Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as at March 31, 2021. Financial Statements Request Form. 2. Changes in these assumptions may have a material impact on the backtested returns presented. You can evaluate financial statements to find patterns among Colliers main balance sheet or income statement drivers, such as , as well as many exotic indicators such as . different asset types; a reduction by companies in their reliance on outsourcing for their commercial real The fair value recorded on the consolidated balance sheet as at March 31, 2021 was $128,971 (December 31, 2020 - $115,643). Operating during the global pandemic exposes the Company to multiple risks which, individually or in the aggregate, could have a material adverse effect on the Company's business, financial condition, results of operations and cash flows, including following: Further, many of the risks discussed in the 'Risk Factors' section of the Company's Annual Information Form are, and could be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. share, Interest on Convertible Notes, net of tax, Non-controlling interest redemption increment, Stock-based compensation expense, net of tax, Diluted Changes in the DPP attributed to changes in estimates for credit losses are expected to be immaterial, as the underlying Receivables are short-term and of high credit quality. Amortization expense was $27.3 million relative to $16.0 million in the prior year period, with the increase attributable mainly to intangible assets recognized in connection with recent business acquisitions, including those of Colliers Mortgage and Colliers Engineering & Design. Gains or losses on the swaps, which are determined to be effective as hedges, are reported in other comprehensive income. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Labor shortages or increases in wage and benefit costs. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. The results of operations for the three-month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. As a part of Colliers Securities, we offer a range of robust commercial real estate loans for non-profits, housing developers, and units of state and local government. Net indebtedness is calculated as the current and non-current portion of long-term debt less cash and cash equivalents. Historical trend examination of various income statement and balance sheet accounts found on Colliers Intl financial . We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. The fair value recorded on the consolidated balance sheet as at March 31, 2021 was $129.0 million (December 31, 2020 - $115.6 million). The Transaction was completed on April 16, 2021. TORONTO, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) ("Colliers" or the "Company") today announced operating and financial results for the fourth quarter and year ended December 31, 2022. Colliers International Group (CIGI) Financial Statements: Income especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in performance because of the low capital intensity of the Companys service operations. Copyright 2023 Surperformance. Since these revenue growth rate unevenly distributed across countries. Unallocated global corporate earnings as reported in Adjusted EBITDA were $7.0 million in the third As at March 31, 2021, the Company had $3.3 million of loans receivable from non-controlling shareholders (December 31, 2020 - $3.4 million). As at March 31, 2021, the Loss Reserve was $15,662 (December 31, 2020 - $15,194) and was included within Other liabilities on the Consolidated Balance Sheets. Revenues in the Americas region totalled $695.1 million for the third quarter, up 13% (13% in local The Company increases or decreases its investment each reporting period by the change in the fair value of the investment reported in net earnings on the Consolidated Statements of Earnings. The Company was in compliance with these covenants as of March 31, 2021. Colliers International Group Inc reports have an aggregate usefulness score of 4.8 based on 72 reviews. The Adjusted EBITDA from recurring revenue percentage. The company offers brokerage services; corporate solutions, including integrated client, strategy and innovation, lease administration, transaction and project management, capture lease audit savings, and facilities management services; investment services. Notes to Segmented Results(1)Operating earnings (loss) include $27,358 Results of operations - three months ended March 31, 2021. Hugo Overdeput's 2023 Midyear Reflection | Colliers the effects of foreign currency exchange rate fluctuations and acquisitions. On July 16, 2020, the Company announced a Normal Course Issuer Bid ('NCIB') effective from July 20, 2020 to July 19, 2021. The accompanying consolidated financial statements and management discussion and analysis ("MD&A") of Colliers International Group Inc.("Colliers" or the "Company") and all information in this annual report are the responsibility of management and have been approved by the Board of Directors. MSR intangible assets represent the carrying value of servicing assets in the Americas segment. The Company's processes and disclosures have been updated to incorporate the new standard. On April 16, 2021, after receiving approval from 95% of disinterested shareholders, the Company completed the previously announced transaction (the 'Transaction') to settle the Management Services Agreement, including the Long-Term Incentive Arrangement, between Colliers, Jay S. