Strong Results; Continued Momentum TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced operating and financial results for the third quarter ended September 30, 2021. All amounts are in US dollars.
For the quarter ended September 30, 2021, revenues were $1.02 billion, up 48% (46% in local currency) relative to the same quarter in the prior year which was impacted by the COVID-19 pandemic. Adjusted EBITDA (note 1) was $123.6 million, up 34% (32% in local currency) and adjusted EPS (note 2) was $1.27, up 18% versus the prior year period. Third quarter adjusted EPS would have been approximately $0.02 lower excluding foreign exchange impacts. GAAP operating earnings were $76.0 million, relative to $52.1 million in the prior year quarter. GAAP diluted net earnings per share were $0.40, versus $0.52 in the prior year quarter. Third quarter GAAP EPS would have been approximately $0.03 lower excluding changes in foreign exchange rates.
For the nine months ended September 30, 2021, revenues were $2.74 billion, up 46% (42% in local currency) relative to the same period in the prior year, adjusted EBITDA (note 1) was $352.3 million, up 71% (65% in local currency) versus prior year and adjusted EPS (note 2) was $3.91, up 66% versus prior year. Nine months ended September 30, 2021 adjusted EPS would have been approximately $0.16 lower excluding foreign exchange impacts. GAAP operating loss was $269.9 million and included the settlement of the the Long-Term Incentive Arrangement (“LTIA”) with the Company's Chairman & CEO which was approved by 95% of the Company’s disinterested shareholders. The GAAP diluted loss per share was $10.19. Third quarter GAAP EPS would have been approximately $0.18 lower excluding changes in foreign exchange rates.
“Colliers delivered very strong third quarter results with continued momentum across all service lines,” said Jay S. Hennick, Global Chairman & CEO of Colliers. “Investment Management generated strong operating results, raised a record $4.9 billion in new capital commitments so far this year and finished the quarter with assets under management of more than $46 billion. Capital Markets and Leasing were both up significantly over the prior year and when compared to 2019 pre-pandemic levels while our recurring Outsourcing & Advisory service line also delivered strong internal growth.”
“Yesterday, Colliers completed the previously announced acquisition of Bergmann, which will provide additional scale and further diversify our rapidly growing Colliers Engineering & Design business. Last week, we formally announced our new five-year Enterprise ’25 growth strategy, setting ambitious growth targets to 2025. Under the new plan, we will strive to double our profitability and generate more than 65% of our AEBITDA from recurring revenues. Subsequent to quarter end, we announced two acquisitions – Antirion and Colliers Italy, both of which are expected to close by the end of the first quarter of 2022. Antirion, one of the largest investment management firms in Italy with more than $4 billion in assets under management, will strengthen and expand our Colliers Global Investors platform while Colliers Italy adds another market leader to our company-owned operations in Europe.”
“Our proven track record, balanced and diversified business model, unique enterprising culture and significant inside ownership positions us well to continue creating significant value for shareholders in the years to come,” he concluded.
https://www.globenewswire.com/news-release/2021/11/02/2325196/8534/en/Colliers-Reports-Strong-Results-Continued-Momentum.html