Form 6-K Colliers International For: Oct 30

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes [  ]                                                    No [X]

 

If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):  N/A

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		COLLIERS INTERNATIONAL GROUP INC.
Date: October 30, 2018		/s/ John B. Friedrichsen
		Name: John B. Friedrichsen
		Title: Chief Financial Officer

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EXHIBIT INDEX

 

Exhibit		Description of Exhibit
99.1		Press release dated October 30, 2018 announcing financial results for the third quarter ended September 30, 2018.
99.2		Supplemental slide presentation dated October 30, 2018.

EXHIBIT 99.1

Colliers International Reports Strong Third Quarter Results

Continued revenue and earnings growth, with significant contribution from new Investment Management platform

Operating highlights:

	Three months ended						Nine months ended
	September 30						September 30
(in millions of US$, except EPS)	2018			2017			2018			2017
Revenues	$	715.7		$	618.8		$	1,935.5		$	1,671.3
Adjusted EBITDA (note 1)		72.7			55.3			178.2			146.8
Adjusted EPS (note 2)		0.92			0.66			2.32			1.79
GAAP operating earnings		42.0			34.5			103.3			88.5
GAAP EPS		0.41			0.16			1.13			0.48

TORONTO, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) today reported operating and financial results for its third quarter ended September 30, 2018. All amounts are in US dollars.

Revenues for the third quarter were $715.7 million, a 16% increase (17% in local currency) relative to the same quarter in the prior year, adjusted EBITDA (note 1) was $72.7 million, up 31% (33% in local currency) and adjusted EPS (note 2) was $0.92, a 39% increase versus the prior year quarter. Third quarter adjusted EPS would have been approximately $0.01 higher excluding foreign exchange impacts. GAAP operating earnings were $42.0 million, relative to $34.5 million in the prior year period. GAAP diluted net earnings per common share was $0.41 in the quarter, versus $0.16 per share for the same quarter a year ago. Third quarter GAAP EPS would have been approximately $0.01 higher excluding changes in foreign exchange rates.

For the nine months ended September 30, 2018, revenues were $1.94 billion, a 16% increase (14% in local currency) relative to the comparable prior year period, adjusted EBITDA was $178.2 million, up 21% (20% in local currency) and adjusted EPS was $2.32, a 30% increase versus the prior year period. Year-to-date adjusted EPS would have been approximately $0.04 lower excluding foreign exchange impacts. GAAP operating earnings were $103.3 million, relative to $88.5 million in the prior year period. GAAP diluted net earnings per common share for the nine month period was $1.13, compared to $0.48 per share in the prior year period. Year-to-date GAAP EPS would have been approximately $0.04 lower excluding changes in foreign exchange rates.

“We generated strong overall revenue and earnings growth during the quarter, with a significant contribution from our new Investment Management platform. Given our performance through the first nine months of the year, current business pipelines and expectations of continuing stable to growing market conditions generally, we expect a solid fourth quarter and finish to the year,” said Jay S. Hennick, Chairman and CEO of Colliers International. “At the beginning of the quarter, we completed our strategic investment in Harrison Street Real Estate Capital, one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors globally. Harrison Street, together with our existing European investment management business, will form the core of our new Investment Management platform going forward with $25.9 billion in assets under management as of September 30, 2018. Since the beginning of the quarter, we also completed strategic acquisitions strengthening our services businesses in Denmark, Canada, Germany and Australia,” he concluded.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Consolidated Revenues

		Three months ended										Nine months ended
(in thousands of US$)		September 30					Growth		Growth			September 30					Growth		Growth
(LC = local currency)		2018			2017		in US$ %		in LC %			2018			2017		in US$ %		in LC %
Outsourcing & Advisory		$	258,672		$	230,727	12	%	15	%		$	755,883		$	658,536	15	%	13	%
Lease Brokerage			229,294			197,035	16	%	17	%			618,692			522,190	18	%	17	%
Sales Brokerage			195,926			188,203	4	%	6	%			523,871			482,128	9	%	7	%
Investment Management			31,829			2,833	NM		NM				37,098			8,440	NM		NM
Total revenues		$	715,721		$	618,798	16	%	17	%		$	1,935,544		$	1,671,294	16	%	14	%

Consolidated revenues for the third quarter grew 17% on a local currency basis, with contributions from each service line. Consolidated internal revenue growth in local currencies was 6% (note 3) led by Lease Brokerage.

