CWK - Earnings call transcript Q3 2019 | Cushman & Wakefield plc

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Operator

Welcome to the Cushman & Wakefield's Third Quarter 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

It is now my pleasure to introduce Bill Knightly, EVP of Investor Relations and Treasurer of Cushman & Wakefield. Mr. the begin may you conference. Knightly,

Bill Knightly

financial welcome Thank today's along. found third a on be Cushman period. presentation our Wakefield's can our follow Investor along that to XXXX you press release earnings with be announcing issued pages and to quarter we conference & today, you The ir.cushmanwakefield.com. the use website again materials call. can for at results Relations found release This Earlier can

presentation should the contains current actual to labeled estimates page materially. on of statements. Today's only, differ statements turn our forward-looking Please forecast future forward-looking based events. be and estimates and may These results statements considered

call, our by found appendix measures today's measures are presentation. will Reconciliations earnings financial of the today's non-GAAP non-GAAP as SEC tables financial release financial During within outlined and of refer of we to guidelines. GAAP to

that to you earnings improve uses remind and results per to investors of underlying our in business. performance revenue, adjusted comparability local share like the currency to in analyzing assist adjusted current EBITDA, the company I'd our of fee

more find and non-GAAP and Form definitions these information of financial earnings financial of the X-K. the measures release will today's in You tables detailed

rates that periods currency. I to addition, like in the the of to note would comparisons presentation, growth XXXX In and local are comparable throughout in

Head to earnings Global I going the will as Occupier transitioning of role call new Investor Len last today EVP Texter to the our be call be Brett, over will I'd I within Before Operating Services my turn as Officer a forward. Chief Relations that like be to the announce IR. of firm business. of will

begin along five. with those page For on you our presentation, following we of

Executive CEO, turn that, to over White. Chairman I'd like the call And with and Brett to our

Brett White

all thank and as terrific work past for IR your thank Good us Bill, year. for lead and this you our joining you, today, afternoon, all

upper revenue growth in a months year the single-digit nine of the quarter third growth solid our of Adjusted for and was and revenue $XXX EBITDA million mid-single-digit all third quarter for expectations. with Overall, million year-to-date $XXX we basis. the the consistent Today, generated we our three growth of reported in for segments. first on

As look on basis. manage annual that quarter we at results, we our business we an you our remind third

know, of and service our lines our nature the you As transitional markets quarterly evenness leasing in capital creates results.

particularly the growth and Last line profitable results growth in XX% had capital this year, revenue year. This by and businesses. our we was detail and third a in in shift will leasing quarter, third modest more our Duncan our speak in service later. for contemplated strong more for guidance XX% prior markets to significant led year quarter resulting XXXX in

in to performance, share financial a quarter. addition notable other the our like few In to I'd highlights

named Estate leading XXXX, quarter being the to the consecutive in the Real and strong States. advancement year, for second in and brand hiring in Our the third including third-party Number global Commercial by named United veterans of world Friendly Adviser commitment Silver One our a to Military here recognition Employer continue earn the for being Euromoney

win new to as real chose In for & the Cushion mandates Wakefield continue Occupier outsourcing. Services corporate Global third large our business quarter, occupiers estate

square example, strategy in For brokerage, across and management, consulting from new including solutions portfolio Boeing XX transaction their countries. won to XX provide we integrated a million services real assignment foot estate

USA. University, portfolio contract of expansion and for facility companies to manage Kimberly-Clark's the nearly outsourcing XXX to across new of to renewal Harvard America. for services providing included Similar manufacturing administrative new a mandate North We the XX-building provide in to facilities our and business XX Ahold foot million won portfolio square integrated also a management services a locations three-year services assignments examples of

in quarter included their in market $XXX Avenue businesses Coca-Cola addition, sale Company XXX in million assignments in and of leasing In large third our of some the the in capital the Fifth of Manhattan. representation

In addition, Nightingale buyer, and the Wafra. financing debt for Properties secured we

Real Center Rubenstein of Real of in landlord We venture a New Estate Partners XXX,XXX joint represented the premium and Warren destination Corporate in in disposal Partners Estate the square Jersey. square the and represented Nuveen retail in We Vision foot feet leased in Italy. XXX,XXX

OIPP, a at Towers managed Fund million. Property the Commercial sale brokered we sale Street sale price a of Melbourne, of in XXX of We Exhibition of office Property behalf Oxford grade And tower, finally, million. $XXX for Bugis in Investa Junction Australia, Singapore commercial A XX-story on Investa $XXX the Partners, and

page to market. turning see global you'll six, dashboard our real estate Now, on the

events macroeconomic Hong holding backdrop. and are leasing firm real monitor against still are Brexit for Demand remained in trade generally to policy, in continuing estate space stable Kong, occupancy levels U.S. fundamentals the and commercial we're improving is healthy, and weaker While a still

quarter this bond but recent estate the in yields data, activity government globally is generally declined increasingly real According year, to still RCA XX-year last compared year investment a commercial to level third attractive. strong. have over spreads ago, sales were X% making the of down U.S.

