Cushman & Wakefield Reports Financial Results for First Quarter 2021
Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2021:
-
Revenue for the first quarter of 2021 of
$1.9 billion was up1% (down1% local currencyi) from the first quarter of 2020. Fee revenue of$1.3 billion was up1% (down1% local currency) versus the prior year.- Fee revenue better than expected across all segments and service lines, especially Americas brokerage
- Property, facilities and project management and Valuation and other was stable, fee revenue up low single digits on local currency basis versus prior year
-
Net loss and loss per share for the first quarter of 2021 were
$17.2 million and$0.08 , respectively. Adjusted earnings per share was$0.11 . -
Adjusted EBITDA was
$99.7 million , up42% (38% local currency) from the first quarter of 2020. -
Adjusted EBITDA margin of
7.5% expanded 215 basis points from the first quarter of 2020. -
Generated
$60 million of savings for the first quarter including both permanent cost reduction actions and continued tight management of discretionary expenses. -
Significant liquidity as of the end of March 2021 of
$2.0 billion consisting of cash on hand of$1.0 billion and availability under the Company's undrawn revolving credit facility of$1.0 billion .
“We are off to a very strong start to 2021 with better than expected revenue as clients continue to turn to Cushman & Wakefield for our expert advice and differentiated service offering. Our focus remains on leading the industry through this recovery while also operating efficiently throughout our global portfolio of diversified services. We remain well-positioned with a strong balance sheet and significant liquidity to take advantage of growth opportunities during what we anticipate will be an uneven market rebound,” said Brett White, Executive Chairman & CEO.
Consolidated Results (unaudited)
(in millions) |
|
Three Months
|
Three Months
|
% Change in
|
% Change in
|
|||||||||||||
Revenue: |
|
|
|
|
|
|||||||||||||
Property, facilities and project management |
|
$ |
768.1 |
|
|
$ |
732.1 |
|
|
5 |
|
% |
2 |
|
% |
|||
Leasing |
|
291.7 |
|
|
301.8 |
|
|
(3 |
) |
% |
(5 |
) |
% |
|||||
Capital markets |
|
166.4 |
|
|
182.1 |
|
|
(9 |
) |
% |
(10 |
) |
% |
|||||
Valuation and other |
|
111.4 |
|
|
104.4 |
|
|
7 |
|
% |
2 |
|
% |
|||||
Total service line fee revenue(1) |
|
1,337.6 |
|
|
1,320.4 |
|
|
1 |
|
% |
(1 |
) |
% |
|||||
Gross contract reimbursables(2) |
|
586.2 |
|
|
575.0 |
|
|
2 |
|
% |
— |
|
% |
|||||
Total revenue |
|
$ |
1,923.8 |
|
|
$ |
1,895.4 |
|
|
1 |
|
% |
(1 |
) |
% |
|||
|
|
|
|
|
|
|||||||||||||
Costs and expenses: |
|
|
|
|
|
|||||||||||||
Cost of services provided to clients |
|
$ |
1,003.3 |
|
|
$ |
1,023.8 |
|
|
(2 |
) |
% |
(4 |
) |
% |
|||
Cost of gross contract reimbursables |
|
586.2 |
|
|
575.0 |
|
|
2 |
|
% |
— |
|
% |
|||||
Total costs of services |
|
1,589.5 |
|
|
1,598.8 |
|
|
(1 |
) |
% |
(3 |
) |
% |
|||||
Operating, administrative and other |
|
280.8 |
|
|
284.0 |
|
|
(1 |
) |
% |
(3 |
) |
% |
|||||
Depreciation and amortization |
|
43.1 |
|
|
72.0 |
|
|
(40 |
) |
% |
(41 |
) |
% |
|||||
Restructuring, impairment and related charges |
|
17.6 |
|
|
26.1 |
|
|
(33 |
) |
% |
(34 |
) |
% |
|||||
Total costs and expenses |
|
1,931.0 |
|
|
1,980.9 |
|
|
(3 |
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