Colliers International Group Inc. (NASDAQ and TSX: CIGI)
(“Colliers” or the “Company”) today announced operating and
financial results for the fourth quarter and year ended December
31, 2022. All amounts are in US dollars.
For the quarter ended December 31, 2022,
revenues were $1.22 billion, down 9% (5% in local currency),
adjusted EBITDA (note 1) was $202.7 million, up 6% (9% in local
currency) and adjusted EPS (note 2) was $2.31, up 3% versus the
prior year period. Fourth quarter adjusted EPS would have been
approximately $0.10 higher excluding foreign exchange impacts. GAAP
operating earnings were $103.8 million as compared to $138.4
million. GAAP diluted net earnings per share were $0.51 versus
$0.92 in the prior year quarter. Fourth quarter GAAP diluted EPS
would have been approximately $0.10 higher excluding changes in
foreign exchange rates.
For the full year ended December 31, 2022,
revenues were $4.46 billion, up 9% (13% in local currency),
adjusted EBITDA (note 1) was $630.5 million, up 16% (19% in local
currency) and adjusted EPS (note 2) was $6.99, up 13% versus prior
year. Full year ended December 31, 2022 adjusted EPS would have
been approximately $0.22 higher excluding foreign exchange impacts.
The GAAP operating earnings were $332.5 million and included a
$26.8 million loss on disposal of operations in Russia. The prior
year GAAP operating loss of $131.5 million included the $471.9
million settlement of the Long-Term Incentive Arrangement (“LTIA”)
with the Company's Chairman & CEO in April 2021. The GAAP
diluted earnings per share were $1.05 as compared to a diluted loss
per share of $9.09. Full year ended December 31, 2022 GAAP diluted
EPS would have been approximately $0.24 higher excluding changes in
foreign exchange rates.
“During the fourth quarter, Investment
Management and Outsourcing & Advisory delivered strong revenue
growth while Leasing matched the record results from the prior year
period. As expected, interest rate volatility, challenging debt
availability and geopolitical issues impacted our Capital Markets
results in our seasonally strongest quarter and we expect this to
continue through the first half of 2023. However, transactions are
still being completed and pent-up demand should translate into
additional volumes in future quarters as conditions stabilize,”
said Jay S. Hennick, Global Chairman & CEO of Colliers.
“Strong full year performance driven by high
value recurring revenue streams continues to transform Colliers
into a different kind of diversified services company. With our
globally balanced and highly diversified business model,
significant recurring revenue, and proven record of capitalizing on
opportunities, Colliers is stronger and more resilient than ever.
Earnings from recurring revenues now represent 58% of our proforma
EBITDA, well on the way to our goal of 65% by the end of 2025.”
“Throughout 2022, we completed a record $1.0
billion in acquisitions across our global enterprise. These
acquisitions not only strengthen our core, but they also create
additional opportunities to drive share value. In Investment
Management, we finished the year with total assets under management
of $98 billion, placing Colliers among the top global players in
the alternative private capital industry in just six years.”
“Colliers has a highly respected global brand
and growth platform, well-balanced and highly diversified business
model and an enterprising culture with significant inside
ownership. Most importantly, we have a proven track record of
delivering about 20% annual growth in share value to shareholders
over the past 28 years setting us apart from most other growth
companies,” he concluded.
