Colliers International Group Inc. · TSX:CIGI
Colliers International — Q2 2024 Earnings Presentation
18 slides from Colliers International's earnings presentation, Aug 1, 2024
Slide 1: Second Quarter 2024 Financial Results
August 1, 2024 Second Quarter 2024 Financial Results
Slide 2: Forward-Looking Statements
Colliers 2 Forward-Looking Statements This presentation 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
Slide 3: Highlights
Colliers 3 Highlights (US $ millions, except per share amounts) Three months ended %Change 2024 2023 June 30 USD LC (1) Revenue 1,139.4 1,078.0 6% 6% • Growth across all service lines and segments, led by Leasing Adjusted EBITDA 155.6 147.1 6% 6% Adjusted EBITDA Margin 13.7% 13.6% • Strong and predi
Slide 4: Broad Diversification
Colliers 4 Broad Diversification Trailing twelve months ended June 30, 2024 TTM Q2 2024 Revenue by Service TTM Q2 2024 AEBITDA by Service 36% 48% 25% 59% 70% 30% Recurring Recurring 16% 11% 34% Outsourcing & Advisory Leasing Leasing and Capital Markets Investment Management Capital Markets Pro forma
Slide 5: Consolidated Revenues
Colliers 5 Consolidated Revenues Second Quarter (US$ millions) % Change over Q2 2023 USD LC 1,139.4 Outsourcing & Advisory 4% 5% 1,078.0 Investment 126.1 Investment Management 6% 6% Management Leasing 13% 13% 118.9 Capital Markets 0% 1% Outsourcing & 541.6 Advisory 519.6 Total 6% 6% Revenue Mix Q2 2
Slide 6: Geographic Mix
Colliers 6 Geographic Mix Second Quarter (US$ millions) Q2 2024 Revenues Q2 2023 Revenues Investment Investment Management Management 11% 118.9 11% 126.1 Asia Pacific Asia Pacific 14% 13% 151.9 153.9 60% Americas Americas 682.7 59% 631.3 EMEA 16% 16% EMEA 178.7 173.8 Q2 2024 AEBITDA Q2 2023 AEBITDA In
Slide 7: Americas
Colliers 7 Americas Second Quarter (US$ millions) Revenues AEBITDA Higher Leasing activity as well as robust broad-based growth in Outsourcing & Advisory 682.7 631.3 Outsourcing & 331.9 311.7 Capital Markets revenues up 2% Advisory 75.7 69.6 Leasing 223.3 194.3 11.1% 11.0% Capital Markets 127.5 125.
Slide 8: EMEA
Colliers 8 EMEA Second Quarter (US$ millions) Revenues AEBITDA Higher Leasing activity and modest growth in Outsourcing & Advisory 178.7 173.8 Adjusted EBITDA margin improved on a lower cost base Outsourcing & 121.3 Advisory 120.0 6.8 6.3 Leasing 34.2 30.3 3.8% 3.6% Capital Markets 23.2 23.4 Q2 2024
Slide 9: APAC
Colliers 9 APAC Second Quarter (US$ millions) Revenues AEBITDA Revenues up modestly in local currency terms 151.9 153.9 Adjusted EBITDA margin improved on lower operating 87.7 Outsourcing & 88.3 costs Advisory 24.6 23.0 Leasing 31.4 32.1 16.2% 32.1 34.1 15.0% Capital Markets Q2 2024 Q2 2023 Q2 2024
Slide 10: Investment Management
Colliers 10 Investment Management Second Quarter (US$ millions) Revenues AEBITDA Incremental revenues from new investor capital commitments 126.1 118.9 Adjusted EBITDA improved on higher revenues, partly offset by increased investments in new products, strategies and fundraising capabilities AUM of
Slide 11: Investment Management: Long-duration, highly differentiated AUM
Colliers 11 Investment Management Focus on long-duration, highly differentiated AUM AUM: $96.4B | FPAUM: $49.8B AUM by Asset Class AUM by Strategy AUM by Geography 51% 36% 78% 22% 22% 52% 12% 4% 23% Alternatives Infrastructure Traditional Real Estate Credit Perpetual Capital Long-dated Funds Managed
Slide 12: Capitalization & Capital Allocation
Colliers 12 Capitalization & Capital Allocation (US$ millions) June 30, 2024 December 31, 2023 June 30, 2023 • Leverage ratio of 2.0x Cash $ 162.6 $ 181.1 $ 172.4 Total Debt 1,363.9 1,502.6 1,668.4 Net Debt $ 1,201.2 $ 1,321.5 $ 1,496.1 • More than $1 billion of available liquidity as of June Redeem
Slide 13: Outlook for 2024
Colliers 13 Outlook for 2024 (US$ millions) Outlook for 2024 unchanged, except to reflect the partial year impact of the acquisition of Englobe 2024 Outlook Revised Measure Actual 2023 Prior Englobe (with Englobe) Revenue growth -3% +5% to +10% +3% +8% to +13% Adjusted EBITDA growth -6% +5% to +15%
Slide 14: Appendix
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 Six months ended (US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net earnings $ 71,927 $ 35,001 $ 86,063 $ 34,094 Income tax 24,377 16,477 34,347 20,016 Other income, including equity earnings f
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 Six months ended (US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net earnings $ 71,927 $ 35,001 $ 86,063 $ 34,094 Non-controlling interest share of earnings
Slide 17: Reconciliation of net cash flow from operations to free cash flow
Colliers 17 Reconciliation of net cash flow from operations to free cash flow Three months ended Six months ended (US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net cash provided by (used in) operating activities $ 141,189 $ 98,973 $ 3,574 $ (33,595) Contingent acquisition c
Slide 18: Other Non-GAAP Measures
Colliers 18 Other Non-GAAP Measures Local currency revenue and adjusted EBITDA growth rate Fee paying assets under management and internal revenue growth rate measures We use the term fee paying assets under management (“FPAUM”) to represent only the Percentage revenue and adjusted EBITDA variances
Colliers International Group — Q2 2024 Earnings Presentation on 6ix