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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 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
(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      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      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 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  .

As of October 31, 2021, 223,469,321 of the Registrant's ordinary shares, $0.10 nominal value per share, were outstanding.



FORM 10-Q
September 30, 2021
TABLE OF CONTENTS
 
    
   
PART I - FINANCIAL INFORMATION Page
     
Item 1. Financial Statements  
     
  Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (Unaudited) 
     
  Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited) 
    
  Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020 (Unaudited) 
    
  Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and 2020 (Unaudited) 
  Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (Unaudited) 
    
  Notes to the Condensed Consolidated Financial Statements (Unaudited) 
    
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 
    
Item 3. Quantitative and Qualitative Disclosures About Market Risk 
    
Item 4. Controls and Procedures 
    
PART II - OTHER INFORMATION 
    
Item 1. Legal Proceedings 
    
Item 1A. Risk Factors 
Item 5.Other Information
Item 6. Exhibits 
    
Signatures 


1


Part I. Financial Information
Item 1. Financial Statements

Cushman & Wakefield plc
Condensed Consolidated Balance Sheets
(unaudited)
As of
(in millions, except per share data)
September 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents$1,188.5 $1,074.8 
Trade and other receivables, net of allowance of $77.7 million and $70.9 million, as of September 30, 2021 and December 31, 2020, respectively
1,284.8 1,301.6 
Income tax receivable39.7 43.5 
Short-term contract assets294.6 247.6 
Prepaid expenses and other current assets268.6 223.2 
Total current assets3,076.2 2,890.7 
Property and equipment, net194.0 235.9 
Goodwill2,076.0 2,098.0 
Intangible assets, net937.4 991.2 
Equity method investments125.1 114.9 
Deferred tax assets60.3 61.4 
Non-current operating lease assets434.7 438.2 
Other non-current assets572.6 507.6 
Total assets$7,476.3 $7,337.9 
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings and current portion of long-term debt$41.3 $39.7 
Accounts payable and accrued expenses1,042.6 1,054.4 
Accrued compensation810.9 720.5 
Income tax payable45.1 45.1 
Other current liabilities192.4 205.8 
Total current liabilities2,132.3 2,065.5 
Long-term debt3,223.0 3,235.7 
Deferred tax liabilities89.9 102.2 
Non-current operating lease liabilities411.6 405.6 
Other non-current liabilities382.9 433.3 
Total liabilities6,239.7 6,242.3 
Commitments and contingencies (See Note 11 to financial statements)
Shareholders' Equity:
Ordinary shares, nominal value $0.10 per share, 223.4 and 222.0 shares issued and outstanding at September 30, 2021 and at December 31, 2020, respectively
22.3 22.2 
Additional paid-in capital2,871.7 2,843.4 
Accumulated deficit(1,424.0)(1,528.2)
Accumulated other comprehensive loss(234.2)(242.7)
Total equity attributable to the Company1,235.8 1,094.7 
Non-controlling interests0.8 0.9 
Total equity1,236.6 1,095.6 
Total liabilities and shareholders' equity$7,476.3 $7,337.9 

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)
2021202020212020
Revenue$2,332.9 $1,931.6 $6,505.0 $5,570.6 
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)1,850.2 1,599.6 5,222.1 4,652.3 
Operating, administrative and other302.5 254.3 867.5 810.4 
Depreciation and amortization42.7 64.9 128.3 211.5 
Restructuring, impairment and related charges7.2 13.1 39.5 45.0 
Total costs and expenses2,202.6 1,931.9 6,257.4 5,719.2 
Operating income (loss)130.3 (0.3)247.6 (148.6)
Interest expense, net of interest income(45.8)(44.9)(132.0)(120.2)
Earnings from equity method investments3.4 2.8 10.9 5.8 
Other income, net3.7 0.5 15.8 31.0 
Earnings (loss) before income taxes91.6 (41.9)142.3 (232.0)
Provision (benefit) from income taxes22.9 (4.6)38.1 (38.8)
Net income (loss)$68.7 $(37.3)$104.2 $(193.2)
Basic earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders$0.31 $(0.17)$0.47 $(0.88)
Weighted average shares outstanding for basic earnings (loss) per share223.3 221.1 222.9 220.5 
Diluted earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, diluted$0.30 $(0.17)$0.46 $(0.88)
Weighted average shares outstanding for diluted earnings (loss) per share227.0 221.1 225.8 220.5 

