Colliers International Group Inc. · TSX:CIGI
Colliers International — Q1 2019 Earnings Presentation
15 slides from Colliers International's earnings presentation, Apr 26, 2019
Slide 1: First Quarter 2019 Financial Results
April 26, 2019 Colliers International Group Inc. First Quarter 2019 Financial Results
Slide 2: Forward-Looking Statements and Non-GAAP Measures
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: First Quarter 2019 Results
First Quarter 2019 Results • Solid start to 2019, with significant contribution from new Investment Management platform • Quarterly revenues up 15% (19% in local currencies) with internal growth of 8% • Adjusted EPS of $0.51, up 13% from the prior year quarter • Completed acquisition of market leade
Slide 4: First Quarter 2019 Results Summary
First Quarter 2019 Results Summary (US$ millions, except per share amounts) % Change over Q1 2018 Q1 2019 Q1 2018 USD LC(1) Revenue 635.1 552.5 15% 19% Adjusted EBITDA 43.6 36.1 21% 22% Adjusted EBITDA Margin 6.9% 6.5% Adjusted EPS 0.51 0.45 13% GAAP Operating Earnings 13.4 15.7 -15% GAAP Operating
Slide 5: First Quarter Consolidated Revenues
First Quarter Consolidated Revenues (US$ millions) Q1 Revenues % Change over Q1 2018 USD LC Outsourcing & Advisory 8% 13% 635.1 Sales Brokerage 7% 10% 552.5 Lease Brokerage 8% 11% Investment Management NM NM Outsourcing & Advisory (1) 258.4 Total 15% 19% 239.8 Sales Brokerage 151.9 Revenue Mix Q1 20
Slide 6: First Quarter Geographic Split
First Quarter Geographic Split (US$ millions) Q1 2019 Revenues Q1 2019 Adjusted EBITDA1 Investment Management 43.1 Investment Management 7% 10.2 Asia Pacific 22% 112.3 18% Americas 55% Americas 56% 26.2 358.8 Asia Pacific 23% 19% 10.9 EMEA 120.5 EMEA (2.5) Q1 2018 Revenues Q1 2018 Adjusted EBITDA2 I
Slide 7: Americas
Americas (US$ millions) • Revenues up 11% in local currencies, with 7% growth from recent acquisitions and 4% from internal growth • Internal growth led by Lease Brokerage and Outsourcing & Advisory service lines • Adjusted EBITDA margin was impacted by investments in recruiting relative to the prio
Slide 8: EMEA
EMEA (US$ millions) • Revenues up 15% in local currencies, with 13% from internal growth and 2% growth from recent acquisitions • Outsourcing & Advisory, especially project management, as well as Sales Brokerage, contributed significantly to internal revenue growth • Adjusted EBITDA was a loss of $2
Slide 9: Asia Pacific
Asia Pacific (US$ millions) • Revenues up 11% in local currencies, with 9% from internal growth and 2% growth from recent acquisitions • Internal growth primarily driven by Outsourcing & Advisory services • Adjusted EBITDA down slightly with the margin impacted by revenue mix favoring lower margin r
Slide 10: Investment Management
Investment Management (US$ millions) • New segment comprised of Harrison Street (acquired July 2018) and the existing European investment management business previously reported within the EMEA segment • Q1 2019 revenues include $11.2 million of pass-through revenues from historical carried interest
Slide 11: Capitalization & Capital Allocation
Capitalization & Capital Allocation (US$ millions) March 31, 2019 December 31, 2018 March 31, 2018 Cash $ 117.3 $ 127.0 $ 111.6 Highlights Total Debt 803.5 672.1 436.5 • March 31, 2019 debt position reflects Net Debt $ 686.2 $ 545.1 $ 324.9 seasonal working capital usage Redeemable non- 345.5 343.4
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 previ
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 (US$ thousands) March 31, 2019 March 31, 2018 Net earnings $ 5,463 $ 8,541 Income tax 1,215 4,716 Other income, net (501) (427) Interest expense, net 7,221 2,915 Operating earnings 13,398 15,745 Depreciation and amortizat
Slide 15: Reconciliation of GAAP earnings to adjusted net earnings
Appendix Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended (US$ thousands) March 31, 2019 March 31, 2018 Net earnings $ 5,463 $ 8,541 Non-controlling interest share of earnings (1,244) (670) Amortization of intangible assets 14,720 8,588 Acqu
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