Colliers International Group Q1 2023 Earnings Call Transcript

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May 2, 2023

There are 9 speakers on the call.

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 discussions 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 40F has filed with the U.

Operator

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.

Operator

Please go ahead, sir.

Speaker 1

Thank you, operator. Good morning and thanks for joining us for this Q1 conference call. I'm Jay Hennick, Chairman and Chief Executive Officer of Company and with me today is Christian Mayer, Chief Financial Officer. As always, this call is being webcast and is available in the Investor Relations section of our website along with the presentation slide deck. During our seasonally slow first quarter, Investment Management and Outsourcing and Advisory delivered robust growth.

Speaker 1

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 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 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.

Speaker 1

Putting aside capital markets, the momentum from the rest of our business is very strong. Revenues from Investment Management and Outsourcing and Advisory increased 40% 13%, respectively, in our slowest quarter. And together, these segments now represent more than 60% of our overall adjusted EBITDA. Having such a large proportion of our earnings coming from these revenue streams highlights the transformation of Colliers into a much more balanced, diversified and resilient company. After quarter end, We continue to build our global business by completing acquisitions in Australia and New Zealand in our Engineering and Design And project management segments.

Speaker 1

In addition, we announced the early redemption effective June 1 this year of our outstanding 4% convertible notes. Eliminating these notes reduces our interest costs and simplifies our balance sheet even further. Shareholders know that Colliers has seized its greatest opportunities During challenging times, higher interest rates and tighter access to capital really gives us a tremendous advantage In completing acquisitions, in recruiting key professionals and leaders and in scaling our newer growth engines, all of which translates into additional value for our shareholders. With that said, I'll now turn things over to Christian for a

Speaker 2

Thank you, Jay, and good morning. Please note that all references to revenue growth are expressed in local currency and that the non GAAP measures we will discuss today are as defined in the materials accompanying the call. Revenues for our seasonally slow Q1 were $966,000,000 down 1% relative to the prior year quarter, which as a reminder was an exceptional quarter for our transactional business. Our recurring investment management and outsourcing and advisory service lines Generated strong growth, up 40% 13%, respectively. Leasing revenues were up 2%, benefiting from continuing activity in industrial and alternative asset classes.

Speaker 2

As expected, Capital markets declined sharply in line with overall market conditions, continuing the trend that started last fall. On an overall basis, internal revenues declined 9% entirely on lower transaction volumes. 1st quarter adjusted EBITDA was $105,000,000 relative to $121,000,000 1 year ago with margins at 10.8% versus 12.1% in the prior year quarter. The margin reduction is as well as aggressive cost controls across the company. Americas revenues were $582,000,000 down 8% relative to the prior period.

Speaker 2

Outsourcing and advisory was up 9% driven by engineering and design Including recent acquisitions, leasing activity was up 1%. Capital Markets, including debt origination, Was down 41%. Adjusted EBITDA was $54,000,000 down 33% from last year. The margin in the Americas was 9.3 percent, down 3 30 basis points due to the slowdown in Capital Markets. EMEA first quarter revenues were $143,000,000 down 2% versus the prior year period.

Speaker 2

Outsourcing and advisory revenues were up 27%, but were offset by reduced capital markets transaction volume. Our EMEA Transactions business has greater fixed costs than transaction operations in other parts of the world and in normal times also generates higher margins. However, the significant decline in volume for the Seasonally slow first quarter drove an adjusted EBITDA loss of $11,000,000 versus a profit of $5,000,000 last year. In the Asia Pacific region, revenues were $120,000,000 up 7%. Leasing revenues increased significantly in both industrial and office asset classes.

Speaker 2

However, Capital markets was down 26% given market conditions. This region is showing promising signs of recovery year over year After the pandemic era restrictions that extended into last year, adjusted EBITDA was 8,000,000 relative to $10,000,000 in the prior year quarter. 1st quarter Investment Management revenues were $121,000,000 up 96%, excluding pass through carried interest, driven by acquisitions And management fee growth from increased assets under management year over year. Adjusted EBITDA for the quarter was $55,000,000 More than double the prior year quarter. Assets under management at quarter end Was $97,600,000,000 down slightly relative to year end.

