CBRE Group, Inc. (NYSE:CBRE) Q4 2023 Earnings Conference Call February 15, 2024 8:30 AM ET

Company Participants

Brad Burke - Head, Investor Relations & Treasurer

Bob Sulentic - Chair & Chief Executive Officer

Emma Giamartino - Chief Financial Officer

Conference Call Participants

Anthony Paolone - JPMorgan

Steve Sakwa - Evercore ISI

Jade Rahmani - KBW

Stephen Sheldon - William Blair

Michael Griffin - Citi

Alex Kramm - UBS

Operator

Hello, and welcome to the CBRE Q4 2023 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this is being recorded.

It's now my pleasure to turn the call over to Brad Burke, Head of Investor Relations and Treasurer. Brad, please go ahead.

Brad Burke

Good morning, everyone, and welcome to CBRE's Fourth Quarter 2023 Earnings Conference Call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks, and an Excel file that contains additional supplemental materials.

Before we kick off today's call, I'll remind you that, today's presentation contains forward-looking statements, including without limitation statements concerning our economic outlook our business plans and capital allocation strategy and our financial outlook.

Forward-looking statements are predictions, projections or other statements about future events. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from those projected. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this morning's earnings release and our SEC filings.

We have provided reconciliations of the non-GAAP financial measures discussed on our call to the most directly comparable GAAP measures, together with explanations of these measures in our presentation appendix.

I'm joined on today's call by Bob Sulentic, our Chair and CEO; and Emma Giamartino, our Chief Financial Officer.

Now, please turn to slide 5, as I turn the call over to Bob.

Bob Sulentic

Thank you, Brad, and good morning, everyone. CBRE ended 2023 on a high note with fourth quarter year-over-year operating profit growth across all three of our business segments. Even though 2023 was a difficult year for commercial real estate, we delivered the third highest full year earnings in CBRE's history as our resilient businesses continued their strong growth. This partly offset market-driven revenue declines in businesses that are sensitive to interest rates and debt availability.

Emma will talk about our resilient businesses in greater detail at the beginning of her comments. We are committed to driving significant gains in all of our businesses with a particular focus on through-cycle resiliency and double-digit compound long-term earnings growth. Two recent wins highlight our progress.