About ColliersColliers (NASDAQ,
TSX: CIGI) is a leading diversified professional services and
investment management company. With operations in 65 countries, our
18,000 enterprising professionals work collaboratively to provide
expert real estate and investment advice to clients. For more than
28 years, our experienced leadership with significant inside
ownership has delivered compound annual investment returns of
approximately 20% for shareholders. With annual revenues of $4.5
billion and $98 billion of assets under management, Colliers
maximizes the potential of property and real assets to accelerate
the success of our clients, our investors and our people. Learn
more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Consolidated Revenues by Line of
Service
|
Three months ended |
|
|
|
Twelve months ended |
|
|
(in thousands of US$) |
December 31 |
Change |
Change |
|
December 31 |
Change |
Change |
(LC =
local currency) |
2022 |
|
2021 |
in US$ % |
in LC% |
|
2022 |
|
2021 |
in US$ % |
in LC% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outsourcing &
Advisory |
$ |
519,084 |
|
$ |
479,593 |
8% |
14% |
|
$ |
1,872,328 |
|
$ |
1,599,313 |
17% |
22% |
Investment Management (1) |
|
121,307 |
|
|
79,511 |
53% |
53% |
|
|
378,881 |
|
|
252,890 |
50% |
50% |
Leasing |
|
335,724 |
|
|
336,876 |
0% |
3% |
|
|
1,124,106 |
|
|
1,000,683 |
12% |
16% |
Capital Markets |
|
246,290 |
|
|
449,485 |
-45% |
-43% |
|
|
1,084,172 |
|
|
1,236,243 |
-12% |
-9% |
Total
revenues |
$ |
1,222,405 |
|
$ |
1,345,465 |
-9% |
-5% |
|
$ |
4,459,487 |
|
$ |
4,089,129 |
9% |
13% |
(1) Investment
Management local currency revenues, excluding pass-through carried
interest, were up 87% and 61% for the three months and year ended
December 31, 2022, respectively. |
Consolidated revenues for the fourth quarter
decreased 5% on a local currency basis with Capital Markets
declining in its seasonally strongest quarter due to global
interest rate volatility and challenging debt capital market
conditions. Investment Management and Outsourcing & Advisory
generated robust growth, while Leasing matched the record results
of the prior year period. Consolidated internal revenues measured
in local currencies declined 11% (note 3) versus the prior year
quarter entirely on lower Capital Markets activity.
For the year ended December 31, 2022,
consolidated revenues increased 13% on a local currency basis
driven by strong growth in Investment Management, Outsourcing &
Advisory and Leasing. Consolidated internal revenues measured in
local currencies were up 6% (note 3).
Segmented Fourth Quarter
ResultsRevenues in the Americas region totalled $678.9
million for the fourth quarter, down 17% (16% in local currency)
versus $813.6 million in the prior year quarter. The decline was
related to the interest rate driven slowdown in Capital Markets
relative to record volumes generated in the prior year’s seasonally
strongest quarter. Outsourcing & Advisory revenues were up
solidly, particularly Engineering & Design (including recent
acquisitions) and Property Management while Leasing revenues
matched record levels generated in the prior year period. Adjusted
EBITDA was $82.9 million, down 12% (11% in local currency) with
Adjusted EBITDA margins improving by 60 basis points on lower
average commission levels, lower incentive compensation and a
reduction in discretionary costs. GAAP operating earnings were
$52.0 million, relative to $78.8 million in the prior year
quarter.
Revenues in the EMEA region totalled $228.3
million, down 2% (up 8% in local currency) compared to $233.1
million in the prior year quarter. Revenue growth, in local
currency, was driven by robust activity in Outsourcing &
Advisory (including recent acquisitions), offset by a decline in
Capital Markets activity due to interest rate volatility and
geopolitical uncertainty, Adjusted EBITDA was $35.9 million, down
15% (9% in local currency) relative to the prior year quarter
primarily due to changes in service mix. GAAP operating earnings
were $30.4 million, versus operating earnings of $34.9 million in
the prior year quarter.
Revenues in the Asia Pacific region totalled
$193.6 million compared to $219.1 million in the prior year
quarter, down 12% (3% in local currency). Revenues were impacted by
interest rate volatility and ongoing COVID-19 restrictions in
several Asian markets, especially China. Adjusted EBITDA was $34.3
million, down 11% (2% in local currency) relative to the prior year
quarter. GAAP operating earnings were $29.0 million, versus $35.3
million in the prior year quarter.
Investment Management revenues for the fourth
quarter were $121.3 million compared to $79.5 million in the prior
year quarter, up 53% (53% in local currency). Passthrough revenue
from historical carried interest was $3.6 million in the quarter
versus $16.4 million in the prior year quarter. Excluding the
impact of carried interest, revenue was up 86% (87% in local
currency) driven by (i) acquisitions and (ii) management fee growth
from increased assets under management. Adjusted EBITDA was $53.1
million, up 88% (88% in local currency) over the prior year
quarter. GAAP operating loss was $18.8 million in the quarter,
versus earnings of $19.8 million in the prior year quarter with the
reduction attributable to contingent acquisition consideration
related to recent acquisitions. Assets under management were $97.7
billion as of December 31, 2022, up 92% from $51.0 billion as of
December 31, 2021.
Unallocated global corporate costs as reported
in Adjusted EBITDA were $3.5 million in the fourth quarter,
relative to $11.5 million in the prior year with the decrease
attributable to a reduction in performance-based compensation
expense in the current period. The corporate GAAP operating
earnings for the quarter were $11.2 million relative to a loss of
$30.4 million in the fourth quarter of 2021, with the current
period benefitting from lower performance-based compensation and
the prior year period impacted by contingent acquisition
consideration expense.