Leading correlate real Labor at with services U.S. than point the in any are creating levels to cycle. point still markets higher to consumer growth. estate today previous indicators jobs. that confidence commercial continue are still

Wakefield. will guidance So, solid stable. Duncan Overall, track a year, moment. revenue on in for Cushman to remain nine the speak our saw the Real with as in first estate in fundamentals and summary, EBITDA we growth months & for remain

Duncan discuss with And Palmer, that, Financial our Officer, Chief results financial detail. our now in will

Duncan Palmer

X% afternoon X% data third eight, everyone. financial and which fee turn each across growth led by our solid line. We quarter let's our year-to-date for We quarter summarizes start, service periods. generated good growth PM/FM our and to key To of the year-over-year the segments, page third three year-to-date. reported and for of Brett and Thanks revenue

by Americas. million driven improvement to XXXX, prior results from up and quarter period X% Third of million adjusted $XXX of was $XXX APAC due the from adjusted in was the $X down EMEA. million $XX same EBITDA million year, primarily in Year-to-date or EBITDA the or in X%

quarter A quarter period. in of margin XX.X% EBITDA the reminder the growth in leasing for that year-to-date strength with respectively. and growth was XX% and in XX% EBITDA in XX% a to markets, and third Adjusted leading we XXXX saw X.X%, capital for third unusual growth that

margin EBITDA in impact year-to-date second XXXX, property towards the is and lower service management, brokerage a strong third lines. made a of quarter call project adjusted than reflects we broker very Generally, investments in performance quarter of in margin PM/FM. XXXX the our revenue Our half third the shift for PM/FM and modest and facilities which

recall, are we in expected which, the up fourth mentioned in contribute XXXX of the second in addition, on made in recruitment you In to as quarter. may Americas, as last the we ramping and investments the are half broker call,

adjusted share Third was year-to-date and share quarter was $X.XX. earnings per $X.XX per adjusted earnings

by their pages Moving grew EMEA up X% and rate bringing X%, and segment show by nine X%, All where three revenue segments to growth and fee we on the up to rates service up in APAC third quarter year-to-date line. and XX% with X%, XX respectively. Americas growth XX%,

the strong particularly and service respectively. third PM/FM and In our and was lines, segments. double-digits Americas XX%, XX% in growth quarter, and PM/FM up other in up EMEA valuation our was

PM/FM modest of the QSI, growth, this to shift revenue a including year. this mentioned, acquisition represents As

with performance the of year. We continue QSI pleased to be this

generates both services, typically This annualized stream, on significant a facility variety through has typically portion solid Americas facility services services business self-contract cash a revenue In a or PM/FM, operations the low self-perform fee represents of and basis single-digit our of stable service we on and APAC. Within flow in revenue. line's this major growth. an

operations, service in PM/FM the year-to-date. quarter which both segments line, growth The our occupier property at in grew revenue in high of for and Fee single-digits facility rate and services rest year-to-date. mid management outsourcing, all the of project quarter the double-digit to management was for and both three comprises

Americas starting page our XX. detailed With review the that, a we on with start will more of segments,

fee quarter revenue increased increased X%. year-to-date revenue Third X% and

which year-to-date, Our for quarter and was and driven was for was valuation by quarter the growth up which XX% PM/FM, year-to-date. up XX% XX% the and and other, XX%

Within rate. wins. our single-digits revenue existing business of of new was Facility grew growth high service operations line, facility PM/FM rest services fee double-digit by at over driven quarter revenue. and and services our clients service a up the a for Americas The fee represent line half at PM/FM little year-to-date, the our

X% leasing X% the flat and for year, was down Our year. quarter, the the was the up was for business markets up X% was but and quarter capital for for

discussed, we markets. very and strong we had have a quarter As third capital leasing both last in year

been have leasing in with trends our consistent Year-to-date expectations.

there markets strong some in was in below has against While expected modestly been capital growth the had year-to-date where XXXX comparable. growth quarter, a we

