UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________ Commission File Number 001-38611 Cushman & Wakefield plc (Exact name of Registrant as specified in its charter) England and Wale ...

| --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | | | | | Cautionary Note on Forward-Looking Statements All statements in this presentation (and oral statements made regarding the subjects of this presentation) other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefield's control. Such ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________ Commission File Number 001-38611 Cushman & Wakefield plc (Exact name of Registrant as specified in its charter) England and Wales 98- ...

PART I - FINANCIAL INFORMATION This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the first quarter [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited Condensed Consolidated Financial Statements for Q1 2020 and 2019, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2020, shows a decrease in total assets to **$6.62 billion** and total equity to **$1.08 billion** from year-end 2019 Balance Sheet Comparison (in millions) | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $2,218.5 | $2,860.8 | | **Total Assets** | $6,619.4 | $7,163.4 | | **Total Current Liabilities** | $1,983.9 | $2,322.6 | | **Total Liabilities** | $5,535.0 | $5,862.1 | | **Total Equity** | $1,084.4 | $1,301.3 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2020, the company reported a net loss of **$55.1 million**, significantly wider than the **$20.9 million** loss in Q1 2019, driven by increased costs despite flat revenue Q1 2020 vs. Q1 2019 Statement of Operations (in millions, except per share data) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Revenue | $1,895.4 | $1,903.0 | | Operating Loss | $(85.5) | $(26.0) | | Net Loss | $(55.1) | $(20.9) | | Diluted Loss Per Share | $(0.25) | $(0.10) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$249.9 million** in Q1 2020, while net cash used in investing activities decreased to **$131.4 million** Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(249.9) | $(214.9) | | Net cash used in investing activities | $(131.4) | $(275.9) | | Net cash used in financing activities | $(23.9) | $(12.0) | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, debt, restructuring charges, and the **$36.9 million** gain from the China joint venture formation - The company adopted the new **CECL accounting standard** (Topic 326) on January 1, 2020, with an immaterial cumulative-effect adjustment to retained earnings[26](index=26&type=chunk) Q1 2020 Segment Performance (in millions) | Segment | Revenue | % Change (USD) | Adjusted EBITDA | % Change (USD) | | :--- | :--- | :--- | :--- | :--- | | Americas | $1,394.8 | 4% | $64.1 | (9)% | | EMEA | $210.0 | 4% | $(3.4) | (1,600)% | | APAC | $290.6 | (18)% | $9.6 | (48)% | - In February 2020, the company initiated operating efficiency measures, resulting in **$23.3 million** of restructuring charges in Q1, primarily for severance and employment-related costs[78](index=78&type=chunk) - On January 6, 2020, the company formed a joint venture with Vanke Service in China, recognizing a gain of **$36.9 million** upon its formation[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of the COVID-19 pandemic on operations, particularly the decline in transaction-based services, leading to a wider net loss and a **20%** drop in Adjusted EBITDA, while confirming **$1.4 billion** in liquidity [Impact of COVID-19](index=27&type=section&id=Impact%20of%20COVID-19) The COVID-19 pandemic significantly impacted operations, particularly transaction-related brokerage services in March 2020, though the company maintains sufficient liquidity - In March 2020 compared to March 2019, Leasing fee activity declined by **28%** and Capital markets by **13%**; in contrast, Property, facilities and project management and Valuation and other services grew by **4%** and **5%**, respectively[119](index=119&type=chunk) - As of March 31, 2020, the company had approximately **$1.4 billion** in liquidity, comprising **$379.5 million** in cash and a **$1.0 billion** undrawn revolving credit facility[120](index=120&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q1 2020 saw flat total revenue but a **4%** decline in service line fee revenue, leading to a net loss of **$55.1 million** and a **20%** decrease in Adjusted EBITDA Q1 2020 vs. Q1 2019 Key Metrics (in millions) | Metric | Q1 2020 | Q1 2019 | % Change (USD) | | :--- | :--- | :--- | :--- | | Total Service Line Fee Revenue | $1,320.4 | $1,372.0 | (4)% | | Net Loss | $(55.1) | $(20.9) | (164)% | | Adjusted EBITDA | $70.3 | $88.4 | (20)% | - The decline in brokerage activity was concentrated in March due to COVID-19, with Leasing and Capital markets down **28%** and **13%** respectively for the month, compared