Cushman & Wakefield plc (CWK) Q3 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.458 Thank you, and welcome to Cushman & Wakefield's third quarter 2025 earnings conference 00:00:04.458 -- 00:00:08.965 call. Earlier today, we issued a press release announcing our financial results for the 00:00:08.965 -- 00:00:13.733 period. This release, along with today's presentation, can be found on our investor relations 00:00:13.733 -- 00:00:16.554 website at ir.cushmanwakefield.com. 00:00:17.519 -- 00:00:21.265 Please turn to the page in our presentation labeled Cautionary Note on Forward-Looking 00:00:21.265 -- 00:00:25.572 Statements. Today's presentation contains forward-looking statements based on our current 00:00:25.572 -- 00:00:29.760 forecast and estimates of future events. These statements should be considered estimates 00:00:29.760 -- 00:00:33.285 only, and actual results may differ materially. 00:00:33.285 -- 00:00:37.691 During today's call, we will refer to non-GAAP financial measures as outlined by FDC 00:00:37.691 -- 00:00:42.937 guidelines. Reconciliations of GAAP to non-GAAP financial measures, definitions of non-GAAP 00:00:42.937 -- 00:00:46.962 financial measures, and other related information are found within the financial tables 00:00:46.962 -- 00:00:50.687 of our earnings release and the appendix of today's presentation. 00:00:50.687 -- 00:00:54.372 Also, please note that throughout the presentation, comparisons and growth rates are 00:00:54.372 -- 00:00:59.928 to the comparable periods of 2024 and the local currency unless otherwise stated. 00:00:59.928 -- 00:01:04.554 All revenue figures refer to fee revenue unless otherwise noted, and any reference to 00:01:04.554 -- 00:01:09.700 organic growth excludes the impact of last year's divestiture of our non-core services 00:01:09.700 -- 00:01:15.007 busines...