Cushman & Wakefield (CWK) FY2021 results: revenue $9.4 billion, up 19.7% on the year

Cushman & Wakefield Ltd. (CWK) reported revenue of $9.4 billion for fiscal 2021, the year ended 31 December 2021, up 19.7% on the year before. Net income was $250 million, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$9.4 billion

+19.7% on the year

FY2016FY2021

Operating margin

5.3%

-0.7% a year earlier

FY2016FY2021

Net income

$250 million

FY2016FY2021

Diluted EPS

$1.10

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	9,389	7,844	8,751	+19.7%
Cost of revenue	7,448	6,455	6,982	+15.4%
Gross profit	1,940	1,388	1,769	+39.8%
Gross margin	20.7%	17.7%	20.2%
Selling, general and administrative	1,227	1,121	1,278	+9.4%
Operating income	497	-53.1	187
Operating margin	5.3%	-0.7%	2.1%
Interest expense	180	164	151	+9.6%
Pre-tax income	340	-177	42.8
Income tax	89.9	43.9	42.6	+104.8%
Effective tax rate	26.4%	n/a	99.5%
Net income	250	-220	0.2
Net margin	2.7%	-2.8%	0.0%
Diluted EPS	$1.10	-$1.00	$0.00

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	550	-38.2	269
Capital expenditure	53.8	41.0	80.3	+31.2%
Free cash flow	496	-79.2	189
Free cash flow margin	5.3%	-1.0%	2.2%
Cash from investing	-750	-258	-275
Cash from financing	-65.8	572	-89.6
Depreciation and amortisation	172	264	297	-34.7%
Share-based compensation	58.2	42.0	61.3	+38.6%
Diluted shares, weighted	226m	221m	224m	+2.6%
Shares outstanding at period end	224m	222m	220m	+0.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,448	1,095	1,301	+32.3%
Non-controlling interest	0.8	0.9	0.0	-11.1%
Debt	3,258	3,272	2,660	-0.4%
Operating lease liabilities	395	406	457	-2.7%
Finance lease liabilities	12.2	9.0	9.6	+35.6%
Other liabilities	2,777	2,555	2,736	+8.7%
Total liabilities and equity	7,890	7,338	7,163	+7.5%
Fixed assets	195	236	299	-17.5%
Goodwill	2,082	2,098	1,969	-0.8%
Intangible assets	922	991	1,063	-7.0%
Cash and equivalents	771	1,075	813	-28.3%
Other assets	3,921	2,938	3,019	+33.5%
Total assets	7,890	7,338	7,163	+7.5%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.