The AR Facility is recorded as a sale of accounts receivable, and accordingly sold Receivables are derecognized from the consolidated balance sheet. (NCIB) at a weighted average purchase price of $92.59 per US share. contingent acquisition consideration-related compensation expense and transaction costs); (ix) restructuring Overview Earnings & Estimates Colliers International Group Inc. a reduction in commercial real estate transactions and decreases in expenditure at our clients and therefore a reduction in the demand for the services the Company provides; a decrease in property values and vacancy rates, which could negatively impact Leasing and Capital Markets commissions; liquidity challenges, including impacts related to delayed customer payments and payment defaults associated with customer liquidity issues and bankruptcies; inability to access capital or financing at favorable terms due to possible adverse effect on our liquidity and financial position; and. Notes to Segmented Results(1)Operating earnings (loss) include $27,358 Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. Industrial Market Continued to Grow with Robust Development Pipeline. Colliers is involved in various legal claims associated with the normal course of operations and believes it has made adequate provision for such legal claims. The following table summarizes our contractual obligations as at March 31, 2021: At March 31, 2021, we had commercial commitments totaling $18.0 million comprised of letters of credit outstanding due to expire within one year. currency), adjusted EBITDA (note 1) was $427.8 million, up 21% (24% in local currency) and adjusted EPS (note 2) We present adjusted EBITDA as a supplemental The ASU also enhances information transparency through targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance. The increase was primarily attributable to the impact of recent acquisitions, stabilizing transactional activity, especially Capital Markets, and continued strength in recurring services. The provision for income tax for the three months ended March 31, 2021 reflected an effective tax rate of 26.3% (2020 - 44.6%) relative to the combined statutory rate of approximately 26.5% (2020 - 26.5%). The Investment Management segment operates in the Americas and EMEA. Colliers reported solid third quarter results with Outsourcing & Advisory, Investment Management If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the licensor reserves the right to terminate the Company's servicing authority for all or some of the portfolio. was $4.69, up 20% versus prior year. Unless it contains an element of compensation, contingent consideration is recorded at fair value each reporting period. The AR Facility has committed availability of $125 million with a term of 364 days extending to April 25, 2022 and includes selected US and Canadian trade accounts receivable (the 'Receivables'). Difference in NASDAQ and Corporate Governance Guidelines. We believe that cash from operations and other existing resources, including our $1.0 billion multi-currency revolving credit facility (the 'Revolving Credit Facility'), will continue to be adequate to satisfy the ongoing working capital needs of the Company. Our method of calculating adjusted EBITDA may differ from other issuers and determined in accordance with GAAP. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. quarter, relative to unallocated global corporate costs of $5.6 million in the prior year quarter due to a The Revolving Credit Facility has a 5-year term ending April 30, 2024 and bears interest at an applicable margin of 1.25% to 3.0% over floating reference rates, depending on financial leverage ratios. The last year's value of Preferred Dividends Income Statement Impact was reported at 2.83 Million. Foreign exchange tailwinds positively impacted revenue growth by 1%. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. costs and (x) stock-based compensation expense. (4) See definition and As of March 31, 2021, there was $16,488 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. Public Finance Individual Investors Investment Banking Institutional Investors At Colliers, our clients trust our public finance experts in all aspects of borrowing and financial management, including municipal bond underwriting. At Colliers International Group Inc., we promise to treat your data with respect and will not share your information with any third party. The accompanying consolidated financial statements and management discussion and analysis ("MD&A") of Colliers International Group Inc.("Colliers" or the "Company") and all information in this annual report are the responsibility of management and have been approved by the Board of Directors. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Companys Copyright 2023 Surperformance. Foreign exchange tailwinds positively impacted revenue growth by 12%. Adjusted EBITDA was $15.5 million compared to $5.2 million in the prior year quarter with the improvement in margin attributable to operating leverage and a lower cost base. current period results of our non-US dollar denominated operations to US dollars using the foreign currency Financial Services Financial Management, Lease Administration and Company Administration for real estate companies We provide advanced financial services and customer-oriented reporting for real estate companies and portfolios. The purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers. In most operations where managers or employees are also non-controlling owners, the Company is party to shareholders' agreements. TORONTO, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) ("Colliers" or the "Company") today announced operating and financial results for the third . assets recognized in connection with acquisitions and MSRs; (v) gains attributable to MSRs; (vi) The groupings are based on the manner in which the segments are managed. Forward-looking statements include During the three months ended March 31, 2021, approximately 59% of the current contract assets were moved to accounts receivable or sold under the AR Facility (Note 10). At Colliers International Group Inc., we promise to treat your data with respect and will not share your information with any third party. periods presented. By partnering with Colliers, you will have the attention of best-in-class advisors who will manage the ever-changing needs of your property to maximize value and tenant retention, freeing you up to focus on your business. On April 16, 2021, after receiving approval from 95% of disinterested shareholders, the Company completed the previously announced transaction (the 'Transaction') to settle the Management Services Agreement, including the Long-Term Incentive Arrangement, between Colliers, Jay S. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. TORONTO, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) Notes to Condensed Consolidated Balance Sheets(1)Restricted cash consists The GAAP operating loss was $1.1 million compared to a loss of $13.5 million in the prior year quarter. Governance Documents. Revenues and earnings during the balance of the year are relatively even. Revenues in the Americas region totalled $695.1 million for the third quarter, up 13% (13% in local The non-cash investing activities associated with the DPP for the three months ended March 31, 2021 were $1,984. Certain assumptions have been made for modeling purposes and are unlikely to be realized. These obligations expose the Company to credit risk on mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program. Conference Call year quarter. Consolidated internal revenues measured in local Income statements, balance sheets, cash flow statements and key ratios. The Company's processes and disclosures have been updated to incorporate the new standard. basis. shareholders and distributions to non-controlling interests. Using our global reach and expertise to drive solutions at scale. