Colliers International Group Inc (CIGI) 2025 Q3 法說會逐字稿

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

歡迎參加高力國際第三季投資者電話會議。今天的通話將會被錄音。

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 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.

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及不確定性的前瞻性陳述。實際結果可能與前瞻性聲明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存在重大差異的因素的更多信息，請參閱公司向加拿大證券監管機構提交的年度信息表以及公司向美國證券交易委員會提交的 40-F 表格年度報告。

As a reminder, today's call is being recorded. Today is Tuesday, November 4, 2025. And at this time, for opening remarks and introduction, I would like to turn the call over to the Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.

再次提醒，今天的通話將會被錄音。今天是2025年11月4日，星期二。此時此刻，我謹將電話交給全球董事長兼執行長傑伊‧亨尼克先生，請他致開幕詞並作介紹。請繼續，先生。

Thank you, operator. Good morning, and thank you for joining us for the third quarter conference call. As the operator mentioned, I'm Jay Hennick, Chairman and CEO of Colliers. And with me today is Christian Mayer, CFO. This call is webcast and available in the Investor Relations section of our website, along with the presentation slide deck.

謝謝接線生。早安，感謝各位參加第三季電話會議。正如接線員所說，我是高力國際董事長兼執行長傑伊‧亨尼克。今天和我在一起的是財務長克里斯蒂安·梅耶。本次電話會議將進行網路直播，您可以在我們網站的投資者關係版塊觀看直播，同時還可以下載簡報。

Colliers delivered excellent third quarter results, highlighting our momentum across all segments of our business. In Engineering, which includes project management and program management, we achieved impressive growth this quarter. This was driven by both strategic acquisitions, seven completed so far this year, as well as robust organic performance. With a strong pipeline ahead, we are well positioned for continued expansion.

高力國際第三季業績表現出色，凸顯了我們業務各領域的強勁發展動能。在工程領域（包括專案管理和專案群管理），我們本季取得了令人矚目的成長。這主要得益於策略性收購（今年迄今已完成七項收購）以及強勁的內生成長。憑藉未來強勁的發展前景，我們已做好持續擴張的準備。

In just five years since entering the Engineering sector, we have established a significant multidisciplined global platform. This business now generates over $1.7 billion in annualized revenue and employs more than 10,000 professionals. Our unique partnership philosophy and decentralized operating model sets us apart and enables us to continue to capitalize on compelling growth opportunities in this rapidly expanding industry.

進入工程領域短短五年，我們建立了一個重要的多學科全球平台。這家公司目前的年收入超過 17 億美元，擁有超過 10,000 名專業人員。我們獨特的合作理念和分散式營運模式使我們脫穎而出，並使我們能夠繼續在這個快速發展的行業中把握令人矚目的成長機會。

Real Estate Services also delivered excellent results, marked by a surge in leasing and capital markets transactions. While capital markets recovery has been gradual, we anticipate an increase in business activity as interest rates stabilize and investor confidence builds. This brings positive tailwinds to our business.

房地產服務也取得了優異的業績，租賃和資本市場交易量激增。儘管資本市場復甦緩慢，但我們預期隨著利率穩定和投資者信心增強，商業活動將會增加。這將為我們的業務帶來積極的推動作用。

We're excited about unifying our operations under the Harrison Street Asset Management brand. And while meaningful change takes time, our plan will strengthen our business and deliver meaningful value to our shareholders.

我們很高興能夠將我們的業務統一到 Harrison Street Asset Management 品牌下。雖然有意義的變革需要時間，但我們的計劃將增強我們的業務，並為我們的股東帶來有意義的價值。

Operationally, our Investment Management business is highly resilient. Over 85% of our funds are held in long-dated or perpetual investment vehicles, generating long-term and predictable earnings for our shareholders and top-tier investment returns for our investors.

從營運角度來看，我們的投資管理業務具有很強的韌性。超過 85% 的資金投資於長期或永續投資工具，為股東創造長期可預測的收益，為投資者帶來一流的投資回報。

Assets under management finished the quarter at $108 billion, a 10% increase from last year, reflecting the success of our acquisition strategy and solid fundraising momentum to date. Harrison Street has multiple products in the market with new vintages of our flagship funds launching later this quarter and into 2026. These initiatives are expected to drive ongoing revenue growth through next year and beyond. With $9 billion in dry powder across the organization, we are well positioned to deploy significant capital on behalf of our investors.

本季末，公司管理資產規模達到 1,080 億美元，比去年同期成長 10%，這反映了我們收購策略的成功以及迄今為止穩健的募款動能。Harrison Street 在市場上擁有多種產品，其旗艦基金的新年份將於本季稍後推出，並持續到 2026 年。預計這些舉措將推動明年及以後的收入持續成長。公司擁有 90 億美元的可用資金，我們完全有能力代表投資者部署大量資金。

Colliers with 30 years of visionary leadership and three powerful growth engines has become a resilient and highly differentiated professional services and asset management company, a company that is well positioned to continue to seize opportunities and deliver lasting value for our shareholders.

憑藉 30 年富有遠見的領導和三大強勁的成長引擎，高力國際已成為一家具有韌性和高度差異化的專業服務和資產管理公司，一家能夠繼續抓住機會並為股東創造持久價值的公司。

Now let me turn things over to Christian for his financial report, and then we'll open things up to questions. Christian?

現在我把發言權交給克里斯蒂安，讓他報告財務狀況，之後我們再來回答問題。基督教？

Thank you, Jay, and good morning, everyone. As a reminder, all non-GAAP measures referenced today are defined in the materials accompanying this call. Revenue growth figures are presented in local currency terms.

謝謝你，傑伊，大家早安。再次提醒，今天提到的所有非GAAP指標均已在本次電話會議的配套資料中定義。營收成長數據以當地貨幣計價。

Our third quarter revenues were $1.46 billion, up 23% year-over-year. Our Engineering and Real Estate Services segments led the increase from a combination of internal growth and recent acquisitions. Overall, internal growth for the quarter was 13%.

我們第三季營收為 14.6 億美元，年增 23%。我們的工程和房地產服務部門憑藉內部成長和近期收購的雙重作用，引領了成長。本季整體內部成長率為 13%。

Adjusted EBITDA was $191 million for the quarter, a 24% increase from last year. Real Estate Services segment revenues increased 13% overall. Capital markets were up 21%, reflecting sales growth in all geographies and in all asset classes with particular strength in the UK, Japan, and Canada.

本季調整後 EBITDA 為 1.91 億美元，比去年同期成長 24%。房地產服務業務板塊營收整體成長13%。資本市場上漲 21%，反映出所有地區和所有資產類別的銷售成長，其中英國、日本和加拿大表現特別強勁。

Debt finance activity was also strong, particularly US multifamily originations. Leasing revenues were up 14%, also led by the US and driven by industrial and office as well as data centers.

債務融資活動也十分強勁，尤其是美國多戶住宅貸款發放。租賃收入成長了 14%，其中美國市場引領成長，工業、辦公室和資料中心租賃業務是主要驅動力。

Outsourcing revenues increased 8% for the quarter with our valuation and advisory practice leading the growth. Segment net margin was 11.3%, up 180 basis points year-over-year on solid operating leverage from higher transactional revenues, partly offset by continued investments to strengthen our geographic and asset class capabilities.

本季外包收入成長了 8%，其中估值和諮詢業務引領了成長。分部淨利潤率為 11.3%，年成長 180 個基點，主要得益於交易收入成長帶來的穩健經營槓桿效應，但部分被持續投資以加強我們的地理和資產類別能力所抵銷。

Engineering net revenue was up 36%, fueled by acquisitions and internal growth of 6%. The infrastructure and transportation end markets delivered notable revenue gains in the quarter. The net margin was 15.2%, slightly lower than last year, mainly due to service mix. Our backlogs continue to be solid across our geographic markets, giving us visibility and confidence as we look ahead to 2026.

工程業務淨收入成長 36%，主要得益於收購和內部成長 6%。本季基礎設施和交通運輸終端市場實現了顯著的收入成長。淨利率為 15.2%，略低於去年，主要原因是服務組合的變化。我們在各個地區的訂單儲備依然穩健，這讓我們對 2026 年充滿信心和預見性。

Our Investment Management net revenues increased 5% due to the favorable impact of the RoundShield acquisition and higher fee-paying assets under management. However, the net margin declined slightly to 42.3%, primarily due to additional costs incurred as we integrate operations under the Harrison Street Asset Management brand. We expect these costs will continue for the next two to three quarters and will modestly impact our margins as a result.

