10-Q 1 cwk-20220930.htm 10-Q cwk-20220930
000162836912/312022Q3false00016283692022-01-012022-09-3000016283692022-11-01xbrli:shares00016283692022-09-30iso4217:USD00016283692021-12-31iso4217:USDxbrli:shares00016283692022-07-012022-09-3000016283692021-07-012021-09-3000016283692021-01-012021-09-300001628369us-gaap:CommonStockMember2022-06-300001628369us-gaap:AdditionalPaidInCapitalMember2022-06-300001628369us-gaap:RetainedEarningsMember2022-06-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001628369us-gaap:ParentMember2022-06-300001628369us-gaap:NoncontrollingInterestMember2022-06-3000016283692022-06-300001628369us-gaap:RetainedEarningsMember2022-07-012022-09-300001628369us-gaap:ParentMember2022-07-012022-09-300001628369us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001628369us-gaap:CommonStockMember2022-07-012022-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001628369us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001628369us-gaap:CommonStockMember2022-09-300001628369us-gaap:AdditionalPaidInCapitalMember2022-09-300001628369us-gaap:RetainedEarningsMember2022-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001628369us-gaap:ParentMember2022-09-300001628369us-gaap:NoncontrollingInterestMember2022-09-300001628369us-gaap:CommonStockMember2021-06-300001628369us-gaap:AdditionalPaidInCapitalMember2021-06-300001628369us-gaap:RetainedEarningsMember2021-06-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001628369us-gaap:ParentMember2021-06-300001628369us-gaap:NoncontrollingInterestMember2021-06-3000016283692021-06-300001628369us-gaap:RetainedEarningsMember2021-07-012021-09-300001628369us-gaap:ParentMember2021-07-012021-09-300001628369us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001628369us-gaap:CommonStockMember2021-07-012021-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001628369us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001628369us-gaap:CommonStockMember2021-09-300001628369us-gaap:AdditionalPaidInCapitalMember2021-09-300001628369us-gaap:RetainedEarningsMember2021-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001628369us-gaap:ParentMember2021-09-300001628369us-gaap:NoncontrollingInterestMember2021-09-3000016283692021-09-300001628369us-gaap:CommonStockMember2021-12-310001628369us-gaap:AdditionalPaidInCapitalMember2021-12-310001628369us-gaap:RetainedEarningsMember2021-12-310001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001628369us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001628369us-gaap:ParentMember2021-12-310001628369us-gaap:NoncontrollingInterestMember2021-12-310001628369us-gaap:RetainedEarningsMember2022-01-012022-09-300001628369us-gaap:ParentMember2022-01-012022-09-300001628369us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001628369us-gaap:CommonStockMember2022-01-012022-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001628369us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001628369us-gaap:CommonStockMember2020-12-310001628369us-gaap:AdditionalPaidInCapitalMember2020-12-310001628369us-gaap:RetainedEarningsMember2020-12-310001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001628369us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001628369us-gaap:ParentMember2020-12-310001628369us-gaap:NoncontrollingInterestMember2020-12-3100016283692020-12-310001628369us-gaap:RetainedEarningsMember2021-01-012021-09-300001628369us-gaap:ParentMember2021-01-012021-09-300001628369us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001628369us-gaap:CommonStockMember2021-01-012021-09-300001628369us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300001628369us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001628369us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300001628369us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001628369us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001628369us-gaap:OperatingSegmentsMembercwk:AmericasSegmentMember2022-07-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:AmericasSegmentMember2021-07-012021-09-30xbrli:pure0001628369us-gaap:OperatingSegmentsMembercwk:AmericasSegmentMember2022-01-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:AmericasSegmentMember2021-01-012021-09-300001628369us-gaap:OperatingSegmentsMembercwk:EuropeTheMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:EuropeTheMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001628369us-gaap:OperatingSegmentsMembercwk:EuropeTheMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:EuropeTheMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001628369us-gaap:OperatingSegmentsMembercwk:AsiaPacificSegmentMember2022-07-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:AsiaPacificSegmentMember2021-07-012021-09-300001628369us-gaap:OperatingSegmentsMembercwk:AsiaPacificSegmentMember2022-01-012022-09-300001628369us-gaap:OperatingSegmentsMembercwk:AsiaPacificSegmentMember2021-01-012021-09-300001628369us-gaap:OperatingSegmentsMember2022-07-012022-09-300001628369us-gaap:OperatingSegmentsMember2021-07-012021-09-300001628369us-gaap:OperatingSegmentsMember2022-01-012022-09-300001628369us-gaap:OperatingSegmentsMember2021-01-012021-09-300001628369us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001628369us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001628369us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001628369us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001628369us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001628369us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001628369us