Colliers International Group Inc. (NASDAQ and TSX: CIGI)
(“Colliers” or the “Company”) today announced operating and
financial results for the third quarter ended September 30, 2022.
All amounts are in US dollars.
For the quarter ended September 30, 2022,
revenues were $1.11 billion, up 8% (12% in local currency),
adjusted EBITDA (note 1) was $145.1 million, up 17% (21% in local
currency) and adjusted EPS (note 2) was $1.41, up 11% versus the
prior year period. Third quarter adjusted EPS would have been
approximately $0.06 higher excluding foreign exchange impacts. GAAP
operating earnings were $84.0 million as compared to $76.0 million.
GAAP diluted net earnings per share were $0.27 versus $0.40 in the
prior year quarter. Third quarter GAAP EPS would have been
approximately $0.07 higher excluding changes in foreign exchange
rates.
For the nine months ended September 30, 2022,
revenues were $3.24 billion, up 18% (21% in local currency),
adjusted EBITDA (note 1) was $427.8 million, up 21% (24% in local
currency) and adjusted EPS (note 2) was $4.69, up 20% versus prior
year. Nine months ended September 30, 2022 adjusted EPS would have
been approximately $0.13 higher excluding foreign exchange impacts.
The GAAP operating earnings were $228.7 million and included $27.4
million loss on disposal of the Company’s operations, primarily in
Russia. The prior year GAAP operating loss of $269.9 million
included $471.9 million settlement of the Long-Term Incentive
Arrangement (“LTIA”) with the Company's Chairman & CEO. The
GAAP earnings per share were $0.54 as compared to diluted loss per
share of $10.19. Year to date GAAP EPS would have been
approximately $0.14 higher excluding changes in foreign exchange
rates.
“Colliers reported solid third quarter results
with Outsourcing & Advisory, Investment Management and Leasing
all up strongly, more than offsetting the softness in Capital
Markets which is being impacted by higher interest rates,
availability of capital and other geopolitical uncertainties,” said
Jay S. Hennick, Global Chairman & CEO of Colliers. “Growing
recurring revenues and earnings, now at 55% of our proforma EBITDA,
together with broader diversification across service lines,
geography and client types means the Colliers diversified services
business model has more balance and resilience than ever.”
“With the recent additions of Rockwood and
Versus, our Investment Management business now represents nearly
30% of our pro forma EBITDA and total assets under management has
surpassed $92 billion, firmly establishing Colliers as one of the
top players in the rapidly growing alternative private capital
industry. In addition, about 85% of our AUM are in perpetual or
long-dated strategies with 70% invested in highly defensive asset
classes like alternatives and infrastructure creating long-term
revenue streams that further fortify our business. Importantly,
each of our investment platforms has delivered top-tier returns
over the long-term and is led by best-in-class leadership teams who
hold significant equity in their own operations thereby creating
perfect alignment with our investors and shareholders.”
“In our core service business, we acquired
Peakurban during the quarter, adding significant engineering
capabilities and a new growth engine to our business in Australia.
We also bolstered our presence in the Nordics with an agreement to
acquire Pangea Property Partners, a leading real estate advisory
firm in Norway and Sweden. Together with our existing operations in
Denmark and Finland, Colliers will be the number one player in the
Nordic region once the transaction is completed. Finally, just
after quarter end, we added Arcadia Property Management to our
strong US business, creating further scale and capability in our
property management operations.”
