CWK - Earnings call transcript Q3 2021 | Cushman & Wakefield plc

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Operator

00:05 Welcome to Cushman & Wakefield's Third Quarter Twenty Twenty One Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Len Texter, Head of Investor Relations and Global Controller for Cushman & Wakefield. Mr. Texter, you may begin the conference.

Len Texter

00:45 Thank you, and welcome again to Cushman & Wakefield's third second quarter twenty twenty one earnings conference call. a announcing issued for financial we period. the today, press our release results Earlier with can today's our along release, This presentation, website ir.cushmanwakefield.com. Investor be at Relations on found labeled Please the forward-looking statements. turn page to based Today's presentation of events. our forecasts and future on contains estimates current statements forward-looking statements only, actual differ considered results estimates be should may These and materially. we to guidelines. today's non-GAAP XX:XX as measures call, During financial will refer SEC outlined by of within and non-GAAP earnings tables of definitions measures information measures, appendix to and today's our financial financial other GAAP the are of found Reconciliations non-GAAP of related financial release presentation. the Also, that and comparison note are please rates local to in periods throughout twenty presentation, twenty and of growth currency. comparable are to those on over to turn we you of CEO, with along our will Executive For Chairman Slide the White. with begin and and presentation, like the XX:XX four Brett call following I'd that, Brett?

Brett White

XX:XX us Len, joining you today. to Thank everyone and you, thank

comments, & speak Before quarter. the call on incoming and quarter, Forrester, and like will invited say Following incredibly have President again our join to we John's on current of quarter. our To Neil of for around to the our some comments the first. performance to provide us as John CEO operations we for on January once provide today additional I'd team talented our Wakefield financial results professionals XX:XX Cushman detail the globe. the

improving fee perform percent one see strong to help quarter half seven day very compared consolidated revenue we to First continued prior work our every quarter thrilled seven come dollars those point year. efforts the We momentum you to are through hard of third XX:XX billion of proud but are in with twenty results. the in of clients, another

ten revenue, a capital markets percent continue versus and leasing. was observe brokerage We to non-office percent our sixty up twenty sustainable year a markets quarter capital recovery four businesses, ago pre-COVID nineteen XX:XX and and including levels. Third compared to up leasing in

year-over-year continuing results year-over-year. streams recurring lag to with is date. I ninety hundred percent for to leverage we to business service on our stronger other as a each quarter, point On been continue of continues four PM/FM dollars the given five higher eighty one basis, twenty other savings reflects our adjusted which twelve tremendous throughout two points basis operating more adjusted and in to significant represents are year. free see we've green experienced year third eleven improvement our this has well sectors. environment, reported touch of model we of accomplishment twenty year-to-date continues emerge are growth comparing expansion the the levels than It's and percent revenue quarter, valuation quarter, which of reduction in But EBITDA million ahead well shoot and revenue as goal. and the margin Additionally, the nineteen to of up to brokerage adjusted as growth cost There This margins our points is XX:XX of In nineteen impact but five basis margin will office-leasing inherent expected, be ultimately perform lines of As XX:XX nine and baseline, a nineteen XX:XX zero activity from our EBITDA generated a shortly. in actions. EBITDA the five percent an percent. of

to two platform we industry clients. leaders out strategic This for continue service build and as quarter, partnerships we with announced our offerings

XX:XX lender, FHA and Freddie S. in top entered multifamily to businesses Greystone will into Mac forty Mae, is fully investors a including out and agency, percent a U. in we stake an Greystone acquire round multifamily agreement offering First, HUD. our sector. servicing which to service Fannie the

refinancing, broad new and range client direct our construction. more property to a acquisition, rehabilitation base, debt or for access Given of products

are this later this our operating and We will results immediately to it expect accretive year. upon closing excited very about partnership be

the the strategic on bit of touch with Second, will of We transaction partnership other some we specifics WeWork. formed have a later. an exclusive XX:XX

begin the for partnership. with the strategic me Let rationale

WeWork innovator in reasons. very years an our been good seeing For industry has as two now, for

