Colliers International Group Inc (CIGI) 2025 Q1 法說會逐字稿

Welcome to the Colliers International first-quarter investors conference call. Today's call is being recorded.

歡迎參加高力國際第一季投資者電話會議。今天的通話正在錄音。

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 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 40-F as filed with the US Securities and Exchange Commission. As a reminder, today's call is being recorded.

法律顧問要求我們告知，今天計劃進行的討論可能包含涉及已知和未知風險和不確定性的前瞻性陳述。實際結果可能與前瞻性陳述中設想的任何未來結果、績效或成就有重大差異。有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的更多信息，包含在公司向加拿大證券管理局提交的年度信息表和公司向美國證券交易委員會提交的 40-F 表年度報告中。提醒一下，今天的通話正在錄音。

Today is Tuesday, May 6, 2025, and at this time for opening remarks and introductions, I'd like to turn the call over to the Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.

今天是 2025 年 5 月 6 日星期二，在開幕致詞和介紹的時候，我想將電話交給全球董事長兼首席執行官傑伊·亨尼克先生。先生，請繼續。

Thank you, operator. Good morning, and thanks for joining us for the first quarter conference call. As the operator mentioned, I'm Jay Hennick, Chairman and Chief Executive Officer of Colliers. And with me today is Christian Mayer, our Chief Financial Officer. As always, this call is webcast and available in the Investor Relations section of our website, along with a detailed presentation slide deck.

謝謝您，接線生。早安，感謝您參加我們的第一季電話會議。正如接線員所提到的，我是高力國際董事長兼執行長傑伊‧亨尼克 (Jay Hennick)。今天和我一起的是我們的財務長克里斯蒂安·梅耶 (Christian Mayer)。與往常一樣，本次電話會議將透過網路直播，並在我們網站的「投資者關係」部分提供，並附有詳細的簡報幻燈片。

We're pleased with our operating results for the quarter, which met expectations and keep us on track to deliver on our full year targets. We took a cautious outlook at the beginning of the year given the macroeconomic and political uncertainty at the time, and we're sure glad we did. At Colliers, market volatility has never derailed our focus on creating long-term value. Our leadership team has consistently navigated uncertainty with discipline and has taken the opportunity to seize opportunities when they present themselves. This time is no different. That said, we're seeing significant growth across business segments and geographies, which we expect will continue, particularly in the second half of the year.

我們對本季的經營業績感到滿意，這符合預期並使我們能夠實現全年目標。鑑於當時宏觀經濟和政治的不確定性，我們在年初採取了謹慎的態度，我們很高興我們這麼做了。在高力國際，市場波動從未影響我們創造長期價值的決心。我們的領導團隊始終以紀律性應對不確定性，並抓住出現的機會。這次也不例外。也就是說，我們看到各個業務部門和地區都出現了顯著的成長，我們預計這種成長將持續下去，尤其是在今年下半年。

Our newly established Engineering segment delivered strong internal growth in the quarter and combined with acquisitions, posted meaningful gains over the prior year. With more than 9,000 professionals and over $1.5 billion in annualized revenue, we're now one of the top global players in the industry with additional opportunities for growth. In Investment Management, AUM exceeded $100 billion for the first time. Fundraising is gaining momentum driven by new vintages and new investment strategies. We're leveraging our scale, our expertise and our proprietary data and relationships to deliver strong performance and innovative opportunities for our investors.

我們新成立的工程部門在本季度實現了強勁的內部成長，並結合收購，比前一年取得了有意義的成長。我們擁有超過 9,000 名專業人員和超過 15 億美元的年收入，現已成為該行業的全球頂尖企業之一，並擁有更多的成長機會。在投資管理方面，AUM首次突破1,000億美元。在新產品和新投資策略的推動下，融資勢頭強勁。我們利用我們的規模、專業知識和專有數據和關係為投資者提供強勁的業績和創新機會。

Our Real Estate Services segment is a global leader, ranking among the top three worldwide with a balanced, diversified platform supported by a strong foundation of recurring revenues. With 14,000 professionals globally, this segment has consistently delivered year-over-year growth and strong cash flows despite obvious tailwinds in capital markets. Once the market stabilizes, we expect activity levels to rise, which will drive even greater profitability to this division.

我們的房地產服務部門是全球領先者，位居全球前三，擁有均衡、多元化的平台，並以強大的經常性收入基礎為支撐。該部門在全球擁有 14,000 名專業人員，儘管資本市場明顯處於逆風狀態，但仍持續實現同比增長和強勁的現金流。一旦市場穩定下來，我們預計活動水準將會上升，這將為該部門帶來更大的獲利能力。

We also advanced our growth strategy with the acquisition of Ethos Urban, adding best-in-class urban planning capabilities in Australia, the pending acquisition of Triovest, which strengthens our leadership in high-value recurring real estate services in Canada and the recent acquisition of Terra Consulting, further expanding our infrastructure capabilities in our US engineering platform. With three powerful growth engines, a world-class team and a 30-year record of performance through all market cycles, Colliers is well positioned to continue delivering exceptional value for shareholders.

我們也透過收購 Ethos Urban 來推進了我們的成長策略，增加了澳洲一流的城市規劃能力，即將收購 Triovest，加強了我們在加拿大高價值經常性房地產服務領域的領導地位，最近收購了 Terra Consulting，進一步擴大了我們在美國工程平台的基礎設施能力。憑藉三大強勁的成長引擎、世界一流的團隊以及 30 年跨越所有市場週期的業績記錄，高力國際已做好準備，繼續為股東創造卓越的價值。

Now I'll turn things over to Christian for his financial report, and then we'll open up the call to your questions. Christian?

現在我將把時間交給克里斯蒂安來做財務報告，然後我們再開始回答你們的問題。基督教？

Thank you, Jay, and good morning, everyone. Please note that the non-GAAP measures discussed here today are as defined in the materials accompanying this call and all references to revenue growth are on a local currency basis.