For the nine months ended September 30, 2018, consolidated revenues grew 14% on a local currency basis. Year-to-date consolidated internal revenue growth in local currencies was 6% led by Lease Brokerage.

Segmented Quarterly Results
The Americas region’s revenues totalled $404.6 million for the third quarter compared to $359.4 million in the prior year quarter, up 13% (14% on a local currency basis). Local currency revenue growth was comprised of 9% internal growth and 5% from recent acquisitions. Internal growth for the quarter was split evenly among service lines. Adjusted EBITDA was $33.3 million, versus $30.8 million in the prior year quarter, up 8%. GAAP operating earnings were $24.4 million, versus $21.2 million in the prior year period.

EMEA region revenues totalled $146.3 million for the third quarter compared to $128.1 million in the prior year quarter, up 14% (15% on a local currency basis). Local currency revenue growth was comprised of 13% growth from recent acquisitions and 2% internal growth. Internal revenue growth was led by an increase in Lease Brokerage largely offset by a decline in Sales Brokerage relative to a strong comparative in the prior year period. Adjusted EBITDA was $17.3 million, versus $11.1 million in the prior year quarter, up 56%. GAAP operating earnings were $9.4 million, versus $6.1 million in the prior year quarter.

Asia Pacific region revenues totalled $132.5 million for the third quarter compared to $128.1 million in the prior year quarter, up 3% (8% on a local currency basis). Local currency revenue growth was comprised of 5% internal growth and 3% growth from recent acquisitions. Internal growth was led by Lease Brokerage and Outsourcing & Advisory. Adjusted EBITDA was $17.8 million, versus $15.6 million in the prior year quarter, up 14%. GAAP operating earnings were $16.2 million, versus $14.1 million in the prior year period.

The new Investment Management segment is comprised of Harrison Street which was acquired in July 2018, and the Company’s existing European investment management business which was previously reported within the EMEA segment. Investment Management revenues for the third quarter were $31.8 million and Adjusted EBITDA was $9.6 million. Operating earnings were $2.4 million and were impacted by a significant increase in acquisition-related intangible asset amortization. Assets under management increased to $25.9 billion as of September 30, 2018, up 9% sequentially from $23.7 billion at the beginning of the third quarter when the Company acquired Harrison Street.

Global corporate costs as reported in adjusted EBITDA were $5.3 million in the third quarter, up from $2.2 million in the prior year period, primarily on account of higher insurance costs as well as performance-based incentive compensation accruals. The corporate GAAP operating loss for the quarter was $10.4 million, relative to $6.9 million in the prior period.

Conference Call
Colliers will be holding a conference call on Tuesday, October 30, 2018 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 corporate.colliers.com in the Events 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 business spending; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; competition in markets served by the Company; labor shortages or increases in commission, wage and benefit costs; disruptions or security failures in information technology systems; and political conditions or events, including elections, referenda, changes to international trade and immigration policies, and any outbreak or escalation of terrorism or hostilities.

Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended December 31, 2017 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. 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 quarterly financial statements and MD&A to be made available on SEDAR at www.sedar.com.

