CIGI - Earnings call transcript Q1 2022 | Colliers International Group Inc.

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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 computed 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 10-F as filed with the U.S. Commission. Exchange and Securities

to today's sir. at being remarks this like Hennick. call I reminder, Executive and X, Mr. Officer, and today, XXXX. would Jay over the turn And time, go to Global call a Chairman recorded Chief ahead, is Please May introductions, the As for opening

Jay Hennick

today Chief first call. I'm me Jay Thank you, thanks Christian and and conference morning, is of for joining company, Chairman Chief quarter and Executive our operator. Good us Officer the for Financial the Mayer, Hennick, with Officer.

up quarter is As conference our building all lines, Estate Revenue, webcast sharply. segment assets this deck management EBITDA business. available very accompany always, momentum results Officer in up is our the see presentation Real to Today, of on first in announced Chief Chris And A Investor call is last Executive McLernon across of global being section we also all call. Last year. live, share earnings Management to available that delivered this Relations per pleased service to and from also the slide promotion under considerably. our the and Investment Colliers of website. Services strong week, we were were was

XXXX reporting capital successfully XX our Over growth ambitious we need me. markets, exceptional Chris Having delivered leasing bench results. us strength of outsourcing as some to years with the oversee will our provide and past advisory pursue very Chris plan. him role, In leader the EMEA to globally, businesses will the business on his board and our new

operations added previously busy and the in and U.S. of also affiliate announced Cleveland. Engineering in expanded we We We quarter, the on operations the its the Design were Cincinnati & acquisition Colliers our in Italy, acquisition completed affiliate During our front.

milestone our partnership currently with we which And into of new quarter Infrastructure Partners, our Europe. complete being the in In platform in will an Colliers our in the Once completed our diversification, future, our represent EBITDA. increases different of to after IM is end, overall the investors company. Southwest. revenue we Antirion, XX% of represents important of This the an IM just business consolidated line global marks segment into of expect integrated even greater streams we our acquisition a another kind and Basalt the our service very step transformation almost recurring proportion EBITDA. represent

cash So capital a totaling line we're remains far our this this, allocation we $XXX of of pipeline record reinvest If more million, the free has this announced a Colliers. creating record that of of track XX-year and acquisitions Colliers year for for The Colliers strong. be is generates is should model year, XXXX diversified, completed and in a all bottom or leadership shareholders. of lot balanced, our growth. highly value than proven successful, The of and recurring team significant we business flow

be clear business. growth like others very an supply might that regional to me conflicts inflation, its other interest All these At service inside macro pandemic, superior our characteristics on enterprising unique us various extremely and is core, a Because the events we're name Colliers weather this, to impact few. well-managed rates, able of significant our one continue ownership position returns together shareholders. And for delivering mindset culture, well of and to with let thing. chains

this years spades. now in Our I'll that over Christian? the said, to things over past have number demonstrated With results of turn Christian.

Christian Mayer

you, Thank Jay.

local currency. non-GAAP are flow growth press this note comments this references this that to in slides follow on morning, All morning's financial in referenced the accompany quarter as Relations of revenue the results. on Please this announced My Colliers measures to first Investor call reported colliers.com As release. section the the posted strong are of defined expressed call.

XX%, 'XX internally adjusted and billion, QX XX% by First ago, year million, leasing the strongly slightly XX%, the Americas to with year within revenues were QX was leasing recovering all driven the was up XX% X% with in to 'XX margins Growth X Capital office at revenues of period up primarily pre-pandemic up Markets with $XXX to were for XX.X% Compared EBITDA quarter from service levels. quarter up lines. up $X XX.X%, quarter was the up from year region. across generated. prior prior revenues XXXX relative levels,

industrial, revenues by up XX% as acquisitions were asset lines. in up driven XX% within First revenues by points from year. levels. the Outsourcing XX by up Adjusted was XX%, over as leasing & $XX Engineering and recent activity QX of leverage prior higher and & million, up was X% year, Design, up was Capital quarter XX%, servicing. million, valuation Americas service on favorable Ops revenues led multifamily classes. up XX% was last were Leasing EBITDA industrial. including was XXXX and operating land XX.X% Advisory $XXX led activity all basis loan with Markets margin activity from the to well pre-pandemic

higher revenues project XX% runs EMEA impacted led lines, across lower $X other although which from was year First management markets. X were from million, service ago, margin activity services. at million, revenue by and margins outsourcing was than Adjusted up all EBITDA quarter increased growth up by XX% mix advisory and revenues, $XXX with robust on capital