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company's financial condition or the results of operations. Colliers Intl Preferred Dividends Income Statement Impact is most likely to decrease significantly in the upcoming years. Adjusted EBITDA margin increased by 330 basis points to 11.9% as compared to 8.6% in the prior year period. In March 2020, the FASB issued ASU No. This press release includes or may include forward-looking statements. Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. If you experience any issues with this process, please contact us for further assistance. margin was impacted by (i) higher discretionary and variable costs as well as (ii) changes in revenue mix with a Adjusted EBITDA and adjusted earnings per share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. GAAP operating earnings were $6.1 million, versus operating For the nine months ended September 30, 2022, consolidated revenues increased 21% on a local currency In connection with the issuance of the Convertible Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five years using the effective interest rate method. Income Statement ( Annual) Financials in millions USD. For additional information about Colliers, contact us at investorrelations@colliers.com or +1 416-960-9500. EARNINGS (LOSS), Selling, general and administrative expenses, Settlement of long-term incentive arrangement We use the term assets under management ('AUM') as a measure of the scale of our Investment Management operations. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. Management, including the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in the rules of the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, as at March 31, 2021. Pursuant to its licenses with Fannie Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum net worth and liquidity requirements. in the Nordic region once the transaction is completed. During the three months ended March 31, 2021, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. We use free cash flow as a measure to evaluate and monitor At March 31, 2021, Colliers Mortgage was in compliance with all such requirements. The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. The Company is entitled to repurchase up to 3,000,000 Subordinate Voting Shares on the open market pursuant to the NCIB. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes to simplify the accounting for income taxes. Since these revenue growth rate strategies and trends; the ability to comply with laws and regulations related to our global operations, We do not use financial instruments for trading or speculative purposes. Canadian tax treatment of common share dividends. As such, the interest (net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. Settlement of Long Term Incentive Arrangement. (3)Excluding warehouse credit facilities and convertible rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers Following the sale and transfer of the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the Receivables. Including Versus Capital (completed on October 12, 2022), assets under management are now Difference in NASDAQ and Corporate Governance Guidelines, Nominating and Corporate Governance Committee Mandate. The swaps have a maturity of April 30, 2023. Growing recurring revenues and earnings, now at 55% of our proforma The following table summarizes the gross value, accumulated amortization and net carrying value of the Company's indefinite life and finite life intangible assets: In May 2020, the Company acquired MSR intangible assets in its acquisition of Colliers Mortgage. DECEMBER 31, 2017 Management's Responsibility for Financial Statements The accompanying consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The Company has outstanding 210,000 of senior unsecured notes with a fixed interest rate of 2.23% (the 'Senior Notes'), which are held by a group of institutional investors. discuss the quarters results. If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil. Changes in climate and environment-related policies that directly impact our businesses. On April 27, 2020, the Company extended the term of AR Facility for another 364 days. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as at March 31, 2021. See note 20 for subsequent events related to the settlement of the LTIA. terrorism on the Companys operations; the ability to identify and make acquisitions at reasonable prices and Colliers International Group Inc. announces an Equity Buyback for 4,000,000 shares, representing 8.72% of its issued share capital. The Convertible Notes, due 2025, are unsecured and subordinated to all of the existing and future senior and/or secured indebtedness, and are treated as equity for financial leverage calculations under our existing debt agreements. The following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five years and thereafter: The Company has a multi-currency senior unsecured revolving credit facility (the 'Revolving Credit Facility') of $1,000,000. a change in or loss of our relationship with US government agencies, such as Fannie Mae or Ginnie Mae could significantly impact our ability to originate mortgage loans; defaults by borrowers on loans originated under the Fannie Mae Delegated Underwriting and Servicing, a decline in origination volumes or termination of our current servicing agreements, could significantly impact profitability, with a majority of our earnings generated from loan servicing; and. particularly Engineering & Design (including recent acquisitions) and Leasing, which benefitted from The Company has prepared this MD&A with reference to National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators (the 'CSA'). regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and 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. Repurchase of Subordinate Voting Shares Its primary services are leasing, capital markets, outsourcing and advisory, and investment management services. In May 2020, the Company issued $230,000 aggregate principal of 4.0% Convertible Senior Subordinated Notes (the 'Convertible Notes') at par value. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Colliers International Group's market cap is currently . An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. All Annual Information Form Annual Report Annual Statement of Payments Certificate of the annual statement of payments Code of Conduct Directors' Circular Disclosure Document Disclosure For Oil and Gas Activities NI 51-101 Documents Affecting Rights of Securityholders Early Warning Report Exemptive Relief Applications Financial . In the three-month period ending March 31, 2021, $1,650 of the wage subsidies were recorded as reduction to cost of revenues (2020 - $nil) and $822 were recorded as a reduction to selling, general and administrative expenses (2020 - $nil) in the Consolidated Statements of Earnings. on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to

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