Notes
1. 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) depreciation and amortization; (v) acquisition-related items; (vi) restructuring costs and (vii) 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 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
(in thousands of US$)	September 30								September 30
	2018				2017				2018				2017
Net earnings	$	25,384			$	20,362			$	62,727			$	53,119
Income tax		10,257				10,941				27,832				28,068
Other income, net		(581	)			(332	)			(1,041	)			(2,368	)
Interest expense, net		6,896				3,487				13,753				9,708
Operating earnings		41,956				34,458				103,271				88,527
Depreciation and amortization		23,161				12,976				55,303				39,384
Acquisition-related items		6,271				6,149				14,265				13,666
Restructuring costs		-				760				416				1,803
Stock-based compensation expense		1,277				939				4,978				3,411
Adjusted EBITDA	$	72,665			$	55,282			$	178,233			$	146,791

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

Adjusted earnings per share is defined as diluted net earnings per common share, 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) restructuring costs and (v) 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 earnings per share is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, 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 earnings per share appears below.

	Three months ended								Nine months ended
(in thousands of US$)	September 30								September 30
	2018				2017				2018				2017
Net earnings	$	25,384			$	20,362			$	62,727			$	53,119
Non-controlling interest share of earnings		(4,073	)			(5,462	)			(8,290	)			(12,755	)
Amortization of intangible assets		15,255				6,183				32,624				20,148
Acquisition-related items		6,271				6,149				14,265				13,666
Restructuring costs		-				760				416				1,803
Stock-based compensation expense		1,277				939				4,978				3,411
Income tax on adjustments		(5,440	)			(2,057	)			(10,413	)			(6,523	)
Non-controlling interest on adjustments		(1,929	)			(1,048	)			(3,979	)			(2,777	)
Adjusted net earnings	$	36,745			$	25,826			$	92,328			$	70,092
	Three months ended								Nine months ended
(in US$)	September 30								September 30
	2018				2017				2018				2017
Diluted net earnings per common share	$	0.41			$	0.16			$	1.13			$	0.48
Non-controlling interest redemption increment		0.13				0.22				0.24				0.55
Amortization of intangible assets, net of tax		0.23				0.10				0.52				0.32
Acquisition-related items		0.12				0.14				0.30				0.31
Restructuring costs, net of tax		-				0.02				0.01				0.04
Stock-based compensation expense, net of tax		0.03				0.02				0.12				0.09
Adjusted earnings per share	$	0.92			$	0.66			$	2.32			$	1.79

3. Local currency revenue growth rate and internal revenue growth

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 dollars, except per share amounts)
				Three months								Nine months
				ended September 30								ended September 30
(unaudited)			2018				2017				2018				2017
Revenues			$	715,721			$	618,798			$	1,935,544			$	1,671,294
Cost of revenues				472,079				413,965				1,265,104				1,088,992
Selling, general and administrative expenses				172,254				151,250				497,601				440,725
Depreciation				7,906				6,793				22,679				19,236
Amortization of intangible assets				15,255				6,183				32,624				20,148
Acquisition-related items (1)				6,271				6,149				14,265				13,666
Operating earnings				41,956				34,458				103,271				88,527
Interest expense, net				6,896				3,487				13,753				9,708
Other income				(581	)			(332	)			(1,041	)			(2,368	)
Earnings before income tax				35,641				31,303				90,559				81,187
Income tax expense				10,257				10,941				27,832				28,068
Net earnings				25,384				20,362				62,727				53,119
Non-controlling interest share of earnings				4,073				5,462				8,290				12,755
Non-controlling interest redemption increment				5,125				8,631				9,439				21,381
Net earnings attributable to Company			$	16,186			$	6,269			$	44,998			$	18,983
Net earnings per common share
	Basic		$	0.41			$	0.16			$	1.15			$	0.49
	Diluted		$	0.41			$	0.16			$	1.13			$	0.48
Adjusted earnings per share (2)			$	0.92			$	0.66			$	2.32			$	1.79
Weighted average common shares (thousands)
		Basic		39,198				38,860				39,139				38,804
		Diluted		39,934				39,349				39,821				39,264

