Cushman & Wakefield Ltd (CWK) 2025 Q1 法說會逐字稿

Good day and welcome to Cushman & Wakefield's first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Megan McGrath, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 Cushman & Wakefield 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係主管梅根·麥格拉斯 (Megan McGrath)。請繼續。

Thank you and welcome to Cushman & Wakefield's first-quarter 2025 earnings conference call. Earlier today, we issued a press release announcing our financial results for the period. This release along with today's presentation can be found on our investor relations website at ir.cushmanwakefield.com. Please turn to the page in our presentation labeled cautionary note on forward-looking statements.

感謝您並歡迎參加 Cushman & Wakefield 2025 年第一季財報電話會議。今天早些時候，我們發布了一份新聞稿，宣布了本季的財務表現。本新聞稿及今天的簡報可在我們的投資者關係網站 ir.cushmanwakefield.com 上找到。請翻到簡報中標示「前瞻性陳述警示說明」的頁面。

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

今天的演示包含基於我們目前對未來事件的預測和估計的前瞻性陳述。這些陳述僅應被視為估計，實際結果可能存在重大差異。

During today's call, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Reconciliations of GAAP to non-GAAP financial measures, definitions of non-GAAP financial measures, and other related information are found within the financial tables of our earnings release and the appendix of today's presentation. Also, please note that throughout the presentation, comparisons and growth rates are to the comparable periods of 2024 and in local currency unless otherwise stated. With that, I'd like to turn the call over to our CEO, Michelle MacKay.

在今天的電話會議中，我們將參考美國證券交易委員會指南概述的非公認會計準則財務指標。我們的收益報告的財務表和今天簡報的附錄中提供了 GAAP 與非 GAAP 財務指標的對帳、非 GAAP 財務指標的定義以及其他相關資訊。另請注意，在整個演示過程中，除非另有說明，比較和成長率均與 2024 年的可比較時期和當地貨幣一致。說完這些，我想把電話轉給我們的執行長米歇爾麥凱 (Michelle MacKay)。

Thank you, Megan. Good morning, everyone, and thank you for joining us today. This quarter marks true momentum in our growth strategy in numbers, mindset, and operations. For the past 18 months, we focused on building the strength to fuel long-term growth, and today we're seeing that strategy come to life.

謝謝你，梅根。大家早安，感謝大家今天加入我們。本季標誌著我們的成長策略在數位、思維方式和營運方面取得了真正的進展。在過去的 18 個月裡，我們專注於增強實力以推動長期成長，今天我們看到這項策略正在變成現實。

In the first quarter, we increased revenue in each of our service lines, achieving mid single digit organic growth in our services business, two quarters ahead of target. We drove 100 basis points of year over year adjusted EBITDA margin improvement and further reduced leverage by paying down an additional $25 million in debt.

第一季度，我們各服務線的收入均有所成長，服務業務實現了中等個位數的有機成長，比目標提前兩個季度。我們推動了調整後 EBITDA 利潤率年增 100 個基點，並透過償還額外的 2,500 萬美元債務進一步降低了槓桿率。

Since I took over as CEO, we have repaid $230 million in debt and have successfully refinanced and repriced our debt 5 times, reducing our annual cash interest burden. And in the same way that we have attacked our leverage over the past year, we are now attacking growth. And we are delivering results ahead of schedule, entering new phases of expansion and building momentum, positioning ourselves to win through the cycle.

自從我擔任執行長以來，我們已經償還了 2.3 億美元的債務，並成功地對債務進行了 5 次再融資和重新定價，減少了我們每年的現金利息負擔。正如我們在過去一年中努力降低槓桿一樣，現在我們正在努力提高成長水準。我們正在提前交付成果，進入新的擴張階段並累積動力，為贏得整個週期做好準備。

Our disciplined investments have not only stabilized the business but have unlocked new areas of organic growth. We've taken bold steps to remove complexity, better aligning teams to opportunities, and create the clarity and agility that sustainable growth requires.

我們嚴謹的投資不僅穩定了業務，也開闢了新的有機成長領域。我們已採取大膽措施消除複雜性，更好地協調團隊以抓住機遇，並創造可持續成長所需的清晰度和敏捷性。

We believe these changes will allow us to scale faster, move with purpose, and seize growth opportunities as they emerge. They are also enabling us to respond more quickly to market shifts and uncertainties as we are operating much more nimbly than in the past.

