Cushman & Wakefield plc (NYSE:CWK) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Len Texter - Head, IR, Global Controller and Chief Accounting Officer Brett White - Executive Chairman John Forrester - CEO Neil Johnston - CFO Conference Call Participants Anthony Paolone - JPMorgan Chandni Luthra - Goldman Sachs Richard Hill - Morgan Stanley Michael Griffin - Citi Matt Filek - William Blair Doug Harter - Credit Suisse Operator Welcome to Cushman & Wakefield's First Quarter 2022 ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 saw a significant financial turnaround, with 21% revenue growth leading to net income from a prior-year loss, while assets and liabilities slightly decreased [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets and liabilities slightly decreased from year-end 2021, while total equity increased Condensed Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $611.9 | $770.7 | | Goodwill | $2,084.3 | $2,081.9 | | Total Assets | $7,756.1 | $7,890.4 | | Long-term debt, net | $3,215.9 | $3,220.5 | | Total Liabilities | $6,217.6 | $6,441.8 | | Total Equity | $1,538.5 | $1,448.6 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2022 revenue grew 21% to $2.33 billion, leading to a net income of $45.5 million, a significant turnaround from a prior-year loss Q1 Statement of Operations Summary (in millions, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue | $2,331.0 | $1,923.8 | | Operating income (loss) | $135.3 | $(7.2) | | Net income (loss) | $45.5 | $(17.2) | | Diluted earnings (loss) per share | $0.20 | $(0.08) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in Q1 2022 operating activities increased to $158.2 million due to compensation, while investing activities provided $36.3 million, reversing prior-year usage Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(158.2) | $(16.4) | | Net cash provided by (used in) investing activities | $36.3 | $(28.8) | | Net cash used in financing activities | $(35.9) | $(13.6) | | **Change in cash, cash equivalents and restricted cash** | **$(157.8)** | **$(58.8)** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment performance, revenue disaggregation, debt, and fair value, highlighting strong growth, a WeWork investment loss, and a credit facility amendment Q1 2022 Revenue by Segment (in millions) | Segment | Q1 2022 Revenue | Q1 2021 Revenue | % Change | | :--- | :--- | :--- | :--- | | Americas | $1,785.3 | $1,424.9 | 25% | | EMEA | $237.7 | $223.9 | 6% | | APAC | $308.0 | $275.0 | 12% | | **Total** | **$2,331.0** | **$1,923.8** | **21%** | Q1 2022 Revenue by Service Line (in millions) | Service Line | Q1 2022 Revenue | Q1 2021 Revenue | | :--- | :--- | :--- | | Property, facilities and project management | $1,460.2 | $1,350.2 | | Leasing | $459.8 | $294.8 | | Capital markets | $289.8 | $166.8 | | Valuation and other | $121.2 | $112.0 | - In October 2021, the company made a **$150.0 million** strategic investment in WeWork. During Q1 2022, an unrealized loss of **$26.7 million** was recognized related to this investment[77](index=77&type=chunk)[79](index=79&type=chunk) - Subsequent to the quarter's end, on April 28, 2022, the company amended its Revolver, increasing its availability to **$1.1 billion** and extending the maturity to **2027**[99](index=99&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported strong Q1 2022 results, with revenue up 21% and Adjusted EBITDA up 115%, driven by brokerage services and broad segment growth, addressing the Russia-Ukraine conflict impact [Outlook and Recent Developments](index=20&type=section&id=Outlook%20and%20Recent%20Developments) The company highlighted strong Q1 2022 performance with significant revenue and profitability growth, particularly in brokerage services, while addressing the disposal of Russian operations and real estate sector resiliency - Revenue increased **21%** to **$2.3 billion**[104](index=104&type=chunk) - Net income was **$45.5 million**, compared to a net loss of **$17.2 million** in Q1 2021[105](index=105&type=chunk) - Adjusted EBITDA increased **115%** to **$214.4 million**[106](index=106&type=chunk) - Total liquidity was **$1.6 billion** at quarter-end[106](index=106&type=chunk) - Due to the Russia-Ukraine conflict, the company transferred its Russian operations to a local operator, recording a loss of **$13.8 million**. Russian operations represented less than **0.5%** of total 2021 revenue[112](index=112&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Revenue grew by $407.2 million (21%) year-over-year, driven by strong brokerage activity, with costs increasing slower, leading to significant operating leverage and a swing to net income Q1 2022 vs Q1 2021 Performance (in millions) | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2,331.0 | $1,923.8 | 21% | | Total costs of services | $1,860.5 | $1,589.5 | 17% | | Operating income (loss) | $135.3 | $(7.2) | n.m. | | Net income (loss) | $45.5 | $(17.2) | n.m. | | Adjusted EBITDA | $214.4 | $99.7 | 115% | - Adjusted EBITDA margin expanded by **512 basis points** to **12.6%** of service line fee revenue, up from **7.5%** in Q1 2021, reflecting strong revenue growth and cost management[150](index=150&type=chunk) [Segment Operations](index=29&type=section&id=Segment%20Operations) All three geographic segments reported strong year-over-year growth, led by the Americas with 25% revenue and 126% Adjusted EBITDA growth, while EMEA and APAC also saw significant increases Q1 2022 Segment Performance (in millions) | Segment | Revenue | % Change (USD) | Adjusted EBITDA | % Change (USD) | | :--- | :--- | :--- | :--- | :--- | | Americas | $1,785.3 | 25% | $176.1 | 126% | | EMEA | $237.7 | 6% | $16.7 | n.m. | | APAC | $308.0 | 12% | $21.6 | 11% | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, the company maintained strong liquidity of $1.6 billion, despite a seasonal $158.2 million cash outflow from operations, primarily for compensation payments - Total liquidity stood at **$1.6 billion** as of March 31, 2022[182](index=182&type=chunk) - The seasonal nature of cash flow resulted in a net use of **$158.2 million** for operating activities in Q1 2022, an increase from a use of **$16.4 million** in Q1 2021, driven by higher bonus and commission payments[185](index=185&type=chunk) - The company utilized its off-balance sheet Accounts Receivable (A/R) Securitization program, with **$80.0 million** drawn on the **$125.0 million** limit as of quarter-end[183](index=183&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate volatility on variable-rate debt and foreign exchange risk, managed through derivative financial instruments like swaps and forwards - The principal market risks identified are **interest rates** on the 2018 First Lien Loan and revolving credit facility[198](index=198&type=chunk) - **Foreign exchange** exposure arises from operations in multiple currencies[198](index=198&type=chunk) - The company uses derivative instruments, including interest rate swaps and foreign currency forwards, for risk management purposes, not for speculation[199](index=199&type=chunk)[202](index=202&type=chunk)[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[207](index=207&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[208](index=208&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes to its legal proceedings since the disclosure in its 2021 Annual Report on Form 10-K - There have been no material changes to legal proceedings as previously disclosed in the 2021 Annual Report on Form 10-K[210](index=210&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as disclosed in its 2021 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2021 Annual Report on Form 10-K[211](index=211&type=chunk) [Other Part II Items](index=37&type=section&id=Other%20Part%20II%20Items) The company reported no unregistered sales of equity securities, no defaults upon senior securities, and no applicable mine safety disclosures for the period - Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), and Item 4 (Mine Safety Disclosures) were reported as 'None' or 'Not applicable'[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)