First COVID-XX Pacific management were of a the comparison, high-margin quarter. year impact of from markets versus eliminating was After were revenues year the as million, Investment tough benefited a markets down the XX% lockdowns by well period. in by prior revenues pass-through million, capital $XXX carried as driven transactions. EBITDA in quarter number which prior interest, up fee XX% $XX driven from Asian Asia were Adjusted down several million management $XX X% revenues year $XX up million, growth. prior

the end, comparative solid from versus X management incremental revenue. XX% quarter the under flow-through at $XX year quarter billion million, EBITDA $XX ago. for XX% on from Assets up were up management fee was quarter Adjusted

net rates, averaging as of less defined as as adjusted at our EBITDA ratio, to interest forma fixed debt in X.Xx pro XX, locked was than leverage debt X%. is attractive March Most of XXXX. financial Our

the first we public bid million and a and During course for March We our as under utilized we shares the invested in issuer repurchased normal X April. in company. first just acquisitions, time quarter,

our share SOCs well low solid to cash price, our time. we our sheet, trading be Given is current capacity, deployment balance prospects flow, capital leverage, at strong growth to financial and it operating modest continue capitalized growth. future disciplined future With this believe we for significant make very and prudent repurchases

high acquisitions. well internal for We as XXXX risks the year growth, outlook outlook full low our reflect QX as completed our subject to single-digit uncertainties The recently in is the expect from now increasing balance recent are and accompanying consisting to announced and strong outlined and the revenue growth, previously results We as acquisitions. double-digit of slides.

points a expect margin XX XXXX to We operating basis of XX relative adjusted from margin to improve to leverage internal and higher combination EBITDA our acquisitions.

Finally, the our questions. adjusted at open remarks. open rate expected concludes my I please That earnings can grow call the high-teens would XXXX. per are prepared for to a you for line? now Operator, share percentage like to

Operator

our William Blair. the And question with line Stephen Sheldon [Operator from Instructions]. of coming first

Stephen Sheldon

strong Congrats on the results.

the start just lockdowns did be more about think get trends of there you or just went the guess, to, the First get APAC to The good thing talk cadence ask would as about see commentary the rest saw I quarter any we of the stabilization signs some along, for year. pronounced the about you throughout region. Can to more to wanted there to quarter? weakness you Asia and COVID I Pacific the the related

Jay Hennick

I talking wrong, correct think you're about But I'm Pacific opposed as Sheldon. to Asia EMEA. me if

Stephen Sheldon

Yes. Pacific. Asia Yes, Sorry.

Christian Mayer

lockdown in main Lockdowns the the the in there. QX really been Certainly, Stephen, transactional delays side the driver lockdowns before. business. we've of the situation revenue was Yes. of in caused

the QX management side and of recurring operate, and business the impacted valuations to sort the property were of course, from in thing. continues Of that Revenues the lockdowns.

revenue year the be as there And will ease future progresses. the growth the will that expect we in [indiscernible]. stronger think We

Jay Hennick

Now closed as whole cases X for country in the there's know, COVID, down. you they've China, and of example,

in we are similar going generated and are Asia pretty revenues through other that, in lockdowns. that notwithstanding marketplace. still But So there markets respectable earnings that

so. it is down But see us results, slowing the So you not bit. as can materially a from

