Cushman & Wakefield plc (CWK) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, and welcome to Cushman & Wakefield's third quarter 2025 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 FDC 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 2024 and the local currency unless otherwise stated. All revenue figures refer to fee revenue unless otherwise noted, and any reference to organic growth excludes the impact of last year's divestiture of our non-core services business. And with that, I'd like to turn the call over to our CEO, Michelle McKay. Good morning, everyone, and thank you for joining us today. What you will see in our results is momentum across all areas of the business. as our unique runway puts us in a position to continue to grow organically. This quarter, we delivered the largest third quarter leasing revenue in the history of the company. We set a new high watermark for third quarter cash flow generation. We announced an additional $100 million ...