Segmented Full Year
ResultsRevenues in the Americas region totalled $2.76
billion for the full year compared to $2.49 billion in the prior
year, up 11% (11% in local currency). Revenue growth was led by
Outsourcing & Advisory, including Engineering & Design
(including recent acquisitions) and Leasing, which benefitted from
increased activity in office and industrial asset classes. Capital
Markets revenues were impacted by interest rate volatility and
market uncertainty which reduced sales brokerage and debt
origination activity in the second half of the year. Adjusted
EBITDA was $332.3 million, up 12% (13% in local currency) from
$296.1 million in the prior year, driven by (i) higher revenues;
(ii) the positive impact of recent acquisitions and (iii) an $11.4
million gain on the termination of a lease. GAAP operating earnings
were $254.4 million, versus $233.8 million in 2021.
EMEA region revenues were $715.1 million for the
full year compared to $672.7 million in the prior year, up 6% (18%
in local currency). Revenue growth was led by robust Outsourcing
& Advisory and Leasing activity while Capital Markets revenues
were impacted by interest rate volatility and geopolitical
uncertainty in the region during the year. Adjusted EBITDA was
$68.5 million, down 17% (9% in local currency) versus $82.5 million
in the prior year on changes in service mix. GAAP operating
earnings were $9.9 million as compared to $59.6 million in
2021.
The Asia Pacific region generated revenues of
$608.5 million for the full year compared to $673.7 million in the
prior year, down 10% (3% in local currency). Revenues were
primarily impacted by COVID-19 restrictions in several Asian
markets, particularly China, which extended through most of the
year. Adjusted EBITDA was $85.1 million, down 11% (3% in local
currency) versus $95.2 million in the prior year. GAAP operating
earnings were $72.3 million, versus $82.0 million in the prior
year.
Investment Management revenues were $378.9
million compared to $252.9 million in the prior year, up 50% (50%
in local currency). Pass-through revenue from historical carried
interest represented $30.3 million in the current year, versus
$35.0 million in the prior year. Excluding the impact of
pass-through revenue, revenues were up 60% (61% in local currency)
and were positively impacted by (i) acquisitions and (ii)
fundraising across all investment strategies which led to increased
management fees. Adjusted EBITDA was $146.0 million, up 53% (54% in
local currency), relative to $95.1 million in the prior year. GAAP
operating earnings were $37.1 million, versus $63.7 million in
2021, with the reduction attributable to contingent acquisition
consideration expense related to recent acquisitions.
Unallocated global corporate costs as reported
in Adjusted EBITDA were $1.4 million in 2022, relative to $24.7
million in the prior year primarily driven by a reduction in
performance-based compensation expense. The corporate GAAP
operating loss was $41.1 million, relative to $570.6 million in
2021, with the prior year impacted by the settlement of the
LTIA.
Outlook for 2023For 2023, the
Company expects robust growth (including the impact of recent
acquisitions) in its high value recurring service lines, Investment
Management and Outsourcing & Advisory. Leasing revenues are
expected to remain steady. Interest rate driven volatility and
ongoing geopolitical tensions are expected to continue to impact
Capital Markets activity, particularly during the first half of
2023 and moderate through the second half. The Company expects
higher Adjusted EBITDA margins in 2023, primarily due to the change
in business mix (greater proportion of Adjusted EBITDA coming from
high-margin Investment Management) as well as cost control measures
applied across the Company. Adjusted EPS growth is expected to be
impacted by increased interest costs as well as a larger proportion
of earnings growth generated from non-wholly owned operations.
The outlook for 2023, including the full year
impact of acquisitions completed during 2022, is as
follows:
Measure |
2022 |
2023 Outlook |
Revenue |
$4.5 billion |
$4.6 billion - $4.8 billion |
AEBITDA |
$630.5 million |
$710 million - $750 million |
AEPS |
$6.99 |
$7.50 - $8.00 |
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 and related
factors.
