EX-99.1 2 exh_991.htm PRESS RELEASE

EXHIBIT 99.1

Colliers International Reports First Quarter Results

Strong growth in revenues and earnings

Operating highlights:

|  |  |  | Three months ended |
|  |  |  | March 31 |
(in millions of US$, except EPS) |  |  | 2018 |  | 2017 |
Revenues |  |  | $ | 552.5 |  | $ | 466.3 |
Adjusted EBITDA (note 1) |  |  |  | 36.1 |  |  | 31.3 |
Adjusted EPS (note 2) |  |  |  | 0.45 |  |  | 0.36 |
GAAP operating earnings |  |  |  | 15.7 |  |  | 12.8 |
GAAP EPS |  |  |  | 0.13 |  |  | 0.04 |

TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today reported operating and financial results for its first quarter ended March 31, 2018. All amounts are in US dollars.

Revenues for the first quarter were $552.5 million, an 18% increase (14% in local currency) relative to the same quarter in the prior year, Adjusted EBITDA (note 1) was $36.1 million, up 16% (14% in local currency) and Adjusted EPS (note 2) was $0.45, a 25% increase versus the prior year quarter. First quarter adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. GAAP operating earnings were $15.7 million, relative to $12.8 million reported in the prior year period. GAAP diluted net earnings per common share was $0.13 for the quarter, versus $0.04 per share for the same quarter a year ago. First quarter GAAP EPS would have been approximately $0.01 lower excluding foreign exchange impacts. Operating results for the first quarter of 2018 reflect the adoption of new US GAAP revenue guidance which became effective January 1, 2018. The comparative quarter has been restated to reflect the impact of the new revenue guidance.

“Colliers is off to a strong start in 2018, with well-balanced revenue growth from acquisitions and internally from our existing operations. Our revenue pipelines indicate solid activity across all service lines, with stable to positive conditions in most major markets,” said Jay S. Hennick, Chairman and CEO of Colliers International. “To date we have completed a total of five acquisitions, two in the Americas, two in Europe and one in Asia - investing more than $100 million. Last month we also completed the expansion and extension of our revolving credit facility, providing additional capacity for growth over the next five years. With our strong balance sheet, disciplined growth strategy, and proven track record, Colliers International is well positioned to continue expanding our global platform in 2018 and beyond,” he concluded.

About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services 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. 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 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one 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 by Line of Service

|  | Three months ended |  |
| (in thousands of US$) | March 31 | Growth | Growth
| (LC = local currency) | 2018 |  | 2017 | in USD % | in LC %
| Outsourcing & Advisory |  |  |  | $ | 241,730 |  | $ | 199,018 | 21 | % | 15 | %
| Lease Brokerage |  |  |  |  | 167,734 |  |  | 144,827 | 16 | % | 12 | %
| Sales Brokerage |  |  |  |  | 143,009 |  |  | 122,418 | 17 | % | 13 | %
| Total revenues |  |  |  |  | $ | 552,473 |  | $ | 466,263 | 18 | % | 14 | %

Consolidated revenues for the first quarter grew 14% on a local currency basis, led by a significant increase in Outsourcing & Advisory revenues in the EMEA region mainly attributable to the recent acquisition of a Finnish property and asset management firm. Consolidated internal revenue growth in local currencies was 6% (note 3), led by double-digit internal growth in Sales and Lease Brokerage in the Asia Pacific region.

Segmented Quarterly Results
Americas region revenues totalled $328.5 million for the first quarter compared to $283.8 million in the prior year quarter, up 15% on a local currency basis. Revenue growth was comprised of 8% contribution from recent acquisitions and 7% internal growth spread evenly across all three service lines. Adjusted EBITDA was $26.5 million, relative to $22.4 million in the prior year quarter. GAAP operating earnings were $20.0 million, relative to $12.7 million in the prior year quarter, with the prior year period impacted by acquisition-related costs.

EMEA region revenues totalled $115.7 million for the first quarter compared to $90.8 million in the prior year quarter, up 11% on a local currency basis, comprised of 13% growth from recent acquisitions offset by a 2% decline in internal revenues. Internal revenues were impacted by a decline in Sales Brokerage activity, primarily in the UK, relative to strong results reported in the prior year period, with activity levels also impacted by timing which is expected to increase future quarters’ revenues. Adjusted EBITDA was a loss of $0.4 million, versus a profit of $3.7 million in the prior year quarter, driven by planned investments in incremental revenue producers in major markets as well as revenue mix. The GAAP operating loss was $9.6 million for the quarter, relative to a loss of $1.0 million in the prior year quarter, with the current period impacted by acquisition-related costs and incremental acquisition-related amortization.