Notes to Condensed Consolidated Statements of Earnings
(1) Acquisition-related items include transaction costs, contingent acquisition consideration fair value adjustments, and contingent acquisition consideration-related compensation expense.
(2) See definition and reconciliation above.
(3) New US GAAP revenue guidance was adopted effective January 1, 2018 which had the impact of (i) increasing the proportion of reimbursable expenses related to property management activities accounted for as revenue on a gross basis, with no impact on earnings and (ii) accelerating the recognition of revenue related to certain Lease Brokerage transactions, with an accompanying immaterial increase to earnings. The Company also restated its results for the three- and nine-month periods ended September 30, 2017 to reflect the impact of the adoption.

Condensed Consolidated Balance Sheets
(in thousands of US dollars)
(unaudited)		September 30, 2018			December 31, 2017			September 30, 2017
Assets
Cash and cash equivalents		$	114,737		$	108,523		$	109,822
Accounts receivable and contract assets			495,255			487,279			423,036
Prepaids and other assets			80,710			68,556			70,676
	Current assets		690,702			664,358			603,534
Other non-current assets			86,616			72,736			77,548
Fixed assets			89,234			83,899			80,538
Deferred income tax			38,631			48,401			60,350
Goodwill and intangible assets			1,398,056			638,166			636,339
	Total assets	$	2,303,239		$	1,507,560		$	1,458,309
Liabilities and shareholders' equity
Accounts payable and accrued liabilities		$	584,331		$	646,722		$	523,096
Other current liabilities			66,597			75,494			70,728
Long-term debt - current			2,415			2,426			2,245
	Current liabilities		653,343			724,642			596,069
Long-term debt - non-current			818,113			247,467			369,651
Other liabilities			125,211			67,904			69,724
Deferred income tax			28,042			19,044			16,948
Redeemable non-controlling interests			334,910			145,489			140,210
Shareholders' equity			343,620			303,014			265,707
	Total liabilities and equity	$	2,303,239		$	1,507,560		$	1,458,309
Supplemental balance sheet information
Total debt		$	820,528		$	249,893		$	371,896
Total debt, net of cash			705,791			141,370			262,074
Net debt / pro forma adjusted EBITDA ratio			2.2			0.6			1.1

Consolidated Statements of Cash Flows
(in thousands of US dollars)
			Three months ended								Nine months ended
			September 30								September 30
(unaudited)		2018				2017				2018				2017
Cash provided by (used in)
Operating activities
Net earnings		$	25,384			$	20,362			$	62,727			$	53,119
Items not affecting cash:
	Depreciation and amortization		23,161				12,976				55,303				39,384
	Deferred income tax		1,406				1,762				2,805				6,012
	Other		10,563				10,559				27,106				26,603
			60,514				45,659				147,941				125,118
Net change from assets/liabilities
	Accounts receivable and contract assets		(31,538	)			(10,105	)			16,793				(4,584)
	Prepaids and other assets		(2,100	)			(69	)			(7,401	)			(5,514	)
	Payables and accruals		65,071				51,885				(87,518	)			(55,218	)
	Other		7,759				1,693				2,921				9,285
	Contingent acquisition consideration paid		(1,509	)			(812	)			(4,365	)			(1,113	)
Net cash provided by operating activities			98,197				88,251				68,371				67,974
Investing activities
Acquisition of businesses, net of cash acquired			(476,108	)			(4,162	)			(574,688	)			(55,165	)
Disposition of business, net of cash disposed			17,287				-				17,287				-
Purchases of fixed assets			(7,571	)			(8,378	)			(21,561	)			(28,879	)
Other investing activities			(3,913	)			(17,769	)			(21,873	)			(34,790	)
Net cash used in investing activities			(470,305	)			(30,309	)			(600,835	)			(118,834	)
Financing activities
Increase in long-term debt, net			401,907				(55,418	)			574,268				101,936
Purchases of non-controlling interests, net			-				(5,279	)			(73	)			(35,156	)
Dividends paid to common shareholders			(1,959	)			(1,942	)			(3,906	)			(3,875	)
Distributions paid to non-controlling interests			(3,544	)			(6,514	)			(16,147	)			(17,506	)
Other financing activities			(8,805	)			(446	)			(11,494	)			(846	)
Net cash provided by (used in) financing activities			387,599				(69,599	)			542,648				44,553
Effect of exchange rate changes on cash			(5,000	)			(1,503	)			(3,970	)			2,981
Increase (decrease) in cash and cash equivalents			10,491				(13,160	)			6,214				(3,326	)
Cash and cash equivalents, beginning of period			104,246				122,982				108,523				113,148
Cash and cash equivalents, end of period		$	114,737			$	109,822			$	114,737			$	109,822