由於收購 RoundShield 的有利影響以及管理的付費資產增加，我們的投資管理淨收入增加了 5%。然而，淨利潤率略微下降至 42.3%，這主要是由於我們在整合 Harrison Street Asset Management 品牌下的營運時產生了額外的成本。我們預計這些成本將在未來兩到三個季度持續存在，並因此對我們的利潤率產生輕微影響。

In the third quarter, we raised $1 billion in new capital commitments. Since quarter end, we have raised an additional $1.2 billion, bringing total year-to-date fundraising to $4.4 billion. As Jay mentioned, we have several funds currently in the market, including one significant new vintage launching in the coming weeks. For the full year, we expect to come in near the midpoint of our $5 billion to $8 billion fundraising target.

第三季度，我們獲得了 10 億美元的新資本承諾。自季度末以來，我們又籌集了 12 億美元，使今年迄今的籌款總額達到 44 億美元。正如傑伊所提到的，我們目前在市場上有多隻基金，其中包括一檔將在未來幾週內推出的重要新年份基金。預計全年募款金額將接近我們50億至80億美元目標的中點。

Assets under management totaled $108.3 billion as of September 30, up 5% from June 30, driven by the recent acquisition and new capital raised, partially offset by asset sales in older vintage funds.

截至 9 月 30 日，管理資產總額為 1,083 億美元，比 6 月 30 日成長 5%，這主要得益於近期的收購和新籌集的資金，但部分被出售較老基金的資產所抵銷。

Turning to our balance sheet. Our leverage ratio was 2.3 times as of September 30 and includes the impact of several acquisitions completed during the third quarter. We continue to expect our leverage to decline to just under 2x by year-end. This assumes no significant additional acquisitions.

接下來來看看我們的資產負債表。截至 9 月 30 日，我們的槓桿率為 2.3 倍，其中包括第三季完成的幾項收購的影響。我們仍然預計到年底我們的槓桿率將降至略低於 2 倍。這假設沒有其他重大收購。

We are maintaining our full year consolidated outlook. In our Real Estate Services and Engineering segments, we may exceed our previous full year guidance, while in Investment Management, we expect to be off slightly given the timing of fundraising and costs associated with unifying our operations under the HSAM brand. Putting it all together, on a consolidated basis, we remain confident we will meet our full year outlook.

我們維持全年綜合業績展望不變。在房地產服務和工程領域，我們可能會超過先前的全年預期；而在投資管理領域，由於籌資時間和將業務統一到 HSAM 品牌下的相關成本，我們預期業績會略低於預期。綜合所有因素，我們仍然有信心實現全年目標。

That concludes my prepared remarks. Operator, can you please open the line for questions?

我的發言稿到此結束。接線員，請問可以接通提問線路嗎？

(Operator Instructions)

（操作說明）

Stephen MacLeod, BMO Capital Markets.

Stephen MacLeod，BMO資本市場。

Thank you. Good morning, guys.

謝謝。各位早安。

Just wanted to circle in on a couple of things. Just with respect to the Engineering margins in the quarter, you noted some service mix headwind. And I'm just curious if you could give a little bit of color around sort of what you saw in the quarter and how that weighed on your numbers or weighed on the margin, I suppose?

我只是想補充幾點。就本季工程利潤率而言，您提到了一些服務組合方面的不利因素。我只是好奇您能否稍微詳細地談談您在本季度看到的情況，以及這些情況對您的業績或利潤率產生了怎樣的影響？

Well, Steve, you got to look at this on a net revenue basis. We have a lot of pass-through costs in Engineering, and those are at low or very low margins. So on a net basis, our margin was down very slightly. We're talking 20 to 30 basis points. And it really just is some service mix across our geographic markets.

史蒂夫，你得從淨收入的角度來看這個問題。工程部門有很多轉嫁成本，而且這些成本的利潤率很低甚至非常低。因此，總體而言，我們的利潤率略有下降。我們說的是20到30個基點。實際上，這只是我們在各個地理市場上的一些服務組合。

Okay, that's helpful. Thanks, Christian. And then just on the Investment Management business, obviously, strong fundraising on a year-to-date basis, and you guided to sort of being in the midpoint for your target for 2025, which is great. Just as we think about the additional costs, again, sort of weighing on the net margin this quarter. Can you talk a little bit about sort of how you see that evolving as you get into 2026? Or is it maybe too soon to talk about 2026 margins at this point?

好的，這很有幫助。謝謝你，克里斯蒂安。然後，就投資管理業務而言，顯然，今年迄今的募資情況非常強勁，你們預計 2025 年的目標將達到中點，這很棒。正如我們所考慮的那樣，額外的成本再次對本季的淨利潤率造成了壓力。您能否談談您認為到 2026 年這種情況會如何發展？現在談 2026 年的利潤率是不是為時過早？

Well, look, Steve, we don't want to talk about 2026 until year-end. We'll give a full outlook for 2026 at that point. But as it relates to Investment Management, in my prepared remarks, I did reference that we will have two or three quarters of headwinds from cost to unify the segment. So that will be a modest impact on the margin.

好吧，史蒂夫，我們不想在年底之前談論 2026 年的事情。屆時我們將對2026年做出全面展望。但就投資管理而言，我在事先準備好的發言稿中確實提到，為了統一該部門，我們將面臨兩到三個季度的成本方面的阻力。因此，這對利潤率的影響不大。

And let me add something to that, Steve. We are a public company. We have, over the years, brought together some pretty exceptional Investment Management platforms. And now we're taking steps to bring some of them together to really create a powerhouse under the Harrison Street brand. That takes costs, that takes time, that takes effort, and it will definitely translate into shareholder value over time. And other people just leave things alone. You've seen us do this before. And so we're doing some pretty interesting things to really solidify that business for the long term. And you'll see fundraising growth, which is wonderful. But that comes on new programs, new strategies, and a lot of that has to do with unifying the teams and sharing the best of the best across the board.

史蒂夫，我還要補充一點。我們是一家上市公司。多年來，我們整合了一些非常優秀的投資管理平台。現在，我們正在採取措施，將其中一些公司整合起來，真正打造一個以哈里森街品牌為核心的強大企業。這需要成本、時間、精力，但長遠來看，一定會轉化為股東價值。而其他人則選擇置之不理。你以前見過我們這樣做。因此，我們正在做一些非常有趣的事情，以真正鞏固這項業務的長期發展。你會看到籌款金額的成長，這真是太好了。但這需要新的計畫、新的策略，而這很大程度上與團結團隊、全面分享最優秀的人才有關。

So if we were a private company, you would never see this. But in a public company situation, which we've done before, there's some modest impact on margin here or there as we invest in our business, and we're going to continue to do that because for Colliers, it's about creating long-term value for shareholders.

所以如果我們是一家私人公司，你就永遠不會看到這種情況。但在上市公司的情況下（我們以前也這樣做過），由於我們對業務進行投資，利潤率會受到一些輕微的影響，我們將繼續這樣做，因為對於高力國際來說，重要的是為股東創造長期價值。

Okay, that's great. Incremental color. Thank you. I'll turn it back to the line.

好的，太好了。增量著色。謝謝。我會把它轉迴線路。

Tony Paolone, JP Morgan.

Tony Paolone，摩根大通。

Yeah, thank you. Just on Engineering, can you talk about what you think organic growth has looked like? It's a little hard to see just given all the acquisitions and such in there. And along the same lines, like when you do underwrite on these acquisitions, how do you think about what you expect from, say, the producers that you're bringing on in terms of growth in the top line there?

是啊，謝謝。僅就工程領域而言，您能否談談您認為有機成長是什麼樣的？考慮到其中涉及的所有收購等等，很難看清真相。同樣地，當你對這些收購進行承銷時，你會如何考慮你期望從你引進的生產商那裡獲得怎樣的收入成長？

Tony, our year-to-date organic growth in Engineering is around 8%. And I think for the year, we guided to sort of mid-high single-digit area. So we're fully on track with our organic growth ambitions for the year, and we expect that to continue. We play in rapidly growing markets, infrastructure-oriented markets, transportation, energy, communications, public sector investments that are being made by governments, frankly, around the world. So when we look for acquisitions, we look for businesses that are playing in these sectors and where there are long-term tailwinds for growth in this highly fragmented industry. So that's the way we think about it.

