Cushman & Wakefield Reports Financial Results for First Quarter 2022

CHICAGO - 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 by the Americas.
  • Leasing and Capital markets grew 56% and 74%, respectively.
  • Property, facilities and project management and Valuation and other grew 9% and 8%, respectively.
    
    
• 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.
  
  • Adjusted earnings per share of $0.48 was significantly ahead of the first quarter of 2021 of $0.11.
  • 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.
    
    
• 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.
  
  
• 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.

"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.

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