Speaker 2

Asset values in our portfolios of primarily alternative Infrastructure assets were down modestly and mostly offset by net capital inflows from investors during the quarter. Like overall market sentiment, the fundraising environment for most asset classes remained challenging during the Q1. However, given the alternative and infrastructure focus of our investment strategies, we believe fundraising will accelerate in the second half of the year. We expect overall AUM growth of about 10% for the full year. Our financial leverage ratio at quarter end defined as net debt to pro form a adjusted EBITDA was 2.2 times, which reflects acquisitions completed during 2022 as well as seasonal working capital usage.

Speaker 2

Absent any further acquisitions, we expect our leverage to decline to around 1.8 times by year end. Last week, we took the opportunity to increase credit availability under our revolving credit facility To $1,750,000,000 giving us more than $800,000,000 of total liquidity for opportunities to strengthen And expand our business. Back in early February, we provided our initial outlook for 2023. Since then, a significant banking crisis has occurred, availability of credit has tightened further And the level of uncertainty around asset valuations has increased, causing us to revise our outlook for the year. We now expect lower volumes in our transactional business to persist for the remainder of the year.

Speaker 2

We expect capital markets to be down 30% to 40% for the 2nd quarter with year over year comparisons becoming more favorable in the 3rd and 4th quarters. We expect modest sorry, we expect robust revenue growth To continue in our recurring service lines, investment management and outsourcing and advisory, we will also continue to be vigilant on cost control across our company. Overall, adjusted EBITDA should be up between 6% 14% And adjusted earnings per share should be down slightly to up slightly versus prior year on higher interest costs as well as the impact of a larger proportion of earnings coming from non wholly owned operations. That concludes my prepared remarks. I would now like to open the call for questions.

Speaker 2

Operator, can you please open the line?

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from chandri Luthra with Goldman Sachs. Please go ahead.

Speaker 3

Hi, good morning. Thank you for taking my question. I'd like to start with the 10.8% margin that you reported in the quarter. We understand that things got very difficult Starting with events of the banking industry on March 8, 9, basically 1 week into March, but the truth is that sizable part of the quarter was already done by then. So help us understand how was the business, especially margins trending before March 8?

Speaker 3

And how much was sort of the margin decline attributed to events after March 8? And how do you figure EMEA and all this because nothing changed significantly in EMEA. So help us understand that dynamic, please.

Speaker 2

Chandy, it's Christian here and thanks for the question. As you know, Q1 is our seasonal slow quarter In Capital Markets and in Leasing as well. And the Capital Markets revenue impacts We're pronounced in the quarter, really throughout the quarter. And you got to realize that we We released our outlook in the 1st week of February, and some of these things were developing throughout the quarter. Of course, the banking crisis Later in the quarter, but these are factors that were developing through the quarter.

Speaker 2

And as a result of our the seasonal slow quarter as well as the Revenue impacts, which are more pronounced in that seasonal slow quarter, especially in EMEA, That had a significant impact on our margin. And secondly, I would also to continue the question about margin impacts, in the second, third and fourth quarters, we will have higher baseline revenues, Even if they're down year over year, so we expect to have higher margins in those quarters. We're also, as I mentioned in my prepared remarks, Impact implementing cost control actions, they'll have a significant impact on our margin for the balance of the year.

Speaker 3

So I guess for my second question, I would like to sort of dig deeper into that 2Q to 4Q where you do have margins implied margins of 16.7% based on the guide. Like given your Q2 capital markets is down just as much as Q1 and there is obviously economic uncertainty that you talked about for the back half Like how do you get comfortable around that implied margin improvement from here? And what sort of cost cuts are you embedding? How much of it is in Is there any headcount reduction? What are the other cost measures?

Speaker 3

How much of it is in Europe versus how much of it is in Americas? If you could throw any More detail there, it would be very helpful.