Asia Pacific region revenues totalled $107.8 million for the first quarter compared to $91.2 million in the prior year quarter, up 14% on a local currency basis. Revenue growth was comprised of 12% internal growth concentrated in Sales Brokerage and Lease Brokerage, and 2% growth from recent acquisitions. Adjusted EBITDA was $11.2 million versus $6.9 million in the prior year quarter, benefitting from operating leverage attributable to higher revenues resulting from investments in personnel in Asia over the last two years. GAAP operating earnings were $9.4 million for the first quarter, relative to $5.5 million in the prior year quarter.

Global corporate costs as reported in Adjusted EBITDA were $1.1 million in the first quarter, relative to $1.8 million in the prior year period, positively impacted by lower variable expenses. The corporate GAAP operating loss for the first quarter was $4.1 million, relative to a loss of $4.4 million in the prior year period.

Adoption of New Revenue Guidance
The Company adopted new US GAAP revenue guidance 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.

In connection with the adoption, the Company restated its results for the prior year first quarter ended March 31, 2017 with the following impact:

- Increase to revenue of $43.4 million
- Increase to adjusted EBITDA of $2.0 million
- Increase to operating earnings of $2.0 million
- Increase to adjusted EPS of $0.04
- Increase to diluted net earnings per common share of $0.04

Conference Call
Colliers will be holding a conference call on Tuesday, May 1, 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 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, 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
(in thousands of US$) |  |  | March 31
|  |  |  |  |  | 2018 |  |  | 2017 |
Net earnings |  |  |  |  |  |  | $ | 8,541 |  |  | $ | 6,800 |
Income tax |  |  |  |  |  |  |  | 4,716 |  |  |  | 4,327 |
Other income, net |  |  |  |  |  |  |  | (427 | ) |  |  | (1,229 | )
Interest expense, net |  |  |  |  |  |  |  | 2,915 |  |  |  | 2,942 |
Operating earnings |  |  |  |  |  |  |  | 15,745 |  |  |  | 12,840 |
Depreciation and amortization |  |  |  |  |  |  |  | 15,858 |  |  |  | 12,027 |
Acquisition-related items |  |  |  |  |  |  |  | 2,253 |  |  |  | 4,208 |
Restructuring costs |  |  |  |  |  |  |  | 70 |  |  |  | 734 |
Stock-based compensation expense |  |  |  |  |  |  |  | 2,214 |  |  |  | 1,443 |
Adjusted EBITDA |  |  |  |  |  |  | $ | 36,140 |  |  | $ | 31,252 |

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

Adjusted earnings per share is defined as diluted net earnings (loss) 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 (loss) per share to adjusted earnings per share appears below.

|  |  |  | Three months ended
(in thousands of US$) |  |  | March 31
|  |  |  |  |  | 2018 |  |  | 2017 |
Net earnings |  |  |  |  |  |  | $ | 8,541 |  |  | $ | 6,800 |
Non-controlling interest share of earnings |  |  |  |  |  |  |  | (670 | ) |  |  | (2,202 | )
Amortization of intangible assets |  |  |  |  |  |  |  | 8,588 |  |  |  | 6,050 |
Acquisition-related items |  |  |  |  |  |  |  | 2,253 |  |  |  | 4,208 |
Restructuring costs |  |  |  |  |  |  |  | 70 |  |  |  | 734 |
Stock-based compensation expense |  |  |  |  |  |  |  | 2,214 |  |  |  | 1,443 |
Income tax on adjustments |  |  |  |  |  |  |  | (2,423 | ) |  |  | (2,010 | )
Non-controlling interest on adjustments |  |  |  |  |  |  |  | (844 | ) |  |  | (844 | )
Adjusted net earnings |  |  |  |  |  |  | $ | 17,729 |  |  | $ | 14,179 |
|  |  |  | Three months ended
(in US$) |  |  | March 31
|  |  |  |  |  | 2018 |  |  | 2017 |
Diluted net earnings per common share |  |  |  |  |  |  | $ | 0.13 |  |  | $ | 0.04 |
Non-controlling interest redemption increment |  |  |  |  |  |  |  | 0.07 |  |  |  | 0.08 |
Amortization of intangible assets, net of tax |  |  |  |  |  |  |  | 0.14 |  |  |  | 0.09 |
Acquisition-related items |  |  |  |  |  |  |  | 0.05 |  |  |  | 0.10 |
Restructuring costs, net of tax |  |  |  |  |  |  |  | - |  |  |  | 0.01 |
Stock-based compensation expense, net of tax |  |  |  |  |  |  |  | 0.06 |  |  |  | 0.04 |
Adjusted earnings per share |  |  |  |  |  |  | $ | 0.45 |  |  | $ | 0.36 |