Segmented Results
(in thousands of US dollars)
								Asia			Investment
(unaudited)		Americas			EMEA			Pacific			Management				Corporate				Consolidated
Three months ended September 30
2018
	Revenues	$	404,607		$	146,339		$	132,518		$	31,829			$	428			$	715,721
	Adjusted EBITDA		33,279			17,325			17,805			9,580				(5,324	)			72,665
	Operating earnings		24,396			9,364			16,201			2,422				(10,427	)			41,956
2017
	Revenues	$	359,383		$	128,113		$	128,052		$	2,833			$	417			$	618,798
	Adjusted EBITDA		30,813			11,095			15,607			(17	)			(2,216	)			55,282
	Operating earnings		21,180			6,146			14,101			(33	)			(6,936	)			34,458
								Asia			Investment
		Americas			EMEA			Pacific			Management				Corporate				Consolidated
Nine months ended September 30
2018
	Revenues	$	1,121,716		$	406,352		$	369,149		$	37,098			$	1,229			$	1,935,544
	Adjusted EBITDA		95,911			39,533			44,388			8,399				(9,998	)			178,233
	Operating earnings		71,203			14,945			39,046			1,220				(23,143	)			103,271
2017
	Revenues	$	989,682		$	333,851		$	337,921		$	8,442			$	1,398			$	1,671,294
	Adjusted EBITDA		86,163			31,598			35,188			652				(6,810	)			146,791
	Operating earnings		56,738			16,429			30,775			518				(15,933	)			88,527

Note to Segmented Results
The Investment Management segment includes Harrison Street which was acquired in July 2018, as well as the Company’s existing European investment management business which was previously reported within the EMEA segment.

COMPANY CONTACTS:

Jay S. Hennick
Chairman & CEO
                       
John B. Friedrichsen
CFO

(416) 960-9500

EXHIBIT 99.2

 

 

Colliers International Group Inc. Third Quarter 2018 Financial Results October 30, 2018

Forward - Looking Statements This presentation 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 business spending; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets served by the Company; labor shortages or increases in commission, wage and benefit costs; disruptions or security failures in information technology systems; and political conditions or events, including elections, referenda, changes to international trade and immigration policies and any outbreak or escalation of terrorism or hostilities. Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended December 31, 2017 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward looking statements contained in this presentation 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. Non - GAAP measures This presentation makes reference to the non - GAAP measures Adjusted EBITDA and Adjusted EPS. Please refer to Appendix for reconciliations to GAAP measures. 2

3 Third Quarter 2018 Results • Continued revenue and earnings growth, with significant contribution from new Investment Management platform • Quarterly revenues up 16% (17% in local currencies) with internal growth of 6% • Adjusted EPS of $0.92, up 39% from the prior year quarter • Closed Harrison Street acquisition in early July • Total of ten acquisitions completed so far this year, four acquisitions in the third quarter (Harrison Street (IM), Sadolin & Albæk (Denmark), Engels & Völkers Main - Taunus (Frankfurt) and Landmark Properties (Quebec) and divestiture of Finnish residential property management operations • 2018 results reflect the adoption of new US GAAP revenue recognition standard (immaterial impact to earnings). Existing European investment management business, previously reported in EMEA region, now included in new Investment Management segment. 2017 results have been restated for the impact of these items.

