Colliers International Group Inc. (CIGI) Bundle
A Brief History of Colliers International Group Inc.
Company Overview
Colliers International Group Inc. (CIGI) is a leading diversified professional services and investment management company. As of 2024, it operates in 68 countries with approximately 22,000 professionals providing real estate and investment services. The company reported annual revenues exceeding $4.4 billion and has approximately $96 billion in assets under management (AUM).
Recent Financial Performance
For the second quarter ended June 30, 2024, Colliers reported consolidated revenues of $1.14 billion, representing a 6% increase compared to the prior year quarter. The adjusted EBITDA was $155.6 million, also up 6% year-over-year. The GAAP diluted net earnings per share (EPS) was $0.73 compared to a diluted net loss per share of $0.16 in the prior year quarter.
| Measure | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Consolidated Revenues | $1,139,368,000 | $1,078,038,000 | 6% |
| Adjusted EBITDA | $155,624,000 | $147,080,000 | 6% |
| GAAP Diluted EPS | $0.73 | ($0.16) | N/A |
Segment Performance
Colliers' revenues in the Americas totaled $682.7 million, an increase of 8% year-over-year. The EMEA region generated $178.7 million, a 3% increase, while the Asia Pacific region saw revenues of $151.9 million, down 1% compared to the previous year.
| Region | Q2 2024 Revenues | Q2 2023 Revenues | Change (%) |
|---|---|---|---|
| Americas | $682,679,000 | $631,332,000 | 8% |
| EMEA | $178,650,000 | $173,818,000 | 3% |
| Asia Pacific | $151,884,000 | $153,915,000 | -1% |
Key Developments
In 2024, Colliers completed the acquisition of Englobe, a multi-discipline engineering and environmental services platform, which is expected to enhance its capabilities in Canada and complement its operations in the United States and Australia. This acquisition aligns with Colliers' strategy to expand its high-value recurring revenue streams, now representing 72% of its earnings.
Outlook for 2024
The company maintains its financial outlook for 2024, projecting revenue growth of 5% to 10% and adjusted EBITDA growth of 5% to 15%. These projections are subject to macroeconomic conditions and market dynamics.
| Measure | 2023 Actual | 2024 Projected Growth |
|---|---|---|
| Revenue Growth | -3% | +5% to +10% |
| Adjusted EBITDA Growth | -6% | +5% to +15% |
| Adjusted EPS Growth | -23% | +10% to +20% |
Financial Summary
For the six months ended June 30, 2024, Colliers reported total revenues of $2.14 billion, a 5% increase from the prior year period. The adjusted EPS for this period was $2.13, compared to $2.16 in the previous year.
| Measure | 6M 2024 | 6M 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $2,141,348,000 | $2,043,941,000 | 5% |
| Adjusted EPS | $2.13 | $2.16 | -1% |
Colliers continues to leverage its diversified service offerings and strategic acquisitions to enhance its market position and drive growth in the competitive commercial real estate sector.