“With our highly respected global brand,
balanced and diversified business model with significant recurring
revenues, a unique enterprising culture and a proven track record
of more than 27 years, Colliers continues to be well-positioned to
deliver exceptional returns 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 63 countries, our
18,000 enterprising professionals work collaboratively to provide
expert real estate and investment advice to clients. For more than
27 years, our experienced leadership with significant inside
ownership has delivered compound annual investment returns of
approximately 20% for shareholders. With annual revenues of $4.6
billion and $92 billion of assets under management, Colliers
maximizes the potential of property and real assets to accelerate
the success of our clients, our investors and our people. Learn
more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Consolidated Revenues by Line of
Service
|
|
|
Three months ended |
|
|
|
Nine months ended |
|
|
(in thousands of US$) |
|
|
September 30 |
Change |
Change |
|
September 30 |
Change |
Change |
(LC =
local currency) |
|
|
2022 |
|
2021 |
in US$ % |
in LC% |
|
2022 |
|
2021 |
in US$ % |
in LC% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outsourcing &
Advisory |
|
$ |
462,834 |
|
$ |
390,943 |
18 |
% |
24 |
% |
|
$ |
1,353,244 |
|
$ |
1,119,720 |
21 |
% |
25 |
% |
Investment
Management (1) |
|
|
96,070 |
|
|
78,275 |
23 |
% |
23 |
% |
|
|
257,574 |
|
|
173,379 |
49 |
% |
49 |
% |
Leasing |
|
|
273,714 |
|
|
242,890 |
13 |
% |
16 |
% |
|
|
788,382 |
|
|
663,807 |
19 |
% |
22 |
% |
Capital
Markets |
|
|
275,706 |
|
|
310,648 |
-11 |
% |
-8 |
% |
|
|
837,882 |
|
|
786,758 |
6 |
% |
10 |
% |
Total revenues |
|
|
$ |
1,108,324 |
|
$ |
1,022,756 |
8 |
% |
12 |
% |
|
$ |
3,237,082 |
|
$ |
2,743,664 |
18 |
% |
21 |
% |
(1) Investment
Management local currency revenues, excluding pass-through carried
interest, were up 62% and 50% for the three and nine months ended
September 30, 2022, respectively. |
Consolidated revenues for the third quarter
increased 12% on a local currency basis, led by Investment
Management, Outsourcing & Advisory and Leasing. Consolidated
internal revenues measured in local currencies were up 4% (note 3)
versus the prior year quarter.
For the nine months ended September 30, 2022,
consolidated revenues increased 21% on a local currency basis.
Consolidated internal revenues measured in local currencies were up
15% (note 3).
Segmented Third Quarter
ResultsRevenues in the Americas region totalled $695.1
million for the third quarter, up 13% (13% in local currency)
versus $617.1 million in the prior year quarter. Revenue growth was
led by Outsourcing & Advisory, particularly Engineering &
Design (including recent acquisitions) and Leasing, which
benefitted from increased activity in office and industrial asset
classes. Capital Markets revenues were impacted by rising interest
rates and market uncertainty which reduced sales brokerage and debt
origination and financing activity. Adjusted EBITDA was $66.8
million, up 1% (2% in local currency) from the very strong prior
year quarter. The margin was impacted by (i) higher discretionary
and variable costs as well as (ii) changes in revenue mix with a
reduction in higher-margin Capital Markets transactions. GAAP
operating earnings were $59.9 million, relative to $48.9 million in
the prior year quarter.
Revenues in the EMEA region totalled $164.2
million for the third quarter, up 6% (23% in local currency)
compared to $154.9 million in the prior year quarter with growth
across all service lines, although unevenly distributed across
countries. Revenues were particularly strong in the United Kingdom
(including a recent project management acquisition), which more
than offset the impact of higher interest rates and geopolitical
uncertainty. Adjusted EBITDA was $13.3 million, down 11% (up 1% in
local currency) relative to the prior year primarily due to changes
in revenue mix. GAAP operating earnings were $6.1 million, versus
operating earnings of $11.4 million in the prior year quarter.
Revenues in the Asia Pacific region totalled
$152.8 million for the third quarter compared to $172.3 million in
the prior year quarter, down 11% (down 4% in local currency).
Revenues were impacted by higher interest rates, geopolitical
uncertainty and COVID-19 restrictions in several Asian markets,
especially China. Adjusted EBITDA was $21.1 million, up 2% (up 12%
in local currency) relative to the prior year on a lower cost
structure. GAAP operating earnings were $17.5 million, versus $18.3
million in the prior year quarter.
Investment Management revenues for the third
quarter were $96.1 million compared to $78.3 million in the prior
year quarter, up 23% (23% in local currency). Passthrough revenue
from historical carried interest was nil in the quarter versus
$18.6 million in the prior year quarter. Excluding the impact of
carried interest, revenue was up 61% (62% in local currency) driven
by (i) acquisitions and (ii) management fee growth from increased
assets under management. Adjusted EBITDA was $36.9 million, up 33%
(33% in local currency) over the prior year quarter. GAAP operating
earnings were $19.5 million in the quarter, versus $19.8 million in
the prior year quarter. Assets under management were $86.2 billion
as of September 30, 2022, up 87% from $46.1 billion on September
30, 2021. Including Versus Capital (completed on October 12, 2022),
assets under management are now $92.2 billion.
Unallocated global corporate earnings as
reported in Adjusted EBITDA were $7.0 million in the third quarter,
relative to unallocated global corporate costs of $5.6 million in
the prior year quarter due to a reduction in performance-based
compensation accruals in the current period and foreign exchange
impact. The corporate GAAP operating loss for the quarter was $19.0
million relative to a loss of $22.5 million in the third quarter of
2021, with the prior year period impacted by higher contingent
acquisition consideration expense related to acquisitions.