Stephen Sheldon

ask Investment been impressive in really helpful. Yes. wanted Got to AUM it. the That's strong. And I it's growth mean about consistently and Management. just then

capital to call anything so that that working in on what's about there side support that's growth? to well what And Colliers is of helping raising? terms So out I guess capabilities, broad-based

Jay Hennick

Investors seasoned Well, Basalt. of that's Colliers and Investment direct that soon own platforms. that And in been you way know, asset stake professionals managed core as They're I of our by equity think Global operates. be alternate platforms we the Harrison business. over the it exceptional have many all years, extremely Stephen, part a with to starts all Colliers Management Street, exceptional are These platform. as already our a

various accelerate to Our ways have that. for us There's role them to is done help growth. their

X.X which just You see now. size. and its in is EBITDA And the it's years tripled its Street, company has the It's tripled starting. in case of Harrison history

variety that have in backbone the same large, many that of the say stake that. exceptional course, a really is Street. by a is and with -- Harrison there's of which would Basalt of the equity in of has help So I we success the them But ways the characteristics. of professionals do starting And significant many, business

think in within about Colliers. that is substantially aspect strategy excited this to hidden of none. our area We very we're business. second So think we it's And our

Operator

from coming line the Doumet question of next George Scotiabank. our And with

George Doumet

results. you you on areas Management asset Congrats of you or wanted bigger that total grow give be in? you made can get obvious won't XX% the classes maybe EBITDA. kind to us think to of I segment Investment I much, what a but ask to sense Jay, the that want how maybe of it specific you on

Jay Hennick

a don't right function way. strategically it's we the the The know percentage in all acquiring businesses because right of

much the our pursue be XXX% or growth strategy to other desire a you'll is entrepreneurially the offered we to But XX%. recurring businesses from we're have revenue X-year see there services -- it's have, of our you'll and number that we is exceptional about so of only continue a The excited course run our period, Investment unlikely of growing this that that that know. to that Street transform will Management, I join the Management an strategy. as So should we're But recurring Investment it. we exceed over we streams How acquirer a think any platform. see don't of trend amongst

George Doumet

Okay. kind the guess, housing. [indiscernible] student And I infrastructure, in? more, of housing, to Is senior should we expect of that

Jay Hennick

area Harrison and alternative dominate for asset that's investors. in Street. year, their They classes an fund first growing Well, other better that successful Canada. it's focused returns over have generate on the can business infrastructure, in that sure, in established where you in They've are Europe. But U.S. They all past seniors, open-ended the students, extremely -- for

our see we platform how of in core years a overall much very come. the that's So to

George Doumet

Okay. is reacted shares time of Operating I'm meaningful guys NCIB maybe been as referenced you strong. have active a than the haven't And for performance on to buying accordingly. return maybe public attractive just has really wondering, company. the you consider Would a The shareholders? first own more more M&A? capital our stock here as been

Christian Mayer

Well, I day, mean, evaluate George. every we that it's something

Jay Hennick

Hour.

Christian Mayer

in continue future caused on basis. And our I in business to hour. we that in not that, on we through take the organically that we and value first the see growing interested decide think, Every and of our we day-by-day acted. April that when us to we'll appreciating may March, and foremost, shares, And and are then the But a consideration of in market acquisition. act

George Doumet

Okay.

one now? Just just a strategy update about bit of one in Services it for Can the before of general, quite us pandemic. big are was me. We terms maybe last ours. give an spoke where we In Occupier you a

Christian Mayer

Yes.

that to recruiting as we Occupier in years part be our business 'XX the Enterprise a meaningfully grow X Global to Services, continue plan We over active have next of plan. that and

see on in track we're and you reflected think and results. the I it with that,

Operator

next from of line question with Our Capital. Stephen BMO coming the MacLeod

Stephen MacLeod

to outlook of into sense maybe ask sort near-term get Great. as what the visibility in I wanted you you're visibility get with just of outlook longer-term and as to a half to potentially the factors XXXX of the bit revised the just and respect the considering year? about little back guidance and

