Cushman & Wakefield Ltd (CWK) 2025 Q2 法說會逐字稿

Good day, and welcome to Cushman & Wakefield's second quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Cushman & Wakefield 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Megan McGrath, Head of Investor Relations. Please go ahead, ma'am.

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，女士。

Thank you, and welcome to Cushman & Wakefield's second 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.

謝謝，歡迎參加 Cushman & Wakefield 2025 年第二季財報電話會議。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。本新聞稿及今日的簡報均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. 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.

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。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。

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. All revenue figures refer to fee revenue, unless otherwise noted, and any reference to organic growth excludes the impact of last year's divestiture of our non-core services business.

另外，請注意，在整個演示過程中，除非另有說明，比較和增長率均與 2024 年的可比較時期和當地貨幣一致。除非另有說明，所有收入數字均指費用收入，且任何提及有機成長的數據均不包括去年剝離非核心服務業務的影響。

And with that, I'd like to turn the call over to our CEO, Michelle MacKay.

現在，我想將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. Two years ago, we set a new course for Cushman & Wakefield, grounded by three clear pillars, protecting our core strength, operating with discipline and cultivating avenues for growth. We have now achieved the majority of our three-year targets in that two-year window, well ahead of plan by staying focused, disciplined and action-oriented.

謝謝你，梅根。大家早安，感謝大家今天加入我們。兩年前，我們為高緯環球設定了新的發展方針，以三大支柱為基礎：保護我們的核心優勢、嚴格遵守紀律並開拓成長途徑。透過保持專注、自律和行動導向，我們在兩年內已經實現了大部分三年目標，遠遠超出了計劃。

Today, we're pleased to share measurable progress on multiple fronts, outcomes made possible by our collective commitment, resilience and dedication to our clear vision. We have rebuilt the company from the inside out, and now you will see us take flight. Our results in the first half of this year demonstrate the impact and success of our transformational strategy.

今天，我們很高興分享我們在多個方面取得的可衡量的進展，這些成果得益於我們的集體承諾、韌性和對清晰願景的奉獻。我們已經從內到外重建了公司，現在您將看到我們起飛。我們今年上半年的業績證明了我們轉型策略的影響和成功。

We drove top-line growth in nearly every region and service line in both the first and second quarters. Year-to-date, we have driven more than 90 basis points of improvement in adjusted EBITDA margin versus the prior year and increased adjusted earnings per share by 95% to $0.39 per share. And excluding the immediate period post-COVID recovery in 2021, this is the strongest first half earnings growth we have experienced since going public in 2018.

我們在第一季和第二季都推動了幾乎所有地區和服務線的營收成長。年初至今，我們已將調整後的 EBITDA 利潤率較前一年提高了 90 多個基點，並將調整後的每股盈餘提高了 95%，達到每股 0.39 美元。除 2021 年新冠疫情後的短期復甦外，這是我們自 2018 年上市以來經歷的最強勁的上半年獲利成長。

And as Neil will discuss in more detail, we are meaningfully raising our full year EPS guidance. Our capital markets business is expanding at an accelerating pace, bolstered by improving market dynamics as well as our internal talent initiatives. Capital markets revenue grew by an impressive 26% in the second quarter, and we achieved this level of growth while only being in the very early stages of our talent expansion.

正如尼爾將更詳細地討論的那樣，我們正在大幅提高全年每股收益預期。由於市場動態的改善以及內部人才計畫的推動，我們的資本市場業務正在加速擴張。第二季資本市場收入成長了令人印象深刻的 26%，而我們在人才擴張的早期階段就實現了這一成長水準。

Year-to-date in the Americas, we have recruited capital markets brokers with annual average revenue that is 200% higher than we recruited in all of 2024. We are adding professionals across all product types, and we are very enthusiastic about what they will bring to our business once fully ramped. Our leasing business continues to run on all cylinders.

今年迄今為止，我們在美洲招募的資本市場經紀人的年平均收入比我們 2024 年全年招募的經紀人高出 200%。我們正在為所有產品類型招募專業人員，我們對他們一旦全面投入工作將為我們的業務帶來的變化充滿熱情。我們的租賃業務持續全速運轉。

We grew revenue in all major asset classes in 2Q, including industrial, which was up 8% in the Americas. Our strength in leasing lies in the superior advice and execution we provide our clients regardless of the economic backdrop. We see this acutely in our multi-market occupier group, where mandate complexity is increasing, driving average contract revenue up 45% in the first half of this year.

我們第二季所有主要資產類別的收入均有所成長，其中美洲地區的工業收入成長了 8%。我們在租賃方面的優勢在於，無論經濟背景如何，我們都能為客戶提供卓越的建議和執行。我們在多市場佔用者群體中敏銳地看到了這一點，其中授權的複雜性正在增加，推動今年上半年平均合約收入成長了 45%。

And the turnaround in our services business is in full swing. We achieved 6% fully organic growth in the quarter, an acceleration from first quarter's growth as our teams continue to drive positive momentum. We are winning new business and driving incremental growth within our portfolio of existing customers, as we more consistently bring to them the full suite of capabilities of the Cushman platform.

