Colliers International Group Inc. · TSX:CIGI
Colliers International — Q3 2020 Earnings Presentation
14 slides from Colliers International's earnings presentation, Oct 27, 2020
Slide 1: Third Quarter 2020 Financial Results
April 28, 2020 Colliers International Group Inc. Colliers International Group Inc. First Quarter 2020 Third Quarter Financial 2020 Results Financial Results October 27, 2020
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 2020 Results
Third Quarter 2020 Results (US$ millions, except per share amounts) Highlights Three months ended %Change Q3 2020 Q3 2019 September 30, 2020 USD LC(1) Resilience during the pandemic Revenue 692.3 736.9 -6% -7% • Better than expected results despite the Adjusted EBITDA 92.1 84.3 9% 8% continuing impa
Slide 4: Third Quarter Consolidated Revenues
Third Quarter Consolidated Revenues (US$ millions) Q3 Revenues % Change over Q3 2019 USD LC Investment Management 5% 4% 736.9 Outsourcing & Advisory 14% 11% 692.3 Capital Markets -17% -18% 39.9 Investment 41.7 Leasing -22% -23% Management Total -6% -7% 277.7 Outsourcing & 315.3 Advisory Revenue Mix
Slide 5: Third Quarter Geographic Split
Third Quarter Geographic Split (US$ millions) Q3 2020 Revenues Q3 2020 Adjusted EBITDA1 Investment Management Investment 41.7 Management 6% 15.3 17% Asia Pacific 110.5 16% Asia Pacific 12.8 14% 60% EMEA 17% Americas 61% Americas 9% 54.6 117.4 422.6 EMEA 7.7 Q3 2019 Revenues Q3 2019 Adjusted EBITDA2
Slide 6: Americas
Americas (US$ millions) • Revenue was flat in the quarter • Lower Leasing and Capital Markets revenues offset by strong Outsourcing & Advisory activity • Outsourcing & Advisory and Capital Markets included incremental revenues from Colliers Mortgage and Maser Consulting acquisitions • Margin increas
Slide 7: EMEA
EMEA (US$ millions) • Revenue declined 19% in local currency • Capital Markets and Leasing most impacted, particularly in the UK and Germany Revenue Adjusted EBITDA and Margin 138.8 117.4 67.2 Outsourcing & 66.6 Advisory 41.6 12.6 Capital Markets 27.6 7.7 30.0 9.1% Leasing 23.2 6.5% Q3 2020 Q3 2019
Slide 8: Asia Pacific
Asia Pacific (US$ millions) • Revenue declined by 23% in local currency on lower Leasing and Capital Markets activity • Outsourcing & Advisory revenues were up slightly in the quarter Revenue Adjusted EBITDA and Margin 133.5 110.5 62.6 Outsourcing & 66.0 Advisory 18.6 41.7 12.8 Capital Markets 27.8
Slide 9: Investment Management
Investment Management (US$ millions) • Revenue up 4% in LC • Pass-through revenue from historical carried interest represented $1.9 million for the third quarter versus $0.5 million in the prior year quarter • $36.2 billion of AUM (up 1% from $35.7 billion at June 30, 2020 and up 18% from $30.6 bill
Slide 10: Balance Sheet & Liquidity
Balance Sheet & Liquidity (US$ millions) Highlights September 30, 2020 December 31, 2019 September 30, 2019 Cash $ 129.2 $ 115.0 $ 101.7 • Conservative financial profile with leverage ratio of 1.5x at September 30, 2020 Total Debt 643.9 611.4 610.9 • Debt agreements permit maximum Net Debt $ 514.7 $
Slide 11: Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic Working assumption for full year 2020 (relative to 2019) • Working assumption previously provided updated to reflect stronger than expected operating results for the third quarter Previous Updated Revenue -10% to -20% -10% to -15% Adjusted EBITDA -15% to -25% -10% to -15%
Slide 12: Appendix: Reconciliation of non-GAAP measures
April 28, 2020 Colliers International Group Inc. First Quarter 2020 Appendix Financial Results Reconciliation of non-GAAP measures
Slide 13: Reconciliation of net earnings to adjusted EBITDA
1 Appendix 3 Reconciliation of net earnings to adjusted EBITDA Three months ended Nine months ended (US$ thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net earnings $ 31,979 $ 28,673 $ 44,921 $ 69,711 Income tax 11,740 12,868 19,066 27,270 Other income, net (5
Slide 14: Reconciliation of net earnings and EPS to adjusted EPS
1 Appendix 4 Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and adjusted EPS Three months ended Nine months ended (US$ thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net earnings $ 31,979 $ 28,673 $ 44,921 $ 6
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