GlobeNewswire Inc | Nov 2, 2021 07:00AM EDT

November 02, 2021

Third quarter operating highlights:

Three months ended Nine months ended September 30 September 30(in millions of US$, except 2021 2020 2021 2020EPS) Revenues $ 1,022.8 $ 692.3 $ 2,743.7 $ 1,873.1Adjusted EBITDA (note 1) 123.6 92.1 352.3 206.5Adjusted EPS (note 2) 1.27 1.08 3.91 2.35 GAAP operating earnings 76.0 52.1 (269.9) 85.1 *GAAP diluted EPS 0.40 0.52 (10.19) 0.38 ** Includes $471.9 million settlement of Long-Term Incentive Arrangement withthe Company's Chairman & CEO.

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 Companys 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 deliveredvery 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 alsodelivered 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.

About ColliersColliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Consolidated Revenues by Line of Service

Three months ended Nine months ended (inthousands September 30 Change Change September 30 Change Changeof US$)(LC = local 2021 2020 in US$ in LC% 2021 2020 in US$ in LC%currency) % % Outsourcing $ 390,943 $ 315,352 24% 22% $ 1,119,720 $ 849,686 32% 27%& AdvisoryInvestment 78,275 41,704 88% 87% 173,379 128,918 34% 34%ManagementLeasing 242,890 169,688 43% 41% 663,807 470,966 41% 37%Capital 310,648 165,563 88% 85% 786,758 423,571 86% 79%MarketsTotal $ 1,022,756 $ 692,307 48% 46% $ 2,743,664 $ 1,873,141 46% 42%revenues

Consolidated revenues for the third quarter increased 46% on a local currency basis, driven by strong growth across all service lines, particularly Capital Markets and Investment Management. Consolidated internal revenues measured in local currencies were up 45% (note 3), versus prior year quarter results which were impacted by the COVID-19 pandemic. Relative to 2019 pre-pandemic peak levels, third quarter 2021 Capital Markets revenues were up 34% on an internal local currency basis, while Leasing revenues were up 8%.

For the nine months ended September 30, 2021, consolidated revenues increased 42% on a local currency basis driven by (i) a rebound in Capital Markets and Leasing activity; (ii) strong growth in Investment Management and Outsourcing & Advisory service lines; and (iii) the impact of recent acquisitions, versus prior year results which were impacted by the pandemic beginning in March 2020. Consolidated internal revenues measured in local currencies were up 32% (note 3). Relative to 2019 pre-pandemic peak levels, year to date 2021 Capital Markets revenues were up 28% on an internal local currency basis, while Leasing revenues recovered to within 2% of 2019 levels.

Segmented Third Quarter ResultsRevenues in the Americas region totalled $617.1 million for the third quarter, up 46% (45% in local currency) versus $422.6 million in the prior year quarter. Revenue growth was primarily driven by strong Capital Markets activity, especially in the industrial and multi-family asset classes. Outsourcing & Advisory revenues were also up strongly on robust growth in Engineering & Design, Valuation and Mortgage services. Adjusted EBITDA was $65.8 million, up 20% over the prior year quarter. Adjusted EBITDA growth was impacted by (i) performance-based incentives resulting from strong year-over-year growth in operating results and (ii) higher discretionary and variable costsrelative to significantly reducedcosts earlier in the pandemic. GAAP operating earnings were $48.9 million, relative to $40.4 million in the prior year quarter.

Revenues in the EMEA region totalled $154.9 million for the third quarter compared to $117.4 million in the prior year quarter, up 32% (29% in local currency) with strong growth across all service lines. Adjusted EBITDA was $15.0 million, up 96% over the prior year on higher revenues and continuing cost savings from measures implemented during the pandemic. GAAP operating earnings were $11.4 million versus a loss of $1.4 million in the prior year quarter.

Revenues in the Asia Pacific region totalled $172.3 million for the third quarter compared to $110.5 million in the prior year quarter, up 56% (51% in local currency). Revenue growth was robust across all service lines and geographies, especially in Australia and New Zealand, versus pandemic-impacted prior year quarter results. Adjusted EBITDA was $20.7 million, up 62% over the prior year quarter with the improvement in margin attributable to operating leverage. GAAP operating earnings were $18.3 million, versus $8.5 million in the prior year quarter.