我們的服務業務正在全面復甦。由於我們的團隊繼續保持積極勢頭，本季度我們實現了 6% 的完全有機成長，較第一季的成長加快。隨著我們更持續為現有客戶帶來 Cushman 平台的全部功能，我們正在贏得新業務並推動現有客戶組合的增量成長。

And our intensified focus on client retention is seeing results with a 96% annualized retention rate in our GOS business year-to-date. Alongside our strong second quarter earnings performance, we are announcing that today, we have prepaid an additional $150 million in debt, bringing our total debt repayments in the last 18 months to $400 million.

我們高度重視客戶保留，今年迄今為止，我們的 GOS 業務的年保留率已達到 96%。除了我們第二季強勁的獲利表現外，我們今天宣布，我們已預付了額外的 1.5 億美元債務，使我們過去 18 個月的債務償還總額達到 4 億美元。

Our gross debt has now been reduced from $3.2 billion to $2.8 billion. And the combination of this deleveraging with five successful re-pricings over that same period has resulted in total interest savings of more than $45 million annually. In terms of the overall market, what began to emerge in the second half of 2024 is now clear.

我們的總債務現已從 32 億美元減少到 28 億美元。而這次去槓桿與同一時期五次成功的重新定價相結合，每年共節省了超過 4500 萬美元的利息。就整體市場而言，2024 年下半年開始出現的情況現在已經很清楚了。

Leaders of companies, both large and small, are navigating their businesses through market noise and volatility and are making long-term strategic decisions about how they occupy and manage their real estate and infrastructure portfolios. In addition, lender appetites to deploy capital continues to provide borrowers with increasing optionality, better terms and more flexibility, providing a boost to capital markets activity.

無論大小，公司的領導者都在引導他們的業務應對市場噪音和波動，並就如何佔有和管理他們的房地產和基礎設施投資組合做出長期策略決策。此外，貸款人對資本配置的興趣繼續為借款人提供越來越多的選擇、更好的條款和更大的靈活性，從而促進資本市場活動。

Looking ahead, we anticipate continued growth in global leasing markets, ongoing progress in capital markets activity and increased opportunity to gain market share in our services businesses.

展望未來，我們預期全球租賃市場將持續成長，資本市場活動將持續進步，我們的服務業務將獲得更多的市場份額。

Now I'll hand it over to Neil to go through our second quarter results in more detail.

現在我將交給尼爾來更詳細地介紹我們第二季的業績。

Thank you, Michelle, and good morning, everyone. Before I get started, as a quick reminder, all comparisons are to the prior year and in local currency, and organic growth figures exclude the impact of last year's divestiture of our noncore services business. Unless otherwise noted, all revenue figures refer to fee revenue.

謝謝你，米歇爾，大家早安。在我開始之前，需要快速提醒一下，所有比較都是與前一年相比並以當地貨幣計算，而有機成長數據不包括去年剝離非核心服務業務的影響。除非另有說明，所有收入數字均指費用收入。

We're very pleased to report another strong quarter with solid top-line and bottom-line performance fueled by broad momentum across our service lines and continued progress on our growth initiatives. Our Capital Markets business delivered double-digit year-over-year revenue growth for the third straight quarter, while leasing maintained its positive momentum with high single-digit revenue gains.

我們非常高興地報告本季業績再次表現強勁，得益於我們各服務線的廣泛發展勢頭以及增長計劃的持續進展，公司營收和淨利潤均實現了穩健增長。我們的資本市場業務連續第三個季度實現了兩位數的同比增長，而租賃業務則保持了積極的勢頭，實現了較高的個位數收入增長。

Organic services revenue growth accelerated to 6%, exceeding our expectations once again. Second quarter fee revenue reached $1.7 billion, growing by 7% with organic revenue up 8%. Adjusted EBITDA rose 15% to $162 million, and our adjusted EBITDA margin expanded 75 basis points to 9.5%, reflecting our ability to drive operating leverage while effectively managing expenses to support continued growth.

有機服務收入成長加速至6%，再次超出我們的預期。第二季費用收入達到 17 億美元，成長 7%，其中有機收入成長 8%。調整後的 EBITDA 成長 15% 至 1.62 億美元，調整後的 EBITDA 利潤率擴大 75 個基點至 9.5%，這反映了我們推動營運槓桿的能力，同時有效管理費用以支持持續成長。

Adjusted EPS grew year-over-year for the fourth consecutive quarter, rising 50% to $0.30 from $0.20 a year ago. Now turning to revenue performance by service line. Leasing, a core strength of our platform, grew 8% this quarter. In the Americas, leasing rose 9% with strong demand across all asset types. Office activity remained robust, driven by return-to-office momentum and new business formation.

調整後每股收益連續第四個季度同比增長，從一年前的 0.20 美元增長 50% 至 0.30 美元。現在轉向按服務線劃分的收入表現。租賃是我們平台的核心優勢，本季成長了 8%。在美洲，租賃成長了 9%，所有資產類型的需求都很強勁。受重返辦公室勢頭和新業務形成的推動，辦公活動依然強勁。

In industrial, demand remained strong across multiple sectors, including e-commerce, retail and manufacturing. In EMEA, leasing returned to growth with revenue up 8% as we experienced notable strength in Germany and Ireland. While APAC saw a 3% decline in revenue, growth in India and Australia helped offset the impact of a tough year-over-year comparison in Greater China due to the timing of a few large deals.

