Cushman & Wakefield Reports Financial Results for First Quarter 2020

CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2020:

• Revenue for the first quarter of 2020 of $1.9 billion was flat (up 1% local currencyⁱ) from first quarter of 2019. Fee revenue of $1.3 billion was down 4% (2% local currency) versus the prior year.
• Net loss and loss per share for the first quarter of 2020 was $55.1 million and $0.25, respectively. Adjusted earnings per share was 3 cents.
• Adjusted EBITDA was $70.3 million, down 20% (19% local currency) from first quarter of 2019. Adjusted EBITDA margin of 5.3% was down from 6.4%.
• Liquidity as of the end of March was $1.4 billion consisting of cash on hand of $379.5 million and availability under the revolving credit facility of $1.0 billion.
• The Company is withdrawing its 2020 guidance for Adjusted EBITDA and other measures issued on February 27, 2020 due to the growing uncertainty of the impact of COVID-19.

“I am tremendously proud of our global leadership team for adapting quickly during this challenging time to help protect our employees, serve our clients and lead our industry’s response to the pandemic. While the ongoing uncertainty and market volatility created a decline in demand for transaction services including Leasing and Capital markets in the month of March, we remain confident that our diversified portfolio, operating efficiency initiatives, and strong balance sheet will provide the stability required to continue to serve our clients and emerge stronger in the long run,” said Brett White, Executive Chairman & CEO.

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