Conference CallColliers will be
holding a conference call on Thursday, February 9, 2023 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 employees; 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, war
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 |
|
Twelve months
ended |
|
December 31 |
|
December 31 |
(in thousands of
US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) |
$ |
61,972 |
|
|
$ |
99,741 |
|
|
$ |
194,544 |
|
|
$ |
(237,557 |
) |
Income tax |
|
24,976 |
|
|
|
37,020 |
|
|
|
95,010 |
|
|
|
85,510 |
|
Other income, including equity earnings from non-consolidated
investments |
|
(2,329 |
) |
|
|
(5,726 |
) |
|
|
(5,645 |
) |
|
|
(11,273 |
) |
Interest expense, net |
|
19,163 |
|
|
|
7,319 |
|
|
|
48,587 |
|
|
|
31,819 |
|
Operating earnings (loss) |
|
103,782 |
|
|
|
138,354 |
|
|
|
332,496 |
|
|
|
(131,501 |
) |
Settlement of LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Loss on disposal of operations |
|
(524 |
) |
|
|
- |
|
|
|
26,834 |
|
|
|
- |
|
Depreciation and amortization |
|
51,542 |
|
|
|
38,155 |
|
|
|
177,421 |
|
|
|
145,094 |
|
(Gains) losses attributable to MSRs |
|
6,829 |
|
|
|
(8,486 |
) |
|
|
(17,385 |
) |
|
|
(29,214 |
) |
Equity earnings from non-consolidated investments |
|
1,856 |
|
|
|
1,565 |
|
|
|
6,677 |
|
|
|
6,190 |
|
Acquisition-related items |
|
26,406 |
|
|
|
11,235 |
|
|
|
77,144 |
|
|
|
61,008 |
|
Restructuring costs |
|
5,023 |
|
|
|
5,018 |
|
|
|
5,485 |
|
|
|
6,484 |
|
Stock-based compensation expense |
|
7,772 |
|
|
|
6,169 |
|
|
|
21,853 |
|
|
|
14,349 |
|
Adjusted
EBITDA |
$ |
202,686 |
|
|
$ |
192,010 |
|
|
$ |
630,525 |
|
|
$ |
544,338 |
|
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 |
|
Twelve months
ended |
|
December 31 |
|
December 31 |
(in thousands of
US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) |
$ |
61,972 |
|
|
$ |
99,741 |
|
|
$ |
194,544 |
|
|
$ |
(237,557 |
) |
Non-controlling interest share of earnings |
|
(16,222 |
) |
|
|
(20,317 |
) |
|
|
(53,919 |
) |
|
|
(53,465 |
) |
Interest on Convertible Notes |
|
2,300 |
|
|
|
2,300 |
|
|
|
9,200 |
|
|
|
9,200 |
|
Settlement of LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Loss on disposal of operations |
|
(524 |
) |
|
|
- |
|
|
|
26,834 |
|
|
|
- |
|
Amortization of intangible assets |
|
39,111 |
|
|
|
25,202 |
|
|
|
128,741 |
|
|
|
99,221 |
|
Gains attributable to MSRs |
|
6,829 |
|
|
|
(8,486 |
) |
|
|
(17,385 |
) |
|
|
(29,214 |
) |
Acquisition-related items |
|
26,406 |
|
|
|
11,235 |
|
|
|
77,144 |
|
|
|
61,008 |
|
Restructuring costs |
|
5,023 |
|
|
|
5,018 |
|
|
|
5,485 |
|
|
|
6,484 |
|
Stock-based compensation expense |
|
7,772 |
|
|
|
6,169 |
|
|
|
21,853 |
|
|
|
14,349 |
|
Income tax on adjustments |
|
(19,835 |
) |
|
|
(8,099 |
) |
|
|
(42,486 |
) |
|
|
(35,216 |
) |
Non-controlling interest on adjustments |
|
(3,804 |
) |
|
|
(2,871 |
) |
|
|
(15,262 |
) |
|
|
(12,791 |
) |
Adjusted net
earnings |
$ |
109,028 |
|
|
$ |
109,892 |
|
|
$ |
334,749 |
|
|
$ |
293,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Twelve months
ended |
|
December 31 |
|
December 31 |
(in US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings (loss) per common share(1) |
$ |
0.48 |
|
|
$ |
0.89 |
|
|
$ |
0.97 |
|
|
$ |
(8.21 |
) |
Interest on Convertible Notes, net of tax |
|
0.04 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.14 |
|
Non-controlling interest redemption increment |
|
0.49 |
|
|
|
0.74 |
|
|
|