$XXX down Year-to-date reflects X%. of QX of performance EBITDA Americas was of adjusted third third adjusted quarter quarter for Americas in up strong million a XXXX. very the the X%. million impact $XXX was EBITDA

by the facility shift addition, in In strong by growth experienced QSI and mix driven in services. we modest PM/FM, a towards

recruitment, earner fee in XXXX up and call, last during of half back we the ramping in on made remain on investments track Our discussed are which XXXX. quarter's

to quarter in accretive them to expect We and continue fourth to to in be ramp XXXX. EBITDA the

Moving on on page to EMEA XX.

quarter X% year-to-date growth in XX%, revenue up our driven Third by was capital fee solid fee increased service PM/FM revenue market lines. and and

two quarter less in segment EMEA the grew Our represents which line of in overall the in service our regions, PM/FM than other year-to-date. and XX% XX%

principally trends quarter and up consistent third growing EMEA partially activity quarter a for are These quarter, business driven offset the was X% down our XX% leasing the trends year-to-date. leasing In very These by our down by also year-to-date. markets and expectations which and were for experienced was Capital the with XX% XXXX, X% strong U.K. XX%.

EBITDA quarter EBITDA Third quarter the the XXXX. million declined $X versus in million Year-to-date same down of million, versus period of adjusted $XX XXXX. $XX of adjusted $X million, third was

EMEA leasing activity in slower currency in performance third a of quarter Our the and reflects impact strong unfavorable XXXX, impact.

experienced shift PM/FM. driven by XXXX, We a in also mix growth in

XX. X% the XX% quarter be the Asia-Pacific and other was markets quarter in year-to-date. and XX% year-to-date. third grew but grown our in down the X% fee third page quarter for X% year-to-date with year-to-date. Leasing revenue respectively. in quarter, grew XX%, X% XX% to Capital Now, Growth up strong continues and and on has and Valuation segment

the PM/FM segment. and Strong revenue for performance XX% EBITDA half X% and Finally, PM/FM improvement the quarter revenue increase drove in XX% grew adjusted the XX% year-to-date. third than the more of fee an represents year-to-date. in for region across the quarter

Turning XX. now to page

are expectation are anticipating accretion to the for year, so revenue full the in well as full Consistent we full adjusted what guidance seen year we million EBITDA confirming growth for this our We year. of single-digits far the of low brokerage million global $XXX our margin $XXX with have year. as

the for today's the that, back turn call. of Q&A I'll call portion With operator the to

Operator

Instructions] [Operator

the line And our from Paolone. first comes of question Anthony

Tony Paolone

first All Thank your year My you. right. question guidance full for EBITDA. to relates

up that same, or at where range the line given you down? sight may quarter? You the for see so or and point opportunities of the it a talk risks implies quarter you fourth And now. on what it like swing the Can fairly kept about wide the this

Duncan Palmer

comment our Yes, this mean, full I'll guidance our guidance. think performance anything has year so in gives not that obviously, I reason full is don't Duncan. year on any year-to-date to guidance. far change really I the changed.

you has for low As global heard, brokerage year. been we single-digits year-to-date kind of and the of full expect that growth sort

the exactly upside is close and biggest quarter what how close, the they in largest so the downside. of when that's to close the always the fourth transactions be they on Obviously, and going on uncertainty and item uncertainty probably

view, In and expecting QSI. that's basis up to in tell, Obviously, general, because, point benefit QSI, materially. -- quite we're quarter of a be specifically year-on-year to we QX-over-QX acquisitions but obviously, terms you of in things from on fourth expect the us there's guidance a can

recruits We talked back investment in we in in broker end last did about year. Americas the the the

that EBITDA year. in of the in the to fourth in quarter. be bit of rest been It's accretive drag a the expect We a

to be an going element. that's So,

quarter blew in fourth bonus overall quite to the last than fourth accrued quite -- accruals And example, quarter year terms do year. in we level generally away bit the our last just year, last of year. more in don't this because a general we that planned. bonuses We targets for speaking, of necessarily accrue in expect We in the accrual

to going volumes bit year-over-year but of elements a the the in quarter and biggest in will drive growth, uncertainty So, those be to quite be kind fourth always what closes. transaction is of

guidance far So, year so because specific really given us so. changed nothing reason the to our has a we haven't do in

