Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2022 Earnings Presentation
25 slides from Colliers International's earnings presentation, Feb 9, 2023
Slide 1: Fourth Quarter 2022 Financial Results
Fourth Quarter 2022 Financial Results February 9, 2023
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 mo nths ended %Change Year ended % Change 2022 2021 2022 2021 December 31 December 31 USD LC (1) USD LC (1) Re v e nue 1, 222.4 1,345.5 -9% -5% Re v e nue 4, 459.5 4,089.1 9% 13% Adj us te d E B ITDA 202.7 192.0 6% 9% Adj us te d E
Slide 4: Consolidated Revenues - Full Year
Colliers 4 Full Year % Change over 2021 Investment Management (1) USD 50% LC 50% Consolidated Revenues (US$ millions) Outsourcing & Advisory 17% 22% Leasing 12% 16% Capital Markets -12% -9% 4,459.5 Total 9% 13% Investment 4,089.1 378.9 Management (1) 252.9 Outsourcing & 1,872.3 1,599.3 Advisory Reve
Slide 5: Broad Diversification
Colliers 5 Year Ended December 31, 2022 Broad Diversification 2022 Revenue By Service 2022 AEBITDA By Service 23% 42% 28% 42% 53% 58% Recurring Recurring 24% 11% 30% Outsourcing & Advisory Investment Management Leasing Capital Markets Leasing & Capital Markets Please refer to Slide 19
Slide 6: Consolidated Revenues - Fourth Quarter
Colliers 6 Fourth Quarter % Change over Q4 2021 Investment Management (1) USD 53% LC 53% Consolidated Revenues (US$ millions) Outsourcing & Advisory 8% 14% Leasing 0% 3% Capital Markets -45% -43% 1,345.5 Total -9% -5% 1,222.4 Investment 121.3 79.5 Management (1) 479.6 Outsourcing & 519.1 Advisory Re
Slide 7: Geographic Mix - Fourth Quarter
Colliers 7 Fourth Quarter Geographic Mix (US$ millions) Q4 2022 Revenues Q4 2021 Revenues Investment Investment Management Management 121.3 79.5 6% 10% Asia Pacific Asia Pacific 219.1 16% 193.6 16% 55% Americas 678.9 61% Americas EMEA 17% 813.6 EMEA 19% 233.1 228.3 Q4 2022 AEBITDA Q4 2021 AEBITDA In
Slide 8: Americas
Colliers 8 Americas Revenue AEBITDA and Margin (US$ millions) (US$ millions) 813.6 678.9 266.8 Interest rate driven slowdown in Capital Markets activity versus record volumes in Outsourcing & h p o y ’ o y o q 291.4 Advisory 239.9 Outsourcing & Advisory growth led by 94.5 engineering and project man
Slide 9: EMEA
Colliers 9 EMEA Revenue AEBITDA and Margin (US$ millions) (US$ millions) 228.3 233.1 Significant foreign exchange headwinds impacted revenues 10% 114.3 Outsourcing & 134.8 Advisory Robust activity in Outsourcing & Advisory (including recent acquisitions) 42.4 51.2 35.9 Leasing 49.5 Capital Markets a
Slide 10: APAC
Colliers 10 APAC Revenue AEBITDA and Margin (US$ millions) (US$ millions) 219.1 193.6 Foreign exchange headwinds impacted 98.4 revenues 9% Outsourcing & 92.6 Advisory Revenue impacted by rate volatility and COVID-19 restrictions in several Asian 45.8 38.4 34.3 markets, especially China Leasing 48.4
Slide 11: Investment Management
Colliers 11 Investment Management Revenue AEBITDA and Margin (US$ millions) (US$ millions) 121.3 Pass-through carried 3.6 interest Revenue growth driven by acquisitions and management fee growth from increased 79.5 AUM 16.4 117.6 AUM of $97.7 billion as of December 31, Investment 53.1 Management 202
Slide 12: Investment Management: Long-duration, differentiated AUM
Colliers 12 Investment Management Focus on long-duration, highly differentiated AUM AUM: $97.7B FPAUM: $52.7B AUM by Asset Class AUM by Strategy AUM by Geography 51% 37% 18% 77% 23% 48% 31% 15% Alternatives Infrastructure Traditional Real Estate Perpetual Capital Long-dated Funds Managed Accounts No
Slide 13: Capitalization & Capital Allocation
