CBRE Group Inc

Greetings and welcome to the CBRE fourth quarter 2019 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to Brad Burke, Senior Vice President, Corporate Finance and Investor Relations for CBRE. Thank you. You may begin.

Good morning, everyone, and welcome to CBRE's fourth quarter 2019 earnings conference call. I am pleased to introduce Kristen Ferryman, who joined CBRE in October as Vice President of Investor Relations and Corporate Finance. Many of you have already met or interacted with Kristen, and she'll serve as your primary point of contact with the company. Kristen will also host our earnings calls, so I am pleased to turn the call over to her. Kristen?

Thanks, Brad. Earlier today, we issued a press release announcing our financial results, and it is posted on the investor relations page of our website, CBRE.com, along with a presentation slide deck that you can use to follow along with our prepared remarks, as well as an Excel file that contains additional supplemental materials. Our agenda for this morning's call will be as follows. First, I'll provide an overview of our financial results for the quarter. Next, Bob Cilentic, our President and Chief Executive Officer, and Leah Stearns, our Chief Financial Officer, will discuss our fourth quarter results in more detail. After these comments, we'll open up the call for your questions. Before I begin, I'll remind you that this presentation contains forward-looking statements that involve a number of risks and uncertainties. Examples of these statements include our expectations regarding CBRE's future growth momentum, operations, market share, business outlook, capital deployment, acquisition integration, and financial performance, including our 2020 outlook and any other statements regarding matters that are not historical fact. We urge you to consider these factors and remind you that we undertake no obligation to update the information contained on this call to reflect subsequent events or circumstances. You should be aware that these statements should be considered estimates only, and certain factors may affect us in the future and could cause actual results to differ materially from those expressed in these forward-looking statements. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this morning's earnings press release and our most recent annual and quarterly reports filed on Form 10-K and Form 10-Q, respectively. We have provided reconciliations of adjusted EPS, adjusted EBITDA, fee revenue, and certain other non-GAAP financial measures included in our remarks to the most directly comparable GAAP measures, along with explanations of these measures in the appendix of the presentation slide deck. Now, please turn to slide four of our presentation, which highlights our financial results for the fourth quarter of 2019. Fourth quarter adjusted earnings per share was up 9% to 132 on revenue growth of 13% and fee revenue growth of 8%. For the full year, revenue and adjusted EBITDA set new milestones for the company at $23.9 billion and $2.1 billion, respectively. Adjusted EPS for 2019 rose 13% to 371. For an update on our business fundamentals, please turn to slide six, and I will turn the call over to Bob.