Tony，我們工程部門今年迄今的自然成長率約為 8%。我認為今年的預期是中高個位數成長區間。因此，我們今年的有機成長目標完全按計劃進行，我們預計這種情況將繼續下去。我們涉足快速成長的市場、基礎設施導向市場、交通運輸、能源、通訊以及各國政府在公共部門的投資，坦白說，這些投資遍及世界各地。因此，當我們尋找收購目標時，我們會尋找在這些領域開展業務，並且在這個高度分散的行業中具有長期成長動力的企業。這就是我們的想法。

Okay. And then just a follow-up on that as it relates to the investment pipeline. Can you talk about just how that looks, sizes of the deals, like any larger type of transactions? And is it still skewed towards Engineering? Or are there other areas that you're seeing activity in?

好的。然後，我想就此與投資管道相關的問題做個後續說明。能具體談談這類交易的具體情況、交易規模，以及其他更大規模的交易嗎？現在它仍然偏向工程領域嗎？或者，您是否在其他領域也發現了活躍的跡象？

Well, so far this year, we've made acquisitions in each one of our segments. But Engineering by far has been in terms of number of transactions, not necessarily size, but in terms of number of transactions. And Christian made a point, this is a massive, massive industry that's highly fragmented, multiple areas of specialty. And even our most mature businesses, we have white space -- we might have white space in one part of the country and strong expertise in that same area in a different part of the country. All of those create opportunity for acquisition. So for a company like Colliers that has been in the internal growth and acquisition or consolidation business for 30 years successfully, this is exactly what we look for in terms of a segment that we can grow.

今年到目前為止，我們在各個業務領域都進行了收購。但就交易數量而言，工程方面一直都很出色，而不是規模方面，而是交易數量。克里斯蒂安指出，這是一個規模龐大、高度分散的產業，包含多個專業領域。即使是我們最成熟的業務，也存在空白領域——我們可能在某個地區存在空白領域，而在另一個地區則擁有該領域的強大專業知識。所有這些都為收購創造了機會。因此，對於像高力國際這樣一家在內部成長、收購或整合業務方面成功耕耘了 30 年的公司來說，這正是我們所尋找的可以實現成長的細分市場。

And so our philosophy, as you've seen and others have seen over the past five years has been to enter a market in a dominant way as one of the top players and then to fill out and strengthen that platform as we've done in Canada, as we've done in the US, and as we've done and continuing to do in Australia. So there's a whole big world out there in the Engineering space that creates just staggering amounts of opportunity in that area. And I'm hopeful over the next few years that we can double this business again in terms of both revenue and profitability. And our -- and I'm going on too long, but our unique way of operating with our partnership philosophy and decentralized operations, which we apply across the board and have forever, is really a difference maker for the targets. So we're excited about this space. And we think it will provide us with a huge growth opportunity in the years to come.

因此，正如您和其他人在過去五年中所看到的，我們的理念是，以市場主導地位進入市場，成為頂尖企業之一，然後像我們在加拿大、美國以及澳大利亞所做的那樣，不斷完善和加強我們的平台，並且我們將繼續在澳大利亞這樣做。因此，工程領域是一個廣闊的世界，為人們創造了數量驚人的機會。我希望在未來幾年內，我們能夠在收入和獲利能力方面再次實現公司規模翻倍。而且——我好像說得太長了——我們獨特的運營方式，即我們的合作理念和去中心化運營，我們一直全面應用並始終堅持，這對目標客戶來說確實是一個改變格局的關鍵因素。所以我們對這個領域感到非常興奮。我們認為這將在未來幾年為我們帶來巨大的發展機會。

Okay, thank you.

好的，謝謝。

Himanshu Gupta, Scotiabank.

Himanshu Gupta，加拿大豐業銀行。

Thank you and good morning. So just on IM fundraising, I mean, you have done almost $4.4 billion this year. What is the mix of that, like open-ended versus close-ended? And is that also impacting the margins apart from the integration cost?

謝謝，早安。就IM的募款而言，我的意思是，你們今年已經籌集了近44億美元。這種混合比例是多少，例如開放式問題和封閉式問題？除了整合成本之外，這是否也會對利潤率產生影響？

Hello, Himanshu, that's a good question. And you're talking about fundraising and the mix of open-ended funds versus close-end funds. And then we also have now credit, which is a much bigger part of our business. And when you raise close-end capital, the fees turn on immediately and typically at a higher fee rate than an open-ended fund or a credit vehicle would. So that type of fundraising has more immediate impact on our revenues, and we are seeing that a little bit in 2025 as we have been very successful raising open-ended fund capital this year. We've also raised some pretty significant credit capital. And that open-ended and credit capital does not start generating fees until such time as we deploy that capital, which can take three to six months. Day referenced, we have $9 billion of dry powder, and that is capital that's ready and waiting to be deployed. So our teams are focused on that. And once that capital is deployed, it will start to earn fees.

你好，Himanshu，這是一個很好的問題。你談到了籌款以及開放式基金與封閉式基金的組合。我們現在也有信貸業務，這在我們業務中佔比越來越大。而且，當您籌集封閉式資金時，費用會立即生效，並且通常比開放式基金或信貸工具的費率更高。因此，這類募款活動對我們的收入有更直接的影響，我們在 2025 年已經看到了這一點，因為我們今年在籌集開放式基金資金方面非常成功。我們也籌集了一些相當可觀的信貸資金。而且，這種開放式信貸資本只有在我們部署該資本時才會開始產生費用，這可能需要三到六個月的時間。如前所述，我們有 90 億美元的可用資金，這些資金已經準備就緒，隨時可以投入使用。所以我們的團隊正專注於此。一旦資金投入使用，它就會開始賺取費用。

Got it. Thank you, Christian there. And the next question is you're working on the integration of IM under this Harrison Street platform. Have you received any initial client feedback so far? I mean, as you integrate Rockford versus the Harrison Street? And I know it's early days, but still wondering if any client feedback on this process.

知道了。謝謝你，克里斯蒂安。下一個問題是，你們正在努力將即時通訊功能整合到 Harrison Street 平台下。目前為止，您是否收到任何初步的客戶回饋？我的意思是，你如何看待羅克福德和哈里森街之間的差異？我知道現在還為時過早，但我還是想知道客戶對這個過程有任何回饋。

Yes. The client feedback has been terrific. In fact, that's been a major part of the efforts in bringing these operations together. What it really means is we can now use our debt capacity in areas that we have expertise in seniors and students and so on to -- so there's a lot of opportunity to do more with the same investments. So client reaction has been great. Also what the clients like is a more streamlined fundraising capability. They want to understand what are the investment opportunities for them. They'll choose which ones they have interest in, and then we can bring in the expertise to help satisfy their investment desire.

是的。客戶反饋非常好。事實上，這正是將這些行動整合起來的重要原因之一。實際上，這意味著我們現在可以將我們的債務能力用於我們擅長的領域，例如老年人和學生等領域——因此，我們有很多機會用同樣的投資做更多的事情。客戶反應非常好。客戶也喜歡更精簡的募款流程。他們想了解有哪些投資機會。他們會選擇自己感興趣的項目，然後我們可以運用專業知識來幫助他們滿足投資需求。

So feedback has been very good to date, and our investors are responding by increasing the amount of capital they're allocating to us. It's never enough, as always, but it's a lot better than it has been in past years.

到目前為止，回饋非常好，我們的投資者也透過增加分配給我們的資金量來回應。和往年一樣，這永遠都不夠，但比往年好多了。

And clearly, it's in the right direction. And then just switching gears, on the leasing side. I mean, it looks like industrial leasing was strong. Any particular geography which is impacting that? And how much is tariff discussion now compared to first half of the year?

顯然，這是朝著正確方向發展。然後我們換個話題，談談租賃方面。我的意思是，看起來工業租賃市場表現強勁。是否存在任何特定的地理因素對此產生影響？與今年上半年相比，目前關稅的討論程度如何？

Well, Himanshu, leasing was led by the US in the third quarter. Industrial and office, particularly strong. And if you recall, in the first half of the year, leasing was challenged. We had some tariff and trade impacts in the second quarter, which caused clients to pause, particularly on the industrial side of things. So we're feeling good about our leasing trajectory, and we expect leasing to be up nicely year-over-year as we finish the year in Q4 here.