我們相信，這些變化將使我們更快地擴大規模，有目的地前進，並抓住出現的成長機會。由於我們的營運比過去更加靈活，它們也使我們能夠更快地對市場變化和不確定性做出反應。

Our key differentiator continues to lie in our ability to meet clients where they are and guide them on their desired journey. Our flat organizational culture allows us to swiftly adapt to clients buying patterns. We deliver customized bespoke solutions tailored to each client's needs instead of relying on pre-defined approaches.

我們的主要區別仍然在於我們能夠根據客戶所在地點為他們提供服務並引導他們實現他們期望的旅程。我們扁平的組織文化使我們能夠迅速適應客戶的購買模式。我們提供根據每個客戶的需求而客製化的解決方案，而不是依賴預先定義的方法。

Our teams not only work harder than our competitors, but they also work smarter. By fostering a culture of solutioning, problem solving, and trust, we let our people shine. We recently held a call with our global think tank on current market conditions where we had upward of 4,000 clients joined to hear what our teams are thinking.

我們的團隊不僅比競爭對手更努力，更聰明。透過培養解決問題和信任的文化，我們讓我們的員工大放異彩。我們最近與全球智庫就當前市場狀況舉行了電話會議，超過 4,000 名客戶參加了會議，以了解我們團隊的想法。

Talent is a critical component of our growth strategy, and we continue to attract strong teams to our platform. Year-to-date in the Americas, we have recruited leasing and capital markets brokers with more average annual revenue than we recruited in all of 2024. All of this work is culminating in momentum across our business. For example, in the Americas, our pipeline of large capital markets deals is 2 times the size it was one year ago.

人才是我們成長策略的關鍵組成部分，我們不斷吸引強大的團隊加入我們的平台。今年迄今為止，我們在美洲招募的租賃和資本市場經紀人的平均年收入超過了我們在 2024 年全年招募的經紀人。所有這些工作都為我們整個業務帶來了巨大的發展動力。例如，在美洲，我們的大型資本市場交易規模是一年前的兩倍。

In America's leasing in our multi-market occupier group, which represents roughly one-third of our tenant rep business, our RFPs are up by 35% versus last year. In our valuation business, bid volume was up 30% in Q1, with March setting a two year record for volume of bids.

在我們多市場佔用者集團的美國租賃業務中，約占我們租戶代表業務的三分之一，我們的 RFP 比去年增長了 35%。在我們的估值業務中，第一季的投標量增加了 30%，其中 3 月的投標量創下了兩年來的最高紀錄。

In services, in the past two years, our global occupier services team has won all or a material part of the largest outsourcing deals in the market. Our APAC services business continues to demonstrate both resiliency and momentum, with strong retention rates on existing contracts and five new sizable contracts coming online in the first half of this year. And our CW services business, once referred to as our janitorial business, is now 70% mechanical and engineering, following a major contract win, making it more technical and a more strategic fit for us.

在服務領域，在過去兩年中，我們的全球佔用者服務團隊贏得了市場上全部或大部分最大的外包交易。我們的亞太區服務業務持續展現出韌性和發展勢頭，現有合約的保留率很高，今年上半年還有五份新的大合約上線。我們的 CW 服務業務（曾被稱為清潔業務）在贏得一項重大合約後，目前已由 70% 的機械和工程業務構成，這使其對我們來說更具技術性和戰略性。

We've built a strong growth engine which is now powering us forward across every part of the business. We're leaning in with clear purpose, excellent market positioning, and a stronger foundation. Now, I'll turn the call over to Neil.

我們已經建立了強大的成長引擎，現在它正在推動我們業務的各個方面向前發展。我們正以明確的目標、卓越的市場定位和更強大的基礎前進。現在，我將把電話轉給尼爾。

Thank you, Michelle, and good morning, everyone. As a quick reminder, all prior comparisons will be in local currency, and any reference to organic growth excludes the impact of last year's non-core services divestiture.