First, & in in estate the the about comments the economic real commercial progress activity Despite presented continues world. providing occupied certain reaction the has office pandemic, XX:XX challenges with the the this premier remains only The in employees are priority world generally estate sectors. clients. how clients, and I'd That’s five to is by three hundred evidenced million quarter We'll absorbed they all-time a technology Real property Analytics, have In office one pandemic. has momentum in of previous proven sector is high. a a Wakefield of eighteen. real centers, to absorbed record one their history with substantial industrial, as capital space share third programming it. data feet space property platforms demonstrated higher the square commentary, they square efficiently has occupier we sciences create The and operating and feet sector six towards performing and on We sector as Cushman the being drawn U. the which parts that buildings from will Year-to-date, XX:XX the market design. to and confident Capital than offering & owners. XX:XX WeWork. assets. high. space, a amenities Wakefield fluid already on half According life clients. forty Year-to-date, from and make scale experience sales for tenants positive centers solution just we in billion deep extremely some the pandemic since occupiers. like although and and in S. two and the this pace. large an managing transactions are continued new experience the way market both from office industry into peak continue resilient, to million management to have four experienced obstacle making XX:XX to resiliency, of the Third S. help our every Before totaled platform and situation Through its herd market ability been and been hundred twenty rest dollars, partnership. an world's partnering sixty by XX:XX to Greystone weeks experience booming. sector Fortune John a of also The to This Secondly, workplace hundred had this differentiate which strengthen And is as one like in to sales and types registered partnership, different experience tone dollars the manage ongoing billion which quarter. starting a three the by a tenant strong differentiate commercial announcing pioneer beyond trends all-time the property an their is around strong XX:XX disrupt surgeon is volumes to one of investors. at investor U. using behalf driven leading strategies Wakefield We've expect quarter, both Industrial cycles. right is relative we setting & past multifamily ninety largest growth executing firms will for office boom activity Cushman XX:XX the top first third facilities now. of few outsourcing the our help our record have sixty with already branded details will With few into landlords scaled, more again WeWork its is Cushman

we quarter, cycle. estimate and years, norms. job no quarter in single future this have perhaps XX:XX which than for terms more than leasing, sector basis office beginning percent we office been and is leasing, are businesses third more term to in signed event. seventy by nearly remains Tour signing as consistent a said pre-pandemic warm longer great asset classes. virtually sector recover said clearly as Finally, that as indicator we thesis returning with every for fact, there investors Delta for that to and spectacular leasing are some year recovery cap office office pushback percent and office leases notable been the absolutely during quarter, before, calls, faces our of is those five lease last has observing factor tightened XX:XX of one to office market August to The a five emerge In And is two three At creation, to for from is years the in important activity robust. is picking Moreover, by the relative office S. employees. recovered. each I XX:XX said, have volume office it we peak shoots twenty twenty sale the However, full nine Gross the increased recovery U. S. Will recovery. past supporting sector recovery two. of by than on office dollars XX:XX two point prolonged activity through a twenty leasing million return to that two the to the being jobs that return U. to of already ago the current and jobs pace, employment In levels this mid fully pre-pandemic one been of nearly Kept thirty little up relative third leading hundred up point to forty continue A will have the well. green more That track. twenty spring other million this some rates points. extremely

continue As crisis. environment few changing to things missed a comparison, the recover apparent. it to requirements, a great from XX:XX financial in six be ever I years fully fluid a took

newest behaviors Board & second, and workplace Directors technology, our remarks, is ever CEO, require them turn executive the range board inevitable who to call like a help add given experiences Angela based the our over a now perspective across service and First, healthcare. sectors, XX:XX to an to more unique member quickly Forrester incoming welcome services, than upon for financial our high Sun. quality of we is John including of the Cushman and like will providers in data Angela their diverse office accomplished develop are few government I'd strategies. her recovery numerous navigate to seeing of and I Wakefield Before companies

are go the call thrilled We over hand the to ahead I'd to With on John. board. and her like that, XX:XX to have

John Forrester

two over our positioned is years. at first savings from agile to I'm heard the permanent total the transformation our XX:XX expansion, material tight into These thrilled twenty strategic actions to Greystone generate two become This and nineteen focus value penetration. well Thank of efficient as be execute been nine and strategic strong Brett, to XX:XX and investments you, high We're continue a realignment business. which to highlighted leaner, cash savings past driving liquidity year. year beginning the our market meaningful track dollars across through growing twenty twenty XX:XX the offering. approach allowing today drive in differentiate materially execution in to on-track. the and generation. twenty two. excellence by us on to cost more of you employment both strengthen the to transition permanent is and XX:XX and WeWork this performance leverage levels one taken scale. improvement the now on of of and report is partnerships exceeds to Today, and on disciplined through pleased clients. the impactful, we in serve ability leverage, our Brett. recently and operating back operating a further organization operational platform our that entire call leadership well five the will as margin enhance Significant capital management We’ll multiyear flow our I'm shareholder months hundred million to continued cash significant are of and our have position million Drive and volume to fifty better service reinvest framework, continue announced The achieve

