Cushman & Wakefield plc (NYSE:CWK) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 05:00 pm ET


Cushman & Wakefield plc (NYSE:CWK) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to the Cushman & Wakefield's Third Quarter 2019 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Bill Knightly EVP of Investor Relations and Treasurer of Cushman & Wakefield.

Mr. Knightly you may begin the conference.

Bill Knightly

Thank you, and welcome again to Cushman and Wakefield third quarter 2019 earnings conference call.Earlier today we issued a press release announcing our financial results for the period. This release can be found on our Investor Relations website, along with today's presentation pages that you can use the follow along materials can be found at IR Cushman Wakefield calm Please turn to the page labeled forward looking statements. This presentation contains forward looking statements based on our current forecast and estimates of future events. These statements should be considered estimates only an actual results may differ materially. During today's call, we will refer to non GAAP financial measures As outlined by sec guidelines. reconciliations of gap to non GAAP financial measures are found within the financial tables of our earnings release and appendix of today's presentation.

I'd like to remind you that the company uses fee revenue adjusted EBITDA adjusted earnings per share in local currency to improve comparability of current results and to assist our investors in analyzing the underlying performance of our business. You will find definitions of these non-GAAP financial measures and more detailed financial information in the tables of today's earnings release and the Form 8-K. In addition I would like to note that throughout the presentation comparisons in growth rates are to the comparable periods of 2018 and in local currency. Before I turn the call over to Brett I'd like to announce that today will be my last earnings call as EVP of IR. I will be transitioning to a new role within the firm as Chief Operating Officer of our Global Occupier Services business. Len Texter will be the Head of Investor Relations going forward. For those of you following along with our presentation we begin on page five.

And with that I'd like to turn the call over to our Executive Chairman and CEO Brett White.

Brett White

Good afternoon and thank you all for joining us today and thank you Bill for all your terrific work as our IR lead this past year. Today we reported solid growth in revenue in all 3 of our segments. Overall we generated mid single-digit revenue growth for the third quarter and upper single-digit growth on a year-to-date basis. Adjusted EBITDA of $169 million for the third quarter and $431 million for the first nine months of the year was consistent with our expectations. As we look at our third quarter results we remind you that we manage our business on an annual basis. As you know the transitional nature of our capital markets and leasing service lines creates evenness in our quarterly results. Last year we had a particularly strong third quarter led by 34% and 32% growth in our more profitable capital markets and leasing businesses.