謝謝你，米歇爾，大家早安。快速提醒一下，所有先前的比較都將以當地貨幣為單位，並且任何對有機成長的提及均不包括去年非核心服務剝離的影響。

We achieved strong first-quarter results that exceeded expectations. Our brokerage business, consisting of leasing and capital markets, carried over its momentum from the fourth quarter to achieve double-digit growth. And our services business on an organic basis, reached mid single digit growth ahead of schedule as our teams captured incremental revenue opportunities throughout the quarter.

我們第一季取得了超乎預期的強勁業績。我們的經紀業務（包括租賃和資本市場）延續了第四季的勢頭，實現了兩位數的成長。由於我們的團隊在整個季度抓住了增量收入機會，我們的服務業務在有機基礎上提前實現了中等個位數成長。

Fee revenue reached $1.5 billion an increase of 4%, with organic fee revenue growing 6%. Adjusted EBITDA rose 24% to $96 million.

費用收入達到 15 億美元，成長 4%，其中有機費用收入成長 6%。調整後的 EBITDA 成長 24%，達到 9,600 萬美元。

Adjusted even margin, expanded 100 basis points those prior year, beating our first quarter guidance of flat year-over-year margins due primarily to greater than expected leasing and services revenue, as well as some expense timing benefits.

調整後的均等利潤率比上年擴大了 100 個基點，超過了我們第一季對同比持平利潤率的預期，這主要歸因於租賃和服務收入高於預期，以及一些費用時間效益。

Adjusted EPS increased to $0.09 from breakeven a year ago. Importantly, we are achieving these results from a position of financial strength with net leverage at 3.9 times EBITDA and free cash flow performing in line with our full-year targets.

調整後的每股盈餘從一年前的損益平衡點增加到 0.09 美元。重要的是，我們之所以取得這些成果，是因為我們的財務實力雄厚，淨槓桿率為 EBITDA 的 3.9 倍，自由現金流符合我們的全年目標。

Now turning to our service line performance. Our leasing business continued to show robust expansion in the quarter, up 9%, even against solid compares from the prior year. Demonstrating the sustainable trends propelling global leasing growth, including return to office mandates and the demand for quality space in all asset classes.

現在來談談我們的服務線表現。我們的租賃業務在本季持續強勁成長，成長了 9%，與去年同期相比也有所成長。展示推動全球租賃成長的可持續趨勢，包括重返辦公室的要求以及對所有資產類別的優質空間的需求。

America's leasing remained a standout, growing by 14% in Q1, our third consecutive quarter of double-digit growth. We experienced solid demand across the industrial and office sectors during the quarter, and our leasing pipeline has remained relatively stable.

美國的租賃業務依然表現突出，第一季成長了 14%，這是我們連續第三個季度實現兩位數成長。本季度，工業和辦公領域的需求強勁，我們的租賃管道保持相對穩定。

APAC leasing grew 16% as the Australian market continued its momentum from the second half of last year, and China experienced a return to growth in the quarter. EMEA leasing contracted 26%, primarily due to a difficult comparison against last year when we closed several large leasing deals.

由於澳洲市場延續了去年下半年的強勁勢頭，且中國市場在本季恢復成長，亞太地區租賃市場成長了 16%。歐洲、中東和非洲地區的租賃業務萎縮了 26%，這主要是因為與去年相比，我們完成了幾筆大型租賃交易，這導致租賃業務難以比較。

Capital markets continued its expansionary trend, growing 11% globally. In the Americas, strong industrial performance was partially offset by a slowdown in office transactions, resulting in 4% growth.

資本市場持續擴張趨勢，全球成長11%。在美洲，強勁的工業表現被辦公大樓交易放緩部分抵消，導致成長 4%。

APAC's 59% growth was primarily driven by strength in Japan, while a mere 17% growth was driven by strength in the UK and the Netherlands.

亞太地區 59% 的成長主要得益於日本的強勁成長，而僅有 17% 的成長則得益於英國和荷蘭的強勁成長。

Moving on to services, Our initiatives to improve top line growth in that business are already yielding results with services revenue on an organic basis up 4% in the quarter. We have reached our near term target of returning to mid single digit growth earlier than targeted and anticipate services revenue growth to remain in this healthy mid-single digit range for the remainder of 2025.

