Colliers International Group Inc. (NASDAQ:CIGI) Q1 2024 Earnings Call Transcript

Jay Hennick: We’re open to other regions as well, Fred. There are several markets that are western-type markets that are conducive for growth. You know this better than most other analysts on this call. So yes, there’s a number of opportunities and number of different areas that we’re pursuing.

Operator: Next question is the follow-up from Daryl Young at Stifel.

Daryl Young: Just on the engineering and the project management. Can you remind us the high-level mix of public versus private? And the context of the question just being some of the slowdowns we’ve seen in construction activity and the commercial real estate end markets, multifamily, industrial, all those areas. And just anything we should be aware of or considering on that front?

Christian Mayer: Across our business, the mix is roughly 50-50 public sector and private sector and we target that for precisely the reason that you’re mentioning because the public sector stuff is extremely stable. It tends to be longer term in nature. The private sector stuff is great work, has long-term contracts, but can be a bit more sensitive to economic conditions. So we try to balance it on that basis.

Jay Hennick: Genuinely, a little more profitable.

Christian Mayer: And more profitable, yes. So we like it — we like that balance, and that’s what we try to work towards across the business and to keep those backlogs of work at sort of levels that give us great confidence in terms of our next 12 to 18 months out.

Daryl Young: So things are still sort of motoring along and you’re not seeing sort of any major impacts from some of these headlines we’re reading?

Jay Hennick: No. But if you have any business, you’d like to refer our way, please give us the name, phone number, and we will be all over it.

Operator: There are no further questions. You may proceed with closing comments.

Jay Hennick: Thanks, everyone, for participating in the first quarter conference call. Very interesting year, great opportunities we have in front of us. But as always, we’ll have to continue to deliver one step at a time. So we look forward to speaking to you again during the second quarter conference call, and thanks for participating.

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