EX-99.1 2 exh_991.htm EXHIBIT 99.1

EXHIBIT 99.1

Colliers International reports strong results for third quarter

Revenues up 24% (22% in local currencies)

Operating highlights:

| Three months ended |  | Nine months ended
| September 30 |  | September 30
(in millions of US$, except EPS) | 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 574.1 |  | $ | 462.1 |  | $ | 1,541.1 |  | $ | 1,320.7
Adjusted EBITDA (note 1) |  | 52.2 |  |  | 37.6 |  |  | 141.1 |  |  | 112.6
Adjusted EPS (note 2) |  | 0.61 |  |  | 0.40 |  |  | 1.70 |  |  | 1.22
GAAP operating earnings |  | 31.4 |  |  | 23.6 |  |  | 82.9 |  |  | 70.1
GAAP EPS |  | 0.11 |  |  | 0.24 |  |  | 0.39 |  |  | 0.61

TORONTO, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today reported operating and financial results for its third quarter ended September 30, 2017. All amounts are in US dollars.

Revenues for the third quarter were $574.1 million, a 24% increase (22% in local currency) relative to the same quarter in the prior year, adjusted EBITDA (note 1) was $52.2 million, up 39% (34% in local currency) and adjusted EPS (note 2) was $0.61, a 53% increase versus the prior year quarter. Third quarter adjusted EPS would have been approximately $0.03 lower excluding foreign exchange impacts. GAAP operating earnings were $31.4 million, relative to $23.6 million in the prior year period. GAAP EPS was $0.11 per share in the quarter, versus $0.24 per share for the same quarter a year ago, with the current period 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. Third quarter GAAP EPS would have been approximately $0.03 lower excluding changes in foreign exchange rates.

For the nine months ended September 30, 2017, revenues were $1.54 billion, a 17% increase (17% in local currency) relative to the comparable prior year period, adjusted EBITDA was $141.1 million, up 25% (25% in local currency) and adjusted EPS was $1.70, a 39% increase versus the prior year period. Changes in foreign exchange rates had no impact on year-to-date adjusted EPS. GAAP operating earnings were $82.9 million, relative to $70.1 million in the prior year period. GAAP EPS for the nine month period was $0.39 per share, compared to $0.61 per share in the prior year period. Changes in foreign exchange rates had no impact on year-to-date GAAP EPS.

“Colliers generated strong results for the third quarter through a combination of recent acquisitions and internal growth. Based on our performance to date, and continuing stable market conditions, we expect a solid fourth quarter and finish to the year,” said Jay S. Hennick, Chairman and CEO of Colliers International. “Since the beginning of the quarter, we doubled the size of our project management business in Australia and added another high quality tenant advisory practice in Washington, D.C., bringing the total number of acquisitions so far this year to seven. We also established company-owned operations in Japan, the third largest economy in the world,” he concluded.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers has also been ranked the top property manager in the world by Commercial Property Executive for two years in a row.

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$) |  | September 30 | Growth | Growth |  | September 30 | Growth | Growth
(LC = local currency) |  | 2017 |  | 2016 | in US$ % | in LC % |  | 2017 |  | 2016 | in US$ % | in LC %
Outsourcing & Advisory |  | $ | 197,600 |  | $ | 180,223 | 10% | 8% |  | $ | 558,798 |  | $ | 519,850 | 7% | 8%
Lease Brokerage |  |  | 188,021 |  |  | 147,958 | 27% | 25% |  |  | 499,259 |  |  | 412,650 | 21% | 21%
Sales Brokerage |  |  | 188,436 |  |  | 133,871 | 41% | 38% |  |  | 483,059 |  |  | 388,196 | 24% | 24%
Total revenues |  | $ | 574,057 |  | $ | 462,052 | 24% | 22% |  | $ | 1,541,117 |  | $ | 1,320,696 | 17% | 17%

Consolidated revenues for the third quarter grew 22% on a local currency basis, with particularly strong contributions from Sales and Lease Brokerage. Local currency revenue growth was comprised of 13% growth from recent acquisitions and internal growth of 9% (note 3). Internal growth was led by a rebound in Sales Brokerage revenues in the EMEA region relative to unusually low activity levels in the prior year period in the aftermath of the June 2016 “Brexit” vote.

For the nine months ended September 30, 2017, consolidated revenues grew 17% on a local currency basis. Year-to-date local currency revenue growth was comprised of 13% growth from recent acquisitions and internal growth of 4%. Internal growth was impacted by a decline in lower margin Outsourcing & Advisory activity in the EMEA region during the first half of the year.

