Colliers International reports record quarterly and year-end results
(Thomson Reuters ONE) -
Annual revenues in the Americas Region top $1 billion
Operating highlights:
Three months
ended Twelve months ended
December 31 December 31
------------------- ----------------------
2016 2015 2016 2015
--------- --------- ----------- ----------
Revenues (millions) $ 576.0 $ 556.1 $ 1,896.7 $ 1,722.0
Adjusted EBITDA (millions) (note 1) 90.4 79.1 203.1 181.3
Adjusted EPS (note 2) 1.22 1.06 2.44 2.29
GAAP operating earnings 76.1 65.0 146.2 80.4
GAAP EPS from continuing operations
1.14 0.92 1.75 0.59
TORONTO, Feb. 15, 2017 (GLOBE NEWSWIRE) -- Colliers International Group Inc.
(NASDAQ:CIGI) (TSX:CIGI) today announced fourth quarter and annual operating and
financial results for the year ended December 31, 2016. All amounts are in US
dollars.
For the quarter ended December 31, 2016, revenues were $576.0 million, a 4%
increase (5% in local currency) relative to the comparable prior year period and
adjusted EBITDA was $90.4 million, up 14% (17% in local currency). Adjusted EPS
was $1.22, up 15% versus the prior year period. Fourth quarter adjusted EPS
would have been approximately $0.03 higher excluding foreign exchange impacts.
GAAP operating earnings were $76.1 million, relative to $65.0 million in the
prior year period and GAAP EPS was $1.14 per share, up 24% from $0.92 per share
in the prior year period. Similarly, fourth quarter GAAP EPS would have been
approximately $0.03 higher excluding changes in foreign exchange rates.
For the year ended December 31, 2016, revenues were $1.90 billion, a 10%
increase (13% in local currency) relative to the comparable prior year period
and adjusted EBITDA was $203.1 million, up 12% (15% in local currency). Adjusted
EPS was $2.44, up 7% versus the prior year period. Full year adjusted EPS would
have been approximately $0.07 higher excluding foreign exchange impacts. GAAP
operating earnings were $146.2 million, relative to $80.4 million in the prior
year period and GAAP EPS was $1.75 per share, compared to $0.59 per share in the
prior year period. Similarly, year-to-date GAAP EPS would have been
approximately $0.07 higher excluding changes in foreign exchange rates. Prior
year GAAP operating earnings and GAAP EPS results included one-time charges
related to the separation from FirstService Corporation completed on June
1, 2015.
"Colliers International reported record revenue and earnings in 2016 despite
political uncertainty and more challenging market conditions than the prior
year. With strong results and the momentum we have created so far this year
including significant acquisitions in Northern California, Nevada and Denmark,
we fully expect 2017 to be another step forward in achieving our ambitious
growth plans," said Jay S. Hennick, Chairman and Chief Executive Officer. "As
one of the leading global players in commercial real estate, with a highly
recognized global brand, ample financial capacity and a proven management team
with a significant equity stake, Colliers International is in excellent position
to continue generating value for shareholders in the years to come," he
concluded.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry
leading global real estate services company with more than 15,000 skilled
professionals operating in 68 countries. With an enterprising culture and
significant employee ownership, Colliers professionals provide a full range of
services to real estate occupiers, owners and investors worldwide. Services
include strategic advice and execution for property sales, leasing and finance;
global corporate solutions; property, facility and project management; workplace
solutions; appraisal, valuation and tax consulting; customized research; and
thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful
and innovative advice that help clients accelerate their success. Colliers has
been ranked among the top 100 outsourcing firms by the International Association
of Outsourcing Professionals' Global Outsourcing for 11 consecutive years, more
than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter:
(at)Colliers and LinkedIn.