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001628369us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001628369cwk:AmericasSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300001628369cwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300001628369cwk:AmericasSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:AmericasSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001628369cwk:AmericasSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-07-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-07-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-07-012022-09-300001628369cwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-07-012022-09-300001628369cwk:AmericasSegmentMember2022-07-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2022-07-012022-09-300001628369cwk:AsiaPacificSegmentMember2022-07-012022-09-300001628369cwk:AmericasSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-07-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-07-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-07-012021-09-300001628369cwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-07-012021-09-300001628369cwk:AmericasSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:AmericasSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300001628369cwk:AmericasSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-07-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-07-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-07-012021-09-300001628369cwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-07-012021-09-300001628369cwk:AmericasSegmentMember2021-07-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2021-07-012021-09-300001628369cwk:AsiaPacificSegmentMember2021-07-012021-09-300001628369cwk:AmericasSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300001628369cwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300001628369cwk:AmericasSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:AmericasSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001628369cwk:AmericasSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-01-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-01-012022-09-300001628369cwk:AsiaPacificSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-01-012022-09-300001628369cwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2022-01-012022-09-300001628369cwk:AmericasSegmentMember2022-01-012022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2022-01-012022-09-300001628369cwk:AsiaPacificSegmentMember2022-01-012022-09-300001628369cwk:AmericasSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-01-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-01-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-01-012021-09-300001628369cwk:PropertyFacilitiesAndProjectManagementMemberus-gaap:TransferredOverTimeMember2021-01-012021-09-300001628369cwk:AmericasSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:LeasingServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:AmericasSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:CapitalMarketsServiceMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300001628369cwk:AmericasSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-01-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-01-012021-09-300001628369cwk:AsiaPacificSegmentMembercwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-01-012021-09-300001628369cwk:TransferredAtPointInTimeOrOverTimeMembercwk:ValuationAndOtherServiceMember2021-01-012021-09-300001628369cwk:AmericasSegmentMember2021-01-012021-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2021-01-012021-09-300001628369cwk:AsiaPacificSegmentMember2021-01-012021-09-300001628369us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-09-300001628369us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310001628369us-gaap:OtherNoncurrentAssetsMember2022-09-300001628369us-gaap:OtherNoncurrentAssetsMember2021-12-310001628369cwk:AmericasSegmentMember2021-12-310001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2021-12-310001628369cwk:AsiaPacificSegmentMember2021-12-310001628369cwk:AmericasSegmentMember2022-09-300001628369cwk:EuropeTheMiddleEastAndAfricaSegmentMember2022-09-300001628369cwk:AsiaPacificSegmentMember2022-09-300001628369us-gaap:TradeNamesMember2022-09-300001628369us-gaap:CustomerRelationshipsMembersrt:MinimumMember2022-01-012022-09-300001628369us-gaap:CustomerRelationshipsMembersrt:MaximumMember2022-01-012022-09-300001628369us-gaap:CustomerRelationshipsMember2022-09-300001628369us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2022-01-012022-09-300001628369us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2022-01-012022-09-300001628369us-gaap:OtherIntangibleAssetsMember2022-09-300001628369us-gaap:TradeNamesMember2021-12-310001628369us-gaap:CustomerRelationshipsMembersrt:MinimumMember2021-01-012021-12-310001628369us-gaap:CustomerRelationshipsMembersrt:MaximumMember2021-01-012021-12-310001628369us-gaap:CustomerRelationshipsMember2021-12-310001628369us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2021-01-012021-12-310001628369us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2021-01-012021-12-310001628369us-gaap:OtherIntangibleAssetsMember2021-12-310001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-09-30cwk:derivative_instrument0001628369us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300001628369us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-07-012022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-01-012022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