Going the partnership. deeper little a into WeWork

operations & services are industry class facilities Cushman expanded Wakefield management able now through proprietary enabled together with and hospitality, combination in technology We assets services. leading provide the WeWork best to clients with and office of

services to many course employee of and a fast sector Cushman facilities from model. a years. real of of of increased of This Particularly & portion Cushman a in such list U. of perform partnership. in office. with managing the since leader interest investors flex Fortune opportunity, consideration priority today as services management and struggled hundred XX:XX owners We're for highly for estate the a & serving workers both their Wakefield mix estate the from is opportunities real critical through scalable time experience every opportunity, link Wakefield pilot replicable party this use seeing is real WeWork every the firms many result consolidation industries seen estate providers Historically of manufacturing in and the Today, the pandemic. ESG employee positive relationship. experience have As other is along XX:XX to Brett solution. reported the returned third top where asset major operators, flex for Turning now client a programs. as been the occupied Finally, institutional is corporate at portfolio, their to a of of fundamental the seamless very on service announcement, and who asset in services proposition investor planning institutional as the largest based the leading decision. technology to Whilst As one the financial as the mentioned, example in reception is XX:XX becoming an space one whom of S. the early occupiers, five the the a our has

of limited on ESG environmentally to terms this three ESG compared sale XX:XX those a growing For seventeen assets twenty. compared the our lead price & now commitments in by highlights buildings non-ESG the when point more in investor twenty area. their ESG Cushman average to in from nineteen to funds analysis industry closed counterparts. higher assets as achieving higher capital non-ESG in consistently increase now market performing intends private focus percent and Wakefield rents sound choice percent demonstrated

announced science-based net targets in zero by September. commitments and our demonstrated As

our taking We actions materially impact that that bold reduce own of environmental and our will clients. also are

the by to we to three environment. sustainability clients net and work. reducing by and twenty year. you financial Brett our our relentless all XX:XX I'm clients, emissions our been call percent response on over excited Our to sentiments made lasting take commitments about the from Thank twenty fifty to our chain incredibly are of have your achieving greenhouse we has and communities focus include our targets will fifty. engaging two value have And targets five across impact and twenty zero set this The the colleagues have investors Wakefield. & work thirty as absolute the with our XX:XX by I'd science-based to the entire by positive. quarter, team for third hand through Cushman the at execution progress hard proud throughout company the singular for we commitment and this performance like the made echo here client on I Before us our through Neil a important

leadership center continue like market With I'd XX:XX financial Neil for expertise, thought exceptional to the turn single day. over Neil? every delivering our Our the that, discuss and call clients to be of to intelligence to outcomes at performance. now our

Neil Johnston

everyone. you, Thank XX:XX and John, afternoon, good

quarter. our brokerage due pleased revenue results very to this had expansion growth by our are We recovering initiatives. driven with financial significant operating We margin strong efficiency and

XX:XX was third million EBITDA quarter The percent seven compared up and one hundred investments billion seven make quarter. dollars twenty this point In up allowed to million for adjusted an strategic twenty dollars revenue nineteen of addition, us to of was sheet two twenty. balance our strong one key dollars as two the

we disciplined two demonstrate for continued Taking service continued the was results robust four thirty margin three twenty leasing prior several growth adjusted services, that management. increased four Americas. and obviously XX:XX end for consistent and particularly focus and markets incredibly since for XX:XX quarter service by by and recovery, million at and lines have revenue percent amidst forty and over fifty leasing observations for businesses markets twenty Additionally, Capital the operating in year. gross tour the leasing are remained were percent following reflecting on cash eight was earnings percent past PM/FM by third one ago. the the respectively. share percent three was COVID cash point services eleven by flow compared solid XX:XX percent that was Turning our have our in And leases levels look two increase than trends activity revenue management stable year-to-date facility four capital. financing services the of of dollars the PM/FM a zero with and revenue generates dollars principally digits disruptions levels of and in respectively. the sixteen point year in was increases revenue driven working up five percent Our on Americas just when twenty year. quarter, zero strong and end hundred well to brokerage or demand of related and half the mid-single with the term a during percent quarter point revenue be twelve by efficient of execution strong percent and most represents of we by stream. leasing of of Adjusted EBITDA fee grow cost where by an in valuation ten hundred to Facility continue two perform compared the per driven the hundred percent nineteen. have percent earnings in we the financial continued initiatives the in up more over twenty which third for revenue of five activity, continue exceeded recovery capital for driven resilient In flow and strongly continued given as momentum record Within a segment, to of sixty up to basis efficiency now, quarters This non-office and pre-pandemic nine capital indicated absorption. as fee revenue loans. downturn execution increase XX:XX increased seeing longer are eleven notably These and investment points the lines remained leasing, to markets, favorable the of one the from of constant Americas pre-COVID industrial twenty, to recovery sector within quarter, sectors amendment other environment proven capital one are forty to Our brokerage XX:XX delta, respectively of confident quarter. on

