Thank you, afternoon, Michelle, everyone. and good
quarter work Second we've our in flow. drive strength improved continued and the highlights business leasing profitability and cash to done trends demonstrated
fee prior for of and grown adjusted X%, of million higher adjusted $X.XX down revenue EBITDA $X.XX year the X-month on X%, EBITDA the is $X.X second was versus adjusted X% and While EPS year, than down quarter billion period. year-to-date was for last a $XXX basis has of
up taking to lower the XX efficiencies margin and months cost savings the impact basis for Our X margin second revenue. X%, quarter EBITDA over and for inflation as first X.X%, to the sequentially adjusted year of points prior increased offset the operational
services at look a line our results. Taking
the Leasing quarter. with breadth the flat. Americas Our growing nature, The stabilization perform Leasing up EMEA In which X% business demonstrates in was leasing continue the in Leasing we solid see in to midsized global well, X% up leasing again Leasing to of the in Americas, APAC in continues market. largely deals, and growth performance QX X%,
in saw office while and in Central we Germany quarter. retail all EMEA, Industrial, APAC Europe, the underperformed. Japan. India and leasing In grew strength growth particular in and Eastern experienced
markets office which year. revenue increased was XX% in and and fee Revenues quarter Markets year, revenue of XX% sequentially, the APAC XX%, retail, capital while sectors in second industrial quarter declined up Markets highest last show for and a the respectively. saw increased grew multifamily Americas declined continued but revenue declines. and XX%, the X% strong to Capital facing Capital momentum. quarter Our strength, showing our EMEA and
to versus prior previously change Turning year, the reported. down discussed adjusting flat for Services. contract Revenue was or as X% the
Our and performance, management and APAC driven of second Services X% India quarter strong again business remained growth Australia. in project strong, achieving particularly once by
a profitable flat declined revenue was the In expansion deferred as office revenues Services reported. while quarter, grew the as property Development in Project growth. Americas, contract margins for solid Services change did setting or flat the management EMEA for Services we see X% excluding down While Facility X%, Services plans. clients the grow, Services were foundation quarter, revenues declined
We this line business office expect in leasing improvements activity to as see accelerates.
venture, decline business, year-over-year Standard large year, our our Greystone Bank. income pleased contribution. with we this the some mandate for Charter that wins which In $X a multifamily global experienced in joint signed are very million including transactional volumes impacted we've Greystone equity have Weaker
expect multifamily occurs. recovery but it We transactional earnings pressured in and when from market to the Greystone term a benefit short remain to
a business. proceeds long-term debt million of will which quarter. proceeds announced contributed value our margins. million plan historically occur of sold during the we strategy. is cash We with at $XXX of growth $XXX business transaction million down strategic and divestiture third capital a pay Today, to approximately the the use allocation We million revenue to in close, mid-teens This investments small noncore $XXX consistent services the gross business expected annual for at has $XXX receive to and for
Shifting to cash flow sheet. and the balance
flow million flow a cash in $XX use million XXXX. of conversion. on was $XX progress versus of the We second quarter for continue to make Free cash cash considerable quarter the free
cash favorably Our to driven efforts first million, efficiencies. usage XXXX, $XXX compares our capital flow million by $XXX working around of over improving half ongoing by
quarter, $XX debt the $XX the XXXX, we of terminal balance During to million. in repaid outstanding reducing due million
repriced lowering term loans the in applicable cash We of all approximately $X expected to quarter, debt, interest billion have Term expense by interest of down the in also points. basis annual repriced in paid an XX additional due million XXXX rate in billion million. reduce B by is and $XX our $X Year-to-date, we $XXX which Loan later
our full year to moving outlook. Finally,
On year. to half expect growth mid-single-digit low the capital revenue to the mid-single-digit second XXXX. In improving the returning markets organic of side, we Services, we range and Leasing revenue revenue revenue in flat to growth in continue during growth growth, the expect organic
a by cost the third to than last In reduced measures expect full offset be On quarter, been cost side, last million higher had roughly the $XX to efficiency of higher position, which primarily year we the to in quarter. expect mostly and to year. $XX we compensation third incentive million inflation be for our resetting year's expenses due
back that, to With I'll turn over the Michelle. call