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. We believe Revenues in the Asia Pacific region totalled $152.8 million for the third quarter compared to $172.3 The corporate GAAP operating loss for the quarter was $23.4 million, relative to $3.7 million in the first quarter of 2020 attributable to an increase in the fair value of contingent acquisition consideration on strong operating performance of recently acquired businesses as well as incentive compensation accruals. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. a change in or loss of our relationship with US government agencies, such as Fannie Mae or Ginnie Mae could significantly impact our ability to originate mortgage loans; defaults by borrowers on loans originated under the Fannie Mae Delegated Underwriting and Servicing, a decline in origination volumes or termination of our current servicing agreements, could significantly impact profitability, with a majority of our earnings generated from loan servicing; and. Difference in NASDAQ and Corporate Governance Guidelines, Nominating and Corporate Governance Committee Mandate. operating performance of the Company and enhances the comparability of operating results from period to period. Our management is responsible for establishing and maintaining adequate internal control over financial reporting. is used if the impact of the assumed conversion is dilutive. Case Study | Interface designs a workplace strategy for post-COVID In December 2018, the Company entered into additional interest rate swap agreements to convert the LIBOR floating interest rate on $100,000 of US dollar denominated debt into a fixed interest rate of 2.7205% plus the applicable margin. Adjusted EPS is defined as diluted net earnings per share as calculated under the 'if-converted' method, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iii) gains attributable to MSRs; (iv) acquisition-related items; (v) restructuring costs and (vi) stock-based compensation expense. The Company records financial instruments and other inventory positions owned at fair value on the Consolidated Balance Sheets. Why Invest Proven track record ~20% CAGR over 28 years Global brand and platform Diversification brings balance and resilience Enterprising culture 30%+ inside ownership Asset-light model Strong cash flow finances growth Compelling growth "The Colliers Way" Adjusted EBITDA was $36.9 million, up 33% (33% in local currency) over the Colliers Group Financial Statements 2009-2023 - Macrotrends Revenues in the EMEA region totalled $126.1 million for the first quarter compared to $117.1 million in the prior year quarter, up 8% (down 3% in local currency), with activity returning to near prior year levels in each service line. This is due to the large amount of deliveries bringing competitive warehouse space to market. Unless it contains an element of compensation, contingent consideration is recorded at fair value each reporting period. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. COLLIERS INTERNATIONAL GROUP INC. Canadian and US securities regulators (which factors are adopted herein and a copy of which can be obtained at As of March 31, 2021, the Company had drawn $95,126 under the AR Facility. The following table provides the maximum exposure to loss related to these non-consolidated VIEs: The minority equity positions in the Company's subsidiaries are referred to as redeemable non-controlling interests ('RNCI'). Forward-looking statements involve significant known and unknown risk and uncertainties. Following the sale and transfer of the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the Receivables. relation to the Convertible Notes, which were issued on May 19, 2020. As of the same date, the Company had $724 million of unused credit under its committed revolving credit facility maturing in April 2024. In December 2018, the Company entered into interest rate swap agreements to convert the LIBOR floating interest rate on $100.0 million of US dollar denominated debt into a fixed interest rate of 2.7205% plus the applicable margin. Commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions. The loans are of varying principal amounts and interest rates which range from nil to 4.0%. We use these non-GAAP financial measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described above, for which the amounts are non-cash or non-recurring in nature, provides a supplemental measure of our operating results that facilitates comparability of our operating performance from period to period, against our business model objectives, and against other companies in our industry. The estimated range of outcomes (undiscounted) for all contingent consideration arrangements, including those with an element of compensation is determined based on the formula price and the likelihood of achieving specified earnings levels over the contingency period, and ranges from $172,550 to a maximum of $193,869. Passthrough revenue from historical carried interest was activities, Contingent acquisition consideration paid, Cash collections on AR Facility deferred The Company provides commercial real estate professional services and investment management to corporate and institutional clients in approximately 62 countries. Announces Changes to Board of Directors, Colliers International Group Inc. Declares Semi-Annual Cash Dividend, Payable on July 14, 2023, Colliers Adding Southwest Engineering Firm; Says Acquisition Expands Footprint into Arizona market, Colliers Brief: Adding Southwest engineering firm; Acquisition expands footprint into fast-growing Arizona market. acquired, Purchase of held for sale real estate assets, Proceeds from sale of held for sale real current period results of our non-US dollar denominated operations to US dollars using the foreign currency As such, the interest (net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. With our highly respected global brand, balanced and diversified business model with significant The Convertible Notes, due 2025, are unsecured and subordinated to all of the existing and future senior and/or secured indebtedness, and are treated as equity for financial leverage calculations under our existing debt agreements. You can evaluate financial statements to find patterns among Colliers main balance sheet or income statement drivers, such as Consolidated Income of 209.9 M, Cost of Revenue of 2.4 B or Earning Before Interest and Taxes EBIT of 204.8 M, as well as many exotic indicators such as Asset . Actively traded cash equivalents where a quoted price is readily available are classified as Level 1 in the fair value hierarchy. Investment Management, Outsourcing & Advisory and Leasing. recent project management acquisition), which more than offset the impact of higher interest rates and GAAP operating earnings were $17.5 million, versus $18.3 million in the prior year quarter. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. On March 8, 2021, we acquired a Miami-based specialty transportation engineering and design firm. The standard can be applied using the modified retrospective method of transition or a fully retrospective method of transition. Unless it contains an element of compensation, contingent consideration is recorded at fair value each reporting period. Competition in the markets served by the Company. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. earnings of $11.4 million in the prior year quarter. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. free cash flow appears below. Colliers Securities | Colliers Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. Factors which may cause such differences include, but are not limited to those set out below, those set out above under 'Spin-off risk', 'Risks associated with the COVID-19 pandemic' , 'Risks associated with Colliers Mortgage' and those set out in detail in the 'Risk Factors' section of the Company's Annual Information Form: We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results, performance or achievements. The company's EPS TTM is $0.918; its P/E ratio is 111.04; and it has a dividend yield of 0.29%. The GAAP earnings per share were $0.54 as compared to diluted For the three months ended March 31, 2021, revenues were $774.9 million, up 23% compared to the prior year period (18% in local currency). Contingencies associated with US government sponsored enterprises. Income Statement Balance Sheet Cash Flow Colliers International Group Financial Overview Colliers International Group's market cap is currently . We are in compliance with the covenants contained in our agreements relating to our debt agreements as at March 31, 2021 and, based on our outlook for 2021, we expect to remain in compliance with these covenants. A reconciliation of net Gaining controlling interest, after the better buy a variety of real estate investing? The Company has elected the amortization method for subsequent measurement of the servicing liability, which is assessed for changes in the obligation at each reporting date. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. The GAAP operating earnings were $228.7 million operating performance as well as our ability to service debt, fund acquisitions and pay of dividends to Including Versus Capital (completed on October 12, 2022), assets under management are now our people. The contingent consideration is based on achieving specified earnings levels and is paid or payable after the end of the contingency period, which extends to February 2025. GAAP operating earnings were $42.9 million, relative to $22.7 million in the prior year quarter. Additional information about Colliers, including our Annual Information Form for the year ended December 31, 2020, is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Reconciliation of net earnings to adjusted EBITDA: Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense Including the Convertible Notes, our net indebtedness as at March 31, 2021 would have been $629.2 million. The reader is cautioned against undue reliance on these forward-looking statements. Colliers International Group Gets TSX Nod for Normal Course Issuer Bid. Excluding the impact of pass-through revenue, revenues were up 2% (2% in local currency) on solid management fee growth, partially offset by transaction fees recognized in the prior year period in Europe. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures, see 'Reconciliation of non-GAAP financial measures'. recurring revenues, a unique enterprising culture and a proven track record of more than 27 years, Colliers costs and (x) stock-based compensation expense. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company's financial condition or the results of operations. The following is a summary of key risk factors: This MD&A contains forward-looking statements with respect to expected financial performance, strategy and business conditions. Revenues were particularly strong in the United Kingdom (including a Public Finance Individual Investors Investment Banking Institutional Investors At Colliers, our clients trust our public finance experts in all aspects of borrowing and financial management, including municipal bond underwriting. SEC.gov | HOME Each option vests over a four-year term, expires five years from the date granted and allows for the purchase of one Subordinate Voting Share. Excluding the impact of carried interest, Mr. Hennick remains Chairman and Chief Executive Officer of the Company and has control and direction over a total of 6,331,063 shares of Colliers