The Company is entitled to repurchase up to 3,000,000 Subordinate Voting Shares on the open market pursuant to the NCIB. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. The completion of the Transaction resulted in the issuance of 3,572,858 Subordinate Voting Shares from treasury and a cash payment of $96.2 million funded from the Company's revolving credit facility. Notes to Condensed Consolidated Balance Sheets(1)Restricted cash consists Assets under management were $86.2 billion as of September 30, 2022, up 87% from $46.1 billion on The Convertible Notes are convertible into 3.97 million subordinate voting shares or, if not converted, may be settled at maturity with subordinate voting shares or cash at the option of the Company. Colliers International Group Inc. ('Colliers' or the 'Company') provides commercial real estate oriented professional services and investment management to corporate and institutional clients in 36 countries around the world (67 countries including affiliates and franchisees). The Company provides commercial real estate professional services and investment management to corporate and institutional clients in approximately 62 countries. Net cash used in operating activities for the three month period ended March 31, 2021 was $38.1 million, versus $120.0 million used in the prior year period. CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS, CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY, (in thousands of US dollars, except share information), NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (in thousands of US dollars, except share and per share amounts). consideration-related compensation expense and transaction costs. As of March 31, 2021, the servicing liability was nil. At Colliers International Group Inc., we promise to treat your data with respect and will not share your information with any third party. Any shares purchased under the NCIB will be cancelled. Revenues in the Americas region totalled $695.1 million for the third quarter, up 13% (13% in local AR Facility deferred purchase price ('DPP'). interests, Net cash provided by (used in) financing which may cause the actual results to be materially different from any future results, performance or 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. GAAP operating earnings were $59.9 million, relative to Changes in internal control over financial reporting. The Company has prepared this MD&A with reference to National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators (the 'CSA'). Canadian and US securities regulators (which factors are adopted herein and a copy of which can be obtained at Colliers has disaggregated its revenue from contracts with customers by type of service and region as presented in the following table. The Company was in compliance with these covenants as of March 31, 2021. structure. We note that past performance in operations and share price are not necessarily predictive of future performance, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its anticipated impact on our business. Colliers diversified services business model has more balance and resilience than ever., With the recent additions of Rockwood and Versus, our Investment Management business now represents Adjusted EBITDA was $15.5 million compared to $5.2 million in the prior year quarter with the improvement in margin attributable to operating leverage and a lower cost base. Colliers International : Interim consolidated financial statements and management's discussion & analysis for the three month period ended March 31, 2021, Colliers Appoints Cho Sung-wook as Managing Director in Korea. We believe Code of Ethics & Conduct. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. The vacancy rate of warehouse . The facility bears interest of LIBOR plus 1.60%. Report Locked. The following table summarizes the gross value, accumulated amortization and net carrying value of the Company's indefinite life and finite life intangible assets: In May 2020, the Company acquired MSR intangible assets in its acquisition of Colliers Mortgage. The liability recorded on the balance sheet for the compensatory element of contingent consideration arrangements as at March 31, 2021 was $11.7 million (December 31, 2020 - $17.6 million). Depreciation expense was $10.4 million relative to $8.9 million in the prior year period, with the increase attributable to the impact of recent acquisitions and increased investments in office leaseholds. Request Consent Interim Financial Statements By Electronic Delivery (Read and complete the reverse) The Company generates peak revenues and earnings in the month of December followed by a low in January and February as a result of the timing of closings on Capital Markets transactions. Based on the Company's collection history, the fair value of the Receivables sold subsequent to the initial sale approximates carrying value. You must click the activation link in order to complete your subscription. All amounts are in US dollars. The Company received wage subsidies totalling $2.5 million during the first quarter from governments in several countries. At any time during the term, the Company has the right to increase the Revolving Credit Facility by up to $250,000 on the same terms and conditions. may not be directly comparable to similar measures used by other issuers. Given the region's incredibly diverse markets in terms of the scale, pace of development and even the direction of monetary policy, we see several key forces accelerating growth opportunities across the region in . The groupings are based on the manner in which the