For the full year, the Company estimates local currency internal revenue growth will be similar to that achieved for the nine month period.

Segmented Quarterly Results
The Americas region’s revenues totalled $330.9 million for the third quarter compared to $256.5 million in the prior year quarter, up 29% (28% on a local currency basis). Local currency revenue growth was comprised of 20% growth from recent acquisitions and 8% internal growth. Internal growth was driven by Lease Brokerage, with several significant office lease transactions completed in major markets during the quarter. Adjusted EBITDA was $29.1 million, versus $22.6 million in the prior year quarter, up 29%. GAAP operating earnings were $19.4 million, versus $16.3 million in the prior year period, impacted by amortization of intangible assets acquired in connection with recent acquisitions incurred in the current quarter.

EMEA region revenues totalled $129.7 million for the third quarter compared to $106.6 million in the prior year quarter, up 22% (18% on a local currency basis). Local currency revenue growth was comprised of 7% growth from recent acquisitions and 11% internal growth. Internal revenues benefitted from a rebound in Sales Brokerage activity in the UK and the rest of Western Europe, relative to unusually low activity levels in the prior year period in the aftermath of the June 2016 “Brexit” vote. Adjusted EBITDA more than doubled to $11.2 million, versus $4.5 million in the prior year quarter, reflecting operating leverage from higher revenues and revenue mix. GAAP operating earnings were $6.3 million, versus a loss of $0.4 million in the prior year quarter.

Asia Pacific region revenues totalled $113.0 million for the third quarter compared to $98.6 million in the prior year quarter, up 15% (12% on a local currency basis). Local currency revenue growth was comprised of 11% internal revenue growth and 1% growth from a recent acquisition, with notable increases in Sales Brokerage in Hong Kong and China, as well as Outsourcing & Advisory throughout the region. Adjusted EBITDA was $14.2 million, up from $13.2 million in the prior year quarter. GAAP operating earnings were $12.7 million, versus $11.6 million in the prior year period.

Global corporate costs as reported in adjusted EBITDA were $2.2 million in the third quarter, relative to $2.6 million in the prior year period. The corporate GAAP operating loss for the third quarter was $6.9 million, relative to $4.0 million in the prior period, with the current quarter results impacted by incremental acquisition-related expenses.

Conference Call
Colliers will be holding a conference call on Tuesday, October 31, 2017 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 www.colliers.com in the “Shareholders / Newsroom” 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, 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, 2016 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 (including transaction costs, contingent acquisition consideration fair value adjustments and contingent acquisition consideration-related compensation expense); (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
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net earnings | $ | 18,316 |  |  | $ | 13,461 |  |  | $ | 49,344 |  |  | $ | 41,250 |
Income tax |  | 9,952 |  |  |  | 8,207 |  |  |  | 26,194 |  |  |  | 24,138 |
Other income, net |  | (332 | ) |  |  | (362 | ) |  |  | (2,368 | ) |  |  | (2,183 | )
Interest expense, net |  | 3,487 |  |  |  | 2,321 |  |  |  | 9,708 |  |  |  | 6,913 |
Operating earnings |  | 31,423 |  |  |  | 23,627 |  |  |  | 82,878 |  |  |  | 70,118 |
Depreciation and amortization |  | 12,976 |  |  |  | 11,390 |  |  |  | 39,384 |  |  |  | 33,038 |
Acquisition-related items |  | 6,149 |  |  |  | 352 |  |  |  | 13,666 |  |  |  | 2,397 |
Restructuring costs |  | 760 |  |  |  | 1,804 |  |  |  | 1,803 |  |  |  | 4,580 |
Stock-based compensation expense |  | 938 |  |  |  | 471 |  |  |  | 3,411 |  |  |  | 2,489 |
Adjusted EBITDA | $ | 52,246 |  |  | $ | 37,645 |  |  | $ | 141,142 |  |  | $ | 112,622 |