在工業領域，電子商務、零售和製造業等多個領域的需求仍然強勁。在歐洲、中東和非洲地區，租賃業務恢復成長，營收成長 8%，這得益於德國和愛爾蘭市場的顯著成長。雖然亞太地區收入下降了 3%，但印度和澳洲的成長幫助抵消了大中華區因幾筆大型交易時機不佳而導致的同比下滑的影響。

Overall, investments in the APAC region remains persistent and the underlying outsourcing and development trends that have propelled the region's success remain intact, giving us confidence in a near-term return to growth. Turning to capital markets. The Americas delivered 30% growth, driven by healthy fundamentals and strength across asset classes and deal sizes.

總體而言，對亞太地區的投資仍然持續，推動該地區成功的潛在外包和發展趨勢依然完好無損，這使我們對近期恢復成長充滿信心。轉向資本市場。受健康基本面和各資產類別及交易規模強勁推動，美洲地區實現了 30% 的成長。

Multifamily and office transactions were particularly active, and we benefited from an increase in larger deals. Our targeted hiring strategy is paying off, and we're encouraged by the sustained momentum in this business. Internationally, capital markets also performed well, with EMEA up 16%, driven by strength in Spain and Germany, while APAC capital markets grew 4% with strength in India and Australia.

多戶住宅和辦公室交易尤其活躍，大型交易的增加也讓我們受益匪淺。我們有針對性的招募策略正在取得成效，我們對該業務的持續發展勢頭感到鼓舞。國際上，資本市場也表現良好，受西班牙和德國強勁表現的推動，歐洲、中東和非洲地區資本市場上漲 16%，而受印度和澳洲強勁表現的推動，亞太地區資本市場上漲 4%。

In our services segment, we remain on track to meet our guidance of mid-single-digit organic growth for the full year. The Americas posted 5% organic growth, driven by client wins and expansion of current mandates in facilities management and facility services. In EMEA, services grew 11% as our retooled project management business won new contracts in France and Italy.

在我們的服務領域，我們仍有望實現全年中等個位數有機成長的預期。美洲地區實現了 5% 的有機成長，這得益於客戶的成功以及設施管理和設施服務現有業務的擴展。在歐洲、中東和非洲地區，由於我們重組的專案管理業務贏得了法國和義大利的新合同，服務成長了 11%。

APAC posted 5% services growth, supported by expansion in India, new business in Singapore and growing project management work in China. Equity method investments were down $4.1 million for the quarter, mainly due to lower performance from our Greystone joint venture. Our OneWeb partnership in China performed largely in line with last year.

亞太地區的服務業成長了 5%，這得益於印度的擴張、新加坡的新業務以及中國專案管理工作的不斷成長。本季權益法投資下降 410 萬美元，主因是我們的 Greystone 合資企業業績下滑。我們與 OneWeb 在中國的合作表現與去年基本持平。

As noted in our press release this morning, starting this quarter, our adjusted net income and adjusted EBITDA now exclude noncash items related to Greystone, specifically gains recognized from the retention of mortgage servicing rights, or MSRs, changes in fair value of MSRs and credit loss provisions related to mortgage loans.

正如我們今天早上的新聞稿中所述，從本季度開始，我們的調整後淨收入和調整後 EBITDA 現在不包括與 Greystone 相關的非現金項目，特別是保留抵押貸款服務權或 MSR 所確認的收益、MSR 公允價值變動以及與抵押貸款相關的信用損失準備金。

We believe this change more accurately represents the performance of the underlying business and better aligns with industry practices. On the balance sheet, we ended the quarter with net leverage of 3.7 times. Trailing 12-month free cash flow was $126 million, representing an approximately 50% conversion rate. We continue to expect to exit the year at approximately 60%, in line with our free cash flow conversion target of 60% to 80%. We've made significant progress in reducing our interest burden.

我們相信這項變更更準確地反映了基礎業務的表現，並且更好地符合行業慣例。在資產負債表上，我們本季末的淨槓桿比率為 3.7 倍。過去 12 個月的自由現金流為 1.26 億美元，轉換率約 50%。我們預計今年的自由現金流轉換率將達到約 60%，與我們 60% 至 80% 的自由現金流轉換目標一致。我們在減輕利息負擔方面取得了重大進展。

We repaid $25 million of 2030 debt during the quarter. And shortly after quarter end, we repriced approximately $950 million of term loan debt, lowering our applicable interest rate by 50 basis points to SOFR plus 275 the most favorable credit spread we've had since our IPO in 2018. As Michelle mentioned, today, we paid down an additional $150 million of term loan debt using cash on hand. Including this repayment, our gross debt is now down to $2.8 billion.

我們在本季償還了 2030 年的 2,500 萬美元債務。季度末後不久，我們重新定價了約 9.5 億美元的定期貸款債務，將適用利率降低了 50 個基點，至 SOFR 加 275，這是我們自 2018 年 IPO 以來最優惠的信用利差。正如米歇爾所提到的，今天，我們用現金償還了額外的 1.5 億美元定期貸款債務。包括這筆還款在內，我們的總債務現已降至 28 億美元。

We remain committed to investing in the business while continuing to reduce debt and achieving our net leverage target of two times to three times. Our capital structure remains strong and resilient with no material debt maturities until 2028 and liquidity of $1.7 billion, positioning us well to drive long-term value for shareholders.

