Cushman & Wakefield plc Q3 2024 Earnings Call Transcript November 4, 2024 5:00 PM ET

Company Participants

Megan McGrath - Head of Investor Relations
Michelle MacKay - Chief Executive Officer
Neil Johnston - Chief Financial Officer

Conference Call Participants

Stephen Sheldon - William Blair
Ronald Kamdem - Morgan Stanley
Anthony Paolone - JPMorgan
Michael Griffin - Citi
Alex Kramm - UBS
Peter Abramowitz - Jefferies

Operator

Good day and welcome to Cushman & Wakefield's Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Megan McGrath, Head of Investor Relations. Please go ahead.

Megan McGrath

Thank you and welcome to Cushman & Wakefield's third quarter 2024 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.cushmanwakefields.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 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 the appendix of today's presentation. Also, please note that throughout the presentation, comparisons and growth rates are to the comparable periods of 2023 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, Meghan. This quarter, we continued our track record of successful execution against our goals, driving top line growth in targeted investment areas, continuing to deliver strong free cash flow conversion and focusing on value creation through deleveraging and seeding for growth. This quarter also marks an inflection point across many areas of our business. Over a year ago, we began to make strategic targeted investments in leasing informed by our view on the most promising opportunities across asset classes and geographies. These investments have translated into clear and measurable results. The third quarter marks our fourth consecutive quarter of year-over-year leasing growth and our highest leasing growth since Q2 2022.