Colliers International Group Inc. (NASDAQ and TSX: CIGI)
(“Colliers” or the “Company”) today announced operating and
financial results for the quarter ended March 31, 2021. All amounts
are in US dollars.
For the quarter ended March 31, 2021, revenues
were $774.9 million, up 23% (18% in local currency) relative to the
same quarter in the prior year, adjusted EBITDA (note 1) was $92.1
million, up 69% (65% in local currency) and adjusted EPS (note 2)
was $1.04, up 93% versus the prior year period. First quarter
adjusted EPS would have been approximately $0.04 lower excluding
foreign exchange impacts. GAAP operating earnings were $40.0
million, relative to $18.5 million in the prior year quarter. GAAP
diluted net earnings per share were $0.11, flat relative to the
prior year quarter. First quarter GAAP EPS would have been
approximately $0.04 lower excluding changes in foreign exchange
rates.
“Colliers delivered strong first quarter results
with encouraging signs of momentum for the balance of the year.
Strength in recurring services, stabilizing transactional revenues,
and a highly diversified business model has transformed Colliers
into a more balanced and resilient professional services and
investment management company,” said Jay S. Hennick, Chairman &
CEO of Colliers. “Although pandemic uncertainty remains around the
world, we are increasing our financial outlook for the balance of
the year to reflect better than expected results. We recently
published our first Global Impact Report highlighting our
commitment to embedding environmental, social and governance, or
ESG practices, across our company. During the quarter, Colliers
Engineering & Design completed its first acquisition, a
specialty transportation design firm, to further strengthen this
rapidly growing part of our Outsourcing & Advisory service
line. And in Investment Management, Harrison Street was proud to
receive four coveted PERE Awards, including ‘Alternatives Investor
of the Year’ globally and in North America, capping off its largest
fundraising quarter in the firm’s history. With our proven track
record, balanced and diversified business model, enterprising
culture and significant inside ownership, Colliers is better
positioned today than at any other time in its history to continue
creating significant value for shareholders in the years to come,”
he concluded.
About ColliersColliers (NASDAQ,
TSX: CIGI) is a leading diversified professional services and
investment management company. With operations in 67 countries, our
more than 15,000 enterprising professionals work collaboratively to
provide expert advice to real estate occupiers, owners and
investors. For more than 25 years, our experienced leadership with
significant insider ownership has delivered compound annual
investment returns of almost 20% for shareholders. With annualized
revenues of $3.0 billion ($3.3 billion including affiliates) and
$40 billion of assets under management, we maximize the potential
of property and accelerate the success of our clients and our
people. Learn more at corporate.colliers.com, Twitter @Colliers or
LinkedIn.
Consolidated Revenues by Line of
Service
| |
|
|
Three months ended |
|
|
| (in thousands of US$) |
|
|
March 31 |
Change |
Change |
| (LC =
local currency) |
|
|
2021 |
|
2020 |
in US$ % |
in LC% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outsourcing &
Advisory |
|
$ |
340,116 |
|
|
$ |
277,290 |
|
23% |
17% |
| Investment
Management (1) |
|
|
44,627 |
|
|
|
45,825 |
|
-3% |
-3% |
| Leasing |
|
|
179,661 |
|
|
|
164,510 |
|
9% |
6% |
| Capital
Markets |
|
|
210,510 |
|
|
|
143,003 |
|
47% |
40% |
| Total
revenues |
|
|
$ |
774,914 |
|
|
$ |
630,628 |
|
23% |
18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Investment
Management local currency revenues, excluding pass-through carried
interest, were up 2% for the three months ended March 31,
2021. |
Consolidated revenues for the first quarter
increased 18% on a local currency basis, driven by the impact of
recent acquisitions and strong Capital Markets activity.
Consolidated internal revenues measured in local currencies were up
4% (note 3), the first quarter of positive internal growth since
the pre-pandemic fourth quarter of 2019.
Segmented First Quarter
ResultsRevenues in the Americas region totalled $475.8
million for the first quarter, up 29% (27% in local currency)
versus $370.0 million in the prior year quarter. Revenue growth was
driven by recent acquisitions and stabilizing transactional
revenues, especially Capital Markets activity across the region.
