Colliers International Group Inc.

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Welcome to the Collier's International Fourth 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 risk 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 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 40F as filed with the U.S. Securities and Exchange Commission. As a reminder, today's call is being recorded. Today is February 9th, 2023. 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 Hennig. Please go ahead, sir.

Thank you, Operator. Good morning, and thanks for joining us for this fourth quarter and year-end conference call. I'm Jay Hennick, the Chairman and Chief Executive Officer, and with me today is Christian Mayer, Chief Financial Officer. As always, this call is being webcast and is available in the Investor Relations section of our website. A presentation slide deck is also available there to accompany today's call. During the fourth quarter, investment management and outsourcing and advisory delivered strong revenue growth, while leasing matched the record results from the prior year period. As expected, interest rate volatility and challenging debt markets impacted capital markets in our seasonally strongest quarter. We expect this to continue through the first half of 2023. However, Transactions are still being completed and there's significant pent-up demand for real estate assets, which should translate into additional volumes in future quarters, especially as conditions stabilize. Aside from capital markets, momentum from the balance of our business is better than expected, as you'll hear from Christian. Strong full-year performance was driven by high-value recurring service lines, which continues to validate our strategy of transforming Colliers into a different kind of diversified services company. With our globally balanced and highly diversified business, significant recurring revenues, and proven track record of capitalizing on opportunities, Colliers is stronger and more resilient than ever. Earnings from high-value recurring revenues now make up about 58%. of our pro forma EBITDA, and this is growing. Last year, we completed a record $1 billion in acquisitions across our global enterprise. These acquisitions not only strengthen our core, but they also create additional opportunities to drive shareholder value. In investment management, a segment established only six years ago, we finished the year with total assets under management of $98 billion, placing Collier's amongst the top global players in the alternative private capital industry. One of the most important attributes of this business is that 85% of our assets are in perpetual or long-dated funds, 10 years or more. These revenues are very stable and have grown historically year over year, and we expect this to continue in the future. As you might remember, in 2020, we announced our Enterprise 25 growth strategy. The goal was to double our profitability and generate more than 65% of our earnings from high-value recurring revenues over the following five years. Last year was the second year of our plan, and so far, we're well ahead of our targets. If we're able to achieve this, as we've done in the past, it will be excellent news for shareholders. Colliers is a highly respected global brand and growth platform. We have a well-balanced and highly diversified business with a unique enterprising culture and leadership team who have a significant equity stake in our company. The combination of these characteristics truly sets Collier's apart from the rest. But perhaps most importantly, we have a 28-year track record of delivering 20% annual growth in share value to shareholders, a track record we are very proud of. Now let me turn things over to Christian. Christian? Thank you, Jay, and good morning.