for Len, is us and you, different you calls all thanks to that to This earnings Thank call be most today. joining going than bit a we conduct.
Other of performance. at in particular importance moment future the prior significant the we and metrics value discuss moment. as provide we information an data little Some at don't have indicator have typically quarter usually metrics,
we are matters whatever to of we our to most. session, So you will you In can. what ask those cover matter welcome think answer going we're like and we course Q&A
to Wakefield shown and expected. begin Cushman their today beyond jobs, many clients, who frankly of our commitment bravery is by could anything a have I colleagues, our which us and of thanking courage any have of want and to recognizing thousands level &
families, our homes five square on employees to two billion past day these work months feet went in every we of clients. each the with us almost buildings the spent of most many and maintain, thousands our of While our of care of behalf taking
facilities to colleagues pandemic York-Presbyterian the each of such & on of here in world. Cushman were this brought one and of XX,XXX has you. the every epicenters as you, these of at worst bear every our Some To Hospital behalf the of on clients and Wakefield, thank New your one very
bravery be are You your and for never forgotten. all an example will us and commitment
a that Cushman times. and I drive capabilities can crisis advice critical challenging from differentiator in to clients and a an possess to firms & CBRE, activity solve I which unsettled to Wakefield, JLL is experience and uncertain our three time the of increasing problems each volume serve will speak these sound ability clients. an unique big ultimately in to this believe
leadership position this believe have global big accelerate Wakefield returns rest. we to between firms acknowledged further encouraging on we global here & addition, pandemic differentiation our will workplace. us three, and how global the among complex generally the Perhaps of to been the In differentiation has Cushman due the large the to these at topic achieved the the three most workforce
manual clients a XXX Two occupier the almost walk and to practices on we from through weeks best our webcast ago, landlord workplace. page hosted reopening
of for & were and callers turning over instead, course, X,XXX Wakefield many had companies. these few and to we companies likely We current of clients competitors And who on of over callers call. hundred advice expected counsel. Cushman XX,XXX And ended a the our people up representing
feel are in and Despite but need operational of reopen like will comes still slowdown, business the that many normal. of the much to when still continue run. sanitation And in places there would maintenance, Businesses resuming work economic is time done. work be anything cleaning. Buildings and an to environment
We back have positioned learnings our our response moving XX,XXX lead We're recovery pandemic efforts we for experience we are XXX using million manage our companies to completed from applying to million feet into And the uniquely clients. one and in to agile are of remained we clients cost-effective to China. readiness our in buildings solutions square in nearly those practices our best and people China, where work. for customizable returning and provide insights
clients and Recovery of workplace. for eventual the of Force return and the best lead to to development Readiness post-COVID-XX formed to Task the we partnerships practices, experts recovery, our products top the Additionally, prepare
the from and global will on days earliest built and XXXX sheet about and balance large have large swan firm which Because and did our downturns tested the we which we the faced. building including have on amount ample we in liquidity, surplus do issues, as not so liquidity the learnings of that not our a deploy learnings with can a liquidity liquidity, to worst only XXXX. then and time. specifically cash we expanded industry attractive best have when that X,XXX accretive financial battle creating need from past, we the of they XXXX of a Cushman focused the over black we our the new of occurs a built investments. senior strong this towards From revolver, & revenues, on event Wakefield, do management firm and to through worry been a this, We has recurring team crisis and We the through this,
and have from roadshow, management a expense we our operating as focus very margins as first day-to-day clearly practice. on Finally, stated in turn we
actions pandemic strategic realignment all the scale late March completed All our of the put most of of where in are November permanent. XXXX to reductions us this, related and efficiency also expected position a We unique to the just program somewhat this cost be had became clear. in when
us largest playbook temporary beginning market permanent in above, plans while the our actions, realignment strategic well-known These immediately. anticipated and additional annual as the program the reductions down. These of have additional across firms and cost has on plans $XXX all reductions industry, of before their team all led the So three firms categories the XXXX are because recently And by usual we span I austerity, implemented million. and and the to was other two only austerity an impact months is are program turned this the organization. began cover mentioned this over large on
fee-earner there to materials, in and will addition of to These we that from compensation Although, benefits the expected significant revenue. impact follow be second ramp-up are reduced reduction lower over expect spend time, be quarter. expense direct-to-client subcontractors the some these in actions and labor in on variable the the
Wakefield, adjusted for the annually At three & we In models addition, immediately we performance. run our on models firm. company Cushman
always on case approximated and the has downside and metrics XXXX Our GFC between a the been XXXX. of built that rough midpoint downturn
our markets expectation. plan, and isn't of perform annual upside a always than base Our range much case of while in better good focus possibilities a case set operating our does should years, is it
We manage capital always liquidity and base our and downside case against day-to-day our expense our allocation case. against
the hit adjusted downturn we down. So models March, simply these in when
flow are be the we that we of and to not a specific not stress performance test cash share sets that going low of will models feel say While inputs to hit. liquidity. these Think a point it model as the we downside will
case has it. low worst-case So to scenario upside our hope on of business a occur simple. count against that but occurring, fairly case chance optimistic liquidity a playbook for a is lower ever never the against manage Test more base a
To financially and feel put business have is our company. it managing that a a differentiator we for advantage clearly, formula our for distinct we competitive
Our approach is scientific data-driven and conservative.
