CIGI - Colliers International Group Inc. (CIGI) Q1 2024 Earnings Call Transcript
2024-05-04 11:28:05 ET
Colliers International Group Inc. (CIGI)
Q1 2024 Results Conference Call
May 02, 2024 11:00 AM ET
Company Participants
Jay Hennick - Global Chairman and Chief Executive Officer
Chris McLernon - Chief Executive Officer, Real Estate Services
Christian Mayer - Chief Financial Officer
Conference Call Participants
Stephen MacLeod - BMO Capital Markets
Daryl Young - Stifel
Stephen Sheldon - William Blair
Himanshu Gupta - Scotiabank
Jimmy Shan - RBC
Frederic Bastien - Raymond James
Presentation
Operator
Welcome to the Colliers International First Quarter Investors Conference Call. Today's call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's annual information form as filed with the Canadian Securities Administrators and in the company's annual report on Form 40-F as filed with the US Securities and Exchange Commission. As a reminder, today's call is being recorded. Today's Thursday, May 2, 2024, and at this time, for opening remarks and introductions, I would like to turn the call over to Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.
Jay Hennick
Thank you, operator. Good morning, and thanks for joining us on our first quarter conference call. As the operator mentioned, I'm Jay Hennick, Chairman and Chief Executive Officer of the company. And with me today is Chris McLernon, Chief Executive Officer of our Real Estate Services business; and Christian Mayer, our Chief Financial Officer. As always, this call is being webcast and is available in the Investor Relations section of our Web site, along with a presentation slide deck. During the quarter, revenue, EBITDA, outsourcing and advisory, investment management and leasing all demonstrated improvement over the prior year. Despite ongoing interest rate uncertainty and geopolitical tensions that are affecting everyone, it also affected our capital markets. Our strategic focus, however, being on expanding high-value, recurring service lines that continue to yield positive results for us, positioning us extremely well for the future. We remain committed to the Colliers way, emphasizing solid internal growth and strategic acquisitions that enhance our business and create value for our shareholders. In the most recent quarter, we successfully added $300 million in new equity to support our further expansion. Furthermore, our acquisition of Colliers Philadelphia has expanded our presence in the Mid-Atlantic region, solidifying our position as a key player in the United States. Over the years, Colliers has established a highly respected global brand and growth platform with broad diversification across revenue sources, service lines and geography.
With more than 70% of our earnings generated from recurring revenue streams, we have a very robust business model with 3 distinct growth engines that can continue to allow us to capitalize on growth opportunities while maintaining resilience in the face of economic fluctuations. Most importantly, Colliers has a seasoned leadership team with a substantial equity stake in our company and an impressive 29-year record of delivering nearly 20% compound annual returns for shareholders. And now let me ask Chris McLernon to discuss some highlights from our service business and once he's completed, Christian will provide his usual financial report. Then, we'll open things up for questions. Chris?...
Colliers International Group Inc. (CIGI) Q1 2024 Earnings Call Transcript