Colliers International has reported revenue of $2.28 bn (€1.8 bn) in 2017, a 20% increase relative to the previous year.
For the quarter ended December 31, 2017, revenues were $734.2 mln, a 27% increase (25% in local currency) relative to the comparable prior year period, adjusted EBITDA was $101.1 mln, up 12% and adjusted EPS was $1.41, up 16% versus the prior year period.
Fourth quarter adjusted EPS would have been approximately $0.03 lower excluding foreign exchange impacts. GAAP operating earnings were $84.0 mln, relative to $76.1 mln in the prior year period. GAAP EPS was $0.86 per share, relative to $1.14 per share in the prior year period, and included a one-time charge of $13.3 mln ($0.34 per share) to re-measure US deferred income tax assets at lower corporate tax rates upon the enactment of the Tax Cuts and Jobs Act in the United States. Fourth quarter GAAP EPS would have been approximately $0.03 lower excluding changes in foreign exchange rates.
For the year ended 31 December 2017, revenues were $2.28 bn, a 20% increase relative to the comparable prior year period, adjusted EBITDA was $242.3 mln, up 19% and adjusted EPS was $3.11, up 27% versus the prior year period.
Full year adjusted EPS would have been approximately $0.03 lower excluding foreign exchange impacts. GAAP operating earnings were $166.8 mln, relative to $146.2 mln in the prior year period. GAAP EPS was $1.25 per share, compared to $1.75 per share in the prior year, with the current year impacted by a significant increase in the non-controlling interest redemption increment related to the quarterly non-cash balance sheet revaluation of non-controlling interests and the re-measurement of US deferred income tax assets. Full year GAAP EPS would have been approximately $0.03 lower excluding changes in foreign exchange rates.
'Colliers generated strong results for the fourth quarter and full year across our all major markets through a combination of acquisitions and solid internal growth,' said Jay Hennick, chairman and CEO of Colliers International. 'Client demand and skilful execution drove revenues to record levels, while our leadership team continued to successfully expand and diversify our global platform. With a strong balance sheet providing ample capacity to fund our continued growth, prudent investments in technology to add value to clients and better enable our professionals to execute, a significant acquisition in the Nordics to start the year and a stable outlook for 2018, we remain on-track to achieving our ambitious five-year growth plan to double our size by the year 2020,' he concluded.