Consolidated Revenues
Three months ended Twelve months ended
(in
thousands
of US$) December 31 Growth December 31 Growth
----------------------- ---------------------------
(LC = local in LC in LC
currency) 2016 2015 % 2016 2015 %
----------- ----------- ------------- -------------
Outsourcing
& Advisory
$ 198,007 $ 191,098 6 % $ 717,857 $ 634,596 16 %
Lease
Brokerage 191,690 186,044 5 % 604,339 564,280 9 %
Sales
Brokerage 186,331 178,972 5 % 574,528 523,110 12 %
----------- ----------- ------------- -------------
Total
revenues $ 576,028 $ 556,114 5 % $ 1,896,724 $ 1,721,986 13 %
----------- ----------- ------------- -------------
Consolidated revenues for the fourth quarter grew 5% on a local currency basis,
with all service lines contributing similarly to growth. Consolidated internal
revenues measured in local currencies declined 2% (note 3), impacted by slight
quarterly reductions in (i) Sales and Lease Brokerage in the Americas as well as
(ii) Outsourcing & Advisory and Sales Brokerage in EMEA.
For the year ended December 31, 2016, consolidated revenues grew 13% on a local
currency basis, led by 16% growth in Outsourcing & Advisory from significant new
contract wins in project management and workplace solutions, as well as recently
completed acquisitions. Internal revenue growth in local currencies was 4%, with
the balance from acquisitions completed during the past year.
Segmented Fourth Quarter Results
The Americas region's revenues totalled $291.3 million for the fourth quarter
compared to $276.4 million in the prior year quarter, which represented a 5%
increase on a local currency basis. Internal revenue was down 3% compared to a
very strong fourth quarter in 2015, more than offset by 8% growth from
acquisitions. Internal growth for the quarter was impacted by a slight decrease
in Sales and Lease Brokerage. Adjusted EBITDA was $34.1 million, versus $35.2
million the prior year quarter, and was impacted by revenue mix, due to the
decline in higher margin Sales and Lease Brokerage. GAAP operating earnings were
$29.4 million, relative to $29.8 million in the prior year quarter.
EMEA region revenues totalled $152.2 million for the fourth quarter compared to
$151.7 million in the prior year quarter, which equated to a 7% increase on a
local currency basis. Internal revenue was down 4%, more than offset by 11%
growth from acquisitions. Internal growth was impacted by reductions in
Outsourcing & Advisory activity in the region and Sales Brokerage in the UK,
compared to record results in the fourth quarter of 2015. Adjusted EBITDA was
$34.9 million, up 37% from $25.5 million reported in the prior year quarter as a
result of a change in revenue mix toward Sales and Lease Brokerage in
continental European markets, as well as the favourable impact of recent
acquisitions. GAAP operating earnings were $28.8 million, up from $20.5 million
in the fourth quarter of 2015.
Asia Pacific region revenues totalled $132.2 million for the fourth quarter
compared to $127.9 million in the prior year quarter, which represented a 2%
increase on a local currency basis, entirely from internal growth. Adjusted
EBITDA was $24.5 million versus $21.1 million due to operational improvements
relative to the prior year period. GAAP operating earnings were $22.9 million,
up from $19.1 million in the prior year quarter.
Global corporate costs were $3.1 million in the fourth quarter, relative to $2.8
million in the prior year period. The GAAP operating loss was $5.0 million,
relative to $4.5 million in the fourth quarter of 2015.
Segmented Full Year Results
The Americas region's revenues totalled $1.02 billion for the full year compared
to $889.7 million in the prior year, which equated to a 16% increase on a local
currency basis. Revenue growth was comprised of 3% internal growth and 13% from
acquisitions. Internal growth for the year was driven by strong Outsourcing &
Advisory activity. Adjusted EBITDA was $106.7 million, up 20% from the prior
year as a result of operating leverage and the favourable impact of
acquisitions. GAAP operating earnings were $85.3 million, up 23% versus $69.2
million in 2015.
