Colliers International Group Inc. · TSX:CIGI
Colliers International — Q3 2019 Earnings Presentation
15 slides from Colliers International's earnings presentation, Oct 29, 2019
Slide 1: Third Quarter 2019 Financial Results
October 29, 2019 Colliers International Group Inc. Third Quarter 2019 Financial Results
Slide 2: Forward-Looking Statements
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 involve kno
Slide 3: Third Quarter 2019 Results
Third Quarter 2019 Results • Solid operating results with higher margins • Quarterly revenues up 3% (5% in local currency) with internal growth of 2% • Year to date internal growth of 4% • Adjusted EBITDA up 16% (18% in local currency) • Adjusted EPS of $1.04, up 13% from the prior year quarter • Su
Slide 4: Third Quarter 2019 Results Summary
Third Quarter 2019 Results Summary (US$ millions, except per share amounts) % Change over Q3 2018 Q3 2019 Q3 2018 (1) USD LC Revenue 736.9 715.7 3% 5% Adjusted EBITDA 84.3 72.7 16% 18% Adjusted EBITDA Margin 11.4% 10.2% Adjusted EPS 1.04 0.92 13% GAAP Operating Earnings 48.2 42.0 15% GAAP Operating
Slide 5: Third Quarter Consolidated Revenues
Third Quarter Consolidated Revenues (US$ millions) Q3 Revenues % Change over Q3 2018 USD LC Outsourcing & Advisory 7% 10% 736.9 715.7 Sales Brokerage 2% 4% Lease Brokerage -5% -3% Investment Management 25% 26% Outsourcing & Advisory (1) 277.7 258.7 Total 3% 5% Sales Brokerage 200.5 195.9 Revenue Mix
Slide 6: Third Quarter Geographic Split
Third Quarter Geographic Split (US$ millions) Q3 2019 Revenues Q3 2019 Adjusted EBITDA1 Investment Management Investment 39.9 Management 5% 15.9 Asia Pacific 18% 133.5 18% Americas 45% 38.8 58% Americas Asia Pacific 22% 19% 424.3 18.6 EMEA 138.8 15% EMEA 12.6 Q3 2018 Revenues Q3 2018 Adjusted EBITDA
Slide 7: Americas
Americas (US$ millions) • Revenues up 5% in local currency, driven by acquisitions • Internal growth of 8% in Outsourcing & Advisory offset by a decline in Lease Brokerage • Adjusted EBITDA margin up due to service mix and lower discretionary expenses Revenue Adjusted EBITDA2 (Adjusted EBITDA Margin
Slide 8: EMEA
EMEA (US$ millions) • Revenues down 1% in local currency, comprised of an internal decline of 3% offset by 2% growth from acquisitions • Internal growth impacted by timing, with a significant number of transactions expected to be recorded in Q4 2019 • Adjusted EBITDA impacted by lower revenues and s
Slide 9: Asia Pacific
Asia Pacific (US$ millions) • Revenues up 5% in local currency, with 4% from internal growth and 1% growth from acquisitions • Internal growth driven by Outsourcing & Advisory services Revenue Adjusted EBITDA2 (Adjusted EBITDA Margin) 133.5 132.5 Outsourcing & Advisory (1) 62.6 59.6 43.2 18.6 17.8 S
Slide 10: Investment Management
Investment Management (US$ millions) • Revenues up 26% in local currency and all internally generated, reflecting incremental management fees from new capital commitments • Q3 2019 revenues include $0.5 million of pass-through revenues from historical carried interests • $30.6 Billion of AUM as of S
Slide 11: Capitalization & Capital Allocation
Capitalization & Capital Allocation (US$ millions) September 30, 2019 December 31, 2018 September 30, 2018 Cash $ 101.7 $ 127.0 $ 114.7 Highlights Total Debt 610.9 672.1 820.5 • Net debt / pro forma adjusted EBITDA Net Debt $ 509.2 $ 545.1 $ 705.8 leverage of 1.5x at September 30, 2019 Redeemable no
Slide 12: Looking Ahead
Looking Ahead 2019 Consolidated full year outlook • No change to 2019 full year outlook • Predicated on stable market conditions, despite a number of ongoing geopolitical events • High single-digit consolidated revenue growth, consisting of low single-digit internal growth and the balance from compl
Slide 13: Appendix: Reconciliation of non-GAAP measures
Appendix Reconciliation of non-GAAP measures
Slide 14: Reconciliation of GAAP earnings to adjusted EBITDA
Appendix Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Nine months ended (US$ thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net earnings $ 28,673 $ 25,384 $ 69,711 $ 62,727 Income tax 12,868 10,257 27,270 27,832 Other income, net (663)
Slide 15: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Appendix Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Nine months ended (US$ thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net earnings $ 28,673 $ 25,384 $ 69,711 $ 62,727 Non-controlling interest
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