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
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net earnings | $ | 18,316 |  |  | $ | 13,461 |  |  | $ | 49,344 |  |  | $ | 41,250 |
Non-controlling interest share of earnings |  | (5,348 | ) |  |  | (3,286 | ) |  |  | (12,464 | ) |  |  | (11,259 | )
Amortization of intangible assets |  | 6,183 |  |  |  | 5,192 |  |  |  | 20,148 |  |  |  | 15,619 |
Acquisition-related items |  | 6,149 |  |  |  | 352 |  |  |  | 13,666 |  |  |  | 2,397 |
Restructuring costs |  | 760 |  |  |  | 1,804 |  |  |  | 1,803 |  |  |  | 4,580 |
Stock-based compensation expense |  | 938 |  |  |  | 471 |  |  |  | 3,411 |  |  |  | 2,489 |
Income tax on adjustments |  | (2,057 | ) |  |  | (2,117 | ) |  |  | (6,523 | ) |  |  | (6,356 | )
Non-controlling interest on adjustments |  | (1,048 | ) |  |  | (399 | ) |  |  | (2,777 | ) |  |  | (1,332 | )
Adjusted net earnings | $ | 23,893 |  |  | $ | 15,478 |  |  | $ | 66,608 |  |  | $ | 47,388 |
|  | Three months ended |  | Nine months ended
(in US$) | September 30 |  | September 30
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Diluted net earnings per common share | $ | 0.11 |  |  | $ | 0.24 |  |  | $ | 0.39 |  |  | $ | 0.61 |
Non-controlling interest redemption increment |  | 0.22 |  |  |  | 0.02 |  |  |  | 0.55 |  |  |  | 0.16 |
Amortization of intangible assets, net of tax |  | 0.10 |  |  |  | 0.09 |  |  |  | 0.32 |  |  |  | 0.25 |
Acquisition-related items |  | 0.14 |  |  |  | 0.01 |  |  |  | 0.31 |  |  |  | 0.06 |
Restructuring costs, net of tax |  | 0.02 |  |  |  | 0.03 |  |  |  | 0.04 |  |  |  | 0.08 |
Stock-based compensation expense, net of tax |  | 0.02 |  |  |  | 0.01 |  |  |  | 0.09 |  |  |  | 0.06 |
Adjusted earnings per share | $ | 0.61 |  |  | $ | 0.40 |  |  | $ | 1.70 |  |  | $ | 1.22 |

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 (Loss)
(in thousands of US dollars, except per share amounts)
|  |  |  |  | Three months |  |  | Nine months
|  |  |  |  | ended September 30 |  |  | ended September 30
(unaudited) |  |  | 2017 |  |  |  | 2016 |  |  |  | 2017 |  |  |  | 2016 |
Revenues |  | $ | 574,057 |  |  | $ | 462,052 |  |  | $ | 1,541,117 |  |  | $ | 1,320,696 |
Cost of revenues |  |  | 372,447 |  |  |  | 301,073 |  |  |  | 965,059 |  |  |  | 832,908 |
Selling, general and administrative expenses |  |  | 151,062 |  |  |  | 125,610 |  |  |  | 440,130 |  |  |  | 382,235 |
Depreciation |  |  | 6,793 |  |  |  | 6,198 |  |  |  | 19,236 |  |  |  | 17,419 |
Amortization of intangible assets |  |  | 6,183 |  |  |  | 5,192 |  |  |  | 20,148 |  |  |  | 15,619 |
Acquisition-related items (1) |  |  | 6,149 |  |  |  | 352 |  |  |  | 13,666 |  |  |  | 2,397 |
Operating earnings |  |  | 31,423 |  |  |  | 23,627 |  |  |  | 82,878 |  |  |  | 70,118 |
Interest expense, net |  |  | 3,487 |  |  |  | 2,321 |  |  |  | 9,708 |  |  |  | 6,913 |
Other income |  |  | (332 | ) |  |  | (362 | ) |  |  | (2,368 | ) |  |  | (2,183 | )
Earnings before income tax |  |  | 28,268 |  |  |  | 21,668 |  |  |  | 75,538 |  |  |  | 65,388 |
Income tax |  |  | 9,952 |  |  |  | 8,207 |  |  |  | 26,194 |  |  |  | 24,138 |
Net earnings |  |  | 18,316 |  |  |  | 13,461 |  |  |  | 49,344 |  |  |  | 41,250 |
Non-controlling interest share of earnings |  |  | 5,348 |  |  |  | 3,286 |  |  |  | 12,464 |  |  |  | 11,259 |
Non-controlling interest redemption increment |  |  | 8,757 |  |  |  | 671 |  |  |  | 21,718 |  |  |  | 6,279 |
Net earnings attributable to Company |  | $ | 4,211 |  |  | $ | 9,504 |  |  | $ | 15,162 |  |  | $ | 23,712 |
Net earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
| Basic |  | $ | 0.11 |  |  | $ | 0.25 |  |  | $ | 0.39 |  |  | $ | 0.61 |
| Diluted |  | $ | 0.11 |  |  | $ | 0.24 |  |  | $ | 0.39 |  |  | $ | 0.61 |
Adjusted earnings per share (2) |  | $ | 0.61 |  |  | $ | 0.40 |  |  | $ | 1.70 |  |  | $ | 1.22 |
Weighted average common shares (thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Basic |  |  | 38,860 |  |  |  | 38,601 |  |  |  | 38,804 |  |  |  | 38,584 |
|  | Diluted |  |  | 39,349 |  |  |  | 38,950 |  |  |  | 39,264 |  |  |  | 38,859 |

|  | Notes to Condensed Consolidated Statements of Earnings (Loss) (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.

