Colliers International Group Inc. · TSX:CIGI
Colliers International — Q1 2021 Earnings Presentation
15 slides from Colliers International's earnings presentation, May 4, 2021
Slide 1: First Quarter 2021 Financial Results
May 4, 2021 Colliers International Group Inc. First Quarter 2021 Financial Results $FFHOHUDWLQJVXFFHVV
Slide 2: Forward-looking statements
Colliers 2 This presentation includes or may include forward - looking statements. Forward - looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements invo lve known and unkn
Slide 3: First Quarter Highlights
Strong First Quarter Results Strength in recurring services and stabilizing transactional revenues Updated and increased financial outlook for 2021 Published first Global Impact Report Colliers Engineering & Design completed its first acquisition, a specialty transportation design firm Largest fundr
Slide 4: First Quarter Consolidated Revenues
179.7 164.5 210.5 143.0 340.1 277.3 44.6 45.8 774.9 630.6 Q1 2021 Q1 2020 First Quarter Consolidated Revenues Colliers 4 Outsourcing & Advisory Investment Management (1) Capital Markets Leasing (US$ millions) % Change over Q1 2020 USD LC Investment Management (1) -3% -3% Outsourcing & Advisory 23% 1
Slide 5: Service Diversification
44% 40% 16% 60% Recurring 45% 26% 23% 6% Trailing Twelve Months Ended March 31, 2021 Service Diversification Colliers 5 TTM Q1 2021 Revenue By Service Line TTM Q1 2021 AEBITDA By Service Line Revenue and AEBITDA include the full year impact of acquisitions completed in 2020 and 2021 Leasing Capital
Slide 6: First Quarter Geographic Mix
Americas 475.8 EMEA 126.1 Asia Pacific 128.3 Investment Management 44.6 61% 16% 17% 6% Americas 370.0 EMEA 117.1 Asia Pacific 97.4 Investment Management 45.8 59% 19% 15% 7% Americas 31.2 EMEA (3.6) Asia Pacific 5.2 Investment Management 18.4 57% 0% 10% 34% Americas 56.9 EMEA 4.5 Asia Pacific 15.5 In
Slide 7: Americas
Revenue up 27% in local currency Driven by recent acquisitions and stabilizing transactional revenues, especially Capital Markets activity across the region Adjusted EBITDA increased by 82% and included the impact of recent acquisitions and reduced costs from measures implemented due to the pandemic
Slide 8: EMEA
Revenue down 3% in local currency Activity returning to near prior year levels in each service line Adjusted EBITDA improvement attributable to cost savings from measures implemented due to the pandemic EMEA Colliers 8 GAAP Operating Earnings: Q1 2021 ($1.1M) at (0.9%) margin; Q1 2020 ($13.5M) at (1
Slide 9: APAC
Revenue up 19% in local currency Driven by a rebound in activity relative to the sharply reduced levels experienced during the early stages of the pandemic in the first quarter of 2020 Improvement in margin attributable to operating leverage and a lower cost base APAC Colliers 9 GAAP Operating Earni
Slide 10: Investment Management
Revenue up 2% in local currency, excluding pass - through historical carried interest Solid management fee growth, partially offset by certain transaction fees recognized in the prior year period in Europe AUM of $41.6 billion at March 31, 2021, up 5% from $39.5 billion at December 31, 2020 and up 1
Slide 11: Capitalization & Capital Allocation
(US$ millions) Capitalization & Capital Allocation (1) Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in acc ord ance with debt agreements (2) Includes business acquisitions, contingent acquisition consideration and purchases of non
Slide 12: 2021 Outlook
(US$ millions) 2021 Outlook Colliers 12 • Given stronger than expected operating results for the first quarter, the Company is increasing its previously provided financial outlook • However, a number of risks and uncertainties remain, including: • The resurgence of COVID - 19 cases in various parts
Slide 13: Appendix: Reconciliation of non-GAAP measures
Appendix Reconciliation of non - GAAP measures Colliers 13
Slide 14: Reconciliation of GAAP earnings to adjusted EBITDA
Reconciliation of GAAP earnings to adjusted EBITDA Colliers 14 (US$ thousands) Net earnings $ 24,807 $ 6,458 Income tax 8,847 5,198 Other income, including equity earnings from non-consolidated investments (1,982) (704) Interest expense, net 8,284 7,585 Operating earnings 39,956 18,537 Depreciation
Slide 15: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Adjusted EPS is calculated using the “if - converted” method of calculating earnings per share in relation to the Convertible Note s, which were issued on May 19, 2020 Colliers 15 (US$ thousands) Net earnings $
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