[Financial & Operating Highlights](index=1&type=section&id=Financial%20%26%20Operating%20Highlights) Colliers' 2023 full-year revenues decreased 3% to $4.34 billion, with Adjusted EBITDA down 6%, driven by transactional service slowdowns despite strong recurring revenue growth Full Year 2023 vs 2022 Key Financial Metrics (in millions of US$, except EPS) | Measure (in millions of US$, except EPS) | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $4,335.1 | $4,459.5 | -3% | | Adjusted EBITDA | $595.0 | $630.5 | -6% | | Adjusted EPS | $5.35 | $6.99 | -23% | | GAAP operating earnings | $300.9 | $332.5 | -9% | | GAAP diluted net earnings per share | $1.41 | $1.05 | +34% | Q4 2023 vs Q4 2022 Key Financial Metrics (in millions of US$, except EPS) | Measure (in millions of US$, except EPS) | Q4 2023 | Q4 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $1,235.2 | $1,222.4 | +1% | | Adjusted EBITDA | $198.4 | $202.7 | -2% | | Adjusted EPS | $2.00 | $2.31 | -13% | | GAAP operating earnings | $132.6 | $103.8 | +28% | | GAAP diluted net earnings per share | $1.42 | $0.51 | +178% | - The company has strategically transformed, with over **70%** of its earnings now coming from recurring services like Investment Management and Engineering & Design, providing greater stability compared to competitors[42](index=42&type=chunk) - The company anticipates a return to higher transaction velocity in the latter half of 2024 as interest rates and credit conditions are expected to stabilize[17](index=17&type=chunk) [Consolidated Results by Line of Service](index=2&type=section&id=Consolidated%20Results%20by%20Line%20of%20Service) Consolidated revenues decreased 3% in 2023, primarily due to declines in transactional services, despite strong growth in recurring service lines like Outsourcing & Advisory and Investment Management Full Year 2023 Revenue by Service Line (in thousands of US$) | Line of Service | 2023 Revenue | 2022 Revenue | Change (%) | Change (LC) (%) | | :--- | :--- | :--- | :--- | :--- | | Outsourcing & Advisory | $2,082,124 | $1,872,328 | +11% | +11% | | Investment Management | $487,457 | $378,881 | +29% | +28% | | Leasing | $1,063,088 | $1,124,106 | -5% | -5% | | Capital Markets | $702,472 | $1,084,172 | -35% | -35% | | **Total revenues** | **$4,335,141** | **$4,459,487** | **-3%** | **-3%** | - For the full year, the **3%** local currency revenue decrease was driven by lower Capital Markets and Leasing activity, which was partially offset by strong growth in Investment Management and Outsourcing & Advisory[19](index=19&type=chunk) [Segmented Results](index=2&type=section&id=Segmented%20Results) Segment performance varied in 2023, with Americas revenue down 9% and EMEA profitability dropping 44%, while Investment Management significantly grew revenue by 29% and Adjusted EBITDA by 47% Full Year 2023 Segment Performance (in thousands of US$) | Segment | 2023 Revenues | 2023 Adjusted EBITDA | 2022 Revenues | 2022 Adjusted EBITDA | | :--- | :--- | :--- | :--- | :--- | | Americas | $2,510,002 | $270,902 | $2,756,345 | $332,347 | | EMEA | $726,900 | $38,373 | $715,140 | $68,501 | | Asia Pacific | $610,313 | $79,238 | $608,460 | $85,092 | | Investment Management | $487,457 | $213,925 | $378,881 | $145,955 | [Americas](index=3&type=section&id=Americas) Americas revenues decreased 9% to $2.51 billion in 2023, with Adjusted EBITDA falling 18% to $270.9 million, primarily due to challenging market conditions in Capital Markets and Leasing - Full-year revenue declined **9%** to **$2.51 billion**, driven by market conditions in Capital Markets and Leasing, partly offset by growth in Outsourcing & Advisory and acquisitions[14](index=14&type=chunk) - Adjusted EBITDA for the year was **$270.9 million**, down **18%** from **$332.3 million** in the prior year[14](index=14&type=chunk) [EMEA](index=3&type=section&id=EMEA) EMEA revenues increased 2% to $726.9 million in 2023, but Adjusted EBITDA fell 44% to $38.4 million due to a shift away from higher-margin Capital Markets - Full-year revenue was **$726.9 million**, up **2%** (down **1%** in local currency), as growth in Outsourcing & Advisory almost fully offset declines in Capital Markets and Leasing[22](index=22&type=chunk) - Adjusted EBITDA for the year fell **44%** to **$38.4 million** due to significantly lower higher-margin Capital Markets revenues[22](index=22&type=chunk) [Asia Pacific](index=3&type=section&id=Asia%20Pacific) Asia Pacific revenues were flat at $610.3 million in 2023, with Adjusted EBITDA down 7% to $79.2 million, as growth in Leasing and Outsourcing & Advisory was offset by declining Capital Markets activity - Full-year revenue was flat at **$610.3 million**, as growth in Leasing and Outsourcing & Advisory was offset by a decline in Capital Markets activity[2](index=2&type=chunk) - Adjusted EBITDA for the year was **$79.2 million**, a decrease of **7%** (**4%** in local currency) from **$85.1 million** in the prior year[2](index=2&type=chunk) [Investment Management](index=3&type=section&id=Investment%20Management) Investment