Colliers 13 (US$ millions) Capitalization & Capital Allocation December 31, 2022 December 31, 2021 Highlights Cash $ 173.7 $ 396.7 • Leverage ratio of 1.8x Total Debt 1,439.1 531.1 Net Debt $ 1,265.4 $ 134.3 • 67% of debt at fixed rates as of December Convertible Notes 226.5 225.2 31, 2022 Redeemabl
Slide 14: 2023 Outlook
Colliers 14 (US$ millions) 2023 Outlook • Robust growth (including the impact of recent acquisitions) in high value recurring service lines • Leasing revenues expected to remain steady • Capital Markets activity expected to remain impacted, particularly during the first half of 2023 Measure 2022 202
Slide 15: Appendix: Reconciliation of non-GAAP measures
15 Appendix Reconciliation of non-GAAP measures
Slide 16: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 16 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended (US$ thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net earnings (loss) $ 61,972 $ 99,741 $ 194,544 $ (237,557) Income tax 24,976 37,020 95,010 85,510 Other incom
Slide 17: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 17 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended (US$ thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net earnings (loss) $ 61,972 $ 99,741 $ 194,544 $ (237,557) Non-controll
Slide 18: Reconciliation of net cash flow from operations to free cash flow
Colliers 18 Reconciliation of net cash flow from operations to free cash flow Three months ended Twelve months ended (US$ thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net cash provided by operating activities $ 238,501 $ 77,908 $ 67,031 $ 288,980 Contingent acqu
Slide 19: Other Non-GAAP Measures
Colliers 19 Other Non-GAAP Measures Local currency revenue and AEBITDA growth rate and internal revenue growth rate measures Percentage revenue and AEBITDA variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operatio
Slide 20: Appendix: Full year regional details
Colliers 20 Appendix Full year regional details
Slide 21: Geographic Mix - Full Year
Colliers 21 Full Year Geographic Mix (US$ millions) 2022 Revenues 2021 Revenues Investment Investment Management Management 378.9 252.9 6% 9% Asia Pacific Asia Pacific 13% 673.7 17% 608.5 62% 61% Americas Americas EMEA 16% 2,489.2 2,756.3 EMEA 16% 715.1 672.7 2022 AEBITDA 2021 AEBITDA Investment Inv
Slide 22: Americas
Colliers 22 Americas Revenue AEBITDA and Margin (US$ millions) (US$ millions) 2,756.3 2,489.2 Outsourcing & Growth led by Outsourcing & Advisory, 1,144.2 Advisory 921.5 particularly Engineering & Design (including recent acquisitions) Leasing 729.1 Leasing benefitted from increased office 851.6 332.
Slide 23: EMEA
Colliers 23 EMEA Revenue AEBITDA and Margin (US$ millions) (US$ millions) 715.1 672.7 Significant foreign exchange headwinds Outsourcing & impacted revenues 12% Advisory 406.2 336.8 Robust Outsourcing & Advisory and Leasing activity 82.5 145.4 Leasing 147.5 68.5 Capital Markets activity impacted due
Slide 24: APAC
Colliers 24 APAC Revenue AEBITDA and Margin (US$ millions) (US$ millions) 673.7 608.5 Foreign exchange headwinds impacted 340.4 revenues 7% Outsourcing & Advisory 321.2 Revenues primarily impacted by COVID-19 restrictions in several Asian markets which 126.2 95.2 85.1 extended through most of the ye
Slide 25: Investment Management
Colliers 25 Investment Management Revenue AEBITDA and Margin (US$ millions) (US$ millions) 378.9 Pass-through carried 30.3 interest Revenue growth driven by acquisitions and fundraising across all investment strategies 252.9 35.0 348.6 146.0 Added capabilities in infrastructure, US and Investment Eu
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