謝謝傑伊，大家早安。請注意，今天討論的非公認會計準則指標均在本次電話會議隨附的材料中定義，並且所有對收入增長的提及均以當地貨幣為基礎。

Revenues for our first quarter were $1.1 billion, up 16% relative to the prior year period, with significant growth coming from our Engineering segment. Internal growth was 4% overall and was led by Engineering, which had robust increases in activity, particularly with public sector clients in all four of our key end markets: property, infrastructure, water and environmental. First quarter adjusted EBITDA was $116 million, up 7% over the prior year, with contribution from both internal growth and acquisitions. Overall, Real Estate Services net revenue grew modestly for the first quarter.

我們第一季的營收為 11 億美元，比去年同期成長 16%，其中顯著的成長來自我們的工程部門。內部成長整體為 4%，其中工程業務成長最為強勁，尤其是我們四個主要終端市場的公共部門客戶：房地產、基礎設施、水務和環境。第一季調整後的 EBITDA 為 1.16 億美元，比上年成長 7%，這得益於內部成長和收購。整體而言，第一季房地產服務淨收入小幅成長。

Capital markets activity was up 10% globally. Sales brokerage was up in all geographic regions and all asset classes. Debt finance activity increased nicely, particularly refinancing volume in our US multifamily franchise. Leasing revenues were down 5% relative to a strong prior year first quarter that had a couple of larger specialty asset class transactions. We expect leasing revenues to return to year-over-year growth going forward. The segment's net margin declined modestly to 6.6% for the seasonally slow first quarter, primarily due to continued healthy investments in recruiting as well as revenue mix.

全球資本市場活動成長了 10%。所有地理區域和所有資產類別的銷售經紀業務均有所成長。債務融資活動成長良好，尤其是我們美國多戶型特許經營的再融資量。與去年同期強勁的第一季（有幾筆較大的專業資產類別交易）相比，租賃收入下降了 5%。我們預計未來租賃收入將恢復年增。由於第一季季節性放緩，該部門的淨利潤率小幅下降至 6.6%，主要原因是對招聘和收入組合的持續健康投資。

Engineering performed strongly in Q1 with net revenue growth of 63% attributable to both recent acquisitions and low teens percentage internal growth. The net margin increased to 8.4%, up 110 basis points relative to the prior year period due to improvements in staff utilization and operating leverage. We continue to carefully monitor our clients for potential tariff or government policy-related impacts, but to date are not aware of any significant issues. Investment Management net revenues, excluding pass-through performance fees, were flat as expected.

工程業務在第一季表現強勁，淨收入成長 63%，歸功於最近的收購和低十幾歲百分比的內部成長。由於員工利用率和經營槓桿的提高，淨利潤率增至 8.4%，較去年同期上升 110 個基點。我們將繼續密切監控客戶可能面臨的關稅或政府政策相關影響，但迄今尚未發現任何重大問題。投資管理淨收入（不含轉嫁績效費）與預期持平。

The net margin was 46.2%, up from 44.2% last year with lower incentive compensation, partially offset by higher headcount. We raised $1.2 billion of new capital commitments during the first quarter, which was more than double the amount we raised in the prior year period. Notably, 3/4 of the capital commitments raised during the quarter were in traditional real estate strategies, indicating increased investor interest as conditions improve. We expect our fundraising to accelerate in the second quarter with new vintages of existing products as well as new investment strategies entering the market.

淨利率為 46.2%，高於去年的 44.2%，激勵薪資較低，但被員工人數增加部分抵銷。我們在第一季籌集了 12 億美元的新資本承諾，比去年同期的金額高出一倍以上。值得注意的是，本季籌集的資本承諾中有四分之三用於傳統房地產策略，顯示隨著條件改善，投資者的興趣增加。我們預計，隨著現有產品的新產品以及新的投資策略進入市場，我們的融資將在第二季加速。

Assets under management at March 31 were $100.3 billion, up $1.4 billion from year end. Increases came from fundraising and positive mark-to-market adjustments, partially offset by portfolio dispositions that return capital to investors.

截至 3 月 31 日，管理資產為 1,003 億美元，比年底增加 14 億美元。成長來自於籌資和積極的市價調整，但被向投資者返還資本的投資組合處置部分抵銷。

Our cash flow from operations and free cash flow for the first quarter improved significantly year over year. On a trailing 12-month basis, our free cash flow exceeded $400 million and represented a conversion rate of 136% of adjusted net earnings. Across each of our business segments, our operations are working capital light and have modest CapEx, resulting in strong free cash flow that can be reinvested in our growth. Over the long term, we are targeting a conversion rate of approximately 100% of adjusted net earnings.

我們第一季的營運現金流量和自由現金流年大幅改善。在過去 12 個月中，我們的自由現金流超過 4 億美元，轉換率為調整後淨收益的 136%。在我們的每個業務部門中，我們的營運都採用輕營運資本且資本支出適中的方式，產生強勁的自由現金流，可以再投資於我們的成長。從長遠來看，我們的目標是使調整後淨收益的轉換率達到約 100%。

Moving to our balance sheet. Our leverage ratio defined as net debt to pro forma adjusted EBITDA was 2.2 times as of March 31. As expected, leverage increased modestly in the first quarter given seasonal operating cash outflows. For the second quarter, we expect leverage to remain in the 2 times range, then decline to approximately 1.5 times by year end. This assumes no material acquisitions.

前往我們的資產負債表。截至 3 月 31 日，我們的槓桿率（定義為淨負債與調整後 EBITDA 比率）為 2.2 倍。正如預期的那樣，由於季節性經營現金流出，第一季槓桿率略有上升。對於第二季度，我們預計槓桿率將保持在 2 倍左右，到年底將下降至 1.5 倍左右。這假設沒有重大收購。

Our full year financial outlook remains unchanged. As Jay noted in his comments, we took a cautious posture when we set our outlook back in February, knowing that international trade tensions and interest rate volatility could impact our clients and our businesses. We currently expect transactional revenue choppiness to continue in the second quarter but see an improvement in operating conditions in the back half of the year. That concludes my prepared remarks. Operator, can you please open the line for questions?