Speaker 2

Sure, Chandni. I mean, just let me reiterate the point around the higher level of baseline revenues In Capital Markets and in Leasing, in the second, third and fourth quarters, that will have a direct impact On the margin from those businesses, for those future quarters, even if revenues are down significantly as we expect, They will be at least in the Q2. The cost control actions we have taken across the company Have been pretty significant, in particular around non revenue producing headcount. We continue to be actively looking for And recruiting revenue producing headcount, that is our goal to grow the business. But certainly, Non revenue based headcount has been an area of focus as has discretionary spend, as has reduction of office space and as has efficiency improvements.

Speaker 2

And on a full year basis, we would expect that would impact 2% Have a 2% impact on our full year margin.

Speaker 3

Great. Thank you.

Operator

Your next question comes from Michael Doumet with Scotiabank. Please go ahead.

Speaker 4

Hey, good morning guys. Maybe I guess another way to get around the last couple of questions. If I step back and look at the 2023 EBITDA guide, And I believe last quarter you highlighted that M and A would contribute about $75,000,000 of rollover EBITDA in 2023. So that puts Organic EBITDA for 23 at $705,000,000 Now it looks like the organic EBITDA declined by 25,000,000 to $30,000,000 in Q1 alone, which already puts you at the low end of the 2023 guidance. So is the expectation That on a whole, organic EBITDA declines in Q2, but in the second half, it starts to increase again.

Speaker 4

Just trying to break those numbers down a little bit.

Speaker 2

Yes, Michael, that's a good question. Certainly, Q2, we will have some organic EBITDA declines. As I mentioned, a 30% to 40% decline in capital markets revenues is going to drive It's going to have an impact on our organic EBITDA that we generate. And now Looking ahead to the second half of the year, the comparisons get considerably easier, in particular Q4, which is Seasonal high quarter in the Capital Markets business. And if you recall last fall, that business segment of ours was down 40% year on year.

Speaker 2

So depending on how conditions improve in the Q4, that will have an impact On the overall margin profile and the organic EBITDA profile.

Speaker 4

Got it. So embedded in the guide, I guess, in the second half is you have Moderating capital markets declines and increasing organic growth in Investment Management. And one of your comments, I think you commented that you expect AUM and I'm to grow about 10%. What gives you the visibility or the confidence that, that could happen through the balance of the year?

Speaker 2

We have active fundraising that is ongoing in our operations. Maybe Jay can comment further on that. But certainly, it's We have infrastructure oriented funds that are in the market. Our alternative funds are in the market. We think there is capital in investors' hands that needs to be deployed.

Speaker 2

And we believe in the second half that's going Start to create opportunities for us.

Speaker 1

Yes. And the nature of course of our Investment Management Business with alternative asset classes, needs based assets, etcetera. If our fundraising for the Q1, although soft, was better than most And the number of people that are number of potential investors is higher Now than ever before, especially in our asset classes, there's just more of a delay in allocating capital. So We are cautiously optimistic, but probably more optimistic than cautiously that Towards the second, 3rd and 4th quarter, we'll have a significant uptick in funds raised. We have a significant distribution capability across the board and we've had excellent meetings, especially during these kinds of times.

Speaker 1

So I think The outlook, which is the question you have around assets under management at the end of the year being up say 10% over last year. I think that that is a Hopefully, a conservative estimate of where we'll end up.

Speaker 4

Really interesting. And maybe just to squeeze a follow-up. For the Q1 AUM, flat sequentially. Any way you can break down fundraising, redemption and maybe the value or the change in value of the assets?

Speaker 2

Yes. They're all very modest, Michael. I mean, if you look, you're talking about 0.5 point, 3 quarters of a point in each, All very modest.

Speaker 4

Okay, perfect. Thanks very much guys.

Operator

Your next question comes from Stephen MacLeod with BMO Capital Markets. Please go ahead.

Speaker 5

Thank you. Good morning, guys. Lots of great color on what you're seeing in the marketplace right now, but I'm just curious if what you're hearing from your clients and potential clients who are Sort of taking a pause on transaction activity, what are you hearing from them in terms of what they would like pent up demand as they get into 2024, are you hearing any color around that from your clients?

