Q3 2024 Cushman & Wakefield PLC Earnings Call Transcript
Key Points
- Cushman & Wakefield PLC (CWK) reported its fourth consecutive quarter of year-over-year leasing growth, marking the highest leasing growth since Q2 2022.
- The company achieved its first quarter of capital markets growth in the Americas since Q2 2022, indicating a positive trend in market activities.
- Cushman & Wakefield PLC (CWK) successfully reduced its leverage by fully extinguishing $200 million in 2025 debt maturities ahead of schedule.
- The company reported a 13% increase in leasing revenue for the quarter, with strong performance across the Americas, APAC, and EMEA regions.
- Free cash flow for the quarter improved to $187 million, up from $174 million in the same quarter last year, enabling further growth investments.
- Adjusted EBITDA for the third quarter declined by 5%, primarily due to the impact of recent services divestiture and higher compensation costs.
- EMEA capital markets revenue declined by 5% due to market volatility, indicating ongoing challenges in the region.
- APAC capital markets revenue saw a significant decline of 44%, attributed to deal timing and strong performance in the prior year.
- Project management revenue in the Americas declined as office expansion and renovations continue to be delayed.
- The company faces ongoing market uncertainty, particularly in the capital markets, which could impact future growth projections.
Good day and welcome to Cushman and Wakefield's third quarter, 2024 earnings conference call. (Operator Inatructions) 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 and Wakefield's third 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.cushmanwakefield.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 estimate of future events. 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 guidelines,
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