我們將繼續致力於投資業務，同時繼續減少債務，實現兩倍至三倍的淨槓桿目標。我們的資本結構仍然強勁且富有彈性，直到 2028 年都沒有重大債務到期，且流動性為 17 億美元，這使我們能夠為股東創造長期價值。

Turning now to our outlook for the year. We are raising our outlook as follows: We now expect full year leasing revenue to grow 6% to 8%, slightly above our previous forecast. Capital markets revenue is expected to grow in the mid- to high teens for the year, also an increase versus our previous expectations. Services remains on track for mid-single-digit organic top line growth, consistent with our updated guidance last quarter.

現在來談談我們對今年的展望。我們上調了預期如下：我們現在預計全年租賃收入將成長 6% 至 8%，略高於我們先前的預測。今年資本市場收入預計將成長 15% 至 20%，也高於我們先前的預期。服務業務仍有望實現中等個位數的有機營收成長，與我們上個季度更新的指引一致。

We anticipate full year 2025 adjusted EPS growth of 25% to 35%, well ahead of our initial expectations. In summary, we are very pleased with our financial performance and momentum this quarter. We're confident in our strategy and excited about the opportunities ahead.

我們預計 2025 年全年調整後每股盈餘將成長 25% 至 35%，遠高於我們最初的預期。總而言之，我們對本季的財務表現和發展動能非常滿意。我們對我們的策略充滿信心，並對未來的機會感到興奮。

With that, I'll turn the call back over to Michelle.

說完這些，我就把電話轉回給米歇爾。

Thank you, Neil. Our results for the first half of the year demonstrate that our business and operational performance has kicked into another gear. We are driving strong top line growth and margin and earnings expansion while simultaneously ramping up growth investments and reducing our leverage. And you should continue to expect more from us.

謝謝你，尼爾。我們上半年的業績表明，我們的業務和營運績效已進入新的階段。我們正在推動強勁的營收成長、利潤率和獲利擴張，同時增加成長投資並降低槓桿率。您應該繼續對我們抱有更高的期望。

Enhanced operational performance, continued market share gains, ongoing reduction of debt and interest expense, all contributing to continued momentum as we look forward to 2026 and beyond. If you were waiting to see if we could get it done, you have your answer now. This progress, this quickly, with this many achievements is all because of the people who work at Cushman & Wakefield.

營運績效的提高、市場佔有率的持續成長、債務和利息支出的持續減少，所有這些都有助於我們展望 2026 年及以後繼續保持良好勢頭。如果您正在等待看我們是否能夠完成它，那麼您現在已經知道答案了。如此迅速的進步和取得的如此多的成就，全歸功於高緯環球的員工。

They are not just rowing together, they are competing together to win more, win bigger. And at the heart of this is listening to the client and delivering what they need. A big thank you to everyone at Cushman & Wakefield. We are a group that never settles, sharing a culture of high-performance expectations and execution for ourselves and for our clients.

他們不僅僅是一起划船，他們還一起競爭，以贏得更多、更大的勝利。其核心是傾聽客戶的意見並提供他們所需要的東西。非常感謝 Cushman & Wakefield 的每一個人。我們是一個永不停歇的團隊，我們對自己和客戶都抱持著高績效期望和執行的文化。

Let me now hand the call back to the operator for questions.

現在，請允許我將電話交還給接線員以便回答問題。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員指示）史蒂芬謝爾頓、威廉布萊爾。

Really nice job here. So first, it seemed like things in EMEA picked up nicely in the quarter. So how much of that is being driven by operational improvements, especially under new leadership versus easier comps and any changes, I guess, in the broader demand environment. So how much is it being driven by you guys versus things in the backdrop?

這裡的工作真的很棒。首先，歐洲、中東和非洲地區的情況在本季似乎有所改善。那麼，其中有多少是由營運改善推動的，特別是在新領導層下，而不是更輕鬆的競爭和更廣泛的需求環境中的任何變化？那麼，相對於背景因素，你們對它的推動作用有多大呢？

Thanks for the question, Stephen. We're seeing similar themes play out in Europe as in the US. The management change is pretty recent, although it is starting to drive some progress. Despite ongoing macro uncertainty, activity is improving across that region in Q2, particularly strong, as Neil mentioned, and was observed for us in a couple of countries, in particular, in Ireland, Netherlands, Germany and Spain.

謝謝你的提問，史蒂芬。我們看到歐洲和美國也出現了類似的情況。儘管管理層的變動才剛剛發生，但它已經開始推動一些進展。儘管宏觀不確定性持續存在，但正如尼爾所提到的，第二季度該地區的經濟活動正在改善，尤其強勁，我們在幾個國家觀察到了這種情況，特別是愛爾蘭、荷蘭、德國和西班牙。

During 2Q, we were the broker for the largest single asset office leasing deal in the EU since 2020 in Ireland and the largest ever office leasing deal in Barcelona. The office continues to trend higher in EMEA for us and vacancy remains relatively low, under 10% as of Q2 in 2025. And on the capital markets side, momentum is building as well.