Adjusted EBITDA was $56.9 million, up 82% from $31.2 million in the
prior year quarter, and includes the impact of recent acquisitions
and reduced costs from measures implemented due to the pandemic.
GAAP operating earnings were $42.9 million, relative to $22.7
million in the prior year quarter.
Revenues in the EMEA region totalled $126.1
million for the first quarter compared to $117.1 million in the
prior year quarter, up 8% (down 3% in local currency), with
activity returning to near prior year levels in each service line.
Adjusted EBITDA was $4.5 million, versus a loss of $3.6 million in
the prior year with the improvement primarily attributable to cost
savings from measures implemented due to the pandemic. The GAAP
operating loss was $1.1 million compared to a loss of $13.5 million
in the prior year quarter.
Revenues in the Asia Pacific region totalled
$128.3 million for the first quarter compared to $97.4 million in
the prior year quarter, up 32% (19% in local currency). Revenue
growth was driven by a rebound in activity relative to the sharply
reduced levels experienced during the early stages of the pandemic
in the first quarter of 2020. Adjusted EBITDA was $15.5 million
compared to $5.2 million in the prior year quarter with the
improvement in margin attributable to operating leverage and a
lower cost base. GAAP operating earnings were $11.7 million, versus
$1.2 million in the prior year quarter.
Investment Management revenues for the first
quarter were $44.6 million compared to $45.8 million in the prior
year quarter. No pass-through revenue from historical carried
interest was recognized in the first quarter, versus $2.3 million
in the prior year quarter. Excluding the impact of pass-through
revenue, revenues were up 2% (2% in local currency) on solid
management fee growth, partially offset by transaction fees
recognized in the prior year period in Europe. Adjusted EBITDA was
$17.7 million, relative to $18.4 million in the prior year quarter,
down 3% versus a strong prior year comparative, which included
transaction fees. GAAP operating earnings were $9.9 million in the
quarter, versus $11.8 million in the prior year quarter. Assets
under management were $41.6 billion at March 31, 2021, up 5% from
$39.5 billion at December 31, 2020 and up 19% from $35.1 billion at
March 31, 2020.
Unallocated global corporate costs as reported
in Adjusted EBITDA were $2.6 million in the first quarter, relative
to a recovery of $3.3 million in the prior year quarter, with the
change primarily attributable to incentive compensation accruals
recorded in the current year period. The corporate GAAP operating
loss for the quarter was $23.4 million, relative to $3.7 million in
the first quarter of 2020 attributable to an increase in the fair
value of contingent acquisition consideration on strong operating
performance of recently acquired businesses as well as incentive
compensation accruals.
2021 OutlookGiven stronger than
expected operating results for the first quarter, the Company is
increasing its previously provided financial outlook. However, a
number of risks and uncertainties remain, including: (i) the
resurgence of COVID-19 cases in various parts of the world may
impact overall results; (ii) stabilizing transactional revenues
experienced in the first quarter may not be sustainable during the
balance of the year; and (iii) certain operating costs, reduced in
light of the pandemic, are expected to increase as restrictions and
conditions ease and may temper margins. The outlook for the full
year 2021 (relative to 2020), including the impact of completed
acquisitions, is as follows:
| |
Full Year 2021 Outlook |
|
|
Updated |
Previous |
|
Revenue |
+15% to +30% |
+10% to +25% |
|
Adjusted EBITDA |
+15% to +30% |
+10% to +25% |
This financial outlook is based on the Company’s
best available information as of the date of this press release and
remains subject to change based on numerous macroeconomic, health,
social, geo-political and related factors.
Settlement of Long-Term Incentive
Arrangement On April 16, 2021, after receiving approval
from 95% of disinterested shareholders, the Company completed the
previously announced transaction (the “Transaction”) to settle the
Management Services Agreement, including the Long-Term Incentive
Arrangement, between Colliers, Jay S. Hennick and Jayset Management
CIG Inc., a corporation controlled by Mr. Hennick. The Transaction
also established a timeline for the orderly elimination of
Colliers’ dual class voting structure by no later than September 1,
2028. The completion of the Transaction resulted in the issuance of
3.6 million Subordinate Voting Shares from treasury and a cash
payment of $96.2 million funded from the Company’s revolving credit
facility.