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
|  |  |  |  |  |  |  | ended March 31
(unaudited) |  |  |  |  |  |  |  |  | 2018 |  |  |  | 2017 (1) |
Revenues |  |  |  |  |  |  |  | $ | 552,473 |  |  | $ | 466,263 |
Cost of revenues |  |  |  |  |  |  |  |  | 362,300 |  |  |  | 300,106 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  | 156,317 |  |  |  | 137,082 |
Depreciation |  |  |  |  |  |  |  |  | 7,270 |  |  |  | 5,977 |
Amortization of intangible assets |  |  |  |  |  |  |  |  | 8,588 |  |  |  | 6,050 |
Acquisition-related items (2) |  |  |  |  |  |  |  |  | 2,253 |  |  |  | 4,208 |
Operating earnings |  |  |  |  |  |  |  |  | 15,745 |  |  |  | 12,840 |
Interest expense, net |  |  |  |  |  |  |  |  | 2,915 |  |  |  | 2,942 |
Other income, net |  |  |  |  |  |  |  |  | (427 | ) |  |  | (1,229 | )
Earnings before income tax |  |  |  |  |  |  |  |  | 13,257 |  |  |  | 11,127 |
Income tax expense |  |  |  |  |  |  |  |  | 4,716 |  |  |  | 4,327 |
Net earnings |  |  |  |  |  |  |  |  | 8,541 |  |  |  | 6,800 |
Non-controlling interest share of earnings |  |  |  |  |  |  |  |  | 670 |  |  |  | 2,202 |
Non-controlling interest redemption increment |  |  |  |  |  |  |  |  | 2,905 |  |  |  | 3,220 |
Net earnings attributable to Company |  |  |  |  |  |  |  | $ | 4,966 |  |  | $ | 1,378 |
Net earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
| Basic |  |  |  |  |  |  |  | $ | 0.13 |  |  | $ | 0.04 |
| Diluted |  |  |  |  |  |  |  |  | 0.13 |  |  |  | 0.04 |
Adjusted earnings per share (3) |  |  |  |  |  |  |  | $ | 0.45 |  |  | $ | 0.36 |
Weighted average common shares (thousands) |  |  |  |  |  |  |  |  |  |  |  |
| Basic |  |  |  |  |  |  |  |  | 39,048 |  |  |  | 38,720 |
| Diluted |  |  |  |  |  |  |  |  | 39,653 |  |  |  | 39,117 |

Notes to Condensed Consolidated Statements of Earnings
(1) Restated to reflect adoption of new US GAAP revenue guidance effective January 1, 2018.
(2) Acquisition-related items include transaction costs, contingent acquisition consideration fair value adjustments, and contingent acquisition consideration-related compensation expense.
(3) See definition and reconciliation above.

Condensed Consolidated Balance Sheets |  |  |  |  |  |  |  |
(in thousands of US dollars) |  |  |
(unaudited) | March 31, 2018 |  | December 31, 2017 |  | March 31, 2017
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 111,649 |  | $ | 108,523 |  | $ | 97,695
Accounts receivable and contract assets |  | 439,732 |  |  | 487,279 |  |  | 380,148
Prepaids and other assets |  | 80,275 |  |  | 68,556 |  |  | 55,611
| Current assets |  | 631,656 |  |  | 664,358 |  |  | 533,454
Other non-current assets |  | 73,445 |  |  | 72,736 |  |  | 63,189
Fixed assets |  | 84,275 |  |  | 83,899 |  |  | 69,169
Deferred income tax |  | 45,560 |  |  | 48,401 |  |  | 65,210
Goodwill and intangible assets |  | 743,364 |  |  | 638,166 |  |  | 586,145
| Total assets | $ | 1,578,300 |  | $ | 1,507,560 |  | $ | 1,317,167
Liabilities and shareholders' equity |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 502,478 |  | $ | 646,722 |  | $ | 418,345
Other current liabilities |  | 59,483 |  |  | 75,494 |  |  | 54,086
Long-term debt - current |  | 3,262 |  |  | 2,426 |  |  | 2,618
| Current liabilities |  | 565,223 |  |  | 724,642 |  |  | 475,049
Long-term debt - non-current |  | 433,261 |  |  | 247,467 |  |  | 402,370
Other liabilities |  | 79,575 |  |  | 67,904 |  |  | 65,840
Deferred income tax |  | 26,582 |  |  | 19,044 |  |  | 16,868
Redeemable non-controlling interests |  | 153,125 |  |  | 145,489 |  |  | 121,846
Shareholders' equity |  | 320,534 |  |  | 303,014 |  |  | 235,194
| Total liabilities and equity | $ | 1,578,300 |  | $ | 1,507,560 |  | $ | 1,317,167
Supplemental balance sheet information |  |  |  |  |  |  |  |
Total debt | $ | 436,523 |  | $ | 249,893 |  | $ | 404,988
Total debt, net of cash |  | 324,874 |  |  | 141,370 |  |  | 307,293
Net debt / pro forma adjusted EBITDA ratio |  | 1.3 |  |  | 0.6 |  |  | 1.4