Speaker 1

Well, that's a great question. We've got tons of color around that. I mean, Everybody is talking about it. There's all kinds of town halls. There's all kinds of industry Events that are talking about this very issue.

Speaker 1

There's huge appetite, both buyers and sellers To buy assets and we see it more so in our business than probably many of our peers because In our investment management arm, every year, we're looking to divest certain assets and buy other assets and have allocations And so there's tremendous appetite to buy and sell. The problem is, as We've alluded to a couple of times in our prepared remarks is how do you value some of these assets? How do you value them? And it's not just higher interest rates. It's availability of capital And it's also the negative sentiment that some people have around mortgages that will come due in the near term.

Speaker 1

So there's a lot of let's call it headwinds In this entire industry, but capital markets transactions are happening and we continue to think That they will happen more and more as the year goes on because the best assets are being purchased Primarily for cash or very low debt levels because debt is just not available. And the comments earlier in our prepared remarks around the new realities, We all read the paper. This is crystal clear. I hate to say it, but any moron should know that this is what happens up there. And, but we are in the business of helping to make transactions happen.

Speaker 1

And we think that as things stabilize, they will happen and they will happen quickly, But it's just not there yet, Stephen.

Speaker 5

Okay. That's great color. Thanks. Thanks, Jay. And then just around the EMEA business, you made an interesting point, Christian, about the higher Proportion of fixed costs in EMEA.

Speaker 5

Is there a way to kind of quantify what Like what impact that would have had to the EMEA business relative to the Americas Well, the cost structure is much more flexible. Like I guess, would you expect to see that kind of pressure continuing in EMEA before transactions begin to

Speaker 2

Yes. I mean, look, Steven, the EMEA business It was especially challenging capital markets in the Q1, down 55% year on year. We don't expect that kind of a variance to continue, that type of a year over year variance to continue. And certainly as we go through the year, We should be able to exceed that fixed cost base and generate profitability there. That's our expectation.

Speaker 2

And in terms of the Americas, it is different in the Americas. We have a highly variable cost structure in the Americas. Our revenue producers are fully commission based, and that is drives the difference between EMEA and the Americas.

Speaker 1

Notwithstanding all that, strong businesses in the U. S. And in Europe, I mean, our business in Europe is very strong. Christian mentioned the compensation structure. It's more of an investment banking type Compensation structure where there is very modest salaries and then a profit sharing in the success over the course of the year.

Speaker 1

And during the Q1, revenues are naturally lower and progressively go up over time. So That's why we're highly confident that that margin will change as the year progresses in EMEA as an example. And if you take a look at our business in Asia Pac, we did very well relative to The other parts of the industry, I think, in our Asia Pac business across the board. Now We were helped somewhat because the prior year, China was virtually closed down. So lots of moving pieces, But we think exceptional platforms and raring to go as the markets change.

Speaker 5

Great. Okay. Thanks guys. I'll get back in the line.

Operator

Your next question comes from Daryl Young with TD

Speaker 6

In challenging markets, would you see the 65,000,000 EBITDA bogey is still achievable just given what's transpired on the capital market side?

Speaker 2

Darryl, it's Christian here. I think we've missed the first Five seconds to your question. It just the line was quiet. Peter, repeat it.

Speaker 6

Sorry. Yes, just Some of the commentary you made around the opportunities for acquisitions in this disruptive environment. And the question is, do you still see the $65,000,000 of acquired EBITDA as achievable this year?

Speaker 1

Well, we set a goal as you know, we set a goal of growing 10% The prior year's EBITDA on average over 5 years. Last year, we tripled that number, maybe more than tripled that So and as you can see, we in the process built a very significant Investment Management and Outsourcing and Advisory segment. So We have a very interesting pipeline of transactions. I'm not I mean, we're not pushing to do another year of $60,000,000 of EBITDA in acquisitions unless there's something special out there and there are a few things. And I think that the markets will allow us to take advantage as we have in the past Some unique additions to strengthen our business, but where they're going to be and what it will total by year end, I can't really predict that right now.

