6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2021
Commission File Number: 001-36898

COLLIERS INTERNATIONAL GROUP INC.
(Translation of registrant's name into English)

1140 Bay Street, Suite 4000
Toronto, Ontario, Canada
M5S 2B4
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [   ]

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes [  ]                                                    No [X]

If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):  N/A

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLIERS INTERNATIONAL GROUP INC.
Date: May 4, 2021	/s/ Christian Mayer
	Name: Christian Mayer
	Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Press release dated May 4, 2021 announcing financial results for the first quarter ended March 31, 2021.
99.2	Supplemental slide presentation dated May 4, 2021.

EX-99.1

EXHIBIT 99.1

Colliers Reports Strong First Quarter Results

Updates and increases financial outlook for 2021

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

EX-99.2

Exhibit 99.2

May 4, 2021 Colliers International Group Inc. First Quarter 2021 Financial Results $FFHOHUDWLQJVXFFHVV 

Colliers 2 This presentation 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 invo lve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future res ults, performance or achievements contemplated in the forward - looking statements. Such factors include: economic conditions, especially as they relat e to commercial and consumer credit conditions and business spending; commercial real estate property values, vacancy rates and general condi tio ns of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Cana dia n dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets served by the Company; labor sho rta ges or increases in commission, wage and benefit costs; impact of pandemics on client demand, ability to deliver services and ensure th e health and productivity of employees; disruptions or security failures in information technology systems; a change in or loss of our rel ati onship with US government agencies, such as Fannie Mae or Ginnie Mae could significantly impact our ability to originate mortgage loans; a default on loans originated under the Fannie Mae Delegated Underwriting and Servicing DUS Program could materially affect our profitability as we are subject to sharing up to one - third of incurred losses; the effect of increases in interest rates on our cost of borrowing and political con ditions or events, including elections, referenda, changes to international trade and immigration policies and any outbreak or escalation of ter ror ism or hostilities. Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended Dec emb er 31, 2020 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and oth er periodic filings with Canadian and US securities regulators. Forward looking statements contained in this presentation 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 resul t of new information, future events or otherwise. Non - GAAP measures This presentation makes reference to the non - GAAP measures Adjusted EBITDA (AEBITDA) and Adjusted EPS (AEPS). Please refer to A ppendix for reconciliations to GAAP measures.

Strong First Quarter Results Strength in recurring services and stabilizing transactional revenues Updated and increased financial outlook for 2021 Published first Global Impact Report Colliers Engineering & Design completed its first acquisition, a specialty transportation design firm Largest fundraising quarter in history in Investment Management First Quarter Highlights Colliers 3 2021 2020 Q1 Q1 USD LC (1) Revenue 774.9 630.6 23% 18% Adjusted EBITDA 92.1 54.5 69% 65% Adjusted EBITDA Margin 11.9% 8.6% Adjusted EPS 1.04 0.54 93% GAAP Operating Earnings 40.0 18.5 116% GAAP Operating Earnings Margin 5.2% 2.9% GAAP diluted EPS 0.11 0.11 0% Three months ended March 31 %Change (US$ millions, except per share amounts) (1) Local Currency

179.7 164.5 210.5 143.0 340.1 277.3 44.6 45.8 774.9 630.6 Q1 2021 Q1 2020 First Quarter Consolidated Revenues Colliers 4 Outsourcing & Advisory Investment Management (1) Capital Markets Leasing (US$ millions) % Change over Q1 2020 USD LC Investment Management (1) -3% -3% Outsourcing & Advisory 23% 17% Capital Markets 47% 40% Leasing 9% 6% Total 23% 18% Revenue Mix Q1 2021 Q1 2020 Investment Management 6% 7% Outsourcing & Advisory 44% 44% Capital Markets 27% 23% Leasing 23% 26% Total 100% 100% (1) Investment Management LC revenue growth, excluding pass - through carried interest, was 2% Local currency Internal growth: 4%

44% 40% 16% 60% Recurring 45% 26% 23% 6% Trailing Twelve Months Ended March 31, 2021 Service Diversification Colliers 5 TTM Q1 2021 Revenue By Service Line TTM Q1 2021 AEBITDA By Service Line Revenue and AEBITDA include the full year impact of acquisitions completed in 2020 and 2021 Leasing Capital Markets & Leasing Outsourcing & Advisory Investment Management Capital Markets 51% Recurring

Americas 475.8 EMEA 126.1 Asia Pacific 128.3 Investment Management 44.6 61% 16% 17% 6% Americas 370.0 EMEA 117.1 Asia Pacific 97.4 Investment Management 45.8 59% 19% 15% 7% Americas 31.2 EMEA (3.6) Asia Pacific 5.2 Investment Management 18.4 57% 0% 10% 34% Americas 56.9 EMEA 4.5 Asia Pacific 15.5 Investment Management 17.7 60% 5% 16% 19% First Quarter Geographic Mix (1) Q1 2021 GAAP Operating Earnings: $42.9M Americas, ($1.1M) EMEA, $11.7M Asia Pacific, $9.9M Investment Management (2) Q1 2020 GAAP Operating Earnings: $22.7M Americas, ($13.5M) EMEA, $1.2M Asia Pacific, $11.8M Investment Management Colliers 6 Q1 2021 Revenues Q1 2020 Revenues Q1 2021 AEBITDA Q1 2020 AEBITDA (US$ millions)

