Earnings release
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CUSHMAN & WAKEFIELD For Immediate Release Exhibit 99.1 Cushman & Wakefield Reports Financial Results for First Quarter 2021 CHICAGO ( BUSINESS WIRE ) , May 6 , 2021 -- Cushman & Wakefield ( NYSE : CWK ) today reported financial results for the first quarter ended March 31 , 2021 : • • • Revenue for the first quarter of 2021 of $ 1.9 billion was up 1 % ( down 1 % local currency ' ) from the first quarter of 2020. Fee revenue of $ 1.3 billion was up 1 % ( down 1 % local currency ) versus the prior year . о о Fee revenue better than expected across all segments and service lines , especially Americas brokerage Property , facilities and project management and Valuation and other was stable , fee revenue up low single digits on local currency basis versus prior year Net loss and loss per share for the first quarter of 2021 were $ 17.2 million and $ 0.08 , respectively . Adjusted earnings per share was $ 0.11 . Adjusted EBITDA was $ 99.7 million , up 42 % ( 38 % local currency ) from the first quarter of 2020 . Adjusted EBITDA margin of 7.5 % expanded 215 basis points from the first quarter of 2020 . Generated $ 60 million of savings for the first quarter including both permanent cost reduction actions and continued tight management of discretionary expenses . Significant liquidity as of the end of March 2021 of $ 2.0 billion consisting of cash on hand of $ 1.0 billion and availability under the Company's undrawn revolving credit facility of $ 1.0 billion . " We are off to a very strong start to 2021 with better than expected revenue as clients continue to turn to Cushman & Wakefield for our expert advice and differentiated service offering . Our focus remains on leading the industry through this recovery while also operating efficiently throughout our global portfolio of diversified services . We remain well - positioned with a strong balance sheet and significant liquidity to take advantage of growth opportunities during what we anticipate will be an uneven market rebound , ” said Brett White , Executive Chairman & CEO . INVESTOR RELATIONS Len Texter Investor Relations +1 312 338 7860 IR@cushwake.com MEDIA CONTACT Aixa Velez Corporate Communications +1 312 424 8195 aixa.velez@cushwake.com