Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2021 Earnings Presentation
23 slides from Colliers International's earnings presentation, Feb 10, 2022
Slide 1: Fourth Quarter 2021 Financial Results
Fourth Quarter 2021 Financial Results Colliers International Group Inc. February 10, 2022
Slide 2: Forward-looking statements and Non-GAAP measures
Colliers 2 This presentation includes or may include forward-looking statements. Forward- ook m d h Comp y’ f performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other
Slide 3: Highlights
Colliers 3 Highlights (US$ millions, except per share amounts) Three months ended %Change Year ended % Change 2021 2020 2021 2020 December 31 USD LC (1) December 31 USD LC (1) Revenue 1,345.5 913.7 47% 48% Revenue 4,089.1 2,786.9 47% 44% Adjusted EBITDA 192.0 154.9 24% 25% Adjusted EBITDA 544.3 361.
Slide 4: Consolidated Revenues - Full Year
Colliers 4 Full Year % Change over 2020 Investment Management (1) USD 47% LC 46% Consolidated Revenues (US$ millions) Outsourcing & Advisory 30% 27% Leasing 46% 43% 4,089.1 Capital Markets 76% 73% Investment 252.9 Total 47% 44% Management (1) Outsourcing & 1,599.3 2,786.9 Advisory 172.6 Revenue Mix
Slide 5: Service Diversification
Colliers 5 Year Ended December 31, 2021 Service Diversification 2021 Revenue By Service Line 2021 AEBITDA By Service Line 32% 41% 24% 47% 50% 50% Recurring Recurring 6% 29% 18% Outsourcing & Advisory Leasing Outsourcing & Advisory Capital Markets & Leasing Capital Markets Investment Management Inves
Slide 6: Consolidated Revenues - Fourth Quarter
Colliers 6 Fourth Quarter % Change over Q4 2020 Investment Management USD 82% LC 82% Consolidated Revenues (US$ millions) Outsourcing & Advisory 27% 28% Leasing 56% 57% 1,345.5 Capital Markets 62% 63% Investment Management (1) 79.5 Total 47% 48% Outsourcing & 479.6 913.7 Advisory 43.7 377.2 Revenue
Slide 7: Geographic Mix - Fourth Quarter
Colliers 7 Fourth Quarter Geographic Mix (US$ millions) Q4 2021 Revenues Q4 2020 Revenues Investment Investment Management Management 79.5 6% 43.7 5% Asia Pacific 16% Asia Pacific 219.1 162.6 18% 61% 57% Americas Americas 524.9 EMEA 17% 813.6 EMEA 20% 233.1 182.5 Q4 2021 AEBITDA Q4 2020 AEBITDA Inve
Slide 8: Americas
Colliers 8 Americas Revenue AEBITDA and Margin (US$ millions) (US$ millions) 813.6 Outsourcing & 266.8 Exceptionally strong Leasing and Capital Advisory Markets activity 524.9 Leasing 239.9 205.7 Robust growth in Outsourcing & Advisory led by Engineering & Design, Valuation and Loan Servicing 135.0
Slide 9: EMEA
Colliers 9 EMEA Revenue AEBITDA and Margin (US$ millions) (US$ millions) 233.1 182.5 Robust growth across all service lines, led by Outsourcing & 114.3 Outsourcing & Advisory (particularly Project Advisory Management) and Capital Markets 84.8 Margin impacted by revenue mix and Leasing 51.2 42.4 perf
Slide 10: APAC
Colliers 10 APAC Revenue AEBITDA and Margin (US$ millions) (US$ millions) 219.1 Strong Capital Markets activity, led by Outsourcing & 98.4 162.6 Australia and New Zealand Advisory 86.7 Margin affected by significantly higher Leasing 45.8 performance-based incentive compensation 38.4 36.0 as well as
Slide 11: Investment Management
Colliers 11 Investment Management Revenue AEBITDA and Margin (US$ millions) (US$ millions) 79.5 16.4 Pass-through carried Raised record $6.1 billion in 2021 interest Strong management fee growth from 43.7 increased AUM 0.0 AUM of $51.0 billion as at December 31, Investment 63.1 28.3 2021, up 29% fro
Slide 12: Capitalization & Capital Allocation
Colliers 12 (US$ millions) Capitalization & Capital Allocation December 31, 2021 December 31, 2020 Highlights Cash $ 396.7 $ 156.6 • Leverage ratio of 0.3x Total Debt 531.1 479.9 Net Debt $ 134.3 $ 323.3 • $1 billion revolving credit facility undrawn as at December 31, 2021 Convertible Notes 225.2 2
Slide 13: 2022 Outlook
Colliers 13 (US$ millions) 2022 Outlook • High single-digit consolidated revenue growth, consisting of mid-single digit internal growth and the balance from previously announced acquisitions (including Antirion, Colliers Italy and Basalt) • Consolidated Adjusted EBITDA margin improvement of 40-60bps
Slide 14: Appendix: Reconciliation of non-GAAP measures
Colliers 14 Appendix Reconciliation of non-GAAP measures
Slide 15: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 15 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended (US$ thousands) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net earnings (loss) $ 99,741 $ 49,568 $ (237,557) $ 94,489 Income tax 37,020 22,980 85,510 42,046 Other income
Slide 16: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 16 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended (US$ thousands) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net earnings (loss) $ 99,741 $ 49,568 $ (237,557) $ 94,489 Non-controlli
Slide 17: Other Non-GAAP Measures
Colliers 17 Other Non-GAAP Measures 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 t
Slide 18: Appendix: Full year regional details
Colliers 18 Appendix Full year regional details
Slide 19: Geographic Mix - Full Year
Colliers 19 Full Year Geographic Mix (US$ millions) 2021 Revenues 2020 Revenues Investment Investment Management Management 252.9 172.6 6% 6% Asia Pacific Asia Pacific 673.7 17% 470.6 17% 61% 58% Americas Americas 1,626.4 EMEA 16% 2,489.2 EMEA 19% 672.7 516.5 2021 AEBITDA 2020 AEBITDA Investment Inv
Slide 20: Americas
Colliers 20 Americas Revenue AEBITDA and Margin (US$ millions) (US$ millions) 2,489.2 Outsourcing & 921.5 Strong Capital Markets and Leasing activity Advisory and the favourable impact of recent 1,626.4 acquisitions 670.5 Leasing 729.1 Adjusted EBITDA growth on higher revenues 296.1 and positive imp
Slide 21: EMEA
Colliers 21 EMEA Revenue AEBITDA and Margin (US$ millions) (US$ millions) 672.7 516.5 Growth across all service lines Outsourcing & 336.8 Advisory Adjusted EBITDA increased on operating 272.1 leverage from higher revenues 145.4 82.5 Leasing 107.9 45.9 190.5 12.3% Capital Markets 136.5 8.9% 2021 2020
Slide 22: APAC
Colliers 22 APAC Revenue AEBITDA and Margin (US$ millions) (US$ millions) 673.7 Rebound in activity across all service lines, Outsourcing & led by Capital Markets Advisory 340.4 470.6 AEBITDA margin remained flat with 283.5 operating leverage from higher revenues Leasing 126.2 95.2 offset by signifi
Slide 23: Investment Management
Colliers 23 Investment Management Revenue AEBITDA and Margin (US$ millions) (US$ millions) 252.9 35.0 Pass-through carried Strong fundraising in both open and closed- interest ended fund series 172.6 4.2 Investment 217.9 95.1 Management 168.4 69.5 37.6% 40.3% 44%, ex. pass- through 41%, ex. pass-thr
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