Investment Management revenues for the third quarter were $78.3 million compared to $41.7 million in the prior year quarter, up 88% (87% in local currency). Passthrough revenue from historical carried interest represented $18.6 million for the third quarter versus $1.9 million in the prior year quarter. Excluding the impact of carried interest, revenue was up 50% driven by management fee growth from increased assets under management. Adjusted EBITDA was $27.8 million, up 82% over the prior year quarter. GAAP operating earnings were $19.8 million in the quarter, versus $7.9 million in the prior year quarter. Assets under management were $46.1 billion on September 30, 2021, up 17% from $39.5 billion on December 31, 2020 and up 27% from $36.2 billion on September 30, 2020.

Unallocated global corporate costs as reported in Adjusted EBITDA were $5.6 million in the third quarter, relative to earnings of $1.8 million in the prior year quarter, with the change primarily attributable to performance-based incentive compensation accruals recorded in the current year period. The corporate GAAP operating loss for the quarter was $22.5 million relative to a loss of $3.5 million in the third quarter of 2020 attributable to an increase in the fair value of contingent acquisition consideration on strong operating performance of recently acquired businesses as well as incentive compensation accruals.

2021 OutlookGiven the strong results for the third quarter and continued momentum, the Company now expects revenue and Adjusted EBITDA to exceed the top end of the previous outlook. The previously provided outlook for the full year 2021, relative to 2020, was a revenue increase of 20% to 30% and an Adjusted EBITDA increase of 25% to 35%. The outlook for the balance of the year may still be impacted by (i) changes in Capital Markets and Leasing transaction velocity in the traditionally strong fourth quarter as the pandemic continues to impact operations; and (ii) higher than anticipated increases in operating costs, which were reduced during the pandemic.

This financial outlook is based on the Companys best available information as of the date of this press release and remains subject to change based on numerous macroeconomic, health, social, geo-political and related factors.

Private Placement of Senior NotesOn July 28, 2021 the Company entered into a note purchase agreement to issue US dollar and Euro fixed rate senior unsecured notes (the Senior Notes), consisting of US$150 million of 3.02% Notes due 2031 and 125 million of 1.52% Notes due 2031. The Senior Notes were placed privately and rank equally with Colliers senior unsecured revolving credit facility and existing senior unsecured Euro notes due 2028. The proceeds of the issuances were drawn on October 7, 2021. Colliers used the proceeds for general corporate purposes and to repay all outstanding borrowings under its revolving credit facility.

Conference CallColliers will be holding a conference call on Tuesday, November 2, 2021 at 11:00 a.m. Eastern Time to discuss the quarters 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 corporate.colliers.com in the Events section.

Forward-looking StatementsThis press release includes or may include forward-looking statements. Forward-looking statements include the Companys 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 capitalization 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 Companys Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Companys services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of global climate change; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities and terrorism on the Companys 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 and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; 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 Companys 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 consolidated financial statements and MD&A to be made available on SEDAR at www.sedar.com.

NotesNon-GAAP Measures1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense; (iv) the settlement of the LTIA; (v) depreciation and amortization, including amortization of mortgage servicing rights (MSRs); (vi) gains attributable to MSRs; (vii) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (viii) restructuring costs and (ix) 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 Companys 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 Companys 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 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 to adjusted EBITDA appears below.

Three months ended Nine months ended September 30 September 30(in thousands of 2021 2020 2021 2020 US$) Net earnings (loss) $ 50,496 $ 31,979 $ (337,298 ) $ 44,921 Income tax 18,771 11,740 48,490 19,066 Other income,including equityearnings from (1,601 ) (509 ) (5,547 ) (1,479 )non-consolidatedinvestmentsInterest expense, 8,300 8,864 24,500 22,627 netOperating earnings 75,966 52,074 (269,855 ) 85,135 (loss)Settlement of LTIA - - 471,928 - Depreciation and 34,588 36,281 106,939 87,111 amortizationGains attributable (5,812 ) (6,888 ) (20,728 ) (7,397 )to MSRsEquity earningsfrom 1,487 482 4,625 1,451 non-consolidatedinvestmentsAcquisition-related 14,231 4,965 49,773 11,499 itemsRestructuring costs 523 3,374 1,466 22,681 Stock-basedcompensation 2,658 1,832 8,180 6,056 expenseAdjusted EBITDA $ 123,641 $ 92,120 $ 352,328 $ 206,536

2. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and adjusted EPS:

Adjusted EPS is defined as diluted net earnings per share as calculated under the if-converted method, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) the settlement of the LTIA; (iii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iv) gains attributable to MSRs; (v) acquisition-related items; (vi) restructuring costs and (vii) 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 to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below.

