Colliers International Group (CIGI) Q2 2024 earnings summary

Executive summary

• Achieved solid second quarter results with growth across all service lines and segments, notably in leasing and capital markets, which saw its first growth in 24 months.

• Recurring service lines (Outsourcing & Advisory, Investment Management) showed strong, predictable growth, now representing 72% of earnings post-acquisition.

• Completed the acquisition of AntGlobe/Englobe, strengthening engineering and recurring revenue streams.

• Realigning segment reporting to focus on real estate services, engineering, and investment management for greater transparency.

Financial highlights

• Second quarter revenues reached $1,139.4 million, up 6% year-over-year, with internal growth at 5%.

• Adjusted EBITDA was $155.6 million, up 6% year-over-year, with margin increasing to 13.7%.

• Assets under management stood at $96.4 billion as of June 30, 2024, flat compared to the prior quarter.

• Free cash flow for Q2 was $125.4 million, up from $68.8 million in Q2 2023.

• Adjusted EPS increased 4% to $1.36; GAAP operating earnings up 52% to $114.7 million.

Outlook and guidance

• Maintaining full-year financial outlook, with an increase to reflect the partial year impact of AntGlobe/Englobe.

• Revenue growth expected at 8–13%, adjusted EBITDA growth at 8–18%, and adjusted EPS growth at 11–21% for 2024.

• Expecting mid- to high single-digit revenue growth in recurring service lines for the remainder of the year.

• Anticipate a gradual recovery in capital markets activity in Q3 and Q4, with normalization likely in 2025.

• Outlook subject to macroeconomic, geopolitical, and credit market risks.