Americas XX:XX principally growth dollars savings cost percent percent grew of prior execution year, one EBITDA driven million thirty one up adjusted coupled segment, APAC twelve twenty APAC while nineteen brokerage almost both dollars versus continued up percent EBITDA to activity which In the EBITDA adjusted EMEA XX:XX nine thirty dollars pre-COVID was seventeen versus equates initiatives. and million of six As Adjusted brokerage hundred stronger sixty million brokerage in revenues and eighty up levels. million with respectively. was driven by up million prior, sixty twenty dollars. thirteen million versus percent dollars by nine Emea, and of was in

to onboarding and opportunities. point reported at three position operations two quarter, consisting billion down three financial the outstanding the twelve the strong. revolving investment on remains in quarter two of Net of twenty one third are billion the leverage entered dollars of find times, quarter. two well Our basis on second reported we future of eight cash point of We the continue borrowings revolver. down was of third end or from dollars. of created and point at twenty had point info at times four M&A trailing two one We to month facility positioned our XX:XX broker end end was dollars point hand our four from and We a billion availability no liquidity, credit and times

announced we've family heard, year. will upon in strategic capabilities company market capital industry which will a and dollars later million lending five or closing stake leaders to markets joint contribute hundred combine of a venture this a with Greystone, percent space. forty venture joint in The you've As the this

servicing. EBITDA the to joint times expect streams, an based of eight both to on level will the EBITDA a equates equity accretive six MSR accounted from all fees, EPS to including revenue gains and origination We that a for which EBITDA be statements, venture with and Investment adjusted to basis will investment impact an our financial adjusted historical performance. as be milestone XX:XX reflect contribution contribution in

On in all we with we for year, As These trends up trends strong percent quarter our percent year, the eighteen the both full now fourth that a we've of and finish revenue see revenue twenty year-over-year prior quarter the five of results third of we strong versus expectation us the in range raising year. in growth percent combined total full year. performance year. our seen than continuation expect more consolidated XX:XX growth with to brokerage thirty

in mid-single digits. non-brokerage anticipated grow lines service Our the to

with consistent been have of impact turn to cost eight is that, the twenty pre-COVID our a the one the on for growth efficiency performance This of full call result, what saying, be range expansion. our represents full meaningful today's dollars. EBITDA and hundred As portion Q&A of meaningfully This margins. back to operating anticipate level the providing we initiatives brokerage we've in the of more a levels will in operator revenue for now improvement With basis performance and margin that I'll efficiencies, of nineteen year twenty levels of call. drive nineteen is million year adjusted than XX:XX points for profile the hundred activity emphasizes similar on the assuming our

Operator

first from XX:XX question go ahead. is Paolone Thank Our Instructions] Anthony you. JPMorgan. [Operator with Please

Anthony Paolone

context goes number Thank second maybe thinking numbers twenty like over just to It the that be? the the the as thinking here of time and terms was might we third make XX:XX it quarter about are pretty about in that even you've with fourth what through high there. just think implicit and in could quarter out shaking margin wondering you. you and us seems and start if what two. twenty Great. the shaking out where I headwinds and Appreciate color help

Brett White

to specifically Are you Yes. margin? XX:XX referring

Anthony Paolone

Yes. XX:XX

Brett White

Okay. XX:XX

Neil. and me to then take shot quick I hand Let a

about margin the the to percent put something history talked So, someday when we time the together, eleven percent seven talked point aspirational trading eight say a little lesson, to business the get trying range, would of were first is thing in mid eleven which the business EBITDA we ago with is to range. aspirationally five high we we I years five maybe

we I now really margins are where very you far very, XX:XX We we've the really aspiration. that feel would that And those sit years business so, margins of tell sort we're past and exceeded that producing terms and our today, for margin, strong has over that mix in with few I'll pleased specifically year. CFO. where and to taken this forecasting But this hand this of