我們的全年財務前景保持不變。正如傑伊在評論中指出的那樣，我們在二月制定前景時採取了謹慎的態度，因為我們知道國際貿易緊張局勢和利率波動可能會影響我們的客戶和業務。我們目前預計第二季交易收入將持續波動，但下半年營運狀況將有所改善。我的準備好的發言到此結束。接線員，您能開通熱線來回答問題嗎？

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的 Anthony Paolone。

Yeah. Thanks, and good morning. I guess first question is, can you just talk about what you have seen unfolding more recently in the market and where -- whether it's by region or property type or business line where maybe you've seen some impact from the macro environment?

是的。謝謝，早安。我想第一個問題是，您能否談談您最近看到的市場動態以及——無論是按地區、房地產類型還是業務線，您是否看到了宏觀環境的一些影響？

Wow, that's a loaded question. There's things happening all over the place. And so I'm trying to zero in on a couple of highlights for you. We're seeing sort of better results in Asia. We're seeing some pockets in Europe. I'm talking specifically about capital markets now. New York seems to be strong in terms of new leases at record rates. But generally speaking, there is still an uncertainty in the marketplace, which is preventing clients from making longer-term decisions on leases in non-key markets, let's say. And we were, I would say, at the beginning of the quarter, excited that things were stabilizing. And then, of course, all this tariff stuff started and all of a sudden transactions that were close to closing had financing tied up and a variety of other things just were put on delay. So all of this to say is we're still in a market, in my view, that's uncertain and unclear. And only a select number of transactions are getting completed.

哇，這是一個引導性的問題。到處都有事情發生。因此，我嘗試為您重點介紹幾個亮點。我們在亞洲看到了更好的結果。我們在歐洲看到了一些這樣的現象。我現在特別談的是資本市場。紐約的新租賃表現似乎十分強勁，創下了歷史新高。但總體而言，市場仍存在不確定性，這阻礙了客戶對非關鍵市場的租賃做出長期決策。我想說，在本季初，我們為情況趨於穩定而感到興奮。然後，當然，所有這些關稅問題都開始了，突然間，即將完成的交易的融資被凍結，其他各種事情也被推遲了。所以，我認為，所有這些都表明我們仍然處於一個不確定且不明確的市場。並且只有少數交易能夠完成。

I'd add to that, Jay, in terms of -- we talked about our capital markets business, but when you switch over to looking at our Engineering segment, activity levels there continue to be very robust, Tony. And we have strong pipelines of work. We are seeing the public sector clientele, particularly engaging on new and enhanced projects and assignments -- so feel very good about that segment. In terms of investment management, indications to date, given the trade uncertainty and volatility is that activity levels and interest levels in fundraising are proceeding and growing. So I think the volatility here should not be a major factor impacting our success in fundraising for the year.

傑伊，我想補充一點，就這一點而言——我們談到了我們的資本市場業務，但是當你轉到看看我們的工程部門時，那裡的活動水平仍然非常強勁，托尼。我們擁有強大的工作管道。我們看到公共部門的客戶，特別是參與新的和增強的專案和任務——因此對這一部分感覺非常良好。在投資管理方面，迄今為止的跡象表明，鑑於貿易的不確定性和波動性，籌資活動水平和興趣水平正在不斷提高。因此我認為這裡的波動不應該成為影響我們今年籌款成功的主要因素。

Okay, thanks. And that actually gets to my follow-up, which was going to be in investment management because you all did -- I think you mentioned doubled your fundraising in the quarter there. What do LPs want right now or not want? Like can you just give us a little bit more about how that's going and kind of where the success lies there?

好的，謝謝。這實際上涉及到我的後續問題，即投資管理，因為你們都這樣做了——我想你們提到過本季的融資額翻了一番。LP 現在想要什麼或不想要什麼？您能否向我們詳細介紹一下事情的進展以及成功之處？

I think there's a lot of pent-up demand across all the strategies. I think there's been such a softness in fundraising across the board for the past couple of years. And this year is going to be the telltale. I mean we're forecasting fundraising to be more than double what it was last year. And we started off with the first quarter with a nice start. So I think people are feeling better. I think they want to get back to completing transactions. So I'm cautiously optimistic that we're at the other side of this on the investment management component of our business.

我認為所有策略中都存在著大量被壓抑的需求。我認為過去幾年來，整體的籌款活動一直很疲軟。今年將會是一個明證。我的意思是，我們預測籌集的資金將比去年增加一倍以上。我們第一季的開局不錯。所以我認為人們感覺好多了。我認為他們想重新完成交易。因此，我謹慎樂觀地認為，我們業務的投資管理部分已經走出了困境。

Daryl Young, Stifel.

達裡爾·楊（Daryl Young），Stifel。

Hey, good morning, everyone. On the engineering platform, you've been adding a lot of new technical capabilities with some of your smaller tuck-under acquisitions. And I'm just wondering if going forward, will this be a business that's maybe more centralized than your historical operating model? And is that in part what's driving some of the strong results this year, as you're maybe integrating these businesses and cross-selling more than you might have historically under your decentralized model? Any color there would be great.

嘿，大家早安。在工程平台上，您透過一些規模較小的收購增加了許多新的技術能力。我只是想知道，展望未來，這項業務是否會比你們過去的營運模式更加集中化？這是否是今年取得強勁業績的部分原因，因為你們可能正在整合這些業務，並且交叉銷售的規模可能比你們過去在分散模式下的規模更大？任何顏色都很棒。

No, I don't think we're going to change the Colliers investment model at all. It's proven the test of time for sure. But what is more centralized is that country for country. So, for example, the US business operates as one large partnership. That's a big differentiator, we think, for us. Same thing in Canada. And these are larger platforms that operate in a centralized way in partnership with the people that make it happen day-to-day. So yes, there's huge synergies in the business. You can add product specialties. There's strong organic growth opportunities.

不，我認為我們根本不會改變高力國際的投資模式。它確實經過了時間的考驗。但更集中的是國家對國家的集中。例如，美國企業以大型合夥企業的形式運作。我們認為，這對我們來說是一個很大的區別。加拿大也發生同樣的事情。這些都是更大的平台，以集中的方式與每天進行這些工作的人合作運作。所以是的，業務上存在著巨大的協同效應。您可以新增產品特色。存在強勁的有機成長機會。

Christian has alluded to a few, but it continues. The market is massive. And the other thing is the Colliers brand has gone a long way in enhancing the stature of engineering firms that were otherwise not really well known. They might have been known in a region, but now they have a national presence, both in Canada and in the US, and in Australia and New Zealand. And let's not forget that our Engineering segment also includes both our project management and our program management capability, which are also consolidating, which also have great cross-sell opportunities to the same client base. So we're very excited about that business and what we can do with that business over the next 5 to 10 years.

