Cushman & Wakefield plc (NYSE:CWK) Q3 2023 Earnings Call Transcript October 30, 2023 5:00 PM ET

Company Participants

Megan McGrath - Head of IR

Michelle MacKay - CEO

Neil Johnston - CFO

Conference Call Participants

Anthony Paolone - JPMorgan

Alex Kramm - UBS

Michael Griffin - Citi

Ronald Kamdem - Morgan Stanley

Pat McIlwee - William Blair

Patrick O'Shaughnessy - Raymond James

Operator

Welcome to the Cushman & Wakefield Third Quarter 2023 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] Please note, this event is being recorded. 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 third 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 in 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.

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 this afternoon. I'm excited to kick off my second earnings call as CEO. Before we get into the numbers, I've often been asked what differentiates me as a leader. And the answer is simple, I have a bias to action. And you can see that in what we've accomplished during the third quarter.

We made significant progress transforming our capital stack as we refinanced $1.4 billion of our 2025 term loan. This initial move has pushed out our maturities and will reduce the company's leverage by approximately $200 million in 2025. There was strong interest in the offering, it was well oversubscribed with more than 100 lenders in our term loan and more than 125 lenders in our bond.