Revenue up 27% in local currency Driven by recent acquisitions and stabilizing transactional revenues, especially Capital Markets activity across the region Adjusted EBITDA increased by 82% and included the impact of recent acquisitions and reduced costs from measures implemented due to the pandemic Americas Colliers 7 GAAP Operating Earnings: Q1 2021 $42.9M at 9.0% margin; Q1 2020 $22.7M at 6.1% margin 134.2 128.4 142.1 94.2 199.5 147.4 475.8 370.0 Q1 2021 Q1 2020 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth 29% 27% Outsourcing & Advisory Capital Markets Leasing

Revenue down 3% in local currency Activity returning to near prior year levels in each service line Adjusted EBITDA improvement attributable to cost savings from measures implemented due to the pandemic EMEA Colliers 8 GAAP Operating Earnings: Q1 2021 ($1.1M) at (0.9%) margin; Q1 2020 ($13.5M) at (11.5%) margin 25.6 21.1 35.6 31.9 64.9 64.1 126.1 117.1 Q1 2021 Q1 2020 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth 8% -3% Outsourcing & Advisory Capital Markets Leasing

Revenue up 19% in local currency 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 Improvement in margin attributable to operating leverage and a lower cost base APAC Colliers 9 GAAP Operating Earnings: Q1 2021 $11.7M at 9.1% margin; Q1 2020 $1.2M at 1.3% margin 19.9 15.1 32.8 16.8 75.6 65.5 128.3 97.4 Q1 2021 Q1 2020 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth 32% 19% Outsourcing & Advisory Capital Markets Leasing

Revenue up 2% in local currency, excluding pass - through historical carried interest Solid management fee growth, partially offset by certain transaction fees recognized in the prior year period in Europe AUM of $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 Investment Management Colliers 10 GAAP Operating Earnings: Q1 2021 $9.9M at 22.3% margin; Q1 2020 $11.8M at 25.7% margin 44.6 43.5 2.3 44.6 45.8 Q1 2021 Q1 2020 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -3% -3% Revenue Growth 2% 2% Investment Management Pass - through carried interest (excluding pass - through carried interest)

(US$ millions) Capitalization & Capital Allocation (1) Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in acc ord ance with debt agreements (2) Includes business acquisitions, contingent acquisition consideration and purchases of non - controlling interests in subsidiar ies Colliers 11 Cash $ 118.5 $ 156.6 $ 103.1 Total Debt 523.4 479.9 741.2 Net Debt $ 404.9 $ 323.3 $ 638.1 Convertible Notes 224.3 224.0 0.0 Redeemable non-controlling interests 440.0 442.4 349.6 Shareholders' equity 598.7 586.1 496.4 Total capitalization $ 1,667.9 $ 1,575.8 $ 1,484.1 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 1.1x 1.0x 1.8x Capital Expenditures $ 22.1 8.7 Acquisition Spend (2) $ 15.0 $ 18.5 Three months ended March 31, 2021 March 31, 2020 March 31, 2021 December 31, 2020 March 31, 2020 Highlights • Net debt / pro forma adjusted EBITDA leverage of 1.1x at March 31, 2021 • Debt agreements permit a maximum leverage ratio of 3.5x • $724 million of unused credit under revolving credit facility maturing in April 2024 • Anticipated capital expenditures of $65 - $75 million in 2021 driven by investments in office space and IT systems/software, including deferrals from 2020

(US$ millions) 2021 Outlook Colliers 12 • 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: • The resurgence of COVID - 19 cases in various parts of the world may impact overall results • Stabilizing transactional revenues experienced in the first quarter may not be sustainable during the balance of the year; and • 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: • This financial outlook is based on the Company’s best available information as of the date of this presentation and remains subject to change based on numerous macroeconomic, health, social, geo - political and related factors Full Year 2021 Outlook Updated Previous Revenue +15% to +30% +10% to +25% Adjusted EBITDA +15% to +30% +10% to +25%

Appendix Reconciliation of non - GAAP measures Colliers 13

Reconciliation of GAAP earnings to adjusted EBITDA Colliers 14 (US$ thousands) 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 income from non-consolidated entites 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 Three months ended March 31, 2021 March 31, 2020

Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Adjusted EPS is calculated using the “if - converted” method of calculating earnings per share in relation to the Convertible Note s, which were issued on May 19, 2020 Colliers 15 (US$ thousands) 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 (US$) Diluted net (loss) 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 Three months ended March 31, 2021 March 31, 2020 Three months ended March 31, 2021 March 31, 2020