-01-012021-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-07-012021-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMember2021-12-310001628369us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:InterestRateSwapMember2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-06-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-07-012022-09-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-09-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-06-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-07-012021-09-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-09-300001628369cwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-07-012022-09-300001628369cwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-07-012021-09-300001628369us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2022-07-012022-09-300001628369us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2021-07-012021-09-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-12-310001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-01-012022-09-300001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2020-12-310001628369us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMembercwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-01-012021-09-300001628369cwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2022-01-012022-09-300001628369cwk:AccumulatedGainLossNetCashFlowHedgeParentExclusiveOfImpairmentMember2021-01-012021-09-300001628369us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2022-01-012022-09-300001628369us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2021-01-012021-09-300001628369us-gaap:SecuredDebtMembercwk:A2018FirstLienLoanMember2022-09-300001628369us-gaap:SecuredDebtMembercwk:A2018FirstLienLoanMember2021-12-310001628369cwk:SeniorSecuredNoteDueMay2028Membercwk:SeniorSecuredNoteMember2022-09-300001628369cwk:SeniorSecuredNoteDueMay2028Membercwk:SeniorSecuredNoteMember2021-12-310001628369us-gaap:CapitalLeaseObligationsMember2022-09-300001628369us-gaap:CapitalLeaseObligationsMember2021-12-310001628369us-gaap:NotesPayableOtherPayablesMember2022-09-300001628369us-gaap:NotesPayableOtherPayablesMember2021-12-310001628369cwk:A2018CreditAgreementMember2018-08-210001628369us-gaap:SecuredDebtMembercwk:A2018FirstLienLoanMember2018-08-210001628369us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercwk:A2018CreditAgreementMember2018-08-210001628369us-gaap:RevolvingCreditFacilityMember2020-01-200001628369us-gaap:LondonInterbankOfferedRateLIBORMembercwk:A2018CreditAgreementMember2022-01-012022-09-300001628369cwk:A2018CreditAgreementMember2022-01-012022-09-300001628369us-gaap:LetterOfCreditMembercwk:FirstLienLoanMemberus-gaap:LineOfCreditMember2019-12-202019-12-200001628369us-gaap:RevolvingCreditFacilityMember2019-12-200001628369us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercwk:A2018CreditAgreementMember2022-04-282022-04-280001628369us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercwk:A2018CreditAgreementMember2022-04-280001628369us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMembercwk:A2018CreditAgreementMember2018-08-212018-08-210001628369srt:MaximumMemberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercwk:A2018CreditAgreementMember2018-08-212018-08-210001628369cwk:SeniorSecuredNoteDueMay2028Membercwk:SeniorSecuredNoteMember2020-05-220001628369cwk:SeniorSecuredNoteDueMay2028Membercwk:SeniorSecuredNoteMember2020-05-222020-05-220001628369cwk:ErrorsAndOmissionsClaimsMember2022-09-300001628369cwk:ErrorsAndOmissionsClaimsMember2021-12-310001628369cwk:WorkersCompensationMember2022-09-300001628369cwk:WorkersCompensationMember2021-12-310001628369cwk:InsuranceRecoverableMember2022-09-300001628369cwk:InsuranceRecoverableMember2021-12-310001628369srt:AffiliatedEntityMember2022-09-300001628369srt:AffiliatedEntityMember2021-12-310001628369cwk:EarlyStateProptechCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001628369cwk:EarlyStateProptechCompaniesMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001628369us-gaap:FairValueMeasurementsNonrecurringMembercwk:WeWorkMember2021-10-310001628369cwk:RealEstateVentureCapitalFundsMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001628369cwk:RealEstateVentureCapitalFundsMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001628369cwk:WeWorkMember2022-07-012022-09-300001628369us-gaap:FairValueMeasurementsNonrecurringMembercwk:WeWorkMember2022-07-012022-09-300001628369cwk:WeWorkMember2022-01-012022-09-300001628369us-gaap:FairValueMeasurementsNonrecurringMembercwk:WeWorkMember2022-01-012022-09-300001628369us-gaap:FairValueMeasurementsNonrecurringMembercwk:WeWorkMember2021-01-012021-09-300001628369us-gaap:FairValueMeasurementsRecurringMember2022-09-300001628369us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2022-09-300001628369us-gaap:FairValueMeasurementsRecurringMember2021-12-310001628369us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001628369us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001628369us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-12-310001628369us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2021-12-310001628369cwk:SeveralEstateServiceCompaniesMember2022-09-300001628369cwk:EarnOutLiabilitiesMember2021-12-310001628369cwk:EarnOutLiabilitiesMember2020-12-310001628369cwk:EarnOutLiabilitiesMember2022-01-012022-09-300001628369cwk:EarnOutLiabilitiesMember2021-01-012021-09-300001628369cwk:EarnOutLiabilitiesMember2022-09-300001628369cwk:EarnOutLiabilitiesMember2021-09-3000016283692022-08-01



