Colliers International Group Inc. · TSX:CIGI
Colliers International — Q3 2024 Earnings Presentation
16 slides from Colliers International's earnings presentation, Nov 5, 2024
Slide 1: Third Quarter 2024 Financial Results
November 5, 2024 Third 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 September 30 USD LC (1) • Solid growth across all service lines and segments Revenue 1,179.1 1,056.0 12% 11% Adjusted EBITDA 154.6 144.9 7% 6% • Re-aligned operating segments better reflect value and
Slide 4: Broad Diversification
Colliers 4 Broad Diversification Trailing twelve months ended September 30, 2024 TTM Q3 2024 Revenue by Service TTM Q3 2024 AEBITDA by Service 20% 19% 24% 28% 62% 71% Recurring Recurring 10% 29% 32% 38% Outsourcing Engineering Investment Management Leasing and Capital Markets Please refer to Appendi
Slide 5: Consolidated Revenues
Colliers 5 Consolidated Revenues Third Quarter (US$ millions) % Change over Q3 2023 USD LC 1,179.1 Investment Investment Management (1) 7% 7% 127.4 1,056.0 Management Engineering 22% 21% 118.7 Real Estate Services 9% 8% Engineering 316.6 259.9 Total 12% 11% Revenue Mix Q3 2024 Q3 2023 Real Estate 73
Slide 6: Real Estate Services
Colliers 6 Real Estate Services Third Quarter (US$ millions) Growth across all service lines Revenues AEBITDA 734.9 Capital Markets transaction volumes up meaningfully 677.3 against a low base in the prior year, particularly in the Americas and Asia Pacific Outsourcing 280.5 267.3 Leasing continued
Slide 7: Engineering
Colliers 7 Engineering Third Quarter (US$ millions) Revenue growth was primarily driven by the recent Revenues AEBITDA acquisition of Englobe 316.6 259.9 Adjusted EBITDA margin improved on the favourable impact of acquisitions Engineering 39.8 32.3 12.6% 12.4% USD LC Q3 2024 Q3 2023 Q3 2024 Q3 2023
Slide 8: Investment Management
Colliers 8 Investment Management Third Quarter (US$ millions) Incremental revenues from new investor capital Revenues AEBITDA commitments, which were lower than expectations Pass-through 127.4 performance fees 118.7 Adjusted EBITDA margin up slightly, with continued 7.8 (carried interest) 0.6 invest
Slide 9: Investment Management: Long-duration, differentiated AUM
Colliers 9 Investment Management Focus on long-duration, highly differentiated AUM AUM: $98.8B | FPAUM: $50.0B AUM by Asset Class AUM by Strategy AUM by Geography 51% 35% 77% 23% 23% 52% 4% 13% 22% Alternatives Infrastructure Traditional Real Estate Credit Perpetual Capital Long-dated Funds Managed
Slide 10: Capitalization & Capital Allocation
Colliers 10 Capitalization & Capital Allocation (US$ millions) September 30, 2024 December 31, 2023 September 30, 2023 • Leverage ratio of 2.5x Cash $ 157.0 $ 181.1 $ 168.6 Total Debt 1,804.4 1,502.6 1,642.6 Net Debt $ 1,647.4 $ 1,321.5 $ 1,474.0 • Expect leverage ratio to decline to 2.0x – 2.2x by
Slide 11: Outlook for 2024
Colliers 11 Outlook for 2024 Revised 2024 outlook to reflect year-to-date results and updated fundraising expectations in the high-margin Investment Management segment for the remainder of the year 2024 Outlook Measure Actual 2023 Prior Revised Revenue growth -3% +8% to +13% +8% to +13% Adjusted EBI
Slide 12: Appendix
Appendix Reconciliation of non-GAAP measures
Slide 13: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 13 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Nine months ended (US$ thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net earnings $ 69,377 $ 29,376 $ 155,440 $ 63,470 Income tax 21,131 18,096 55,478 38,112 Other income, inclu
Slide 14: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 14 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Nine months ended (US$ thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net earnings $ 69,377 $ 29,376 $ 155,440 $ 63,470 Non-controlling inte
Slide 15: Reconciliation of net cash flow from operations to free cash flow
Colliers 15 Reconciliation of net cash flow from operations to free cash flow Three months ended Nine months ended (US$ thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net cash provided by operating activities $ 107,128 $ 42,153 $ 110,702 $ 8,558 Contingent acq
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
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