4 Third Quarter 2018 Results Summary (US$ millions, except per share amounts) (1) Local currency (“LC”) basis, excluding the effects of foreign currency exchange rate fluctuations Q3 2018 Q3 2017 YTD 2018 YTD 2017 % Change over Q3 2017 USD LC (1) Revenue 715 . 7 618.8 16% 17% Adjusted EBITDA 72 . 7 55.3 31% 33% Adjusted EBITDA Margin 10 . 2% 8.9% Adjusted EPS 0 . 92 0.66 39% GAAP Operating Earnings 42 . 0 34.5 22% GAAP Operating Earnings Margin 5 . 9% 5.6% GAAP EPS 0 . 41 0.16 156% % Change over YTD 2017 USD LC (1) Revenue 1 , 935 . 5 1,671.3 16% 14% Adjusted EBITDA 178 . 2 146.8 21% 20% Adjusted EBITDA Margin 9 . 2% 8.8% Adjusted EPS 2 . 32 1.79 30% GAAP Operating Earnings 103 . 3 88.5 17% GAAP Operating Earnings Margin 5 . 3% 5.3% GAAP EPS 1 . 13 0.48 135%

5 Third Quarter Consolidated Revenues (US$ millions) (1) Outsourcing & Advisory services include: Corporate Solutions, Valuation & Advisory Services, Property Management Services, Project Management, Workplace Solutions, Property Marketing and Research Services. Q3 Revenues Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage 229.3 197.0 195.9 188.2 258.7 230 . 7 31.8 2 . 8 715 . 7 618 . 8 2 0 18 2 0 17 Investment Management % Change over Q3 2017 U S D L C To t a l 16% 17% Investment Management NM NM Outsourcing & Advisory 12% 15% Sales Brokerage 4% 6% Lease Brokerage 16% 17% Revenue Mix Q3 2018 Q3 2017 To t a l 100% 100% Investment Management 5% 1% Outsourcing & Advisory 36% 37% Sales Brokerage 27% 30% Lease Brokerage 32% 32%

6 (1) Q3 2018 GAAP Operating Earnings: $24.4M Americas, $9.4M EMEA, $16.2M Asia Pacific, $2.4M Investment Management (2) Q3 2017 GAAP Operating Earnings: $21.2M Americas, $6.1M EMEA, $14.1M Asia Pacific, ($0.0M) Investment Management Third Quarter Geographic Split (US$ millions) 58% 21% 21% 0% A m e r i c as 359.4 E MEA 128 . 1 Asia Pacific 128.1 Q3 2017 Revenues Investment M anage m ent 2 . 8 54% 19% 27% 0% A m e r i c as 30.8 E MEA 11.1 Asia Pacific 15.6 57% 20% 19% 4% A m e r i c as 404.6 E MEA 146 . 3 Asia Pacific 132.5 Q3 2018 Revenues Investment M anage m ent 31.8 43% 22% 23% 12% A m e r i c as 33.3 E MEA 17.3 Q3 2017 Adjusted EBITDA 2 Investment M anage m ent (0.0) Asia Pacific 17.8 Q3 2018 Adjusted EBITDA 1 Investment M anage m ent 9.6

127.5 359.4 115.4 115.1 101.9 162.0 142.1 Q3 2018 Q3 2017 7 (1) Outsourcing & Advisory services include: Corporate Solutions, Valuation & Advisory Services, Property Management Services, Project Management, Workplace Solutions, Property Marketing and Research Services Americas (US$ millions) • Revenues up 14% in local currencies, with 9% from internal growth and 5% growth from recent acquisitions • Internal growth split evenly among service lines • Adjusted EBITDA up 8%, with margin impacted by geographic revenue mix within Brokerage operations Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage (2) GAAP Operating Earnings: Q3 2018 $24.4M at 6.0% margin ; Q3 2017 $21.2M at 5.9% margin 33 . 3 30 . 8 8.2% 8.6% Q3 2018 Q3 2017 Revenue Growth U S D 13% LC 14% Internal Growth (LC) 9% Revenue 404.6 Adjusted EBITDA 2 (Adjusted EBITDA Margin)