Himanshu，第三季租賃市場主要由美國主導。工業和辦公用地市場表現尤為強勁。如果你還記得的話，今年上半年租賃業務面臨挑戰。第二季我們受到了一些關稅和貿易方面的影響，導致客戶暫停了投資，尤其是在工業領域。因此，我們對租賃發展趨勢感到樂觀，預計到第四季末，租賃業務將年增。

Got it. Thank you guys and I'll come back.

知道了。謝謝大家，我會再來的。

Thank you.

謝謝。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛集團。

Thank you for taking my question. I just wanted to go back to Investment Management. I mean, you touched on all the work you're doing to integrate the back office and the market-facing brands within Investment Management. I guess beyond the two to three quarters of margin pressure ahead from the integration costs, do you still feel like you can get to that 45% to 50% margin that we've talked about in the past? And will you wait until you get to those margin levels before considering any of the strategic options you've talked about in the past for realizing the value of that segment?

感謝您回答我的問題。我只是想重回投資管理業。我的意思是，您剛才提到了您正在做的所有工作，以整合投資管理部門的後台部門和麵向市場的品牌。我想，撇開未來兩到三個季度因整合成本帶來的利潤壓力不談，你仍然覺得能夠達到我們之前討論過的 45% 到 50% 的利潤率嗎？難道要等到利潤率達到那些水平，才會考慮你過去討論過的、旨在實現該細分市場價值的任何戰略選擇嗎？

Well, to be honest, for us, what's more important is growing out this platform and making it as strong as possible. So we -- over the next couple of quarters, we sort of have a clear view of where our margin may go to. But we're going to continue to invest in our platform to make it as strong as possible. We are open -- we continue to be open for acquisition opportunities in this segment. There's tons of white space, and there's tons of opportunity right now, as you probably know, with lots of players in this particular segment talking to each other about potential hookups in one form or another.

說實話，對我們來說，更重要的是發展壯大這個平台，使其盡可能強大。因此，在接下來的幾個季度裡，我們對利潤率的走向有了比較清楚的認識。但我們會繼續投資我們的平台，使其盡可能強大。我們持開放態度－我們將繼續對該領域的收購機會持開放態度。正如你可能知道的那樣，現在有很多空白市場，也有很多機會，因為這個特定領域的許多玩家都在以各種形式互相交流潛在的約會機會。

So we're active all over the place, and we'll have to see how the next few quarters roll out. But from my perspective, we're building this business for the long term. And if we have to give up a few points of margin to continue to build our business and generate 20% plus growth internally, we're going to do it. It's just that simple. So I don't know if that answers your question, but that's sort of the way in which we would be looking at that business going forward.

所以我們現在在各方面都很活躍，接下來幾季的情況如何，我們拭目以待。但從我的角度來看，我們是在為長遠發展而打造這項業務。如果為了繼續發展業務並實現內部 20% 以上的成長，我們必須犧牲一些利潤率，我們也願意這樣做。就這麼簡單。所以我不知道這是否回答了你的問題，但這大概就是我們未來看待這項業務的方式。

Okay, thank you, Jay, that's helpful.And then maybe digging into capital market, can you give us a sense of how October and the fourth quarter is shaping up and maybe where pipelines of activity stand versus this time last year?

好的，謝謝你，傑伊，這很有幫助。接下來，我們來深入探討資本市場，你能否介紹一下10月份和第四季的市場情勢，以及與去年同期相比，目前的專案儲備情況如何？

Yes. Good question, Julien. We had last year a very strong quarter in capital markets. And this year, the pipelines are looking solid, and we feel confident at this point in our prospects for the fourth quarter, and we should be able to exceed our performance of last year, which, as I said, will be a relatively tough comp compared to the comps we've seen so far year-to-date.

是的。問得好，朱利安。去年第一季資本市場表現非常強勁。今年，管道狀況良好，我們對第四季的前景充滿信心，應該能夠超過去年的業績。正如我所說，與今年迄今為止的業績相比，去年的業績比較將比較困難。

Okay, great. And when you say exceed your performance from last year, you mean just that it should grow year-over-year?

好的，太好了。你說要超越去年的業績，是指要比去年更成長嗎？

Absolutely.

絕對地。

Okay, great. Thank you.

好的，太好了。謝謝。

Erin Kyle, CIBC.

艾琳凱爾，加拿大帝國商業銀行。

Hi, good morning and thanks for taking my questions. I just wanted to tag on to that last question there and see if you can maybe elaborate a bit more on the pace and breadth of the capital markets recovery and if there's any particular regions, I know you called up the US or asset classes that are leading the improvements.

您好，早安，感謝您回答我的問題。我想就您剛才提出的問題再補充一點，看看您能否更詳細地闡述一下資本市場復甦的速度和廣度，以及是否有任何特定地區（我知道您提到了美國）或資產類別引領了復甦。

Yes. I think the capital markets recovery is broad-based. And we highlighted a few asset classes where sales brokerage has been strong, or sorry, a few geographic markets where capital markets growth has been strong. But Erin, I really would make the comment that this is a multiyear recovery. It is really a global recovery. If you recall, 2023 was a very challenging year in Europe, in particular. Our European business is really well positioned to capture the rebound in activity, and that's been evident in the numbers year-to-date, and that's going to continue as we look ahead to Q4 and into 2026. So I think it's really, as I said, broad-based across all geographies.

是的。我認為資本市場復甦是全面性的。我們重點介紹了一些銷售經紀業務表現強勁的資產類別，或者抱歉，是一些資本市場成長強勁的地區市場。但是艾琳，我真的想說，這是一個需要多年才能完成的恢復過程。這確實是一場全球性的復甦。如果你還記得的話，2023年對歐洲來說尤其充滿挑戰。我們的歐洲業務已經做好充分準備，能夠抓住經濟活動的復甦機遇，這一點從今年迄今為止的數據中已經顯而易見，而且隨著我們展望第四季度和2026年，這種情況還將繼續。所以我覺得，正如我所說，它確實在所有地區都有廣泛的影響。

But I would also say, Christian, if I could add something there. Capital markets isn't back yet anywhere. There's strength, as Christian said, in the US. But I would say, in Europe and Asia and even to some degree in Canada, there's more transactions happening, but it's taking time. I don't think there's the stability yet around interest rates, debt costs, et cetera. And investor confidence is not where it needs to be. All of that is, to my way of thinking, tailwinds because even in our own fund business, Christian made a point of saying that we've sold a whole bunch of assets, which is a normal -- it's normal course in the fund business. You redeploy assets and to investors on an ongoing basis when it's opportune to do it. So there's a lot of pent-up demand around capital markets, but we haven't seen it yet. We've seen some of it. It has not come back to where it used to be. And that to us is just upside for our -- for the future.

但是，克里斯蒂安，如果我能補充一點的話，我想說…各地的資本市場都還沒有完全恢復。正如克里斯蒂安所說，美國擁有強大的力量。但我想說，在歐洲、亞洲，甚至在某種程度上在加拿大，交易量都在增加，但這需要時間。我認為利率、債務成本等方面的情況尚未穩定。投資者信心尚未達到應有的水準。在我看來，所有這些都是順風，因為即使在我們自己的基金業務中，克里斯蒂安也特意指出，我們已經出售了大量資產，這在基金業務中是正常的——這是正常的流程。你會在時機成熟時，不斷地將資產重新部署給投資人。因此，資本市場存在大量被壓抑的需求，但我們尚未看到這種需求被釋放出來。我們已經看到了一些。它還沒有恢復到以前的水平。對我們來說，這絕對是件好事——對我們未來有利。

Okay, thank you. That's very helpful. And then you started answering my second question there, but I just -- in Investment Management, could you remind us how many funds are going through the disposition phase? And then what percentage of those funds are typically recycled?

好的，謝謝。那很有幫助。然後你開始回答我的第二個問題，但我只是──在投資管理方面，你能否提醒我們一下，有多少基金正在經歷處置階段？那麼，這些資金中通常有多少百分比會被回收呢？

Well, most funds are always looking at disposing of assets at opportune times.

其實，大多數基金都會在適當的時機出售資產。

Usually you'll see the older funds, the older closed in vehicles selling out their assets faster, but it's a function of what they can generate in terms of returns. If if a particular asset is not yet fully developed, not yet fully leased. Upside still to be gained, you won't see our asset managers wanting to sell those assets because they know there's inherent value in them. So it, it's really part of the art. Of managing and delivering top tier returns to investors. When is the opportune time to sell? Which assets within the portfolio do you want to sell? Do you want to put together two or three assets so that you're actually selling a portfolio. So that a larger player can buy it and get a, and hopefully pay a higher price, of course, netting our funds and investors more in returns. So it, it's really the art of the of the asset managers and we have, one of the unique advantages we have and it's really applies across our business. Is that our key players own an equity stake in the business. So not only are they incentivized to deliver great returns for their investors, they also are incentivized to to deliver great returns for shareholders. So, that's how I would answer your question.

