CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter ended December 31, 2018i and provided 2019 guidance:
- Revenue for the full year 2018 was $8.2 billion, up 19% (19% local currencyii). Fee revenue was $6.0 billion, up 12% (12% local currency).
- Full year Net loss decreased $35.5 million to $(185.8) million, with Net loss per share of $(1.09) and Adjusted earnings per share of $1.67.
- Full year Adjusted EBITDA was $659.1 million, up 25% (26% local currency). Adjusted EBITDA margin of 11.1% was up 115 bps.
- Revenue for the fourth quarter was $2.4 billion, up 17% (19% local currencyii). Fee revenue was $1.8 billion, up 8% (10% local currency).
- 2019 Adjusted EBITDA expected to be in the range of $685 million to $735 millioniii.
“We have strong momentum and are extremely pleased with the performance of our business in 2018, highlighted by double-digit growth in Fee revenue and Adjusted EBITDA and significant margin expansion,” said Brett White, Executive Chairman & CEO. “In addition, we completed one of the largest IPOs of the year based on offering size and made outstanding progress on our financial, operational and growth objectives."
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(1) See the end of this press release for reconciliations of (i) Fee revenue to revenue; (ii) Fee-based operating expenses to total costs and expenses; (iii) Adjusted EBITDA to net loss; and (iv) Adjusted net income to net loss; 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 our management uses these non-GAAP measures under the Use of Non-GAAP Financial Measures section in this press release.
(2)For all periods with GAAP net loss, weighted average shares outstanding, diluted is used to calculate Adjusted earnings per share, diluted.
About Cushman & Wakefield
Cushman & 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 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.