Outlook for 2022The Company is
adjusting its outlook for the full year 2022 to reflect year to
date operating results, contributions from recent acquisitions, the
operating impact of rising global interest rates and geopolitical
uncertainties as well as adverse foreign exchange impacts on AEPS.
The income tax rate and NCI share of earnings also reflect updated
expectations relating to the earnings mix for the year. The
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, but not limited to, numerous
macroeconomic, health, social, geopolitical (including escalation
of hostilities, outbreak of war, elections, disruption of supply
chains) and related factors.
Measure |
Updated |
Previous |
Revenue growth |
Low double digit revenue growth:
- High-single digit internal growth
- Balance from acquisitions
|
Low double digit revenue growth:
- High-single digit internal growth
- Balance from acquisitions
|
AEBITDA Margin |
Up 60 bps – 80 bps |
Up 60 bps – 100 bps |
Consolidated income tax rate
(1) |
29%-31% |
27%-29% |
NCI share of earnings (1) |
22%-24% |
20%-22% |
AEPS growth |
Mid-teens |
Low-twenties |
(1) Excluding loss on disposal of operations
Repurchase of Subordinate Voting
SharesDuring the period from September 28, 2022 to October
28, 2022, the Company purchased 372,888 Subordinate Voting Shares
for total consideration of $34.6 million in connection with the
Company’s normal course issuer bid (“NCIB”) at a weighted average
purchase price of $92.59 per US share. Under the NCIB, all shares
are purchased for cancellation.
Since the beginning of the year, the Company has
purchased, for cancellation, 1.37 million Subordinate Voting Shares
for total consideration of $160.9 million at a weighted average
purchase price of $120.17 per US share.
Colliers may purchase its Subordinate Voting
Shares, from time to time, if it believes that the market price of
its Subordinate Voting Shares is attractive and that the purchase
would be an appropriate use of corporate funds and in the best
interests of the Company.
Conference CallColliers will be
holding a conference call on Tuesday, November 1, 2022 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 and real asset 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 asset 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 global climate change;
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 investment management 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.
This press release does not constitute an offer
to sell or a solicitation of an offer to purchase an interest in
any fund.
NotesNon-GAAP
Measures1. 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) settlement of LTIA; (v) loss on
disposal of operations; (vi) depreciation and amortization,
including amortization of mortgage servicing rights (“MSRs”); (vii)
gains attributable to MSRs; (viii) acquisition-related items
(including contingent acquisition consideration fair value
adjustments, contingent acquisition consideration-related
compensation expense and transaction costs); (ix) restructuring
costs and (x) 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 |
|
Nine months ended |
|
September 30 |
|
September 30 |
(in
thousands of US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
44,524 |
|
|
$ |
50,496 |
|
|
$ |
132,572 |
|
|
$ |
(337,298 |
) |
Income tax |
|
25,097 |
|
|
|
18,771 |
|
|
|
70,034 |
|
|
|
48,490 |
|
Other income,
including equity earnings from non-consolidated investments |
|
874 |
|
|
|
(1,601 |
) |
|
|
(3,316 |
) |
|
|
(5,547 |
) |
Interest expense,
net |
|
13,535 |
|
|
|
8,300 |
|
|
|
29,424 |
|
|
|
24,500 |
|
Operating earnings
(loss) |
|
84,030 |
|
|
|
75,966 |
|
|
|
228,714 |
|
|
|
(269,855 |
) |
Settlement of
LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Loss on disposal
of operations |
|
318 |
|
|
|
- |
|
|
|
27,358 |
|
|
|
- |
|
Depreciation and
amortization |
|
45,142 |
|
|
|
34,588 |
|
|
|
125,879 |
|
|
|
106,939 |
|
Gains attributable
to MSRs |
|
(16,391 |
) |
|
|
(5,812 |
) |
|
|
(24,214 |
) |
|
|
(20,728 |
) |
Equity earnings
from non-consolidated investments |
|
755 |
|
|
|
1,487 |
|
|
|
4,821 |
|
|
|
4,625 |
|
Acquisition-related items |
|
26,290 |
|
|
|
14,231 |
|
|
|
50,738 |
|
|
|
49,773 |
|
Restructuring
costs |
|
191 |
|
|
|
523 |
|
|
|
462 |
|
|
|
1,466 |
|
Stock-based
compensation expense |
|
4,730 |
|
|
|
2,658 |
|
|
|
14,081 |
|
|
|
8,180 |
|
Adjusted EBITDA |
$ |
145,065 |
|
|
$ |
123,641 |
|
|
$ |
427,839 |
|
|
$ |
352,328 |
|
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) settlement of LTIA; (iii) loss
on disposal of operations; (iv) amortization expense related to
intangible assets recognized in connection with acquisitions and
MSRs; (v) gains attributable to MSRs; (vi) acquisition-related
items; (vii) restructuring costs and (viii) 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. The “if-converted” method is dilutive for
the adjusted EPS calculation for all periods presented.