Adjusted EPS is calculated using the if-converted method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest (net of 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. The if-converted method is used if the impact of the assumed conversion is dilutive. For the three months and nine months ended September 30, 2021, the if-converted method is anti-dilutive for the GAAP diluted EPS calculation but dilutive for the adjusted EPS calculation.

Three months ended Nine months ended September 30 September 30(in thousands of US$) 2021 2020 2021 2020 Net earnings (loss) $ 50,496 $ 31,979 $ (337,298 ) $ 44,921 Non-controllinginterest share of (13,623 ) (6,264 ) (33,148 ) (13,906 )earningsInterest on 2,300 2,314 6,900 3,373 Convertible NotesSettlement of LTIA - - 471,928 - Amortization of 23,148 25,912 74,019 59,013 intangible assetsGains attributable to (5,812 ) (6,888 ) (20,728 ) (7,397 )MSRsAcquisition-related 14,231 4,965 49,773 11,499 itemsRestructuring costs 523 3,374 1,466 22,681 Stock-based 2,658 1,832 8,180 6,056 compensation expenseIncome tax on (8,934 ) (6,988 ) (27,117 ) (20,235 )adjustmentsNon-controllinginterest on (3,125 ) (2,625 ) (9,920 ) (7,222 )adjustmentsAdjusted net earnings $ 61,862 $ 47,611 $ 184,055 $ 98,783 Three months ended Nine months ended September 30 September 30(in US$) 2021 2020 2021 2020 Diluted net earnings(loss) per common $ 0.37 $ 0.48 $ (9.20 ) $ 0.37 share^(1)Interest onConvertible Notes, 0.04 0.04 0.11 0.06 net of taxNon-controllinginterest redemption 0.39 0.10 1.34 0.37 incrementSettlement of LTIA - - 10.02 - Amortization expense, 0.28 0.38 0.94 0.88 net of taxGains attributable to (0.07 ) (0.12 ) (0.25 ) (0.14 )MSRs, net of taxAcquisition-related 0.20 0.10 0.75 0.27 itemsRestructuring costs, 0.01 0.06 0.02 0.40 net of taxStock-basedcompensation expense, 0.05 0.04 0.18 0.14 net of taxAdjusted EPS $ 1.27 $ 1.08 $ 3.91 $ 2.35 Diluted weightedaverage shares for 48,722 44,181 47,111 42,075 Adjusted EPS(thousands)^(1)Amounts shown reflect the "if-converted" method's dilutive impact on theadjusted EPS calculation for the three and nine months ended September 30, 2021and 2020.

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 no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Companys 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.

4. Assets under management

We use the term assets under management (AUM) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development properties of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.

COLLIERS INTERNATIONAL GROUP INC.CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)(in thousands of US$, except per share amounts) Three months Nine months ended September 30 ended September 30(unaudited) 2021 2020 2021 2020 Revenues $ 1,022,756 $ 692,307 $ 2,743,664 $ 1,873,141 Cost of revenues 645,123 426,031 1,689,505 1,197,736 Selling, generaland administrative 252,848 172,956 695,374 491,660 expensesDepreciation 11,440 10,369 32,920 28,098 Amortization of 23,148 25,912 74,019 59,013 intangible assetsAcquisition-related 14,231 4,965 49,773 11,499 items (1)Settlement oflong-term incentive - - 471,928 - arrangement (2)Operating earnings 75,966 52,074 (269,855 ) 85,135 (loss)Interest expense, 8,300 8,864 24,500 22,627 netEquity earningsfrom unconsolidated (1,487 ) (482 ) (4,625 ) (1,451 )investmentsOther income (114 ) (27 ) (922 ) (28 )Earnings (loss) 69,267 43,719 (288,808 ) 63,987 before income taxIncome tax 18,771 11,740 48,490 19,066 Net earnings (loss) 50,496 31,979 (337,298 ) 44,921 Non-controllinginterest share of 13,623 6,264 33,148 13,906 earningsNon-controllinginterest redemption 18,869 4,548 63,180 15,572 incrementNet earnings (loss)attributable to $ 18,004 $ 21,167 $ (433,626 ) $ 15,443 Company Net earnings (loss) per common share Basic $ 0.41 $ 0.53 $ (10.19 ) $ 0.39 Diluted (3) $ 0.40 $ 0.52 $ (10.19 ) $ 0.38 Adjusted EPS (4) $ 1.27 $ 1.08 $ 3.91 $ 2.35 Weighted averagecommon shares (thousands) Basic 44,003 40,027 42,543 39,944 Diluted 44,754 44,181 42,543 40,136