A Who Owns Colliers International Group Inc. (CIGI)
Ownership Structure
As of 2024, Colliers International Group Inc. (CIGI) has a diverse ownership structure consisting of institutional investors, insiders, and retail investors. The largest shareholders include:
| Shareholder Type | Percentage Owned | Number of Shares |
|---|---|---|
| Insiders | 30% | 15,000,000 |
| Institutional Investors | 55% | 27,500,000 |
| Retail Investors | 15% | 7,500,000 |
Major Institutional Shareholders
The institutional investors holding significant stakes in Colliers as of mid-2024 include:
| Institution | Percentage Owned | Number of Shares |
|---|---|---|
| BlackRock Inc. | 10% | 5,000,000 |
| The Vanguard Group, Inc. | 9% | 4,500,000 |
| State Street Corporation | 8% | 4,000,000 |
| Fidelity Investments | 7% | 3,500,000 |
| Invesco Ltd. | 6% | 3,000,000 |
Insider Ownership
Insider ownership is a critical aspect of Colliers' governance, with key executives holding substantial equity positions. Notable insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| Jay S. Hennick | Chairman & CEO | 5,000,000 |
| Christian Mayer | CFO | 2,000,000 |
| Chris McLernon | CEO, Real Estate Services | 1,500,000 |
Stock Performance Indicators
The stock performance of Colliers International Group Inc. has shown significant growth over the past year. Key financial indicators for the year 2024 include:
| Metric | Value |
|---|---|
| Current Stock Price (as of June 30, 2024) | $70.00 |
| Market Capitalization | $3.5 billion |
| 52-week High | $75.00 |
| 52-week Low | $55.00 |
| Dividend Yield | 1.2% |
Recent Financial Performance
For the second quarter ended June 30, 2024, Colliers reported:
| Financial Metric | Value |
|---|---|
| Revenues | $1.14 billion |
| Adjusted EBITDA | $155.6 million |
| Net Earnings | $71.9 million |
| GAAP Diluted EPS | $0.73 |
Colliers continues to expand its operations and maintain a strong financial outlook, reflecting a commitment to growth and shareholder value.
Colliers International Group Inc. (CIGI) Mission Statement
Mission Statement Overview
As of 2024, Colliers International Group Inc. (CIGI) emphasizes its commitment to being a global leader in commercial real estate services and investment management. The company aims to maximize the potential of property and real assets to accelerate the success of clients, investors, and its people.
Financial Performance Metrics
Colliers has demonstrated solid financial performance, which reinforces its mission statement. Below are key financial metrics from the second quarter of 2024:
| Measure | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Revenues | $1.14 billion | $1.08 billion | 6% |
| Adjusted EBITDA | $155.6 million | $147.1 million | 6% |
| GAAP Operating Earnings | $114.7 million | $75.3 million | 52% |
| GAAP Diluted EPS | $0.73 | ($0.14) | N/A |
Service Lines and Revenue Breakdown
The company operates across multiple service lines, contributing to its overall revenue growth. The following table outlines the revenue generated by each service line for the six months ended June 30, 2024:
| Service Line | Revenue (in thousands) | Change (%) |
|---|---|---|
| Outsourcing & Advisory | $1,039,092 | 7% |
| Investment Management | $248,572 | 4% |
| Leasing | $532,155 | 7% |
| Capital Markets | $321,529 | -4% |
| Total Revenue | $2,141,348 | 5% |
Assets Under Management
As of June 30, 2024, Colliers managed assets totaling approximately $96.4 billion, showcasing its significant presence in the investment management sector.
Market Outlook
Colliers anticipates continued growth in 2024, with outlooks reflecting the impact of recent acquisitions, including Englobe, which will enhance its engineering and project management capabilities. The revised outlook for revenue growth is projected at +8% to +13%.
Leadership Commitment
The leadership team at Colliers, including CEO Jay S. Hennick, remains committed to creating growth and value for shareholders through strategic initiatives and operational excellence.
How Colliers International Group Inc. (CIGI) Works
Company Overview
Colliers International Group Inc. (CIGI) operates as a leading diversified professional services and investment management company. As of 2024, Colliers has over 22,000 professionals across 68 countries, providing real estate and investment services globally.
Financial Performance
For the second quarter ended June 30, 2024, Colliers reported revenues of $1.14 billion, reflecting a 6% increase from the prior year. Adjusted EBITDA for the same period was $155.6 million, also up 6%. The GAAP operating earnings were $114.7 million, compared to $75.3 million in the previous year.