通常你會看到成立時間較長的基金、較早的封閉式基金更快地出售其資產，但這取決於它們所能產生的收益。如果某項資產尚未完全開發，或尚未完全出租。儘管仍有上漲空間，但我們的資產管理人員不會出售這些資產，因為他們知道這些資產具有內在價值。所以，這其實也是藝術的一部分。為投資者管理和帶來一流的回報。何時才是出售的最佳時機？您想出售投資組合中的哪些資產？你想把兩到三項資產組合起來，從而實際出售一個投資組合嗎？這樣一來，規模更大的公司就可以收購它，並希望支付更高的價格，當然，這將為我們的資金和投資者帶來更多的回報。所以，這其實是資產管理者的藝術，而我們擁有的獨特優勢之一，也確實適用於我們整個業務。也就是說，我們的關鍵參與者持有公司股份。因此，他們不僅有動力為投資者帶來豐厚的回報，也有動力為股東帶來豐厚的回報。這就是我對你問題的回答。

Okay, thank you. That's helpful color. I will pass the one.

好的，謝謝。這是個很有幫助的顏色。我會把那一個傳承下去。

Mitchell Germain, Citizens Bank.

米切爾·傑曼，公民銀行。

Oh, thank you very much, guys. Jay, I'm curious, you've done some M&A across the services platform. I think Greystone and Triovest were a couple of deals that you've announced in the last couple of months. How do you kind of -- how does that fit in the puzzle when you consider hiring as well? I'm curious about the pace of hiring that you're doing? Or is it really just more on the M&A side that you're investing there?

哦，非常感謝各位。Jay，我很好奇，你是不是在服務平台上進行了一些併購？我認為 Greystone 和 Triovest 是你們在過去幾個月宣布的兩筆交易。當你考慮招募時，你會如何看待這個問題？我對貴公司的招募速度很有興趣？或者說，你們的投資其實比較集中在併購方面？

Well, each of our businesses are active recruiters of top talent. And I know on these calls, we talk about M&A. But in our numbers, and you probably know this, and I'm sure you've discussed it with Christian over the years, we have significant expenditures around recruiting top talent to fill white space in different geographic regions, which has an impact, a negative impact on our margins.

我們旗下的每個業務部門都在積極招募頂尖人才。我知道在這些電話會議上，我們會談到併購。但就我們的數據而言，您可能也知道這一點，而且我相信這些年來您也和克里斯蒂安討論過這個問題，我們在招募頂尖人才填補不同地理區域的空白方面投入了大量資金，這對我們的利潤率產生了負面影響。

And so I would say -- and we have specific goals. We have a large group of -- a large department within each of our regions that are, we think, very good at what they do. And so recruiting and retention, especially in areas of white space is a key part of what we do and gets lost somewhat in the discussion around internal growth. So internal growth, for example, in the residential business this quarter was 8%, I think. 13%. So it was actually much higher than that, but we would have borne some of the cost of recruiting in that 13%.

所以我想說──我們有具體的目標。我們每個區域都有一個龐大的部門，我們認為他們非常擅長自己的工作。因此，招募和留住人才，尤其是在空白領域，是我們工作的關鍵部分，但在關於內部成長的討論中卻被忽略了。例如，本季住宅業務的內部成長率為 8%，我想。13%。所以實際比例要高很多，但那 13% 的招募成本中，我們也要承擔一部分。

No, that was the revenue number. So -- but I would add that in terms of our margin, it does impact our margin, Mitch, on an ongoing basis. And we've seen that year-to-date. In the third quarter, we had tremendous operating leverage from higher revenues. But notwithstanding that, we still have a margin pressure from recruiting, and that's a cost we're prepared to bear because we're recruiting top professionals and adding new capabilities in asset classes and in geographies, and that's something we're going to continue to do.

不，那是營收數據。所以——但我還要補充一點，就我們的利潤率而言，米奇，它確實會持續影響我們的利潤率。今年迄今為止，我們已經看到了這一點。第三季度，由於收入增加，我們獲得了巨大的營運槓桿效應。儘管如此，我們仍然面臨著招募帶來的利潤壓力，但我們願意承擔這筆成本，因為我們正在招募頂尖的專業人才，並在資產類別和地理方面增加新的能力，而這正是我們將繼續做的事情。

Yes. I was thinking margin. I'm sorry, Mitch. I was thinking about margin and the impact on the margin. So thanks, Christian, for clarifying that.

是的。我當時在考慮利潤率。對不起，米奇。我一直在思考利潤率以及對利潤率的影響。所以，謝謝克里斯蒂安的澄清。

Yes. And Jay, I understood where you were headed there. A lot of your peers, Jay, talking about capturing this enormous data center opportunity. You cited it in your earnings release. I'm curious if -- say it differently, I'm curious how you're positioning Colliers to potentially benefit down the road from this growing sector?

是的。傑伊，我明白你當時的意圖。傑伊，你的許多同行都在談論如何抓住資料中心這個巨大的機會。你在財報中提到了這一點。我很好奇——換句話說，我很好奇您是如何定位高力國際，以便將來能從這個不斷增長的行業中獲益的？

Well, that's a great question, and I'm glad you asked it because I've been listening to some of the other players in the real estate services space who've been very vocal about data centers, portraying them as some sort of new major growth engine. And for most of these players, data centers is just another asset class. They help clients buy, sell, lease, finance data centers when they're able to do that.

嗯，這是一個很好的問題，我很高興你問了這個問題，因為我一直在關注房地產服務領域的其他一些參與者，他們對資料中心非常熱衷，將其描繪成某種新的主要成長引擎。對大多數參與者而言，資料中心只是另一個資產類別。他們會在條件允許的情況下幫助客戶購買、出售、租賃和融資資料中心。

At Colliers, we do much more than that. In addition to those services, which are significant for us, Colliers also designs. We entitle land for development. We do project management and program management on both construction and maintenance through our Engineering group. And through our Investment Management segment, we also invest in data centers, creating really a full cycle capability. And so while data centers are getting a lot of attention these days, and they're strategically important to us at Colliers because for us, it's not just the Real Estate Services piece of it, it includes so much more.

在高力國際，我們所做的遠不止這些。除了這些對我們來說非常重要的服務之外，高力國際也提供設計服務。我們授予土地開發權。我們透過工程團隊對建築和維護專案進行專案管理和計劃管理。透過我們的投資管理部門，我們也投資資料中心，從而真正打造了全週期能力。因此，雖然資料中心如今備受關注，而且對我們高力國際來說具有重要的戰略意義，因為對我們來說，它不僅僅是房地產服務的一部分，它還包括更多內容。

And as I listen to some of our other peers, I smile because they're really just providing traditional Real Estate Services around another asset class that happens to be hot right now. There are only a few, Colliers included, that are actively involved in the entire life cycle of data centers and so much more than just data centers. So a big part of our business, it's strategically important. It will continue to grow. It's probably our rapidly growing -- our fastest-growing segment across the board, although still not material to us from a percentage of revenue point of view. I hope that sort of puts it into perspective for you, but that's how we see it.

當我聽其他一些同行發言時，我不禁微笑，因為他們實際上只是圍繞著另一個目前很熱門的資產類別提供傳統的房地產服務。包括高力國際在內的少數幾家公司積極參與資料中心的整個生命週期，且業務範圍遠不止於資料中心本身。所以，這在我們業務中佔據了很重要的地位，具有戰略意義。它將繼續增長。這可能是我們成長最快的業務部門——儘管從營收佔比來看，它對我們來說仍然不算重要。我希望這能讓你對這件事有個更清晰的認識，但這就是我們的看法。

Perfect. Thank you. Best of luck on the rest of the quarter.

完美的。謝謝。祝你本季剩餘時間一切順利。

Daryl Young, Stifel Canada.

Daryl Young，Stifel Canada。

Hey, good morning, everyone. Just one question for me related to commercial real estate services. I wanted to get a sense of whether you're seeing any green shoots on construction activity or we're still early in the cycle. And I guess, just the magnitude of what you would see as upside from that over the next couple of years?