Notes to Condensed Consolidated Statements of Earnings(1)Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs.(2)Settlement of Long-Term Incentive Arrangement with the Companys Chairman and CEO as approved by 95% of the Companys disinterested shareholders. The settlement resulted in a cash payment of $96,200 and the issuance of 3,572,858 Subordinate Voting Shares on April 16, 2021.(3)Diluted EPS is calculated using the if-converted method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest (net of 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. The if-converted method is used if the impact of the assumed conversion is dilutive. The if-converted method is anti-dilutive for the three-month and nine-month periods ended September 30, 2021 and for the nine-month period ended September 30, 2020. The if-converted method is dilutive for the three-month period ended September 30, 2020.(4)See definition and reconciliation above.

COLLIERS INTERNATIONAL GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands of US$) September December 31, September 30, 30,(unaudited) 2021 2020 2020 Assets Cash and cash equivalents $ 134,123 $ 156,614 $ 129,190Restricted cash (1) 45,348 20,919 118,543Accounts receivable and contract 485,162 433,250 390,116assetsWarehouse receivables (2) 161,939 232,207 190,720Prepaids and other assets 213,635 192,821 186,419 Current assets 1,040,207 1,035,811 1,014,988Other non-current assets 105,487 94,679 81,539Fixed assets 138,735 129,221 126,628Operating lease right-of-use 311,314 288,134 285,123assetsDeferred tax assets, net 62,775 45,008 48,743Goodwill and intangible assets 1,635,560 1,699,314 1,692,169Real estate assets held for sale 31,076 - 78,159 Total assets $ 3,325,154 $ 3,292,167 $ 3,327,349 Liabilities and shareholders' equityAccounts payable and accrued $ 855,368 $ 748,660 $ 734,609liabilitiesOther current liabilities 149,097 53,661 50,149Long-term debt - current 3,565 9,024 11,635Warehouse credit facilities (2) 152,905 218,018 181,216Operating lease liabilities - 80,282 78,923 74,613currentLiabilities related to real estate - - 7,112assets held for sale Current liabilities 1,241,217 1,108,286 1,059,334Long-term debt - non-current 375,182 470,871 632,222Operating lease liabilities - 292,133 251,680 250,827non-currentOther liabilities 117,097 158,366 122,505Deferred tax liabilities, net 36,438 50,523 50,091Convertible notes 224,895 223,957 223,658Liabilities related to real estate 20,975 - 25,129assets held for saleRedeemable non-controlling 474,615 442,375 431,184interestsShareholders' equity 542,602 586,109 532,399 Total liabilities and equity $ 3,325,154 $ 3,292,167 $ 3,327,349 Supplemental balance sheet informationTotal debt (3) $ 378,747 $ 479,895 $ 643,857Total debt, net of cash and cash 244,624 323,281 514,667equivalents (3)Net debt / pro forma adjusted 0.5 1.0 1.5EBITDA ratio (4)

Note to Condensed Consolidated Balance Sheets

(1)Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business.(2)Warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under warehouse credit facilities which fund loans that financial institutions have committed to purchase.(3)Excluding warehouse credit facilities and convertible notes.(4)Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in accordance with debt agreements.