Christian Mayer

result Yes. into in Steve. strong increased also, the guidance And for visibility We our the our good in Thanks, year, transaction QX. activity. QX part on

gives recurring which that our our outlook. visibility We half very revenue, on is good of in and the side have the business, us confidence also

and and we play transactions, as increasing increase of relates Now the the There did obviously in to half all outlined. it with year I back conflict by the are rates the large, reasons outlook for that. as But stuff. typically here, macro Eastern situation interest mentioned, not that the for we in factors some Europe, our guidance at are,

Stephen MacLeod

Investment just Street have what wanted coming The the of then and you balance and QX And do with momentum the Harrison in fundraising strong into saw of respect that to now business. of Great. the fundraising through exiting to -- you I Great. the QX, visibility kind year? terms Management momentum

Jay Hennick

visibility. Well, strong the X we have in This very market with Christian, we're X? or particular a year, --

Christian Mayer

Six.

Jay Hennick

increasing All in size previous funds are Six funds. funds. from

XX% fund. investors into probably of know, subsequent the you XX% to As roll the

we so the And fundraising actively current quite year, Antirion. the are Basalt is fundraising prospects in excited and about of as also is

was be record interesting expectations do a internal better are itself significantly but our we next last over year how very see couple will us. for of which it to So year, than the quarters,

Stephen MacLeod

those are backdrop those to creep kind to for transaction of the activity? how are hold to rates, things That's is of about to that Or into maybe or is fantastic. just conversations any beginning you and for And the beginning then respect potential now any unfold. waiting with see rising that conversations see of people something on and factors finally, just macro

Jay Hennick

my Macro it's over really investors may I with They remarks. that concepts of impacted something. the prepared do they anybody investment is place. point the not decisions all never we're who thinks decide smoking to Colliers. and affect did, continue Where and in the to or may Well, is their investments, tried make in don't

we're Some sell up, interest to go as assets. say rates going

all estate. we not build shopping like of real sell is beneficial getting are of we could they're be malls Inflation it so going All many the real impacted by Others Some buy, but we malls, to don't as real and do lease centers. and really logistics out anymore. because say, to we owners malls estate, logistics selling own don't estate. shopping chain, supply say, have we're shopping

want And So velocity said, in recurring Christian is just than as business. is over today. nonrecurring of all business we XX% our more our

today portion nonrecurring really listen potentially. stuff, and macro who geniuses the talking more and Capital out we're Leasing there's activity about more ever And real So those the there before. than velocity. in tailwinds about we all talking and as pipeline. estate I They're talking to owners business, those There's of more the of when serve do. the they're about events talking in our There's not Markets, that owners about

because bringing long-term and I value wanted a a huge for So shareholders investor, that and I time, to some you make I the point, over for around building thank long it Steve, of this. of up, as period smile at editorial

an not in XX past as we're position happens. own to just get gain stuff we our think see from what years, and continue you stronger too could I results capitalize, and goes on. to and pick is, Look, everybody So better it, by amazing affected X really of But the over years, share. grow much

its peers marketplace. some the So I unappreciated tremendous think and, models of frankly, have by business are that Colliers

Operator

line of from question coming [Operator Scott Instructions]. the Fromson our next And with CIBC.

Scott Fromson

over the pretty outlook, is, especially drivers giving and us of -- good detail, gone it strong your you've what that how clear the and outlook the think the factors and understanding I and is. in

quick are question, Just there any you business gains? market you markets Are particular seeing though. lines -- where under share are a

Jay Hennick

of Everywhere, look gains there's the pretty consistent at the years, more all own and mean, expectations, Everywhere. All impressive, very kinds the in continue board pipelines I tells virtually past say I'd our everywhere. and the market are couple pretty say for for to our XX% quarter, like just to results way over ourselves back us And go. results saying actual area, share of is, preplanned. frankly. I'm every that been like internal mean beating it it's everywhere. -- exceeding I strong and these our market to expectations, market to the But which be own pat was I'd on across up

