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Cushman & Wakefield plc (CWK)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
 
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19Dec-31-18Dec-31-17Dec-31-16
   8-K10-K10-K10-K10-K10-K10-K
Revenues:  
    Americas   7,015.35,707.16,172.15,724.74,600.24,124.3
    United States   6,771.05,423.95,861.55,403.64,298.73,854.4
    All other countries   1,744.31,640.11,936.71,800.91,549.31,371.9
    APAC   1,260.31,169.71,540.71,495.41,460.41,335.9
Total revenues  10,105.79,388.77,843.78,751.08,219.96,923.96,215.7
            Revenue growth   [+]7.6%19.7%-10.4%6.5%18.7%11.4% 
Cost of goods sold  8,300.47,448.46,455.36,981.76,642.45,639.85,067.8
Gross profit  1,805.31,940.31,388.41,769.31,577.51,284.11,147.9
            Gross margin  17.9%20.7%17.7%20.2%19.2%18.5%18.5%
Selling, general and administrative  1,261.31,226.71,120.81,277.61,273.41,156.11,150.6
Equity in earnings  -85.021.28.32.61.91.45.9
EBITDA   [+]605.9734.8275.9494.3306.0129.43.2
            EBITDA margin  6.0%7.8%3.5%5.6%3.7%1.9%0.1%
Depreciation  146.9105.9118.7109.4105.890.481.0
EBITA  459.0628.9157.2384.9200.239.0-77.8
            EBITA margin  4.5%6.7%2.0%4.4%2.4%0.6%-1.3%
Amortization of intangibles   66.2144.9187.3184.2180.2179.6
EBIT   [+]459.0562.712.3197.616.0-141.2-257.4
            EBIT margin  4.5%6.0%0.2%2.3%0.2%-2.0%-4.1%
Non-recurring items   [+]8.944.557.17.71.528.532.1
Interest expense  193.1179.5163.8150.6228.8183.1171.8
Other income (expense), net  81.01.232.03.53.511.02.4
Pre-tax income  338.0339.9-176.642.8-210.8-341.8-458.9
Income taxes  141.689.943.942.6-25.0-120.5-24.3
            Tax rate  41.9%26.4% 99.5%11.9%35.3%5.3%
Minority interest        -0.4
Net income  196.4250.0-220.50.2-185.8-221.3-434.2
            Net margin  1.9%2.7%-2.8%0.0%-2.3%-3.2%-7.0%
   
Basic EPS   [+]$0.87$1.12($1.00)$0.00($1.09)($1.54)($3.07)
Diluted EPS   [+]$0.86$1.10($1.00)$0.00($1.09)($1.54)($3.07)
   
Shares outstanding (basic)   [+]225.4223.0220.8217.7171.2143.9141.4
Shares outstanding (diluted)   [+]228.0226.5220.8224.5171.2143.9141.4
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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