Q2 2024 Colliers International Group Inc Earnings Call Transcript
Key Points
- Colliers International Group Inc (CIGI) delivered solid results with growth across all service lines and segments.
- Leasing revenues exceeded expectations, driven by strong activity in the office and industrial asset classes.
- The acquisition of Anglo significantly bolsters Colliers' engineering and project management capabilities.
- High-value recurring service lines, Outsourcing & Advisory and Investment Management, continued to deliver solid and predictable growth.
- Colliers raised $5 billion of new capital commitments during the second quarter, indicating strong investor interest.
- Capital markets saw only modest growth, indicating a slow recovery from previous lows.
- Valuation business revenues were flat due to depressed levels of capital markets transactions.
- Investment Management segment's EBITDA margin was lower due to increased investments in resources and infrastructure.
- Fundraising for the full year is expected to be at the lower end of the previously stated range, indicating potential challenges in capital flow.
- Loan origination profitability was lower due to a mix shift away from more profitable Fannie Mae originations.
Welcome to the Colliers International second quarter Investors Conference Call.
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 will be materially different from any future results, performance or achievements contemplated in 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 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 is Thursday, August 12th, 2024. And at this time for opening remarks and introductions, I will turn the call over to the global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.
Thank you, operator, and good morning and thanks for joining us for the
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