Cushman & Wakefield plc (NYSE:CWK) Q2 2023 Earnings Conference Call July 31, 2023 5:00 PM ET

Company Participants

Megan McGrath - Senior Vice President, Investor Relations

Michelle MacKay - Chief Executive Officer

Neil Johnston - Chief Financial Officer

Conference Call Participants

Anthony Paolone - JPMorgan

Alex Kramm - UBS

Douglas Harter - Credit Suisse

Michael Griffin - Citi

Matt Filek - William Blair

Ronald Kamdem - Morgan Stanley

Patrick O’Shaughnessy - Raymond James

Operator

Thank you for standing by. Welcome to the Cushman & Wakefield’s Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background. [Operator Instructions]

It is now my pleasure to introduce, Megan McGrath, Head of Investor Relations for Cushman & Wakefield. Ms. McGrath, you may begin the conference.

Megan McGrath

Thank you, and welcome to Cushman & Wakefield’s second quarter 2023 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 on our presentation labeled cautionary note on forward-looking statements. Today’s presentation contains forward-looking statements based on our current forecasts and estimates 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. Reconciliations of GAAP to non-GAAP financial measures, definitions of non-GAAP financial measures and other related information are found within the financial tables of our earnings release and the appendix of today’s presentation. Also, please note that throughout the presentation, comparisons and growth rates are to the comparable periods of 2022, and in local currency unless otherwise stated. For those of you following along with our presentation, we will begin on Page 4.

And with that, I’d like to turn the call over to our CEO, Michelle MacKay.

Michelle MacKay

Thank you, Megan. And thank you everyone for joining us today. Before I begin, I'd like to thank our former CEO, John Forrester for his leadership and dedication to this company and his assistance in making this transition as seamless as possible. Neil will dive more deeply into the numbers shortly. But looking at our second quarter, the key takeaway is this. In challenging market conditions, we were able to quickly pivot and deliver strong financial results with sequential improvement in revenue, EBITDA and margin. And while I recently took the reins as CEO, I've been with the company for some time, and therefore I've been able to hit the ground running with the leadership team.