克里斯蒂安曾提到一些，但這種情況仍在繼續。市場規模龐大。另一件事是，高力國際品牌在提升那些原本不太知名的工程公司的地位方面發揮了很大的作用。他們可能在某個地區很有名，但現在他們的影響力已經遍布全國，包括加拿大、美國、澳洲和紐西蘭。別忘了，我們的工程部門還包括專案管理和專案管理能力，它們也在整合，也為同一客戶群提供了很好的交叉銷售機會。因此，我們對這項業務以及未來 5 到 10 年內我們可以利用這項業務做些什麼感到非常興奮。

You know, we're not active in Europe at all yet. We'd love to be active there as well. But this is a segment that could dwarf the rest of our real estate services business, as an example. So a lot of focus and a lot of energy are going into this segment for us.

你知道，我們在歐洲還沒有進行任何活動。我們也很樂意在那裡積極活動。但舉例來說，這一部分可能會使我們其他的房地產服務業務相形見絀。因此，我們在這一領域投入了大量的精力和精力。

That's a good color. Thanks, Jay. And one more on the real estate services side, the margins were a little bit lighter than I would have thought. Talent acquisition, obviously, short-term pain for long-term gain. But I'm just wondering, can you give us some color on how many net hires you have today? And is this what the expectation for growth in hires would be going forward? Or is this a bit of a backfill for maybe some departures you've had last year through the last couple of years?

這顏色不錯。謝謝，傑伊。另外，在房地產服務方面，利潤率比我想像的要低。顯然，人才招募需要承受短期痛苦才能獲得長期利益。但我只是想知道，您能否告訴我們目前您有多少淨僱員數？這就是未來招募成長的預期嗎？或者這是否是對去年和過去幾年中一些離職人員的補充？

Yeah, Darryll, we do have internal targets we set for growth in our business. We've grown our practice significantly over the last four, five years, mostly through organic recruiting, but also a little bit of acquisition activity. There hasn't been a lot of acquisition activity lately. But when we look at our organic growth in real estate services, I'm talking about the capital markets and leasing practice in particular here right now. We're targeting a 4% to 5% annual growth rate in terms of the number of producers' net growth rate. And we also are very focused on increasing the productivity of those producers. And through training, technology, tools, a lot of little things go into that to enhance their ability to generate revenue and in turn, profitability for Colliers.

是的，達裡爾，我們確實為業務成長設定了內部目標。在過去的四、五年裡，我們的業務有了顯著成長，主要是透過有機招聘，但也有一些收購活動。最近沒有太多的收購活動。但當我們看房地產服務的有機成長時，我現在特別談論的是資本市場和租賃業務。我們的目標是生產者數量的淨成長率達到每年4%到5%。我們也非常注重提高這些生產商的生產力。透過培訓、技術、工具等許多小細節，他們提高了創收能力，進而提高了高力國際的獲利能力。

Got it. Okay, thanks very much. I'll hop back.

知道了。好的，非常感謝。我會跳回去。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks for taking my questions. I wanted to first just a follow up on the prior engineering question. Would love an update on how that business has kind of been performing relative to your expectations. I think you mentioned low teens internal growth this quarter. So, really good growth. And are you seeing any benefits from cross-selling, I guess, with other business lines? Is this more about engineering, kind of growing the opportunity on engineering as a stand-alone? Or have we started to see some benefit about taking engineering and have it be a part of the bigger Colliers platform?

嘿，謝謝你回答我的問題。首先，我想跟進一下之前的工程問題。我很想了解一下該業務的業績是否符合您的預期。我認為您提到了本季度內部成長率處於較低水平。所以，這確實是好的成長。我想，您是否看到了與其他業務線進行交叉銷售所帶來的好處？這是否與工程有關，或者說，是否增加了工程作為獨立領域的機會？或者我們已經開始看到將工程納入更大的高力國際平台所帶來的一些好處？

Well, I mean, there's cross-selling in that business in a couple of ways. One is internal, as we've discussed. So if one specialty, say, water has a client that needs a different specialty. There's lots of cross-selling. It's built into the DNA of that organization. And so there's multiple cross-selling opportunities within the platform, not to mention the opportunity to add specialties and then cross-sell them. And that is the cross-sell within the platform is something that is international in scope. So, for example, in engineering, the US engineering firm has referred some key global clients to Canada and vice versa. We haven't seen too much yet in Australia and New Zealand, but we think that, that's coming.

嗯，我的意思是，該業務中存在幾種交叉銷售方式。一個是內部的，正如我們討論過的。因此，如果一個專業領域（例如水）的客戶需要不同的專業領域。存在大量交叉銷售。它已融入該組織的 DNA 之中。因此，平台內有多種交叉銷售機會，更不用說添加特色產品然後交叉銷售的機會了。也就是說，平台內的交叉銷售是國際性的。例如，在工程領域，美國工程公司已將一些重要的全球客戶介紹到加拿大，反之亦然。我們還沒有在澳洲和紐西蘭看到太多這樣的情況，但我們認為，這種情況即將發生。

In terms of the real estate cross-selling, that's a whole separate opportunity. I think if I'm being frank, it is smaller in materiality, but still quite interesting. So, for example, first of all, it's the same client base, essentially the same client base across the board. They know the Colliers name. They know the Colliers brand. They may want to secure land before they secure land, they need to do a whole variety of testing. So it might be environmental testing, it might be road access. It might be a variety of other things like that. So we can do preliminary work with them, and that is happening, and it's happening consistently between the two different platforms. And then once the land is acquired and the owner of the land chooses to develop whatever that might be, whether it is a civil or whether it is private, there's a need for a project manager or a project or a program manager to execute on behalf of the client.

