Colliers International Group Inc. · TSX:CIGI
Colliers International — Q2 2019 Earnings Presentation
15 slides from Colliers International's earnings presentation, Jul 30, 2019
Slide 1: Second Quarter 2019 Financial Results
July 30, 2019 Colliers International Group Inc. Second Quarter 2019 Financial Results
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: Second Quarter 2019 Results
Second Quarter 2019 Results • Momentum continues with solid internal revenue growth and overall operating performance • Quarterly revenues up 12% (15% in local currencies) with internal growth of 5% • Investment Management drove Adjusted EBITDA growth of 26% (30% in local currencies) • Adjusted EPS
Slide 4: Second Quarter 2019 Results Summary
Second Quarter 2019 Results Summary (US$ millions, except per share amounts) % Change over Q2 2019 Q2 2019 Q2 2018 USD LC(1) Revenue 745.5 667.4 12% 15% Adjusted EBITDA 87.3 69.4 26% 30% Adjusted EBITDA Margin 11.7% 10.4% Adjusted EPS 1.10 0.95 16% GAAP Operating Earnings 57.2 45.6 26% GAAP Operatin
Slide 5: Second Quarter Consolidated Revenues
Second Quarter Consolidated Revenues (US$ millions) Q2 Revenues % Change over Q2 2018 USD LC 745.5 Outsourcing & Advisory 9% 13% 667.4 Sales Brokerage -12% -9% Lease Brokerage 14% 17% Investment Management NM NM 281.6 Outsourcing & Advisory (1) Total 12% 15% 257.4 163.6 Sales Brokerage Revenue Mix Q
Slide 6: Second Quarter Geographic Split
Second Quarter Geographic Split (US$ millions) Q2 2019 Revenues Q2 2019 Adjusted EBITDA1 Investment Management 46.9 Investment 6% Management 19.2 Asia Pacific 22% 125.1 17% Americas 36.2 41% 57% Americas 421.4 Asia Pacific 16% 20% 14.2 EMEA 151.6 21% EMEA 19.0 Q2 2018 Revenues Q2 2018 Adjusted EBITD
Slide 7: Americas
Americas (US$ millions) • Revenues up 9% in local currencies, with 5% growth from acquisitions and 4% from internal growth • Internal growth led by Lease Brokerage, particularly in the US Northeast and Southwest regions • Adjusted EBITDA margin impacted by reduction in higher margin Sales Brokerage
Slide 8: EMEA
EMEA (US$ millions) • Revenues up 9% in local currencies, with 7% from internal growth and 2% growth from acquisitions • Internal growth driven by an increase in Outsourcing & Advisory services across the entire region, particularly workplace solutions and project management • Adjusted EBITDA impact
Slide 9: Asia Pacific
Asia Pacific (US$ millions) • Revenues up 3% in local currencies, with 2% from internal growth and 1% growth from acquisitions • Internal growth driven by Outsourcing & Advisory services • Adjusted EBITDA impacted by revenue mix Revenue Adjusted EBITDA2 (Adjusted EBITDA Margin) 125.1 128.8 Outsourci
Slide 10: Investment Management
Investment Management (US$ millions) • Revenues reflect significant incremental management fees from new capital commitments • Q2 2019 revenues include $4.3 million of pass-through revenues from historical carried interests • $30.3 Billion of AUM as of June 30, 2019 Revenue Adjusted EBITDA1 (Adjuste
Slide 11: Capitalization & Capital Allocation
Capitalization & Capital Allocation (US$ millions) June 30, 2019 December 31, 2018 June 30, 2018 Cash $ 102.1 $ 127.0 $ 104.2 Highlights Total Debt 692.4 672.1 419.8 • Completed Charlotte and Sweden Net Debt $ 590.3 $ 545.1 $ 315.6 acquisitions during Q2 2019 Redeemable non- 338.4 343.4 156.6 contro
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 Six months ended (US$ thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net earnings $ 35,575 $ 28,804 $ 41,039 $ 37,343 Income tax 13,187 12,859 14,402 17,575 Other income, net 179 (33) (322) (460) Inter
Slide 15: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Appendix Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Six months ended (US$ thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net earnings $ 35,575 $ 28,804 $ 41,039 $ 37,343 Non-controlling interest share of earnings (6
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