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, 2022
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
cwk-20220930_g1.jpg
Cushman & Wakefield plc
(Exact name of Registrant as specified in its charter)
 
England and Wales 98-1193584
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
125 Old Broad Street  
London, United Kingdom
EC2N 1AR
(Address of principal executive offices) (Zip Code)
   
 +44 20 3296 3000
Not applicable
(Registrant's telephone number, including area code) (Former name, former address and
former fiscal year, if changed since last report)
 Securities registered pursuant to section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Ordinary Shares, $0.10 nominal valueCWKNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x    No  ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
 Accelerated filer
Non-accelerated filer Smaller reporting company
   Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  x

As of November 1, 2022, 225,756,656 of the Registrant's ordinary shares, $0.10 nominal value per share, were outstanding.



CUSHMAN & WAKEFIELD plc
QUARTERLY REPORT ON FORM 10-Q
September 30, 2022
TABLE OF CONTENTS
  Page
PART I
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

1

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

Cushman & Wakefield plc
Condensed Consolidated Balance Sheets
As of
(in millions, except per share data)
September 30, 2022December 31, 2021
Assets(unaudited)
Current assets:
Cash and cash equivalents$380.8 $770.7 
Trade and other receivables, net of allowance of $80.2 million and $72.2 million, as of September 30, 2022 and December 31, 2021, respectively
1,323.4 1,446.0 
Income tax receivable31.3 30.0 
Short-term contract assets, net392.5 318.9 
Prepaid expenses and other current assets275.3 264.7 
Total current assets2,403.3 2,830.3 
Property and equipment, net156.1 194.6 
Goodwill2,020.5 2,081.9 
Intangible assets, net885.4 922.2 
Equity method investments659.4 641.3 
Deferred tax assets77.6 65.5 
Non-current operating lease assets345.3 413.5 
Other non-current assets1,074.0 741.1 
Total assets$7,621.6 $7,890.4 
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings and current portion of long-term debt$46.3 $42.4 
Accounts payable and accrued expenses1,077.7 1,106.2 
Accrued compensation854.7 976.3 
Income tax payable26.9 105.1 
Other current liabilities217.4 204.5 
Total current liabilities2,223.0 2,434.5 
Long-term debt, net3,211.6 3,220.5 
Deferred tax liabilities15.3 48.7 
Non-current operating lease liabilities331.2 394.6 
Other non-current liabilities262.4 343.5 
Total liabilities6,043.5 6,441.8 
Commitments and contingencies (see Note 9)
Shareholders' equity:
Ordinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 225,756,656 and 223,709,308 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
22.6 22.4 
Additional paid-in capital2,901.5 2,896.6 
Accumulated deficit(1,111.6)(1,278.2)
Accumulated other comprehensive loss(235.1)(193.0)
Total equity attributable to the Company1,577.4 1,447.8 
Non-controlling interests0.7 0.8 
Total equity1,578.1 1,448.6 
Total liabilities and shareholders' equity$7,621.6 $7,890.4 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
2

Cushman & Wakefield plc
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)
2022202120222021
Revenue$2,515.1 $2,332.9 $7,458.7 $6,505.0 
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)2,052.9 1,850.2 5,990.9 5,222.1 
Operating, administrative and other315.6 302.5 926.5 867.5 
Depreciation and amortization33.9 42.7 114.2 128.3 
Restructuring, impairment and related charges0.6 7.2 3.1 39.5 
Total costs and expenses2,403.0 2,202.6 7,034.7 6,257.4 
Operating income112.1 130.3 424.0 247.6 
Interest expense, net of interest income(50.4)(45.8)(139.7)(132.0)
Earnings from equity method investments20.0 3.4 54.4 10.9 
Other (expense) income, net(31.6)3.7 (89.5)15.8 
Earnings before income taxes50.1 91.6 249.2 142.3 
Provision for income taxes26.2 22.9 82.6 38.1 
Net income$23.9 $68.7 $166.6 $104.2 
Basic earnings per share:
Earnings per share attributable to common shareholders, basic$0.11 $0.31 $0.74 $0.47 
Weighted average shares outstanding for basic earnings per share225.7 223.3 225.3 222.9 
Diluted earnings per share:
Earnings per share attributable to common shareholders, diluted$0.11 $0.30 $0.73 $0.46 
Weighted average shares outstanding for diluted earnings per share227.5 227.0 228.3 225.8 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
3

