The following is a summary of the Colliers International Group Inc. (CIGI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Colliers International Group reported Q1 2024 revenues of $1 billion, a 4% increase relative to Q1 2023.
The company's consolidated adjusted EBITDA for Q1 2024 was $109 million, marking a 4% increase from the same period the previous year.
The Outsourcing & Advisory service line saw a significant 9% revenue increase.
Fundraising under the company's Investment Management segment totalled $450 million for the quarter.
The company faced an elevated tax rate in Q1 due to a one-time item, but predicts a 30% rate for the remainder of the year.
Business Progress:
Colliers improved revenues, EBITDA, outsourcing and advisory, investment management, and leasing by strategically focusing on expanding high-value recurring service lines.
The company added $300 million in new equity for further expansion and strengthened its position in the Mid-Atlantic region through the acquisition of Colliers Philadelphia.
Colliers predicts mid to high single-digit revenue growth for its outsourcing and advisory, and investment management sectors for the rest of the year.
The company plans to make strategic investments in its people and business, enhance its platform, and accelerates fundraising efforts in the Middle East and Asia.
It also expects to encourage growth by investing heavily in distribution capabilities and introducing new products, pursuing acquisitions, and increasing recruitment, particularly in the US market.
More details: Colliers International Group IR
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