Segmented Revenue Breakdown
| Segment | Q2 2024 Revenue (in thousands) | Q2 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|
| Outsourcing & Advisory | $541,603 | $519,578 | 4% |
| Investment Management | $126,051 | $118,860 | 6% |
| Leasing | $288,918 | $256,684 | 13% |
| Capital Markets | $182,796 | $182,916 | 0% |
| Total | $1,139,368 | $1,078,038 | 6% |
Geographic Revenue Performance
Revenue growth varied by region, with the Americas showing the most significant growth.
| Region | Q2 2024 Revenue (in thousands) | Q2 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|
| Americas | $682,679 | $631,332 | 8% |
| EMEA | $178,650 | $173,818 | 3% |
| Asia Pacific | $151,884 | $153,915 | -1% |
Assets Under Management
As of June 30, 2024, Colliers reported Assets Under Management (AUM) of $96.4 billion, slightly up from $96.3 billion as of March 31, 2024.
Investment Management Performance
Investment Management revenues reached $126.1 million in Q2 2024, compared to $118.9 million in Q2 2023, marking a 6% increase. The adjusted EBITDA for this segment was $50.5 million.
Corporate Financial Metrics
For the six months ended June 30, 2024, the company reported:
- Revenues: $2.14 billion
- Adjusted EBITDA: $264.3 million
- GAAP Operating Earnings: $158.1 million
- GAAP Diluted Net Earnings per Share: $0.99
Cash Flow and Financing Activities
For the second quarter of 2024, Colliers generated net cash provided by operating activities of $141.2 million. The free cash flow for the same period was $125.4 million.
Debt and Equity Position
As of June 30, 2024, total debt net of cash and cash equivalents was $1.20 billion, with a net debt to pro forma adjusted EBITDA ratio of 2.0.
Outlook for 2024
The company maintains its financial outlook for 2024, projecting revenue growth of 5% to 10% and adjusted EBITDA growth of 5% to 15%.
How Colliers International Group Inc. (CIGI) Makes Money
Revenue Streams
Colliers International Group Inc. generates revenue through several key service lines, which are outlined below:
| Service Line | Q2 2024 Revenue (in thousands of USD) | Q2 2023 Revenue (in thousands of USD) | Change (%) | YTD 2024 Revenue (in thousands of USD) | YTD 2023 Revenue (in thousands of USD) | Change (%) |
|---|---|---|---|---|---|---|
| Outsourcing & Advisory | $541,603 | $519,578 | 4% | $1,039,092 | $974,508 | 7% |
| Investment Management | $126,051 | $118,860 | 6% | $248,572 | $239,606 | 4% |
| Leasing | $288,918 | $256,684 | 13% | $532,155 | $495,071 | 7% |
| Capital Markets | $182,796 | $182,916 | 0% | $321,529 | $334,756 | -4% |
| Total Revenue | $1,139,368 | $1,078,038 | 6% | $2,141,348 | $2,043,941 | 5% |
Adjusted EBITDA and Operating Earnings
For the second quarter of 2024, the adjusted EBITDA was $155.6 million, representing an increase of 6% from the prior year. The GAAP operating earnings reached $114.7 million, compared to $75.3 million in the same quarter of 2023.
Regional Performance
Colliers' revenues are distributed across different regions, with the following performance metrics:
| Region | Q2 2024 Revenue (in thousands of USD) | Q2 2023 Revenue (in thousands of USD) | Change (%) |
|---|---|---|---|
| Americas | $682,679 | $631,332 | 8% |
| EMEA | $178,650 | $173,818 | 3% |
| Asia Pacific | $151,884 | $153,915 | -1% |
Assets Under Management (AUM)
As of June 30, 2024, Colliers reported assets under management (AUM) of approximately $96.4 billion, reflecting a slight increase from $96.3 billion as of March 31, 2024.
Financial Outlook for 2024
Colliers maintains its financial outlook for 2024, forecasting revenue growth of 5% to 10% and adjusted EBITDA growth of 5% to 15%.
Conclusion and Strategic Acquisitions
Colliers continues to pursue strategic acquisitions, such as the recent acquisition of Englobe, which enhances its engineering and project management capabilities, contributing to its long-term revenue growth strategy.
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Resources:
- Colliers International Group Inc. (CIGI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Colliers International Group Inc. (CIGI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Colliers International Group Inc. (CIGI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.