Cushman & Wakefield plc
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2022202120222021
Net income$23.9 $68.7 $166.6 $104.2 
Other comprehensive income (loss), net of tax:
Designated hedge gains43.5 8.2 135.0 46.3 
Defined benefit plan actuarial gains (losses)0.1 0.9 (2.6)(2.3)
Foreign currency translation(85.2)(26.0)(174.5)(35.5)
Total other comprehensive income (loss)(41.6)(16.9)(42.1)8.5 
Total comprehensive income (loss)$(17.7)$51.8 $124.5 $112.7 
The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
4

Cushman & Wakefield plc
Condensed Consolidated Statements of Equity
For the three and nine months ended September 30, 2022 and 2021
(unaudited)
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging Gains
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of June 30, 2022225.7 $22.6 $2,892.0 $(1,135.5)$7.9 $(193.8)$(7.6)$(193.5)$1,585.6 $0.8 $1,586.4 
Net income— — — 23.9 — — — — 23.9 — 23.9 
Stock-based compensation— — 9.5 — — — — — 9.5 — 9.5 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes0.1 —  — — — — —  —  
Foreign currency translation— — — — — (85.2)— (85.2)(85.2)— (85.2)
Defined benefit plans actuarial gain— — — — — — 0.1 0.1 0.1 — 0.1 
Unrealized gain on hedging instruments— — — — 41.3 — — 41.3 41.3 — 41.3 
Amounts reclassified from AOCI to the statement of operations— — — — 2.2 — — 2.2 2.2 — 2.2 
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2022225.8$22.6 $2,901.5 $(1,111.6)$51.4 $(279.0)$(7.5)$(235.1)$1,577.4 $0.7 $1,578.1 
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging (Losses) Gains
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of June 30, 2021223.3 $22.3 $2,854.3 $(1,492.7)$(120.2)$(78.9)$(18.2)$(217.3)$1,166.6 $0.9 $1,167.5 
Net income— — — 68.7 — — — — 68.7 — 68.7 
Stock-based compensation— — 17.8 — — — — — 17.8 — 17.8 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes0.1 — (0.4)— — — — — (0.4)— (0.4)
Foreign currency translation— — — — — (26.0)— (26.0)(26.0)— (26.0)
Defined benefit plans actuarial gain— — — — — — 0.9 0.9 0.9 — 0.9 
Unrealized loss on hedging instruments— — — — (3.2)— — (3.2)(3.2)— (3.2)
Amounts reclassified from AOCI to the statement of operations— — — — 11.4 — — 11.4 11.4 — 11.4 
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2021223.4 $22.3 $2,871.7 $(1,424.0)$(112.0)$(104.9)$(17.3)$(234.2)$1,235.8 $0.8 $1,236.6 


The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
5

Cushman & Wakefield plc
Condensed Consolidated Statements of Equity
For the three and nine months ended September 30, 2022 and 2021
(continued) (unaudited)
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging (Losses) Gains
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of December 31, 2021223.7 $22.4 $2,896.6 $(1,278.2)$(83.6)$(104.5)$(4.9)$(193.0)$1,447.8 $0.8 $1,448.6 
Net income— — — 166.6 — — — — 166.6 — 166.6 
Stock-based compensation— — 29.8 — — — — — 29.8 — 29.8 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes2.1 0.2 (24.9)— — — — — (24.7)— (24.7)
Foreign currency translation— — — — — (174.5)— (174.5)(174.5)— (174.5)
Defined benefit plans actuarial loss— — — — — — (2.6)(2.6)(2.6)— (2.6)
Unrealized gain on hedging instruments— — — — 116.5 — — 116.5 116.5 — 116.5 
Amounts reclassified from AOCI to the statement of operations— — — — 19.1 — — 19.1 19.1 — 19.1 
Other activity— — — — (0.6)— — (0.6)(0.6)(0.1)(0.7)
Balance as of September 30, 2022225.8 $22.6 $2,901.5 $(1,111.6)$51.4 $(279.0)$(7.5)$(235.1)$1,577.4 $0.7 $1,578.1 
Accumulated Other Comprehensive Income (Loss)
(in millions)
Ordinary Shares
Ordinary Shares ($)
Additional Paid-in Capital
Accumulated Deficit
Unrealized Hedging (Losses) Gains
Foreign Currency Translation
Defined Benefit Plans
Total Accumulated Other Comprehensive Loss, net of tax
Total Equity Attributable to the Company
Non-Controlling Interests
Total Equity
Balance as of December 31, 2020222.0 $22.2 $2,843.4 $(1,528.2)$(158.3)$(69.4)$(15.0)$(242.7)$1,094.7 $0.9 $1,095.6 
Net income— — — 104.2 — — — — 104.2 — 104.2 
Stock-based compensation— — 35.6 — — — — — 35.6 — 35.6 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes1.4 0.1 (7.3)— — — — — (7.2)— (7.2)
Foreign currency translation— — — — — (35.5)— (35.5)(35.5)— (35.5)
Defined benefit plans actuarial loss— — — — — — (2.3)(2.3)(2.3)— (2.3)
Unrealized gain on hedging instruments— — — — 16.9 — — 16.9 16.9 — 16.9 
Amounts reclassified from AOCI to the statement of operations— — — — 29.4 — — 29.4 29.4 — 29.4 
Other activity— — — — — — — — — (0.1)(0.1)
Balance as of September 30, 2021223.4 $22.3 $2,871.7 $(1,424.0)$(112.0)$(104.9)$(17.3)$(234.2)$1,235.8 $0.8 $1,236.6 
The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
6