Mr. Hennick remains Chairman & Chief
Executive Officer of the Company and has control and direction over
a total of 6.3 million shares of Colliers representing 14.4% of the
outstanding shares and 45.6% of the votes.
Conference CallColliers will be
holding a conference call on Tuesday, May 4, 2021 at 11:00 a.m.
Eastern Time to discuss the quarter’s results. The call, as well as
a supplemental slide presentation, will be simultaneously web cast
and can be accessed live or after the call at
corporate.colliers.com in the Events section.
Forward-looking StatementsThis
press release includes or may include forward-looking statements.
Forward-looking statements include the Company’s financial
performance outlook and statements regarding goals, beliefs,
strategies, objectives, plans or current expectations. These
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results to be materially
different from any future results, performance or achievements
contemplated in the forward-looking statements. Such factors
include: economic conditions, especially as they relate to
commercial and consumer credit conditions and consumer spending,
particularly in regions where our business may be concentrated;
commercial real estate property values, vacancy rates and general
conditions of financial liquidity for real estate transactions;
trends in pricing and risk assumption for commercial real estate
services; the effect of significant movements in average
capitalization rates across different property types; a reduction
by companies in their reliance on outsourcing for their commercial
real estate needs, which would affect revenues and operating
performance; competition in the markets served by the Company; the
ability to attract new clients and to retain major clients and
renew related contracts; the ability to retain and incentivize
producers; increases in wage and benefit costs; the effects of
changes in interest rates on the cost of borrowing; unexpected
increases in operating costs, such as insurance, workers’
compensation and health care; changes in the frequency or severity
of insurance incidents relative to historical experience; the
effects of changes in foreign exchange rates in relation to the US
dollar on the Company’s Canadian dollar, Euro, Australian dollar
and UK pound sterling denominated revenues and expenses; the impact
of pandemics on client demand for the Company’s services, the
ability of the Company to deliver its services and the health and
productivity of its employees; the impact of political events
including elections, referenda, trade policy changes, immigration
policy changes, hostilities and terrorism on the Company’s
operations; the ability to identify and make acquisitions at
reasonable prices and successfully integrate acquired operations;
the ability to execute on, and adapt to, information technology
strategies and trends; the ability to comply with laws and
regulations related to our global operations, including real estate
and mortgage banking licensure, labour and employment laws and
regulations, as well as the anti-corruption laws and trade
sanctions; and changes in government laws and policies at the
federal, state/provincial or local level that may adversely impact
the business.
Additional information and risk factors are
identified in the Company’s other periodic filings with Canadian
and US securities regulators (which factors are adopted herein and
a copy of which can be obtained at www.sedar.com). Forward looking
statements contained in this press release are made as of the date
hereof and are subject to change. All forward-looking statements in
this press release are qualified by these cautionary statements.
Except as required by applicable law, Colliers undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Summary financial information is provided in
this press release. This press release should be read in
conjunction with the Company's consolidated financial statements
and MD&A to be made available on SEDAR at www.sedar.com.
Notes1. Reconciliation of net
earnings to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings,
adjusted to exclude: (i) income tax; (ii) other expense (income);
(iii) interest expense; (iv) depreciation and amortization,
including amortization of mortgage servicing rights (“MSRs”); (v)
gains attributable to MSRs; (vi) acquisition-related items
(including contingent acquisition consideration fair value
adjustments, contingent acquisition consideration-related
compensation expense and transaction costs); (vii) restructuring
costs and (viii) stock-based compensation expense. We use adjusted
EBITDA to evaluate our own operating performance and our ability to
service debt, as well as an integral part of our planning and
reporting systems. Additionally, we use this measure in conjunction
with discounted cash flow models to determine the Company’s overall
enterprise valuation and to evaluate acquisition targets. We
present adjusted EBITDA as a supplemental measure because we
believe such measure is useful to investors as a reasonable
indicator of operating performance because of the low capital
intensity of the Company’s service operations. We believe this
measure is a financial metric used by many investors to compare
companies, especially in the services industry. This measure is not
a recognized measure of financial performance under GAAP in the
United States, and should not be considered as a substitute for
operating earnings, net earnings or cash flow from operating
activities, as determined in accordance with GAAP. Our method of
calculating adjusted EBITDA may differ from other issuers and
accordingly, this measure may not be comparable to measures used by
other issuers. A reconciliation of net earnings to adjusted EBITDA
appears below.