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)
2021202020212020
Net income (loss)$68.7 $(37.3)$104.2 $(193.2)
Other comprehensive income (loss), net of tax:
Designated hedge gains (losses)8.2 10.0 46.3 (89.0)
Defined benefit plan actuarial gains (losses)0.9 (0.1)(2.3)1.9 
Foreign currency translation(26.0)41.2 (35.5)19.6 
Total other comprehensive income (loss)(16.9)51.1 8.5 (67.5)
Total comprehensive income (loss)$51.8 $13.8 $112.7 $(260.7)
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, 2021 and 2020
(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 June 30, 2020220.8 $22.1 $2,832.3 $(1,463.6)$(177.4)$(180.0)$(4.0)$(361.4)$1,029.4 $0.4 $1,029.8 
Net loss— — — (37.3)— — — — (37.3)— (37.3)
Acquisition of non-controlling interests— — — — — — — — — 0.4 0.4 
Stock-based compensation— — 9.8 — — — — — 9.8 — 9.8 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes1.0 0.1 (7.0)— — — — — (6.9)— (6.9)
Foreign currency translation— — — — — 41.2 — 41.2 41.2 — 41.2 
Defined benefit plans actuarial loss— — — — — — (0.1)(0.1)(0.1)— (0.1)
Unrealized gain on hedging instruments— — — — 19.3 — — 19.3 19.3 — 19.3 
Amounts reclassified from AOCI to the statement of operations— — — — (9.3)— — (9.3)(9.3)— (9.3)
Balance as of September 30, 2020221.8$22.2 $2,835.1 $(1,500.9)$(167.4)$(138.8)$(4.1)$(310.3)$1,046.1 $0.8 $1,046.9 

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, 2021 and 2020
(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, 2019219.5 $22.0 $2,819.1 $(1,297.0)$(78.4)$(158.4)$(6.0)$(242.8)$1,301.3 $ $1,301.3 
Net loss— — — (193.2)— — — — (193.2)— (193.2)
Adoption of new credit loss accounting standard (see Note 2)— — — (10.7)— — — — (10.7)— (10.7)
Acquisition of non-controlling interests— — — — — — — — — 0.8 0.8 
Stock-based compensation— — 34.3 — — — — — 34.3 — 34.3 
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes2.3 0.2 (18.3)— — — — — (18.1)— (18.1)
Foreign currency translation— — — — — 19.6 — 19.6 19.6 — 19.6 
Defined benefit plans actuarial gain— — — — — — 1.9 1.9 1.9 — 1.9 
Unrealized loss on hedging instruments— — — — (78.0)— — (78.0)(78.0)— (78.0)
Amounts reclassified from AOCI to the statement of operations— — — — (11.0)— — (11.0)(11.0)— (11.0)
Balance as of September 30, 2020221.8$22.2 $2,835.1 $(1,500.9)$(167.4)$(138.8)$(4.1)$(310.3)$1,046.1 $0.8 $1,046.9 

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)
20212020
Cash flows from operating activities
Net income (loss)$104.2 $(193.2)
Reconciliation of net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization128.3 211.5 
Impairment charges16.3 3.2 
Unrealized foreign exchange gain (loss)5.1 (5.4)
Stock-based compensation35.6 34.3 
Lease amortization77.3 85.0 
Amortization of debt issuance costs7.0 7.4 
Change in deferred taxes(10.6)(62.2)
Provision for loss on receivables and other assets28.8 26.5 
Other non-cash operating activities(25.7)(43.9)
Changes in assets and liabilities:
Trade and other receivables(55.8)270.6 
Income taxes payable5.6 (23.0)
Short-term contract assets and Prepaid expenses and other current assets(76.5)(34.3)
Other non-current assets(36.6)13.0 
Accounts payable and accrued expenses46.0 (147.0)
Accrued compensation96.0 (299.3)
Other current and non-current liabilities(94.7)(65.7)
Net cash provided by (used in) operating activities250.3 (222.5)
Cash flows from investing activities
Payment for property and equipment(31.8)(26.9)
Acquisitions of businesses, net of cash acquired(1.2)(102.5)
Return of beneficial interest in a securitization (85.0)
Investments in equity securities(26.0)(13.9)
Other investing activities, net1.2 (8.5)
Net cash used in investing activities(57.8)(236.8)
Cash flows from financing activities 
Shares repurchased for payment of employee taxes on stock awards(8.5)(18.8)
Payment of contingent consideration(3.1)(5.5)
Proceeds from senior secured notes 650.0 
Repayment of borrowings(20.0)(13.3)
Debt issuance costs (22.7)
Payment of finance lease liabilities(9.6)(9.9)
Other financing activities, net4.1 1.7 
Net cash (used in) provided by financing activities(37.1)581.5 
Change in cash, cash equivalents and restricted cash155.4 122.2 
Cash, cash equivalents and restricted cash, beginning of the period1,164.1 872.3 
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash(6.3)0.6 
Cash, cash equivalents and restricted cash, end of the period$1,313.2 $995.1 