Condensed Consolidated Balance Sheets |  |  |  |  |  |  |  |
(in thousands of US dollars) |  |  |
(unaudited) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2016
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 109,822 |  | $ | 113,148 |  | $ | 108,910
Accounts receivable |  | 319,741 |  |  | 311,020 |  |  | 278,981
Prepaids and other assets |  | 102,899 |  |  | 82,154 |  |  | 81,625
| Current assets |  | 532,462 |  |  | 506,322 |  |  | 469,516
Other non-current assets |  | 68,659 |  |  | 48,860 |  |  | 35,945
Fixed assets |  | 80,538 |  |  | 65,274 |  |  | 63,801
Deferred income tax |  | 67,452 |  |  | 82,252 |  |  | 92,915
Goodwill and intangible assets |  | 636,339 |  |  | 487,563 |  |  | 498,100
| Total assets | $ | 1,385,450 |  | $ | 1,190,271 |  | $ | 1,160,277
Liabilities and shareholders' equity |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 490,287 |  | $ | 483,376 |  | $ | 414,194
Other current liabilities |  | 46,682 |  |  | 24,890 |  |  | 15,225
Long-term debt - current |  | 2,245 |  |  | 1,961 |  |  | 2,609
| Current liabilities |  | 539,214 |  |  | 510,227 |  |  | 432,028
Long-term debt - non-current |  | 369,651 |  |  | 260,537 |  |  | 333,163
Other liabilities |  | 69,724 |  |  | 57,609 |  |  | 56,244
Deferred income tax |  | 16,326 |  |  | 14,582 |  |  | 21,252
Redeemable non-controlling interests |  | 140,210 |  |  | 134,803 |  |  | 132,660
Shareholders' equity |  | 250,325 |  |  | 212,513 |  |  | 184,930
| Total liabilities and equity | $ | 1,385,450 |  | $ | 1,190,271 |  | $ | 1,160,277
Supplemental balance sheet information |  |  |  |  |  |  |  |
Total debt | $ | 371,896 |  | $ | 262,498 |  | $ | 335,772
Total debt, net of cash |  | 262,074 |  |  | 149,350 |  |  | 226,862
Net debt / pro forma adjusted EBITDA ratio |  | 1.1 |  |  | 0.7 |  |  | 1.1