Management revenues increased 29% to $487.5 million in 2023, with Adjusted EBITDA up 47% to $213.9 million, driven by acquisitions and fundraising, with AUM reaching $98.2 billion - Full-year revenue increased **29%** to **$487.5 million**, and Adjusted EBITDA rose **47%** to **$213.9 million**, positively impacted by acquisitions and fundraising[48](index=48&type=chunk) - Assets under management (AUM) were **$98.2 billion** as of December 31, 2023, compared to **$97.7 billion** at the end of 2022[46](index=46&type=chunk) [Outlook for 2024](index=3&type=section&id=Outlook%20for%202024) Colliers forecasts a positive 2024 outlook, expecting revenue growth of 5-10%, Adjusted EBITDA growth of 5-15%, and Adjusted EPS growth of 10-20%, with transactional markets improving in H2 2024 Financial Outlook | Measure | Actual 2023 | Outlook for 2024 | | :--- | :--- | :--- | | Revenue growth | -3% | +5% to +10% | | Adjusted EBITDA growth | -6% | +5% to +15% | | Adjusted EPS growth | -23% | +10% to +20% | - The company expects Capital Markets and Leasing conditions to be challenging in H1 2024, followed by growth in H2 2024[49](index=49&type=chunk) - Outsourcing & Advisory revenue growth is expected to remain resilient, and Investment Management revenues are expected to grow in line with fundraising[49](index=49&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) Colliers' 2023 financial statements show $4.34 billion in revenue, $144.7 million in net earnings, total assets of $5.48 billion, and $165.7 million in cash from operations, reflecting improved liquidity [Condensed Consolidated Statements of Earnings](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Colliers' 2023 consolidated earnings show total revenues of $4.34 billion, operating earnings of $300.9 million, and diluted EPS increasing to $1.41, despite a slight revenue decline Consolidated Statement of Earnings Highlights (Year ended Dec 31, in thousands of US$) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Total revenues | $4,335,141 | $4,459,487 | | Operating earnings | $300,935 | $332,496 | | Net earnings | $144,691 | $194,544 | | Net earnings attributable to Company | $65,543 | $46,253 | | Diluted net earnings per common share | $1.41 | $1.05 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, Colliers' balance sheet shows total assets of $5.48 billion, total liabilities of $4.63 billion, and a significant increase in shareholders' equity to $850.5 million Consolidated Balance Sheet Highlights (As of Dec 31, in thousands of US$) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $181,134 | $173,661 | | Total assets | $5,482,126 | $5,098,177 | | Total debt | $1,502,639 | $1,439,099 | | Total liabilities | $4,631,636 | $4,604,803 | | Shareholders' equity | $850,490 | $493,374 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In 2023, net cash from operating activities significantly increased to $165.7 million, with net cash used in investing activities at $134.0 million, resulting in free cash flow of $167.2 million Consolidated Statement of Cash Flows Highlights (Year ended Dec 31, in thousands of US$) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $165,661 | $67,031 | | Net cash used in investing activities | ($133,983) | ($872,844) | | Net cash provided by (used in) financing activities | ($7,806) | $612,917 | | Free cash flow | $167,165 | $293,652 | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Colliers utilizes non-GAAP measures like Adjusted EBITDA, Adjusted EPS, and Free Cash Flow to assess operating performance and provide supplemental investor information, with detailed definitions and reconciliations provided - **Adjusted EBITDA** is used to evaluate operating performance and ability to service debt, excluding items like income tax, interest, depreciation, amortization, acquisition-related items, and stock-based compensation[27](index=27&type=chunk) - **Adjusted EPS** provides a supplemental understanding of underlying operating performance by adjusting diluted net earnings per share for items such as amortization, acquisition-related items, and restructuring costs, net of tax[54](index=54&type=chunk) - **Free cash flow** evaluates operating performance and the ability to service debt, fund acquisitions, and pay dividends, calculated from net cash from operating activities adjusted for certain items like asset purchases and distributions[55](index=55&type=chunk) Reconciliation of Net Earnings to Adjusted EBITDA (Year ended Dec 31, in thousands of US$) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net earnings | $144,691 | $194,544 | | Adjustments (Tax, Interest, D&A, etc.) | $450,302 | $435,981 | | **Adjusted EBITDA** | **$594,993** | **$630,525** | Reconciliation of Diluted EPS to Adjusted EPS (Year ended Dec 31, in US$) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Diluted net earnings per common share | $1.38 | $0.97 | | Adjustments (Amortization, Acq. items, etc.) | $3.97 | $6.02 | | **Adjusted EPS** | **$5.35** | **$6.99** |

