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We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our clients, employees, and services. Certain investments in equity securities where quoted prices are readily available are classified as Level 1 in the fair value hierarchy. Search for Company Documents - SEDAR current period results of our non-US dollar denominated operations to US dollars using the foreign currency discuss the quarters results. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. We use the term assets under management ('AUM') as a measure of the scale of our Investment Management operations. 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 groupings are based on the manner in which the segments are managed. During the three months ended March 31, 2021, approximately 59% of the current contract assets were moved to accounts receivable or sold under the AR Facility (Note 10). Colliers South Florida represented the tenant, CTS Engines, in the transaction. shareholders and distributions to non-controlling interests. Using our global reach and expertise to drive solutions at scale. We are in compliance with the covenants contained in our agreements relating to our debt agreements as at March 31, 2021 and, based on our outlook for 2021, we expect to remain in compliance with these covenants. 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. The purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers. Financial Services Financial Management, Lease Administration and Company Administration for real estate companies We provide advanced financial services and customer-oriented reporting for real estate companies and portfolios. the effects of foreign currency exchange rate fluctuations and acquisitions. collections on AR Facility deferred purchase price. purchase price, CONDENSED CONSOLIDATED STATEMENTS OF Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of Colliers International Group Inc's Equity Buyback announced on July 15, 2022, has expired. Adjusted EBITDA margin increased by 330 basis points to 11.9% as compared to 8.6% in the prior year period. Real Estate Management Services | Colliers 2021-01, Reference Rate Reform (Topic 848): Scope. Report Locked. In the case of interest rate lock commitments, the fair value measurement also considers the expected net cash flows associated with the servicing of the loans or the fair value of MSRs. Request Consent Interim Financial Statements By Electronic Delivery (Read and complete the reverse) The AR Facility is recorded as a sale of accounts receivable, and accordingly sold Receivables are derecognized from the consolidated balance sheet. Non-GAAP Measures We believe that the presentation of adjusted EBITDA and adjusted earnings per share, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. uncertainties as well as adverse foreign exchange impacts on AEPS. The fair value measurements were made using a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from 2.1% to 9.5%, with a weighted average of 4.5%). The Company, at its option, may also redeem the Convertible Notes, in whole or in part, on or after June 1, 2023 at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, provided that the last reported trading price of the Subordinate Voting Shares for any 20 trading days in a consecutive 30 trading day period preceding the date of the notice of redemption is not less than 130% of the conversion price. Results of operations - three months ended March 31, 2021. What is Colliers Intl Issuance Purchase of Equity Shares over 2010 - 2022 facilities and convertible notes, in accordance with debt agreements. The effect of increases in interest rates on our cost of borrowing. For the nine months ended September 30, 2022, consolidated revenues increased 21% on a local currency For the quarter ended September 30, 2022, revenues were $1.11 billion, up 8% (12% in local currency), regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and For additional information about Colliers, contact us at investorrelations@colliers.com or +1 416-960-9500. Under the AR Facility, the Company receives a cash payment and a deferred purchase price ('Deferred Purchase Price' or 'DPP') for sold Receivables. revenue was up 61% (62% in local currency) driven by (i) acquisitions and (ii) management fee growth from The COVID-19 pandemic resulted in a sharp reduction in Leasing and Capital Markets transaction activity beginning in March 2020 as governments around the world implemented lockdowns and other measures to contain the virus. All amounts are in US dollars. With our highly respected global brand, balanced and diversified business model with significant 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. The DPP is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the AR Facility. A decline in our ability to attract new clients and to retain major clients and renew related contracts. expert real estate and investment advice to clients. on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to Amortization expense was $27.3 million relative to $16.0 million in the prior year period, with the increase attributable mainly to intangible assets recognized in connection with recent business acquisitions, including those of Colliers Mortgage and Colliers Engineering & Design. The second payment is an amount equal to 5% of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of C$6.472. Industrial Market Continued to Grow with Robust Development Pipeline. The payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm's length sale or upon a distribution of assets. Investment Management revenues for the first quarter were $44.6 million compared to $45.8 million in the prior year quarter. (4)Net debt for financial leverage ratio excludes restricted cash, warehouse credit shareholders. On April 28, 2021, Colliers Mortgage entered into an additional warehouse credit facility with a borrowing capacity of $150,000 and an initial maturity date of April 27, 2022. As of March 31, 2021, there was $16,488 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. margin was impacted by (i) higher discretionary and variable costs as well as (ii) changes in revenue mix with a With annual revenues of $4.6 billion and $92 billion of assets under management, Colliers not be comparable to measures used by other issuers. Colliers may purchase its Subordinate Voting Shares, from time to time, if it believes that the All forward-looking statements in this press Consolidated internal revenues measured in local The company offers brokerage services; corporate solutions, including integrated client, strategy and innovation, lease administration, transaction and project management, capture lease audit savings, and facilities management services; investment services. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. Options are granted at the market price for the underlying shares on the day immediately prior to the date of grant. corporate GAAP operating loss for the quarter was $19.0 million relative to a loss of $22.5 million in the third Colliers Intl financial statements provide useful quarterly and yearly information to potential Colliers Intl Grp investors about the company's current and past financial position, as well as its overall management performance and changes in financial position over time. acquired, Purchase of held for sale real estate assets, Proceeds from sale of held for sale real No pass-through revenue from historical carried interest was recognized in the first quarter, versus $2.3 million in the prior year quarter. Operationally, Colliers is organized into four distinct segments: Americas; Europe, Middle East and Africa ('EMEA'); Asia and Australasia ('Asia Pacific') and Investment Management. Colliers abstracted the lease documentation into the Colliers360 Worktrac technology over a six-month process. Operating earnings were $40.0 million versus $18.5 million in the prior year 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. (4), CONDENSED CONSOLIDATED STATEMENTS OF CASH 1. Actively traded cash equivalents where a quoted price is readily available are classified as Level 1 in the fair value hierarchy. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the licensor reserves the right to terminate the Company's servicing authority for all or some of the portfolio. increased assets under management. Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. The Company adopted the guidance effective January 1, 2021. As part of the Transaction, the Company agreed to (a) pay US$96,200 in cash and (b) issue a total of 3,572,858 Subordinate Voting Shares to an entity controlled by Mr. Hennick. The company's EPS TTM is $0.918; its P/E ratio is 108.99; and it has a dividend yield of 0.30%. For the nine months ended September 30, 2022, revenues were $3.24 billion, up 18% (21% in local Colliers International Group to Buyback up to Four-Million Shares in a Renewed Normal-Course Issuer Bid, Colliers Brief: Announcing Normal Course Issuer Bid, National Bank's Q2/23E Industrial Preview -- Infrastructure + Automation The Hot tTend, National Bank Financial Adjusts Price Target on Colliers International Group to $131 From $133, Maintains Outperform Rating, COLLIERS INTERNATIONAL GROUP INC. : Ex-dividend day for, Colliers International Group Outperform Rating Reiterated at BMO Following Management Meeting; Price Target Kept at US$131, Colliers Brief: Releasing annual Global Impact Report, Colliers International Initiated at Outperform, US$128 Price Target at RBC, Colliers International Group Initiated at Outperform by RBC With $128 Price Target; Firm Sees 'Attractive Risk-Reward Profile', Measurabl, Inc. announced that it has received $93.013737 million in funding from a group of investors, Measurabl, Inc. announced that it expects to receive $93.013737 million in funding, Colliers International Group Inc. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. The Company has certain debt and hedging arrangements which may qualify for use of the practical expedients permitted under the guidance. loss on disposal of certain operations, primarily in EMEA. Excluding the impact of carried interest, Jay S. HennickGlobal Chairman & Chief Executive Officer, Christian MayerGlobal Chief Financial Officer(416) 960-9500. These revenues were included entirely within the Americas segment within Capital Markets and Other revenue. Changes in the fair value of the contingent consideration liability comprises the following: The carrying amounts for cash, restricted cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities approximate their estimated fair values due to the short-term nature of these instruments, unless otherwise indicated. As a part of Colliers Securities, we offer a range of robust commercial real estate loans for non-profits, housing developers, and units of state and local government. The following table summarizes the gross value, accumulated amortization and net carrying value of the Company's indefinite life and finite life intangible assets: In May 2020, the Company acquired MSR intangible assets in its acquisition of Colliers Mortgage. The contingent consideration is based on achieving specified earnings levels and is paid or payable after the end of the contingency period, which extends to February 2025. During the three-month period ended March 31, 2021, the fair value of options vested was $4,422 (2020 - $4,202). GAAP diluted net earnings per share were $0.27 versus $0.40 in the prior year quarter. $92.2 billion. On January 1, 2011, many Canadian companies were required to adopt IFRS. As such, The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021: There were no significant non-recurring fair value measurements recorded during the quarter ended March 31, 2021. Certain of these measures remained in place during the first quarter of 2020 and to the present date. This measure is not a recognized measure of market price of its Subordinate Voting Shares is attractive and that the purchase would be an appropriate use of business. The following table summarizes activity related to the Company's mortgage servicing rights for the quarter ending March 31, 2021. We note that past performance in operations and share price are not necessarily predictive of future performance, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its anticipated impact on our business. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Fiscal year is January - December. TORONTO, May 02, 2023 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) ("Colliers" or the "Company") today announced operating and financial results for the first quarter ended March 31, 2023. Voting Shares for total consideration of $34.6 million in connection with the Companys normal course issuer bid Unless stated otherwise, all dividends (and deemed dividends) paid by us hereafter are designated as 'eligible dividends' for the purposes of such rules. (loss). Company; the ability to attract new clients and to retain major clients and renew related contracts; the ability Ten years of annual and quarterly financial statements and annual report data for Colliers Group (CIGI). Summary financial information is provided in this press release. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes to simplify the accounting for income taxes. and Leasing all up strongly, more than offsetting the softness in Capital Markets which is being impacted by incorporating the expected full year impact of business acquisitions and dispositions. The amount recorded on our balance sheet under the caption 'redeemable non-controlling interests' is the greater of (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our core business and the valuation of the Company. COLLIERS INTL financial statements provide useful quarterly and yearly information to potential COLLIERS INTL GRP investors about the company's current and past financial position, as well as its overall management performance and changes in financial position over time. 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. comparable to measures used by other issuers. Management operations. Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion Colliers' Cooke Multifamily Team Partner, along with Cindy Cooke, Brad Cooke, Colliers in Arizona and Ron Cameron, Colliers Atlanta - one of Colliers most experienced multifamily investment sales teams in the nation. Ratios & Margins Colliers International Group Inc. All values updated annually at fiscal year end Colliers International Group Inc does not currently have any hardcopy reports on AnnualReports.com. Incentive Arrangement with the Companys Chairman & CEO as approved by 95% of the Companys disinterested All rights reserved. At Colliers International Group Inc., we promise to treat your data with respect and will not share your information with any third party. On April 11, 2017 we entered into interest rate swap agreements to convert the LIBOR floating interest rate on $100.0 million of US dollar denominated debt into a fixed interest rate of 1.897%. basis. The provision for income tax for the three months ended March 31, 2021 reflected an effective tax rate of 26.3% (2020 - 44.6%) relative to the combined statutory rate of approximately 26.5% (2020 - 26.5%). Revenues 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. Furthermore, the impacts of a potential worsening of global macroeconomic conditions and the continued disruptions to and volatility in the financial markets remain unknown. The Revolving Credit Facility had $723,576 of available undrawn credit as at March 31, 2021 ($777,322 as at December 31, 2020). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles ('GAAP') in the United States of America have been condensed or omitted in accordance with such disclosure requirements, although management believes that the disclosures are adequate to make the information not misleading. Passthrough revenue from historical carried interest was to retain and incentivize producers; increases in wage and benefit costs; the effects of changes in interest As at March 31, 2021, the Company had $3.3 million of loans receivable from non-controlling shareholders (December 31, 2020 - $3.4 million). determine if an assumed conversion is more dilutive than no assumption of conversion. The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. Code of Ethics & Conduct. Repurchase of Subordinate Voting Shares Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. Revenue growth was led by Outsourcing & Advisory, 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. accrued, Increase (decrease) in accrued compensation, Acquisition of businesses, net of cash In the opinion of management, the Financial Statements contain all adjustments necessary to a fair statement of the financial position of the Company as at March 31, 2021 and the results of operations and its cash flows for the three months ended March 31, 2021 and 2020. Adjusted EBITDA was $13.3 million, down 11% (up 1% in local currency) relative to the The effects of changes in foreign exchange rates in relation to the US dollar on the Company's Euro, Canadian dollar, Australian dollar and UK pound sterling denominated revenues and expenses. Adjusted earnings per share, which exclude restructuring costs, non-controlling interest redemption increment and amortization of intangible assets (see 'Reconciliation of non-GAAP financial measures' below) were $1.04, up 93% from $0.54 in the prior year period. We estimate that approximately 85% of the contingent consideration outstanding as of March 31, 2021 will ultimately be paid. Including the Convertible Notes, our net indebtedness as at March 31, 2021 would have been $629.2 million. EBITDA, together with broader diversification across service lines, geography and client types means the The Company increases or decreases its investment each reporting period by the change in the fair value of the investment reported in net earnings on the Consolidated Statements of Earnings. Our recently acquired Colliers Mortgage operations have certain key risk factors unique to the services provided. A reconciliation of net earnings to adjusted EBITDA appears below. events including elections, referenda, trade policy changes, immigration policy changes, hostilities and As of March 31, 2021, the Company's financial leverage ratio expressed in terms of net debt to pro forma Adjusted EBITDA was 1.1x (1.0x as of December 31, 2020), relative to a maximum of 3.5x permitted under its debt agreements. Global Chairman & CEO of Colliers. operations.. As of March 31, 2021, letters of credit in the amount of $17,967 were outstanding ($15,663 as at December 31, 2020). 