1.97 |
|
|
|
2.09 |
|
Settlement of LTIA |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9.92 |
|
Loss on disposal of operations |
|
- |
|
|
|
- |
|
|
|
0.56 |
|
|
|
- |
|
Amortization expense, net of tax |
|
0.50 |
|
|
|
0.31 |
|
|
|
1.63 |
|
|
|
1.25 |
|
Gains attributable to MSRs, net of tax |
|
0.08 |
|
|
|
(0.10 |
) |
|
|
(0.20 |
) |
|
|
(0.34 |
) |
Acquisition-related items |
|
0.51 |
|
|
|
0.18 |
|
|
|
1.45 |
|
|
|
0.93 |
|
Restructuring costs, net of tax |
|
0.08 |
|
|
|
0.07 |
|
|
|
0.08 |
|
|
|
0.10 |
|
Stock-based compensation expense, net of tax |
|
0.13 |
|
|
|
0.13 |
|
|
|
0.39 |
|
|
|
0.30 |
|
Adjusted EPS |
$ |
2.31 |
|
|
$ |
2.25 |
|
|
$ |
6.99 |
|
|
$ |
6.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares for Adjusted EPS (thousands) |
|
47,215 |
|
|
|
48,867 |
|
|
|
47,897 |
|
|
|
47,559 |
|
(1)Amounts shown
reflect the "if-converted" method's dilutive impact on the adjusted
EPS calculation for the three months and year ended December 31,
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 |
|
Twelve months
ended |
|
December 31 |
|
December 31 |
(in thousands of
US$) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
238,501 |
|
|
$ |
77,908 |
|
|
$ |
67,031 |
|
|
$ |
288,980 |
|
Contingent acquisition consideration paid |
|
285 |
|
|
|
7,545 |
|
|
|
69,224 |
|
|
|
18,017 |
|
Settlement of LTIA (cash portion) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
96,186 |
|
Purchase of fixed assets |
|
(25,874 |
) |
|
|
(13,501 |
) |
|
|
(67,681 |
) |
|
|
(57,951 |
) |
Cash collections on AR Facility deferred purchase price |
|
(57,052 |
) |
|
|
116,907 |
|
|
|
288,004 |
|
|
|
151,202 |
|
Free cash
flow |
$ |
155,860 |
|
|
$ |
188,859 |
|
|
$ |
356,578 |
|
|
$ |
496,434 |
|
4. Local currency revenue and AEBITDA growth
rate and internal revenue growth rate measures
Percentage revenue and AEBITDA 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. Adjusted EBITDA for this purpose is
calculated in the same manner as for our debt agreement covenant
calculation purposes, 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 |
|
|
Twelve months |
|
|
|
|
|
ended December
31 |
|
|
ended December
31 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,222,405 |
|
|
$ |
1,345,465 |
|
|
$ |
4,459,487 |
|
|
$ |
4,089,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
732,045 |
|
|
|
830,361 |
|
|
|
2,749,485 |
|
|
|
2,519,866 |
|
Selling, general and administrative expenses |
|
|
309,154 |
|
|
|
327,360 |
|
|
|
1,096,107 |
|
|
|
1,022,734 |
|
Depreciation |
|
|
12,431 |
|
|
|
12,953 |
|
|
|
48,680 |
|
|
|
45,873 |
|
Amortization of intangible assets |
|
|
39,111 |
|
|
|
25,202 |
|
|
|
128,741 |
|
|
|
99,221 |
|
Acquisition-related items (1) |
|
|
26,406 |
|
|
|
11,235 |
|
|
|
77,144 |
|
|
|
61,008 |
|
Loss on disposal of operations |
|
|
(524 |
) |
|
|
- |
|
|
|
26,834 |
|
|
|
- |
|
Settlement of long-term incentive arrangement
(2) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471,928 |
|
Operating earnings (loss) |
|
|
103,782 |
|
|
|
138,354 |
|
|
|
332,496 |
|
|
|
(131,501 |
) |
Interest expense, net |
|
|
19,163 |
|
|
|
7,319 |
|
|
|
48,587 |
|
|
|
31,819 |
|
Equity earnings from unconsolidated
investments |
|
|
(1,856 |
) |
|
|
(1,565 |
) |
|
|
(6,677 |
) |
|
|
(6,190 |
) |
Other (income) expense |
|
|
(473 |
) |
|
|
(4,161 |
) |
|
|
1,032 |
|
|
|
(5,083 |
) |
Earnings (loss) before income tax |
|
|
86,948 |
|
|
|
136,761 |
|
|
|
289,554 |