representing 14.4% of the outstanding shares and 45.6% of the votes. We estimate that approximately 85% of the contingent consideration outstanding as of March 31, 2021 will ultimately be paid. led by best-in-class leadership teams who hold significant equity in their own operations thereby creating For additional information about Colliers, contact us at investorrelations@colliers.com or +1 416-960-9500. The non-cash investing activities associated with the DPP for the three months ended March 31, 2021 were $1,984. Summary financial information is provided in this press release. Grants under the Company's stock option plan are equity-classified awards. Contingent consideration with a compensatory element is revalued at each reporting period and recognized on a straight-line basis over the term of the contingent consideration arrangement. The settlement resulted in a cash payment of $96,186 and the issuance of 3,572,858 Subordinate and Sweden. Given stronger than expected operating results for the first quarter, the Company is increasing its previously provided financial outlook. The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows and discount rates. Although the special purpose entities are wholly owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to be satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company. The wide range of discount rates is attributable to level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. In March 2020, the FASB issued ASU No. No cash balance or cash flow is included in the calculation. The weighted average interest rate at March 31, 2021 was 3.5% (2020 - 3.0%). The right to receive the payments may be transferred among members of the Chairman & CEO's family, their holding companies and trusts. By partnering with Colliers, you will have the attention of best-in-class advisors who will manage the ever-changing needs of your property to maximize value and tenant retention, freeing you up to focus on your business. release are qualified by these cautionary statements. and Leasing all up strongly, more than offsetting the softness in Capital Markets which is being impacted by Net interest expense was $8.3 million, up from $7.6 million in the prior year period and included interest from our Convertible Notes offering in May 2020. The following table summarizes activity related to the Company's mortgage servicing rights for the quarter ending March 31, 2021. year quarter. Under the NCIB, all shares are purchased Colliers worked with FM Global to gather, evaluate and abstract all current real estate documentation and data. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the licensor reserves the right to terminate the Company's servicing authority for all or some of the portfolio. Colliers Reports Fourth Quarter Results After submitting your request, you will receive an activation email to the requested email address. Colliers' Cooke Multifamily Team Partner, along with Cindy Cooke, Brad Cooke, Colliers in Arizona and Ron Cameron, Colliers Atlanta - one of Colliers most experienced multifamily investment sales teams in the nation. A decline in our ability to attract new clients and to retain major clients and renew related contracts. A reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance. Colliers International Group Inc. is a diversified professional services and investment management company. After submitting your request, you will receive an activation email to the requested email address. (ii) settlement of LTIA; (iii) loss on disposal of operations; (iv) amortization expense related to intangible Jul 26, 2023. CORAL SPRINGS, FL, July 18,2023 -Colliers is pleased to announce CTS Engines has signed a long-term lease for 216,224 square feet at Osprey Logistics Park. (3), Net debt / pro forma adjusted EBITDA ratio Our consolidated revenues for the first quarter ended March 31, 2021 were $774.9 million, an increase of 23% versus the prior year period (18% in local currency). These agreements allow us to 'call' the redeemable non-controlling interests ('RNCI') at a value determined with the use of a formula price, which is in most cases equal to a multiple of trailing two-year average earnings, less debt. The if-converted method is anti-dilutive for the If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil. particularly Engineering & Design (including recent acquisitions) and Leasing, which benefitted from This ASU provides optional expedients and exceptions to reduce the costs and complexity of applying existing GAAP to contract modifications and hedge accounting if certain criteria are met. Colliers Intl Preferred Dividends Income Statement Impact is most likely to decrease significantly in the upcoming years. Our method of calculating free cash flow may differ from other issuers and accordingly, this measure may not be We also bolstered our presence in The RNCI are considered to be redeemable securities. Stock option activity for the three months ended March 31, 2021 was as follows: The amount of compensation expense recorded in the statement of earnings for the three months ended March 31, 2021 was $2,925 (2020 - $2,253). See note 16 for discussion on the fair value of contingent consideration. Governance Documents. perfect alignment with our investors and shareholders., In our core service business, we acquired Peakurban during the quarter, adding significant Notes no obligation to publicly update or revise any forward-looking statement, whether as a result of new As of the date hereof, the Company has outstanding 42,605,800 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares.
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