So phase. we're next about excited the

Operator

coming And Securities. Young question with our next from Daryl TD

Daryl Young

the good on Congrats results.

side I'm been be and from may very of you growing growing if or may still ability keep about tied the Just very, they O&A just transaction somewhat have -- was historically there segments pullback how to order at O&A. the O&A the all? the side, mean maybe to resilient. a transaction lot to through on is getting I how side? investors transaction the in not in a even air of on comment required clear the And Would continue like that questions to

Christian Mayer

mean, I those also of And then in Well, Daryl, square managed property space the services for around we feet contracts, X leasing provide we as those example, an of world. management, -- assets. owners we of most those billion

recurring contract. property management monthly is Now the a contract

piece space transact a each For to landlord when end the there's later leasing, complementary to the we're a and when very tenants of tenant a needs at any that little the But that together. they revenue whatever, If quarter. in to happen. and the opportunistic, leasing more come. come come, tied recurring transactions the we'll by revenue And day, of that make will They're there's right? a behalf delay will get They're bit they a or decision-making in on other. there kind of if

Jay Hennick

I number would Is it's I'm engineering million probably management important $XXX get of wrong, which is aggregate project an $XXX it globally. that going is, business, or add million And that together Christian? element but what and slightly to the our

Christian Mayer

Yes.

Jay Hennick

relationships that million These is continue $XXX long relationship globally. are after to the all duration recur completed.

a with by period. continues exercise, retained a get third decide owner new of the every to once then a That is to required. and engineering might long building large management of owner in X-year we that the contract. and that or construction all of typically particular and take beyond time. service And for property component It's that project building record, long-term if X-year complex, for a second over a to again the an often the support help may engineer you're every duration a and an So our building them. We some period -- single of it's job, ongoing in day in virtually do of business management it's engineering, that's function the there build

where that about of a and client building when advisory we that value-add and the are inside duration, and have janitorial. we how we weaker our bit outsourcing talk high have pieces So a valued, services It's component, of these relationships because be. isn't long strong value-add moat that high might building This have services. into that operates, information are

So in I market we're or many buildings of And commercial grow rapidly. even for there think period as out And the firms management expert the that new a very assets as continues in. for that real our of ongoing there infrastructure appreciate more provider, we're mature as of investment seeing part long investors specialty, continues new to of doing. much that service to our out business time. don't what I products, the estate are think construction we're participating there piece

those capability of manage a a need management project defined in All the oversee professional to and them projects way. construction of

that grow don't others resilience see consistency a to our that continuing and of most gives component and we have. rapidly, business it so us of level And

Christian Mayer

owner decides just gives services And the as provide that the or a or to decision. described close and disposition that, that to if it make leasing of then that also sale asset in ultimately opportunity us I come

ties it business X So of together. parts the the

Daryl Young

That's great color.

Jay Hennick

you that much too we there? Was Did too much? give

Daryl Young

perfect. That's

some just it from are of that we there. out think given -- concerns now right given benefit can the I

what sure one. there So terms it's for if you'll framing Has on this, vertical? that like? in could headway not bite any the I'm just of potential maybe made last but quick look great been in one another color. And

Jay Hennick

same we you somebody full Well, call, activities we last verticals. asked -- in question, a existing the have and our pipeline our of we're maybe -- the have on

global those one opportunities have We every in verticals. of growth

time horizon I obviously unique So of really strong We can last confident there's very capacity do that value differentiated words, -- have on the very nothing test and the building will and we're something our famous and to But the really stand that verticals for some we're create if see shareholders. that very, incredible came. tremendous it.

