Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Q1 2022 Earnings Presentation
18 slides from Cushman & Wakefield's earnings presentation, May 5, 2022
Slide 1: Q1 Earnings Presentation
CUSHMAN & WAKEFIELD Q 1 E A R N I N G S P R E S E N TAT I O N M AY 5 , 2 0 2 2
Slide 2: Cautionary Note on Forward Looking Statements
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 even
Slide 3: Non-GAAP Financial Measures and Other Financial Information
NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION We have used the following measures, which are considered "non-GAAP financial measures" under SEC guidelines: i. Segment operating expenses and Fee-based operating expenses; ii. Adjusted earnings before interest, taxes, depreciation and amo
Slide 4: First Quarter 2022 Business Update
FIRST QUARTER 2022 QUARTER BUSINESS UPDATE › Q1 fee revenue of $1.7 billion, up 29% versus Q1’21 - Leasing & Capital Markets up 58% & 76%, respectively, year over year - PM/FM and Valuation & Other fee revenue up 11% & 10%, respectively, year over year › Q1 Adjusted EBITDA of $214 million, up 118% v
Slide 5: Financial Overview
FINANCIAL OVERVIEW Hl | CUSHMAN & (WAKEFIELD
Slide 6: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS Three Months Ended › Fee revenue growth reflects strong brokerage activity in the (USD $m) % Change March 31, first quarter versus prior year 2022 2021 USD LC Fee Revenue $1,705 $1,338 27% 29% - Performance across all segments and sectors driving brokerage revenue above Q1’1
Slide 7: Q1 Fee Revenue by Segment and Service Line
Q1 FEE REVENUE BY SEGMENT AND SERVICE LINE Fee Revenue Segment Growth % of Fee Revenue LTM(1) Q1’22 1,705 29% 14% 242 17% 1,338 72% 215 19% 213 APAC 193 EMEA Americas 14% › High double digit revenue growth across all 1,248 34% 931 segments Americas EMEA APAC › Brokerage fee revenue across all segmen
Slide 8: Americas – Q1 Performance
AMERICAS – Q1 PERFORMANCE Fee Revenue Service Line Growth % of Fee Revenue LTM Q1’22 1,248 34% 4% 47 28% 241 81% 44% 931 37 133 23% Valuation and Other 368 68% 220 Capital Markets Leasing 541 591 9% Prop, Fac and Proj Management Q1'21 Q1'22 LC Growth 29% Adj. EBITDA 78 176 126% Prop, Fac and Proj Ma
Slide 9: EMEA – Q1 Performance
EMEA – Q1 PERFORMANCE Fee Revenue Service Line Growth % of Fee Revenue LTM Q1’22 215 19% 19% 193 38% 44 4% 45 29 38% Valuation and Other 22 49 23% Capital Markets 43 18% Leasing Prop, Fac and Proj 84 94 19% Management Q1'21 Q1'22 LC Growth 25% Adj. EBITDA 2 17 n/m Prop, Fac and Proj Management Leasi
Slide 10: APAC – Q1 Performance
APAC – Q1 PERFORMANCE Fee Revenue Service Line Growth % of Fee Revenue LTM Q1’22 12% 242 17% 213 29 (1)% 19 85% 8% 30 59% 11 37 29% Valuation and Other 29 Capital Markets Leasing 144 156 13% Prop, Fac and Proj Management 21% Q1'21 Q1'22 LC Growth Adj. EBITDA 20 22 13% Prop, Fac and Proj Management L
Slide 11: Capital Structure
CAPITAL STRUCTURE Net Debt / Adj. EBITDA Debt Maturity Profile(1) 2,589 4.3x 2.8x 2.6x 2.5x 1,020 641 2022 2023 (2) 2024 2025 2026 2027 2028 2019 2020 2021 Q1'22 Revolver Term Senior Loan Secured Active Debt Portion Facilities Available Notes › Liquidity strong at $1.6 billion, with $612 million of
Slide 12: Q&A
Q&A Hl | CUSHMAN & I WAKEFIELD
Slide 13: Supplemental Slides and Reconciliations of GAAP to Non-GAAP Financial Measures
SUPPLEMENTAL SLIDES AND RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Slide 14: Debt and Leverage
DEBT AND LEVERAGE Twelve Months Ended Twelve Months Ended (USD $m, unless otherwise indicated) March 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 2018 First Lien Loan(1) 2,588.8 2,593.8 2,613.7 2,637.5 2020 Senior Secured Notes(2) 641.2 640.8 639.4 — Total Debt $3,230.0 $3,234.6 $3
Slide 15: Summary of Total Segment Revenues
SUMMARY OF TOTAL SEGMENT REVENUES Three Months Ended Twelve Months Ended (USD $m) March 31, 2022 March 31, 2021 March 31, 2022 Americas Segment Property, facilities and project management $591.1 $540.8 $2,272.1 Leasing 368.2 219.7 1,541.2 Capital markets 241.3 133.4 1,218.9 Valuation and other 47.3
Slide 16: Summary of Total Costs and Expenses
SUMMARY OF TOTAL COSTS AND EXPENSES Three Months Ended (USD $m) March 31, 2022 March 31, 2021 Americas Fee-based operating expenses $1,086.7 $854.2 EMEA Fee-based operating expenses 200.5 192.3 APAC Fee-based operating expenses 222.8 196.1 Cost of gross contract reimbursables 626.2 586.2 Segment ope
Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA Three Months Ended Twelve Months Ended (USD $m) December 31, December 31, December 31, March 31, 2022 March 31, 2021 March 31, 2022 2021 2020 2019 Net income (loss) $45.5 $(17.2) $312.7 $250.0 $(220.5) $0.2 Add/(less): Depreciation and amortizat
Slide 18: Reconciliation of Net Income (Loss) to Adjusted Net Income
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME Three Months Ended (USD $m, unless otherwise indicated) March 31, 2022 March 31, 2021 Net income (loss) $45.5 $(17.2) Add/(less): Merger and acquisition-related depreciation and amortization 19.3 20.8 Unrealized loss on investments, net 21.5