CW 2020 Annual Report

Results of Operations In accordance with Item 303 of Regulation S-K, the Company has excluded discussion of 2018 results in “Management's Discussion and Analysis of Financial Condition and Results of Operations,” as this discussion can be found in our 2019 Annual Report on Form 10-K filed with the SEC under "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following table sets forth items derived from our audited Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 (in millions): Year Ended December 31, 2020 2019 % Change in USD % Change in Local Currency Revenue: Property, facilities and project management $ 2,969.7 $ 2,949.0 1 % 1 % Leasing 1,275.6 1,938.6 (34) % (34) % Capital markets 769.7 1,029.4 (25) % (26) % Valuation and other 450.8 483.1 (7) % (7) % Total service line fee revenue 5,465.8 6,400.1 (15) % (14) % Gross contract reimbursables 2,377.9 2,350.9 1 % 1 % Total revenue $ 7,843.7 $ 8,751.0 (10) % (10) % (1) (2)

Costs and expenses: Cost of services provided to clients Cost of gross contract reimbursables

$

4,077.4 $

4,630.8 2,350.9 6,981.7 1,277.6

(12) %

(12) %

2,377.9 6,455.3 1,120.8

1 % (8) %

1 % (7) %

Total costs of services

Operating, administrative and other Depreciation and amortization

(12) % (11) %

(13) % (11) %

263.6

296.7

Restructuring, impairment and related charges

57.1

7.7

n.m.

n.m.

Total costs and expenses Operating income (loss)

7,896.8

8,563.7

(8) % n.m. 9 % n.m. n.m. n.m. 3 % n.m.

(8) %

(53.1)

187.3

n.m.

Interest expense, net of interest income Earnings from equity method investments

(163.8)

(150.6)

9 %

8.3

2.6 3.5

n.m. n.m. n.m.

Other income, net

32.0

Earnings (loss) before income taxes

(176.6)

42.8 42.6

Provision for income taxes

43.9

(2) %

$

(220.5) $

0.2

n.m.

Net income (loss)

Adjusted EBITDA

$

504.3 $

724.4

(30) %

(31) %

Adjusted EBITDA margin

9.2 %

11.3 %

(3)

n.m. not meaningful (1) (2) (3)

Service line fee revenue represents revenue for fees generated from each of our service lines Gross contract reimbursables reflects revenue paid by clients which have substantially no margin Calculated as a percentage of Total service line fee revenue

45