| --- | --- | --- | |----------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CUSHMAN & WAKEFIELD Q4 EARNINGS PRESENTATION | | | | | | | | F E B R U A R Y 2 4 , 2 0 2 2 | | | | | | | 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, projec ...

Cushman & Wakefield plc (NYSE:CWK) Q4 2021 Earnings Conference Call February 24, 2022 5:00 PM ET Company Participants Len Texter - Head, Investor Relations, Global Controller and Chief Accounting Officer Brett White - Executive Chairman John Forrester - CEO Kevin Thorpe - Chief Economist Neil Johnston - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Patrick McIlwee - William Blair Jose Herrera - Morgan Stanley Operator Welcome to Cushman & Wakefield’s Fourth Quarter 2021 Ear ...

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, 2021 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 | | | | Q3 EARNINGS PRESENTATION | | | | NOVEMBER 4, 2021 | | | | | | | 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 stat ...

Cushman & Wakefield (NYSE:CWK) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET Company Participants Len Texter - Head of Investor Relations and Global Controller Brett White - Executive Chairman and Chief Executive Officer John Forrester - CEO Neil Johnston - Executive Vice President and Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Patrick McClee - William Blair Richard Hill - Morgan Stanley Alex Kramm - UBS Patrick O'Shaughnessy - Raymond James Disclaimer*: T ...

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, 2021 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 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 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- ...

| --- | --- | --- | |--------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | CUSHMAN & WAKEFIELD | | | | MAY 6, 2021 Q1 EARNINGS PRESENTATION | | | | | | | 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 state ...