|
|
Three months ended |
|
Nine months ended |
|
September 30 |
|
September 30 |
(in
thousands of US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
44,524 |
|
|
$ |
50,496 |
|
|
$ |
132,572 |
|
|
$ |
(337,298 |
) |
Non-controlling
interest share of earnings |
|
(17,375 |
) |
|
|
(13,623 |
) |
|
|
(37,697 |
) |
|
|
(33,148 |
) |
Interest on
Convertible Notes |
|
2,300 |
|
|
|
2,300 |
|
|
|
6,900 |
|
|
|
6,900 |
|
Settlement of
LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Loss on disposal
of operations |
|
318 |
|
|
|
- |
|
|
|
27,358 |
|
|
|
- |
|
Amortization of
intangible assets |
|
32,760 |
|
|
|
23,148 |
|
|
|
89,630 |
|
|
|
74,019 |
|
Gains attributable
to MSRs |
|
(16,391 |
) |
|
|
(5,812 |
) |
|
|
(24,214 |
) |
|
|
(20,728 |
) |
Acquisition-related items |
|
26,290 |
|
|
|
14,231 |
|
|
|
50,738 |
|
|
|
49,773 |
|
Restructuring
costs |
|
191 |
|
|
|
523 |
|
|
|
462 |
|
|
|
1,466 |
|
Stock-based
compensation expense |
|
4,730 |
|
|
|
2,658 |
|
|
|
14,081 |
|
|
|
8,180 |
|
Income tax on
adjustments |
|
(6,341 |
) |
|
|
(8,934 |
) |
|
|
(22,651 |
) |
|
|
(27,117 |
) |
Non-controlling
interest on adjustments |
|
(3,519 |
) |
|
|
(3,125 |
) |
|
|
(11,458 |
) |
|
|
(9,920 |
) |
Adjusted net earnings |
$ |
67,487 |
|
|
$ |
61,862 |
|
|
$ |
225,721 |
|
|
$ |
184,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30 |
|
September 30 |
(in
US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per common share(1) |
$ |
0.25 |
|
|
$ |
0.37 |
|
|
$ |
0.49 |
|
|
$ |
(9.20 |
) |
Interest on
Convertible Notes, net of tax |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.11 |
|
|
|
0.11 |
|
Non-controlling
interest redemption increment |
|
0.32 |
|
|
|
0.39 |
|
|
|
1.48 |
|
|
|
1.34 |
|
Settlement of
LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10.02 |
|
Loss on disposal
of operations |
|
- |
|
|
|
- |
|
|
|
0.56 |
|
|
|
- |
|
Amortization
expense, net of tax |
|
0.42 |
|
|
|
0.28 |
|
|
|
1.13 |
|
|
|
0.94 |
|
Gains attributable
to MSRs, net of tax |
|
(0.19 |
) |
|
|
(0.07 |
) |
|
|
(0.28 |
) |
|
|
(0.25 |
) |
Acquisition-related items |
|
0.49 |
|
|
|
0.20 |
|
|
|
0.94 |
|
|
|
0.75 |
|
Restructuring
costs, net of tax |
|
- |
|
|
|
0.01 |
|
|
|
- |
|
|
|
0.02 |
|
Stock-based
compensation expense, net of tax |
|
0.08 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.18 |
|
Adjusted
EPS |
$ |
1.41 |
|
|
$ |
1.27 |
|
|
$ |
4.69 |
|
|
$ |
3.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average shares for Adjusted EPS (thousands) |
|
47,743 |
|
|
|
48,722 |
|
|
|
48,121 |
|
|
|
47,111 |
|
(1) Amounts shown reflect the "if-converted" method's dilutive
impact on the adjusted EPS calculation for the three and nine
months ended September 30, 2022 and 2021. |
3. Reconciliation of net cash flow from
operations to free cash flow:
Free cash flow is defined as net cash flow from
operating activities plus contingent acquisition consideration
paid, plus the cash portion of the LTIA settlement, less purchases
of fixed assets, plus cash collections on AR Facility deferred
purchase price. We use free cash flow as a measure to evaluate and
monitor operating performance as well as our ability to service
debt, fund acquisitions and pay of dividends to shareholders and
distributions to non-controlling interests. We present free cash
flow as a supplemental measure because we believe this measure is a
financial metric used by many investors to compare valuation and
liquidity measures across 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 free cash flow may differ from
other issuers and accordingly, this measure may not be comparable
to measures used by other issuers. A reconciliation of net cash
flow from operating activities to free cash flow appears below.