Neil Johnston

Brett XX:XX going margins continued exceptionally said, margin gone provide we twenty Yeah. with expansion to for have I pleased say where twenty organic Greystone. two. acquisition as expect this do from any expansion. What year, the not inorganic will and we are both now right We'll is margin of get guidance

Anthony Paolone

activity? XX:XX Any That's strong And item thoughts the they and on maybe in second then in or how sustainability been got of to helpful. like -- how just the much in year have terms about clip just about the capital might next to what forward sustainability look markets bunched activity up S. of U. Okay. think of pulled Great. just start as again this

Neil Johnston

XX:XX Sure.

in think is rapid saw this, the last would Markets be quarter transaction which a year. easy fourth I we uptick answer activity Capital

demand twenty. But one ago. from over late a what to It's be this is twenty twenty at structurally from first hard twenty just the that demand up with So, we're I second quarter this it unlikely. in of quarter year today and would last saw year what a little imagine in maybe year, first pent point, think we seeing that bit probably quarter, some

investors would this a in business. searching So, now a But for dynamics of in in think commercial for very improving opportunity see slowdown capital a in you we've is support the what right growing rate and class see environment. in yield, the environment last Very, the saying rapid a answer yield six provides very, or low activity. pretend five our don't anything I real seen are really interest fundamentals same we're the markets which see result low, investment we We a years, and that asset story, is estate don't we way. terrific very anything

Anthony Paolone

Okay. about you for stock just last Can liquidity to relates the just there's remain if talked sponsor I own using could appetite your much strong. XX:XX it in And as one shares? quite sneak about then talk using liquidity it if potentially or in you

Brett White

and do buybacks all will then at forward are always to capital. Yes, way we the continue which go constantly that look one we areas and best But we as of evaluate capital. see to the wish look XX:XX we whether to deploy Certainly, that and that's at. deploy

Neil Johnston

XX:XX Thank Okay. you.

Operator

question XX:XX Stephen Blair. from with ahead. Our William Sheldon next is Please go

Unidentified Analyst

This But, Hi. is [Indiscernible] XX:XX yes. actually

You do effectively manage expect little operations integration be want just that. the remote kind do how plan In should upon bit part you to full the to environment immediately mentioned still a And rate Greystone contribution to that then the closing a ask [Indiscernible]? I those to of Upon that's run performance? to of an and you second JV expect ask, talk closing? you accretive at somewhat that between just ramp would if all? Greystone about Or could you EBITDA

Brett White

XX:XX Sure.

particular side, all neither what's of integration the this first So, the firm what had venture about really has. is that other nice

runs a on his enthusiasm excitement on talking and was great around possible business simple. very what's fact level competition no in in afternoon firsthand. I to clients have been so, pleasure two people of space There's market. very, [Indiscernible] me There's the no the quite becomes and integration for last our the the synergies competition out opposite. the to of revenue terrific who And this road for the see weeks is he's here

each very going But other, one forces, really, explaining it's be The the to again, business to on would clients. this year. for competition historical And the you simple, else expect. multiple integration, anything no the sales how following a firm's That very business really space, to bring situation it's in represents for the competition So, work is easy. than to of multiple no with repaid the we you what we on profits should business the gave more

Unidentified Analyst

Okay. XX:XX

on Thank could impact of you Okay. cost has could at how contracts plus you. if facilities much the price? kind growth the quantify how more, management on all had of piece And just And much and fixed you side, profit the wage business. the an frame or frame much of or side those then versus our how one if inflation of

Brett White

have that. that inflation point we business tell wages at way. in is later. of would most in the hand contracts greater that profitability latter that was But business, wage in Neil the have in to that one. strong those two into I it don't twenty twenty contracts is XX:XX of I or you twenty at to to exceptions in Which the us profit facility their generally when the a be comes those The twenty management diminish answer moment. data for wage business folks a contracts, different can so than and you perhaps grower question should suffer don't built speaking inflation I it very would get the

wage So, we services business all contracts, through to covering of things can expanding taken together share existing gains, is our inflation sell clients what growth is the the moment. at

Unidentified Analyst

jump Thank XX:XX that's Okay, you. I'll back. helpful.