Cushman & Wakefield plc
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
Nine Months Ended September 30,
(in millions)
20222021
Cash flows from operating activities
Net income$166.6 $104.2 
Reconciliation of net income to net cash (used in) provided by operating activities:
Depreciation and amortization114.2 128.3 
Impairment charges 16.3 
Unrealized foreign exchange (gain) loss(13.0)5.1 
Stock-based compensation30.2 35.6 
Lease amortization73.0 77.3 
Amortization of debt issuance costs5.2 7.0 
Earnings from equity method investments, net of dividends received(31.1)(9.5)
Change in deferred taxes(46.3)(10.6)
Provision for loss on receivables and other assets17.8 28.8 
Loss on disposal of business14.0  
Unrealized loss (gain) on equity securities82.3 (7.3)
Other operating activities, net(7.5)(8.9)
Changes in assets and liabilities:
Trade and other receivables(187.7)(55.8)
Income taxes payable(78.7)5.6 
Short-term contract assets and Prepaid expenses and other current assets(90.1)(76.5)
Other non-current assets(124.2)(36.6)
Accounts payable and accrued expenses25.6 46.0 
Accrued compensation(92.4)96.0 
Other current and non-current liabilities(52.5)(94.7)
Net cash (used in) provided by operating activities(194.6)250.3 
Cash flows from investing activities
Payment for property and equipment(44.4)(31.8)
Acquisitions of businesses, net of cash acquired(31.6)(1.2)
Investments in equity securities and equity method joint ventures(22.8)(26.0)
Return of beneficial interest in a securitization(80.0) 
Collection on beneficial interest in a securitization80.0  
Other investing activities, net(8.9)1.2 
Net cash used in investing activities(107.7)(57.8)
Cash flows from financing activities 
Shares repurchased for payment of employee taxes on stock awards(27.1)(8.5)
Payment of deferred and contingent consideration(4.3)(3.1)
Repayment of borrowings(20.0)(20.0)
Payment of finance lease liabilities(12.3)(9.6)
Other financing activities, net2.7 4.1 
Net cash used in financing activities(61.0)(37.1)
Change in cash, cash equivalents and restricted cash(363.3)155.4 
Cash, cash equivalents and restricted cash, beginning of the period890.3 1,164.1 
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash(37.2)(6.3)
Cash, cash equivalents and restricted cash, end of the period$489.8 $1,313.2 

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.
7

Cushman & Wakefield plc
Notes to the Condensed Consolidated Financial Statements
(unaudited)

Note 1: Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") and in conformity with rules applicable to quarterly reports on Form 10-Q. The Condensed Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 are unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim Condensed Consolidated Financial Statements for these interim periods have been included.
Readers of this unaudited condensed consolidated quarterly financial information should refer to the audited Consolidated Financial Statements and notes thereto of Cushman & Wakefield plc and its subsidiaries (“Cushman & Wakefield,” the "Company,” “we,” “our” and “us”) for the year ended December 31, 2021 included in our 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and also available on our website (www.cushmanwakefield.com). Certain footnote disclosures that would substantially duplicate those contained in such audited financial statements or which are not required by the rules and regulations of the SEC for interim financial statement presentation have been condensed or omitted.
Refer to Note 2: Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements in the Company's 2021 Annual Report on Form 10-K for further discussion of the Company's accounting policies and estimates.
Due to seasonality, the results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022.
The Company provides for the effects of income taxes on interim financial statements based on estimates of the effective tax rate for the full year, which is based on forecasted income by country and enacted tax rates.

