Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2015 Earnings Presentation
20 slides from Colliers International's earnings presentation, Feb 5, 2016
Slide 1: Fourth Quarter 2015 Financial Results
Colliers International Group Inc. Fourth Quarter 2015 Financial Results February 5, 2016
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements included herein constitute “forward‐looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the
Slide 3: Fourth Quarter 2015 Results
Fourth Quarter 2015 Results Strong operating results for fourth quarter despite continued foreign currency headwinds o Revenue growth of 3% (11% in local currencies) vs. very strong Q4 2014 o 64%(1) of Q4 2015 revenues were generated outside the US o Adjusted EBITDA growth of 18% (29% in local cur
Slide 4: Full Year 2015 Results
Full Year 2015 Results Transformational year for Colliers as an independent public company o Spin-off of FirstService was completed on June 1, 2015 Very strong operating results for 2015 despite foreign currency headwinds o Revenue growth of 9% (18% in local currencies) o Adjusted EBITDA margin
Slide 5: 2015 Results Summary
2015 Results Summary (US$ millions, except per share amounts) % Change over Q4 2014 Q4 2015 Q4 2014 USD LC Revenue 556.1 541.7 3% 11% Adjusted EBITDA(1) 79.1 67.1 18% 29% Adjusted EBITDA Margin 14.2% 12.4% GAAP Diluted EPS from Cont. Operations 0.92 0.44 111% Adjusted EPS(1) 1.06 0.97 9% Full Year F
Slide 6: 2015 Consolidated Revenues
2015 Consolidated Revenues (US$ millions) Q4 Revenue Full Year Revenue Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage Internal Internal % Change over Q4 2014 USD LC Growth (LC) % Change over FY 2014 USD LC Growth (LC) Outsourcing & Advisory 3% 13% 8% Outsourcing & Advisory 19% 32% 13% Sa
Slide 7: Fourth Quarter Geographic Split
Fourth Quarter Geographic Split (US$ millions) Q4 2015 Revenue Q4 2015 Adjusted EBITDA Q4 2014 Revenue Q4 2014 Adjusted EBITDA 7 Colliers International 2016
Slide 8: Full Year 2015 Geographic Split
Full Year 2015 Geographic Split (US$ millions) 2015 Revenue 2015 Adjusted EBITDA 2014 Revenue 2014 Adjusted EBITDA 8 Colliers International 2016
Slide 9: Americas Q4
Americas Q4 (US$ millions) 6% internal revenue growth in local currencies and 7% growth from recent acquisitions Internal growth was driven by outsourcing & advisory, particularly project management in the US, and increased leasing brokerage revenues driven by larger average deal size in the US
Slide 10: EMEA Q4
EMEA Q4 (US$ millions) 12% internal revenue growth in local currencies offset by foreign currency headwinds for total reporting currency growth of 1% Internal growth was driven by strong lease and sales brokerage activity, particularly in UK, France, Netherlands and Poland Adjusted EBITDA was
Slide 11: Asia Pacific Q4
Asia Pacific Q4 (US$ millions) 6% internal revenue growth in local currencies Internal growth was driven by lease brokerage activity, particularly in Australia and New Zealand Adjusted EBITDA was up 2% in local currencies but down 10% due to the impact of foreign exchange on translation of ear
Slide 12: Capitalization & Capital Allocation Overview
Capitalization & Capital Allocation Overview (US$ millions) December 31, 2015 December 31, 2014 Highlights Cash $ 116.2 $ 90.0 $525 million multi-currency revolving credit Total Debt 260.9 254.0 facility matures June 1, 2020 Net Debt $ 144.8 $ 164.0 Redeemable non-controlling Leverage of 0.8 at
Slide 13: Looking Ahead
Looking Ahead 2016 Outlook o Robust revenue pipelines in most markets o Tempered by headline risk and a more cautious tone in certain markets o Continuation of foreign currency headwinds experienced in 2015 o Mid to high single digit percentage revenue growth in local currency o EBITDA margin cons
Slide 14: Appendix: GAAP Reconciliations
Appendix: GAAP Reconciliations
Slide 15: Reconciliation of GAAP earnings to adjusted EBITDA
Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended December 31, December 31, December 31, December 31, (US$ thousands) 2015 2014 2015 2014 Net earnings from continuing operations $ 42,820 $ 32,383 $ 39,915 $ 53,909 Income tax 20,476 9,901 32,552 18,205 Other in
Slide 16: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended December 31, December 31, December 31, December 31, (US$ thousands) 2015 2014 2015 2014 Net earnings from continuing operations $ 42,820 $ 32,383 $ 39,915 $ 53,909 Non-cont
Slide 17: Appendix: Full Year Regional Details
Appendix: Full Year Regional Details
Slide 18: Americas Full Year
Americas Full Year (US$ millions) 8% internal revenue growth in local currencies and 5% growth from recent acquisitions Internal growth of 8% was driven by lease brokerage, primarily in the US, and outsourcing & advisory, particularly project management and valuations Margin expansion from ope
Slide 19: EMEA Full Year
EMEA Full Year (US$ millions) 21% internal revenue growth in local currencies plus 20% growth from recent acquisitions Internal growth was driven by strong lease brokerage and sales brokerage activity, particularly in Germany and UK markets. Project management also reported strong internal growt
Slide 20: Asia Pacific Full Year
Asia Pacific Full Year (US$ millions) 7% internal revenue growth in local currencies Internal growth was driven by lease brokerage activity, particularly in Australia and New Zealand Adjusted EBITDA was impacted by foreign exchange on translation of earnings into US dollars; margin impacted by
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