Colliers International(CIGI)
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Colliers International(CIGI) - 2022 Q3 - Earnings Call Transcript
2022-11-01 20:33
Financial Data and Key Metrics Changes - For Q3 2022, revenues were $1.1 billion, up 12% in local currency, with adjusted EBITDA at $145 million, up 21%, and adjusted EPS at $1.42, up 11% compared to the prior period [7][17] - Year-to-date revenues reached $3.2 billion, up 21%, with adjusted EBITDA of $428 million, up 24%, and adjusted EPS at $4.69, up 20% versus the prior year [7][17] Business Line Data and Key Metrics Changes - Outsourcing & Advisory and Investment Management service lines saw strong growth, while Capital Markets activity softened due to higher interest rates and reduced availability of capital [5][17] - Investment Management revenues for Q3 were $96 million, up 23% from the prior year, with adjusted EBITDA for the quarter at $37 million, up 33% [21][22] Market Data and Key Metrics Changes - Americas revenues for Q3 were $695 million, up 13%, with Outsourcing & Advisory up 27% and Leasing activity up 21% [18] - EMEA revenues for Q3 were $164 million, up 23%, with strong growth particularly in the United Kingdom [19] - Asia Pacific revenues were $153 million, down 4%, impacted by higher interest rates and COVID-19 restrictions [20] Company Strategy and Development Direction - The company is focusing on diversifying its services and expanding its Investment Management business, which now represents about 30% of pro forma EBITDA [8][13] - Recent acquisitions, including PEAKURBAN and Pangea Property Partners, are aimed at enhancing engineering capabilities and strengthening market presence in key regions [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of rising interest rates and geopolitical uncertainties on Capital Markets but emphasized the resilience and diversification of the overall business model [5][14] - The outlook for the full year 2022 has been adjusted to reflect year-to-date results and anticipated challenges, with expected adjusted earnings per share growth now at a mid-teens percentage rate [26][27] Other Important Information - The company repurchased 373,000 shares for a total consideration of $35 million in the past month, with a year-to-date total of 1.4 million shares repurchased for $161 million [25] - Financial leverage ratio as of September 30, 2022, was 1.5 times, with expectations to deleverage over time using operating cash flow [24] Q&A Session Summary Question: Discussion on cost management in a tougher economic environment - Management indicated that the cost structure is highly variable, particularly in the transactional business, and there is no formal cost-cutting program currently planned [29][30] Question: Clarification on Q4 EBITDA growth attribution - Majority of Q4 EBITDA growth is expected to come from acquisitions, with strong organic growth anticipated in Outsourcing & Advisory [32][33] Question: Expected internal growth for Q4 - Management confirmed that the expected softness in internal growth is primarily from Capital Markets [37][38] Question: Insights on Americas margin and discretionary costs - Increased discretionary costs are attributed to resumed client engagement activities and higher commission splits due to strong performance earlier in the year [44][45] Question: Capital Markets activity trends - Management noted a significant gap between buyer and seller expectations due to current market conditions, impacting Capital Markets activity [52][58] Question: Investment Management capital raising and valuation risks - The company is optimistic about its capital raising pipeline, with defensive asset classes expected to maintain market values [62][64] Question: Future hiring and margin dynamics - Management acknowledged that recruiting new producers may initially impact margins but is considered a strategic investment for long-term growth [80]
Colliers International(CIGI) - 2022 Q2 - Earnings Call Transcript
2022-08-06 15:36