Note 2: New Accounting Standards
The Company has adopted the following new accounting standards that have been recently issued:
Business Combinations
In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations: Accounting for Contract Asset and Contract Liabilities from Contracts with Customers, which requires that an acquirer in a business combination recognize and measure contract assets and liabilities acquired in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606") as if the acquirer had originated the contracts. The Company early adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures.
Government Assistance
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires certain disclosures when companies have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. A company that has received government assistance must provide disclosures related to the nature of the transaction, accounting policies used to account for the transaction, and the amounts and financial statement line items that are affected by the transaction. The Company prospectively adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures.
Fair Value Measurement
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a company should not consider contractual restrictions on the sale of equity securities in measuring fair value. This ASU clarifies the guidance in ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), on the fair value measurement of equity securities that are subject to a contractual sale restriction and requires specific disclosures related to such equity securities. The Company early adopted this ASU effective July 1, 2022, with no impact to its financial statements and related disclosures.

8


Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa ("EMEA") and (3) Asia Pacific ("APAC"). The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.
Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to merger, pre-IPO stock-based compensation, unrealized (gains) / losses on investments, acquisition related costs and efficiency initiatives, and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.
As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.
Summarized financial information by segment is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
20222021% Change20222021% Change
Total revenue
Americas$1,959.5 $1,746.5 12 %$5,756.2 $4,851.6 19 %
EMEA232.0 268.8 (14)%741.6 756.8 (2)%
APAC323.6 317.6 2 %960.9 896.6 7 %
Total revenue$2,515.1 $2,332.9 8 %$7,458.7 $6,505.0 15 %
Adjusted EBITDA
Americas$165.6 $160.7 3 %$552.1 $395.6 40 %
EMEA24.8 28.5 (13)%76.7 62.8 22 %
APAC11.5 29.9 (62)%50.2 80.3 (37)%
Adjusted EBITDA is calculated as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Adjusted EBITDA - Americas$165.6 $160.7 $552.1 $395.6 
Adjusted EBITDA - EMEA24.8 28.5 76.7 62.8 
Adjusted EBITDA - APAC11.5 29.9 50.2 80.3 
Add/(less):
Depreciation and amortization(33.9)(42.7)(114.2)(128.3)
Interest expense, net of interest income(50.4)(45.8)(139.7)(132.0)
Provision for income taxes(26.2)(22.9)(82.6)(38.1)
Unrealized (loss) gain on investments, net(33.5)1.2 (82.3)7.3 
Integration and other costs related to merger(3.3)(4.8)(11.1)(26.6)
Pre-IPO stock-based compensation(0.8)(1.0)(2.5)(4.1)
Acquisition related costs and efficiency initiatives(19.2)(33.2)(54.2)(106.7)
Other(10.7)(1.2)(25.8)(6.0)
Net income$23.9 $68.7 $166.6 $104.2 


9

Note 4: Earnings Per Share
Earnings per share ("EPS") is calculated by dividing Net income by the weighted average shares outstanding. The following is a calculation of EPS (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Basic EPS
Net income$23.9 $68.7 $166.6 $104.2 
Weighted average shares outstanding for basic earnings per share225.7 223.3 225.3 222.9 
Basic earnings per share attributable to common shareholders$0.11 $0.31 $0.74 $0.47 
Diluted EPS
Net income$23.9 $68.7 $166.6 $104.2 
Weighted average shares outstanding for basic earnings per share225.7 223.3 225.3 222.9 
Dilutive effect of restricted stock units1.4 2.6 2.2 1.9 
Dilutive effective of stock options0.4 1.1 0.8 1.0 
Weighted average shares outstanding for diluted earnings per share227.5 227.0 228.3 225.8 
Diluted earnings per share attributable to common shareholders$0.11 $0.30 $0.73 $0.46 

Note 5: Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by reportable segment and service line (in millions):
Three Months Ended September 30, 2022
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$1,257.1 $111.4 $240.9 $1,609.4 
LeasingAt a point in time430.3