colliers annual report 2022

as acquisition growth until the respective anniversaries of the acquisitions. In the future, we expect our Investment Management segment to represent an even greater proportion (income); (iii) interest expense; (iv) loss on disposal of Russian operations; (v) depreciation and Ms. Finley has extensive leadership experience in branding, culture and business operations. These statements reflect managements current beliefs with respect to future events and are based on information currently available to management. Political events, uncertainties and situations can have an effect on our Company because of our global operations. 1 Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. [emailprotected] | HP: +65 82928212. Investment activity in Poland only slowed down in the second half of last year, resulting in a decline in total annual investment volume from EUR 6.3 bn to EUR 6.0 bn year-on-year. Mr. Mayer served as Senior Vice President Finance & Treasurer of Colliers from 2015 to January 2020. Prior to joining Colliers in August 2006, Mr. Hemming was the Corporate ControllerWestern Canada for Bell Canada. currency) compared to $126.1 million in the prior year quarter with solid growth across all service lines. We typically enter into long-term, contractual relationships with these clients to ensure that real estate strategies are developed to support their overall business needs. Adverse changes in claims experience could increase our insurance costs and/or increase the risk of being unable to renew insurance coverage at our operations. Credit conditions affect commercial real estate transactions, which reduces the demand for our services. Today, Colliers is one of the worlds largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, China and several other countries in Asia, Europe and Latin America. These services are typically higher-value-add professional real estate services with substantially all of the revenues contractual and recurring or repeat in nature. The holders of the Convertible Notes may not be adequately compensated upon conversion under certain conditions: If a make-whole fundamental change occurs prior to the maturity date of the Convertible Notes or upon our issuance of a notice of redemption, under certain circumstances, we will increase the conversion rate by a number of additional Subordinate Voting Shares for Notes converted in connection with such make-whole fundamental change, or the related redemption period. disposal of the Companys Russian operations, versus an operating loss of $1.1 million in the prior year relative to the same quarter in the prior year. The ARC has the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of Colliers, outside consultants, independent legal counsel and other advisors as it determines necessary to carry out its duties, without seeking approval our Board of Directors or management. In the unlikely event of the Company failing to meet its target or falling short of societal expectations, there could be a material adverse impact on our operations. periods presented. For more industrial insights, read the Q1 2023 Office Report. Disposal of Russian operations We have an established track record of expanding our business internally and through acquisitions. 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. Investment land prices were not noticeably compressed and remained stable throughout the year, despite a much slower sales momentum in the investment land market compared to the previous year. Colliers delivered strong first quarter results building on the momentum coming out of 2021, said To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Mr. Sutherland was the Executive Vice President and Chief Financial Officer of Aramark Corporation, Philadelphia, PA, a provider of services, facilities management and uniform and career apparel, from 1997 to 2015. There can be no assurance that we will be able to obtain insurance coverage on favourable economic terms in the future. With our employees relying heavily on our information systems, some managed by third parties, we make significant efforts to maintain the security of our information systems as well as to monitor for cybersecurity threats. Furthermore, because of the differences in foreign trademark, patent and other intellectual property or proprietary rights laws, we may not receive the same protection in other countries as we would in Canada or the United States. Antirion, completed on April 1, 2022, assets under management are now $57 billion. Nov 4 2022 16:40:33 ET Interim financial statements/report - English PDF 1189 K . Since that time, we have strengthened this business across markets and acquired numerous businesses within existing and new markets greatly expanding its geographic scope, services and talent. A reconciliation of net earnings to adjusted EBITDA appears below. Except as required by law, the Preference Shares will not carry voting rights. The Companys independent registered public accounting firm is PricewaterhouseCoopers LLP, who has issued a report dated February 17, 2022 on the Companys consolidated financial statements as of December 31, 2021 and 2020 and for each of