Operator

Bastien with the Our of next Raymond from question line Frederic James. coming

Frederic Bastien

the X today. million then up and you repurchased, shares yesterday it's first the towards end that of it The or quarter until started

Just was wondering two if quarters. it the split between evenly

Christian Mayer

I Frederic. during XXX,XXX and think we in April, purchased around roughly March XXX,XXX shares

Frederic Bastien

I'm Okay. got spent yet Basalt that just much to color. about going the you -- on how this have That's you curious transaction I close. you good purchase. the has amount forward. is you've liquidity the extra guess And -- estimate share then

opportunities how comfortable you deploy you half are So capital, in the say, second present that great can themselves? some if

Christian Mayer

very think positioned, we're well I Frederic.

billion it, $XXX a draw revolver, a the moment. around at on has We million have I $X which think low

close. transaction have we to Basalt First, the

of is lots leverage liquidity and in the very low. So our system,

So we're well positioned.

Frederic Bastien

is kind As and net now your what more Can of are right business debt-to-EBITDA? in nature, become your you remind more with as too me leveraging well? recurring comfort has comfortable more you respect of to range

Christian Mayer

zone you year. Look, to level the revenue. higher is at we're is transforming the for comfortable comfort certainly, And like Xx, with this described business Xx that and our the recurring X that reason of amount

we high get sort get With back from coming of based management, those visibility high X our -- if and -- durable EBITDA and something, delever leverage into margin so the of range above we Xx cash know quickly. extremely flow. is to Basalt highly acquisition our as that strong low investment quickly services, to CapEx when on going from an XX% point can well, transaction, And we where we're and or Xx a we're have to EBITDA

So with we all pretty feel comfortable that.

Frederic Bastien

acquisition Colliers E&D you. in Great. you comment Jay, U.S. Can got latest that I've the for the on did one

take you Southwest, whole fits strategy? might in business How that you the forward? does going diversified are how And in that kind now of the U.S.? where well

Jay Hennick

briefly, Just It excellent our nicely acquisition. perspective, our fit Fred. it an was business. into From very

a had Texas. small -- was business and growing pre-acquisition in very platform or business current Our

many which know, say but that U.S., lots overall joined to in partners business. and engineering lots cover would we're and the I as did. very business, the And And So that have firms. needed about -- you because room engineering you And augment the excited of we we we in globally. new

global We have brand. a

philosophy alignment the client in handy, partnership we and owned those very other that pursue people and that firms day come happen more which are of both much extensive have firm. XXX% you especially when do, a relationships things engineering the it to creates of day between that some as We make

has our we people. great partnerships business that great through years. segment And fair and to ripe been trajectory, this XX on standard for for global with we the growth So a see understand platforms We this do over how is can it basis. build same

lots it's not very to but So do but small percentage business. -- small, global a still still very there, small percentage our of

Frederic Bastien

specifically From Northeast, kind I a and if Great. basis, California within space the -- recall, on U.S., were you? a you of the for in a now is Southeast regional Texas, white

Jay Hennick

everything California -- sorry. Is --

Frederic Bastien

was No, to I California ahead. just opportunity Go know if wanted an here.

Jay Hennick

And you you you idea already an I have know phone give Yes. in have. my I'll which number, mind, if

Operator

next line Our Goldman the coming Chandni with from question Luthra Sachs. of

Chandni Luthra

leverage, But for there coming on business? from a higher favorably some Congratulations a you I acquisitions which to some related operating mean kind and what split getting way about there's of talk perhaps is quarter. strong leverage then impact a much working know well, how Could is alluded just obviously you margin about the piece, you. but I is driver in think in as of the guidance? to

Christian Mayer

Yes.

from The margin For sure, sources. half is organic Chandni. operating increase

strong revenues, also So margin had but the quarter, business a strong growth. you saw Americas in the

some undertaking from company. We the continuing cost year our of from that regional revenues, expect continue we're also activities of around management the leverage businesses through the across from that all higher operating to

businesses is from And know, margins. of operate as acquisitions. increase the other margin half Investment at The higher you Management

April a second the So drive the that impact deal, X, transaction Antirion which the we expansion half consolidated will just additional and in margin closed Basalt of the on on basis. closing

Chandni Luthra

then And shares something you embedded is that? should teens model guidance any about giving about growth our that And given we talked kind embedded guidance given in numbers? so this have that buyback earnings You you color. acted. guys how That of point around great today? is generally as how at there Is much in thinking just my follow-up, there? think for we Are buyback about of high have

Christian Mayer

buybacks have outlook today factored you The that referring does not see additional any in.