嘿，大家早安。我有一個關於商業房地產服務的問題。我想了解一下，你們那邊是否看到建築活動出現任何復甦跡象，還是我們仍處於週期的早期階段。那麼，您認為未來幾年內，這會帶來多大的好處呢？

Well, it depends on what construction activity you're talking about and in what markets. So I would say that the construction of condominiums in Canada and the US is soft. You're seeing some construction in multifamily or build-to-rent. There's obviously lots of activity around data centers and related infrastructure assets. And it's a little bit the same in Europe, although it's smaller numbers. So new construction is really at a pause from our perspective right now, which is creating a lot of pressure for companies that were traditionally focused on this type of construction from the ground up.

這取決於你指的是哪種建築活動以及在哪些市場進行。所以我認為，加拿大和美國的公寓建設市場比較疲軟。你會看到一些多戶住宅或出租住宅的建設項目。顯然，資料中心及相關基礎設施資產領域非常活躍。歐洲的情況也有些類似，雖然人數較少。因此，從我們的角度來看，目前新建工程實際上處於停滯狀態，這給那些傳統上專注於從零開始進行此類建設的公司帶來了巨大的壓力。

Got it. Okay. Thanks very much.

知道了。好的。非常感謝。

Jimmy Shan, RBC Capital Markets.

Jimmy Shan，加拿大皇家銀行資本市場。

Thank you. Just a couple of questions on the operating leverage within real estate services. So this quarter we did see roughly $100 million of year-over-year revenue growth, and then we saw EBITDA grow by $23 million. So I think that's the leverage math that you've spoken about before. Is that how we should be thinking about the leverage as we look out to '26, I guess, number 1?

謝謝。關於房地產服務業的經營槓桿，我還有幾個問題。因此，本季我們看到營收年增約 1 億美元，EBITDA 成長了 2,300 萬美元。所以，我想這就是你之前提到的槓桿數學原理。展望 2026 年，我們是不是應該這樣看待槓桿作用？

And then secondly, maybe if you could speak generally about sort of the excess capacity that you see within the organization. If volume continues to come back the way it has been, how well staffed are you today?

其次，您能否大致談談您在組織內部看到的產能過剩問題？如果業務量繼續以目前的方式恢復，那麼你們現在的員工配備是否充足？

Well, Jimmy, the operating leverage math that you quoted there is absolutely correct. So we had about 22% operating leverage on an incremental revenue dollar in Q3, and that's in line with what was telegraphed over the last several quarters in terms of what our expectations are. And as revenues continue to grind higher here, and this is a gradual recovery in capital markets and leasing is also on a growth trajectory. As those revenues increase, we should hopefully continue to see that 20-plus percent operating leverage through 2026.

吉米，你引用的經營槓桿數學公式完全正確。因此，第三季每增加一美元收入，我們的營運槓桿率約為 22%，這與過去幾季我們所預期的預期相符。隨著收入持續穩定成長，資本市場也逐步復甦，租賃業務也處於成長軌道上。隨著這些收入的成長，我們預計在 2026 年之前繼續看到 20% 以上的經營槓桿率。

Okay. So in general, would you say there's a lot of excess capacity still?

好的。所以總的來說，您認為目前仍有大量過剩產能嗎？

Yes. I mean we have a tremendous amount of productive workforce on the ground, 4,500 productive brokers around the world. And we continue to invest and add new brokers and new geographies and new asset classes. So these folks are primed and ready and highly, highly motivated to generate additional commissions for themselves and for the firm. So we expect that these folks will contribute more and become more productive as the market improves.

是的。我的意思是，我們擁有大量高效的現場工作人員，全球有 4500 名高效的經紀人。我們將繼續投資，增加新的經紀商、新的地域和新的資產類別。所以這些人已經做好了充分的準備，並且積極性很高，渴望為自己和公司創造更多的佣金。因此，我們預期隨著市場好轉，這些人將做出更多貢獻，提高生產力。

And as I said earlier, I mean, the market hasn't even returned to where it used to be. And the number of brokers that we have in the organization is up probably 15% from our high capital markets production number globally, I'm talking about. So I think as capital markets continues to gain strength, we'll be able to do substantially more revenue at high margins with a workforce that's larger today than it was at the high.

正如我之前所說，我的意思是，市場甚至還沒有恢復到以前的水平。我指的是，我們機構內的經紀人數量可能比我們全球資本市場產量高出 15%。所以我認為，隨著資本市場持續走強，我們將能夠以更高的利潤率創造更多的收入，而如今的員工人數比鼎盛時期還要多。

And as I said earlier, I mean, the market hasn't even returned to where it used to be. And the number of brokers that we have in the organization is up probably 15% from our high capital markets production number globally. I'm talking about. So, I think as capital markets continues to gain strength. Will be able to do, substantially more revenue at high margins with, a workforce that's larger today than it was at the high.

正如我之前所說，我的意思是，市場甚至還沒有恢復到以前的水平。而且，我們機構的經紀人數量可能比我們全球資本市場績效高峰增加了15%。我指的是…所以，我認為隨著資本市場持續走強。如今的員工人數比鼎盛時期還要多，因此能夠以更高的利潤率創造更多的收入。

Right. And then just on that topic in terms of kind of future tailwind, with respect to office leasing and capital markets, the recovery so far, it seems to have been a little bit more weighted towards the major markets in the US. And I could be wrong here, but I think your footprint in the US tends to be a little bit more secondary markets. So is it fair to assume that to the extent we see the same sort of recovery in those non-coastal, non-major markets, we should expect a little bit better upside in the future?

正確的。關於未來有利因素，就辦公大樓租賃和資本市場而言，到目前為止的復甦似乎更集中在美國的主要市場。我可能說得不對，但我認為你們在美國的業務似乎更集中在二線市場。那麼，如果我們看到這些非沿海、非主要市場出現同樣的復甦，我們是否可以合理地假設，未來會有更好的上漲空間？

So first of all, let me put our business in the US into perspective. We are one two, or three in virtually every market, large, small, with one or two exceptions in the US. So we're one of the top players everywhere. And so from the standpoint of where the revenue will come from and where we can translate it. Yes, major markets generally generate higher revenues in part because the lease rates within those markets are significantly higher than they might be in a secondary market. So it's really all over the map. For those -- for those of our competitors that might have a much bigger business in, say, New York City than we do in terms of number of brokers, they would obviously generate more revenue on leasing in New York when leasing revenues are up versus us relative to size.

首先，讓我從整體上介紹一下我們在美國的業務。我們在幾乎所有市場，無論大小，都名列前二或前三，只有美國有一兩個例外。所以我們是世界各地頂尖的玩家之一。因此，從收入來源和我們可以將其轉化為收益的角度來看。是的，主要市場通常會產生更高的收入，部分原因是這些市場內的租賃價格遠高於次要市場的租賃價格。所以情況真是五花八門。對於那些——比如說，我們的競爭對手在紐約市的業務規模可能比我們大得多（就經紀人數量而言），當紐約的租賃收入相對於我們的規模而言增長時，他們顯然會從紐約的租賃業務中獲得比我們更多的收入。

But I think we're -- Colliers is one, I would say, one of two well-balanced globally real estate services firms with strong market positions everywhere. We would like to be bigger in certain markets, of course, but we're a well-balanced business. And if you look back over the past couple of years, at a time when real estate services has gone through some very soft times, Colliers continued to perform quarter after quarter after quarter, which has just shown the resilience of our business. And we're waiting for -- and we're continuing to strengthen making our business better. And as markets continue to get stronger, we expect our results to follow.

但我認為，高力國際是全球兩家實力雄厚、市場地位穩固的房地產服務公司之一。我們當然希望在某些市場發展壯大，但我們是一家業務均衡的公司。回顧過去幾年，房地產服務業經歷了一段非常低迷的時期，但高力國際的業績卻持續成長，這充分展現了我們業務的韌性。我們正在等待——並且我們將繼續加強，使我們的業務變得更好。隨著市場持續走強，我們預期業績也會隨之走強。

Okay, helpful. Thank you.

好的，很有幫助。謝謝。

Our next question is from Stephen Sheldon from William Blair. Your line is open.

下一個問題來自威廉布萊爾大學的史蒂芬謝爾頓。您的線路已開通。

Hi, Jay, Christian. You've got Pat on for Stephen today. Thank you for taking my questions. My first one, with the relative strength you're seeing in leasing and capital markets. Can you just touch on the puts and takes in terms of maintaining your real estate services revenue guide for the year? Were there any overly significant deals that came through this quarter? Or any dynamics we should be thinking about across those three services subsegments heading into the fourth quarter?