談到服務業，我們為提高該業務的營收成長而採取的措施已經取得成效，本季服務收入有機成長了 4%。我們已經提前實現了恢復中位數個位數成長的近期目標，並預計在 2025 年剩餘時間內服務收入成長將保持在這一健康的中等個位數範圍內。

In the Americas, organic services fee revenue grew by 6%, driven by strength and facilities management and facility services. EMEA services continue to experience a reduction in project management work, while APAC services grew 3% with particular strength in India.

在美洲，有機服務費收入成長了 6%，這得益於實力和設施管理以及設施服務的推動。歐洲、中東和非洲地區服務的專案管理工作持續減少，而亞太地區服務則成長了 3%，其中印度的成長尤為強勁。

Looking at our balance sheet and cash flow this quarter, Free cash flow was a use of $167 million. The first quarter use of cash is in line with historical working capital trends, including annual payment of US bonuses, and reflects typical seasonal patterns in our business. Our training 12-month free cash flow was approximately 60% of adjusted net income, and we expect to achieve our full year target of 60% to 80% free cash flow conversion.

查看我們本季的資產負債表和現金流，自由現金流已使用 1.67 億美元。第一季的現金使用情況符合歷史營運資本趨勢，包括美國年度獎金支付，並反映了我們業務的典型季節性模式。我們的培訓 12 個月自由現金流約佔調整後淨收入的 60%，我們預計全年自由現金流轉換率將達到 60% 至 80%。

During the quarter, we completed another repricing of $1 billion of terminal debt, lowering the applicable interest rate by 25 basis points. We also paid off a further $25 million in debt due in 2030.

本季度，我們完成了對 10 億美元終端債務的另一次重新定價，將適用利率降低了 25 個基點。我們也償還了 2030 年到期的 2,500 萬美元債務。

We close the quarter with $1.7 billion liquidity and have no funded debt maturities until 2028. Reducing our leverage and interest expense through well-timed repayments and repricings will continue to be a key component of our capital allocation strategy this year.

本季末，我們的流動資金為 17 億美元，直到 2028 年都沒有到期的債務。透過適時還款和重新定價來降低我們的槓桿率和利息支出將繼續成為我們今年資本配置策略的關鍵組成部分。

Now moving to our guidance. The guidance we presented on our last earnings call in February remains essentially unchanged. While we are clearly operating in a dynamic and rapidly evolving macro landscape, we remain focused on driving continued improved execution and managing towards long-term growth.

現在轉向我們的指導。我們在二月上次收益電話會議上提出的指導基本上保持不變。雖然我們顯然是在動態且快速發展的宏觀環境中運營，但我們仍然專注於推動持續改進執行並實現長期成長。

Given our strong first quarter performance, we continue to expect the full year revenue targets we provided last quarter are achievable. However, given that the range of possible outcomes for the economy has widened, we will remain flexible and watchful of the operating environment and make any necessary adjustments, just as we've done successfully over the past several years.

鑑於我們第一季的強勁表現，我們繼續預期上個季度設定的全年營收目標是可以實現的。然而，鑑於經濟可能出現的結果範圍已經擴大，我們將保持靈活性，密切關注經營環境，並做出任何必要的調整，就像我們過去幾年成功做到的那樣。

Specifically, for the full year, we expect leasing growth in the mid single digits. We expect capital markets growth to exceed 2024's mid single digit growth rate. We expect services to achieve mid single digit topline growth for the full year. This is an improvement compared to our previous guidance of achieving a mid single digit run rate by mid-year.

具體來說，我們預計全年租賃成長率將達到中等個位數。我們預計資本市場成長將超過 2024 年的中等個位數成長率。我們預計服務業務全年營收將實現中等個位數成長。與我們之前預期的到年中實現中等個位數運行率相比，這是一個進步。

On the cost side, our plans to accelerate investments in the business this year are unchanged and will continue to balance increased investment spend with a focus on long-term returns and managing the business through this cycle.

在成本方面，我們今年加速業務投資的計劃沒有改變，並將繼續平衡增加的投資支出與專注於長期回報以及管理本週期的業務。

In conclusion, we're very pleased with our performance this quarter and remain confident in our path ahead. We continue to expect EPS growth in 2025 to exceed the growth we reported in 2024, and to further accelerate in 2026. With that, I'll turn the call back over to Michelle.