146 . 3 71.1 128.1 61.6 37.6 39.7 37.6 26.8 Q3 2018 Q3 2017 8 (1) Outsourcing & Advisory services include: Corporate Solutions, Valuation & Advisory Services, Property Management Services, Project Management, Workplace Solutions, Property Marketing and Research Services Revenue EMEA (US$ millions) Adjusted EBITDA 2 (Adjusted EBITDA Margin) • Revenues up 15% in local currencies, with 13% growth from recent acquisitions and 2% from internal growth • Internal growth led by an increase in Lease Brokerage, largely offset by a decline in Sales Brokerage relative to heightened activity in the prior year • Adjusted EBITDA was $17.3 million with a margin of 11.8%, favourably impacted by recent acquisitions Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage Revenue Growth U S D 14% LC 15% Internal Growth (LC) 2% (2) GAAP Operating Earnings: Q3 2018 $9.4M at 6.4% margin ; Q3 2017 $6.1M at 4.8% margin 17 . 3 11.8% 11.1 8.7% Q3 2018 Q3 2017

59.6 53.3 43.2 46.5 29.7 28.2 132 . 5 128 . 1 Q3 2018 Q3 2017 9 (1) Outsourcing & Advisory services include: Corporate Solutions, Valuation & Advisory Services, Property Management Services, Project Management, Workplace Solutions, Property Marketing and Research Services Asia Pacific (US$ millions) • Revenues up 8% in local currencies, with 3% growth from recent acquisitions and 5% from internal growth • Internal growth in LC led by an increase in Lease Brokerage and Outsourcing & Advisory • Adjusted EBITDA up 14% with margin improvement from operating leverage Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage (2) GAAP Operating Earnings: Q3 2018 $16.2M at 12.2% margin; Q3 2017 $14.1M at 11.0% margin USD LC Internal Growth (LC) Revenue Growth 3% 8% 5% Revenue Adjusted EBITDA 2 (Adjusted EBITDA Margin) 17 . 8 15 . 6 13.4% 12.2% Q3 2018 Q3 2017

31 . 8 2 .8 Q3 2018 Q3 2017 10 Investment Management (US$ millions) • New segment comprised of Harrison Street (acquired July 2018) and the existing European investment management business previously reported within the EMEA segment • $25.9 Billion of AUM, up 9% sequentially since beginning of quarter • Revenues and EBITDA impacted by Harrison Street acquisition (1) GAAP Operating Earnings: Q3 2018 $2.4M at 7.6% margin; Q3 2017 ($0.0M) at (1.2%) margin Revenue Adjusted EBITDA 1 (Adjusted EBITDA Margin) 9 .6 ( 0 . 0) 30.1% Q3 2018 Q3 2017