| |
Three months ended |
| |
March 31 |
| (in
thousands of US$) |
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
24,807 |
|
|
$ |
6,458 |
|
| Income tax |
|
8,847 |
|
|
|
5,198 |
|
| Other income, including equity
earnings from non-consolidated investments |
|
(1,982 |
) |
|
|
(704 |
) |
| Interest expense, net |
|
8,284 |
|
|
|
7,585 |
|
| Operating earnings |
|
39,956 |
|
|
|
18,537 |
|
| Depreciation and
amortization |
|
37,777 |
|
|
|
24,891 |
|
| Gains attributable to
MSRs |
|
(9,075 |
) |
|
|
- |
|
| Equity earnings from
non-consolidated investments |
|
1,406 |
|
|
|
555 |
|
| Acquisition-related items |
|
18,847 |
|
|
|
2,750 |
|
| Restructuring costs |
|
293 |
|
|
|
5,468 |
|
| Stock-based compensation
expense |
|
2,925 |
|
|
|
2,253 |
|
|
Adjusted EBITDA |
$ |
92,129 |
|
|
$ |
54,454 |
|
2. Reconciliation of net earnings and diluted
net earnings per common share to adjusted net earnings and adjusted
EPS:
Adjusted EPS is defined as diluted net earnings
per share as calculated under the “if-converted” method, adjusted
for the effect, after income tax, of: (i) the non-controlling
interest redemption increment; (ii) amortization expense related to
intangible assets recognized in connection with acquisitions and
MSRs; (iii) gains attributable to MSRs; (iv) acquisition-related
items; (v) restructuring costs and (vi) stock-based compensation
expense. We believe this measure is useful to investors because it
provides a supplemental way to understand the underlying operating
performance of the Company and enhances the comparability of
operating results from period to period. Adjusted EPS is not a
recognized measure of financial performance under GAAP, and should
not be considered as a substitute for diluted net earnings per
share from continuing operations, as determined in accordance with
GAAP. Our method of calculating this non-GAAP measure may differ
from other issuers and, accordingly, this measure may not be
comparable to measures used by other issuers. A reconciliation of
net earnings to adjusted net earnings and of diluted net earnings
per share to adjusted EPS appears below.
Adjusted EPS is calculated using the
“if-converted” method of calculating earnings per share in relation
to the Convertible Notes, which were issued on May 19, 2020. As
such, the interest (net of tax) on the Convertible Notes is added
to the numerator and the additional shares issuable on conversion
of the Convertible Notes are added to the denominator of the
earnings per share calculation to determine if an assumed
conversion is more dilutive than no assumption of conversion. The
“if-converted” method is used if the impact of the assumed
conversion is dilutive. For the three months ended March 31, 2021,
the “if-converted” method is anti-dilutive for the GAAP diluted EPS
calculation but dilutive for the adjusted EPS calculation.