Operator

And coming question of Financial. our Bank with Maxim National from the line next Sytchev

Maxim Sytchev

first question Jay, possible. maybe it's the if for you,

obviously but that some was any communicate you I with seeing markets, we've right seen potential are you in from if targets. compression the Given wondering by multiple now the fact the line change in the sellers as public

Jay Hennick

I think No. so. don't

sellers -- year to continues obvious I be they X ago or a than higher think the were the of reasons. seller the for expectation

private trading in higher Colliers. public are market the than Assets materially many companies, including

So in seeing expectations I'm sellers. not pricing from changes any

Maxim Sytchev

question significant control Okay. And helpful. pretty quarter super of That's in you was just versus I'm I then capital, there noncash had a this Christian, a year. terms working for in any just trying thinking terms how provide it'd you it to be see we as helpful. color, that in progresses year about the if can of unwinding, should be super some of last

Christian Mayer

One that from on was and earn-out, Street negative cash things which $XX in capital the this a that Harrison note. That's payment consideration we as a is of quarter Yes. a against couple contingent our great question, up Max. showed a of of working were million There made, operations.

some secondly, cash in you that's resulted that negative have that item. highly noncash ins which as change the we of in working quarter. in accounts the results capital item we receivable and an nonrecurring accounts drew outs statement from change that course, it being receivable we quarter. the -- accounts are that, facility facility flow that then my So in that's saw. a and something in Under nonoperating a it's And on operating the shown that receivable during as the have, sorry, And view. GAAP, there on item, the the And

Maxim Sytchev

Or we've the year, is what it of sure. closer to it, going exclude rest to seen QX? kind of And think the sort were about in terms to we of we should For how if of the then in be 'XX?

Christian Mayer

expect that we generative fourth for there year. third very basis, each as we with the Yes. to strong operating to of the this year cash be cash flow, flow generates quarters and full cash The business seasonality businesses strong On flows. course, And a being again that, are expect in the case highly transactional some we year. is to be and

Maxim Sytchev

did And clarification. right. maybe get that eclipsing number for the to Absolutely. see just then to office you say trying And just Or still sure, and going that? needs any happen the leasing, peak. Jay, one color those I'm when terms last going to XXXX terms in I'm levels be not X% in we're below of Okay. what you you of to higher? potentially think we're

Jay Hennick

was or we're basis, were, for those quarter. hope on quarter, number. following Look, XXXX levels this We XXXX to global material -- a QX -- below next the that leasing. Max, not past if X% a office than quarter meaningful not we X% flip is

positive I momentum there's for think watching it's positive trajectory closely. that's and that leasing, something we're and certainly office --

Maxim Sytchev

any I mean, the And in had side are couple years. change industrial of you obviously, last we tremendous the of seeing on things?

about your you're now. right curious the from -- Just hearing clients what

Jay Hennick

in to case the Industrial continues also seeing REITs be hot. globally. think that's very some And space. acquired that We're publicly being I traded

it's So a very hot segment and that's right continues. now

Christian Mayer

future the become markets that, because only seeing which our of And to add I at our leasing property capital revenues in will would is in sales the the going future, drive we're industrial additional market. and product land on record levels. that to that which revenues

Operator

to this time. I Mr. further like at any remarks. I'm showing now turn would over back for to the call questions Hennick no closing

Jay Hennick

us. to very for next Thanks again look much, you this for call, forward quarter's thanks, everyone, participating in and it Thank joining we Okay. doing quarter. operator, and

Operator

have gentlemen, Ladies nice your this you concludes conference Thank a day. the and and participation, for call.

Colliers International (CIGI) 3 May 222022 Q1 Earnings call transcript