11 1 Includes business acquisitions, contingent acquisition consideration and purchase of non - controlling interests in subsidiaries. Capitalization & Capital Allocation (US$ millions) Highlights • Net debt / pro forma adjusted EBITDA leverage of 2.2x at September 30, 2018, down from pro forma leverage of 2.4x at the start of the quarter • Closed on Harrison Street and three other acquisitions in the quarter • Anticipated capital expenditures of approximately $35 - $37 million in 2018 driven by investments in office space and IT systems/software Capital Expenditures Acquisition Spend (1) 9 Months Ended September 30, 2018 September 30, 2017 $ 21 . 6 $ 28 . 9 $ 590 . 7 $ 97 . 8 3 Months Ended $ 114 . 7 820 . 5 $ 705 . 8 334 . 9 343 . 6 $ 1 , 384 . 3 2 .2 September 30, 2018 December 31, 2017 September 30, 2017 Cash $ 108 . 5 $ 109 . 8 Total Debt 249 . 9 371 . 9 Net Debt $ 141 . 4 $ 262 . 1 Redeemable non - controlling interests 145 . 5 140 . 2 Shareholders' equity 303 . 0 265 . 7 Total capitalization Net debt / pro forma adjusted EBITDA $ 589 . 9 0 .6 $ 668 . 0 1 .1 Capital Expenditures September 30, 2018 $ 7.6 September 30, 2017 $ 8.4 Acquisition Spend (1) $ 483.9 $ 12.5

12 Looking Ahead 2018 Consolidated full year outlook • Predicated on stable market conditions, including modest economic growth and increases to interest rates • Mid - single digit internal revenue growth plus ~10% growth from acquisitions, including Harrison Street • Adjusted EBITDA margin improvement of 100 - 120 bps, including acquisitions • Consolidated income tax rate of 29% - 31% • Consolidated NCI share of earnings of 15 - 18% • 25% - 30% adjusted EPS growth on full year basis

Appendix Reconciliation of non - GAAP measures

14 Appendix Reconciliation of GAAP earnings to adjusted EBITDA (US$ thousands) $ $ 20 , 362 10 , 941 ( 332) 3,487 53 , 119 28 , 068 ( 2 , 368) 9,708 34 , 458 12 , 976 6 , 149 760 939 88 , 527 39 , 384 13 , 666 1 , 803 3 , 411 Net earnings Income tax Other income, net Interest expense, net Operating earnings Depreciation and amortization Acquisition - related items Restructuring costs Stock - based compensation expense Adjusted EBITDA $ 55 , 282 $ 146 , 791 Three months ended September 30, 2018 September 30, 2017 Nine months ended September 30, 2018 September 30, 2017 $ 25 , 384 10 , 257 ( 581) 6 , 896 41 , 956 23 , 161 6 , 271 - 1 , 277 $ 72,665 $ 62,727 27,832 (1,041) 13,753 103 , 271 55 , 303 14 , 265 416 4 , 978 $ 178,233

15 App e nd ix Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Nine months ended (US$ thousands) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net earnings $ 25,384 $ 20 , 362 $ 62 , 727 $ 53 , 119 Non - controlling interest share of earnings ( 4 , 073) ( 5 , 462) ( 8 , 290) ( 12 , 755) Amortization of intangible assets 15 , 255 6 , 183 32 , 624 20 , 148 Acquisition - related items 6 , 271 6 , 149 14 , 265 13 , 666 Restructuring costs - 760 416 1 , 803 Stock - based compensation expense 1 , 277 939 4 , 978 3 , 411 Income tax on adjustments ( 5 , 440) ( 2 , 057) ( 10 , 413) ( 6 , 523) Non - controlling interest on adjustments ( 1 , 929) ( 1 , 048) ( 3 , 979) ( 2 , 777) Adjusted net earnings $ 36,745 $ 25 , 826 $ 92 , 328 $ 70 , 092 Three months ended Nine months ended (US$) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Diluted net earnings per common share $ 0.41 $ 0 . 16 $ 1 . 13 $ 0 . 48 Non - controlling interest redemption increment 0 . 13 0 . 22 0 . 24 0 . 55 Amortization of intangible assets, net of tax 0 . 23 0 . 10 0 . 52 0 . 32 Acquisition - related items 0 . 12 0 . 14 0 . 30 0 . 31 Restructuring costs, net of tax - 0 . 02 0 . 01 0 . 04 Stock - based compensation expense, net of tax 0 . 03 0 . 02 0 . 12 0 . 09 Adjusted EPS $ 0.92 $ 0 . 66 $ 2 . 32 $ 1 . 79

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