Tony Paolone

quickly? kind and EBITDA to markets it's we and but margins. year about forward out, the Okay. some or And in growth. of then put mix leasing, to drag, as start two and if capital quite a doesn't just think understand my it shift investments and a year-over-year up growth ability follow-up is capital relates leasing other normalized blazing I How we aren't growing whether look will more whether markets push opportunity if still being your it's to margins a years and that there be should up as

Brett White

you a Duncan transactional levers you we because of we more grow we give the robust to leasing in I'll In and comment as years, to the years, detail. have talked But I'll would Duncan turn future past, future bit grow and Brett. other give high But about quick answer has nicely it's Anthony, to slowdown multiple margin. in margin. to they margin transactional on in quarters, let I'll grow exercise you we have see businesses. capital Duncan, markets, that. If levers a a

Duncan Palmer

Yes.

sort before, So, focus basis. of mechanisms still I kind to going annual growing very heavily stays are think by I intact. which what mean, it we're There to to three operating on on be and a to continue just margins we've of said reiterate basic able

focused on efficiency. be One operating very of is them to

lot we now said, is that us, the it's do. of very for the that, relatively in focusing that, lot of in integration, spend a able Brett of big a what time which this focus on do integration, we to a obviously, but projects still and As probably to less was were something

infill some able take benefit do margins topline track from Secondly, to is generally that comes particularly about maybe a generally we the out. accounts from to third of to for accretive margin that accretion overall and our it, being acquisitions synergies we're able our to growth given record and when revenue generally

and from as one line, capital to from occurs as of we're if PJM, XXXX. the fast those, organic a able benefit PM/FM, service of saw organically, leasing benefit quite of we maybe then lot growing even of the two so third And valuation, some bottom get is revenue getting markets, is not across maybe accretion growth in to those which or lines

had line. monstrously the year, brokerage good particularly service we XXXX, a growth on In

that. So, we've got from lot leverage of a

growth. got good We got decent accretion to noticed pretty benefits operating also have we year from margin from PM/FM efficiency, also pretty we last and

nothing all growth service very see specifically. linked to ability So, our those intact specifically is to of things and the having line brokerage thesis grow margins about stay in to high rates

Tony Paolone

Okay. Thank you.

Operator

Blair. question Stephen from from And line Sheldon of our the comes next William

Stephen Sheldon

Bill. Hey role, taking questions my congrats the and thanks on for new

clearly, broadly both side? that quarter broadly, first, comparison didn't like looking length you in So, quarter Does trends. leasing seem companies some are longer a just had about report for cautiousness third tough results signing probably this slowing from leasing already more competitors current it the we But enough. leases, you've leasing seeing in decelerating well is market given account on term And the cycle? any just the of the two

Brett White

Sure, this is Brett.

Let me more Americas in globally, that remain leasing, and both saying underpinning the begin solid. fundamentals by broadly

QX, you in XX% the As year, and and year-to-date, Americas were that globally. right, you're up through XXXX mentioned, XX% we

things from and beat Answering your how about going even heady question year we numbers forward, those the think year-to-date. about we XXXX

quarter that type what I a by prior We expect seen the prior size and by of seen complexion don't be that beat the we've the mix transactions of this year good good we've or vertical year. know years, a in in change quarters being term. are we for much them to fourth that and in mix expect to the from completed and completed

notice. but a But our leasing we fair to are given are cautious, up seeing say broader economic expand way the folks probably difficult against are on again, more the year. very, last course, bit moment's in a It's looking very of a change comp global can, we for we economies, that at year the friction that performance, the

Stephen Sheldon

just maybe the that's environment. on recruiting helpful. Okay, then quick a update And

broader grow about recruit you you how maybe still it I'm it And planning I'm ramping recruiting at guessing point mean, we do I didn't environment of are You XXXX? hired think But find hard to are -- as to talent? be maybe in producer to again, out you as the planning call might not and just headcount to start and easy about half XXXX aggressively the you're in much. guessing talk or this so the Americas. recruiting second

Brett White

and the is producer on objective first raising about Well, the all, really per first way we Sure. of recruiting foremost. of revenue think based

-- force. would think that that the So be as regeneration sales a of of

So, That year. our higher is goal producing folks. we're hiring every

you always that talent. will cycle, market should we of think be I of high a regardless quality expect recruiter that

to more that to it all any XXXX, the a approach are I recruit, ability would are firm's XXXX, And XXXX, very think bit recruiting to behind taking as the I I us. or of well. recruit for as a competitive very, the pertains think marketplace say for matter recruiting, broker to we ability are now coherent firms our and that -- heady days

Stephen Sheldon

Thank you. Great.

