Colliers International Group Inc.

Welcome to the Collier's International First Quarter Investors Conference Call. Today's call is being recorded. Legal counsel requires us to advise that the discussions 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, it's 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'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.

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 McClernand, Chief Executive Officer of our Real Estate Services business, and Chris Ginmayer, our Chief Financial Officer. As always, this call is being webcast and is available in the investor relations section of our website. 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 Collier's 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 Collier's Philadelphia has expanded our presence in the Mid-Atlantic region, solidifying our position as a key player in the United States. Over the years, Collier's 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 three 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, Collier's 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 McClernand 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?

Thank you, Jay, and good morning, everyone. Collier's first quarter 2024 results reflect the strength of our resilient and highly diversified professional services platform. Our outsourcing and advisory business delivered robust revenue growth with broad based increases across all services led by engineering and project management. We expect this momentum to continue through the remainder of the year, providing growth, balance and stability to our platform. This growth helped offset expected soft transaction volumes in capital markets, which although down, were above market activity levels. We remain cautiously optimistic about improving transaction velocity in the late second half of 2024, contingent on softening interest rates, the narrowing of the price gap between buyers and sellers, and improved lending availability. Leasing globally achieved modest growth year over year with several markets increasing activity in the office sector as occupiers make longer-term lease commitments coupled with the return to office continuing the trend upwards. Shortly after the quarter end, we completed the acquisition of our affiliate in Philadelphia. From its five offices, the company's 130 professionals provide leasing and sales brokerage and property management services. As a vibrant and influential market, our ownership now allows us to significantly increase our presence in the mid-Atlantic and expand our capabilities in the eighth largest metropolitan area in the U.S. Among our many accolades, in February, we were named to the IAOP's list of top 100 global professional services firms, a testament to our track record of success in delivering exceptional results for our clients wherever they do business. We have also been recognized as one of the best workplaces in Canada this year out of more than 900 companies competing for a spot. The steps we are taking to strategically invest in our people and business, fill gaps, and take market share will continue to strengthen our platform and drive long-term shareholder value. Now I'll turn things over to Christian, who will provide more details on our financials.