CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter ended December 31, 2021:
Full Year 2021 Financial Results
- Revenue of $9.4 billion and service line fee revenue of $6.9 billion increased 20% and 26%, respectively, versus the prior year.
- Growth momentum continued in all segments and service lines, led by the Americas.
- Continued rebound in Capital markets and Leasing with growth of 75% and 45%, respectively.
- Net income and earnings per share of $250 million and $1.10, respectively, reflect significant year-over-year growth.
- Adjusted earnings per share of $2.04 was significantly ahead of prior year of $0.81.
- Adjusted EBITDA of $886 million increased 76% with Adjusted EBITDA margin of 12.9% expanding nearly 365 basis points versus the prior year.
- Achieved $125 million of gross savings from operating efficiency initiatives.
- Generated strong cash flows from operations of $550 million for the year.
- Significant liquidity as of December 31, 2021 of $1.8 billion consisting of cash and cash equivalents of $0.8 billion and availability under the Company's undrawn revolving credit facility of $1.0 billion.
Fourth Quarter 2021 Financial Results
- Revenue of $2.9 billion and service line fee revenue of $2.2 billion increased 27% and 35%, respectively, versus the prior year.
- Leasing and Capital markets revenue surpassed pre-pandemic levels.
- Net income and earnings per share were $146 million and $0.64, respectively.
- Adjusted earnings per share was $0.94 more than double from $0.43 in the prior year.
- Adjusted EBITDA of $348 million increased 76% and Adjusted EBITDA margin of 15.7% increased nearly 365 basis points versus the prior year.
Completed Key Strategic Investments
- Strategic joint venture with Greystone to deliver leading multifamily agency lending & servicing platform, investing $500 million to acquire a 40% stake.
- Investment of $150 million in WeWork as part of an exclusive strategic partnership to provide clients best-in-class workplace experience.
“Our teams' relentless focus on operational excellence has had a profound impact on the profitability of the Company, which registered a record high for 2021 as margins increased nearly 365 and 150 basis points compared to 2020 and pre-pandemic levels of 2019, respectively. Equally encouraging was the strength across our entire portfolio of service offerings, particularly brokerage. We are well positioned to build on the incredible momentum of our business and industry as owners and occupiers continue to rely on Cushman & Wakefield as a trusted business partner,” said John Forrester, Cushman & Wakefield's CEO.
“It was an incredible six years serving Cushman & Wakefield as CEO and leading our exceptional employees. I look forward to continuing to work with John as our new CEO,” said Brett White, Cushman & Wakefield's Executive Chairman. "2021 was a record year for Cushman & Wakefield as we achieved significant revenue, adjusted EBITDA and margin growth, as well as strong operating cash flow. Additionally, we executed our operating efficiency programs and invested in key strategic partnerships that further enable us to deliver significant value for our clients and shareholders for years to come.”
Len Texter | Investor Relations
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