Revenues up sharply across all service lines
TORONTO, Canada, May 3, 2022 – 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, 2022. All amounts are in US dollars.
For the quarter ended March 31, 2022, revenues were $1.0 billion, up 29% (31% in local currency) relative to the same quarter in the prior year. Adjusted EBITDA (note 1) was $121.5 million, up 32% (33% in local currency) and adjusted EPS (note 2) was $1.44, up 38% versus the prior year period. First quarter adjusted EPS would have been approximately $0.02 higher excluding foreign exchange impacts. GAAP operating earnings were $40.8 million and included a $26.1 million loss on disposal of the Company’s Russian operations. GAAP operating earnings in the quarter were up 2% versus $40.0 million in the prior year quarter. GAAP diluted net loss per share was $0.42, versus diluted net earnings of $0.11 in the prior year quarter. First quarter GAAP EPS would have been approximately $0.02 higher excluding changes in foreign exchange rates.
“Colliers delivered strong first quarter results building on the momentum coming out of 2021,” said Jay S. Hennick, Global Chairman & CEO of Colliers. “Revenues, AEBITDA and AEPS were all up sharply and we were pleased to see assets under management (AUM) in our Investment Management segment also up considerably.”
“Last week, we announced the promotion of Chris McLernon to Chief Executive Officer of Real Estate Services| Global. Over the past 12 years as the leader of our EMEA business, Chris delivered exceptional results. He is a true culture carrier and has a deep understanding of the Colliers way of operating. In his new role, he will have direct oversight of Colliers’ Capital Markets, Leasing and Outsourcing & Advisory businesses globally, reporting to me. Having him on board will provide us with the additional bench strength we need to successfully pursue our ambitious 2025 growth plan.”
“During the quarter, we were also busy on the acquisition front. We added our affiliate operations in Cincinnati and Cleveland, completed the previously announced acquisition of our affiliate in Italy and Colliers Engineering & Design expanded its operations in the US Southwest. Just after quarter end, we also completed the previously announced addition of Antirion which is being integrated into our Colliers Global Investors platform in Europe. Once we complete the Basalt Infrastructure transaction later this year, our Investment Management business will represent about 23% (note 5) of our consolidated AEBITDA. This marks an important milestone in our service line diversification and continues the transformation of Colliers into a different kind of company. In the future, we expect our Investment Management segment to represent an even greater proportion of our overall AEBITDA. So far this year we have completed or announced acquisition investments totalling more than $400 million and our pipeline of potential opportunities remains solid. If we are successful, 2022 would result in a record year of capital allocation for Colliers.”
“The leadership of our company has a proven, 27-year track record of creating significant value for shareholders. The Colliers business model is balanced, highly diversified and asset-light. These characteristics, together with our enterprising culture, growth mindset and substantial inside ownership, position us well to continue delivering superior returns for shareholders in the future,” he concluded.
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Download the first quarter 2022 earnings presentation.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $57 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors, and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Jay S. Hennick
Global Chairman & Chief Executive Officer
Global Chief Financial Officer