| |
Three months ended |
| |
March 31 |
| (in
thousands of US$) |
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
24,807 |
|
|
$ |
6,458 |
|
| Non-controlling interest share
of earnings |
|
(7,780 |
) |
|
|
(3,377 |
) |
| Interest on Convertible
Notes |
|
2,300 |
|
|
|
- |
|
| Amortization of intangible
assets |
|
27,338 |
|
|
|
16,013 |
|
| Gains attributable to
MSRs |
|
(9,075 |
) |
|
|
- |
|
| Acquisition-related items |
|
18,847 |
|
|
|
2,750 |
|
| Restructuring costs |
|
293 |
|
|
|
5,468 |
|
| Stock-based compensation
expense |
|
2,925 |
|
|
|
2,253 |
|
| Income tax on adjustments |
|
(9,666 |
) |
|
|
(5,805 |
) |
| Non-controlling interest on
adjustments |
|
(3,335 |
) |
|
|
(2,150 |
) |
|
Adjusted net earnings |
$ |
46,654 |
|
|
$ |
21,610 |
|
|
|
|
|
|
|
|
| |
Three months ended |
| |
March 31 |
| (in
US$) |
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
| Diluted net earnings per
common share |
$ |
0.14 |
|
|
$ |
0.11 |
|
| Non-controlling interest
redemption increment |
|
0.28 |
|
|
|
(0.04 |
) |
| Amortization expense, net of
tax |
|
0.37 |
|
|
|
0.24 |
|
| Gains attributable to MSRs,
net of tax |
|
(0.11 |
) |
|
|
- |
|
| Acquisition-related items |
|
0.30 |
|
|
|
0.07 |
|
| Restructuring costs, net of
tax |
|
- |
|
|
|
0.10 |
|
| Stock-based compensation
expense, net of tax |
|
0.06 |
|
|
|
0.06 |
|
| Adjusted
EPS |
$ |
1.04 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
| Diluted
weighted average shares for Adjusted EPS (thousands) |
|
44,738 |
|
|
|
40,167 |
|
3. Local currency revenue growth rate and
internal revenue growth rate measures
Percentage revenue variances presented on a
local currency basis are calculated by translating the current
period results of our non-US dollar denominated operations to US
dollars using the foreign currency exchange rates from the periods
against which the current period results are being compared.
Percentage revenue variances presented on an internal growth basis
are calculated assuming no impact from acquired entities in the
current and prior periods. Revenue from acquired entities,
including any foreign exchange impacts, are treated as acquisition
growth until the respective anniversaries of the acquisitions. We
believe that these revenue growth rate methodologies provide a
framework for assessing the Company’s performance and operations
excluding the effects of foreign currency exchange rate
fluctuations and acquisitions. Since these revenue growth rate
measures are not calculated under GAAP, they may not be comparable
to similar measures used by other issuers.
4. Assets under management
We use the term assets under management (“AUM”)
as a measure of the scale of our Investment Management operations.
AUM is defined as the gross market value of operating assets and
the projected gross cost of development properties of the funds,
partnerships and accounts to which we provide management and
advisory services, including capital that such funds, partnerships
and accounts have the right to call from investors pursuant to
capital commitments. Our definition of AUM may differ from those
used by other issuers and as such may not be directly comparable to
similar measures used by other issuers.
| COLLIERS
INTERNATIONAL GROUP INC. |
| CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS |
| (in thousands of
US$, except per share amounts) |
| |
|
|
|
|
Three months |
| |
|
|
|
|
ended March 31 |
|
(unaudited) |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