segments are managed. ANNUAL MEETING OF SHAREHOLDERS THIS BOOKLET EXPLAINS: Details of the matters to be voted upon at the annual meeting (the " Meeting ") of shareholders of Colliers International Group Inc. (" Colliers "); and How to exercise your vote even if you are unable to attend the Meeting. In most operations where managers or employees are also non-controlling owners, the Company is party to shareholders' agreements. Check Colliers Intl financial statements over time to gain insight into future company performance. Notes to Condensed Consolidated Statements of Earnings(1) Acquisition-related 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. currencies were up 4% (note 3) versus the prior year quarter. If all RNCI were redeemed in cash, the pro forma estimated accretion to diluted net earnings per share for the three months ended March 31, 2021 would be $0.40, and the accretion to adjusted EPS would be $0.09. The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. TORONTO, March 01, 2021 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (TSX: CIGI; NASDAQ: CIGI) ("Colliers" or the "Company") announced that it has entered into an agreement with Jay S.. Management has excluded two entities acquired by the Company during the last fiscal period from its assessment of internal control over financial reporting as at December 31, 2021. For the three months ending March 31, 2021, Receivables sold under the AR Facility were $310,510 and cash collections from customers on Receivables sold were $326,949, all of which were reinvested in new Receivables purchases and are included in cash flows from operating activities in the consolidated statement of cash flows. recurring revenues, a unique enterprising culture and a proven track record of more than 27 years, Colliers Backtested performance is developed with the benefit of hindsight and has inherent limitations. Investment Management revenues for the third quarter were $96.1 million compared to $78.3 million in a financial metric used by many investors to compare companies, especially in the services industry. 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. 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. this measure is useful to investors because it provides a supplemental way to understand the underlying Changes in government laws and policies at the federal, state/provincial or local level that directly impact our businesses. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. These statements involve known and unknown risks, uncertainties and other factors The if-converted method is anti-dilutive for the expert real estate and investment advice to clients. Adjusted EBITDA was $13.3 million, down 11% (up 1% in local currency) relative to the prior year primarily due to changes in revenue mix. Its primary services are leasing, capital markets, outsourcing and advisory, and investment management services. Colliers Mortgage utilizes warehouse credit facilities for the purpose of funding warehouse receivables. At Colliers International Group Inc., we promise to treat your data with respect and will not share your information with any third party. A reconciliation of net earnings to adjusted EBITDA appears below. www.sedar.com). Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. 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. Competition in the markets served by the Company. On February 26, 2021, the Company entered into an agreement with Jay S. Hennick, the Company's Chairman & Chief Executive Officer and largest voting shareholder, pursuant to which disinterested holders of Subordinate Voting Shares were given an opportunity to approve a transaction (the 'Transaction') to settle the Management Services Agreement (the 'MSA'), including the Long Term Incentive Arrangement (the 'LTIA') (see note 17), originally entered into on February 1, 2004, between the Company, Mr. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. Or because of extraordinary price volatility during the selling price. Non-controlling owners may also 'put' their interest to the Company at the same price, with certain limitations including (i) the inability to 'put' more than 50% of their holdings in any twelve-month period and (ii) the inability to 'put' any holdings for at least one year after the date of our initial acquisition of the business or the date the non-controlling shareholder acquired their interest, as the case may be. Capital Markets revenues were impacted by rising The following table sets forth our unaudited quarterly consolidated results of operations data. Importantly, each of our investment platforms has delivered top-tier returns over the long-term and is Foreign exchange tailwinds positively impacted revenue growth by 12%. Adjusted EBITDA was $66.8 million, up 1% (2% in local currency) from the very strong prior year quarter. policies at the federal, state/provincial or local level that may adversely impact the business. Cash equivalents include highly liquid investments with original maturities of less than three months. The Revolving Credit Facility has a 5-year term ending April 30, 2024 and bears interest at an applicable margin of 1.25% to 3.0% over floating reference rates, depending on financial leverage ratios. periods presented. 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. Adjusted EBITDA from recurring revenue percentage is computed on a trailing twelve-month basis and activities, Contingent acquisition consideration paid, Cash collections on AR Facility deferred The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2021: There were no significant non-recurring fair value measurements recorded during the quarter ended March 31, 2021. 