Q2 2024 Cushman & Wakefield PLC Earnings Call Transcript
Key Points
- Cushman & Wakefield PLC (CWK) reported its third consecutive quarter of leasing revenue growth.
- The company has reduced interest costs twice this year on outstanding term loans, exceeding their plan.
- Year-to-date free cash flow improved by over $130 million compared to the prior year period.
- Adjusted EBITDA margins for the first half of 2024 are up over 40 basis points compared to the same period last year.
- The sale of a non-core asset will provide proceeds to reduce leverage and fuel growth.
- Fee revenue for the second quarter was down 2% versus the prior year.
- Adjusted EBITDA for the second quarter was down 4% compared to the prior year.
- Capital markets fee revenue declined 14%, with America's capital markets revenue down 19%.
- Greystone joint venture experienced a $6 million year-over-year decline in equity income contribution.
- The company expects third-quarter expenses to be $25 million to $30 million higher than last year due to resetting of incentive compensation.
Good day and welcome to Cushman & Wakefield's second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Megan McGrath, Head of Investor Relations. Please go ahead.
Thank you, and welcome to Cushman & Wakefield's Second Quarter 2024 earnings conference call. Earlier today, we issued a press release announcing our financial results for the period. This release, along with today's presentation can be found on our Investor Relations website at ir.cushmanwakefields.com.
Please turn to the page in our presentation labeled cautionary note on forward-looking statements. Today's presentation contains forward-looking statements based on our current forecast and estimates of future. These statements should be considered estimates only and actual results may differ materially.
During today's call, we will refer to non-GAAP financial measures as outlined by SEC
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