|
|
|
(152,047 |
) |
Income tax |
|
|
24,976 |
|
|
|
37,020 |
|
|
|
95,010 |
|
|
|
85,510 |
|
Net earnings (loss) |
|
|
61,972 |
|
|
|
99,741 |
|
|
|
194,544 |
|
|
|
(237,557 |
) |
Non-controlling interest share of earnings |
|
|
16,222 |
|
|
|
20,317 |
|
|
|
53,919 |
|
|
|
53,465 |
|
Non-controlling interest redemption increment |
|
|
23,246 |
|
|
|
36,136 |
|
|
|
94,372 |
|
|
|
99,316 |
|
Net earnings (loss) attributable to
Company |
|
$ |
22,504 |
|
|
$ |
43,288 |
|
|
$ |
46,253 |
|
|
$ |
(390,338 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.52 |
|
|
$ |
0.98 |
|
|
$ |
1.07 |
|
|
$ |
(9.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (3) |
|
$ |
0.51 |
|
|
$ |
0.92 |
|
|
$ |
1.05 |
|
|
$ |
(9.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS (4) |
|
$ |
2.31 |
|
|
$ |
2.25 |
|
|
$ |
6.99 |
|
|
$ |
6.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
42,968 |
|
|
|
44,038 |
|
|
|
43,409 |
|
|
|
42,920 |
|
|
|
Diluted |
|
|
47,215 |
|
|
|
48,867 |
|
|
|
43,918 |
|
|
|
42,920 |
|
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 $96,186 and the
issuance of 3,572,858 Subordinate Voting Shares on April 16,
2021.(3) Diluted EPS is calculated using the “if-converted”
method of calculating earnings per share in relation to the
Convertible Notes, which were issued on May 19, 2020. As such, the
interest (net of tax) on the Convertible Notes is added to the
numerator and the additional shares issuable on conversion of the
Convertible Notes are added to the denominator of the earnings per
share calculation to determine if an assumed conversion is more
dilutive than no assumption of conversion. The “if-converted”
method is used if the impact of the assumed conversion is dilutive.
The “if-converted” method is anti-dilutive for the years ended
December 31, 2022 and 2021.(4) See definition and
reconciliation above.
COLLIERS
INTERNATIONAL GROUP INC. |
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
(in thousands of
US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash
equivalents |
$ |
173,661 |
|
$ |
396,745 |
Restricted cash
(1) |
|
25,381 |
|
|
28,526 |
Accounts
receivable and contract assets |
|
669,803 |
|
|
573,710 |
Warehouse
receivables (2) |
|
29,623 |
|
|
174,717 |
Prepaids and other
assets |
|
269,605 |
|
|
353,220 |
Real estate assets
held for sale |
|
45,353 |
|
|
44,089 |
|
Current
assets |
|
1,213,426 |
|
|
1,571,007 |
Other non-current
assets |
|
166,726 |
|
|
120,071 |
Fixed assets |
|
164,493 |
|
|
144,755 |
Operating lease
right-of-use assets |
|
341,623 |
|
|
316,517 |
Deferred tax
assets, net |
|
63,460 |
|
|
68,502 |
Goodwill and
intangible assets |
|
3,148,449 |
|
|
1,652,878 |
|
Total
assets |
$ |
5,098,177 |
|
$ |
3,873,730 |
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
Accounts payable
and accrued liabilities |
$ |
1,128,754 |
|
$ |
1,082,774 |
Other current
liabilities |
|
100,840 |
|
|
186,089 |
Long-term debt -
current |
|
1,360 |
|
|
1,458 |
Warehouse credit
facilities (2) |
|
24,286 |
|
|
162,911 |
Operating lease
liabilities - current |
|
84,989 |
|
|
80,928 |
Liabilities
related to real estate assets held for sale |
|
1,353 |
|
|
23,095 |
|
Current
liabilities |
|
1,341,582 |
|
|
1,537,255 |
Long-term debt -
non-current |
|
1,437,739 |
|
|
529,596 |
Operating lease
liabilities - non-current |
|
322,496 |
|
|
296,633 |
Other
liabilities |
|
139,392 |
|
|
120,489 |
Deferred tax
liabilities, net |
|
57,754 |
|
|