就房地產交叉銷售而言，這是一個完全不同的機會。我想如果我坦率的話，它的實質較小，但仍然很有趣。例如，首先，這是相同的客戶群，本質上是相同的客戶群。他們知道高力國際這個名字。他們了解高力國際品牌。他們可能想在獲得土地之前確保土地安全，他們需要進行各種各樣的測試。所以它可能是環境測試，也可能是道路通行測試。它可能還有其他各種類似的東西。因此我們可以與他們一起進行初步工作，而且這項工作正在進行中，並且正在兩個不同的平台之間持續進行。一旦獲得土地並且土地所有者選擇開發任何東西，無論是民用還是私人，都需要專案經理或專案或專案經理代表客戶執行。

So Colliers really has the opportunity to surround these same clients, both internally within the platform, but also externally in the Colliers traditional real estate platform. So there's lots of opportunity, but we're really still at the early stages. But I would say in terms of cross-selling, we've seen more cross-selling between engineering and engineering internally, and engineering with the real estate services segment. We've seen more of it than in most other cross-selling opportunities across our company over the years. So that's an exciting positive for us.

因此，高力國際確實有機會圍繞這些客戶，不僅在平台內部，而且在高力國際傳統房地產平台外部。因此，有很多機會，但我們仍然處於早期階段。但我想說，就交叉銷售而言，我們看到工程部門與內部工程部門之間以及工程部門與房地產服務部門之間的交叉銷售越來越多。多年來，我們在公司內看到的這種交叉銷售機會比大多數其他交叉銷售機會都要多。這對我們來說是一個令人興奮的正面因素。

Got it. Great to hear. And then as a follow-up on the leasing side, that was a notable slowdown this quarter. I think you talked about some tough comps there. So can you just give some more detail on those tough comps? And what gives you the confidence in the reacceleration over the rest of the year? And within that, I guess, how different do trends look between office and industrial leasing?

知道了。很高興聽到這個消息。然後，作為租賃方面的後續行動，本季出現了明顯放緩。我認為您在那裡談論了一些艱難的比賽。那麼，您能否詳細介紹一下這些艱難的比賽呢？那麼，是什麼讓您對今年剩餘時間的經濟復甦充滿信心呢？那麼，我猜想，辦公室租賃和工業租賃之間的趨勢有何不同？

All right, Stephen. So leasing had a tough comp in Q1 relative to Q1 of 2024 as well as Q1 of 2023, quite frankly. Both of those prior quarters had specialty asset transactions, a couple of them. And when I say that, I mean data center type transactions. We unfortunately did not have the same type of transaction activity this quarter, and that was the key factor that led to the leasing relative lower performance year on year and in fact, over the -- relative to the prior year as well.

好的，史蒂芬。因此，坦白說，與 2024 年第一季以及 2023 年第一季相比，第一季的租賃情況比較艱難。前兩個季度都有一些特殊資產交易。當我這麼說時，我指的是資料中心類型的交易。不幸的是，本季度我們沒有相同類型的交易活動，這是導致租賃業績同比下降的關鍵因素，事實上，與前一年相比也是如此。

So as we look ahead, Jay mentioned office leasing is strong in many markets, some markets more than others. Industrial leasing, we're keeping a close eye on. And in fact, it's impacted directly by some of the tariff stuff that's happening. Industrial leasing was up nicely for us in Q1. But on a full year basis, we think industrial leasing will be up more moderately than that, perhaps low to mid-single-digit growth in industrial leasing for the full year. So all that to say, we expect on a full year basis, our leasing business to be up mid-single digits top line revenue. I think that still holds despite the tough comp in Q1, which was frankly something we were aware of in our -- when we set our outlook for the year.

因此，展望未來，傑伊提到辦公室租賃在許多市場都很強勁，有些市場比其他市場更強勁。我們正在密切關注工業租賃。事實上，它直接受到一些正在發生的關稅事件的影響。第一季度，我們的工業租賃業務取得了不錯的成長。但從全年來看，我們認為工業租賃的漲幅將更為溫和，全年工業租賃的成長率可能為低至中等個位數。總而言之，我們預計全年租賃業務營收將成長中個位數。我認為，儘管第一季的競爭十分艱難，但這種情況仍然成立，坦白說，我們在製定年度展望時就意識到了這一點。

I might add something, and this is just the reality. If you pulled out the transactions, there were massive transactions in two consecutive years. And so if you pull them out, our leasing is up actually 6.5% year over year. So it's just another data point. But Christian is right. We expect it to return to normal levels in subsequent quarters.

我可能會補充一些內容，這就是現實。如果把交易拿出來，連續兩年都有大量交易。如果你把它們拿出來，我們的租賃量實際上比去年同期增長了 6.5%。所以它只是另一個數據點。但克里斯蒂安是對的。我們預計它將在接下來的幾個季度恢復到正常水平。

Frederic Bastien, Raymond James.

弗雷德里克·巴斯蒂安、雷蒙德·詹姆斯。

Hi guys, I just wanted to thank you for offering the breakdown of pass-through costs for each segment. I find it quite useful, especially for engineering. On that note, we have a good feeling for where your strength lies in Canada with the big acquisition you did last year. But if you were to highlight which disciplines your US engineering business is best at, which ones would they be?

大家好，我只是想感謝你們提供每個部分的轉嫁成本明細。我發現它非常有用，特別是對於工程而言。就這一點而言，透過您去年的大規模收購，我們充分感受到了您在加拿大的優勢。但如果您要強調您的美國工程業務最擅長哪些學科，您會選擇哪些學科？

Well, that's a good question. We'll come back to you on that. It is a highly diversified business, which is one of the great benefits of it. And I think that if I comment about some of the specialties that I think stand out, I might offend my partners in that business. So we'll get back to you on that, Fred, and give you two or three that we all believe are significant, although Christian's got some input for you.