3. The RNCI are considered to be redeemable securities. and Leasing all up strongly, more than offsetting the softness in Capital Markets which is being impacted by Additionally, we use this measure in conjunction with discounted cash flow models to determine the Companys A reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance. Industrial Market Continued to Grow with Robust Development Pipeline. Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion Colliers has identified four reportable operating segments. The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 inputs. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. acquisition-related items; (vii) restructuring costs and (viii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance Consolidated internal revenues measured in local currencies were up 15% (note 3). In August 2020, the FASB issued ASU No. investments, Non-controlling interest share of earnings, Diluted net earnings (loss) per common Changes in climate and environment-related policies that directly impact our businesses. Fiscal year is January - December. acquired, Purchase of held for sale real estate assets, Proceeds from sale of held for sale real MSRs; (viii) acquisition-related items (including contingent acquisition consideration fair value adjustments, interest rates, geopolitical uncertainty and COVID-19 restrictions in several Asian markets, especially China. Colliers reported solid third quarter results with Outsourcing & Advisory, Investment Management Colliers may purchase its Subordinate Voting Shares, from time to time, if it believes that the purchase price, CONDENSED CONSOLIDATED STATEMENTS OF pandemics on client demand for the Companys services, the ability of the Company to deliver its services and As of March 31, 2021, the Company had drawn $95,126 under the AR Facility. calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. The income tax rate and NCI share of earnings Actual performance may differ significantly from backtested performance. the prior year quarter, up 23% (23% in local currency). 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. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our core business and the valuation of the Company. Unallocated global corporate costs as reported in Adjusted EBITDA were $2.6 million in the first quarter, relative to a recovery of $3.3 million in the prior year quarter, with the change primarily attributable to incentive compensation accruals recorded in the current year period. Under the AR Facility, certain of the Company's subsidiaries continuously sell trade accounts receivable and contract assets (the 'Receivables') to wholly owned special purpose entities at fair market value. As at March 31, 2021, the Company had $3.3 million of loans receivable from non-controlling shareholders (December 31, 2020 - $3.4 million). The Company has certain debt and hedging arrangements which may qualify for use of the practical expedients permitted under the guidance. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. In relation to acquisitions completed during the past three years, we have outstanding contingent consideration, assuming all contingencies are satisfied and payment is due in full, totalling $193.9 million as at March 31, 2021 (December 31, 2020 - $208.6 million). Disruptions or security failures in our information technology systems. These Financial Statements follow the same accounting policies as the most recent audited consolidated financial statements of Colliers, except as noted in Note 3. The company's EPS TTM is $0.918; its P/E ratio is 108.99; and it has a dividend yield of 0.30%. Revenues in the EMEA region totalled $164.2 million for the third quarter, up 6% (23% in local To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of GAAP operating earnings were $84.0 million as compared to $76.0 million. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. Forward-looking statements involve significant known and unknown risk and uncertainties. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. MSR intangible assets represent the carrying value of servicing assets in the Americas segment. business. interest rates and market uncertainty which reduced sales brokerage and debt origination and financing activity. Including Versus Capital (completed on October 12, 2022), assets under management are now The adoption of the standard did not have a material impact on the Company's consolidated financial statements. During the three months ended March 31, 2021, approximately 59% of the current contract assets were moved to accounts receivable or sold under the AR Facility (Note 10). The DPP is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the AR Facility. Reconciliation of net cash flow from operations to free cash flow: Free cash flow is defined as net cash flow from operating activities plus contingent acquisition A decline in our ability to attract, recruit and retain talent. The Investment Management segment operates in the Americas and EMEA. Financial Services Financial Management, Lease Administration and Company Administration for real estate companies We provide advanced financial services and customer-oriented reporting for real estate companies and portfolios. In the Greater Salem area, we are seeing a trend in office/medical space absorption. Jay S. HennickGlobal Chairman & Chief Executive Officer, Christian MayerGlobal Chief Financial Officer(416) 960-9500. This is due to the large amount of deliveries bringing competitive warehouse space to market. Colliers International Group Inc has reached its limit for free report views. 