Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2024 Earnings Presentation
20 slides from Colliers International's earnings presentation, Feb 6, 2025
Slide 1: Fourth Quarter 2024 Financial Results
February 6, 2025 Fourth 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 December 31 USD LC (1) • Robust revenue growth Revenue 1,501.6 1,235.2 22% 22% Adjusted EBITDA 225.3 198.4 14% 15% • Strengthened momentum across all business segments Adjusted EBITDA Margin 15.0% 16
Slide 4: Broad Diversification
Colliers 4 Broad Diversification Trailing twelve months ended December 31, 2024 Revenue by Segment AEBITDA by Segment 21% 30% 62% 71% 48% Recurring Recurring 10% 60% 31% Real Estate Services Engineering Investment Management Please refer to Appendix
Slide 5: Consolidated Revenues
Colliers 5 Consolidated Revenues Fourth Quarter (US$ millions) 1,501.6 % Change over Q4 2023 USD LC Investment 136.6 Investment Management (1) 6% 6% Management 1,235.2 Engineering 61% 61% 421.4 129.1 Engineering Real Estate Services 12% 13% Total 22% 22% 262.5 Revenue Mix Q4 2024 Q4 2023 Real Estate
Slide 6: Real Estate Services
Colliers 6 Real Estate Services Fourth Quarter (US$ millions) Strong growth across all service lines Revenues AEBITDA Capital Markets transaction activity rebounded across all 943.5 geographies, particularly Europe and the US, and most asset 843.4 classes Outsourcing 328.5 317.3 Leasing momentum inc
Slide 7: Engineering
Colliers 7 Engineering Fourth Quarter (US$ millions) Revenue growth driven by the favourable impact of recent Revenues AEBITDA acquisitions and strong internal growth Demand for technical and other multi-disciplined 421.4 professional services increasing across most end-markets Pass-through costs 12
Slide 8: Investment Management
Colliers 8 Investment Management Fourth Quarter (US$ millions) Incremental revenues from new investor capital Revenues AEBITDA commitments 136.6 Pass-through 129.1 Adjusted EBITDA margin impacted by continued performance fees 12.8 6.2 investments in new products as well as to scale fundraising effor
Slide 9: Capitalization & Capital Allocation
Colliers 9 Capitalization & Capital Allocation (US$ millions) December 31, 2024 December 31, 2023 Cash $ 176.3 $ 181.1 • Leverage ratio declined to 2.0x on strong free cash flow Total Debt 1,508.5 1,502.6 Net Debt $ 1,332.2 $ 1,321.5 Redeemable non-controlling • More than $1.2 billion of available l
Slide 10: Outlook for 2025
Colliers 10 Outlook for 2025 Real Estate Mid single-digit revenue growth, with modest increase in AEBITDA margin Services Approximately 30% revenue growth including completed acquisitions, with Engineering increase in AEBITDA margin Mid-single digit revenue growth given launch of new fundraising cyc
Slide 11: Appendix: Reconciliation of non-GAAP measures
Appendix Reconciliation of non-GAAP measures
Slide 12: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 12 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended (US$ thousands) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net earnings $ 81,496 $ 81,221 $ 236,936 $ 144,691 Income tax 18,699 29,974 74,177 68,086 Other income, includ
Slide 13: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 13 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended (US$ thousands) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net earnings $ 81,496 $ 81,221 $ 236,936 $ 144,691 Non-controlling inter
Slide 14: Reconciliation of net cash flow from operations to free cash flow
Colliers 14 Reconciliation of net cash flow from operations to free cash flow Three months ended Twelve months ended (US$ thousands) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net cash provided by operating activities $ 215,307 $ 157,103 $ 326,009 $ 165,661 Contingent ac
Slide 15: Reconciliation of Engineering revenue to net service revenue
Colliers 15 Reconciliation of Engineering revenue to net service revenue Three months ended Twelve months ended (US$ thousands) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Engineering Revenues $ 421,361 $ 262,482 $ 1,237,384 $ 990,477 Subconsultant and other direct expens
Slide 16: Other Non-GAAP Measures
Colliers 16 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
Slide 17: Appendix: Full Year Segment Details
Appendix Full Year Segment Details
Slide 18: Real Estate Services - Full Year
Colliers 18 Real Estate Services Full Year (US$ millions) Solid growth across all service lines with transaction activity Revenues AEBITDA up 3,071.6 2,856.7 Outsourcing 1,148.8 Margin benefitted from service mix and operating leverage 1,090.9 Leasing 1,157.5 1,063.4 333.4 291.7 10.9% 10.2% Capital
Slide 19: Engineering - Full Year
Colliers 19 Engineering Full Year (US$ millions) Revenue growth driven by the favourable impact of recent Revenues AEBITDA acquisitions and internal growth 1,237.4 Pass-through 306.1 990.5 Adjusted EBITDA margin impacted by completion certain costs highly profitable project management contracts in 2
Slide 20: Investment Management - Full Year
Colliers 20 Investment Management Full Year (US$ millions) Incremental revenues from new investor capital Revenues AEBITDA commitments Pass-through 512.6 performance fees 487.5 Adjusted EBITDA margin impacted by incremental 23.6 6.8 investments in new products and fundraising talent Investment 489.0
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