EMEA region revenues totalled $474.9 million for the year compared to $446.1
million in the prior year, which equated to a 11% increase on a local currency
basis. Revenue growth was comprised of 3% internal growth and 8% from
acquisitions. Internal growth was driven by solid growth in Outsourcing &
Advisory and Lease Brokerage. Adjusted EBITDA was $55.9 million, versus $56.6
million in the prior year, and was impacted by a decline in higher-margin Sales
Brokerage activity in the UK in the second half of the year in the wake of the
June 2016 "Brexit" referendum. GAAP operating earnings were $34.3 million,
relative to $38.8 million in 2015 with the decline attributable to incremental
depreciation and amortization expense related to recent business acquisitions.
Asia Pacific region revenues totalled $399.4 million for the year compared to
$385.1 million in the prior year, which equated to a 5% increase on a local
currency basis, entirely from internal growth, with solid contributions from all
three service lines. Adjusted EBITDA was $51.4 million, up from $47.8 million in
the prior year, an increase of 8%. GAAP operating earnings were $45.6 million,
up 11% from $41.1 million in the prior year.
Global corporate costs were $11.0 million in the year, down from $11.8 million
in the prior year, and were impacted by lower executive compensation accruals
relative to the prior year. The GAAP operating loss for the year was $19.0
million versus $68.7 million in 2015, with the 2015 result impacted by $49.5
million of Spin-off related costs.
Conference Call
Colliers will be holding a conference call on Wednesday, February 15, 2017 at
11:00 a.m. Eastern Time to discuss the quarter's results. The call, as well as a
supplemental slide presentation, will be simultaneously web cast and can be
accessed live or after the call at www.colliers.com in the "Shareholders /
Newsroom" section.
Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-
looking statements include the Company's financial 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-looking statements. Such factors include: economic conditions,
especially as they relate to commercial and consumer credit conditions and
consumer spending, particularly in regions where our business may be
concentrated; commercial real estate property values, vacancy rates and general
conditions of financial liquidity for real estate transactions; trends in
pricing and risk assumption for commercial real estate services; the effect of
significant movements in average cap rates across different property types; a
reduction by companies in their reliance on outsourcing for their commercial
real estate needs, which would affect revenues and operating performance;
competition in the markets served by the Company; the ability to attract new
clients and to retain major clients and renew related contracts; the ability to
retain and incentivize producers; increases in wage and benefit costs; the
effects of changes in interest rates on the cost of borrowing; unexpected
increases in operating costs, such as insurance, workers' compensation and
health care; changes in the frequency or severity of insurance incidents
relative to historical experience; the effects of changes in foreign exchange
rates in relation to the US dollar on the Company's Canadian dollar, Australian
dollar, UK pound and Euro denominated revenues and expenses; the impact of
political events including elections, referenda, trade policy changes,
immigration policy changes, hostilities and terrorism on the Company's
operations; the ability to identify and make acquisitions at reasonable prices
and successfully integrate acquired operations; the ability to execute on, and
adapt to, information technology strategies and trends; the ability to comply
with laws and regulations related to our global operations, including real
estate licensure, labour and employment laws and regulations, as well as the
anti-corruption laws and trade sanctions; political conditions, including
political instability and any outbreak or escalation of terrorism or hostilities
and the impact thereof on our business; and changes in government laws and
policies at the federal, state/provincial or local level that may adversely
impact the business.
Additional information and risk factors are identified in the Company's other
periodic filings with Canadian and US securities regulators (which factors are
adopted herein and a copy of which can be obtained at www.sedar.com). Forward
looking statements contained in this press release are made as of the date
hereof and are subject to change. All forward-looking statements in this press
release are qualified by these cautionary statements. Except as required by
applicable law, Colliers undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future
events or otherwise.
Summary financial information is provided in this press release. This press
release should be read in conjunction with the Company's annual consolidated
financial statements and MD&A to be made available at www.sedar.com.
