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Probleme bei der Darstellung von ARIVA.DE?

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28.06.17
ROUNDUP/Aktien New York Schluss: Dow fester - Stresstest-​Zuversicht bei Banken

Colliers International reports record quarterly and year-end results

Mittwoch, 15.02.2017 13:00

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: @Colliers and LinkedIn.

Consolidated Revenues

      Three months ended     Twelve months ended  
  (in thousands of US$)   December 31   Growth   December 31   Growth
  (LC = local currency)   2016   2015   in LC %   2016   2015   in LC %
                               
  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$)
           
             
(unaudited)   December 31, 2016     December 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
 
 



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Source: Colliers International Group Inc. via Globenewswire