Colliers International Group Inc.

Transcription

1 Clliers Internatinal Grup Inc. First Quarter 2016 Financial Results April 26, 2016

2 Frward-Lking Statements Certain statements included herein cnstitute frward lking statements within the meaning f the U.S. Private Securities Litigatin Refrm Act f Such frward lking statements invlve knwn and unknwn risks, uncertainties and ther factrs which may cause the actual results, perfrmance r achievements f the Cmpany, r industry results, t be materially different frm any future results, perfrmance r achievements expressed r implied by such frward lking statements. Such factrs include, amng thers, the fllwing: general ecnmic and business cnditins, which will, amng ther things, impact demand fr the Cmpany s services, service industry cnditins and capacity; the ability f the Cmpany t implement its business strategy, including the Cmpany s ability t acquire suitable acquisitin candidates n acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in r the failure t cmply with gvernment regulatins (especially safety and envirnmental laws and regulatins); and ther factrs which are described in the Cmpany s filings with the Canadian securities regulatrs and the U.S. Securities and Exchange Cmmissin. 2

3 First Quarter 2016 Results Strng perating results fr first quarter despite freign currency headwinds 60% f Q revenues were generated utside the US Cntinued revenue diversificatin 42% f Q revenues frm Outsurcing & Advisry services, up frm 39% in prir perid Cmpleted fur tuck-in acquisitins during quarter Central, FL fur additinal ffices acquired Lndn, UK Central Lndn investment and ffice agency specialty firm Mntreal, QC ffice landlrd representatin firm Netherlands prperty and asset management cmpany Paid inaugural semi-annual dividend f US$0.04 per cmmn share 3

4 First Quarter 2016 Results Summary (US$ millins, except per share amunts) Q Q % Change ver Q USD LC Revenue % 17% Adjusted EBITDA % 60% EBITDA Margin 5.9% 4.3% GAAP EPS (0.19) 0.22 NM Adjusted EPS % 4

5 First Quarter 2016 Cnslidated Revenues (US$ millins) Q1 Revenue Outsurcing & Advisry (1) Sales Brkerage Lease Brkerage % Change ver Q USD LC Outsurcing & Advisry 21% 26% Sales Brkerage 5% 10% Lease Brkerage 8% 11% Ttal 12% 17% 5 (1) Outsurcing & Advisry services include: Crprate Slutins, Valuatin & Advisry Services, Prperty and Asset Management Services, Prject Management, Wrkplace Slutins, Prperty Marketing and Research Services.

6 First Quarter Gegraphic Split (US$ millins) Q Revenue Q Adjusted EBITDA Q Revenue Q Adjusted EBITDA 6

7 Americas (US$ millins) 4% internal revenue grwth in lcal currencies and 14% grwth frm recent acquisitins Internal grwth was driven by Outsurcing & Advisry, particularly prperty management and valuatin services Margin expansin frm perating leverage and favrable impact f acquisitins Revenue Adjusted EBITDA (Adjusted EBITDA Margin) Outsurcing & Advisry (1) Sales Brkerage Lease Brkerage 10.3% 7.3% USD Q LC Q Q Q Internal Grwth (LC) Revenue Grwth 15% 18% 4% 7 (1) Outsurcing & Advisry services include: Crprate Slutins, Valuatin & Advisry Services, Prperty and Asset Management Services, Prject Management, Wrkplace Slutins, Prperty Marketing and Research Services.

8 EMEA (US$ millins) 19% internal revenue grwth in lcal currencies and 7% grwth frm recent acquisitins Internal grwth was driven by strng prject management revenues, particularly in France and increased sales brkerage revenues in Germany Adjusted EBITDA was slightly lwer due t timing f expenses and several large prject management assignments cmmencing in the quarter invlving the supply and installatin f materials resulting in lwer margins than ther revenue types Revenue Adjusted EBITDA (Adjusted EBITDA Margin) Outsurcing & Advisry (1) Sales Brkerage Lease Brkerage 0.0% (0.6%) Q Q Q Q USD LC Internal Grwth (LC) 8 Revenue Grwth 21% 26% 19% (1) Outsurcing & Advisry services include: Crprate Slutins, Valuatin & Advisry Services, Prperty and Asset Management Services, Prject Management, Wrkplace Slutins, Prperty Marketing and Research Services.