Operator

ahead. question with Please go Stanley. XX:XX Morgan is Our Richard next Hill from

Richard Hill

give some that I then On maybe transparency quarter any Hey, strong good, leasing strength sectors deck, can could on guys. office non-office earnings good driven on? provide drove into some that the XX:XX were insights hoping some post levels developments leasing was your afternoon, highlighted you width sectors. the you by you and

Brett White

XX:XX to call. the Sure. welcome way, by And the

it? I is first your think time this with

Richard Hill

if but say wasn't time you… first long was I a going to time call sure I XX:XX listener,

Brett White

XX:XX Wrong show.

the very fundamentals Well, first, and improvement cross every countries We're in There there's of a world coming encouraging interesting through that the beginning the of leasing board are has really, much seeing the this now probably revenues few major the move in business the doubt are much. a very moment. exceptions, compared leasing don't in improvement Certainly, year in on needle really at leasing now. But we that to of no and last year. around good the see and story almost and leasing numbers numbers, industrial. market a Okay. couple that actually prior things right leasing was year the the to are

in and also be for United the but is driver because Asia. That and you leasing is Europe investors moment. office. good historically, when So, the the look Logistics news across very been Industrial big at both revenues should true this States, it's here in

you're here biggest that historically cover. and that recovery seeing food not by you're being needle to businesses so, and recovers what movers. were seeing those here And leasing the Yeah, as groups these driven

office upside so to about years we And from quarters that think coming come. and coming that is yet

in two to office However, your many, leasing green or think importantly, seeing point the things. shoots question, your most specifically, we're sector I many

prepared First, and heard in comments. this you the

gone First, lease back traditional terms to now norms. have

couple the happen. people road the can in and no traditional the activity. ten what lease now our we're quarters saying where They're a kicking this seen terms so we're to is we've are for So, out year environment that five, seven, of running And thing very to see that years. down going and market is to eight, second wait longer to very, strong going

indicator for to then we lease get maybe the to that's a tenant, showing long and the buildings. into a a nine a finest of that to leasing it's sizable a lagging I particularly So them a first Think get the XX:XX signed actual year lease, taking marketplace start the payment. months, and our face the negotiate It six revenues. want, that, probably process toward tenant tenant out takes

So, green in twenty three. us leasing comments mine, believe recovery real. in and good the we're twenty in seeing very as shoots I Neil in mentioned market, matter and lead They're to twenty his coming mentioned two they're and

Richard Hill

to XX:XX ask Got some picture look, questions it. bigger And I here. want

commercial bullish we're pretty what saying standing fundamentals about preference with levels. right me estate I'm pre-COVID volume transaction Let But ask real by above now. to on

questions seeing, hearing just are skeptical what are What investors, to what that the pull would we changes. back is on tax code you you are maybe get more this hearing, forward asked push One you given of that? from that

Brett White

Well, would pay XX:XX investing first don't entities a say the have and you foremost, I lot tax. investors, institutional that with of that

things I'll in the allocating, support capital of to plans All year we've bigger more those fundamental pension tax that's in and was you institutional a dynamics and The where question, a perfect Anthony commercial QX, go forth real with have so Anthony high it's estate estate, to estate. as real fairly every asked a real right more every class, and mentioned very, a to now. allocated earlier, percentage higher activity few So, in those to quality exit rush estate which I you is year large structural environment comments to are made class. create The is real a I investors. yield. asset institutions change saw years commercial now to low in irrelevant last into right storm to is don't saw believe just them. prior real year what commercial more you transparent Every the their you're the the commercial very been into QX rates is are and in asset investment This in potential marketplace together, low desirable I a that. – a regime, what back not when assets, All Commercial similar add

on increase There's pending this, wrong trading don't volumes biggest be because our investors, are this on them our could really my investing. for I in significant maybe market think not of some policy. is you trading tax is but material institutional certainly guess but seeing volumes the margin criteria I of So, a any the or

Richard Hill

XX:XX Yes. to. question That's very for duplicate somewhat sorry I'm of a helpful.

Brett White

XX:XX that’s Oh, fine.