在第二季度，我們代理了愛爾蘭自 2020 年以來歐盟最大的單一資產辦公室租賃交易以及巴塞隆納有史以來最大的辦公室租賃交易。對我們來說，歐洲、中東和非洲地區的辦公室數量持續呈上升趨勢，空置率仍然相對較低，截至 2025 年第二季將低於 10%。資本市場方面，發展動能也正在增強。

There's pretty good labor market resilience, inflation returning to target. They've had multiple rate cuts over there, as I'm sure you know, bringing the key policy rate down under 2%, effectively back to neutral. So all in all, what we're seeing is growing investor confidence across Europe, but then you compound that with a lot of the operational work and efficiency work that we've been doing around how we run the company, how we manage information and data.

勞動市場復原力相當好，通膨率回歸目標。我相信您知道，他們已經多次降息，將關鍵政策利率降至 2% 以下，實際上已恢復到中性水平。總而言之，我們看到整個歐洲的投資者信心正在不斷增強，但這與我們在如何經營公司、如何管理資訊和數據方面所做的大量營運工作和效率工作相結合。

And when you start to bring these things together, you get the multiplier effect that you're starting to see now.

當你開始把這些東西結合起來時，你就會得到現在開始看到的乘數效應。

Got it. Yes, that's great to hear. In services, just as we think about the setup for growth in the back half of the year, just to make sure -- so you'll be past the drag from the divestiture. And so does the guidance kind of assume you'll be back to mid-single-digit growth in 3Q and 4Q, even on a reported basis, am I thinking about that right?

知道了。是的，聽到這個消息真是太好了。在服務業方面，正如我們考慮下半年的成長設置一樣，只是為了確保——這樣你就能擺脫資產剝離帶來的拖累。那麼，即使根據報告數據，該指導是否假設您將在第三季和第四季恢復到中等個位數成長，我是這樣認為的嗎？

Here, you are, Stephen. That's exactly the right way to think about it.

給你，史蒂芬。這才是真正正確的思考方式。

Okay. And then on -- I think, Michelle, you talked about 96% annualized retention in GOS so far this year, seems very strong. Any sense how that metric has looked in the past few years? And I guess asked another way, is that a notable improvement from what you've seen historically there?

好的。然後——米歇爾，我認為您談到今年到目前為止 GOS 的年化保留率為 96%，這看起來非常強勁。您覺得過去幾年該指標的狀況如何嗎？我想換一種問法，這與您過去所見的情況相比是否有顯著的改善？

Yes, it's a notable improvement. It's also given us some tools to apply across the services business in general. People have believed historically that something even in the low 90s was compelling, but we're proving that we can really create a much stickier environment for our clients and services. And as you can imagine, on the increment, every 100 basis points that we add to that is pretty profitable.

是的，這是一個顯著的進步。它也為我們提供了一些可以應用於整個服務業務的工具。從歷史上看，人們一直認為，即使是 90 年代初期的某些事情也是引人注目的，但我們正在證明，我們確實可以為我們的客戶和服務創造一個更具黏性的環境。你可以想像，就增量而言，我們每增加 100 個基點，就會帶來相當可觀的利潤。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆。

Nice quarter. First question relates to leasing. Can you maybe give us a little bit more context around the various property types and how much runway you see for further growth maybe in the back half of the year? It seems like we've had a few mixed messages on industrial, in particular, as it relates to what some of the landlords have been saying versus the brokers. And so just if you could dig a little bit further into leasing in the back half of the year, that would be great.

不錯的季度。第一個問題涉及租賃。您能否向我們詳細介紹各種房地產類型，以及您認為今年下半年房地產市場還有多少成長空間？似乎我們在工業方面收到了一些混合訊息，特別是因為它涉及一些房東與經紀人的說法。因此，如果您能在下半年進一步深入了解租賃情況，那就太好了。

Sure. Let me hit on industrial for you because you're right, there's been some mixed messages out there. We didn't come into the year -- I think as a lot of people didn't come into the year with high expectations for industrial leasing. We anticipated mild growth, but the sector continues to surprise to the upside. Year-to-date for us, it's up in the high single digits. And here's what we're seeing and why we think that's happening.

當然。讓我來談談工業，因為你是對的，那裡確實存在一些混亂的資訊。我認為，我們和許多人一樣，對工業租賃並沒有抱持很高的期望。我們預期該產業將溫和成長，但其成長動能持續令人驚訝。今年迄今為止，我們的收入已上漲了個位數。以下是我們所看到的情況以及我們認為發生這種情況的原因。

The demand remains solid, while the industrial market cooled from that pandemic-fueled boom, it's still growing in Q2 alone. And the sector recorded almost 30 million square feet of net absorption. So -- although the pace has moderated a bit, industrial users are still expanding and taking space. Second thing is lease rollover is unlocking higher transaction value.

需求依然強勁，儘管工業市場從疫情引發的繁榮中降溫，但僅在第二季仍在成長。該行業的淨吸收量接近 3000 萬平方英尺。因此——儘管步伐有所放緩，但工業用戶仍在擴張並佔用空間。第二件事是租賃展期正在釋放更高的交易價值。

So industrial rents have really soared like we all know, since the pandemic of roughly 50% in the US. and even higher in markets like New Jersey, Philly, Inland Empire, places where we're particularly strong. And then there's just been this flight to quality. So as we're all thinking about technologies and AI and things of that nature, what we've seen in the office space, which was a flight to quality is also true in industrial. There's a flight to quality there.