Operator

Morgan the from from And question comes our of line Malhotra next Vikram Stanley.

Vikram Malhotra

Thanks for question. the taking

which drill the is so and maybe just capital markets tricky, and Americas comps? the comps, wanted regions? those XX% timing that Leasing apart know tough, but always is the going EMEA, and more know, apart and anything tough this else specific just leasing both I just noticed Just in I you both from into leasing Is were was anything there to from in businesses X%. there business. down on EMEA, in

Brett White

EMEA very just to driven think our by marketplace is leasing now. I'll is a what a very It's difficult I the year-over-year restate right U.K. U.K. said much we moment be comp. anybody no the revenues secret very is up expect specifically which ago, that Well, I to a over tough

are APAC showing But So, EMEA we place now, transactions and reflecting good U.K., in jurisdiction. that big good picture tough Vikram, the you're about feel Americas are right right, is a that the in growth. leasing. and

Duncan Palmer

out you would right? That's dollars. too, EMEA So, in XX%. down is currency to point would point I stated leasing that I --

impacted has Europe think So, that one currency. I of is that factors mentioned the I

still bit, but it's certainly in local rates, probably growth So, in a the and it's down to a factor quarter. it's currency quite best look

Vikram Malhotra

guidance another then EBITDA. And for maybe enough. the range question just fair on just Okay,

kind through it's out early And You're I always tough now. to are transactions figure closing. of November which know

XQ next I'm assuming, you've this guidance of whether not close the XQ you've just does and wondering around pushed the to maybe fact kept that it's and year? referenced, in why the range? I I'm narrow as the transactions out XQ, timing issue at not from maybe uncertainty not it point, but a get -- intact am narrowed like, range reflection a to guidance

Brett White

Right.

then this is I'll it he a So, shot at and Duncan -- add will. let Brett. what take I'll

if our that guidance the in is revisions change So, of end range guidance not a range. We're guidance we the revise in the will our practice quarter. approach material to third causes that see of the anything at guidance we narrowing of

if we would see change we want again, tell So, anything materially to we that don't. you, you anything add to that? guidance, Duncan, and would

Duncan Palmer

I the more too staying I in means guidance in think that we same, infer much uncertainty pretty you think don't answered the much have it. should we had transactions you like before. than range

there's of should more you think that. you and, no new guidance reflection if as I stayed the has range see been news really nuance it same, therefore, a helps the that

Vikram Malhotra

Okay. Thank you.

Operator

the And Sam from Credit line Suisse. Choe our from question of next comes

Sam Choe

today. you on guys. but to I go back just to this, I'm guys Doug Hi for touched wanted really on Well, it.

So, certain you macro about you're the areas adding to despite geographies? environment concerned there Are and that talked lines macro about volatility certain leasing service the stable more headwinds.

Brett White

It's a good question.

the EMEA and Brexit before, the remains our mentioned U.K. former around certainly, supportive marketplace. Forrester, U.K. that And for occurs, I U.K. Head ball issues a now political head be continue a we jump think resolution our road. probably resolution this is the President, think point. told have somewhere me, of a be, good of And as away. when down has that in the it gone resolution the years. the issues But John any would I specific not of some been As the in to to headwind at And --

China and folks structural moment, in in a are as to that Hong long probably Kong certainly, term, the at the our pertains believe volumes, the moment. but At issues Greater headwind not transaction

that And so we're carefully. watching quite

final marketplace. the issue remain global trade with then which in And have issues, the we

marketplace and of I think be resolution and near is supportive as U.S. sort be that mid-term of the would there China some most well. between Greater folks' to that in in will expectation the the

Sam Choe

Okay, that's helpful. really

Another one for me.

last Fifth about talked Wall guys You partnership quarter.

of opportunities Just might integration hearing interested technology about in where the recent new come and from?

Brett White

Sure.

at efficiency that of and So, just let the look foremost, creating margin we and folks first in the remind the on as growing phone technology, business. an enabler me

as And efficiency and very side, technology to The prior facing differentiate we our at revenue a we spent what firm. lot in technology on with employees best-in-class our tool fee years to proud Second, as clients of both as to you and drives it's infrastructure building that the look clients. Fifth a Wall our our consider paying be use and those. we services for really to relationship we've infrastructure, with We're a in of know, speak. dividends earners

Wall clients able As those both as to marketplace use the we firms business, it has that efficiency client-facing with and a are and firms with us help the to pertains to firms daily been great to business. and in has a and screen on the at help in the more Fifth that, firm might actively those within technology further MetaProp, technology, technology we engaged create in both basis, our differentiate ways be looking

