Colliers Reports Strong First Quarter Results

Operating highlights: 

    Three months ended
    March 31
(in millions of US$, except EPS)   2021       2020  
                 
Revenues $ 774.9     $ 630.6  
Adjusted EBITDA (note 1)   92.1       54.5  
Adjusted EPS (note 2)   1.04       0.54  
                 
GAAP operating earnings   40.0       18.5  
GAAP diluted EPS   0.11       0.11  

TORONTO, May 04, 2021 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ and TSX: CIGI) (“Colliers” or the “Company”) today announced operating and financial results for the quarter ended March 31, 2021. All amounts are in US dollars.

For the quarter ended March 31, 2021, revenues were $774.9 million, up 23% (18% in local currency) relative to the same quarter in the prior year, adjusted EBITDA (note 1) was $92.1 million, up 69% (65% in local currency) and adjusted EPS (note 2) was $1.04, up 93% versus the prior year period. First quarter adjusted EPS would have been approximately $0.04 lower excluding foreign exchange impacts. GAAP operating earnings were $40.0 million, relative to $18.5 million in the prior year quarter. GAAP diluted net earnings per share were $0.11, flat relative to the prior year quarter. First quarter GAAP EPS would have been approximately $0.04 lower excluding changes in foreign exchange rates.

“Colliers delivered strong first quarter results with encouraging signs of momentum for the balance of the year. Strength in recurring services, stabilizing transactional revenues, and a highly diversified business model has transformed Colliers into a more balanced and resilient professional services and investment management company,” said Jay S. Hennick, Chairman & CEO of Colliers. “Although pandemic uncertainty remains around the world, we are increasing our financial outlook for the balance of the year to reflect better than expected results. We recently published our first Global Impact Report highlighting our commitment to embedding environmental, social and governance, or ESG practices, across our company. During the quarter, Colliers Engineering & Design completed its first acquisition, a specialty transportation design firm, to further strengthen this rapidly growing part of our Outsourcing & Advisory service line. And in Investment Management, Harrison Street was proud to receive four coveted PERE Awards, including ‘Alternatives Investor of the Year’ globally and in North America, capping off its largest fundraising quarter in the firm’s history. With our proven track record, balanced and diversified business model, enterprising culture and significant inside ownership, Colliers is better positioned today than at any other time in its history to continue creating significant value for shareholders in the years to come,” he concluded.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Consolidated Revenues by Line of Service

      Three months ended    
(in thousands of US$)     March 31 Change Change
(LC = local currency)     2021   2020 in US$ % in LC%
                       
Outsourcing & Advisory   $ 340,116     $ 277,290   23% 17%
Investment Management (1)     44,627       45,825   -3% -3%
Leasing     179,661       164,510   9% 6%
Capital Markets     210,510       143,003   47% 40%
Total revenues     $ 774,914     $ 630,628   23% 18%
                       
(1)Investment Management local currency revenues, excluding pass-through carried interest, were up 2% for the three months ended March 31, 2021.

Consolidated revenues for the first quarter increased 18% on a local currency basis, driven by the impact of recent acquisitions and strong Capital Markets activity. Consolidated internal revenues measured in local currencies were up 4% (note 3), the first quarter of positive internal growth since the pre-pandemic fourth quarter of 2019.

Segmented First Quarter Results
Revenues in the Americas region totalled $475.8 million for the first quarter, up 29% (27% in local currency) versus $370.0 million in the prior year quarter. Revenue growth was driven by recent acquisitions and stabilizing transactional revenues, especially Capital Markets activity across the region. Adjusted EBITDA was $56.9 million, up 82% from $31.2 million in the prior year quarter, and includes the impact of recent acquisitions and reduced costs from measures implemented due to the pandemic. GAAP operating earnings were $42.9 million, relative to $22.7 million in the prior year quarter.

Revenues in the EMEA region totalled $126.1 million for the first quarter compared to $117.1 million in the prior year quarter, up 8% (down 3% in local currency), with activity returning to near prior year levels in each service line. Adjusted EBITDA was $4.5 million, versus a loss of $3.6 million in the prior year with the improvement primarily attributable to cost savings from measures implemented due to the pandemic. The GAAP operating loss was $1.1 million compared to a loss of $13.5 million in the prior year quarter.

Revenues in the Asia Pacific region totalled $128.3 million for the first quarter compared to $97.4 million in the prior year quarter, up 32% (19% in local currency). Revenue growth was driven by a rebound in activity relative to the sharply reduced levels experienced during the early stages of the pandemic in the first quarter of 2020. Adjusted EBITDA was $15.5 million compared to $5.2 million in the prior year quarter with the improvement in margin attributable to operating leverage and a lower cost base. GAAP operating earnings were $11.7 million, versus $1.2 million in the prior year quarter.