to March 2019[152](index=152&type=chunk) - Other income increased by **$38.5 million**, primarily due to a **$36.9 million** gain from the formation of the Cushman & Wakefield Vanke Service joint venture in China[162](index=162&type=chunk) [Segment Operations](index=36&type=section&id=Segment%20Operations) Americas revenue grew **4%** but Adjusted EBITDA fell **9%**, EMEA saw wider Adjusted EBITDA losses, and APAC was most impacted with revenue declining **18%** and Adjusted EBITDA falling **48%** Q1 2020 Segment Adjusted EBITDA (in millions) | Segment | Q1 2020 | Q1 2019 | % Change (USD) | | :--- | :--- | :--- | :--- | | Americas | $64.1 | $70.3 | (9)% | | EMEA | $(3.4) | $(0.2) | (1,600)% | | APAC | $9.6 | $18.3 | (48)% | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position of **$1.4 billion** as of March 31, 2020, with net debt at **$2.2 billion**, and successfully refinanced its term loan to reduce interest costs - Total liquidity as of March 31, 2020 was **$1.4 billion**, consisting of **$379.5 million** cash on hand and an undrawn **$1.0 billion** revolving credit facility[191](index=191&type=chunk) - In January 2020, the company refinanced its term loan, reducing the applicable margin on LIBOR from **3.25%** to **2.75%**[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations on variable-rate debt and foreign exchange risk, managed through derivative instruments - The company is exposed to interest rate volatility on its 2018 First Lien Loan, which bears interest at an annual rate of 1-month LIBOR plus **2.75%**[218](index=218&type=chunk)[219](index=219&type=chunk) - The company uses derivative financial instruments, such as interest rate hedges and foreign currency contracts, strictly for **risk management purposes**, not for speculation[217](index=217&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during Q1 2020 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2020[226](index=226&type=chunk) - **No change** in internal control over financial reporting occurred during the quarter ended March 31, 2020, that has materially affected, or is reasonably likely to materially affect, internal controls[227](index=227&type=chunk) PART II - OTHER INFORMATION This section provides additional information including legal proceedings, risk factors, and other disclosures [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various pending or threatened lawsuits arising in the ordinary course of business, with further details in Note 11 - The company is party to a number of **pending or threatened lawsuits** arising from the ordinary course of its business, with more information available in Note 11[228](index=228&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section highlights the material adverse impact of the COVID-19 pandemic on business operations, particularly the decline in transaction-based services, with other risks consistent with the 2019 Annual Report - The global spread of the COVID-19 pandemic has created **significant volatility and economic disruption**, and the full extent of its impact on the business remains uncertain[230](index=230&type=chunk) - The pandemic has already had a significant negative effect, with Leasing fee activity declining **28%** and Capital markets activity declining **13%** in March 2020 compared to March 2019[230](index=230&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) The company disseminates material information to investors through various channels, including its website, press releases, and SEC filings - Cushman & Wakefield uses a **variety of channels**, including its website and social media, to announce material information to the public[233](index=233&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - The report includes an exhibit index listing all documents filed, such as **CEO and CFO certifications** pursuant to Sarbanes-Oxley Act Sections 302 and 906[235](index=235&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-38611 (Exact name of registrant as specified in its charter) England and Wales 98-1193584 (State or other jurisdiction of incorporation or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________ Commission File Number 001-38611 Cushman & Wakefield plc (Exact name of Registrant as specified in its charter) England and Wale ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________ Commission File Number 001-38611 Cushman & Wakefield plc (Exact name of Registrant as specified in its charter) England and Wales (St ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------|---------------------------------------------| | | | | For the Transition Period from _______________ to | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001 - 38611 Cushman & Wakefield plc (Exact name of registrant as specified in its charter) England and Wales 98-1193584 (State or other jurisdic ...