Richard Hill

By two commercial question. other quick trillion our estate about five count one just point maturing. So of real XX:XX dollars mortgages is

asking, your I'm forward next rates? five ultimately just Are in low upside guess surprise that the an be Over of any to you those seeing lock estimates? earnings I And years. loans pull of to refinancing the could

Brett White

XX:XX Yeah, not much.

massive a class. again, it's I asset think

appropriately You've and characterized accurately.

percent And look, I looking right rate. I are lows. six neighborhood people looking think that point one estate we're commercial I'm five new think very refinancing real are are to now. very interest refinancing in at Rates people with one are at we're whether happy good financings, zip historical or assets, point at time rates, I people at or when in code, that don’t when percent refinance. it's two

a the rate over of capture benefit So, and forty forward bps pull no, to I think try of lot don't there's next couple years. of

Richard Hill

guys. a stock. be back happy on quarter, jump the and in covering nice Congrats XX:XX Great, the queue. to really I

Brett White

XX:XX Thanks, welcome.

Operator

Our go Kramm XX:XX question UBS. ahead. from with is next Please Alex

Alex Kramm

XX:XX Yes, good evening, hey, everyone.

obviously partnership, investment other curious degree just curious, but WeWork in side, an discussions management this, the this mean, you already? can partnership so on a extensions Just example, preferred of what leasing a guess I facility partner any preferred I mostly, for equity the or elsewhere, being them is preferred you forth? to on other any become the Just made does agent

Brett White

markets before to I the some so, the moment do, mention Forrester, just want that you give WeWork XX:XX in be just texted let Sure. me I president at And to S. in a relationship. tax he the very U. global, good on is numbers capital the Keep not Is tax just that the of seeing we're question. data S. impending the tax mind last there issue, question point globally, with Well, points on is London global by to way, John data are where course, And change. no growth going me But our the CEO relates. the U.

as So, a that mind which geography point, one this issue. is good John in just that keep made is

let and On moment John you, before me you talk FM leasing. just about back a And so, WeWork, for thank that. take I

to amazing workplace and institutional us largest to exclusive that partnership we the And take deliver where it those strategic with last to our me and venture very, customers. we very is only WeWork, corporate between take let them years. are you is are WeWork why very the technology to experienced clearly and few And can It's the us. an developed explain ownership work many and us. able important venture tools very So, amazing just we the tools WeWork over in firm to the

for list profitability. among matter? around lot. corporate of And our Those or, probably outsourcing world. have how that will work out hire. those dozens going things looking five going others, half bid of the They at clients, who not they're Now why are a are on we transactions us these if locations our needle with XX:XX they're customers and to the top four multinationals matter them the list. largest largest does but clients their are Those GOS every call years. of Today, the Two to so today, are hundreds movers at for decide, of

back tools, firm where? us make the new help better exclusive back So we're they I were you can you do real it to basis is all than products is our knowledge How people on out you office? and how get what that those in know, what in WeWork that to that it our knowledge those like in do probably at think an to bring figuring WeWork. office. employees to excited on and to bring differentiated is it is First the old knowledge no agree What the can that both we planet was those and us able experiences WeWork, clients there with that go

Secondly, workplace is we were the around that the developed. technology

knowledge, We manage differentiator are So, workplace the the a Wakefield will these this. customers. very pitch. corporate and will can can largest corporate their their firm their clear AI technology, This environment. their tools, that you only experience, of in the tools us among be that for customers on is outsourcing Cushman largest do bring behalf our & very us large read us of now corporate now and benefit to analytical have we the bids better exactly tell We to the help asking the technology

our to and two us. big is think partnership, building that number provide us important corporate white XX:XX number around allows label a So pitch customers. was is ability everyone cohort class. recognized institutional Those owners, driver very, owner I in WeWork those to product biggest these Office more very best in this was that to a of clients win customers one way to differentiated reason

facilities. of work to management something for customers mountain we them. on with bring else So it, one their bring amount can along snow What again, we are which be going material is can in our a was, facility the came no doing WeWork to to

has try. of happen, never that but hope goes we do offices will question we certainly as world. we'll of have WeWork and Certainly, business then that those offices and aspirations grow partnership a finally them time certainly and to be around continues to revenue this leasing, We'll all on massive WeWork probably this evolve. our for your as on the footprint, So stream. helping will would And be

So, a lot WeWork the of benefits relationship. of

in in and institutional their own the to customers differentiate we corporate second, Wakefield ownership Cushman eyes facility. WeWork can our and foremost, of First our for largest ability business and do &

Alex Kramm

how in seen XX:XX you how But rates Very past, you and what this change on this one. then the the to in from a next Thanks. think I some rate when you've changes but Thank in in about COVID of maybe have growth talked What like or just over post if environment now? us be have follow the terms surgeons and about facilities and And a the bit future, of little of think general. you would in good. business just maybe provided kind going few you could you. too. business of that And kind helpful this this, forward. asks management degree maybe on the may property competitive a remind the years, that from would different growth think business curious