Wall Street expects a year-over-year decline in earnings on lower revenues when Colliers International (CIGI) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on F ...

Expanded leadership role for Sankey Prasad to capitalise on the growing potential of the real estate market in the Middle EastDUBAI, UAE, Jan. 24, 2024 /PRNewswire/ -- Global diversified professional services and investment management company, Colliers (NASDAQ: CIGI) (TSX: CIGI), announced today that Sankey Prasad will expand his leadership role to include Project Leaders in the Middle East.  Colliers’ Sankey Prasad appointed Chairman and Managing Director for India & CMD for Colliers Project Leaders Mid ...

Expanded leadership role for Sankey Prasad to capitalise on the growing potential of the real estate market in the Middle EastDUBAI, UAE, Jan. 24, 2024 /PRNewswire/ -- Global diversified professional services and investment management company, Colliers (NASDAQ: CIGI) (TSX: CIGI), announced today that Sankey Prasad will expand his leadership role to include Project Leaders in the Middle East. Colliers’ Sankey Prasad appointed Chairman and Managing Director for India & Colliers Project Leaders Middle East ...

9. Long-term debt Page 14 of 24 The Company also has outstanding €125,000 and $150,000 of senior unsecured notes with fixed interest rates of 1.52% and 3.02%, respectively (the "Senior Notes due 2031"), which are held by a group of institutional investors. The Senior Notes due 2031 have a 10-year term ending October 7, 2031. On April 4, 2023, the Company issued a notice of redemption to all holders of its 4.0% Convertible Senior Subordinated Notes (the "Convertible Notes"). Prior to June 30, 2023, $230,000 ...

Colliers International Group Inc. (NASDAQ:CIGI) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Jay Hennick - Global Chairman & Chief Executive Officer Chris McLernon - Chief Executive Officer, Real Estate Services Christian Mayer - Chief Financial Officer Conference Call Participants Michael Doumet - Scotiabank Stephen Sheldon - William Blair Stephen MacLeod - BMO Capital Markets Frederic Bastien - Raymond James Jimmy Shan - RBC Capital Markets Andrew Rosivach - Wolfe Res ...

Exhibit 99.1 Page 2 of 25 Colliers International Group Inc. Consolidated Statements of Earnings (Loss) (Unaudited) (in thousands of US dollars, except per share amounts) | | | | Three months | | | | Six months | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ended June 30 | | | | ended June 30 | | | | | 2023 | | 2022 | | 2023 | | 2022 | | Revenues (note 20) | $ | 1,078,038 | $ | 1,127,846 | $ | 2,043,941 | $ | 2,128,758 | | Cost of revenues (exclusive of depreciation and | | | | | | | | | ...

Colliers International Group Inc. (NASDAQ:CIGI) Q2 2023 Earnings Call Transcript August 2, 2023 11:00 AM ET Company Participants Jay Hennick - Global Chairman & CEO Chris McLernon - CEO, Real Estate Services Christian Mayer - CFO Conference Call Participants Steve MacLeod - BMO Capital Markets Stephen Sheldon - William Blair Frederic Bastien - Raymond James Jimmy Shan - RBC Capital Markets Maxim Sytchev - National Bank Financial Operator Welcome to the Colliers International Second Quarter Investors Confere ...

Second Quarter 2023 Financial Results A u g u s t 2 , 2 0 2 3 Additional factors and explanatory information are identified in the Company's Annual Information Form for the year ended December 31, 2022 under the heading "Risk Factors" (which factors are adopted herein, and which can be accessed at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward looking statements contained in this presentation are made as of the date hereof and are subject to change. All forward ...

Exhibit 99.1 Page 2 of 23 Colliers International Group Inc. Consolidated Statements of Earnings (Loss) (Unaudited) (in thousands of US dollars, except per share amounts) | | | | Three months | | | --- | --- | --- | --- | --- | | | | | ended March 31 | | | | | 2023 | | 2022 | | Revenues (note 20) | $ | 965,903 | $ | 1,000,912 | | Cost of revenues (exclusive of depreciation and amortization shown below) | | 586,260 | | 631,553 | | Selling, general and administrative expenses | | 281,539 | | 250,712 | | Deprec ...