The following is a summary of the Cushman & Wakefield Plc (CWK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Cushman & Wakefield reported Q2 2024 fee revenue of $1.6 billion, a decrease of 2% compared to the previous year.

• Adjusted EBITDA for Q2 stood at $139 million, reflecting a 4% decline year-over-year. However, year-to-date adjusted EBITDA has grown by 6%.

• The company achieved an adjusted EPS of $0.20 for the six-month period, which is $0.02 higher than the previous year.

• They have successfully reduced their debt by $100 million through the second quarter and aim for an additional $50 million reduction in the current quarter.

Business Progress:

• Cushman & Wakefield has reported consecutive quarterly growth in leasing revenue, marking the third consecutive quarter of leasing revenue growth.

• The company finalized the sale of a non-core asset with proceeds to be utilized for leverage reduction and growth investments.

• Continued focus on operational efficiencies and cost savings contributed to margin improvement, with adjusted EBITDA margin for the second quarter increasing sequentially to 8.8%.

Opportunities:

• The company anticipates growth in leasing revenue in the low to mid-single-digit range and improving capital markets revenue growth in the latter half of the year.

• In services, flat organic revenue growth is projected for 2024 with a return to mid-single-digit organic growth anticipated during 2025.

• They plan to use proceeds from a business divestiture for strategic growth investments and debt paydown.

Risks:

• The capital markets revenue declines amid challenging economic conditions, with a notable 14% drop in the second quarter. This sector faces the uncertainty of rate environment affecting closures and transactions.

More details: Cushman & Wakefield IR

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