因此，正如我們所知，自疫情爆發以來，美國的工業租金確實飆升了約 50%，在新澤西、費城、內陸帝國等我們特別強大的市場，租金甚至更高。然後就開始追求品質了。因此，當我們都在思考科技、人工智慧和諸如此類的事物時，我們在辦公空間中看到的對品質的追求在工業領域也是如此。那裡有一場追求品質的飛躍。

New industrial space, space that's been coming on the market in the last few years causes people to take a look and realize that if they want to compete, they need to have some of the latest technology and features. So they're also making moves. In the very near term, we still think that even with the macro uncertainty, the outlook is pretty solid for the industrial community mid- to longer term, we feel great about the business overall.

新的工業空間，過去幾年湧入市場的空間讓人們意識到，如果他們想要競爭，就需要擁有一些最新的技術和功能。所以他們也在採取行動。在短期內，我們仍然認為，即使存在宏觀不確定性，工業界的中長期前景仍然相當穩固，我們對整體業務充滿信心。

Okay. And then just the second question for me is on the services side. Now that you got it back to that sort of mid-single digit that you talked about, it's hard for us to see profitability though. Can you maybe comment on just how that's going because you did strategically seem to make some shifts there to not only kind of stabilize the growth rate, but also make more money? And so any context around that would be great.

好的。對我來說，第二個問題是關於服務方面的。現在，您已經將其恢復到您所說的中等個位數，但我們很難看到盈利能力。您能否評論一下事情進展如何？因為您確實在策略上做出了一些調整，不僅穩定了成長率，還賺了更多的錢？因此，任何與此相關的背景資訊都很好。

Sure, Tony. You're right. We're very focused on profitability and margins in the services business. We were particularly focused in Europe, especially around project management, where we restructured that business, and we've seen a nice improvement in margins there. Overall, we see continued expansion of margin in services through two things. First of all, as the revenue goes, we're going to see operating leverage.

當然，托尼。你說得對。我們非常關注服務業務的獲利能力和利潤率。我們特別關注歐洲，尤其是專案管理，我們重組了該業務，並且看到那裡的利潤率有了很大的提高。整體而言，我們看到服務業利潤率透過兩件事持續擴大。首先，隨著收入的成長，我們將看到經營槓桿。

And then we remain focused on driving efficiency. Some of our investment on the services side is all around the infrastructure to support services. And what that will do is it will make the business more efficient. So we are focused both on growth, but then also, as you say, profitability underlying that.

然後我們繼續專注於提高效率。我們在服務方面的一些投資都是圍繞著支援服務的基礎設施。這將使業務更加有效率。因此，我們不僅關注成長，而且正如您所說，還關注成長背後的獲利能力。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Congrats on a great execution. I think last quarter, we talked about maybe some margin headwinds as you reinvested in the business, but you were still sort of expecting growth to reaccelerate next year versus this year. I guess I would just love some updated commentary about maybe a little bit more about some of the investments you're making for the long term and your thoughts on sort of that margin and growth reacceleration.

恭喜您取得如此出色的成績。我認為上個季度我們討論了在您對業務進行再投資時可能遇到的一些利潤阻力，但您仍然預計明年的成長速度將比今年更快。我想我只是想要一些最新的評論，也許更多地關於您為長期所做的投資以及您對利潤和成長再加速的看法。

Okay. So let me just refresh everybody on our capital allocation and then maybe turn it over to Neil. So from the first conference call two-years ago, I discussed the importance of us finding our optimal capital allocation strategy, which gets to your point on organic investing. And you've seen us focus a lot on debt reduction and then this year, also leaning more heavily into internal growth investments like talent, like organic investments that do cause potentially some headwinds.

好的。因此，讓我先向大家介紹一下我們的資本配置，然後再交給尼爾。因此，從兩年前的第一次電話會議開始，我就討論了找到最佳資本配置策略的重要性，這與你對有機投資的觀點相符。你已經看到我們非常注重減少債務，今年我們也更傾向於內部成長投資，例如人才投資和有機投資，這些投資確實可能帶來一些阻力。

But we're always toggling that capital allocation model between those two-universes. And we've just been doing honestly, such a great job operationally that we're already seeing expansion in this quarter in the margin from the work that we've done resetting the operations of the organization. Neil, do you want to add anything to that?

但我們總是在兩個宇宙之間切換資本配置模型。說實話，我們在營運方面做得非常出色，我們已經看到本季利潤率因我們重置組織營運的工作而有所擴大。尼爾，你還有什麼要補充的嗎？

Yes, sure. And just on a very specific note in terms of guidance, as Michelle said, we're building up a very, very strong first half. We do expect that top line momentum to continue as a result of the investments we're making. We will see the margin in the second half be slightly below the margin we saw in the first half as a result of a slight increase in investment spend in the back half of the year, but are still expecting margin expansion for the full year.

是的，當然。正如米歇爾所說，就指導而言，具體來說，我們正在打造一個非常非常強勁的上半年。我們確實希望，透過我們的投資，這種營收成長動能能夠持續下去。由於下半年投資支出略有增加，我們預計下半年的利潤率將略低於上半年的利潤率，但我們仍預計全年利潤率將會擴大。

Great. And then my second or follow-up would just be going back to sort of the capital markets reacceleration in the quarter. Maybe can you comment on trends in July, at this point and what you're hearing in terms of potential tariff impact? Or do they even matter anymore?