Investment Management revenues for the first quarter were $44.6 million compared to $45.8 million in the prior year quarter. No pass-through revenue from historical carried interest was recognized in the first quarter, versus $2.3 million in the prior year quarter. Excluding the impact of pass-through revenue, revenues were up 2% (2% in local currency) on solid management fee growth, partially offset by transaction fees recognized in the prior year period in Europe. Adjusted EBITDA was $17.7 million, relative to $18.4 million in the prior year quarter, down 3% versus a strong prior year comparative, which included transaction fees. GAAP operating earnings were $9.9 million in the quarter, versus $11.8 million in the prior year quarter. Assets under management were $41.6 billion at March 31, 2021, up 5% from $39.5 billion at December 31, 2020 and up 19% from $35.1 billion at March 31, 2020.

Unallocated global corporate costs as reported in Adjusted EBITDA were $2.6 million in the first quarter, relative to a recovery of $3.3 million in the prior year quarter, with the change primarily attributable to incentive compensation accruals recorded in the current year period. The corporate GAAP operating loss for the quarter was $23.4 million, relative to $3.7 million in the first quarter of 2020 attributable to an increase in the fair value of contingent acquisition consideration on strong operating performance of recently acquired businesses as well as incentive compensation accruals.

2021 Outlook
Given stronger than expected operating results for the first quarter, the Company is increasing its previously provided financial outlook. However, a number of risks and uncertainties remain, including: (i) the resurgence of COVID-19 cases in various parts of the world may impact overall results; (ii) stabilizing transactional revenues experienced in the first quarter may not be sustainable during the balance of the year; and (iii) certain operating costs, reduced in light of the pandemic, are expected to increase as restrictions and conditions ease and may temper margins. The outlook for the full year 2021 (relative to 2020), including the impact of completed acquisitions, is as follows:

  Full Year 2021 Outlook
  Updated Previous
Revenue +15% to +30% +10% to +25%
Adjusted EBITDA +15% to +30% +10% to +25%

This financial outlook is based on the Company’s best available information as of the date of this press release and remains subject to change based on numerous macroeconomic, health, social, geo-political and related factors.

Settlement of Long-Term Incentive Arrangement
On April 16, 2021, after receiving approval from 95% of disinterested shareholders, the Company completed the previously announced transaction (the “Transaction”) to settle the Management Services Agreement, including the Long-Term Incentive Arrangement, between Colliers, Jay S. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. The Transaction also established a timeline for the orderly elimination of Colliers’ dual class voting structure by no later than September 1, 2028. The completion of the Transaction resulted in the issuance of 3.6 million Subordinate Voting Shares from treasury and a cash payment of $96.2 million funded from the Company’s revolving credit facility.

Mr. Hennick remains Chairman & Chief Executive Officer of the Company and has control and direction over a total of 6.3 million shares of Colliers representing 14.4% of the outstanding shares and 45.6% of the votes.

Conference Call
Colliers will be holding a conference call on Tuesday, May 4, 2021 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 consumer spending, particularly in regions where our business may be concentrated; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in average capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the ability to attract new clients and to retain major clients and renew related contracts; the ability to retain and incentivize producers; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations related to our global operations, including real estate and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business.

Additional information and risk factors are identified in the Company’s other periodic filings with Canadian and US securities regulators (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). 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 consolidated 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, including amortization of mortgage servicing rights (“MSRs”); (v) gains attributable to MSRs; (vi) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (vii) restructuring costs and (viii) 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
  March 31
(in thousands of US$) 2021     2020  
           
Net earnings $ 24,807     $ 6,458  
Income tax   8,847       5,198  
Other income, including equity earnings from non-consolidated investments   (1,982 )     (704 )
Interest expense, net   8,284       7,585  
Operating earnings   39,956       18,537  
Depreciation and amortization   37,777       24,891  
Gains attributable to MSRs   (9,075 )      
Equity earnings from non-consolidated investments   1,406       555  
Acquisition-related items   18,847       2,750  
Restructuring costs   293       5,468  
Stock-based compensation expense   2,925       2,253  
Adjusted EBITDA $ 92,129     $ 54,454  

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

Adjusted EPS is defined as diluted net earnings per share as calculated under the “if-converted” method, 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 and MSRs; (iii) gains attributable to MSRs; (iv) acquisition-related items; (v) restructuring costs and (vi) 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 EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from continuing operations, 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 EPS appears below.

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. As such, the interest (net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. The “if-converted” method is used if the impact of the assumed conversion is dilutive. For the three months ended March 31, 2021, the “if-converted” method is anti-dilutive for the GAAP diluted EPS calculation but dilutive for the adjusted EPS calculation.