the years in the two-year period ended December 31, 2021 and on the effectiveness of the Companys internal control over financial reporting as at December 31, 2021. By Articles of Amendment dated April 2, 1990, Old FSV: (i) consolidated each of its Class A Subordinate Voting Shares on a 30 to 1 basis and changed the designation of that class of shares to Subordinate Voting Shares, each such share carrying one vote; and (ii) consolidated each of its Class B shares on a 30 to 1 basis and changed the designation of that class of shares to Multiple Voting Shares, each such share carrying 20 votes. course of business. We report this metric on a pro forma basis, The market value of the Common Shares may deteriorate if we are unable to pay dividends pursuant to our existing dividend policy in the future. Furthermore, while we are required to repurchase all of the outstanding Convertible Notes upon the occurrence of a fundamental change, it excludes transactions such as leveraged recapitalizations, refinancings, restructurings or acquisitions initiated by us or certain permitted holders. company. space. Harrison Street generates contractual management fee revenue from each fund. role, he will have direct oversight of Colliers Capital Markets, Leasing and Outsourcing & Advisory restructuring costs and (vii) stock-based compensation expense. As a result of the changes in the current economic environment related to the COVID-19 pandemic, management has performed asset impairment testing across our reporting units. We believe that the presentation of adjusted EBITDA and adjusted earnings per share, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Companys financial condition and results of operations. Excluding the impact of carried For more than 27 years, our experienced leadership with In 1984, Colliers joined forces with Macaulay Nicolls to form CMN. In 2020, we added the Workplace Expert tool to Colliers360 suite of technology apps that recommends clients different office environments and potential configurations tailored specific to their business needs. The Committee may delegate the responsibility to pre-approve non-audit services to one of its members and any such delegated pre-approvals shall be presented to the Committee at its next scheduled meeting; Review and approve the Company's policies for the hiring of partners and employees and former partners and employees of the external auditing firm; Consider, assess and report to the Board with regard to the independence and performance of the external auditors; Request and review annually a report by the external auditors regarding the auditing firm's internal quality-control procedures, any material issues raised by the most recent internal quality-control review of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the past five years; and Request and review annually a formal written statement by the external auditor delineating all relationships between the external auditor and the Company, actively engaging in a dialogue with the external auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the external auditor. Including Antirion and Basalt, AUM is expected to be approximately $63 billion. As agreed in the New Trust Agreement, the Multiple Voting Shares shall convert on a one-for-one basis into Subordinate Voting Shares upon the occurrence of certain specified events and in any event by not later than September 1, 2028. Revenue from acquired entities, including any foreign exchange impacts, are treated Adjusted EBITDA from recurring revenue percentage is computed on a trailing twelve-month basis and amortization, Gains attributable to mortgage servicing rights, Gains attributable to the fair value of loan, Increase (decrease) in accounts payable, determined in accordance with GAAP. All amounts are in US dollars. Escrowed securities and securities subject to contractual restriction on transfer, Reconciliation of non-GAAP financial measures, Interest of management and others in material transactions, Cease trade orders, bankruptcies, penalties or sanctions, Independent registered public accounting firm. Ms. Puri has extensive experience as an expert in governance and as a director of organizations in the engineering, transportation, infrastructure and healthcare sectors, including as a past director of Arizona Mining, Cole Engineering and the Greater Toronto Airports Authority, and she previously served as the commission and director of the Ontario Securities Commission. Spruce House was founded in 2005 and has investments in public companies globally and seeks to invest alongside management teams that are focused on growing the value of their companies over the long term. Under the NCIB, all shares are purchased for Additional financial information is provided in the Companys consolidated financial statements and managements discussion and analysis for the year ended December 31, 2021. TORONTO, June 01, 2023 (GLOBE NEWSWIRE) -- Colliers(NASDAQ and TSX: CIGI) released its third annual Impact Report today, highlighting progress towards realizing a more sustainable and equitable future for all. About Colliers Colliers releases annual Global Impact Report Colliers has a stock option