Consolidated Statements of Cash Flows |  |  |  |  |  |  |
(in thousands of US dollars)
|  |  |  | Three months ended |  |  | Nine months ended
|  |  |  | September 30 |  |  | September 30
(unaudited) |  |  | 2017 |  |  |  | 2016 |  |  |  | 2017 |  |  |  | 2016 |
Cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 18,316 |  |  | $ | 13,461 |  |  | $ | 49,344 |  |  | $ | 41,250 |
Items not affecting cash: |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization |  |  | 12,976 |  |  |  | 11,390 |  |  |  | 39,384 |  |  |  | 33,038 |
| Deferred income tax |  |  | 772 |  |  |  | 1,664 |  |  |  | 4,138 |  |  |  | 5,751 |
| Other |  |  | 10,559 |  |  |  | 5,051 |  |  |  | 26,603 |  |  |  | 13,241 |
|  |  |  | 42,623 |  |  |  | 31,566 |  |  |  | 119,469 |  |  |  | 93,280 |
Net change from assets/liabilities |  |  |  |  |  |  |  |  |  |  |  |
| Accounts receivable |  |  | 1,443 |  |  |  | 13,877 |  |  |  | 12,269 |  |  |  | 25,136 |
| Payables and accruals |  |  | 46,592 |  |  |  | 19,500 |  |  |  | (74,827 | ) |  |  | (65,335 | )
| Other |  |  | (1,592 | ) |  |  | (415 | ) |  |  | 12,175 |  |  |  | (4,548 | )
| Contingent acquisition consideration paid |  |  | (812 | ) |  |  | (591 | ) |  |  | (1,113 | ) |  |  | (591 | )
Net cash provided by operating activities |  |  | 88,254 |  |  |  | 63,937 |  |  |  | 67,973 |  |  |  | 47,942 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of businesses, net of cash acquired |  |  | (4,162 | ) |  |  | (26,006 | ) |  |  | (55,165 | ) |  |  | (72,332 | )
Purchases of fixed assets |  |  | (8,378 | ) |  |  | (5,560 | ) |  |  | (28,879 | ) |  |  | (16,242 | )
Other investing activities |  |  | (17,769 | ) |  |  | (4,363 | ) |  |  | (34,790 | ) |  |  | (18,283 | )
Net cash used in investing activities |  |  | (30,309 | ) |  |  | (35,929 | ) |  |  | (118,834 | ) |  |  | (106,857 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Increase in long-term debt, net |  |  | (55,417 | ) |  |  | (2,730 | ) |  |  | 101,936 |  |  |  | 83,758 |
Purchases of non-controlling interests, net |  |  | (5,280 | ) |  |  | (9,282 | ) |  |  | (35,156 | ) |  |  | (12,919 | )
Dividends paid to common shareholders |  |  | (1,942 | ) |  |  | (1,931 | ) |  |  | (3,875 | ) |  |  | (3,471 | )
Distributions paid to non-controlling interests |  |  | (6,514 | ) |  |  | (3,130 | ) |  |  | (17,506 | ) |  |  | (13,389 | )
Other financing activities |  |  | (446 | ) |  |  | (185 | ) |  |  | (846 | ) |  |  | 793 |
Net cash (used in) provided by financing activities |  |  | (69,599 | ) |  |  | (17,258 | ) |  |  | 44,553 |  |  |  | 54,772 |
Effect of exchange rate changes on cash |  |  | (1,508 | ) |  |  | 1,478 |  |  |  | 2,982 |  |  |  | (3,097 | )
(Decrease) increase in cash and cash equivalents |  |  | (13,162 | ) |  |  | 12,228 |  |  |  | (3,326 | ) |  |  | (7,240 | )
Cash and cash equivalents, beginning of period |  |  | 122,984 |  |  |  | 96,682 |  |  |  | 113,148 |  |  |  | 116,150 |
Cash and cash equivalents, end of period |  | $ | 109,822 |  |  | $ | 108,910 |  |  | $ | 109,822 |  |  | $ | 108,910 |

Segmented Results
(in thousands of US dollars)
|  |  |  |  |  | Asia |  |  |  |
(unaudited) | Americas |  | EMEA |  | Pacific |  | Corporate |  | Consolidated
Three months ended September 30 |  |  |  |  |  |  |  |  |  |  |  |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 330,930 |  | $ | 129,682 |  |  | $ | 113,029 |  | $ | 416 |  |  | $ | 574,057
| Adjusted EBITDA |  | 29,060 |  |  | 11,243 |  |  |  | 14,160 |  |  | (2,217 | ) |  |  | 52,246
| Operating earnings |  | 19,426 |  |  | 6,278 |  |  |  | 12,654 |  |  | (6,935 | ) |  |  | 31,423
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 256,466 |  | $ | 106,601 |  |  | $ | 98,623 |  | $ | 362 |  |  | $ | 462,052
| Adjusted EBITDA |  | 22,556 |  |  | 4,482 |  |  |  | 13,164 |  |  | (2,557 | ) |  |  | 37,645
| Operating earnings |  | 16,307 |  |  | (363 | ) |  |  | 11,636 |  |  | (3,953 | ) |  |  | 23,627
|  |  |  |  |  | Asia |  |  |  |
|  | Americas |  | EMEA |  | Pacific |  | Corporate |  | Consolidated
Nine months ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 907,717 |  | $ | 337,496 |  |  | $ | 294,506 |  | $ | 1,398 |  |  | $ | 1,541,117
| Adjusted EBITDA |  | 82,482 |  |  | 32,151 |  |  |  | 33,320 |  |  | (6,811 | ) |  |  | 141,142
| Operating earnings |  | 53,055 |  |  | 16,846 |  |  |  | 28,907 |  |  | (15,930 | ) |  |  | 82,878
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 729,975 |  | $ | 322,693 |  |  | $ | 267,186 |  | $ | 842 |  |  | $ | 1,320,696
| Adjusted EBITDA |  | 72,527 |  |  | 21,007 |  |  |  | 26,934 |  |  | (7,846 | ) |  |  | 112,622
| Operating earnings |  | 55,847 |  |  | 5,495 |  |  |  | 22,697 |  |  | (13,921 | ) |  |  | 70,118

COMPANY CONTACTS:

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

(416) 960-9500