CBRE Group, Inc. (NYSE:CBRE) Q2 2024 Results Conference Call July 25, 2024 8:30 AM ET

Company Participants

Chandni Luthra - Executive Vice President, Head of FP&A and Investor Relations
Bob Sulentic - Chair & Chief Executive Officer
Emma Giamartino - Chief Financial Officer

Conference Call Participants

Ronald Kamdem - Morgan Stanley
Anthony Paolone - JPMorgan
Jade Rahmani - KBW
Michael Griffin - Citi
Steve Sakwa - Evercore ISI
Stephen Sheldon - William Blair
Peter Abramowitz - Jefferies

Operator

Greetings, and welcome to the Second Quarter 2024 CBRE Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Chandni Luthra, Executive Vice President, Head of FP&A and Investor Relations. Thank you, Sunny. You may begin.

Chandni Luthra

Good morning, everyone, and welcome to CBRE's Second Quarter 2024 Earnings Conference Call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks and an Excel file that contains additional supplemental materials.

Before we kick off today's call, I want to say how excited I am to have joined CBRE last month. I know many of you will already and others I'm looking forward to getting to know better in the weeks and months ahead. Now I'll remind you that today's presentation contains forward-looking statements, including without limitation, concerning expected benefits and synergies from the combination of Turner and Townsend and CBRE project management and other M&A transactions, our business outlook, our business plan and capital allocation strategy and our earnings and cash flow outlook.

Forward-looking statements are predictions, projections or other statements about future events. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this morning's earnings release in our SEC filings. We have provided reconciliations of the non-GAAP financial measures discussed on our call to the most directly comparable GAAP measures, together with explanations of these measures in our presentation deck appendix.

I am joined on today's call by Bob Sulentic, our Chair and CEO; and Emma Giamartino, our Chief Financial Officer.

Now please turn to Slide 5 as I turn the call over to Bob.

Bob Sulentic

Thanks, Chandni, and welcome to CBRE. Good morning, everyone. CBRE had a successful second quarter for 3 reasons: first, revenue, profitability and cash flow exceeded our expectations. Second, we made several sizable capital investments consistent with explicit elements of our strategy. Third, we made quick material progress on the cost challenges we identified last quarter. I'll briefly touch on all 3.