總之，我們對本季的表現非常滿意，並對未來的道路充滿信心。我們繼續預計 2025 年每股收益成長將超過我們報告的 2024 年的成長，並在 2026 年進一步加速。說完這些，我就把電話轉回給米歇爾。

Thanks, Neil. We continue to believe that we are at the beginning of a multi-year recovery in commercial real estate. We have a management team that excels at navigating uncertainty across market cycles and a global workforce that is proving time and time again that they will exceed expectations while continuing to raise the bar. Given our improved balance sheet, enhanced execution, and large market opportunity, we believe our shares represent a compelling value opportunity for investors.

謝謝，尼爾。我們仍然相信，我們正處於商業房地產多年復甦的開始階段。我們擁有一支擅長應對市場週期不確定性的管理團隊和一支全球員工隊伍，他們一次又一次地證明，他們將超越預期，同時繼續提高標準。鑑於我們資產負債表的改善、執行力的增強以及巨大的市場機會，我們相信我們的股票對投資者來說是一個極具吸引力的價值機會。

I want to thank our teams, partners, clients, and shareholders. Your belief in our vision fuels us every day. We are proud of how far we've come, and we're even more excited about where we are going. Let me now hand the call back to the operator for questions.

我要感謝我們的團隊、合作夥伴、客戶和股東。您對我們願景的信念每天都在激勵著我們。我們為已經取得的進步感到自豪，更對未來的方向感到興奮。現在，請允許我將電話交回給接線員以便回答問題。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

（操作員指示） 摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Congrats on a great quarter. Just can we start with sort of the margin improvement, 100 basis points year over year, I think that that number was expected to be flat three months ago, so maybe can you talk about what the outperformance, what drove that, would be helpful.

恭喜本季取得優異成績。我們可以從利潤率的提高開始，同比增長 100 個基點，我認為三個月前預計這個數字會持平，所以也許您可以談談是什麼表現優異，是什麼推動了這一增長，這會有所幫助。

Sure, Ron, yeah, we were very pleased with the first quarter. Our Q1 margin versus expectations was driven primarily by top line strength. We saw stronger than expected policing and services.

當然，羅恩，是的，我們對第一季非常滿意。我們第一季的利潤率與預期相比主要受到營業收入實力的影響。我們看到了比預期更強大的警務和服務。

There was some expense timing benefit, which accounted for approximately 30% of the beat. Then as we look to the rest of the year, some of that benefit from the expense timing will reverse primarily in the second quarter, and the remainder of any potential upside to margin will ultimately depend on the performance we see in our service lines, especially in leasing capital markets as the year progresses.

有一些費用時機效益，約佔獲利的 30%。然後，當我們展望今年剩餘時間時，部分費用時機帶來的好處將主要在第二季度發生逆轉，而剩餘的任何潛在利潤率上行空間最終將取決於我們服務線的表現，特別是隨著時間的推移在租賃資本市場的表現。

Right. And then my follow up would be, I think the comments on, whether it's the capital markets or the leasing or the pipeline sounded pretty encouraging. It sounds like since April second there hasn't really been that much impact from tariffs and you're still in wait and see mode. So I guess my question is just, how would you characterize the environment in April specifically? And how are you guys thinking about the impact of tariffs on the leasing and capital markets businesses thanks?

正確的。然後我的後續問題是，我認為關於資本市場、租賃或管道的評論聽起來都相當令人鼓舞。聽起來自 4 月 2 日以來關稅並沒有產生太大影響，您仍處於觀望狀態。所以我想我的問題是，您如何具體描述四月的環境？你們如何看待關稅對租賃和資本市場業務的影響？謝謝。

Thanks for the question, Ron. The tariff uncertainty not materially impacted our sector. We're continuing to see improving trends in office and strong demand for high quality products. And, say, in the industrial sector, we also continue to see absorption of space. It's performing in line with our expectations for the year.