Notes
1. Reconciliation of net earnings from continuing operations to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings from continuing operations, adjusted
to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense;
(iv) depreciation and amortization; (v) acquisition-related items; (vi) Spin-off
related costs; (vii) restructuring costs and (viii) stock-based compensation
expense. We use adjusted EBITDA to evaluate our own operating performance and
our ability to service debt, as well as an integral part of our planning and
reporting systems. Additionally, we use this measure in conjunction with
discounted cash flow models to determine the Company's overall enterprise
valuation and to evaluate acquisition targets. We present adjusted EBITDA as a
supplemental measure because we believe such measure is useful to investors as a
reasonable indicator of operating performance because of the low capital
intensity of the Company's service operations. We believe this measure is a
financial metric used by many investors to compare companies, especially in the
services industry. This measure is not a recognized measure of financial
performance under GAAP in the United States, and should not be considered as a
substitute for operating earnings, net earnings from continuing operations or
cash flow from operating activities, as determined in accordance with GAAP. Our
method of calculating adjusted EBITDA may differ from other issuers and
accordingly, this measure may not be comparable to measures used by other
issuers. A reconciliation of net earnings (loss) from continuing operations to
adjusted EBITDA appears below.
Three months ended Twelve months ended
(in thousands of US$) December 31 December 31
------------------------- --------------------------
2016 2015 2016 2015
------------ ------------ ------------- ------------
Net earnings from
continuing operations $ 50,320 $ 42,819 $ 91,571 $ 39,915
Income tax 23,691 20,476 47,829 32,552
Other income, net (233 ) (835 ) (2,417 ) (1,122 )
Interest expense, net 2,277 2,515 9,190 9,039
------------ ------------ ------------- ------------
Operating earnings 76,055 64,975 146,173 80,384
Depreciation and
amortization 11,886 10,557 44,924 38,624
Acquisition-related items 1,162 2,903 3,559 6,599
Spin-off stock-based
compensation costs - - - 35,400
Spin-off transaction costs - (82 ) - 14,065
Corporate costs allocated
to Spin-off - - - 2,010
Restructuring costs 547 - 5,127 -
Stock-based compensation
expense 790 790 3,279 4,252
------------ ------------ ------------- ------------
Adjusted EBITDA $ 90,440 $ 79,143 $ 203,062 $ 181,334
------------ ------------ ------------- ------------
2. Reconciliation of net earnings from continuing operations and diluted net
earnings per common share from continuing operations to adjusted net earnings
and adjusted EPS:
Adjusted EPS is defined as diluted net earnings (loss) per share from continuing
operations, adjusted for the effect, after income tax, of: (i) the non-
controlling interest redemption increment; (ii) amortization expense related to
intangible assets recognized in connection with acquisitions; (iii) acquisition-
related items; (iv) Spin-off related costs; (v) restructuring costs and (vi)
stock-based compensation expense. We believe this measure is useful to investors
because it provides a supplemental way to understand the underlying operating
performance of the Company and enhances the comparability of operating results
from period to period. Adjusted EPS is not a recognized measure of financial
performance under GAAP, and should not be considered as a substitute for diluted
net earnings per share from continuing operations, as determined in accordance
with GAAP. Our method of calculating this non-GAAP measure may differ from other
issuers and, accordingly, this measure may not be comparable to measures used by
other issuers. A reconciliation of net earnings (loss) from continuing
operations to adjusted net earnings and of diluted net earnings (loss) per share
from continuing operations to adjusted EPS appears below.