and first of let our interest liquidity liquidity. our and the speak quarter, we expanded end recently to At the repriced firm's again balance in revolver expense. saving With $X.X over million sheet billion $X term in our loan our to me $XX had around that billion annual on
revenue is largest Cushman a it peers more liquidity company stronger or in and much ample a revenues. & were global two Wakefield financial base weighted than than recurring crisis summary, towards In the diversified with our
give Now on past business overall activity some and over month. color the client engagement I'll
First, biggest almost which business our overall our management facilities or project our revenues. is let revenue, me begin which and business property PM/FM, by of half represents with
commercial comprise of that segment of of As the and of part are a this as many in most required the building. operation cases many know, you essential services
owners are building maintenance cleaning, functions For example, times. by security all that are and building all at required
these are as & visible executed quarantine world negative rates Cushman revenue on with a restrictions is Wakefield contracts of employees the on services larger work To-date, PM/FM a no planning space global contracted in occupier you the fact have with working our highly strategic basis we around services with our know lift. And clients seen their for return streams. as clients. to material begin to many for renewal Additionally, change on on
our of largest accounts next revenue. for business which is Our leasing service XX% our total fee line, approximately
quarters of three we we renewals represented noted in past, leasing have the current believe of is approximately leases. As volume aggregate by
as completed. a overall past note cited Across small have some our and the significant deals have We to is our were in visible leasing not volume have in large that nature. highly seen competition this process we to leasing portion business, but slow, deals stopped, our and in of that continue be
of that deals in owners requirements. renewal decisions, professionals for new often cancel In space could clients on and our which for transactions. uncertainty periods prolong leasing estate with delay long-term lease and active say real with remain both certainty dialogue can renewal We both but rarely occupiers planning
total lines, revenue to which our represent to roughly at than XX% expect speak respectively. revenues me the and and our be impacted the let smallest In Lastly our more short-term, service of markets capital capital we leasing. X% proportion markets valuation
markets sort expect relative beyond. of second quarter the rest with We significant decline during most terms recovery on in the have and to XXXX of year-over-year our of capital in some impact terms the business
on context quarter. by results events over in we I'll result in as provide the revenues first of showed driven let setting all Vanke Now a up a weakness first Valuation that our to you March, quarter our trends deconsolidation both half performed but saying very PM/FM me quarter. were XXXX impacted recent strongly in our covering strong first in decline some the how and in begin for the by of leasing some and the Americas some have globally. on of revenues PM/FM service color X% venture. the give joint quarter lines Roughly was our Leasing the also China first
this venture detail. joint more the to EBITDA Duncan to quarter. accretive the will However, in in speak impact was
to the start declines solid for in after Our and precursor Leasing to year mid month. last year was down a the valuation other March March. come. Vanke about XX% impact the Certainly, and venture over the XX% capital brokerage single-digits declined markets experienced in steeper and in up including joint declines revenue were March. businesses a of PM/FM sharp for
me turn let our outlook. briefly I the to financials, call speak our before Finally, to XXXX to detail Duncan
service especially visibility XXXX. of As revenues. withdrawing sharpest relative decline short-term. to expectations: can our lack release, remain brokerage following expect are year surprisingly, to versus experience capital during of you we in the saw be given from relatively higher guidance PM/FM our not year, the impact in revenues the quarter the are than would First, we earnings What full expect expect the we second the in stable lines. We markets leasing we prior to to And our provide
less, optimism do the some there However, room declines we will not that time, at although how play future is out. in be for this know quarters this will
in a to tell decisive how the of mix thumb the but our we decline can't be will business given as and decline and decline revenue will as of mix, expect of exactly impact range. cost the would fee what trends be our our EBIT actions, We a revenue in percent mid-XX% depth in the diversified revenues XXXX or rule
We and ability matter in no bring. clients our the confident our to employees, our are what our coming company, months may serve
based financial been not have our fact decisive strength and in actions doubt. Our and is
Cushman industry extensive our to clients and Our team continue experience manage this our leadership senior and a will downturns strong in managing executive period through role play & into through recovery. helping Wakefield has in and
financial with discuss to let that, results call more to And turn in Duncan? Duncan me the our detail.