嗯，這是個好問題。我們將就此問題與您聯繫。這是一項高度多元化的業務，這是其一大優勢。而且我認為，如果我對一些我認為突出的特色進行評論，我可能會冒犯該行業的合作夥伴。因此，弗雷德，我們會就此回复您，並向您提供兩三個我們都認為重要的信息，儘管克里斯蒂安也為您提供了一些意見。

Yes. I mean, Frederic, the Canadian business you talked about, Englobe, a well-known Canadian player, obviously, strength in infrastructure, transportation, power, water. The US business, different business. It was acquired five years ago. Core traditional strength areas there, infrastructure, transportation, departments of transportation of several large states are key clients there in that business. And then we also have a number of commercial infrastructure type clients and programmatic type clients in our project management and program management business that are both public sector and private sector. So it's a very widely dispersed client base with a lot of different activities happening.

是的。弗雷德里克，您提到的加拿大企業，Englobe，是一家知名的加拿大企業，顯然在基礎設施、交通、電力、水務方面實力雄厚。美國的業務，不同的業務。它是五年前收購的。那裡的核心傳統優勢領域是基礎設施、交通運輸，幾個大州的交通運輸部門都是這項業務的關鍵客戶。在我們的專案管理和專案管理業務中，我們還有很多商業基礎設施類型的客戶和專案類型的客戶，既有公共部門的，也有私部門的。因此，客戶群分佈非常廣泛，並且存在許多不同的活動。

And with respect to regional strength, I mean, you're obviously building a platform. There's -- I recall, you started out on the US East Coast. Where would there be opportunities for growth either through M&A or organic growth?

至於地區實力，我的意思是，你們顯然正在建立一個平台。我記得，你是從美國東岸出發的。透過併購或有機成長，哪裡有成長機會？

Yeah, there's multiple opportunities, as you would expect, Fred.

是的，正如你所期望的，弗雷德，有很多機會。

And how big is your platform now in the US?

你們的平台現在在美國有多大？

It's approaching about $600 million in revenue with headcount is 2,500. That would be engineering in the US

該公司營收接近 6 億美元，員工人數為 2,500 人。這就是美國的工程

Okay, that's great. That's super useful. Thanks, that's all I have for now.

好的，太好了。這非常有用。謝謝，目前我所知道的就這些。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Yeah, thank you for taking my question. For the Engineering segment, that low teens internal growth feels quite a bit stronger than I think the organic growth rates we had previously talked about for the business of mid-high single digits. Do you feel like that's sustainable? And can you help us sort of break that apart? How much of that low teens growth was top line driven versus margin improvement?

是的，感謝您回答我的問題。對於工程部門來說，低十幾個百分點的內部成長率感覺比我們之前談到的中高個位數的有機成長率要強勁得多。您覺得這是可持續的嗎？您能幫我們解決這個問題嗎？這種低十幾%的成長有多少是營收成長推動的，有多少是利潤率提高推動的？

Julien, the low teens growth rate was the top line growth for the quarter on a net revenue basis. And what you said is exactly right, mid- to high single-digit organic growth is the expectation for the full year. We had a few things accelerated in Q1, and Q1 is actually a seasonal slow quarter in engineering as well. So the growth rates get a bit exacerbated there. But no, for a full year, it's going to be mid- to high single digits. That's the expectation, and we're very comfortable with that.

朱利安，低十幾歲的成長率是本季淨收入的最高成長。您說得非常正確，全年預計將實現中高個位數的有機成長。我們在第一季加速了一些事情，而且第一季實際上也是工程行業的季節性淡季。因此那裡的成長率有點加劇。但事實並非如此，就全年而言，這一數字將處於中高個位數。這是我們期望的，我們對此感到非常滿意。

Okay. Great. And then I appreciate the comments you gave on leasing. It sounds like there was there was really an issue of difficult comps. But I guess sort of when you zoom out, do you feel like you're sort of holding or potentially losing share in leasing versus some of your peers who have reported generally better than that in terms of leasing results? And is that an okay outcome if instead you would rather allocate capital to engineering, outsourcing, investment management?

好的。偉大的。我很感謝您對租賃的評論。聽起來確實有困難的問題。但我想，當您縮小視野時，您是否覺得與租賃業績普遍較好的一些同業相比，您在租賃領域的份額有所保留或可能有所損失？如果您寧願將資金分配給工程、外包和投資管理，那麼這是一個可以接受的結果嗎？

Well, in terms of allocation of capital, we're quite balanced and have lots of capital available to deploy. So capital allocation hasn't yet been a problem for us. One of the things that if you look at our business relative to -- I'm now talking about the real estate services business relative to our peers, we are extremely well balanced on a global basis.

嗯，就資本配置而言，我們相當平衡，並且有大量資本可供部署。因此，資本配置對我們來說還不是問題。如果你看一下我們的業務相對於——我現在談論的是房地產服務業務相對於我們的同行——我們在全球範圍內的平衡性非常好。

Market for market, we have wide diversification. We have full services. We can service clients wherever they operate. And I think most importantly, we have a track record of consistent profitability and strong tenure amongst our leadership team. So we're very comfortable more so -- and we see it as more so than most of the other peers, this balanced global approach.

針對不同的市場，我們擁有廣泛的多元化經營。我們提供全方位的服務。無論客戶在哪裡運營，我們都可以為其提供服務。我認為最重要的是，我們的領導團隊擁有持續獲利的記錄和強大的任期。因此，我們對此感到非常滿意——而且我們認為這種平衡的全球做法比大多數其他同行更滿意。

We're taking share, we believe, across the board. It's very difficult in some markets and some submarkets to take share. For example, New York is a very mature market, difficult to take share. We're doing our best. There's other markets in which there's huge opportunity for us to grow. Things like markets like Japan has been very good for us in recent years. India has been very good for us in recent years and things like that. So I believe we're taking share, and we're taking share mostly from the secondary players in the industry that are having trouble with their global operations.

我們相信，我們正在全面佔領市場份額。在某些市場和子市場中佔據份額非常困難。例如，紐約是一個非常成熟的市場，很難佔領市場。我們正在盡力。其他市場也為我們提供了巨大的成長機會。近年來，日本等市場對我們來說非常有利。近年來，印度對我們非常有利。因此我相信我們正在搶佔市場份額，而且我們搶佔的市場份額主要來自那些在全球營運方面遇到困難的行業二級參與者。

Jimmy Shan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Jimmy Shan。

So first, your -- the Q1 margin was up a decent amount this quarter. You're still guiding to sort of flat to modest decline in the margin for the year. I guess, first, can you maybe elaborate on that or square that for us a little bit? And then second question is and could be related to that is the -- you talked about integration last quarter, the back office and the fundraising, and I wondered if you could update us on the progress being made there.

