CBRE Group, Inc. (NYSE:CBG) Q4 2015 Earnings Conference Call - Final Transcript
Feb 03, 2016 • 08:00 am ET
Greetings, and welcome to the CBRE Fourth Quarter Earnings Call. [Operator Instructions]
I would now like to turn the conference over to your host, Steve Iaco, with Investor Relations. Thank you. You may now begin.
Thank you, and welcome to CBRE's fourth quarter 2015 earnings conference call. Earlier today, we issued a press release announcing our financial results for the quarter and full year. This release is posted on the home page of our website, cbre.com.
This conference call is being webcast through the investor relations section of our website. You can also find there a presentation slide deck, which you can use to follow along with our prepared remarks. An audio archive of the webcast will be posted to the website later today, and a transcript of our call will be posted tomorrow.
Now, please turn to the slide labeled forward-looking statements. This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding CBRE's future growth momentum, operations, business outlook, financial performance, market share, earnings and adjusted EPS expectations for 2016. These statements should be considered to be estimates only, and actual results may ultimately differ from these estimates. Except to the extent required by securities laws, we undertake no obligation to update or publicly revise any forward-looking statements we may make today.
For a full discussion of the risks and other factors that may impact any forward-looking statements, please refer to our fourth quarter earnings report filed on Form 8-K, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, and our most recent Annual Report on Form 10-K. These reports are filed with the SEC and available at SEC.gov.
During this presentation, we may make certain statements that referred to non-GAAP financial measures as defined by SEC regulations. Where required by these regulations, we have provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures. These reconciliations, together with explanations of these measures, can be found within the appendix of this presentation.
Please turn to Slide 3. Participating on our call today are Bob Sulentic, our President and Chief Executive Officer; Jim Groch, our Chief Financial Officer; and Gil Borok, our Deputy Chief Financial Officer and Chief Accounting Officer.
Please turn to Slide 4 as I turn the call over to Bob.
Thank you, Steve, and good morning, everyone.
2015 was another year of exceptional performance for CBRE, and this strong performance continued through the fourth quarter. For both periods, we set new company records for revenue and adjusted earnings and drove double-digit growth. We're the first firm in our sector to exceed $10 billion in revenue and $1.4 billion in normalized EBITDA. And we obtained these milestones while making strategic gains across CBRE. Notably, our Occupier Outsourcing business is materially stronger with the acquisition of the Global Workplace Solutions business. We have an unrivaled ability to self-perform facilities management services around the world.