Three months ended Twelve months ended
(in thousands of US$) December 31 December 31
------------------------- --------------------------
2016 2015 2016 2015
------------ ------------ ------------- ------------
Net earnings from
continuing operations $ 50,320 $ 42,819 $ 91,571 $ 39,915
Non-controlling interest
share of earnings (8,826 ) (8,123 ) (20,085 ) (21,509 )
Amortization of intangible
assets 5,674 5,071 21,293 17,013
Acquisition-related items 1,162 2,903 3,559 6,599
Spin-off stock-based
compensation costs - - - 35,400
Spin-off transaction costs - (82 ) - 14,065
Corporate costs allocated
to Spin-off - - - 2,048
Stock-based compensation
expense 790 790 3,279 4,252
Restructuring costs 547 - 5,127 -
Income tax on adjustments (1,846 ) (1,497 ) (8,202 ) (10,563 )
Non-controlling interest
on adjustments (514 ) (951 ) (1,846 ) (1,115 )
------------ ------------ ------------- ------------
Adjusted net earnings $ 47,307 $ 40,930 $ 94,696 $ 86,105
------------ ------------ ------------- ------------
Three months ended Twelve months ended
(in US$) December 31 December 31
------------------------- --------------------------
2016 2015 2016 2015
------------ ------------ ------------- ------------
Diluted net earnings per
common share
from continuing
operations $ 1.14 $ 0.92 $ 1.75 $ 0.59
Non-controlling interest
redemption increment (0.07 ) (0.03 ) 0.09 (0.10 )
Amortization of intangible
assets, net of tax 0.09 0.07 0.35 0.29
Acquisition-related items 0.03 0.08 0.08 0.17
Spin-off stock-based
compensation costs - - - 0.94
Spin-off transaction
costs, net of tax - - - 0.26
Corporate costs allocated
to Spin-off, net of tax - - - 0.04
Restructuring costs 0.01 - 0.09 -
Stock-based compensation
expense, net of tax 0.02 0.02 0.08 0.10
------------ ------------ ------------- ------------
Adjusted EPS $ 1.22 $ 1.06 $ 2.44 $ 2.29
------------ ------------ ------------- ------------
3. Local currency revenue growth rate and internal revenue growth rate measures
Percentage revenue variances presented on a local currency basis are calculated
by translating the current period results of our non-US dollar denominated
operations to US dollars using the foreign currency exchange rates from the
periods against which the current period results are being compared. Percentage
revenue variances presented on an internal growth basis are calculated assuming
acquired entities were owned for the entire current period as well as the entire
prior period. Revenue from acquired entities is estimated based on the operating
performance of each acquired entity for the year prior to the acquisition date.
We believe that these revenue growth rate methodologies provide a framework for
assessing the Company's performance and operations excluding the effects of
foreign currency exchange rate fluctuations and acquisitions. Since these
revenue growth rate measures are not calculated under GAAP, they may not be
comparable to similar measures used by other issuers.
COLLIERS INTERNATIONAL GROUP INC.
Condensed Consolidated Statements of Earnings
(in thousands of US$, except per share amounts)
Three months Twelve months
ended December 31 ended December 31
--------------------------- ------------------------------
(unaudited) 2016 2015 2016 2015
------------- ------------- --------------- --------------
Revenues $ 576,028 $ 556,114 $ 1,896,724 $ 1,721,986
Cost of revenues 346,865 330,914 1,179,773 1,044,434
Selling, general
and administrative
expenses 140,060 146,847 522,295 502,480
Depreciation 6,212 5,486 23,631 21,611
Amortization of
intangible assets 5,674 5,071 21,293 17,013
Acquisition-
related items (1) 1,162 2,903 3,559 6,599
Spin-off stock-
based compensation
costs (2) - - - 35,400
Spin-off
transaction costs
(3) - (82 ) - 14,065
------------- ------------- --------------- --------------
Operating earnings 76,055 64,975 146,173 80,384
Interest expense,
net 2,277 2,515 9,190 9,039
Other income (233 ) (835 ) (2,417 ) (1,122 )
------------- ------------- --------------- --------------
Earnings before
income tax 74,011 63,295 139,400 72,467
Income tax 23,691 20,476 47,829 32,552
------------- ------------- --------------- --------------
Net earnings from
continuing
operations 50,320 42,819 91,571 39,915
Discontinued
operations, net of
income tax (4) - - - 1,104
------------- ------------- --------------- --------------
Net earnings 50,320 42,819 91,571 41,019
Non-controlling
interest share of
earnings 8,826 8,123 20,085 21,509
Non-controlling
interest
redemption
increment (2,758 ) (1,002 ) 3,521 (3,837 )
------------- ------------- --------------- --------------
Net earnings
attributable to
Company $ 44,252 $ 35,698 $ 67,965 $ 23,347
------------- ------------- --------------- --------------
Net earnings per
common share
Basic
Continuing
operations $ 1.15 $ 0.93 $ 1.76 $ 0.60
Discontinued
operations - - - 0.03
------------- ------------- --------------- --------------
$ 1.15 $ 0.93 $ 1.76 $ 0.63
------------- ------------- --------------- --------------
Diluted
Continuing
operations $ 1.14 $ 0.92 $ 1.75 $ 0.59
Discontinued
operations - - - 0.03
------------- ------------- --------------- --------------
$ 1.14 $ 0.92 $ 1.75 $ 0.62
------------- ------------- --------------- --------------
Adjusted EPS (5) $ 1.22 $ 1.06 $ 2.44 $ 2.29
------------- ------------- --------------- --------------
Weighted average
common shares
(thousands)
Basic 38,631 38,298 38,596 37,196
Diluted 38,899 38,674 38,868 37,586
Notes to Condensed Consolidated Statements of Earnings (Loss)
(1) Acquisition-related items include transaction costs, contingent acquisition
consideration fair value adjustments and contingent acquisition consideration-
related compensation expense.