  Three months ended
  March 31
(in thousands of US$) 2021     2020  
           
Net earnings $ 24,807     $ 6,458  
Non-controlling interest share of earnings   (7,780 )     (3,377 )
Interest on Convertible Notes   2,300        
Amortization of intangible assets   27,338       16,013  
Gains attributable to MSRs   (9,075 )      
Acquisition-related items   18,847       2,750  
Restructuring costs   293       5,468  
Stock-based compensation expense   2,925       2,253  
Income tax on adjustments   (9,666 )     (5,805 )
Non-controlling interest on adjustments   (3,335 )     (2,150 )
Adjusted net earnings $ 46,654     $ 21,610  
           
  Three months ended
  March 31
(in US$) 2021     2020  
           
Diluted net earnings per common share $ 0.14     $ 0.11  
Non-controlling interest redemption increment   0.28       (0.04 )
Amortization expense, net of tax   0.37       0.24  
Gains attributable to MSRs, net of tax   (0.11 )      
Acquisition-related items   0.30       0.07  
Restructuring costs, net of tax         0.10  
Stock-based compensation expense, net of tax   0.06       0.06  
Adjusted EPS $ 1.04     $ 0.54  
           
Diluted weighted average shares for Adjusted EPS (thousands)   44,738       40,167  

3. Local currency revenue growth rate and internal revenue growth rate measures

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 no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. 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.

4. Assets under management

We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development properties of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.

COLLIERS INTERNATIONAL GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands of US$, except per share amounts)
          Three months
          ended March 31
(unaudited)     2021       2020  
                 
Revenues   $ 774,914     $ 630,628  
                 
Cost of revenues     467,731       416,358  
Selling, general and administrative expenses     210,603       168,092  
Depreciation     10,439       8,878  
Amortization of intangible assets     27,338       16,013  
Acquisition-related items (1)     18,847       2,750  
Operating earnings     39,956       18,537  
Interest expense, net     8,284       7,585  
Equity earnings from unconsolidated investments     (1,406 )     (555 )
Other income     (576 )     (149 )
Earnings before income tax     33,654       11,656  
Income tax     8,847       5,198  
Net earnings     24,807       6,458  
Non-controlling interest share of earnings     7,780       3,377  
Non-controlling interest redemption increment     12,540       (1,505 )
Net earnings attributable to Company   $ 4,487     $ 4,586  
                 
Net earnings per common share            
                 
  Basic   $ 0.11     $ 0.12  
                 
  Diluted (2)   $ 0.11     $ 0.11  
                 
Adjusted EPS (3)   $ 1.04     $ 0.54  
                 
Weighted average common shares (thousands)            
    Basic     40,257       39,874  
    Diluted     40,770       40,167  
Notes to Condensed Consolidated Statements of Earnings
(1)   Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs.
(2)   Diluted 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. As such, the interest (net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. The “if-converted” method is used if the impact of the assumed conversion is dilutive. For the three-month period ended March 31, 2021, the interest (net of tax) on the Convertible Notes was $1,691. The “if-converted” method is anti-dilutive for the three-month period ended March 31, 2021.
(3)   See definition and reconciliation above.

 

COLLIERS INTERNATIONAL GROUP INC.  
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of US$)
    March 31,   December 31,   March 31,
(unaudited) 2021   2020   2020
                         
Assets                      
Cash and cash equivalents $ 118,470
 
  $ 156,614     $ 103,090  
Restricted cash (1)   27,646
 
    20,919        
Accounts receivable and contract assets   436,777
 
    433,250       354,230  
Warehouse receivables (2)   115,854
 
    232,207        
Prepaids and other assets   190,111
 
    192,821       149,941  
Real estate assets held for sale  
 
          19,874  
  Current assets   888,858
 
    1,035,811       627,135  
Other non-current assets   103,517
 
    94,679       89,063  
Fixed assets   140,249
 
    129,221       103,183  
Operating lease right-of-use assets   330,118
 
    288,134       248,545  
Deferred tax assets, net   48,252
 
    45,008       43,667  
Goodwill and intangible assets   1,675,288
 
    1,699,314       1,390,755  
Real estate assets held for sale  
 
          233,484  
  Total assets $ 3,186,282
 
  $ 3,292,167     $ 2,735,832  
                         
Liabilities and shareholders’ equity                      
Accounts payable and accrued liabilities $ 637,761
 