Brett White

you the about But we've rates talked you being FM/PM long-term. growth I that because ready mid-high-single think XX:XX we're the Sure. FM/PM you come contract John get about I would to digits. to always and and seeing business and what majors changes, want the on in tell

think the that be expect case for the to foreseeable future. you can I

the contracts coming corporate think this particularly contracts those occupier on issue bigger the larger And become the evolution I can and actually before providers really to it them. bigger continued about fewer side, to of market. over business service is I the hand pitch John just

as on so, the at in big think a for. positioned occupier your these compete change to your changing take [Indiscernible] And would see where business? we're John, ability for you very, you earlier But shot large the very with corporate want I in well something a question opportunities – is we when deal, WeWork, to mentioned and

John Forrester

will COVID. relatively in largely do missing already changes into will repeat hybrid from COVID. to experience the we to as of the use period, how No short is be within that to of able space. occupier of just utilization happy the all office It same very itself the office. Brexit our the office thesis that and next benefit Top needs return list issues to we before less is the Brett. attract be that But more see over building in overall overall I is first are XX:XX level saw the collaboration to all that working the to, the that the during be to a as of employee again has won't There clearly that environment.

ask needs is bundling long-term corporate of amount trend overall or of little base and years will of services rates itself what the space and partnership our return growing the offering touched of of I last any exclusive we'll growing a include changed that's large is the a the now part amount needs to average year-over-year. benefit from fundamental in So, expand on where growth in over definition those of Secondly, service of world the significantly offering the and That as flex of bundle space. we markets the the this outsource also two world the a full the services the this in long-term WeWork. strong feel, XX:XX again has with outsourcing got to of is the definition

Alex Kramm

color. XX:XX All the right, for Thanks great.

John Forrester

Okay. XX:XX

Brett White

John. Thanks, XX:XX

Operator

from next go Raymond with Our ahead. Instructions] O'Shaughnessy [Operator James. Patrick question XX:XX is Please

Patrick O'Shaughnessy

tangible you is Not higher? good to plan seeing and again Hey, employee the layouts sign Are start evening. pushing evidence spoke XX:XX to that per going that more to and yet floor starting leases footage rapid thinking long-term you about clip at companies a square are buildouts. their office any

Brett White

really and question, all. a want to John, shot you a That's at good XX:XX take that

John Forrester

here some bottomed world happy I data really up to a bearing long the period of started space. office at XX:XX very It to up The handy. was ten to take, amount of each it some I'm iPad. sort down offering have over I'm happy at very employee data on to the take twenty out.

of the Just after twenty since ten, quality it employee reached, felt GFC give was to be of been in a space high but could city, minimum happily growing. you sort office of each a building, where amount it's the gateway we sustainable

the to benefit three for began so last few of for being emergency was push ten way office on out, didn't years the about of grow back experiential the the from square a per the employee COVID talent to around percent to begin of used onwards space requirement one whole on two to to office footage to a really amount added its and You in need twenty the greater GFC, because all space every at the cover and at more more per years talent. global the employee level employee that

which than it's, but of need fundamentally pre-nineteen a that we're thereafter. for of levels going return, space the see market the office of drives not long-term growth, to growth So, just more course think a continuation performance, office I

Patrick O'Shaughnessy

you. XX:XX Got it. Very helpful. Thank

Brett White

Thanks, XX:XX John.

Patrick O'Shaughnessy

point to Greystone, forty are appropriate you call it XX:XX to a purchase And now. have feels of Do you the then remainder the guys down option percent some buying if road? turning at so you

John Forrester

look XX:XX future. No, certainly call the that opportunity, a but option the opportunity that same more if you Greystone We a invest certainly come in agreement, don't at key to have the of in be time, does partner with and up invest

Patrick O'Shaughnessy

alright, Thank perfect. All you. XX:XX

Operator

question-and-answer over concludes to any the This XX:XX remarks. to closing the back I session. Brett turn White conference for would like

Brett White

the dialing everyone folks of end and new us, thanks talk at analysts covering good you holiday we'll Great. one Have welcome who's XX:XX quarter. Well, to fourth our a season. and the for

Operator

concludes today's XX:XX conference This call.

pleasant participating for have you Thank lines. day. your disconnect may and You a

Cushman & Wakefield (CWK) 5 Nov 212021 Q3 Earnings call transcript