首先，您的—本季第一季的利潤率大幅上升。您仍然預計今年的利潤率將持平或略有下降。我想，首先，您能否為我們詳細說明一下或稍微解釋一下？第二個問題是，可能與此相關的是——您上個季度談到了整合、後台辦公室和籌款，我想知道您是否可以向我們介紹那裡的進展。

Yeah. So Jimmy, the investment management margin in the first quarter on a net service revenue basis, was up a little bit. And that is just a factor of lower incentive compensation. And we did have some higher headcount offsetting that, and that is continuing the themes of prior calls we've had where we talked about the additional resources that we've been adding into our investment management practice.

是的。因此，吉米，第一季基於淨服務收入的投資管理利潤率略有上升。這只是激勵薪酬較低的一個因素。我們確實增加了一些員工來抵消這一點，這延續了我們之前電話會議的主題，當時我們討論了我們一直在投資管理實踐中添加的額外資源。

We expect over the course of the year for margins to be flat to possibly down slightly in Investment Management. And we will continue to be investing there. We're going to continue to work on integration activities using our scale to become more efficient with some back-office processes and become -- and reduce the redundancies in the business. And we'll have more to talk about on that as this exercise progresses.

我們預計，今年投資管理的利潤率將保持平穩，甚至可能略有下降。我們將繼續在那裡投資。我們將繼續利用我們的規模來進行整合活動，以提高一些後台流程的效率並減少業務中的冗餘。隨著演習的進展，我們將會就此進行更多討論。

Yeah. And I'd add like this is a segment that obviously we're very excited about. We have so many opportunities to leverage the scale that we have, the talent, proprietary data that we have across the platforms. The talent that we have are all experienced investors in specialized areas, and they're actually partners in the business. So they have a vested interest in what they do day-to-day. So the opportunity for us is to bring all of that together and to really focus on delivering performance and new investment ideas to our LPs by using some of that unique talent that we have across the platform. So more to say about this over the course of the next year, but it's a one step at a time approach. And it's nice to see fundraising up, and it's nice to see our fee and EBITDA and margin numbers pretty good relative to previous quarters.

是的。我想補充的是，這顯然是我們非常興奮的一個部分。我們有很多機會利用我們現有的規模、人才以及跨平台的專有數據。我們擁有的人才都是專業領域經驗豐富的投資者，他們其實都是業務夥伴。因此，他們對自己的日常工作有既得利益。因此，我們的機會是將所有這些結合起來，並真正專注於透過利用我們平台上的一些獨特人才為我們的 LP 提供業績和新的投資理念。因此，在接下來的一年中我們會對此進行更多討論，但這是一個一步一步的方法。很高興看到籌款金額增加，也很高興看到我們的費用、EBITDA 和利潤率數字與前幾季相比相當不錯。

Nevan Yochim, BMO Capital Market.

Nevan Yochim，BMO 資本市場。

Just maybe high level, you touched on some of the tariff uncertainty impacting your clients. In the discussions you've had, what have your clients cited will need to see in order to resume some of the decision-making in a more meaningful way?

或許從高層角度來說，您談到了影響客戶的一些關稅不確定性。在你們的討論中，您的客戶提到需要看到什麼才能以更有意義的方式恢復一些決策？

Tariffs are obviously the subject du jure. I would have said up until yesterday, tariffs were essentially on hard products. And yesterday, for the first time, our President has decided to put tariffs on movies, which is actually in service. But Colliers operations are decentralized. They're country-specific. We deliver the services that we deliver within country. So as an organization, we're not impacted directly by tariffs. But indirectly, tariffs could drive up the cost of construction in that component of our business, and that, therefore, slow down new developments that could happen.

關稅顯然是法律上的問題。我想說，直到昨天為止，關稅基本上都是針對硬產品。昨天，我們的總統首次決定對正在上映的電影徵收關稅。但高力國際的業務是分散的。它們是特定於國家的。我們提供國內提供的服務。因此，作為一個組織，我們不會受到關稅的直接影響。但間接地，關稅可能會推高我們該業務部分的建設成本，從而減緩可能發生的新發展。

Engineering, sort of the same thing, depending upon supply chains and other things. Will it drive up the cost of production of construction and therefore, the need of engineering services. Obviously, we're not seeing it at this point. In fact, we're seeing a lot of positive news there because there's lots of talk about infrastructure build and things like that, which is right in our sweet spot virtually across the board. So we're looking forward to increased activity around those kinds of things. So we're monitoring it very closely, but have really no certainty now other than we really don't see it impacting us in any material way at this point.

工程，有點類似，取決於供應鏈和其他事物。這是否會推高建築生產成本，進而增加對工程服務的需求？顯然，我們目前還沒有看到這一點。事實上，我們看到了很多積極的消息，因為有很多關於基礎設施建設和類似事情的討論，這幾乎完全符合我們的預期。因此，我們期待圍繞這些事情開展更多活動。因此，我們正在密切監視它，但現在真的不確定，除了我們目前確實沒有看到它對我們有任何實質影響之外。

Great, thanks, Jay. And then just one more on M&A. You've completed several transactions in engineering as well as real estate services recently. Just wondering what the areas are where you're seeing the greatest opportunities in the market today.

太好了，謝謝，傑伊。然後再談一下併購。您最近完成了幾筆工程和房地產服務交易。只是想知道您認為當今市場上最大的機會在哪些領域。

Well, we continue to see lots of opportunity, as I said, in engineering and project management and related specialties. Our pipelines are full. And the challenge/opportunity for us is to curate the right ones and then integrate them effectively. The other thing that we're seeing is a widening of the lens around what is real estate services. So, for example, there is a whole world out there around fundraising, raising capital for infrastructure projects, data center projects, things like that, which is something that I don't think traditional real estate firms had thought about three years ago. But those are the kinds of areas that are really expanding what we could be doing within that real estate component of our business.