謝謝你的提問，羅恩。關稅的不確定性並未對我們的產業產生實質影響。我們持續看到辦公領域的改善趨勢和對高品質產品的強勁需求。並且，在工業領域，我們也持續看到空間的吸收。它的表現符合我們對今年的預期。

I would say that when you consider our business in today's market conditions and you think about client behavior, which is really what you're talking about, our data is showing that their decision making is really falling into two buckets. Group one are clients that are going forward with the decisions on the existing timeline they have. And this is, I would say, about 90% to 95% of what we've seen out of our clients through mid-April.

我想說的是，當你在當今的市場條件下考慮我們的業務並考慮客戶行為時（這實際上就是你所說的），我們的數據顯示他們的決策實際上分為兩類。第一組是依照現有時間表推進決策的客戶。我想說，這大約占到 4 月中旬我們從客戶那裡看到的情況的 90% 到 95%。

These are clients that are confident. They're making choices. They're moving through the noise in the market. And then there's group two, and I would say this is 5% or less of what we're seeing today are clients who are opting to delay their decisions today but will make that decision later in 2025.

這些都是有信心的客戶。他們正在做出選擇。他們在市場噪音中前進。然後是第二組，我想說，我們今天看到的 5% 或更少的客戶是選擇推遲今天的決定，但會在 2025 年晚些時候做出決定。

So what we're not witnessing is a freeze in decision making. And that's in large part why we see our Q2 numbers and frankly our 2025 performance staying intact.

因此，我們沒有看到決策凍結。這在很大程度上就是為什麼我們看到我們的第二季數據以及 2025 年的業績保持不變。

Great, that's it for me thank you.

太好了，就這樣吧，謝謝。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Thanks. Good morning. Maybe continuing on the macro. Do you have a view as to what might happen to the office leasing business if if we do go into recession? And maybe does that follow the normal historical pattern of weakening significantly or do you think the fact that it's coming off maybe the lows that that mitigates it, just wondering what your thoughts are there?

謝謝。早安.也許繼續進行宏觀研究。如果我們真的陷入經濟衰退，您認為辦公室租賃業務會發生什麼事？這是否符合歷史正常大幅走弱的模式，或者您認為，事實是，它正在從低點回落，從而緩解了這種影響，只是想知道您的想法是什麼？

Yeah, I mean, again, based on the data that we're seeing, demand for office leasing remains really strong through the quarter. And we haven't seen the uncertainty in the economy impact occupiers' confidence to move forward with their workplace strategies. They're signing long-term leases. Lease terms are getting longer. They're up to about 77 months on average in Q1. And so I think when we're projecting our forward models, we do some sensitivity around softening, Tony, but nothing that significant.

是的，我的意思是，根據我們看到的數據，本季對辦公室租賃的需求依然強勁。我們還沒有看到經濟的不確定性影響佔用者推進其工作場所策略的信心。他們正在簽署長期租約。租賃期限越來越長。第一季的平均期限約為 77 個月。因此，我認為，當我們預測未來模型時，我們會對軟化做一些敏感性，托尼，但並不那麼重要。

Okay, thanks. And then Michelle, I think you alluded to some of the recruiting efforts there. Can you maybe just talk a bit more about recruiting and retention and just kind of how you think about where the system sits today versus maybe six months, a year ago and just all things being equal like you know just magnitude of kind of what you've done on the on the people front?

好的，謝謝。然後米歇爾，我想你提到了那裡的一些招募工作。您能否再多談一談招募和留任方面的問題，以及您如何看待現在的系統與六個月或一年前相比的情況，並且所有條件都相同，例如，您知道您在人才方面所做的工作有多大程度上？

Yeah, sure, and I want to talk a little bit about the philosophy of our approach in this market because we plan to invest consistently regardless of market conditions and talent, and over the next 18 months -- over the last 18 months we've really strengthened ourselves, so we're going to focus on capital markets talent, leasing talent, investing organically in the business.

是的，當然，我想稍微談談我們在這個市場上的策略理念，因為我們計劃無論市場條件和人才如何都持續投資，並且在接下來的 18 個月裡——在過去的 18 個月裡，我們確實增強了自己，所以我們將專注於資本市場人才、租賃人才，對業務進行有機投資。

I think I said on the last earnings, call we shared that we hired 10 capital markets teams in the Americas in late 2024. And now we've had an additional eight capital markets teams since our last call join us, and we also haven't taken our foot off of the gas and leasing either. We've hired another 20 leasing teams already in the US this year. So we're full steam ahead.