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. All financial information herein is presented in United States dollars. The MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest rate. On April 11, 2017 we entered into interest rate swap agreements to convert the LIBOR floating interest rate on $100.0 million of US dollar denominated debt into a fixed interest rate of 1.897%. 2021 Production Contact At Colliers, our clients trust our public finance experts in all aspects of borrowing and financial management, including municipal bond underwriting. Such factors include: economic conditions, Summary of quarterly results - years ended December 31, 2021, 2020 and 2019, (in thousands of US$, except per share amounts). As such, no obligation to publicly update or revise any forward-looking statement, whether as a result of new 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. year quarter. TORONTO, May 02, 2023 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) ("Colliers" or the "Company") today announced operating and financial results for the first quarter ended March 31, 2023. Fair value measurements for both interest rate lock commitments and forward sales commitment consider observable market data, particularly changes in interest rates. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. based on, but not limited to, numerous macroeconomic, health, social, geopolitical (including escalation of Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible The holders of Multiple Voting Shares are entitled to twenty votes in respect of each Multiple Voting Share held at all meetings of the shareholders of the Company. A reconciliation of net cash flow from operating activities to The prior year If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil. our people. led by best-in-class leadership teams who hold significant equity in their own operations thereby creating We present free cash flow as a supplemental measure The effective tax rate for the full year is expected to be 25% to 28%. This Annual Information Form contains, and incorporates by reference, "forward looking statements" which reflect the current expectations, estimates, forecasts and projections of management regarding our future growth, results of operations, performance and business prospects and opportunities. Net In We disclaim any intention and assume no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events or for any other reason. Hedge accounting is being applied to these interest rate swaps. Incentive Arrangement with the Companys Chairman & CEO as approved by 95% of the Companys disinterested This press release should be read in During the period from September 28, 2022 to October 28, 2022, the Company purchased 372,888 Subordinate On April 26, 2021, we renewed and extended our structured accounts receivable facility (the 'AR Facility') with a third-party financial institution. adjusted EBITDA (note 1) was $145.1 million, up 17% (21% in local currency) and adjusted EPS (note 2) was $1.41, The following table provides a reconciliation of the beginning and ending RNCI amounts: The Company has shareholders' agreements in place at each of its non-wholly owned subsidiaries. Under the NCIB, all shares are purchased for commercial real estate services; the effect of significant movements in average capitalization rates across All such adjustments are of a normal recurring nature. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. The FASB has issued two ASU related to reference rate reform. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. financial performance under GAAP in the United States, and should not be considered as a substitute for Financial instruments and other inventory positions owned. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and AUM is defined as the gross market value of operating assets and the projected gross cost The Company acquired $929 of net assets, excluding cash, and recognized goodwill of $2,595 and intangible assets of $2,595 in its preliminary purchase price allocation. the Nordics with an agreement to acquire Pangea Property Partners, a leading real estate advisory firm in Norway compensation and health care; changes in the frequency or severity of insurance incidents relative to historical Settlement of Long Term Incentive Arrangement. corporate GAAP operating loss for the quarter was $19.0 million relative to a loss of $22.5 million in the third The second payment is an amount equal to 5% of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of C$6.472. Adjusted EBITDA (see 'Reconciliation of non-GAAP financial measures' below) was $92.1 million, up 69% versus $54.5 million in the prior year. Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities legislation is recorded, processed, summarized and reported within the time periods specified in those rules, and include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities legislation is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to permit timely decisions regarding required disclosure. You must click the activation link in order to complete your subscription. The average interest rate on our debt during the period was 3.5%, versus 3.1% in the prior year period. not be comparable to measures used by other issuers. contributions from recent acquisitions, the operating impact of rising global interest rates and geopolitical measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. 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.
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