Cushman & Wakefield plc (NYSE:CWK) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET

Company Participants

Len Texter – Head of Investor Relations, Global Controller and Chief Accounting Officer

John Forrester – Chief Executive Officer

Neil Johnston – Executive Vice President and Chief Financial Officer

Conference Call Participants

Anthony Paolone – JPMorgan

Chandni Luthra – Goldman Sachs

Michael Griffin – Citi

Ronald Kamdem – Morgan Stanley

Pat McIlwee – William Blair

David Farnum – Raymond James

Operator

Welcome to Cushman & Wakefield’s Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

It is now my pleasure to introduce Len Texter, Head of Investor Relations, Global Controller and Chief Accounting Officer for Cushman & Wakefield. Mr. Texter, you may begin your conference.

Len Texter

Thank you, and welcome, again to Cushman & Wakefield’s second quarter 2022 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 labeled Cautionary Note on Forward-looking Statements. Today’s presentation contains forward-looking statements based on our current forecast 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 appendix of today’s presentation.

Also, please note that throughout the presentation comparisons and growth rates are to comparable periods of 2021, and in local currency, unless otherwise stated. For those of you following along with our presentation, we will begin on Page 4.

With that, I’d like to turn the call over to our CEO, John Forrester.

John Forrester

Thank you, Len, and thank you to everybody joining our call today. I am pleased to announce another exceptionally strong quarter of earnings. We posted record results for the second quarter, reporting fee revenue of $1.9 billion and adjusted EBITDA of $263 million, reflecting year-over-year growth of 21% and 23% respectively.

Over the last 12 months, we have now delivered 27% revenue growth, adjusted EBITDA growth of 64% and margin expansion of approximately 315 basis points. The strength of our comprehensive, diverse and resilient global service offering is evident in our performance and highlights the progress we have made in our multi-year strategy of prioritizing investment in the long-term growth sectors of our industry. Our focus to grow our Company, create value and generate strong performance is unwavering, and our performance this quarter reflected it.