  $ 748,660     $ 535,790  
Other current liabilities   126,777
 
    53,661       44,922  
Long-term debt – current   9,445
 
    9,024       3,688  
Warehouse credit facilities (2)   105,937
 
    218,018        
Operating lease liabilities – current   80,687
 
    78,923       65,236  
Liabilities related to real estate assets held for sale  
 
          42,723  
  Current liabilities   960,607
 
    1,108,286       692,359  
Long-term debt – non-current   513,955
 
    470,871       737,492  
Operating lease liabilities – non-current   309,961
 
    251,680       219,536  
Other liabilities   94,344
 
    158,366       95,218  
Deferred tax liabilities, net   44,404
 
    50,523       25,277  
Convertible notes   224,266
 
    223,957        
Liabilities related to real estate assets held for sale  
 
          119,994  
Redeemable non-controlling interests   440,000
 
    442,375       349,551  
Shareholders’ equity   598,745
 
    586,109       496,405  
  Total liabilities and equity $ 3,186,282
 
  $ 3,292,167     $ 2,735,832  
                         
Supplemental balance sheet information                      
Total debt (3) $ 523,400
 
  $ 479,895     $ 741,180  
Total debt, net of cash and cash equivalents (3)   404,930
 
    323,281       638,090  
Net debt / pro forma adjusted EBITDA ratio (4)   1.1
 
    1.0       1.8  
Notes to Condensed Consolidated Balance Sheets
(1)   Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business, primarily Colliers Mortgage.
(2)   Warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under warehouse credit facilities which fund loans that financial institutions have committed to purchase.
(3)   Excluding warehouse credit facilities and convertible notes.
(4)   Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in accordance with debt agreements.

 

COLLIERS INTERNATIONAL GROUP INC.            
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(in thousands of US$)
        Three months ended
        March 31
(unaudited)     2021       2020  
               
Cash provided by (used in)            
               
Operating activities            
Net earnings   $ 24,807     $ 6,458  
Items not affecting cash:            
  Depreciation and amortization     37,777       24,891  
  Gains attributable to mortgage servicing rights     (9,075 )      
  Gains attributable to the fair value of loan            
  premiums and origination fees     (11,578 )      
  Deferred income tax     (9,431 )     (7,158 )
  Other     41,891       13,440  
        74,391       37,631  
               
(Increase) decrease in accounts receivable, prepaid            
  expenses and other assets     (23,787 )     59,837  
(Decrease) increase in accounts payable, accrued            
  expenses and other liabilities     (12,552 )     (28,759 )
(Decrease) increase in accrued compensation     (84,476 )     (163,406 )
Contingent acquisition consideration paid     (7,475 )     (14,330 )
Proceeds from sale of mortgage loans     837,917        
Origination of mortgage loans     (706,785 )      
Increase in warehouse credit facilities     (112,081 )      
Repurchases from AR Facility, net of sales     (3,291 )     (11,009 )
Net cash used in operating activities     (38,139 )     (120,036 )
               
Investing activities            
Acquisition of businesses, net of cash acquired     (3,841 )     (3,101 )
Purchases of fixed assets     (22,093 )     (8,739 )
Purchase of held for sale real estate assets            
Cash collections on AR facility deferred purchase price     10,908       11,390  
Other investing activities     (11,093 )     1,908  
Net cash (used in) provided by investing activities     (26,119 )     1,458  
               
Financing activities            
Increase in long-term debt, net     53,792       143,146  
Purchases of non-controlling interests, net of sales     (8,133 )     (4,676 )
Dividends paid to common shareholders     (2,009 )     (1,992 )
Distributions paid to non-controlling interests     (13,923 )     (7,693 )
Other financing activities     4,968       (8,473 )
Net cash provided by financing activities     34,695       120,312  
               
Effect of exchange rate changes on cash     (1,854 )     (13,637 )
               
Increase (decrease) in cash and cash            
  equivalents and restricted cash     (31,417 )     (11,903 )
Cash and cash equivalents and            
  restricted cash, beginning of period     177,533       114,993  
Cash and cash equivalents and            
  restricted cash, end of period   $ 146,116     $ 103,090  

 

 

COLLIERS INTERNATIONAL GROUP INC.
SEGMENTED RESULTS
(in thousands of US dollars)
                                             
            Asia   Investment        
(unaudited) Americas   EMEA   Pacific   Management   Corporate   Consolidated
                                             
Three months ended March 31  
                                             
2021                                          
  Revenues $ 475,777
 
  $ 126,113     $ 128,251
 
  $ 44,627
 
  $ 146     $ 774,914
 
  Adjusted EBITDA   56,925
 
    4,504       15,518
 
    17,745
 
    (2,564 )     92,128
 
  Operating earnings (loss)   42,853
 
    (1,089 )     11,708
 
    9,931
 
    (23,447 )     39,956
 
                                             
2020                                          
  Revenues $ 369,990     $ 117,082     $ 97,434     $ 45,825     $ 297     $ 630,628  
  Adjusted EBITDA   31,157       (3,641 )     5,248       18,434       3,256       54,454  
  Operating earnings (loss)   22,709       (13,451 )     1,228       11,778       (3,727 )     18,537  

  

COMPANY CONTACTS:
Jay S. Hennick
Chairman & Chief Executive Officer

Christian Mayer
Chief Financial Officer
(416) 960-9500

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