line fee revenue\n<\/p>\n

\u00a0<\/p>\n

\nEMEA Results\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(in millions) (unaudited)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\n% Change in\n<\/p>\n

\nUSD\n<\/p>\n

\n% Change in\n<\/p>\n

\nLocal Currency\n<\/p>\n

\nRevenue:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty, facilities and project management\n<\/p>\n

\n$\n<\/p>\n

\n93.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n83.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12\n<\/p>\n

\n%\n<\/p>\n

\n19\n<\/p>\n

\n%\n<\/p>\n

\nLeasing\n<\/p>\n

\n\u00a0\n<\/p>\n

\n49.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n42.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16\n<\/p>\n

\n%\n<\/p>\n

\n23\n<\/p>\n

\n%\n<\/p>\n

\nCapital markets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n28.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29\n<\/p>\n

\n%\n<\/p>\n

\n38\n<\/p>\n

\n%\n<\/p>\n

\nValuation and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n44.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(2\n<\/p>\n

\n)%\n<\/p>\n

\n4\n<\/p>\n

\n%\n<\/p>\n

\nTotal service line fee revenue(1)<\/p>\n

\n\u00a0\n<\/p>\n

\n215.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n193.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12\n<\/p>\n

\n%\n<\/p>\n

\n19\n<\/p>\n

\n%\n<\/p>\n

\nGross contract reimbursables(2)<\/p>\n

\n\u00a0\n<\/p>\n

\n22.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28\n<\/p>\n

\n)%\n<\/p>\n

\n(24\n<\/p>\n

\n)%\n<\/p>\n

\nTotal revenue\n<\/p>\n

\n$\n<\/p>\n

\n237.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n223.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6\n<\/p>\n

\n%\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEMEA Fee-based operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n200.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n192.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4\n<\/p>\n

\n%\n<\/p>\n

\n10\n<\/p>\n

\n%\n<\/p>\n

\nCost of gross contract reimbursables\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n30.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28\n<\/p>\n

\n)%\n<\/p>\n

\n(24\n<\/p>\n

\n)%\n<\/p>\n

\nSegment operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n222.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n223.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0\n<\/p>\n

\n%\n<\/p>\n

\n6\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA\n<\/p>\n

\n$\n<\/p>\n

\n16.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nn.m.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA margin(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n7.8\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.2\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines\n<\/p>\n

\n(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin\n<\/p>\n

\n(3) Adjusted EBITDA margin is measured against Total service line fee revenue\n<\/p>\n

\u00a0<\/p>\n

\nAPAC Results\n<\/p>\n

\u00a0<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended March 31,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(in millions) (unaudited)\n<\/p>\n

\n2022\n<\/p>\n

\n2021\n<\/p>\n

\n% Change in\n<\/p>\n

\nUSD\n<\/p>\n

\n% Change in\n<\/p>\n

\nLocal Currency\n<\/p>\n

\nRevenue:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty, facilities and project management\n<\/p>\n

\n$\n<\/p>\n

\n156.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n143.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9\n<\/p>\n

\n%\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\nLeasing\n<\/p>\n

\n\u00a0\n<\/p>\n

\n37.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n27\n<\/p>\n

\n%\n<\/p>\n

\n29\n<\/p>\n

\n%\n<\/p>\n

\nCapital markets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n18.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n10.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n76\n<\/p>\n

\n%\n<\/p>\n

\n85\n<\/p>\n

\n%\n<\/p>\n

\nValuation and other\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1\n<\/p>\n

\n) %\n<\/p>\n

\n(1\n<\/p>\n

\n) %\n<\/p>\n

\nTotal service line fee revenue(1)<\/p>\n

\n\u00a0\n<\/p>\n

\n241.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n213.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\n17\n<\/p>\n

\n%\n<\/p>\n

\nGross contract reimbursables(2)<\/p>\n

\n\u00a0\n<\/p>\n

\n66.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n61.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8\n<\/p>\n

\n%\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\nTotal revenue\n<\/p>\n

\n$\n<\/p>\n

\n308.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n275.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12\n<\/p>\n

\n%\n<\/p>\n

\n16\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCosts and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAPAC Fee-based operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n222.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n196.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n14\n<\/p>\n

\n%\n<\/p>\n

\n17\n<\/p>\n

\n%\n<\/p>\n

\nCost of gross contract reimbursables\n<\/p>\n

\n\u00a0\n<\/p>\n

\n66.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n61.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8\n<\/p>\n

\n%\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\nSegment operating expenses\n<\/p>\n

\n$\n<\/p>\n

\n289.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n257.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12\n<\/p>\n

\n%\n<\/p>\n

\n16\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA\n<\/p>\n

\n$\n<\/p>\n

\n21.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n19.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n11\n<\/p>\n

\n%\n<\/p>\n

\n13\n<\/p>\n

\n%\n<\/p>\n

\nAdjusted EBITDA margin(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n8.9\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.1\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1) Service line fee revenue represents revenue for fees generated from each of our service lines\n<\/p>\n

\n(2) Gross contract reimbursables reflects revenue paid by clients which have substantially no margin\n<\/p>\n

\n(3) Calculated as a percentage of Total service line fee revenue\n<\/p>\n

\nCushman & Wakefield plc
\n
Use of Non-GAAP Financial Measures\n<\/p>\n

\nWe have used the following measures, which are considered “non-GAAP financial measures” under SEC guidelines:\n<\/p>\n

Segment operating expenses and Fee-based
Contacts <\/p>\n

\nINVESTOR RELATIONS
\n
<\/span>Len Texter
Investor Relations
\n
+1 312 338 7860
\n
IR@cushwake.com<\/a>\n<\/p>\n

\nMEDIA CONTACT
\n
<\/span>Aixa Velez
Corporate Communications
\n
+1 312 424 8195
\n
aixa.velez@cushwake.com<\/a>\n<\/p>\n

Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"

CHICAGO–(BUSINESS WIRE)–#CRE–Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2022: Financial Results Revenue of $2.3 billion and service line fee revenue of $1.7 billion for the first quarter of 2022 increased 21% and 27%, respectively, from the first quarter of 2021. Strong performance across all segments, led […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-784609","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nCushman & Wakefield Reports Financial Results for First Quarter 2022 - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield Reports Financial Results for First Quarter 2022 - BeBeez\" \/>\n<meta property=\"og:description\" content=\"CHICAGO–(BUSINESS WIRE)–#CRE–Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2022: Financial Results Revenue of $2.3 billion and service line fee revenue of $1.7 billion for the first quarter of 2022 increased 21% and 27%, respectively, from the first quarter of 2021. Strong performance across all segments, led […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-06T18:01:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T18:05:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"olomaster\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"olomaster\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\"},\"author\":{\"name\":\"olomaster\",\"@id\":\"https:\/\/15.161.165.86\/#\/schema\/person\/f3523ef027b0af56aa28725439cc9518\"},\"headline\":\"Cushman & Wakefield Reports Financial Results for First Quarter 2022\",\"datePublished\":\"2022-05-06T18:01:56+00:00\",\"dateModified\":\"2023-07-10T18:05:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\"},\"wordCount\":2883,\"publisher\":{\"@id\":\"https:\/\/15.161.165.86\/#organization\"},\"articleSection\":[\"Real Estate in Asia Pacific\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\",\"url\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/cushman-wakefield-reports-financial-results-for-first-quarter-2022\/\",\"name\":\"Cushman & Wakefield Reports Financial Results for First Quarter 2022 - 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