Financial Data and Key Metrics Changes - The company reported Q2 revenues of $1.1 billion, up 23% year-over-year, with internal growth of 15% and the remainder from acquisitions [15] - Adjusted EBITDA for Q2 was $161 million, up 21% from the previous year, with margins at 14.3%, roughly flat compared to the prior-year quarter [15] - The financial leverage ratio as of June 30 was 1.4 times, expected to be 2 times including announced acquisitions, within the company's comfort zone [24] Business Line Data and Key Metrics Changes - Investment Management revenues for Q2 were $75 million, up 48% year-over-year, with adjusted EBITDA of $29 million, up 36% [20] - Americas revenues were $741 million, up 8%, with Outsourcing & Advisory growing 34% and Capital Markets activity up 28% [16] - EMEA revenues were $169 million, up 20%, but adjusted EBITDA decreased to $14 million due to geopolitical uncertainties [18] - Asia-Pacific revenues were $143 million, down 1%, impacted by COVID-19 lockdowns [19] Market Data and Key Metrics Changes - The company ended Q2 with $68.7 billion in assets under management (AUM), expected to rise to $87 billion with upcoming acquisitions [22] - New capital commitments from investors in the first half of the year were solid, although decision-making times have increased due to current market conditions [22] Company Strategy and Development Direction - The company aims to become a major player in the alternative private capital industry, with a focus on growing its Investment Management segment [7] - The strategy includes leveraging acquisitions to enhance service capabilities and expand into rapidly growing sectors like alternatives and infrastructure [12] - The company expects to invest over $1 billion in capital deployment for the first time in its history [12] Management's Comments on Operating Environment and Future Outlook - Management noted strong organic growth of approximately 20% year-to-date but expects a slowdown in the second half due to tough comparisons [30] - The company remains confident in meeting its fundraising objectives despite longer decision-making times from investors [22] - Management highlighted the importance of diversification across asset classes and global markets to mitigate risks [42] Other Important Information - The company completed two acquisitions during the quarter and announced a third, enhancing its capabilities in investment management and engineering [8][11] - The company renewed its revolving credit facility, increasing capacity to $1.5 billion and extending the term to 2027 [25] Q&A Session Summary Question: Outlook for transaction volumes in Q4 - Management indicated that while they had a strong first half, they expect organic growth to slow in the second half due to tough comparisons [30] Question: Fundraising objectives for the year - Management did not disclose specific numbers but mentioned multiple engines for fundraising across various platforms [33] Question: Performance of non-recurring revenue businesses - Management reported strong organic growth in capital markets and leasing, with expectations of tougher comparisons in the second half [36] Question: Impact of rising interest rates on transactions - Management confirmed that rising rates are impacting transaction velocities, requiring more cash for sales and putting downward pressure on pricing [45] Question: Margin expansion expectations - Management indicated that the majority of margin expansion would come from acquisitions, particularly in investment management businesses [47] Question: Overall exposure to office space - Management noted that office space performance varies significantly by region, with strong internal growth across most asset classes except traditional office [57] Question: Future acquisitions in investment management - Management expressed ongoing interest in acquiring businesses that align with their strategic goals, particularly in high-margin sectors [55]
Colliers International(CIGI) - 2022 Q2 - Earnings Call Presentation
2022-08-06 11:54
Second Quarter 2022 Financial Results A u g u s t 3 , 2 0 2 2 Colliers 2 This presentation includes or may include forward-looking statements. Forward- ook m d h Comp y' f performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward ...
Colliers International(CIGI) - 2022 Q2 - Quarterly Report
2022-08-04 16:00
Exhibit 99.1 COLLIERS INTERNATIONAL GROUP INC. INTERIM CONSOLIDATED FINANCIAL STATEMENTS Second Quarter June 30, 2022 Page 2 of 26 The accompanying notes are an integral part of these interim consolidated financial statements. COLLIERS INTERNATIONAL GROUP INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited) (in thousands of US dollars, except per share amounts) | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------ ...
Colliers International(CIGI) - 2022 Q1 - Earnings Call Presentation
2022-05-03 18:49
First Quarter 2022 Financial Results M a y 3 , 2 0 2 2 Colliers 2 This presentation includes or may include forward-looking statements. Forward- ook m d h Comp y' f performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-lookin ...
