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Cushman & Wakefield Reports Financial Results for The Full Year and Fourth Quarter 2022

Aixa Velez • 2/23/2023

CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter of 2022:

Full Year 2022 Results

  • Revenue of $10.1 billion and service line fee revenue of $7.2 billion for the year ended December 31, 2022 increased 8% and 5%, respectively, from the year ended December 31, 2021.
    • Leasing and Property, facilities and project management experienced continued growth, led by the Americas.
    • Capital markets and Valuation and other declined 12% and 3%, respectively.

  • Net income and diluted earnings per share for the year ended December 31, 2022 were $196.4 million and $0.86, respectively.
    • Adjusted EBITDA of $898.8 million increased 1% from the prior year.
    • Adjusted earnings per share of $2.00 was down from $2.04 in the year ended December 31, 2021.
  • Liquidity as of December 31, 2022 was $1.7 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.6 billion.
  • On January 31, 2023, we extended the maturity date of $1.0 billion of our $2.6 billion term loan facility to January 31, 2030.

Fourth Quarter 2022 Results

  • Revenue of $2.6 billion and service line fee revenue of $1.9 billion for the fourth quarter of 2022 decreased 8% and 17%, respectively, from the fourth quarter of 2021.
    • Property, facilities and project management grew 5%, led by the Americas and APAC.
    • Leasing, Capital markets and Valuation and other declined 13%, 53% and 16%, respectively.

  • Net income and diluted earnings per share for the fourth quarter of 2022 were $29.8 million and $0.13, respectively.
    • Adjusted EBITDA of $219.7 million was down 37% from the fourth quarter of 2021.
    • Adjusted earnings per share of $0.46 was down from $0.94 in the fourth quarter of 2021.

“I am extremely proud of the Cushman & Wakefield teams around the world as their relentless focus resulted in strong revenue and Adjusted EBITDA performance in 2022, despite an uncertain macroeconomic environment,” said John Forrester, Chief Executive Officer of Cushman & Wakefield. “Our Property, facilities and project management business continued to demonstrate strength and resilience throughout the year and the growth in our Leasing revenues highlights the benefits of our investments in strategic growth areas. With our disciplined cost management, strong balance sheet and liquidity, and diverse portfolio and service offerings we remain well-positioned to execute on our strategic priorities while delivering long-term value for both our clients and shareholders.”


View full press release.

 

INVESTOR RELATIONS:
Megan McGrath
+1 312 338 7860
IR@cushwake.com

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.

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