|
|
Three months ended |
|
Nine months ended |
|
September 30 |
|
September 30 |
(in
thousands of US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities |
$ |
76,840 |
|
|
$ |
192,524 |
|
|
$ |
(171,470 |
) |
|
$ |
211,072 |
|
Contingent
acquisition consideration paid |
|
8,129 |
|
|
|
- |
|
|
|
68,939 |
|
|
|
10,472 |
|
Settlement of LTIA
(cash portion) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
96,186 |
|
Purchase of fixed
assets |
|
(18,391 |
) |
|
|
(11,847 |
) |
|
|
(41,807 |
) |
|
|
(44,450 |
) |
Cash collections
on AR Facility deferred purchase price |
|
88,627 |
|
|
|
11,563 |
|
|
|
345,056 |
|
|
|
34,295 |
|
Free cash flow |
$ |
155,205 |
|
|
$ |
192,240 |
|
|
$ |
200,718 |
|
|
$ |
307,575 |
|
4. 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.
5. 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 assets 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.
6. Adjusted EBITDA from recurring revenue
percentage
Adjusted EBITDA from recurring revenue
percentage is computed on a trailing twelve-month basis and
represents the proportion of adjusted EBITDA (note 1) that is
derived from Outsourcing & Advisory and Investment Management
service lines. Both these service lines represent medium to
long-term duration revenue streams that are either contractual or
repeatable in nature. We report this metric on a pro forma basis,
incorporating the expected full year impact of business
acquisitions and dispositions.
COLLIERS
INTERNATIONAL GROUP INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) |
(in thousands of
US$, except per share amounts) |
|
|
|
|
|
Three months |
|
|
Nine months |
|
|
|
|
|
ended September 30 |
|
|
ended September 30 |
(unaudited) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,108,324 |
|
|
$ |
1,022,756 |
|
|
$ |
3,237,082 |
|
|
$ |
2,743,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
682,585 |
|
|
|
645,123 |
|
|
|
2,017,440 |
|
|
|
1,689,505 |
|
Selling, general
and administrative expenses |
|
|
269,959 |
|
|
|
252,848 |
|
|
|
786,953 |
|
|
|
695,374 |
|
Depreciation |
|
|
12,382 |
|
|
|
11,440 |
|
|
|
36,249 |
|
|
|
32,920 |
|
Amortization of
intangible assets |
|
|
32,760 |
|
|
|
23,148 |
|
|
|
89,630 |
|
|
|
74,019 |
|
Acquisition-related items (1) |
|
|
26,290 |
|
|
|
14,231 |
|
|
|
50,738 |
|
|
|
49,773 |
|
Loss on disposal
of operations |
|
|
318 |
|
|
|
- |
|
|
|
27,358 |
|
|
|
- |
|
Settlement of
long-term incentive arrangement (2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Operating
earnings (loss) |
|
|
84,030 |
|
|
|
75,966 |
|
|
|
228,714 |
|
|
|
(269,855 |
) |
Interest expense,
net |
|
|
13,535 |
|
|
|
8,300 |
|
|
|
29,424 |
|
|
|
24,500 |
|
Equity earnings
from unconsolidated investments |
|
|
(755 |
) |
|
|
(1,487 |
) |
|
|
(4,821 |
) |
|
|
(4,625 |
) |
Other (income)
expense |
|
|
1,629 |
|
|
|
(114 |
) |
|
|
1,505 |
|
|
|
(922 |
) |
Earnings (loss)
before income tax |
|
|
69,621 |
|
|
|
69,267 |
|
|
|
202,606 |
|
|
|
(288,808 |
) |
Income tax |
|
|
25,097 |
|
|
|
18,771 |
|
|
|
70,034 |
|
|
|
48,490 |
|
Net
earnings (loss) |
|
|
44,524 |
|
|
|
50,496 |
|
|
|
132,572 |
|
|
|
(337,298 |
) |
Non-controlling
interest share of earnings |
|
|
17,375 |
|
|
|
13,623 |
|
|
|
37,697 |
|
|
|
33,148 |
|
Non-controlling
interest redemption increment |
|
|
15,121 |
|
|
|
18,869 |
|
|
|
71,126 |
|
|
|
63,180 |
|
Net
earnings (loss) attributable to Company |
|
$ |
12,028 |
|
|
$ |
18,004 |
|
|
$ |
23,749 |
|
|
$ |
(433,626 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.28 |