Colliers International(CIGI) - 2022 Q1 - Earnings Call Transcript
2022-05-03 17:25
Colliers International Group, Inc. (NASDAQ:CIGI) Q1 2022 Earnings Conference Call May 3, 2022 11:00 AM ET Company Participants Jay Hennick - Global Chairman & CEO Christian Mayer - CFO Conference Call Participants Stephen Sheldon - William Blair & Company George Doumet - Scotiabank Stephen MacLeod - BMO Capital Markets Scott Fromson - CIBC Daryl Young - TD Securities Frederic Bastien - Raymond James Chandni Luthra - Goldman Sachs Group Maxim Sytchev - National Bank Financial Operator Welcome to the Colliers ...
Colliers International(CIGI) - 2022 Q1 - Quarterly Report
2022-05-02 16:00
EXHIBIT 99.1 Colliers Reports Strong First Quarter Results Revenues up sharply across all service lines First quarter operating highlights: Three months ended March 31 | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|----------------|-------|--------------| | (in millions of US$, except EPS) \nRevenues | $ | 2022 \n1,000.9 | \n $ | 2021 \n774.9 | | Adjusted EBITDA (note 1) | | 121.5 | | 92.1 | | Adjusted EPS (note 2) | | 1.44 | | 1.04 | | GAAP operating earnings | | 4 ...
Colliers International(CIGI) - 2021 Q4 - Earnings Call Presentation
2022-02-15 10:08
Financial Highlights - Fourth quarter revenue increased by 47% to $1345.5 million compared to $913.7 million in 2020[4] - Full year revenue reached $4089.1 million, a 47% increase from $2786.9 million in 2020[4] - Adjusted EBITDA for the fourth quarter grew by 24% to $192.0 million from $154.9 million in 2020[4] - Full year Adjusted EBITDA increased by 51% to $544.3 million compared to $361.4 million in 2020[4] - Adjusted EPS for the full year increased by 48% to $6.18 from $4.18 in 2020[4] Segment Performance (Full Year 2021) - Investment Management revenue increased by 47%[5] - Outsourcing & Advisory revenue increased by 30%[5] - Leasing revenue increased by 46%[5] - Capital Markets revenue increased by 76%[5] Regional Performance (Full Year 2021) - Americas revenue was $2489.2 million, representing 61% of total revenue[33] - EMEA revenue was $672.7 million, representing 16% of total revenue[33] - Asia Pacific revenue was $673.7 million, representing 17% of total revenue[33] - Investment Management revenue was $252.9 million, representing 6% of total revenue[33] Investment Management - Assets Under Management (AUM) reached $51 billion as of December 31, 2021, a 29% increase from December 31, 2020[4,18] Outlook - The company anticipates high single-digit consolidated revenue growth and mid-teens adjusted EPS growth in 2022[24]
Colliers International(CIGI) - 2021 Q4 - Earnings Call Transcript
2022-02-10 21:01
Colliers International Group Inc. (NASDAQ:CIGI) Q4 2021 Results Conference Call February 10, 2022 11:00 AM ET Â Company Participants Jay Hennick - Chairman and CEO Christian Mayer - CFO Conference Call Participants George Doumet - Scotiabank Scott Fromson - CIBC Stephen MacLeod - BMO Capital Markets Daryl Young - TD Securities Frederic Bastien - Raymond James Operator Welcome to the Colliers International Fourth Quarter and Year-End Investor Conference Call. TodayÂ's call is being recorded. Legal counsel re ...
Colliers International(CIGI) - 2021 Q4 - Annual Report
2022-02-09 16:00
EXHIBIT 99.1 Colliers Reports Very Strong Fourth Quarter Results Growth across all services, geographies drives full year revenue to exceed $4 billion milestone Three months ended Twelve months ended December 31 December 31 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|-------|---------|-------|-------|-------|----------|-------|---------| | (in millions of US$, except EPS) | | 2021 | | 2020 | | 2021 | | 2020 | | Revenues | $ | 1,345.5 | $ | 913.7 | $ | 4,089.1 ...