Core Insights - RE/MAX is modernizing its brand and services to enhance its value proposition for over 145,000 agents globally, focusing on helping them win more listings in a competitive market [1][3][9] Group 1: Brand Modernization - The RE/MAX brand is being reintroduced with a refreshed logotype and balloon logo to improve its online and social media presence [6] - The company is leveraging technology through MAX/TechSM powered by BoldTrail to provide agents with integrated partnerships aimed at increasing earnings and enhancing brokerage profitability [3][6] Group 2: Professional Development - RE/MAX is enhancing professionalism by providing greater access to the "100 Days to Greatness" course and the Certified Full-Service Professional (CFSP) designation through a partnership with Buffini & Company [6] - The MAX/Engage platform is introduced to amplify the brand across social channels, encouraging agents to utilize brand tools and education [6] Group 3: Marketing Innovations - New marketing tools include the MAX/Tech Lead Concierge, AI-powered website enhancements, and automated newsletters, aimed at improving communication and engagement with clients [6] - A new global referral system, MAX/Refer, will be launched, incorporating AI to facilitate finding referral partners and tracking referral fees [6] Group 4: Community Commitment - RE/MAX has partnered with Children's Miracle Network Hospitals, contributing over $218 million since 1992, with significant donations in 2024 [7] - The RE/MAX Miracle Home and Miracle Property Program allows agents to donate a portion of sales to the network, positively impacting local communities [7] Group 5: Event Highlights - The R4® convention featured thousands of attendees and recognized outstanding contributions from agents, teams, and brokerages [2][8] - The event concluded with a concert performance by OneRepublic, highlighting the community and celebratory aspects of the RE/MAX network [8]

Financial Data and Key Metrics Changes - Q4 2024 was CBRE's best quarter ever for core earnings and free cash flow, with significant progress in executing its strategy [7][12] - Resilient businesses grew net revenue by 16% in Q4 and 14% for the year, contributing nearly 60% of total SOP for the year [13][14] - Free cash flow exceeded expectations, increasing to more than $1.5 billion for the year, with free cash flow conversion reaching almost 100% [21][23] Business Line Data and Key Metrics Changes - Building Operations and Experience, along with Project Management, generated $1.4 billion of SOP in 2024, growing organically at a double-digit rate [11] - Advisory segment saw a 34% rise in SOP, driven by record leasing revenue and a rebound in capital markets [17] - GWS segment net revenue grew 18%, with Facilities Management net revenue increasing 24% [18][19] Market Data and Key Metrics Changes - U.S. Office leasing delivered 28% revenue growth, with notable strength in gateway markets [15][16] - Global property sales revenue growth accelerated to 35%, with strong growth across all asset classes [16] - Mortgage origination business was up 37%, led by a 76% increase in origination fees [17] Company Strategy and Development Direction - CBRE acquired Industrious to enhance its ability to meet office occupier and landlord demand for flexibility [8] - The company reorganized into four business segments to build expertise and scale advantage [10] - Focus on resilient businesses that augment growth profile and expand total addressable market [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in CBRE's future, citing significant share repurchases and undervaluation of the business [12][23] - Anticipated strong free cash flow generation in 2025, with core EPS projected to be in the range of $5.8 to $6.1, representing over 16% growth [24][25] - Management noted uncertainties around currency headwinds and interest rates impacting guidance [25] Other Important Information - The company expects to break ground on more than 50 projects in 2025, nearly double the number in 2024 [22] - CBRE's development business is positioned to benefit from secular tailwinds, particularly in data centers [31] Q&A Session Summary Question: Can you talk about your guidance around capital markets recovery? - Management noted that transaction activity picked up in Q4 but remains below peak levels, with expectations for continued growth in 2025 [36][37] Question: How much of the growth in the advisory segment is from revenue versus margin expansion? - Expected low double-digit revenue growth with additional margin expansion on top [40] Question: What is the long-term growth potential for the Turner and Townsend business? - Management expects mid-teens growth for the combined project management business, driven by areas with strong tailwinds [44] Question: What are the drivers for the investment management segment's flat guidance? - The flat guidance is influenced by a large incentive fee in 2024 that will not repeat, but strong capital raising is expected [60] Question: How does the company view its share repurchase strategy in 2025? - The company believes its shares are undervalued and will prioritize M&A, with buybacks as a secondary option if M&A opportunities do not materialize [62] Question: What is the outlook for industrial leasing in 2025? - Management expects low single-digit growth in industrial leasing, with a potential pickup as vacancies decrease [77]