Speaker 1

But what I can predict is that there's fewer people in the market buying businesses. It's impossible to get financing to buy those businesses. So PE is on the sidelines And it creates a great opportunity for somebody like us that has, I wouldn't say unlimited access The capital, but a lot of capital availability to really add an interesting part of our business When it's right, but we're not going to do something as you would Expect, Errol, we've never done this before. We're only going to buy things that we think are special and are going to add To what we think is a special company. Got it.

Speaker 7

Okay. And

Speaker 6

then secondly, just with some of the challenges in the office segment, could you maybe highlight for us what opportunities you're seeing Out of that and maybe they're in different service lines beyond just the capital markets transactions, but just what this level of disruption is doing in terms of your other advisory services?

Speaker 1

Yes. So the office environment and we typically don't really comment specifically on any asset class, But there's a lot of people talking about the office environment and office utilization and return to And what does that mean to old buildings versus new buildings? And you're hearing that in newer buildings, the Quality of the buildings are such that they're able to generate higher rents per square foot than the Lesser quality buildings, those are all the factors that we see. And interestingly, on the investment management side, Our Rockwood Capital business is actively working with 1 or 2 Office owners in New York to repurpose very significant and well known buildings into Multifamily residential, those are long term projects, probably 4 or 5 years to get completed. So The whole office market is going through a flux right now and It's to say it's uncertain is probably the best way to conclude because each Building is different, the locations of the building, the age of the building, all of those things are different And will have the impact on the ultimate value of the business and or how much people will want to invest To repurpose that building to a more desired location.

Speaker 1

I hope that gives you the color you want.

Speaker 7

Yes, that's helpful. I'll jump back

Speaker 6

in the queue and turn it over. Thanks for your comments.

Operator

Your next question comes from Stephen Sheldon with William Blair. Please go ahead.

Speaker 8

Hey, thanks for taking my questions. Just a couple of modeling ones. And the first one, just as we think about the changes Can you frame what you've layered in for the 2 recent acquisitions in Australia and New Zealand for adjusted EBITDA? And then apologies if I missed this, but also what's the total expected inorganic M and A contribution for the year now kind of relative to the I believe you guided to $75,000,000 last Just any color on those 2?

Speaker 2

Stephen, the acquisitions in New Zealand and Australia What we consider tuck in acquisitions, so pretty small impact on revenue and EBITDA For the year and likewise on purchase price for those 2 acquisitions. In terms of the acquisition Pro form a impact for the next three quarters, it's around $40,000,000 of EBITDA that we expect to add From completed acquisitions.

Speaker 8

Okay, perfect. And then just wanted to ask about interest expense Over the rest of the year given the early redemption, it was $23,000,000 this quarter. I guess, so how should we expect that Trend over the rest of the year barring any significant surprises from the Fed?

Speaker 2

Yes. I mean the interest expense in the Q1 It's obviously significantly higher than it was in Q1 of last year given the acquisition activity we undertook as well as the Pretty much 200 basis point increase in floating rates year on year for that 40% piece of our debt that is fixed sorry, that is floating. So as we look ahead, The redemption of the converts will reduce interest expense by about $2,500,000 or $2,200,000 per quarter Going forward, floating rates continue to rise. So that's going to be an impact for the rest of the year A little bit. And then of course, we will generate cash flow and be paying down revolver balances as we proceed through the year.

Speaker 2

So that's going to have a reducing impact On interest expense, so a bunch of moving parts there, Stephen, but certainly the Q1 interest, you can take that and kind of Build from there using the elements I mentioned.

Speaker 8

Okay, great. Thank you.

Operator

Your next question comes from Frederic Bastien with Raymond James. Please go ahead.

Speaker 7

Good morning, guys.

Speaker 1

Good morning, Brad.

Speaker 7

Just wanted to go back On the guidance here, your prepared comments about the remainder of 2023 were understandably more cautious than they were in the middle of February. Yet Your revised financial outlook implies a largely unchanged EBITDA guidance for the rest of the year. So just curious, Why did you decide to hold the line here and maybe not go a bit more conservative with respect to the guidance?