我想我在上次財報電話會議上說過，我們將在 2024 年底在美洲聘請 10 個資本市場團隊。自上次召集以來，我們又有另外八個資本市場團隊加入我們，我們也沒有停止油門和租賃業務。今年我們已經在美國另外僱用了 20 個租賃團隊。因此，我們全速前進。

Peter Abramowitz, Jeffreys.

彼得·阿布拉莫維茨，杰弗里斯。

Yes, thanks for taking the time and congrats on a strong quarter here. I have a question similar to Tony's, but wanting to touch on the industrial leasing side of things. Just given everything going on with the potential trade war would seem to be kind of the most directly impacted sector.

是的，感謝您抽出時間並祝賀您本季表現強勁。我有一個與 Tony 類似的問題，但想談談工業租賃方面的問題。考慮到潛在的貿易戰正在發生的一切，該行業似乎是受影響最直接的行業。

So just curious how you're thinking about that and maybe what you're seeing trends, post Liberation Day and how you're thinking about the rest of '25 overall.

所以我只是好奇您對此有何看法，也許您看到了解放日之後的趨勢，以及您對 25 年剩餘時間的整體看法。

Sure, look, we believe we've been outperforming an industrial leasing for the past year and a half, and we're still seeing positive trends in industrial leasing revenues in the Americas in five of the last six quarters that we've had here, including Q1.

當然，我們相信，在過去的一年半中，我們的工業租賃表現一直優於其他行業，而且在過去的六個季度中，包括第一季度，美洲地區的工業租賃收入有五個季度呈現積極趨勢。

But as we discussed last quarter, we didn't come into the year with unrealistic expectations around leasing growth and expected some normalization of demand. But what hasn't changed even in the midst of the tariff discussions is that businesses still need industrial space to get their products to their customers. And we're helping them figure that out and executing on their strategies, whether they're the old strategies or they are the modified strategies.

但正如我們上個季度所討論的那樣，我們對今年的租賃成長並沒有不切實際的期望，並且預計需求將趨於正常化。但即使在關稅討論期間，企業仍然需要工業空間來將產品運送給客戶，這一點沒有改變。我們正在幫助他們弄清楚這一點並執行他們的策略，無論是舊戰略還是修改後的戰略。

Okay, thanks Michelle. That's helpful and then one other question I guess just on on the rate outlook we've seen a lot of volatility. Is there sort of a frictional level, whether it be in the 10 year or whether it be in spreads, where you start to maybe question or get a little bit concerned about, the capital markets business? I know one of your competitors mentioned a 5% 10 years kind of that technical level. Just wondering how you think about that and how we should think about the sensitivities on the capital market side.

好的，謝謝米歇爾。這很有幫助，然後我想問的另一個問題是，關於利率前景，我們看到了很多波動。是否存在某種摩擦水平，無論是 10 年期還是利差，讓您開始質疑或有點擔心資本市場業務？我知道你們的一個競爭對手提到了 10 年內 5% 左右的技術水準。只是想知道您對此有何看法以及我們應該如何看待資本市場的敏感度。

Yeah, we don't hold exactly the same point of view. I think all in borrowing costs is really what you're looking at. And so that also considers credit spread for that particular borrower. And I understand that we quite often think about capital markets as an asset specific level of borrowing, but many large investors have other ways of borrowing. Even at the corporate level to facilitate transactions.

是的，我們的觀點並不完全相同。我認為您真正關注的是藉貸成本。因此這也考慮了特定借款人的信用利差。我知道我們經常將資本市場視為特定資產的借貸水平，但許多大型投資者還有其他借貸方式。甚至在公司層面推廣交易。

So when I'm looking at our capital markets pipeline now, in large measure our clients are closing deals and financing if they like them. But if they're not so compelled by the financing market, a lot of these players still can cut a full cash check and they're doing so.

因此，當我現在審視我們的資本市場管道時，很大程度上我們的客戶正在達成交易並獲得融資（如果他們願意的話）。但如果他們沒有受到融資市場的強烈要求，許多參與者仍然可以提供全額現金支票，而他們也確實這麼做了。

All right. That's all for me. Thank you.