plan (the Option Plan) pursuant to which options to acquire Subordinate Voting Shares may be granted to directors, officers and full-time employees of Colliers or its subsidiaries (other than Jay S. Hennick). Colliers Reports Strong First Quarter Results enhances the comparability of operating results from period to period. Research Services: Our Research Services provide data-driven insights for owners and landlords into emerging trends and market activity, projections for lease rates, valuation estimations based on comparable transactions and mapping services. Our fiscal year-end is December 31. strategies and trends; the ability to comply with laws and regulations related to our global operations, use of corporate funds and in the best interests of Colliers. the impact of the assumed conversion is dilutive. Events could occur that may hamper our ability to manage operations, extract cash and implement Colliers policies in certain regions, particularly in developing countries that have had a recent history of political and economic instability. the market price of its Subordinate Voting Shares is attractive and that the purchase would be an appropriate A 10.1% reduction in scope 1 and 2 emissions per square foot, 215 million square feet of green-certified properties under management, 285 green certifications held by Colliers professionals, 39% of Colliers global workforce are women. The Antirion acquisition is subject to customary closing conditions and approvals and is expected to be completed in the first half of 2022. This press release includes or may include forward-looking statements. Additionally, the New Trust Agreement provides that Mr. Hennick and the Multiple Voting Shareholder will not sell any Multiple Voting Shares at a price greater than the market price of the Subordinate Voting Shares on the date of the agreement to sell such shares unless through the facilities of the NASDAQ or TSX, pursuant to a take-over bid, or similar transaction, where there is a concurrent offer made to, or acquisition from, the holders of all of the Subordinate Voting Shares on terms that are at least as favorable to the holders of Subordinate Voting Shares as those made to the Multiple Voting Shareholders, pursuant to an issuer bid or pursuant to the granting of a permitted security interest. At the holders option, the Convertible Notes may be converted at any time prior to maturity into Subordinate Voting Shares based on an initial conversion rate of approximately 17.2507 Subordinate Voting Shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of $57.97 per Subordinate Voting Share. By Rene Schappner 28 Jun 2023 Market at a glance Germany's top 7 hotel locations again performed significantly better in a nationwide comparison and claimed top KPI rankings. Financially Literate. Colliers Trends 2022 shows signs of commercial real estate recovery in Silicon Valley - Silicon Valley Business Journal Commercial Real Estate Silicon Valley commercial real estate market. Our professional advisors work with all asset classes, including office, industrial, retail, multi-family, hospitality, health care and mixed-use properties. Consolidated internal revenues measured in local currencies were up Changes in the frequency or severity of insurance incidents relative to our historical experience. Prior to this assignment, Mr. Curtin was co-head of Global Money Markets and Chairman of Goldman Sachs Money Markets LP. costs and (ix) stock-based compensation expense. Our business may not generate cash flow from operations to sufficiently service our debt. Furthermore, we are not permitted to repay the principal of the Convertible Notes in cash at maturity should our net debt to consolidated EBITDA ratio exceed 2.5 and, in such case, we would be required to elect to satisfy our obligation by delivering Subordinate Voting Shares. 5. We have developed industry-leading technology through Colliers360 (which provides clients with user-friendly, fast and flexible dashboard and analytics technologies via a secure webpage) which allows us to measure performance and help our clients make efficient, well-informed decisions regarding their real estate portfolio. Many team members also represent subspecialties in areas such as Affordable Housing, Data Centers, Student Housing, Seniors Housing, Land, Self-Storage and Transit Oriented Development. Certain rights of holders of Subordinate Voting Shares. growth rate methodologies provide a framework for assessing the Companys performance and operations excluding Each outstanding Multiple Voting Share is convertible at any time, at the option of the holder, into one Subordinate Voting Share. can be accessed live or after the call at corporate.colliers.com in the Events section. In 2009, Old FSV issued US$77 million of convertible unsecured subordinate debentures, which were subsequently converted into 2.7 million Subordinate Voting Shares in 2014. The revenue, net earnings and cash flow generated by our investment management services business can fluctuate, primarily due to the fact that management fees can vary as a result of market movements from one period to another.

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