COLLIERSINTERNATIONAL GROUP INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands of US$) Three months ended Nine months ended September 30 September 30(unaudited) 2021 2020 2021 2020 Cash provided by (used in) Operating activitiesNet earnings $ 50,496 $ 31,979 $ (337,298 ) $ 44,921 (loss)Items not affecting cash: Depreciation and 34,588 36,281 106,939 87,111 amortization Settlement of long-term - - 375,742 - incentive arrangement Gains attributable to mortgage (5,812 ) (6,888 ) (20,728 ) (7,397 ) servicing rights Gains attributable to the fair value of loan premiums and origination (12,516 ) (14,303 ) (34,799 ) (16,113 ) fees Deferred (10,953 ) (2,977 ) (33,457 ) (16,974 ) income tax Other 25,777 12,680 87,062 37,283 81,580 56,772 143,461 128,831 (Increase)decrease inaccounts receivable,prepaid expenses and (60,389 ) 4,867 (139,622 ) 80,722 other assetsIncrease inaccounts payable,accrued expenses and other 73,779 93,998 75,558 59,744 liabilities(Decrease)increase in 75,911 34,890 74,234 (146,371 )accruedcompensationContingentacquisition - - (10,472 ) (15,684 )considerationpaidProceeds fromsale of 374,458 391,155 1,969,488 481,134 mortgage loansOrigination of (461,783 ) (539,103 ) (1,858,983 ) (626,202 )mortgage loansIncrease inwarehouse 97,339 156,629 (65,113 ) 156,366 creditfacilitiesRepurchasesfrom AR 11,629 (2,005 ) 22,521 (14,290 )Facility, netof salesNet cashprovided by 192,524 197,203 211,072 104,250 operatingactivities Investing activitiesAcquisition ofbusinesses, net (590 ) (66,975 ) (4,797 ) (203,916 )of cashacquiredPurchases of (11,847 ) (10,501 ) (44,450 ) (29,530 )fixed assetsPurchase ofheld for sale (10,101 ) (45,918 ) (10,101 ) (45,918 )real estateassetsProceeds fromsale of held - - - 94,222 for sale realestate assetsCashcollections onAR facility 11,563 11,673 34,295 38,132 deferredpurchase priceOther investing (14,147 ) (1,944 ) (34,936 ) (1,140 )activitiesNet cash usedin investing (25,122 ) (113,665 ) (59,989 ) (148,150 )activities Financing activitiesIncrease inlong-term debt, (154,930 ) (7,017 ) (84,997 ) 18,127 netIssuance ofconvertible - - - 230,000 notesPurchases ofnon-controlling 1,658 5,417 (20,182 ) (18,978 )interests, netof salesDividends paidto common (2,200 ) (1,999 ) (4,209 ) (3,991 )shareholdersDistributionspaid to (8,270 ) (7,076 ) (43,498 ) (29,062 )non-controllinginterestsOther financing 2,240 2,651 8,704 (10,987 )activitiesNet cash (usedin) provided by (161,502 ) (8,024 ) (144,182 ) 185,109 financingactivities Effect ofexchange rate (3,996 ) 5,981 (4,963 ) (8,469 )changes on cash Increase in cash and cash equivalents and 1,904 81,495 1,938 132,740 restricted cashCash and cash equivalents and restricted cash, 177,567 166,238 177,533 114,993 beginning of periodCash and cash equivalents and restricted cash, end of $ 179,471 $ 247,733 $ 179,471 $ 247,733 period



COLLIERS INTERNATIONAL GROUP INC.SEGMENTED RESULTS(in thousands of US dollars) Asia Investment (unaudited) Americas EMEA Pacific Management Corporate Consolidated Three monthsended September 30 2021 Revenues $ 617,098 $ 154,937 $ 172,303 $ 78,263 $ 155 $ 1,022,756 Adjusted 65,808 14,994 20,652 27,770 (5,583 ) 123,641 EBITDA Operating earnings 48,879 11,399 18,342 19,812 (22,466 ) 75,966 (loss) 2020 Revenues $ 422,637 $ 117,350 $ 110,477 $ 41,704 $ 139 $ 692,307 Adjusted 54,627 7,653 12,755 15,279 1,806 92,120 EBITDA Operating earnings 40,412 (1,353 ) 8,548 7,921 (3,454 ) 52,074 (loss) Asia Investment Americas EMEA Pacific Management Corporate Consolidated Nine monthsended September 30 2021 Revenues $ 1,675,644 $ 439,621 $ 454,572 $ 173,367 $ 460 $ 2,743,664 Adjusted 201,657 40,138 56,847 66,845 (13,159 ) 352,328 EBITDA Operating earnings 154,970 24,703 46,742 43,900 (540,170 ) (269,855 ) (loss) 2020 Revenues $ 1,101,512 $ 334,046 $ 308,016 $ 128,918 $ 649 $ 1,873,141 Adjusted 110,160 10,335 30,258 51,063 4,720 206,536 EBITDA Operating earnings 66,537 (18,071 ) 14,867 30,347 (8,545 ) 85,135 (loss)

COMPANY CONTACTS:Jay S. HennickGlobal Chairman & Chief Executive Officer

Christian MayerGlobal Chief Financial Officer(416) 960-9500