Sam Choe

color. Awesome so you much. Thank

Operator

question JMP comes Germain from -- And G JP next -- Securities. line of from the Mitch our

Mitch Germain

margin, guess, full suggested I'm you just on in the I of terms accretion I EBITDA the you'll How -- -- are year. know you? some have

points should the about transaction in I I think fourth you're far. way basis it pickup that XX in quarter? guess, think a activity, notable implying about down is pretty we you're so the

Duncan Palmer

that. growth Hi So, the of Yes, is you more Mitch, as Obviously, fourth heavy quarter maybe is view quarter I the and can to be significant, back right? said going volume. from go point a margin is earlier. tell, it's an element on year-over-year And EBITDA Duncan. fourth I what I'll transaction QSI to clarify quite think, the

best from of the point to a tends it quarter view. margin So, be

some will that cause So, pickup.

not of we quite like going saw to year, the we year, driver won't and The second to half which necessarily which see which year-end they've been to last going accruals of bonus things margin year-to-date, this then in that a be accretive EBITDA, accrual, are be made last investments the year margin we will be is to accretive too.

So, of by that's going EBITDA, year-to-date fourth investments the has view, driven from things the been shift and there's similar what's won't the in a drive quarter. the be be the which and to much there drives more environment margin. The fourth to been by to going driven PM/FM, point what there's in quarter to margin transaction-rich

guided like, low We've we the be revenue sort single-digits expect globally as you that if transaction volumes, brokerage the year in for of year-to-date. to it has been

not there. surmising there's going wholesome. be to we're So, was that Hopefully, that big necessarily growth

Mitch Germain

among That's driving very in been increasing or pipeline helpful. activity professionals is anything The confidence change is increase have that's transaction is based recruited, there the the this your now? that that that else on

Duncan Palmer

To than to by are fourth three. in early in brokers, heavy quarter, it's brokerage fact is more more brokers, business, -- nature, driven you the fourth the their when quarter of revenue just be by the the it that the accretive like is it the much nature honest, hire terms of to that's

ramp going over heavily to number brokers, the -- So, the in year first fourth transaction -- that's ramp a almost activity highest. of definition quarter they where they're because that's by is in their

Mitch Germain

that kind available? curious decision M&A. bit. a pricing? it the things appetite I'm your that's maybe -- you. population it year And to the of or been, delever? Is you It's little there's lack is then, about of required I'm impacting And your firms curious fairly robust transactions Anything deploy organically of a just been it to thoughts it a kind obviously, Got Brett, start just if capital about from are to here? Is guys of and

Brett White

Sure.

First -- question. it's a good

the remind sizable. First was transaction of all, just I'll QSI everyone,

for infill never that lot. expect. M&A we all but are So, marketplace, in when a always we the remain you would will did close Opportunities reasons predictable. in transaction, those, they number be of one a the with is lumpy That engaged

say be should year you market. pretty expect each in that going we would active I But to that the infill are

earmarked As infill much you transactions. is M&A balance on an of and of abundance have that we the accretive sheet liquidity for know,

Mitch Germain

I given it Can curious that that one QSI. make our introduced any a, And the do fact You there? platform customers Great. in? before? potentially I'm to realized? opportunity that that more about weren't sneak you assuming has materialize, you mentioned cross-sell if using been how I'm potentially some And,

Brett White

and I we business think, midterm integrated first pretty acquisition that so are long make term don't put We be managed integration drive definition with going by business, any business, in Sure. them by decent the into foremost, or in We should cross-selling. lines to here. existing Well, and leave some greater standalone. and is and the them they the managed

particular, think QSI in that much the It's that's quarters. quarters would that it look into we get I something year-to-date, our acquisition on to expectations will as year QSI, I QSI and this how that days was don't goal quite know cross-selling subsequent the number from business. see down, has For one expect cross-selling occurred done. for tell bedded It's unfold. And that's the certainly performing but for early in there. I couldn't well, you we because up to would I

Mitch Germain

you. Thank

Operator

closing questions to now remarks. at you. conference like And thank this further And there are for management to back turn the time. no I'd

Brett White

very of end forward you and the afternoon for Thank quarter. your time fourth at the this talking to Thanks you everyone evening. Look this much. to

Operator

And this concludes call. today's conference

now may disconnect. You

Cushman & Wakefield (CWK) 10 Nov 192019 Q3 Earnings call transcript