Speaker 1

I don't you're going in and out a little Fred. So I didn't hear the whole question. Christian didn't either. So We don't know if it's his or mine. So can you try us again?

Speaker 7

Sure. I'll speak up. I apologize if I cut, but your prepared comments about the remainder of 2023 were understandably more cautious And they were in the middle of February, yet your revised financial outlook implies largely unchanged EBITDA guidance for the rest of the year. So just curious why you decided to hold mine for the rest of the year and not maybe go down a bit more conservatively and point for slightly lower EBITDA. Just curious what your thoughts there?

Speaker 1

Well, so let's start with We're sorry we give guidance today, this quarter. But And Christian, maybe you have the answer he's looking for there.

Speaker 2

But Yes, we have, I think dialed back Our guidance is a little bit, but certainly, Frederick, you're right that the Q1 piece of it is a large Component of the change in the guide. Look, we build our guidance from the bottom up. We talk to our operators in the field and all of our businesses, the recurring businesses, much more easy to predict and of course The Capital Markets business, the most difficult to predict, but we do have Good information from the field and we do have pipelines of activity that we expect will be completed here in the back half of the year. And we also have the fact that the comparatives get meaningfully Less challenging in Q3 and Q4. So as I mentioned, Q4 of 2022 was down 40% in Capital Markets.

Speaker 2

So that will be relatively we believe a relatively easy comparison. And as such, Less risk in terms of down a year over year basis in that quarter.

Speaker 7

Thanks for that. Now Just turning to Outsourcing and Advisory, you had a nice top line growth, 13% and low currency. Are you able to break down that The percentage in between internal and management growth and just maybe comment on how well the business is running from an Organic standpoint?

Speaker 2

Yes. Fred, we don't provide that breakdown, but there were some acquisitions, and there are smaller ones.

Speaker 7

And how is the business going? You're still confident With the revenue profile you're generating in the growth?

Speaker 2

Yes. No, absolutely. I mean, The businesses, Engineering Design, Project Management, Property Management, all performing very well through these times and we expect that to continue for the balance of the year for sure.

Speaker 1

Yes, we're very excited about that. That's our we're very excited about our outsourcing and advisory business And expect to see the same level of growth or better as the year progresses.

Speaker 7

Thank you.

Operator

Your next question comes from Daryl Young with TD Securities. Please go ahead.

Speaker 6

Yes. Just a quick follow-up in terms of some of the Opportunities for market share wins in this environment. Would you say that you're seeing an Increasing number of smaller players in the industry approach you and look to partner with diversified platforms. And do you expect to see Some of the long term consolidation trends towards large diversified players accelerate today?

Speaker 1

That's a great question. We get approached all the time from The big players

Speaker 7

and but

Speaker 1

We have continued to focus on just building our platform one step at a time like the Nordics Acquisitions last year, we've got another couple of similar ones that we're working on Now none of the material, but all of them are additive in their own regions quite significantly. So you might I'm using the Nordics as an example. We're now the number one player in the Nordics, but we have a big gap around property management in that region. We don't Do it very much. We do it in some markets, not in other markets.

Speaker 1

Leasing Is a strong part of the business in one area of the business, but not in another. So all of those become opportunities for us to strengthen these significant chunks of our business, whether through acquisition Or as we call it an acquihire and in times like these, they're perfect for both for a whole variety of reasons, but some of them are that some of our peers are themselves having Difficulties, financial difficulties, too much leverage, a whole variety of things like that. And Colliers seems to be the natural choice across the world and we're very proud of that. And as I've said before to you, it comes down to culture and it comes down to having a lot of people that have a vested interest in the business and that creates a momentum That is attracting some of the best talent out there. So we're quite excited about that and really Going through challenging times is when you can sometimes make 2 steps at a time instead of 1 step at a time and we're looking forward To doing a few of those.

Speaker 1

Got it.

Speaker 2

That's great. Thanks very much.

Operator

There are no further questions at this time. Please proceed.

Speaker 1

Thank you everyone for Some hopefully better results in the Q2 and speak to you then. Thank you again.

Operator

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

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Earnings Conference Call
Colliers International Group Q1 2023
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