偉大的。然後我的第二個或後續問題就是回到本季資本市場的再加速。您能否評論一下 7 月的趨勢，以及您所聽到的潛在關稅影響？或者它們還重要嗎？

Yes. I think tariffs have been disruptive, but they've yet to show that they are disruptive. Capital markets flow over the month of July was still compelling and driving us in the same direction.

是的。我認為關稅已經造成了破壞，但尚未顯示出其破壞性。七月份的資本市場流動依然強勁，並推動我們朝著同一方向發展。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Just kind of following up on that. In your conversations with clients, what are they thinking about as they think about their leasing needs for additional space or underwriting transactions? Are they looking through tariffs or expecting Fed rate cuts? Or just trying to understand kind of the puts and takes of what your clients are thinking about kind of for the back half of the year?

只是對此進行跟進。在與客戶交談時，他們在考慮額外空間的租賃需求或承銷交易時會想到什麼？他們是否正在考慮關稅或期望聯準會降息？或是只是想了解您的客戶對下半年的打算？

Yes. Business leaders, as I said in my prerecorded script, continue to make decisions. And I think for anyone out there running the company, the macro uncertainty has now been constant throughout the year, and our business has performed really well under it because people continue to make decisions. So what we see for the second half of the year is just a lot of the same.

是的。正如我在預先錄製的腳本中所說，企業領導者會繼續做出決策。我認為，對於任何經營公司的人來說，宏觀不確定性已經持續了一整年，而我們的業務在這種不確定性下表現得非常好，因為人們繼續做出決策。因此，我們看到下半年的情況大致相同。

Our pipelines are strong. That gives us confidence heading into the second half of the year. And those same uncertainty forces that supported performance in the first half remain in place. And as I said, I think the tariffs have been disruptive. They create volatility, but you haven't seen destruction from them yet. And leaders of the businesses have been tuned into the fact that they have to be able to make decisions through the noise.

我們的管道非常強大。這讓我們對下半年充滿信心。支持上半年業績的那些不確定性因素仍然存在。正如我所說，我認為關稅已經造成了破壞。它們製造了波動，但你還沒有看到它們造成的破壞。企業領導者已經意識到，他們必須能夠在紛雜的環境中做出決策。

So how does that impact leasing? Well, they're still striking leasing deals. They're still doing capital markets deals, and we believe this is going to continue.

那麼這對租賃有何影響？嗯，他們仍在達成租賃協議。他們仍在進行資本市場交易，我們相信這種情況將會持續下去。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Congrats on the quarter team. So in terms of the turnaround in EMEA Services, it sounds like project management saw some real wins in France and Italy. Just want to get a sense of like how much of that is improvements you've made kind of going back to a question that was asked earlier? And how much of visibility do you have in sort of continued wins in EMEA going forward?

恭喜本季團隊。因此，就 EMEA 服務業的轉變而言，聽起來專案管理在法國和義大利取得了一些真正的勝利。只是想了解您做了多少改進，回到之前提出的問題？您對未來在歐洲、中東和非洲地區繼續獲勝的預期有多大？

Yes. Look, project management and services in general in Europe has been a focus area for us. We see a lot of opportunity there. We have a very strong team there. Project management does tend to be slightly shorter term in nature than the long contracts we see in some of our other services businesses. But we're very pleased with the progress we're making there.

是的。看起來，歐洲的專案管理和服務一直是我們關注的領域。我們在那裡看到了很多機會。我們在那裡有一支非常強大的團隊。與我們在其他一些服務業務中看到的長期合約相比，專案管理的期限實際上往往略短一些。但我們對所取得的進展感到非常滿意。

And maybe on the margin side, again, in EMEA, I mean, margins doubled year-over-year. I guess how much of that was driven by incrementals on the brokerage side versus how much of that was the services side and some of the changes that you've made to sort of unprofitable services contracts?

也許從利潤率來看，在歐洲、中東和非洲地區，利潤率年增了一倍。我猜這其中有多少是由經紀方面的增量推動的，有多少是由服務方面推動的，以及你們對一些無利可圖的服務合約所做的一些改變？

Yes. In EMEA, we've worked very hard on margins and efficiency. We've got that platform to where we want it. I think going forward, the focus is going to turn from really restructuring the platform to growth on the top line. So you will see continued margin expansion, but less around platform costs. I think we've done that hard work, which means we can then create operating leverage as we grow that business.

是的。在歐洲、中東和非洲地區，我們非常努力地提高利潤率和效率。我們已經將該平台部署到了我們想要的位置。我認為，展望未來，重點將從真正重組平台轉向收入成長。因此，你會看到利潤率持續擴大，但平台成本會減少。我認為我們已經完成了這項艱苦的工作，這意味著我們可以在發展業務的同時創造經營槓桿。

I would also just add with the restructuring and putting new teams in place, we have a different mindset around driving growth versus just one of, say, operational rigor. And now we've put ourselves in a position to have both skill sets. So as we grow, that margin expansion will happen naturally.