9 Asia Pacific (US$ millins) 2% internal revenue grwth in lcal currencies Revenue grwth was impacted by a decline in sales brkerage in the Australian market, which is timing related and expected t recver in future quarters Adjusted EBITDA was impacted by the reductin in revenue as well as changes in revenue mix Revenue Adjusted EBITDA (Adjusted EBITDA Margin) Outsurcing & Advisry (1) Sales Brkerage 4.9% 8.4% Lease Brkerage Q Q Q Q USD LC Internal Grwth (LC) Revenue Grwth (5%) 2% 2% 9 (1) Outsurcing & Advisry services include: Crprate Slutins, Valuatin & Advisry Services, Prperty and Asset Management Services, Prject Management, Wrkplace Slutins, Prperty Marketing and Research Services.

10 Capitalizatin & Capital Allcatin Overview (US$ millins) March 31, 2016 December 31, 2015 Cash $ $ Ttal Debt Net Debt $ $ Redeemable nn-cntrlling interests Sharehlders' equity Ttal capitalizatin $ $ Net debt / pr frma adjusted EBITDA Highlights $525 millin multi-currency credit facility put in place n June 1, 2015 with 5 year term Better than expected seasnal leveraging f 1.2 at March 31, 2016, dwn frm 1.8 at March 31, 2015 Anticipated capital expenditures f $30-33 millin fr full year Mnths Ended March 31, 2016 March 31, 2015 Capital Expenditures $ 4.2 $ 1.6 Acquisitin Spend (1) $ 36.4 $ (1) Includes business acquisitins, cntingent acquisitin cnsideratin and purchases f nn-cntrlling interests in subsidiaries.

11 Lking Ahead Q2 Outlk Revenue pipelines reflect cnsiderable activity acrss all service lines Generally stable cnditins in mst markets, despite uncertainty surrunding Eurpean Unin Q2 Fcus Cntinue t pursue select recruits in key markets Cntinue t strategically invest in glbal platfrm 11

12 Appendix

13 Recnciliatin f GAAP earnings t adjusted EBITDA Three mnths ended (US$ thusands) March 31, 2016 March 31, 2015 Net earnings frm cntinuing peratins $ 4,032 $ 40 Incme tax 3,071 (516) Other incme, net (600) 484 Interest expense, net 2,364 2,335 Operating earnings 8,867 2,343 Depreciatin and amrtizatin 11,034 8,591 Acquisitin-related items 1, Crprate csts allcated t spin-ff - 1,283 Stck-based cmpensatin expense 1,212 1,495 Adjusted EBITDA $ 22,184 $ 14,583 13

14 Recnciliatin f GAAP earnings t adjusted net earnings and adjusted earnings per share Three mnths ended (US$ thusands) March 31, 2016 March 31, 2015 Net earnings frm cntinuing peratins $ 4,032 $ 40 Nn-cntrlling interest share f earnings (2,414) (1,399) Amrtizatin f intangible assets 5,637 3,427 Acquisitin-related items 1, Crprate csts allcated t spin-ff - 1,307 Stck-based cmpensatin expense 1,212 1,495 Incme tax n adjustments (1,691) (2,008) Nn-cntrlling interest n adjustments (502) (164) Adjusted net earnings $ 7,345 $ 3,569 Three mnths ended (US$) March 31, 2016 March 31, 2015 Diluted net earnings (lss) per share frm cntinuing peratins $ (0.19) $ 0.22 Nn-cntrlling interest redemptin increment 0.23 (0.25) Amrtizatin f intangible assets, net f tax Acquisitin-related items Crprate csts allcated t spin-ff, net f tax Stck-based cmpensatin expense, net f tax Adjusted earnings per share $ 0.19 $