774,914 |
|
|
$ |
630,628 |
|
| |
|
|
|
|
|
|
|
|
| Cost of
revenues |
|
|
467,731 |
|
|
|
416,358 |
|
| Selling, general
and administrative expenses |
|
|
210,603 |
|
|
|
168,092 |
|
| Depreciation |
|
|
10,439 |
|
|
|
8,878 |
|
| Amortization of
intangible assets |
|
|
27,338 |
|
|
|
16,013 |
|
|
Acquisition-related items (1) |
|
|
18,847 |
|
|
|
2,750 |
|
| Operating
earnings |
|
|
39,956 |
|
|
|
18,537 |
|
| Interest expense,
net |
|
|
8,284 |
|
|
|
7,585 |
|
| Equity earnings
from unconsolidated investments |
|
|
(1,406 |
) |
|
|
(555 |
) |
| Other income |
|
|
(576 |
) |
|
|
(149 |
) |
| Earnings before
income tax |
|
|
33,654 |
|
|
|
11,656 |
|
| Income tax |
|
|
8,847 |
|
|
|
5,198 |
|
| Net
earnings |
|
|
24,807 |
|
|
|
6,458 |
|
| Non-controlling
interest share of earnings |
|
|
7,780 |
|
|
|
3,377 |
|
| Non-controlling
interest redemption increment |
|
|
12,540 |
|
|
|
(1,505 |
) |
| Net
earnings attributable to Company |
|
$ |
4,487 |
|
|
$ |
4,586 |
|
| |
|
|
|
|
|
|
|
|
| Net
earnings per common share |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
| |
Diluted (2) |
|
$ |
0.11 |
|
|
$ |
0.11 |
|
| |
|
|
|
|
|
|
|
|
| Adjusted
EPS (3) |
|
$ |
1.04 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
Basic |
|
|
40,257 |
|
|
|
39,874 |
|
|
|
|
Diluted |
|
|
40,770 |
|
|
|
40,167 |
|
|
Notes to Condensed Consolidated Statements of
Earnings |
|
(1) |
|
Acquisition-related items include contingent acquisition
consideration fair value adjustments, contingent acquisition
consideration-related compensation expense and transaction
costs. |
|
(2) |
|
Diluted EPS is calculated using the “if-converted” method of
calculating earnings per share in relation to the Convertible
Notes, which were issued on May 19, 2020. As such, the interest
(net of tax) on the Convertible Notes is added to the numerator and
the additional shares issuable on conversion of the Convertible
Notes are added to the denominator of the earnings per share
calculation to determine if an assumed conversion is more dilutive
than no assumption of conversion. The “if-converted” method is used
if the impact of the assumed conversion is dilutive. For the
three-month period ended March 31, 2021, the interest (net of tax)
on the Convertible Notes was $1,691. The “if-converted” method is
anti-dilutive for the three-month period ended March 31, 2021. |
|
(3) |
|
See definition and reconciliation above. |
| COLLIERS
INTERNATIONAL GROUP INC. |
|
| CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (in thousands of
US$) |
| |
|
March 31, |
|
December 31, |
|
March 31, |
|
(unaudited) |
2021 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
$ |
118,470 |
|
|
$ |
156,614 |
|
|
$ |
103,090 |
|
| Restricted cash
(1) |
|
27,646 |
|
|
|
20,919 |
|
|
|
- |
|
| Accounts
receivable and contract assets |
|
436,777 |
|
|
|
433,250 |
|
|
|
354,230 |
|
| Warehouse
receivables (2) |
|
115,854 |
|
|
|
232,207 |
|
|
|
- |
|
| Prepaids and other
assets |
|
190,111 |
|
|
|
192,821 |
|
|
|
149,941 |
|
| Real estate assets
held for sale |
|
- |
|
|
|
- |
|
|
|
19,874 |
|
| |
Current
assets |
|
888,858 |
|
|
|
1,035,811 |
|
|
|
627,135 |
|
| Other non-current
assets |
|
103,517 |
|
|
|
94,679 |
|
|
|
89,063 |
|
| Fixed assets |
|
140,249 |
|
|
|
129,221 |
|
|
|
103,183 |
|
| Operating lease
right-of-use assets |
|
330,118 |
|
|
|
288,134 |
|
|
|
248,545 |
|
| Deferred tax
assets, net |
|
48,252 |
|
|
|
45,008 |
|
|
|
43,667 |
|
| Goodwill and
intangible assets |
|
1,675,288 |
|
|
|