42,371 |
Convertible
notes |
|
226,534 |
|
|
225,214 |
Redeemable
non-controlling interests |
|
1,079,306 |
|
|
536,903 |
Shareholders'
equity |
|
493,374 |
|
|
585,269 |
|
Total liabilities and equity |
$ |
5,098,177 |
|
$ |
3,873,730 |
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
Total debt
(3) |
$ |
1,439,099 |
|
$ |
531,054 |
Total debt, net of
cash and cash equivalents (3) |
|
1,265,438 |
|
|
134,309 |
Net debt / pro
forma adjusted EBITDA ratio (4) |
|
1.8 |
|
|
0.3 |
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 |
|
|
Twelve months
ended |
|
|
|
|
December 31 |
|
|
December 31 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
61,972 |
|
|
$ |
99,741 |
|
|
$ |
194,544 |
|
|
$ |
(237,557 |
) |
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
51,542 |
|
|
|
38,155 |
|
|
|
177,421 |
|
|
|
145,094 |
|
|
Settlement of long-term incentive arrangement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
375,742 |
|
|
Loss (gain) on disposal of operations |
|
|
(524 |
) |
|
|
- |
|
|
|
26,834 |
|
|
|
- |
|
|
(Gains) losses attributable to mortgage servicing rights |
|
|
6,829 |
|
|
|
(8,486 |
) |
|
|
(17,385 |
) |
|
|
(29,214 |
) |
|
Gains attributable to the fair value of loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
premiums and origination fees |
|
|
(1,764 |
) |
|
|
(14,040 |
) |
|
|
(16,582 |
) |
|
|
(48,839 |
) |
|
Deferred income tax |
|
|
(9,799 |
) |
|
|
(4,081 |
) |
|
|
(25,997 |
) |
|
|
(37,538 |
) |
|
Other |
|
|
32,909 |
|
|
|
18,871 |
|
|
|
115,951 |
|
|
|
105,933 |
|
|
|
|
|
141,165 |
|
|
|
130,160 |
|
|
|
454,786 |
|
|
|
273,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in accounts receivable, prepaid |
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses and other assets |
|
|
(52,907 |
) |
|
|
(182,709 |
) |
|
|
(469,062 |
) |
|
|
(322,331 |
) |
Increase in accounts payable, accrued |
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses and other liabilities |
|
|
47,655 |
|
|
|
77,561 |
|
|
|
39,166 |
|
|
|
153,119 |
|
Increase (decrease) in accrued compensation |
|
|
78,095 |
|
|
|
172,044 |
|
|
|
(85,547 |
) |
|
|
246,278 |
|
Contingent acquisition consideration paid |
|
|
(285 |
) |
|
|
(7,545 |
) |
|
|
(69,224 |
) |
|
|
(18,017 |
) |
Mortgage origination activities, net |
|
|
4,722 |
|
|
|
9,051 |
|
|
|
25,639 |
|
|
|
54,443 |
|
Sales to AR Facility, net |
|
|
20,056 |
|
|
|
(120,654 |
) |
|
|
171,273 |
|
|
|
(98,133 |
) |
Net cash provided by operating activities |
|
|
238,501 |
|
|
|
77,908 |
|
|
|
67,031 |
|
|
|
288,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of businesses, net of cash
acquired |
|
|
(413,208 |
) |
|
|
(56,035 |
) |
|
|
(1,007,297 |
) |
|
|
(60,832 |
) |
Purchases of fixed assets |
|
|
(25,874 |
) |
|
|
(13,501 |
) |
|
|
(67,681 |
) |
|
|
(57,951 |
) |
Purchase of held for sale real estate assets |
|
|
(44,000 |
) |
|
|
(20,973 |
) |
|
|
(161,042 |
) |
|
|
(31,074 |
) |
Proceeds from sale of held for sale real estate
assets |
|
|
89,073 |
|
|
|
10,080 |
|
|
|
137,578 |
|
|
|
10,080 |
|
Cash collections on AR Facility deferred purchase
price |
|
|
(57,052 |
) |
|
|
116,907 |
|
|
|
288,004 |
|
|
|
151,202 |
|
Other investing activities |
|
|
(18,337 |
) |
|
|
(25,903 |
) |
|
|
(62,406 |
) |
|
|
(60,839 |
) |
Net cash (used in) provided by investing
activities |
|
|
(469,398 |
) |
|
|
10,575 |
|
|
|
(872,844 |
) |
|
|
(49,414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in long-term debt, net |
