CW 2020 Annual Report

Calculated as a percentage of Total service line fee revenue

(3)

Year ended December 31, 2020 compared to year ended December 31, 2019 Americas revenue was $5.7 billion, a decrease of $465.0 million or 8%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 37% and 21%, respectively, on a local currency basis for 2020. Partially offsetting these trends was the growth of the Company’s Property, facilities and project management service line and gross contract reimbursables of 6% and 9%, respectively, on a local currency basis. Fee-based operating expenses of $3.4 billion were down 11% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company’s cost savings actions and operating efficiency initiatives. Adjusted EBITDA was $326.5 million, a decrease of $173.3 million or 35% on a local currency basis principally driven by the impact of lower Leasing and Capital markets service line fee revenue. EMEA Results The following table summarizes our results of operations by our EMEA operating segment 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 $ 375.6 $ 308.2 22 % 20 % Leasing 193.8 250.8 (23) % (24) % Capital markets 125.5 181.9 (31) % (33) % Valuation and other 170.8 187.6 (9) % (10) % Total service line fee revenue 865.7 928.5 (7) % (8) % Gross contract reimbursables 101.2 109.7 (8) % (8) % Total revenue $ 966.9 $ 1,038.2 (7) % (8) % (1) (2)

Costs and expenses: EMEA Fee-based operating expenses Cost of gross contract reimbursables

$

792.9 $

832.9 109.7 942.6

(5) % (8) % (5) %

(6) % (8) % (7) %

101.2

$

894.1 $

Segment operating expenses

Adjusted EBITDA

$

77.5 $

100.4

(23) %

(25) %

Adjusted EBITDA Margin

9.0 %

10.8 %

(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

(1) (2) (3)

Year ended December 31, 2020 compared to year ended December 31, 2019 EMEA revenue was $966.9 million, a decrease of $71.3 million or 7%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 24% and 33%, respectively, on a local currency basis. This decrease was partially offset by an increase in Property, facilities and project management, which was up 20% on a local currency basis for 2020. Foreign currency had a $15.9 million or 2% favorable impact on revenue. Fee-based operating expenses of $792.9 million were down 6% on a local currency basis primarily due to lower service line fee revenue as well as the impact of the Company's cost savings actions and operating efficiency initiatives.

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