1,699,314 |
|
|
|
1,390,755 |
|
| Real estate assets
held for sale |
|
- |
|
|
|
- |
|
|
|
233,484 |
|
| |
Total
assets |
$ |
3,186,282 |
|
|
$ |
3,292,167 |
|
|
$ |
2,735,832 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable
and accrued liabilities |
$ |
637,761 |
|
|
$ |
748,660 |
|
|
$ |
535,790 |
|
| Other current
liabilities |
|
126,777 |
|
|
|
53,661 |
|
|
|
44,922 |
|
| Long-term debt -
current |
|
9,445 |
|
|
|
9,024 |
|
|
|
3,688 |
|
| Warehouse credit
facilities (2) |
|
105,937 |
|
|
|
218,018 |
|
|
|
- |
|
| Operating lease
liabilities - current |
|
80,687 |
|
|
|
78,923 |
|
|
|
65,236 |
|
| Liabilities
related to real estate assets held for sale |
|
- |
|
|
|
- |
|
|
|
42,723 |
|
| |
Current
liabilities |
|
960,607 |
|
|
|
1,108,286 |
|
|
|
692,359 |
|
| Long-term debt -
non-current |
|
513,955 |
|
|
|
470,871 |
|
|
|
737,492 |
|
| Operating lease
liabilities - non-current |
|
309,961 |
|
|
|
251,680 |
|
|
|
219,536 |
|
| Other
liabilities |
|
94,344 |
|
|
|
158,366 |
|
|
|
95,218 |
|
| Deferred tax
liabilities, net |
|
44,404 |
|
|
|
50,523 |
|
|
|
25,277 |
|
| Convertible
notes |
|
224,266 |
|
|
|
223,957 |
|
|
|
- |
|
| Liabilities
related to real estate assets held for sale |
|
- |
|
|
|
- |
|
|
|
119,994 |
|
| Redeemable
non-controlling interests |
|
440,000 |
|
|
|
442,375 |
|
|
|
349,551 |
|
| Shareholders'
equity |
|
598,745 |
|
|
|
586,109 |
|
|
|
496,405 |
|
|
|
Total liabilities and equity |
$ |
3,186,282 |
|
|
$ |
3,292,167 |
|
|
$ |
2,735,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
|
|
|
|
|
|
| Total debt
(3) |
$ |
523,400 |
|
|
$ |
479,895 |
|
|
$ |
741,180 |
|
| Total debt, net of
cash and cash equivalents (3) |
|
404,930 |
|
|
|
323,281 |
|
|
|
638,090 |
|
| Net debt / pro
forma adjusted EBITDA ratio (4) |
|
1.1 |
|
|
|
1.0 |
|
|
|
1.8 |
|
|
Notes to Condensed Consolidated Balance
Sheets |
|
(1) |
|
Restricted cash consists primarily of cash amounts set aside to
satisfy legal or contractual requirements arising in the normal
course of business, primarily Colliers Mortgage. |
|
(2) |
|
Warehouse receivables represent mortgage loans receivable, the
majority of which are offset by borrowings under warehouse credit
facilities which fund loans that financial institutions have
committed to purchase. |
|
(3) |
|
Excluding warehouse credit facilities and convertible notes. |
|
(4) |
|
Net debt for financial leverage ratio excludes restricted cash,
warehouse credit facilities and convertible notes, in accordance
with debt agreements. |
| COLLIERS
INTERNATIONAL GROUP INC. |
|
|
|
|
|
|
| CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
| (in thousands of
US$) |
| |
|
|
|
Three months ended |
| |
|
|
|
March 31 |
|
(unaudited) |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
| Cash
provided by (used in) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
| Net earnings |
|
$ |
24,807 |
|
|
$ |
6,458 |
|
| Items not
affecting cash: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
37,777 |
|
|
|
24,891 |
|
| |
Gains attributable to mortgage
servicing rights |
|
|
(9,075 |
) |
|
|
- |
|
| |
Gains attributable to the fair
value of loan |
|
|
|
|
|
|
| |
premiums and origination
fees |
|
|
(11,578 |
) |
|
|
- |
|
| |
Deferred income tax |
|
|
(9,431 |
) |
|
|
(7,158 |
) |
| |
Other |
|
|
41,891 |
|
|
|
13,440 |
|
| |
|
|
|
74,391 |
|
|
|
37,631 |
|
| |
|
|
|
|
|
|
|
| (Increase)
decrease in accounts receivable, prepaid |
|
|
|
|
|
|
| |
expenses and other assets |
|
|
(23,787 |
) |
|