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. Distributed by Public, unedited and unaltered, on 10 May 2021 08:42:23 UTC. The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows and discount rates. Office Market Report Q2 2023 | Colliers held for sale, Operating lease liabilities - non-current, Total debt, net of cash and cash equivalents The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. Canadian and US securities regulators (which factors are adopted herein and a copy of which can be obtained at (NCIB) at a weighted average purchase price of $92.59 per US share. In this MD&A, we make reference to 'adjusted EBITDA' and 'adjusted EPS,' which are financial measures that are not calculated in accordance with GAAP. By providing your email address below, you are providing consent to Colliers International Group Inc. to send you the requested Investor Email Alert updates. represents the proportion of adjusted EBITDA (note 1) that is derived from Outsourcing & Advisory and three-month and nine-month periods ended September 30, 2022 and 2021. The special purpose entities then sell 100% of the Receivables to a third-party financial institution (the 'Purchaser'). earnings of $11.4 million in the prior year quarter. operating performance of the Company and enhances the comparability of operating results from period to period. 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. Assets under management were $86.2 billion as of September 30, 2022, up 87% from $46.1 billion on Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Adjusted EPS is calculated using the if-converted method of calculating earnings per share in calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. These Financial Statements follow the same accounting policies as the most recent audited consolidated financial statements of Colliers, except as noted in Note 3. What are the COLLIERS Financial Statements from 2010 to 2022? - Macroaxis Percentage revenue variances presented on a local currency basis are calculated by translating the The Company has evaluated and will continue to evaluate arrangements subject to rate reform and the options under the ASU to facilitate an orderly transition to alternative reference rates and their potential impacts on its consolidated financial statements and disclosures. TORONTO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- 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. Colliers International Group Inc. ('Colliers' or the 'Company') provides commercial real estate oriented professional services and investment management to corporate and institutional clients in 36 countries around the world (67 countries including affiliates and franchisees). In December 2018, the Company entered into additional interest rate swap agreements to convert the LIBOR floating interest rate on $100,000 of US dollar denominated debt into a fixed interest rate of 2.7205% plus the applicable margin. Management has excluded two entities acquired by the Company during the last fiscal period from its assessment of internal control over financial reporting as at December 31, 2021. (income); (iii) interest expense; (iv) settlement of LTIA; (v) loss on disposal of operations; (vi) depreciation Colliers is involved in various legal claims associated with the normal course of operations and believes it has made adequate provision for such legal claims. The last year's value of Preferred Dividends Income Statement Impact was reported at 2.83 Million. Its capital markets services include real estate sales, debt origination and placement, equity capital raising, acquisition advisory and transaction management. Contingent consideration with a compensatory element is revalued at each reporting period and recognized on a straight-line basis over the term of the contingent consideration arrangement. Changes in the RNCI amount are recognized immediately as they occur. The 'if-converted' method is used if the impact of the assumed conversion is dilutive. As of the date hereof, the Company has outstanding 42,605,800 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. Colliers | Kolkata 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. The GAAP operating earnings were $228.7 million The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. We also bolstered our presence in In addition, as at the date hereof 2,028,625 Subordinate Voting Shares are issuable upon exercise of options granted under the Company's stock option plan. Colliers reported solid third quarter results with Outsourcing & Advisory, Investment Management The fair value recorded on the consolidated balance sheet as at March 31, 2021 was $128,971 (December 31, 2020 - $115,643). We use the term assets under management (AUM) as a measure of the scale of our Investment This MD&A includes references to 'adjusted EBITDA' and 'adjusted EPS', which are financial measures that are not calculated in accordance with GAAP. a reduction in commercial real estate transactions and decreases in expenditure at our clients and therefore a reduction in the demand for the services the Company provides; a decrease in property values and vacancy rates, which could negatively impact Leasing and Capital Markets commissions; liquidity challenges, including impacts related to delayed customer payments and payment defaults associated with customer liquidity issues and bankruptcies; inability to access capital or financing at favorable terms due to possible adverse effect on our liquidity and financial position; and.