嗨，傑伊，克里斯蒂安。今天由帕特代替史蒂芬主持節目。謝謝您回答我的問題。我的第一個觀點是基於租賃和資本市場目前的相對強勢。能否簡要談談在維持年度房地產服務收入目標方面有哪些利弊？本季是否有特別重大的交易？或者，在進入第四季之際，我們應該考慮這三個服務子領域有哪些動態變化？

No, there's nothing -- no lumpy transactions in the third quarter of note. And to achieve our full year guidance, we do want to see an increase in capital markets activity year-over-year. And as I mentioned, capital markets had a very strong fourth quarter in 2024. So it is a tougher compare, but we do see the pipeline there for continued growth. Leasing should trend positively for the fourth quarter as well. That's really a global thing across all of our services.

不，沒有——第三季沒有任何異常交易。為了實現全年業績目標，我們希望看到資本市場活動年增。正如我之前提到的，2024 年第四季資本市場表現非常強勁。因此，比較起來比較起來比較困難，但我們確實看到了持續成長的潛力。預計第四季租賃市場也將呈現正面態勢。這確實是我們所有服務中普遍存在的全球性問題。

And in our outsourcing business, that's the recurring part of our real estate services business. We've got a very strong trajectory in our valuation and advisory business, and we expect that to continue as well as increasing property management and loan servicing revenues. So we feel pretty good about all of these services, and there's nothing lumpy or unusual to note.

而在我們的外包業務中，這是我們房地產服務業務的經常性部分。我們的估值和諮詢業務發展勢頭非常強勁，我們預計這一勢頭將繼續保持，同時物業管理和貸款服務收入也將持續成長。因此，我們對所有這些服務都感覺相當不錯，沒有什麼不盡人意或異常之處需要注意。

Thanks Christian and Jay, just to piggyback off of a prior question and your prior commentary on data centers. I understand you all have significant capabilities across the portfolio there, including in the Investment Management business. But I wanted to ask, as you expand your platform through continued M&A, is it of interest to build out more technical capabilities on the services side? And as you think about that, what are you seeing in terms of the valuations for that type of asset?

謝謝 Christian 和 Jay，我想藉用一下之前關於資料中心的問題和你們之前的評論。我知道你們在投資組合方面都擁有強大的能力，包括投資管理業務。但我想問的是，隨著你們透過持續的併購來擴展平台，是否有意在服務方面建立更多的技術能力？那麼，在你思考這個問題的時候，你認為這類資產的估值是如何呢？

Well, first of all, across the Engineering segment, which is, as I mentioned, it's about $1.7 billion now on a global basis. We do a lot of technical services today as do most engineering firms. So I don't know how many data centers we're doing globally now in some form or another, but it's a substantial number. Having said that, the acquisition costs of any firm that is around data centers right now, whether they're constructing them, whether they're project managing them, et cetera, servicing them or managing after the fact are very high. And from our perspective, we are -- we can't see a return in investing at those kinds of valuations. We're very happy continuing to build out our Engineering segment that serves it and continuing to look for more opportunities to finance and own data centers because that creates opportunities for us to potentially do more in the future. But valuations are high in that space, as you would expect.

首先，就工程領域而言，如我剛才所提到的，目前全球規模約為 17 億美元。如今，我們和大多數工程公司一樣，提供大量的技術服務。所以我不知道我們現在在全球範圍內以各種形式建造了多少個資料中心，但數量肯定相當可觀。話雖如此，目前任何一家與資料中心相關的公司，無論是建造資料中心、專案管理資料中心、提供服務資料中心或事後管理，其購置成本都非常高。從我們的角度來看，我們——我們看不到在這種估值下投資的回報。我們非常高興能夠繼續發展服務於此的工程部門，並繼續尋找更多機會來融資和擁有資料中心，因為這為我們未來可能做更多的事情創造了機會。但正如你所預料的那樣，該領域的估值很高。

Okay. That's helpful context. Thank you. And if I could just ask one more quick clarification, Christian, unless I'm looking about -- I am looking at this incorrectly, I think the guidance for Engineering implies that the 4Q growth takes a step down organically unless there's some sort of volatility in the pass-through costs there. Am I looking at that correctly? Or is there anything we should be thinking about there?

好的。提供的背景資訊很有幫助。謝謝。克里斯蒂安，如果我能再快速澄清一下的話，除非我理解錯了——我理解錯了，我認為工程部門的業績指引意味著第四季度的增長將出現自然下滑，除非轉嫁成本出現某種波動。我理解的對嗎？或者說，我們應該考慮一下這方面的問題嗎？

Yes, you're looking at that correctly. There could be a small step down in organic growth in the fourth quarter. I'll remind you that we did indicate on a full year basis that organic growth would be in the mid to high single-digit range, and we'll be firmly in that range for the full year. And we've been outperforming to that for the first three quarters.

是的，你看得沒錯。第四季有機成長可能會小幅放緩。我提醒各位，我們之前曾表示，全年有機成長率將保持在個位數中高段位，而我們全年也將穩穩地保持在這個水平。前三個季度我們的表現都優於預期。

Okay. It's helpful. Thank you both.

好的。這很有幫助。謝謝你們兩位。

Maxim Sytchev, National Bank Capital Markets.

Maxim Sytchev，國家銀行資本市場。

Hi, good morning, gentlemen. Jay, I wanted to go back to your prepared remarks. And I think you made a comment, and unless I misunderstood, but the $9 billion of dry powder across the organization, do you mind maybe expanding a little bit on that figure unless I, again, misinterpreted it?Thanks.

各位先生，早安。傑伊，我想回到你準備好的演講稿。我想您之前發表過評論，除非我理解錯了，您提到了整個組織擁有的90億美元「乾粉」（指可支配資金），您能否再詳細解釋一下這個數字？謝謝。

I didn't really hear that. I didn't hear. He's asking about the 9 million of dry powder, we have across the organization and if we have any more details on what that is.

我沒聽到。我沒聽到。他詢問的是我們整個組織擁有的 900 萬美元的「乾粉」（資金儲備），以及我們是否有關於這筆資金的更多細節。

I didn't really hear that. I didn't hear.

我沒聽到。我沒聽到。

He was asking about the $9 billion of dry powder we have across the organization and if we have any more details on what that is.

他詢問的是我們整個組織擁有的90億美元可用資金，以及我們是否有關於這筆資金的更多細節。

We do. We have all the details. But I think it's an aggregate number that we feel comfortable giving you. It's made up of all of the available capital across the funds, including alternatives, including debt, et cetera, et cetera. So it's an amalgam of all the capital available. And even if I gave you the breakdown, it wouldn't add much value because it's when you deploy that capital that it translates into returns.

是的。我們掌握了所有細節。但我認為這是一個我們可以放心提供給你們的總結數字。它由所有可用資金組成，包括另類投資，包括債務等等。所以它是所有可用資金的集合體。即使我把所有細節告訴你，也不會增加太多價值，因為只有當你真正投入這些資金時，才能轉化為回報。

So as Christian said, in the debt space, our fee structure is lower than it is in our open-ended and close-ended funds. So it really depends upon putting that money to work and in what area and what kind of revenue we'll generate once that money is put to work. So I think $9 billion is a good number way back -- way more than it was last year. And we're just looking for the right opportunities to deploy that capital virtually across the board.

正如克里斯蒂安所說，在債務領域，我們的收費結構比我們的開放式和封閉式基金要低。所以，這真的取決於如何利用這筆資金，以及這筆資金投入哪個領域，又能產生什麼樣的收入。所以我認為90億美元是一個相當不錯的數字——比去年多得多。我們正在尋找合適的機遇，以便將這些資金幾乎全面地投入各個領域。

Okay, thank you for clarifying that. And I apologize for my connection. And another question I had in relation to the Australian foray on the Engineering side. Do you mind maybe talking a little bit about the reason why you went into that geography? I mean it has been a bit sluggish. So is the thought process that right now, you're kind of picking it up on a trough? Maybe any color would be very helpful there.

好的，謝謝你的解釋。我的網路連線有問題，我深表歉意。關於澳洲進軍工程領域，我還有另一個問題。您介意稍微談談您當初選擇地理專業的原因嗎？我的意思是，它運行得有點緩慢。所以你現在的想法是，就像從水槽裡撿東西？或許任何顏色在那裡都會很有幫助。

Thank you.