|
59,837 |
|
| (Decrease)
increase in accounts payable, accrued |
|
|
|
|
|
|
| |
expenses and other
liabilities |
|
|
(12,552 |
) |
|
|
(28,759 |
) |
| (Decrease)
increase in accrued compensation |
|
|
(84,476 |
) |
|
|
(163,406 |
) |
| Contingent
acquisition consideration paid |
|
|
(7,475 |
) |
|
|
(14,330 |
) |
| Proceeds from sale
of mortgage loans |
|
|
837,917 |
|
|
|
- |
|
| Origination of
mortgage loans |
|
|
(706,785 |
) |
|
|
- |
|
| Increase in
warehouse credit facilities |
|
|
(112,081 |
) |
|
|
- |
|
| Repurchases from
AR Facility, net of sales |
|
|
(3,291 |
) |
|
|
(11,009 |
) |
| Net cash used in
operating activities |
|
|
(38,139 |
) |
|
|
(120,036 |
) |
| |
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
| Acquisition of
businesses, net of cash acquired |
|
|
(3,841 |
) |
|
|
(3,101 |
) |
| Purchases of fixed
assets |
|
|
(22,093 |
) |
|
|
(8,739 |
) |
| Purchase of held
for sale real estate assets |
|
|
- |
|
|
|
- |
|
| Cash collections
on AR facility deferred purchase price |
|
|
10,908 |
|
|
|
11,390 |
|
| Other investing
activities |
|
|
(11,093 |
) |
|
|
1,908 |
|
| Net cash (used in)
provided by investing activities |
|
|
(26,119 |
) |
|
|
1,458 |
|
| |
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
| Increase in
long-term debt, net |
|
|
53,792 |
|
|
|
143,146 |
|
| Purchases of
non-controlling interests, net of sales |
|
|
(8,133 |
) |
|
|
(4,676 |
) |
| Dividends paid to
common shareholders |
|
|
(2,009 |
) |
|
|
(1,992 |
) |
| Distributions paid
to non-controlling interests |
|
|
(13,923 |
) |
|
|
(7,693 |
) |
| Other financing
activities |
|
|
4,968 |
|
|
|
(8,473 |
) |
| Net cash provided
by financing activities |
|
|
34,695 |
|
|
|
120,312 |
|
| |
|
|
|
|
|
|
|
| Effect of exchange
rate changes on cash |
|
|
(1,854 |
) |
|
|
(13,637 |
) |
| |
|
|
|
|
|
|
|
| Increase
(decrease) in cash and cash |
|
|
|
|
|
|
| |
equivalents and restricted
cash |
|
|
(31,417 |
) |
|
|
(11,903 |
) |
| Cash and cash
equivalents and |
|
|
|
|
|
|
| |
restricted cash, beginning of
period |
|
|
177,533 |
|
|
|
114,993 |
|
| Cash and cash
equivalents and |
|
|
|
|
|
|
|
|
restricted cash, end of period |
|
$ |
146,116 |
|
|
$ |
103,090 |
|
| COLLIERS
INTERNATIONAL GROUP INC. |
| SEGMENTED
RESULTS |
| (in thousands of
US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Asia |
|
Investment |
|
|
|
|
|
(unaudited) |
Americas |
|
EMEA |
|
Pacific |
|
Management |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three
months ended March 31 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
475,777 |
|
|
$ |
126,113 |
|
|
$ |
128,251 |
|
|
$ |
44,627 |
|
|
$ |
146 |
|
|
$ |
774,914 |
|
| |
Adjusted
EBITDA |
|
56,925 |
|
|
|
4,504 |
|
|
|
15,518 |
|
|
|
17,745 |
|
|
|
(2,564 |
) |
|
|
92,128 |
|
| |
Operating earnings
(loss) |
|
42,853 |
|
|
|
(1,089 |
) |
|
|
11,708 |
|
|
|
9,931 |
|
|
|
(23,447 |
) |
|
|
39,956 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
369,990 |
|
|
$ |
117,082 |
|
|
$ |
97,434 |
|
|
$ |
45,825 |
|
|
$ |
297 |
|
|
$ |
630,628 |
|
| |
Adjusted EBITDA |
|
31,157 |
|
|
|
(3,641 |
) |
|
|
5,248 |
|
|
|
18,434 |
|
|
|
3,256 |
|
|
|
54,454 |
|
|
|
Operating earnings (loss) |
|
22,709 |
|
|
|
(13,451 |
) |
|
|
1,228 |
|
|
|
11,778 |
|
|
|
(3,727 |
) |
|
|
18,537 |
|
COMPANY CONTACTS:Jay S. HennickChairman & Chief Executive
Officer
Christian MayerChief Financial Officer(416) 960-9500
Colliers (NASDAQ:CIGI)
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From Jul 2023 to Jul 2024