|
|
$ |
0.41 |
|
|
$ |
0.55 |
|
|
$ |
(10.19 |
) |
|
Diluted (3) |
|
$ |
0.27 |
|
|
$ |
0.40 |
|
|
$ |
0.54 |
|
|
$ |
(10.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS (4) |
|
$ |
1.41 |
|
|
$ |
1.27 |
|
|
$ |
4.69 |
|
|
$ |
3.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,283 |
|
|
|
44,003 |
|
|
|
43,558 |
|
|
|
42,543 |
|
|
|
Diluted |
|
|
43,770 |
|
|
|
44,754 |
|
|
|
44,147 |
|
|
|
42,543 |
|
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)
Settlement of Long-Term Incentive Arrangement with the
Company’s Chairman & CEO as approved by 95% of the Company’s
disinterested shareholders. The settlement resulted in a cash
payment of $96,186 and the issuance of 3,572,858 Subordinate Voting
Shares on April 16, 2021.(3) Diluted EPS is calculated
using the “if-converted” method of calculating earnings per share
in relation to the Convertible Notes, which were issued on May 19,
2020. As such, the interest (net of tax) on the Convertible Notes
is added to the numerator and the additional shares issuable on
conversion of the Convertible Notes are added to the denominator of
the earnings per share calculation to determine if an assumed
conversion is more dilutive than no assumption of conversion. The
“if-converted” method is used if the impact of the assumed
conversion is dilutive. The “if-converted” method is anti-dilutive
for the three-month and nine-month periods ended September 30, 2022
and 2021.(4) See definition and reconciliation
above.
COLLIERS
INTERNATIONAL GROUP INC. |
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
(in thousands of
US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
September 30, |
(unaudited) |
2022 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
190,520 |
|
$ |
396,745 |
|
$ |
134,123 |
Restricted cash
(1) |
|
24,920 |
|
|
28,526 |
|
|
45,348 |
Accounts
receivable and contract assets |
|
557,254 |
|
|
573,710 |
|
|
485,162 |
Warehouse
receivables (2) |
|
103,855 |
|
|
174,717 |
|
|
161,939 |
Prepaids and other
assets |
|
281,763 |
|
|
353,220 |
|
|
213,635 |
Real estate assets
held for sale |
|
209,906 |
|
|
44,089 |
|
|
31,076 |
|
Current
assets |
|
1,368,218 |
|
|
1,571,007 |
|
|
1,071,283 |
Other non-current
assets |
|
150,619 |
|
|
120,071 |
|
|
105,487 |
Fixed assets |
|
147,817 |
|
|
144,755 |
|
|
138,735 |
Operating lease
right-of-use assets |
|
335,072 |
|
|
316,517 |
|
|
311,314 |
Deferred tax
assets, net |
|
67,735 |
|
|
68,502 |
|
|
62,775 |
Goodwill and
intangible assets |
|
2,492,188 |
|
|
1,652,878 |
|
|
1,635,560 |
|
Total
assets |
$ |
4,561,649 |
|
$ |
3,873,730 |
|
$ |
3,325,154 |
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities |
$ |
939,075 |
|
$ |
1,082,774 |
|
$ |
855,368 |
Other current
liabilities |
|
87,176 |
|
|
186,089 |
|
|
149,097 |
Long-term debt -
current |
|
2,782 |
|
|
1,458 |
|
|
3,565 |
Warehouse credit
facilities (2) |
|
96,420 |
|
|
162,911 |
|
|
152,905 |
Operating lease
liabilities - current |
|
79,530 |
|
|
80,928 |
|
|
80,282 |
Liabilities
related to real estate assets held for sale |
|
120,834 |
|
|
23,095 |
|
|
20,975 |
|
Current
liabilities |
|
1,325,817 |
|
|
1,537,255 |
|
|
1,262,192 |
Long-term debt -
non-current |
|
1,149,483 |
|
|
529,596 |
|
|
375,182 |
Operating lease
liabilities - non-current |
|
318,563 |
|
|
296,633 |
|
|
292,133 |
Other
liabilities |
|
133,774 |
|
|
120,489 |
|
|
117,097 |
Deferred tax
liabilities, net |
|
57,107 |
|
|
42,371 |
|
|
36,438 |
Convertible
notes |
|
226,199 |
|