嗯，正如我所說，我們在工程、專案管理以及相關專業領域繼續看到很多機會。我們的管道已滿。我們面臨的挑戰/機會是挑選出正確的內容，然後有效地整合它們。我們看到的另一件事是房地產服務的視角正在不斷擴大。舉例來說，現在有各種各樣的融資方式，包括為基礎設施項目、資料中心項目等籌集資金，我認為傳統房地產公司三年前還沒有想到這一點。但這些領域確實擴大了我們在房地產業務中所能做的事情。

So, in addition to the usual opportunities, which are more capital markets, more leasing, more property management, more valuation, things like that, all of which are vast categories. They've got lots of growth opportunities, both in taking share and making acquisitions. So, we feel like we're in -- aside from IM, we're in two very, very large segments of the overall economy and on a global scale. And the thing I haven't mentioned or emphasized is we have a strong management team with a long tenure with us that have done acquisitions globally for 30 years. So we can take advantage of opportunities virtually anywhere in the world that makes sense. Ethos Urban was a great example this past quarter. And there's others where for us, it's just a natural next step to augmenting our internal growth strategies wherever we're doing business.

因此，除了通常的機會之外，還有更多的資本市場、更多的租賃、更多的物業管理、更多的估值等等，所有這些都是巨大的類別。他們擁有許多成長機會，包括佔領市場份額和進行收購。因此，我們感覺除了即時通訊之外，我們還處於整體經濟和全球範圍內兩個非常非常大的部分。我沒有提到或強調的是，我們擁有一支強大的管理團隊，他們在我們公司任職多年，30 年來一直在全球範圍內進行收購。因此，我們幾乎可以在世界上任何有意義的地方抓住機會。上個季度，Ethos Urban 就是一個很好的例子。對我們來說，無論我們在哪裡開展業務，這都是增強內部成長策略的自然的下一步。

Maxim Sytchev, National Bank Financial.

西切夫（Maxim Sytchev），國家金融銀行。

Hi, good morning, gentlemen. Jay, you made an interesting comment around engineering potential dwarfing real estate services. And when I look at the sort of the nature of fragmentation, engineering versus like, for example, leasing, I mean, there's dramatically more fragmentation in engineering space. How do you -- I mean, can you think about sort of the upper bound where you'd want to be, I don't know, like in 5 or 10 years, depending on sort of how things evolve on that side. Can you maybe comment on that, how you guys are thinking about this internally? Just what is sort of the right balance and the right opportunity in terms of kind of going into the most fragmented market possible from an M&A perspective? Thanks.

嗨，先生們，早安。傑伊，你對工程潛力超過房地產服務發表了有趣的評論。當我觀察到碎片化的本質，例如工程與租賃相比，工程領域的碎片化程度明顯更高。你怎麼能——我的意思是，你能想想你想要達到的上限嗎，我不知道，例如 5 年或 10 年後，這取決於那方面的情況如何發展。您能否評論一下這個問題，你們內部是如何考慮這個問題的？從併購的角度來看，進入最分散的市場時，正確的平衡和正確的機會是什麼？謝謝。

Yeah. So, Maxim, I mean, you've followed our progress for a long time. We have these five-year plans. And as I think about your question and try and respond, I immediately defer to what do we think our engineering segment looks like five years from now. So first, I would say it's not called engineering. It's probably called engineering and other. I don't know what other is, but that whole segment is not just engineering, it's project management, program management and a variety of other related services. So that's the first thing. So, the category just can continue to widen and widen.

是的。所以，馬克西姆，我的意思是，你已經關注我們的進展很久了。我們有這些五年計劃。當我思考您的問題並嘗試回答時，我立即轉向我們認為五年後我們的工程部門會是什麼樣子。所以首先我想說這不叫工程。大概叫工程及其他吧。我不知道「其他」是什麼，但整個領域不僅僅是工程，還包括專案管理、專案管理和各種其他相關服務。這是第一件事。所以，類別只能不斷擴大。

Secondly, if we can continue to grow that business globally, as Christian said, in high single digits internal growth, -- that's pretty damn good for a company of our size. And if we can add at least 10% or 12% of the prior year's EBITDA in that segment to our engineering group and roll that number out five years, it will blow you away. And that is sort of consistent with our five-year thinking. And we haven't yet refined our next five-year plan, but that's kind of the way we see it. The segment is so damn big and for us, it's all about curating the right pieces and management teams that want to be partners in our business, which is our key differentiator from some of the others. Those that as they merge their operations in with us, they take a significant equity stake in that platform. And that has proven for us to be a great competitive advantage, which I'm sure others will copy tomorrow after I've just said it.

其次，如果我們能夠繼續在全球範圍內發展業務，正如克里斯蒂安所說，以高個位數的內部成長率成長，那麼對於我們這種規模的公司來說，這是相當不錯的。如果我們能夠將該部門上一年度 EBITDA 的至少 10% 或 12% 添加到我們的工程集團，並將該數字延續五年，那麼它將令您驚嘆不已。這與我們的五年計劃基本一致。我們還沒有完善下一個五年計劃，但我們就是這麼看的。這個細分市場非常龐大，對我們來說，關鍵在於挑選合適的部分和管理團隊，讓他們願意成為我們業務的合作夥伴，這是我們與其他公司的主要區別。當他們將業務與我們合併時，他們就擁有該平台的大量股權。事實證明，這是我們的一大競爭優勢，我相信在我講完之後，明天其他人就會跟著做。

There are no further questions at this time. I will turn it over to Jay Hennick with closing remarks.

目前沒有其他問題。我將把發言權交給傑伊·亨尼克 (Jay Hennick) 並做最後發言。

Okay. I want to thank everybody for joining us this morning, and we look forward to our second quarter conference call and probably canvassing many of the same questions we've covered today. So, thanks for participating.

好的。我要感謝大家今天上午的參加，我們期待著第二季的電話會議，並可能討論我們今天討論過的許多相同的問題。感謝您的參與。

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

女士們、先生們，電話會議到此結束。感謝您的參與，祝您有愉快的一天。