我還要補充一點，透過重組和組建新團隊，我們在推動成長方面有了不同的思維方式，而不僅僅是營運嚴謹性。現在我們已經具備了同時擁有這兩種技能的能力。因此，隨著我們的成長，利潤率的擴大將自然而然地發生。

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茨，傑富瑞集團。

Just wanted to dig into the leasing for a second. I know maybe that you're kind of catching up in terms of office leasing growth here. But do you hit tough comps at any point in the back half of the year? And I guess just how does that factor into your outlook for the rest of the year?

我只是想深入了解租賃事宜。我知道你們這裡的辦公室租賃增長可能正在迎頭趕上。但是在今年下半年的任何時候，您是否遇到過艱難的競爭？我想問一下這對您對今年剩餘時間的展望有何影響？

Sure. We did see the pickup in leasing again in Q3 last year. We had a very strong Q3 in leasing. I think we're up around 13%. So we will face those comps as we look to the back half of the year. But at the same time, the momentum we're seeing in leasing, these very early revenue numbers for July all look good. And so we feel pretty good about our guidance of seeing the same sort of momentum in the second half that we saw in the first half.

當然。我們確實看到去年第三季租賃量再次回升。我們的租賃業務在第三季表現非常強勁。我認為我們的漲幅在 13% 左右。因此，展望下半年，我們將面臨這些競爭。但同時，我們看到租賃業的勢頭，七月的早期收入數據看起來都很好。因此，我們對我們的預測感到非常滿意，認為下半年將出現與上半年相同的勢頭。

Okay. Got it. And then also on the office side, I guess, could you just comment -- I think there's a lot of headlines and a lot of new stories out there about certain markets kind of running out of trophy space and top-end space. Does it seem like the leasing recovery is kind of proliferated to the rest of the market kind of sub-trophy or sub top line space? Kind of what's your view on that?

好的。知道了。然後，在辦公室方面，我想，您是否可以評論一下——我認為有很多頭條新聞和新故事都提到某些市場獎杯空間和高端空間已經用完了。租賃復甦是否似乎已經擴散到市場其他部分的次級獎盃或次級頂線空間？您對此有何看法？

Yes, exactly what you're saying. So we're also seeing like if you talk about something like New York is the original kind of place of strength, you're seeing it now in Boston, Dallas, Miami, Houston, non-gateway markets like Phoenix, San Diego and Toronto were also strong for us. So the regional strength is broadening as well. And yes, you're seeing the move into what you would consider, say, AAA Class A space to what you might consider A- space as the best space in the market has been absorbed.

是的，正是你所說的。因此，我們也看到，如果你談論紐約這樣的最初實力雄厚的地方，那麼現在你會看到波士頓、達拉斯、邁阿密、休斯頓，菲尼克斯、聖地亞哥和多倫多等非門戶市場對我們來說也很強大。因此，區域實力也在擴大。是的，您會看到從您認為的 AAA 級 A 空間到您認為的 A 級空間的轉變，因為市場上最好的空間已經被吸收了。

Mitch Germain, Citizens.

米奇·傑曼，公民。

Congrats on the quarter. I think, Mitchell, I think you termed it early stages of talent expansion. So I'm curious how broad-based is some of the hiring effort from a maybe business line or a global perspective?

恭喜本季。米切爾，我認為你稱之為人才擴張的早期階段。所以我很好奇，從業務線或全球角度來看，招募工作的廣泛性如何？

Yes, it's broad-based in every direction, frankly. We've been both reshuffling inside our own house, putting different talent in different positions. We've reorganized -- we did a complete reorganization in the fall of the Americas Advisory business to better connect the organization and pull up talent and new leaders into many senior level seats, individuals who are now drivers of growth.

是的，坦白說，它在各個方向上都是廣泛的。我們雙方都在內部進行重組，將不同的人才安排在不同的職位上。我們已經進行了重組——我們在秋季對美洲諮詢業務進行了徹底的重組，以便更好地連接組織並將人才和新領導者引入許多高級職位，這些人現在是成長的驅動力。

In addition to that in terms of brokers, as I shared in my prepared remarks, we've hired capital markets brokers with 200% more average revenue than we did in the entirety of '24. And for leasing, that number is also 150% higher. And in terms of the number of teams there, this equates to 10 more capital markets teams for a total of 28 new teams since we started to ramp up our hiring.

除此之外，在經紀人方面，正如我在準備好的演講中所分享的，我們聘請的資本市場經紀人的平均收入比我們 24 年全年的平均收入高出 200%。對於租賃而言，這一數字也高出 150%。就團隊數量而言，自從我們開始加大招募力度以來，這相當於又增加了 10 個資本市場團隊，總共增加了 28 個新團隊。

And what I should also mention here, which you didn't ask is that we're getting more productivity per existing broker as well. So we're focusing, yes, on capital markets, yes, on leasing, but also on services talent and talent across the board.

我還應該在這裡提一下，您沒有問到的是，我們每個現有經紀人的生產力也在提高。因此，我們不僅關注資本市場，也關注租賃，同時也關注服務人才和各行各業的人才。

This will conclude our question-and-answer session. I would like to turn the conference back over to Michelle MacKay for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Michelle MacKay 做結束語。

Thank you, everyone, and we look forward to speaking to you again on our third quarter earnings call.

謝謝大家，我們期待在第三季財報電話會議上再次與您交談。

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。