Cushman & Wakefield plc (CWK) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and welcome to the Cushman & Wakefield first quarter 2026 earnings call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. If anyone should require operator assistance, please press star zero on your telephone keypad. 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. Thank you, and welcome to Cushman & Wakefield's first quarter 2026 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 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. Before I pass the call over to Michelle, a quick reminder that on April 8, 2026, we filed an 8K with the SEC outlining several changes to our reporting presentation effective January 1st of this year. To better align our reporting with industry peers, we will no longer report service line fee revenue, along with the following non-GAAP measures, adjusted EBITDA margin, sediment operating expen...