Consolidated Statements of Cash Flows |  |  |  |  |  |  |
(in thousands of US dollars)
|  |  |  |  |  |  | Three months ended
|  |  |  |  |  |  | March 31
(unaudited) |  |  |  |  |  |  |  |  | 2018 |  |  |  | 2017 |
Cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  |  |  |  |  |  |  | $ | 8,541 |  |  | $ | 6,800 |
Items not affecting cash: |  |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 15,858 |  |  |  | 12,027 |
| Deferred income tax |  |  |  |  |  |  |  |  | (393 | ) |  |  | 1,847 |
| Other |  |  |  |  |  |  |  |  | 7,826 |  |  |  | 8,220 |
|  |  |  |  |  |  |  |  |  | 31,832 |  |  |  | 28,894 |
Net changes from operating assets / liabilities |  |  |  |  |  |  |  |  |  |  |  |
| Accounts receivable |  |  |  |  |  |  |  |  | 51,265 |  |  |  | 32,982 |
| Prepaids and other current assets |  |  |  |  |  |  |  |  | 4,856 |  |  |  | (9,614 | )
| Payables and accruals |  |  |  |  |  |  |  |  | (164,549 | ) |  |  | (136,647 | )
| Other |  |  |  |  |  |  |  |  | (738 | ) |  |  | 3,148 |
| Contingent acquisition consideration paid |  |  |  |  |  |  |  |  | (2,856 | ) |  |  | (301 | )
Net cash used in operating activities |  |  |  |  |  |  |  |  | (80,190 | ) |  |  | (81,538 | )
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of businesses, net of cash acquired |  |  |  |  |  |  |  |  | (79,732 | ) |  |  | (29,643 | )
Purchases of fixed assets |  |  |  |  |  |  |  |  | (6,209 | ) |  |  | (6,733 | )
Other investing activities |  |  |  |  |  |  |  |  | (4,462 | ) |  |  | (10,596 | )
Net cash used in investing activities |  |  |  |  |  |  |  |  | (90,403 | ) |  |  | (46,972 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Increase in long-term debt, net |  |  |  |  |  |  |  |  | 186,833 |  |  |  | 140,137 |
Purchases of non-controlling interests, net |  |  |  |  |  |  |  |  | (73 | ) |  |  | (24,282 | )
Dividends paid to common shareholders |  |  |  |  |  |  |  |  | (1,947 | ) |  |  | (1,932 | )
Distributions paid to non-controlling interests |  |  |  |  |  |  |  |  | (5,204 | ) |  |  | (4,118 | )
Other financing activities |  |  |  |  |  |  |  |  | (2,519 | ) |  |  | (61 | )
Net cash provided by financing activities |  |  |  |  |  |  |  |  | 177,090 |  |  |  | 109,744 |
Effect of exchange rate changes on cash |  |  |  |  |  |  |  |  | (3,371 | ) |  |  | 3,313 |
Increase (decrease) in cash and cash equivalents |  |  |  |  |  |  |  |  | 3,126 |  |  |  | (15,453 | )
Cash and cash equivalents, beginning of period |  |  |  |  |  |  |  |  | 108,523 |  |  |  | 113,148 |
Cash and cash equivalents, end of period |  |  |  |  |  |  |  | $ | 111,649 |  |  | $ | 97,695 |

Segmented Results
(in thousands of US dollars)
|  |  |  |  |  | Asia |  |  |  |
(unaudited) | Americas |  | EMEA |  | Pacific |  | Corporate |  | Consolidated
Three months ended March 31 |  |  |  |  |  |  |  |  |  |  |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 328,502 |  | $ | 115,717 |  |  | $ | 107,835 |  | $ | 419 |  |  | $ | 552,473
| Adjusted EBITDA |  | 26,455 |  |  | (431 | ) |  |  | 11,217 |  |  | (1,101 | ) |  |  | 36,140
| Operating earnings (loss) |  | 20,006 |  |  | (9,571 | ) |  |  | 9,374 |  |  | (4,064 | ) |  |  | 15,745
2017 (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 283,822 |  | $ | 90,771 |  |  | $ | 91,200 |  | $ | 470 |  |  | $ | 466,263
| Adjusted EBITDA |  | 22,435 |  |  | 3,701 |  |  |  | 6,896 |  |  | (1,780 | ) |  |  | 31,252
| Operating earnings (loss) |  | 12,694 |  |  | (975 | ) |  |  | 5,511 |  |  | (4,390 | ) |  |  | 12,840

(1) Restated to reflect adoption of new US GAAP revenue guidance effective January 1, 2018.

COMPANY CONTACTS:

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

(416) 960-9500