Colliers International Group, Inc. (NASDAQ:CIGI) Q3 2022 Earnings Conference Call November 1, 2022 11:00 AM ET

Company Participants

Jay Hennick - Global Chairman & CEO

Christian Mayer - CFO

Conference Call Participants

Chandni Luthra - Goldman Sachs

Michael Doumet - Scotiabank

Stephen Sheldon - William Blair

Stephen MacLeod - BMO Capital Markets

Daryl Young - TD Securities

Frederic Bastien - Raymond James

Operator

Good day, and thank you for standing by. Welcome to the Colliers International’s Group Third Quarter 2022 Investor Conference Call. Today's call is being recorded. Legal counsel requires us to advise the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown and uncertainties. Actual results may be materially different from any future results, performance or achievements contemplated in the forward-looking statements.

Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's annual information form as filed with the Canadian Securities Administrators and the company's annual report on Form 40-F as filed with the U.S. Securities and Exchange Commission. As a reminder, today's call is being recorded. Today is November 1, 2022.

And at this time, for opening remarks and introductions, I would now like to turn the conference over to the Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.

Jay Hennick

Thank you, operator. Good morning, and thanks for joining us for the third quarter conference call. As the operator mentioned, I'm Jay Hennick, Chairman and Chief Executive Officer of the company and with me is Christian Mayer, Chief Financial Officer. As always, this call is being webcast and is available in the Investor Relations section of our website. A presentation deck is also available there to accompany today's call.

Earlier today, Colliers reported very solid third quarter results with outsourcing and advisory investment management and leasing all up strongly more than offsetting any softness in capital markets, which obviously has been impacted by higher interest rates, availability of capital and geopolitical uncertainties.

As you can see, growing recurring revenues and earnings now at 55% of our pro forma EBITDA, together with broader diversification across service lines, across geography and across client types is demonstrating that the Colliers diversified services model is more balanced and more resilient than ever.

For the quarter, revenues were $1.1 billion, up 12% in local currency. Adjusted EBITDA was $145 million, up 21%, adjusted EPS was $1.42, up 11%, all versus the prior period. For nine months, revenues were $3.2 billion, up 21%. Adjusted EBITDA $428 million year-to-date, up 24% and adjusted EPS was $4.69, up 20% versus the prior year.