謝謝。

Max, the acquisition we announced last night is a well-established urban development consultancy and engineering firm operating in Adelaide. It's a market that is of significant size in the Australian sort of geography and a place we want to expand to. It's a relatively small firm, with 65 staff. So we were able to do this transaction, add these folks to our established platform, which I think, I believe we've got well north of 500 people now in our Australian engineering business, and these folks will tuck in to that business, and they will be nicely accretive for us. And we're able to do these tuck-in acquisitions, as you know, at very attractive valuations. So that makes this all the more compelling for us.

Max，我們昨晚宣布收購的是一家在阿德萊德營運的成熟的城市發展顧問和工程公司。在澳洲這樣的地理環境下，這是一個規模相當大的市場，也是我們想要拓展業務的地方。這是一家規模相對較小的公司，只有 65 名員工。因此，我們得以完成這筆交易，將這些人納入我們現有的平台。我認為，我們澳洲工程業務部門現在擁有超過 500 名員工，這些人將融入這項業務中，並為我們帶來良好的成長。如您所知，我們能夠以非常誘人的估值進行這些小規模收購。所以這對我們來說就更具吸引力了。

Okay. That's a great talk.

好的。這是一場精彩的演講。

Thank you so.

非常感謝。

Frederic Bastien, Raymond James Ltd.

Frederic Bastien，Raymond James Ltd.

On Max's question on engineering. Really excited to see this segment perform strongly, and you continue to partner with industry leaders, both you saw that in Canada and Australia, but it really feels like it's the real deal here. And it feels like you're only scratching the surface. You've got good scale right now in Canada with Englobe. But can you comment on the potential for additional growth in the US, Australia, and Europe? Europe seems like there's massive opportunity there that you're still waiting to tap.

關於 Max 提出的工程學問題。非常高興看到這個板塊表現強勁，而且你們繼續與行業領導者合作，這一點在加拿大和澳大利亞都得到了體現，但在這裡感覺才是真正的成功。感覺自己只是觸及了皮毛。目前Englobe在加拿大已經擁有了不錯的規模。但您能否談談美國、澳洲和歐洲的進一步成長潛力？歐洲似乎蘊藏著巨大的機遇，而你卻尚未利用。

You've sort of summed it up beautifully. The US, we'd like to be growing faster. We're growing nicely there, but we'd like to be growing faster. So that's a big opportunity for us. Canada, we're doing phenomenally well there, and we're excited about that. Australia, Australia is doing nicely. As you can see, a lot of these smaller deals. There's not a lot of big players in Australia. So we're putting together our platform one step at a time. Europe is a big opportunity. We're spending a lot of time there. And there are some very interesting platforms that we've been considering.

你的總結非常精闢。美國，我們希望發展得更快。我們在那裡的發展勢頭良好，但我們希望發展得更快。所以這對我們來說是一個絕佳的機會。我們在加拿大做得非常出色，我們對此感到非常興奮。澳大利亞，澳大利亞現在發展得很好。如您所見，有很多這樣的小交易。澳洲的大型企業並不多。所以我們正在一步一步地建立我們的平台。歐洲蘊藏著巨大的機會。我們在那裡待的時間很長。我們正在考慮一些非常有趣的平台。

And again, our partnership philosophy and our decentralized operation is attractive to large partnerships that don't really want to be acquired 100% by somebody else. They want to continue to own an equity stake in the business and be part -- participate in the future growth in this segment and take advantage of relationships that we might have across the platform, whether it's in real estate or it's in investment management. So we -- as you've seen so many times, Fred, over the years, as you followed other engineering firms, the segment is so massive. It's bigger than I even thought initially, and the white space keeps expanding. So we think that this is a great growth engine for us for many years to come, and we're just going to continue to build. We don't have to be the biggest. We just have to be one of the best, and we have to have a unique differentiated strategy, and we believe we have that.

再次強調，我們的合作理念和去中心化營運模式對那些不想被他人100%收購的大型合夥企業很有吸引力。他們希望繼續持有公司股權，參與該領域未來的成長，並利用我們在整個平台上可能擁有的關係，無論是在房地產領域還是在投資管理領域。所以，正如弗雷德多年來多次看到的那樣，當你關注其他工程公司時，你會發現這個領域非常龐大。它比我原先想的還要大，而且留白還在不斷擴大。所以我們認為這將是我們未來多年發展的巨大引擎，我們將繼續成長。我們不必成為規模最大的。我們只需要成為最好的公司之一，我們需要一個獨特的差異化策略，而我們相信我們擁有這樣的策略。

So one step at a time got us to $1.7 billion in five years. Hopefully, we can follow the same format and double the size of it over the next couple, three years.

就這樣一步一腳印，我們在五年內達到了17億美元。希望我們能沿用同樣的模式，並在未來兩三年內將規模擴大一倍。

Great, that's exciting. Thanks. Last question for me. Regarding the Astris and Triovest deals that you completed on the RES side. They've only been contributing for a few months, but I was wondering if you could provide an update on how these businesses are performing under the Colliers umbrella?

太好了，真令人興奮。謝謝。最後一個問題。關於您在 RES 方面完成的 Astris 和 Triovest 交易。他們加入Colliers集團才幾個月，我想請您提供這些企業在Colliers旗下營運狀況的最新進展？

Still too early to say. Triovest has been an asset that we've sought after for a lot of years. It's highly -- it's almost entirely recurring revenue. And we're in the process of integrating that into our Canadian property management operations. Interestingly, there are some clients -- Canadian clients that have assets in the US, that have asked us to take over some of those assets. So that's in process. So we're quite excited about Triovest, and we're also in the process of rebranding it.

現在下結論還為時過早。多年來，Triovest 一直是我們夢寐以求的資產。它的收益非常高——幾乎完全是經常性收入。我們正在將其整合到我們在加拿大的物業管理業務中。有趣的是，有一些客戶——一些在美國擁有資產的加拿大客戶——要求我們接管其中的一些資產。所以這件事正在進行中。所以我們對 Triovest 感到非常興奮，目前我們也正在進行品牌重塑。

And just to make the point one more time, whenever you do these things, it takes cost, it takes time, it takes effort. When you make acquisitions, you have to integrate those acquisitions. And somebody commented on our engineering margin down 20 basis points in the quarter, like it's 20 basis points. Give me a break. So Triovest, as I said, is going well, and we're excited about what that can do for us. And there was another acquisition in real estate, a company called Astris, which has so far been overperforming. We had a bit of an advantage with that acquisition because they had already had relationships with our investment management platforms in a couple of different areas.

最後再強調一遍，做這些事情都需要成本、時間、精力。進行收購後，必須整合這些收購對象。有人評論說我們本季的工程利潤率下降了 20 個基點，好像那隻是 20 個基點一樣。饒了我吧。正如我所說，Triovest 目前進展順利，我們對它能為我們帶來的成果感到興奮。此外，我們還收購了一家名為 Astris 的房地產公司，該公司迄今表現優異。那次收購我們佔了一些優勢，因為他們已經在幾個不同的領域與我們的投資管理平台建立了合作關係。

So we had a good sense for the quality of the professionals. And we're seeing increased potential opportunity around financing infrastructure, mid-market infrastructure businesses through the Astris professional. So we're cautiously optimistic that that will be another successful business and service offering that we can build over the next few years.

因此，我們對這些專業人員的素質有了很好的了解。我們看到，透過 Astris 專業平台，在基礎設施融資和中型基礎設施企業方面，存在著越來越大的潛在機會。因此，我們謹慎樂觀地認為，這將是我們在未來幾年內能夠建立的另一個成功的業務和服務產品。

Thanks, that's great. I'll pass it back.

謝謝，太好了。我會把它還回去。

There are no further questions at this time. I would now like to turn the conference back to Mr. Hennick. Please continue.

目前沒有其他問題了。現在我想把會議交還給亨尼克先生。請繼續。

Well, thank you, operator, for passing it back, and thank you to everyone for participating, and we look forward to speaking again in our -- at our fourth quarter results in February. So thank you. Have a great day.

好的，謝謝接線生轉接，也謝謝大家的參與，我們期待在2月的第四季業績發表會上再次與大家見面。所以，謝謝你。祝你有美好的一天。

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

女士們、先生們，本次電話會議到此結束。感謝您的參與，祝您有美好的一天。