Colliers International Group Inc. (NASDAQ:CIGI) Q1 2023 Earnings Conference Call May 2, 2023 11:00 AM ET

Company Participants

Jay Hennick - Global Chairman and Chief Executive Officer

Christian Mayer - Chief Financial Officer

Conference Call Participants

Chandni Luthra - Goldman Sachs

Michael Doumet - Scotia Bank

Stephen MacLeod - BMO Capital Markets

Daryl Young - TD Securities

Stephen Sheldon - William Blair

Frederic Bastien - Raymond James

Operator

Welcome to the Colliers International First Quarter Investors Conference Call. Today's call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties, actual results may be materially different from any future results, performance, or achievements 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 U.S. Securities and Exchange Commission. As a reminder, this call is being recorded today, May 2, 2023.

And at this time for opening remarks and introductions, I would like to turn the call over to the Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.

Jay Hennick

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

During our seasonally slow first quarter, Investment Management and Outsourcing & Advisory delivered robust growth. Leasing was up slightly and as expected Capital Markets declined considerably in line with overall market conditions. Since our initial outlook 90-days ago, we've seen higher interest rates and challenging debt markets impact transaction volumes. Now with the additional stress on the banking system and increasing limitations on debt availability, there is more uncertainty around property valuations. Until these factors become more predictable, we expect the level of transaction activity to remain low.

Let's remember, Colliers has chosen to provide an outlook, unlike most others. We do this to give our shareholders our best estimate, as -- at any given point in time and we like to do this, especially in challenging times like we're seeing now. If you step back, not much has really changed in our outlook for the full-year, as you'll hear from Christian.