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


Cushman & Wakefield plc
Notes to 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 financial information. The Condensed Consolidated Financial Statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 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 interim 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, 2020 included in our 2020 Annual Report on Form 10-K filed with the 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 reporting have been condensed or omitted.
Refer to Note 2: Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements in the Company's 2020 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, 2021 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
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:
Current Expected Credit Loss (CECL)
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaced the previous U.S. GAAP that required an incurred loss methodology for recognizing credit losses and delayed recognition until it was probable a loss had been incurred. Topic 326 replaced the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. Trade and other receivables and contract assets are presented on the Consolidated Balance Sheets net of estimated expected credit losses.

Upon initial recognition of a receivable or a contract asset, the Company estimates credit losses over the contractual term of the asset and establishes an allowance based on historical experience, current available information and expectations of future economic conditions. The Company mitigates credit loss risk from its trade receivables by assessing customers for creditworthiness, including review of credit ratings, financial position, and historical experience with similar customers within similar geographic regions, where available. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, the Company aggregates its trade receivables on a
collective basis when assessing estimated credit losses.

The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated deficit.

8


Derivatives and Hedging
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which, among other changes, amends the scope of the recent reference rate reform guidance (ASC 848). New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment (i.e., discount transition) to qualify for certain optional relief. The guidance was effective immediately and the Company applied it retrospectively to January 1, 2020 with no impact to the financial statements and related disclosures.
Financial Instruments
In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This ASU clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323. This ASU discusses that when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted this guidance in the first quarter of 2021 and the adoption did not have a material impact on our consolidated financial statements and related disclosures.
Income Taxes
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.



9


Note 3: Segment Data
The Company reports its operations through the following segments: (1) Americas, (2) EMEA and (3) 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 mergers, pre-IPO stock-based compensation, 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.
(in millions)Three Months Ended September 30,Nine Months Ended September 30,
20212020% Change20212020% Change
Total revenue
Americas$1,746.5 $1,416.1 23 %$4,851.6 $4,059.4 20 %
EMEA268.8 223.2 20 %756.8 638.3 19 %
APAC317.6 292.3 9 %896.6 872.9 3 %
Total revenue$2,332.9 $1,931.6 21 %$6,505.0 $5,570.6 17 %
Adjusted EBITDA
Americas$160.7 $81.2 98 %$395.6 $199.1 99 %
EMEA28.5 11.5 148 %62.8 34.2 84 %
APAC29.9 24.4 23 %80.3 72.9 10 %

Adjusted EBITDA is calculated as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Adjusted EBITDA - Americas$160.7 $81.2 $395.6 $199.1 
Adjusted EBITDA - EMEA28.5 11.5 62.8 34.2 
Adjusted EBITDA - APAC29.9 24.4 80.3 72.9 
Add/(less):
Depreciation and amortization(42.7)(64.9)(128.3)(211.5)
Interest expense, net of interest income(45.8)(44.9)(132.0)(120.2)
(Provision) benefit from income taxes(22.9)4.6 (38.1)38.8 
Integration and other costs related to merger(4.8)(12.8)(26.6)(47.6)
Pre-IPO stock-based compensation(1.0)(4.5)(4.1)(16.7)
Acquisition related costs and efficiency initiatives(32.0)(28.3)(99.4)(114.7)
Other(1.2)(3.6)(6.0)(27.5)
Net income (loss)$68.7 $(37.3)$104.2 $(193.2)



10


Note 4: Earnings Per Share
Earnings (Loss) per Share ("EPS") is calculated by dividing the Net income or loss attributable to shareholders by the Weighted average shares outstanding. As the Company was in a loss position for the three and nine months ended September 30, 2020, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods and therefore are excluded from the calculation of diluted weighted average shares outstanding. As a result, the calculation of weighted average shares outstanding is the same for basic and diluted EPS for these periods.
Potentially dilutive securities of approximately 0.6 million for the three months ended September 30, 2020 and 1.9 million for the nine months ended September 30, 2020 were excluded from the computation of diluted EPS because their effect would have been anti-dilutive in these periods.
The following is a calculation of EPS (in millions, except per share amounts):  
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Basic EPS
Net income (loss)$68.7 $(37.3)$104.2 $(193.2)
Weighted average shares outstanding for basic earnings (loss) per share223.3 221.1 222.9 220.5 
Basic earnings (loss) per share attributable to common shareholders$0.31 $(0.17)$0.47 $(0.88)
Diluted EPS
Net income (loss)$68.7