|
225,214 |
|
|
224,895 |
Redeemable
non-controlling interests |
|
869,408 |
|
|
536,903 |
|
|
474,615 |
Shareholders'
equity |
|
481,298 |
|
|
585,269 |
|
|
542,602 |
|
Total liabilities and equity |
$ |
4,561,649 |
|
$ |
3,873,730 |
|
$ |
3,325,154 |
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
|
|
|
Total debt
(3) |
$ |
1,152,265 |
|
$ |
531,054 |
|
$ |
378,747 |
Total debt, net of
cash and cash equivalents (3) |
|
961,745 |
|
|
134,309 |
|
|
244,624 |
Net debt / pro
forma adjusted EBITDA ratio (4) |
|
1.5 |
|
|
0.3 |
|
|
0.5 |
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.(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 |
|
|
Nine months ended |
|
|
|
|
September 30 |
|
|
September 30 |
(unaudited) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) |
|
$ |
44,524 |
|
|
$ |
50,496 |
|
|
$ |
132,572 |
|
|
$ |
(337,298 |
) |
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
45,142 |
|
|
|
34,588 |
|
|
|
125,879 |
|
|
|
106,939 |
|
|
Settlement of long-term
incentive arrangement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375,742 |
|
|
Loss on disposal of
operations |
|
|
318 |
|
|
|
- |
|
|
|
27,358 |
|
|
|
- |
|
|
Gains attributable to mortgage
servicing rights |
|
|
(16,391 |
) |
|
|
(5,812 |
) |
|
|
(24,214 |
) |
|
|
(20,728 |
) |
|
Gains attributable to the fair
value of loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
premiums and origination
fees |
|
|
(3,264 |
) |
|
|
(12,516 |
) |
|
|
(14,818 |
) |
|
|
(34,799 |
) |
|
Deferred income tax |
|
|
(5,005 |
) |
|
|
(10,953 |
) |
|
|
(16,198 |
) |
|
|
(33,457 |
) |
|
Other |
|
|
42,413 |
|
|
|
25,777 |
|
|
|
83,042 |
|
|
|
87,062 |
|
|
|
|
|
107,737 |
|
|
|
81,580 |
|
|
|
313,621 |
|
|
|
143,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
accounts receivable, prepaid |
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses and other assets |
|
|
(78,228 |
) |
|
|
(60,389 |
) |
|
|
(416,155 |
) |
|
|
(139,622 |
) |
Increase
(decrease) in accounts payable, accrued |
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses and other
liabilities |
|
|
857 |
|
|
|
73,779 |
|
|
|
(8,489 |
) |
|
|
75,558 |
|
Increase
(decrease) in accrued compensation |
|
|
44,593 |
|
|
|
75,911 |
|
|
|
(163,642 |
) |
|
|
74,234 |
|
Contingent
acquisition consideration paid |
|
|
(8,129 |
) |
|
|
- |
|
|
|
(68,939 |
) |
|
|
(10,472 |
) |
Mortgage
origination activities, net |
|
|
4,646 |
|
|
|
10,014 |
|
|
|
20,917 |
|
|
|
45,392 |
|
Sales to AR
Facility, net |
|
|
5,364 |
|
|
|
11,629 |
|
|
|
151,217 |
|
|
|
22,521 |
|
Net cash provided
by (used in) operating activities |
|
|
76,840 |
|
|
|
192,524 |
|
|
|
(171,470 |
) |
|
|
211,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
|
(213,491 |
) |
|
|
(590 |
) |
|
|
(594,089 |
) |
|
|
(4,797 |
) |
Purchases of fixed
assets |
|
|
(18,391 |
) |
|
|
(11,847 |
) |
|
|
(41,807 |
) |
|
|
(44,450 |
) |
Purchase of held
for sale real estate assets |
|
|
- |
|
|
|
(10,101 |
) |
|
|
(117,042 |
) |
|
|
(10,101 |
) |
Proceeds from sale
of held for sale real estate assets |
|
|
- |
|
|
|
- |
|
|
|
48,505 |
|
|
|
- |
|
Cash collections
on AR Facility deferred purchase price |
|
|
88,627 |
|
|
|
11,563 |
|
|
|
345,056 |
|
|
|
34,295 |
|
Other investing
activities |
|
|
(12,422 |
) |
|
|
(14,147 |
) |
|
|
(44,069 |
) |
|
|
(34,936 |
) |
Net cash used in
investing activities |
|
|
(155,677 |
) |
|
|
(25,122 |
) |
|
|
(403,446 |
) |
|
|
(59,989 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in long-term debt, net |