(2) Stock-based compensation costs related to the exchange of non-controlling
interests in the former Commercial Real Estate Services division for publicly
traded shares of Colliers International Group Inc., in connection with the spin-
off completed on June 1, 2015.
(3) Transaction costs related to the spin-off of FirstService completed on June
1, 2015.
(4) Discontinued operations comprise FirstService, which was spun off on June
1, 2015.
(5) See definition and reconciliation above.
Condensed Consolidated Balance Sheets
(in thousands of US$)
December December
(unaudited) 31, 2016 31, 2015
------------------- ------------------
Assets
Cash and cash equivalents $ 113,148 $ 116,150
Accounts receivable 311,020 298,466
Prepaids and other assets 100,468 81,363
------------------- ------------------
Current assets 524,636 495,979
Other non-current assets 48,860 23,209
Fixed assets 65,274 62,553
Deferred income tax 68,446 84,038
Goodwill and intangible assets 487,563 426,642
------------------- ------------------
Total assets $ 1,194,779 $ 1,092,421
------------------- ------------------
Liabilities and shareholders' equity
Accounts payable and accrued liabilities $ 483,376 $ 455,243
Other current liabilities 25,266 20,698
Long-term debt - current 1,961 3,200
------------------- ------------------
Current liabilities 510,603 479,141
Long-term debt - non-current 260,537 257,747
Other liabilities 57,609 48,034
Deferred income tax 18,714 18,414
Redeemable non-controlling interests 134,803 139,592
Shareholders' equity 212,513 149,493
------------------- ------------------
Total liabilities and equity $ 1,194,779 $ 1,092,421
------------------- ------------------
Supplemental balance sheet information
Total debt $ 262,498 $ 260,947
Total debt, net of cash 149,350 144,797
Net debt / pro forma adjusted EBITDA
ratio 0.7 0.8
Condensed Consolidated Statements of
Cash Flows
(in thousands of US$)
Three months ended Twelve months ended
December 31 December 31
--------------------------- ---------------------------
(unaudited) 2016 2015 2016 2015
------------- ------------- -------------- ------------
Cash provided by
(used in)
Operating activities
Net earnings from
continuing operations $ 50,321 $ 42,818 $ 91,571 $ 39,915
Items not affecting
cash:
Depreciation and
amortization 11,886 10,557 44,924 38,624
Spin-off stock-
based
compensation - - - 35,400
Deferred income
tax 4,247 8,227 9,998 2,752
Other 1,639 209 14,880 6,507
------------- ------------- -------------- ------------
68,093 61,811 161,373 123,198
Changes in non-cash
working capital
Accounts
receivable (41,873 ) (23,588 ) (16,737 ) (5,574 )
Prepaids and
other current
assets (8,959 ) (2,689 ) (13,469 ) (18,618 )
Payables and
accruals 88,490 66,685 23,155 38,293
Other 2,569 (3,727 ) 2,531 (9,204 )
Contingent
acquisition
consideration - (89 ) (591 ) (1,421 )
------------- ------------- -------------- ------------
Net cash provided by
operating activities
before
discontinued
operations 108,320 98,403 156,262 126,674
Discontinued
operations - - - 30,564
------------- ------------- -------------- ------------
Net cash provided by
operating activities 108,320 98,403 156,262 157,238
------------- ------------- -------------- ------------
Investing activities
Acquisition of
businesses, net of
