Colliers International Group Inc. · TSX:CIGI
Colliers International — Q1 2024 Earnings Presentation
18 slides from Colliers International's earnings presentation, May 2, 2024
Slide 1: First Quarter 2024 Financial Results
MAY 2, 2024 First 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) • Continued growth and resiliency from highly diversified recurring services in the traditionally slow first quarter Three months ended %Change 2024 2023 March 31 USD LC (1) Revenue 1,002.0 965.9 4% 4% • Outsourcing & Advisory, Investme
Slide 4: Broad Diversification
Colliers 4 Broad Diversification Trailing twelve months ended March 31, 2024 TTM Q1 2024 Revenue by Service TTM Q1 2024 AEBITDA by Service 38% 49% 24% 60% 73% 27% Recurring Recurring 16% 11% 35% Outsourcing & Advisory Leasing Leasing and Capital Markets Investment Management Capital Markets Please r
Slide 5: Consolidated Revenues
Colliers 5 Consolidated Revenues First Quarter (US$ millions) % Change over Q1 2023 USD LC Outsourcing & Advisory 9% 9% Investment Management (1) 1% 1% Investment Leasing 2% 2% Management (1) 122. Capital Markets -9% -8% 120. Total 4% 4% Outsourcing & . . Advisory Revenue Mix Q1 2024 Q1 2023 Outsour
Slide 6: Geographic Mix
Colliers 6 Geographic Mix First Quarter (US$ millions) Q1 2024 Revenues Q1 2023 Revenues Q1 2024 AEBITDA Q1 2023 AEBITDA (1) Q1 2024 GAAP Operating Earnings: $29.0M Americas, ($20.5M) EMEA, $11.5M Asia Pacific, $38.9M Investment Management (2) Q1 2023 GAAP Operating Earnings: $32.9M Americas, ($25.0
Slide 7: Americas
Colliers 7 Americas First Quarter (US$ millions) Revenues AEBITDA Higher Outsourcing & Advisory and Leasing revenues as well as the favourable impact of recent acquisitions Capital Markets revenues impacted by interest rate Outsourcing & uncertainty 311.1 2 0.3 Advisory Adjusted EBITDA margin impact
Slide 8: EMEA
Colliers 8 EMEA First Quarter (US$ millions) Revenues AEBITDA Lower transactional activity, particularly in Germany partly offset by solid growth in Outsourcing & Advisory Adjusted EBITDA impacted by declines in higher margin Outsourcing & transactional revenues Advisory 10 .3 . .2 . Leasing 2 .1 2
Slide 9: APAC
Colliers 9 APAC First Quarter (US$ millions) Revenues AEBITDA Favourable impact of recent acquisitions and elevated Capital Markets activity in several markets in Asia, especially Japan Outsourcing & . .0 Adjusted EBITDA margin higher on higher revenues and Advisory service mix Leasing 22. 2 .3 11.
Slide 10: Investment Management
Colliers 10 Investment Management First Quarter (US$ millions) Revenues AEBITDA Revenue impacted by softer fundraising activity and modest valuation adjustments in perpetual funds 3.0 0.0 Pass-through Adjusted EBITDA impacted by increased investment in new carried products and strategies and enhance
Slide 11: Investment Management
Colliers 11 Investment Management Focus on long-duration, highly differentiated AUM AUM: $96.3B | FPAUM: $49.8B AUM by Asset Class AUM by Strategy AUM by Geography 50% 36% 78% 21% 22% 52% 12% 4% 25% Alternatives Infrastructure Traditional Real Estate Credit Perpetual Capital Long-dated Funds Managed
Slide 12: Capitalization & Capital Allocation
Colliers 12 Capitalization & Capital Allocation (US$ millions) March 31, 2024 December 31, 2023 March 31, 2023 • Leverage ratio of 2.0x Cash $ 165.3 $ 181.1 $ 178.7 Total Debt 1,350.4 1,502.6 1,618.2 Net Debt $ 1,185.1 $ 1,321.5 $ 1,439.5 • Completed equity offering in February 2024, issuing 2.5 Con
Slide 13: Outlook for 2024
Colliers 13 Outlook for 2024 (US$ millions) Maintaining outlook for 2024 Measure Actual 2023 2024 Outlook Revenue growth -3% +5% to +10% Adjusted EBITDA growth -6% +5% to +15% Adjusted EPS growth -23% +10% to +20% The financial outlook is based on the Company’s best available information as of the d
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 (US$ thousands) March 31, 2024 March 31, 2023 Net earnings (loss) $ 14,136 $ (907) Income tax 9,970 3,539 Other income, including equity earnings from non-consolidated investments (651) (3,320) Interest expense, net 19
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 (US$ thousands) March 31, 2024 March 31, 2023 Net earnings (loss) $ 14,136 $ (907) Non-controlling interest share of earnings (8,921) (10,941) Interest on Convertible Notes - 2,300
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 (US$ thousands) March 31, 2024 March 31, 2023 Net cash used in operating activities $ (137,615) $ (132,568) Contingent acquisition consideration paid 2,738 272 Purchase of fixed assets (16,873) (18,883)
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 — Q1 2024 Earnings Presentation on 6ix