|
|
137,635 |
|
|
|
(154,930 |
) |
|
|
675,041 |
|
|
|
(84,997 |
) |
Purchases of
non-controlling interests, net |
|
|
2,124 |
|
|
|
1,658 |
|
|
|
(31,433 |
) |
|
|
(20,182 |
) |
Dividends paid to
common shareholders |
|
|
(6,492 |
) |
|
|
(2,200 |
) |
|
|
(13,100 |
) |
|
|
(4,209 |
) |
Distributions paid
to non-controlling interests |
|
|
(13,179 |
) |
|
|
(8,270 |
) |
|
|
(54,733 |
) |
|
|
(43,498 |
) |
Repurchases of
Subordinate Voting Shares |
|
|
- |
|
|
|
- |
|
|
|
(126,366 |
) |
|
|
- |
|
Other financing
activities |
|
|
(12,312 |
) |
|
|
2,240 |
|
|
|
(46,365 |
) |
|
|
8,704 |
|
Net cash provided
by (used in) financing activities |
|
|
107,776 |
|
|
|
(161,502 |
) |
|
|
403,044 |
|
|
|
(144,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
|
|
(19,953 |
) |
|
|
(3,996 |
) |
|
|
(37,959 |
) |
|
|
(4,963 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
equivalents and restricted
cash |
|
|
8,986 |
|
|
|
1,904 |
|
|
|
(209,831 |
) |
|
|
1,938 |
|
Cash and cash
equivalents and |
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted cash, beginning of
period |
|
|
206,454 |
|
|
|
177,567 |
|
|
|
425,271 |
|
|
|
177,533 |
|
Cash and cash
equivalents and |
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted cash, end of period |
|
$ |
215,440 |
|
|
$ |
179,471 |
|
|
$ |
215,440 |
|
|
$ |
179,471 |
|
COLLIERS
INTERNATIONAL GROUP INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENTED
RESULTS |
(in thousands of
US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
Investment |
|
|
|
|
(unaudited) |
Americas |
|
EMEA |
|
Pacific |
|
Management |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
695,058 |
|
$ |
164,198 |
|
|
$ |
152,845 |
|
$ |
96,070 |
|
$ |
153 |
|
|
$ |
1,108,324 |
|
|
Adjusted
EBITDA |
|
66,775 |
|
|
13,295 |
|
|
|
21,077 |
|
|
36,885 |
|
|
7,033 |
|
|
|
145,065 |
|
|
Operating earnings
(loss) |
|
59,945 |
|
|
6,099 |
|
|
|
17,451 |
|
|
19,515 |
|
|
(18,980 |
) |
|
|
84,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
617,098 |
|
$ |
154,937 |
|
|
$ |
172,303 |
|
$ |
78,263 |
|
$ |
155 |
|
|
$ |
1,022,756 |
|
|
Adjusted EBITDA |
|
65,808 |
|
|
14,994 |
|
|
|
20,652 |
|
|
27,770 |
|
|
(5,583 |
) |
|
|
123,641 |
|
|
Operating earnings (loss) |
|
48,879 |
|
|
11,399 |
|
|
|
18,342 |
|
|
19,812 |
|
|
(22,466 |
) |
|
|
75,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
Investment |
|
|
|
|
|
Americas |
|
EMEA |
|
Pacific |
|
Management |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
2,077,467 |
|
$ |
486,794 |
|
|
$ |
414,829 |
|
$ |
257,595 |
|
$ |
397 |
|
|
$ |
3,237,082 |
|
|
Adjusted
EBITDA |
|
249,414 |
|
|
32,581 |
|
|
|
50,839 |
|
|
92,885 |
|
|
2,120 |
|
|
|
427,839 |
|
|
Operating earnings
(loss)(1) |
|
202,360 |
|
|
(20,473 |
) |
|
|
43,234 |
|
|
55,886 |
|
|
(52,293 |
) |
|
|
228,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,675,644 |
|
$ |
439,621 |
|
|
$ |
454,572 |
|
$ |
173,367 |
|
$ |
460 |
|
|
$ |
2,743,664 |
|
|
Adjusted EBITDA |
|
201,657 |
|
|
40,138 |
|
|
|
56,847 |
|
|
66,845 |
|
|
(13,159 |
) |
|
|
352,328 |
|
|
Operating earnings (loss) |
|
154,970 |
|
|
24,703 |
|
|
|
46,742 |
|
|
43,900 |
|
|
(540,170 |
) |
|
|
(269,855 |
) |
Notes to Segmented
Results(1) Operating earnings (loss)
include $27,358 loss on disposal of certain operations, primarily
in EMEA.
COMPANY CONTACTS:
Jay S. HennickGlobal Chairman & Chief
Executive Officer
Christian MayerGlobal Chief Financial
Officer(416) 960-9500
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