|
|
254,000 |
|
|
|
157,060 |
|
|
|
929,041 |
|
|
|
72,063 |
|
(Purchases) sales of non-controlling interests,
net |
|
|
(189 |
) |
|
|
14,648 |
|
|
|
(31,622 |
) |
|
|
(5,534 |
) |
Dividends paid to common shareholders |
|
|
- |
|
|
|
- |
|
|
|
(13,100 |
) |
|
|
(4,209 |
) |
Distributions paid to non-controlling
interests |
|
|
(8,193 |
) |
|
|
(8,010 |
) |
|
|
(62,926 |
) |
|
|
(51,508 |
) |
Repurchases of Subordinate Voting Shares |
|
|
(39,362 |
) |
|
|
- |
|
|
|
(165,728 |
) |
|
|
- |
|
Other financing activities |
|
|
3,617 |
|
|
|
(916 |
) |
|
|
(42,748 |
) |
|
|
7,789 |
|
Net cash provided by financing activities |
|
|
209,873 |
|
|
|
162,782 |
|
|
|
612,917 |
|
|
|
18,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
4,626 |
|
|
|
(5,465 |
) |
|
|
(33,333 |
) |
|
|
(10,429 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
equivalents and restricted cash |
|
|
(16,398 |
) |
|
|
245,800 |
|
|
|
(226,229 |
) |
|
|
247,738 |
|
Cash and cash equivalents and |
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted cash, beginning of period |
|
|
215,440 |
|
|
|
179,471 |
|
|
|
425,271 |
|
|
|
177,533 |
|
Cash and cash equivalents and |
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted cash, end
of period |
|
$ |
199,042 |
|
|
$ |
425,271 |
|
|
$ |
199,042 |
|
|
$ |
425,271 |
|
COLLIERS
INTERNATIONAL GROUP INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENTED
RESULTS |
(in thousands of
US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
Investment |
|
|
|
|
|
Americas |
|
EMEA |
|
Pacific |
|
Management |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
678,878 |
|
$ |
228,346 |
|
$ |
193,631 |
|
$ |
121,286 |
|
|
$ |
264 |
|
|
$ |
1,222,405 |
|
|
Adjusted
EBITDA |
|
82,933 |
|
|
35,920 |
|
|
34,253 |
|
|
53,070 |
|
|
|
(3,490 |
) |
|
|
202,686 |
|
|
Operating earnings
(loss) |
|
52,015 |
|
|
30,364 |
|
|
29,022 |
|
|
(18,831 |
) |
|
|
11,212 |
|
|
|
103,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
813,573 |
|
$ |
233,116 |
|
$ |
219,089 |
|
$ |
79,523 |
|
|
$ |
164 |
|
|
$ |
1,345,465 |
|
|
Adjusted EBITDA |
|
94,476 |
|
|
42,367 |
|
|
38,391 |
|
|
28,277 |
|
|
|
(11,501 |
) |
|
|
192,010 |
|
|
Operating earnings (loss) |
|
78,818 |
|
|
34,903 |
|
|
35,281 |
|
|
19,759 |
|
|
|
(30,407 |
) |
|
|
138,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia |
|
Investment |
|
|
|
|
|
Americas |
|
EMEA |
|
Pacific |
|
Management |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
2,756,345 |
|
$ |
715,140 |
|
$ |
608,460 |
|
$ |
378,881 |
|
|
$ |
661 |
|
|
$ |
4,459,487 |
|
|
Adjusted
EBITDA |
|
332,347 |
|
|
68,501 |
|
|
85,092 |
|
|
145,955 |
|
|
|
(1,370 |
) |
|
|
630,525 |
|
|
Operating earnings
(loss)(1) |
|
254,375 |
|
|
9,891 |
|
|
72,256 |
|
|
37,055 |
|
|
|
(41,081 |
) |
|
|
332,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
2,489,217 |
|
$ |
672,737 |
|
$ |
673,661 |
|
$ |
252,890 |
|
|
$ |
624 |
|
|
$ |
4,089,129 |
|
|
Adjusted EBITDA |
|
296,133 |
|
|
82,505 |
|
|
95,238 |
|
|
95,122 |
|
|
|
(24,660 |
) |
|
|
544,338 |
|
|
Operating earnings (loss) |
|
233,788 |
|
|
59,606 |
|
|
82,023 |
|
|
63,659 |
|
|
|
(570,577 |
) |
|
|
(131,501 |
) |
Notes to Segmented Results
(1) Operating earnings (loss) include
$26,834 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
Colliers (NASDAQ:CIGI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Colliers (NASDAQ:CIGI)
Historical Stock Chart
From Jul 2023 to Jul 2024