Cushman & Wakefield (CWK) FY2020 results: revenue $7.8 billion, down 10.4% on the year
Cushman & Wakefield Ltd. (CWK) reported revenue of $7.8 billion for fiscal 2020, the year ended 31 December 2020, down 10.4% on the year before. Net income was -$220 million, and diluted earnings per share $-1.00. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$7.8 billion
-10.4% on the year
FY2016FY2020
Operating margin
-0.7%
2.1% a year earlier
FY2016FY2020
Net income
-$220 million
FY2016FY2020
Diluted EPS
-$1.00
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,844
8,751
8,220
-10.4%
Cost of revenue
6,455
6,982
6,642
-7.5%
Gross profit
1,388
1,769
1,578
-21.5%
Gross margin
17.7%
20.2%
19.2%
Selling, general and administrative
1,121
1,278
1,271
-12.3%
Operating income
-53.1
187
12.6
Operating margin
-0.7%
2.1%
0.2%
Interest expense
164
151
229
+8.8%
Pre-tax income
-177
42.8
-211
Income tax
43.9
42.6
-25.0
+3.1%
Effective tax rate
n/a
99.5%
n/a
Net income
-220
0.2
-186
Net margin
-2.8%
0.0%
-2.3%
Diluted EPS
-$1.00
$0.00
-$1.09
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-38.2
269
-2.2
Capital expenditure
41.0
80.3
84.2
-48.9%
Free cash flow
-79.2
189
-86.4
Free cash flow margin
-1.0%
2.2%
-1.1%
Cash from investing
-258
-275
-218
Cash from financing
572
-89.6
726
Depreciation and amortisation
264
297
290
-11.2%
Share-based compensation
42.0
61.3
81.9
-31.5%
Diluted shares, weighted
221m
224m
171m
-1.6%
Shares outstanding at period end
222m
220m
217m
+1.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,095
1,301
1,360
-15.9%
Non-controlling interest
0.9
0.0
n/a
Debt
3,272
2,660
2,694
+23.0%
Operating lease liabilities
406
457
n/a
-11.3%
Finance lease liabilities
9.0
9.6
n/a
-6.2%
Other liabilities
2,555
2,736
2,492
-6.6%
Total liabilities and equity
7,338
7,163
6,546
+2.4%
Fixed assets
236
299
314
-21.2%
Goodwill
2,098
1,969
1,778
+6.5%
Intangible assets
991
1,063
1,128
-6.7%
Cash and equivalents
1,075
813
895
+32.2%
Other assets
2,938
3,019
2,430
-2.7%
Total assets
7,338
7,163
6,546
+2.4%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.