好的。對我來說就這些了。謝謝。

Stephen Sheldon, William Blair

史蒂芬謝爾頓、威廉布萊爾

Hi team. You have Pat McAfee on this morning. My first question, I know you mentioned the weakness in EEA leasing was driven by a tough comparison quarter, but looked like services revenue came in a bit soft as well. So I just wanted to ask if you could provide some more commentary on what you're seeing in that region in terms of both macro and within your business.

大家好。今天早上請到 Pat McAfee 做客節目。我的第一個問題是，我知道您提到 EEA 租賃的疲軟是由於比較艱難的季度造成的，但看起來服務收入也有些疲軟。因此，我只是想問您是否可以從宏觀和業務角度對該地區的情況提供更多評論。

Yeah, sure. If we look at EMEA, I think you've got to put it in context. EMEA as a whole is is probably our weakest economy in terms of our three segments. So that is sort of weighing on the results in EMEA. But we are certainly seeing some green shoots.

是的，當然。如果我們看一下歐洲、中東和非洲地區，我認為你必須把它放在具體背景中。就我們的三個部門而言，整個歐洲、中東和非洲地區可能是我們最弱的經濟體。所以這在某種程度上影響了 EMEA 地區的表現。但我們確實看到了一些復甦的跡象。

For example, in capital markets, we had very nice growth in the UK. You've seen the ECB drop rates there, so I think that's conducive to capital markets. On the leasing side, we did have those large deals I spoke about that accounted for about half of the weakness, but I think the economics they are playing through.

例如，在資本市場，我們在英國取得了非常好的成長。你已經看到歐洲央行降低利率，所以我認為這有利於資本市場。在租賃方面，我們確實有我提到的那些大交易，它們佔了大約一半的疲軟原因，但我認為他們正在經歷經濟因素。

And then on the services side what we did see is we saw, the final unwind of some of the project management work we've been doing around the business, but even there there were some green shoots. About half of our business there is property management, and we actually saw that grow.

然後在服務方面，我們確實看到，我們圍繞業務所做的一些專案管理工作最終結束，但即使在那裡也有一些復甦的跡象。我們大約一半的業務是物業管理，我們確實看到這項業務正在成長。

So we feel like EMEA is at the bottom of the cycle. It'll be a slow recovery given the general economic environment there. But I think that gives you a lot of color of what we're seeing in that market.

因此，我們感覺歐洲、中東和非洲地區正處於週期的底部。考慮到那裡的整體經濟環境，這將是一個緩慢的復甦。但我認為這能讓你更清楚地了解我們在該市場所看到的情況。

Yeah, thanks Neil. That's helpful. And then you've spoken a little bit about this, but you know you continue to invest in talent in the business as a whole out of growth, but you also continue to repay debt, which you did again this quarter. So I just wanted to ask how you plan to balance defense versus offense in this environment and has that balance changed at all since your last call in February?

是的，謝謝尼爾。這很有幫助。然後您談到了這一點，但您知道，為了實現業務成長，您會繼續對整個業務的人才進行投資，但您也會繼續償還債務，本季您再次這樣做了。所以我只是想問一下，在這種環境下，您打算如何平衡防守和進攻，自從您二月份上次通話以來，這種平衡有任何變化嗎？

Yeah, balance hasn't changed. Capital allocation strategy hasn't changed. It continues to be focused on growth and deleveraging, to your point with the growth as an investment that's a higher percentage of our overall capital allocation. But obviously we're going to continue to delever at the same time.

是的，平衡沒有改變。資本配置策略沒有改變。它繼續專注於成長和去槓桿，正如您所說，成長作為一項投資，在我們的整體資本配置中所佔比例更高。但顯然我們將繼續同時去槓桿。

Understood. Thanks, Michelle.

明白了。謝謝，米歇爾。

This concludes the question-and-answer session. I would like to turn the conference back over to Michelle McKay for any closing remarks.

問答環節到此結束。我想將會議交還給米歇爾·麥凱 (Michelle McKay) 做最後發言。

Thank you, everybody, and we look forward to speaking to you again after our second-quarter earnings call.

謝謝大家，我們期待在第二季財報電話會議後再次與大家交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。