cash acquired (9,741 ) (15,208 ) (82,073 ) (44,108 )
Purchases of fixed
assets (8,804 ) (6,722 ) (25,046 ) (22,515 )
Other investing
activities (8,287 ) (753 ) (26,570 ) (7,919 )
------------- ------------- -------------- ------------
Net cash used in
investing activities
before
discontinued
operations (26,832 ) (22,683 ) (133,689 ) (74,542 )
Discontinued
operations - - - (10,871 )
------------- ------------- -------------- ------------
Net cash used in
investing activities (26,832 ) (22,683 ) (133,689 ) (85,413 )
------------- ------------- -------------- ------------
Financing activities
(Decrease) increase
in long-term debt,
net (66,805 ) (55,556 ) 16,953 (62,321 )
Purchases of non-
controlling
interests, net of
sales (355 ) (1,698 ) (13,274 ) (6,905 )
Dividends paid to
common shareholders - - (3,471 ) (7,178 )
Distributions paid to
non-controlling
interests (3,106 ) (6,287 ) (16,495 ) (19,065 )
Other financing
activities 639 10,319 1,432 6,838
------------- ------------- -------------- ------------
Net cash used in
financing activities (69,627 ) (53,222 ) (14,855 ) (88,631 )
------------- ------------- -------------- ------------
Effect of exchange
rate changes on cash (7,623 ) (4,515 ) (10,720 ) (23,837 )
------------- ------------- -------------- ------------
Decrease in cash and
cash equivalents 4,238 17,983 (3,002 ) (40,643 )
Cash and cash
equivalents,
beginning of period 108,910 98,167 116,150 156,793
------------- ------------- -------------- ------------
Cash and cash
equivalents, end of
period $ 113,148 $ 116,150 $ 113,148 $ 116,150
------------- ------------- -------------- ------------
Segmented Results
(in thousands of US dollars)
Asia
(unaudited) Americas EMEA Pacific Corporate Consolidated
------------- ----------- ----------- ------------- -------------
Three months
ended
December 31
2016
Revenues $ 291,342 $ 152,175 $ 132,182 $ 329 $ 576,028
Adjusted
EBITDA 34,132 34,917 24,514 (3,123 ) 90,440
Operating
earnings 29,408 28,780 22,917 (5,050 ) 76,055
2015
Revenues $ 276,374 $ 151,653 $ 127,854 $ 233 $ 556,114
Adjusted
EBITDA 35,238 25,521 21,148 (2,764 ) 79,143
Operating
earnings 29,788 20,535 19,109 (4,457 ) 64,975
Asia
Americas EMEA Pacific Corporate Consolidated
------------- ----------- ----------- ------------- -------------
Twelve months
ended
December 31
2016
Revenues $ 1,021,317 $ 474,868 $ 399,368 $ 1,171 $ 1,896,724
Adjusted
EBITDA 106,659 55,924 51,448 (10,969 ) 203,062
Operating
earnings 85,255 34,275 45,614 (18,971 ) 146,173
2015
Revenues $ 889,738 $ 446,146 $ 385,123 $ 979 $ 1,721,986
Adjusted
EBITDA 88,740 56,559 47,809 (11,774 ) 181,334
Operating
earnings 69,247 38,777 41,092 (68,732 ) 80,384
COMPANY CONTACTS:
Jay S. Hennick
Chairman & Chief Executive Officer
John B. Friedrichsen
Chief Financial Officer
(416) 960-9500
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Colliers International Group Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 524377
Anzahl Zeichen: 44737
contact information:
Town:
Seattle, WA
Kategorie:
Business News
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"Colliers International reports record quarterly and year-end results"
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Colliers International Group Inc. (Nachricht senden)
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