40-F

UNITED STATES Securities and Exchange Commission

Washington, D.C. 20549

Form 40-F

[ ] Registration Statement Pursuant to Section 12 of the Securities Exchange Act of 1934

or

[x] Annual Report Pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2017

Commission file number 001-36898

Colliers International Group Inc.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English (if applicable))

Ontario, Canada

(Province or other jurisdiction of incorporation or organization)

6500

(Primary Standard Industrial Classification Code Number (if applicable))

N/A

(I.R.S. Employer Identification Number (if applicable))

1140 Bay Street, Suite 4000

Toronto, Ontario, Canada M5S 2B4

416-960-9500

(Address and telephone number of Registrant’s principal executive offices)

Mr. Santino Ferrante, Ferrante & Associates

126 Prospect Street, Cambridge, MA 02139

617-868-5000

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Subordinate Voting Shares	NASDAQ Stock Market Toronto Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

[x] Annual information form [x] Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

37,608,467 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares

Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the “Exchange Act”). If “Yes” is marked, indicate the file number assigned to the Registrant in connection with such Rule.

[ ] Yes [x] No

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

[x] Yes [ ] No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company [ ]

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

PRINCIPAL DOCUMENTS

The following documents have been filed as part of this Annual Report on Form 40-F:

A. Annual Information Form

For the Registrant’s Annual Information Form for the year ended December 31, 2017, see Exhibit 1 of this Annual Report on Form 40-F.

B. Audited Annual Financial Statements

For the Registrant’s audited consolidated financial statements as at December 31, 2017 and 2016 and for the years ended December 31, 2017 and 2016, see Exhibit 2 of this Annual Report on Form 40-F.

C. Management’s Discussion and Analysis

For the Registrant’s management’s discussion and analysis for the year ended December 31, 2017, see Exhibit 3 of this Annual Report on Form 40-F.

DISCLOSURE CONTROLS AND PROCEDURES

The Registrant’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Registrant’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this annual report (the “Evaluation Date”). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Registrant’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”) and (ii) accumulated and communicated to the Registrant’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Registrant. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has excluded ten individually insignificant entities acquired by the Registrant during the last fiscal period from its assessment of internal control over financial reporting as at December 31, 2017. The total assets and total revenues of the ten majority-owned entities represent 5.4% and 9.5%, respectively, of the related consolidated financial statement amounts as at and for the year ended December 31, 2017.

Management has assessed the effectiveness of the Registrant’s internal control over financial reporting as at December 31, 2017, based on the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that, as at December 31, 2017, the Registrant’s internal control over financial reporting was effective.

The effectiveness of the Registrant’s internal control over financial reporting as at December 31, 2017 has been audited by PricewaterhouseCoopers LLP, the Registrant’s independent registered public accounting firm, as stated in their report filed in Exhibit 2 of this Annual Report on Form 40-F.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the year ended December 31, 2017, there were no changes in the Registrant’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

NOTICES PURSUANT TO REGULATION BTR

There were no notices required by Rule 104 of Regulation BTR that the Registrant sent during the year ended December 31, 2017 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant’s board of directors (the “Board of Directors”) has determined that it has two audit committee financial experts (as such term is defined in item 8(a) of General Instruction B to Form 40-F) serving on its audit & risk committee (the “Audit Committee”). Each of Messrs. L. Frederick Sutherland and Peter F. Cohen have been determined by the Board of Directors to be such audit committee financial expert and is independent (as such term is defined by the NASDAQ Stock Market’s corporate governance standards applicable to the Registrant).

Mr. Sutherland was the Executive Vice President and Chief Financial Officer of Aramark Corporation, Philadelphia, PA, a provider of services, facilities management and uniform and career apparel, from 1997 through April 2015 at which time he became the Senior Advisor to the Chief Executive Officer of Aramark prior to retiring from Aramark in December 2015. Prior to joining Aramark in 1980, Mr. Sutherland was Vice President in the Corporate Banking Department of Chase Manhattan Bank, New York, NY. Mr. Sutherland is a director of Consolidated Edison, Inc. Mr. Sutherland is also Chairman of the Board of WHYY, a PBS affiliate, a trustee of Duke University, Board President of Episcopal Community Services, an anti-poverty agency, and a Trustee of People's Light and Theater. Mr. Sutherland holds an MBA Degree in Finance from the Katz School of the University of Pittsburgh and a Bachelors in Physics and Mathematics from Duke University.

Mr. Cohen is a Chartered Professional Accountant and a former partner in an audit practice of a public accounting firm. Mr. Cohen is currently the Vice Chairman of the Board of the Registrant and President and Chief Executive Officer of the Dawsco Group, a private real estate and investment company owned by Mr. Cohen and his family. Mr. Cohen was a co-founder and Chair and Chief Executive Officer of Centrefund Realty Corporation, a publicly traded shopping center investment company until August 2000 when control of the company was sold. Mr. Cohen serves as the Treasurer and a Director of the Sinai Health System and is the Co-Chair of the Resources Committee and Building and Development Committee.

The SEC has indicated that the designation of each of Messrs. Sutherland and Cohen as an audit committee financial expert does not make them an “expert” for any purpose, impose on them any duties, obligations or liability that are greater than the duties, obligations or liability imposed on them as a member of the Audit Committee and the Board of Directors in absence of such designation, or affect the duties, obligations or liability of any other member of the Audit Committee or Board of Directors.

CODE OF ETHICS

The Registrant has adopted a Code of Ethics and Conduct that applies to all directors, officers and employees of the Registrant and its subsidiaries, and a Financial Management Code of Ethics, which applies to senior management and senior financial and accounting personnel of the Registrant and its subsidiaries. A copy of the Code of Ethics and Conduct and the Financial Management Code of Ethics can be obtained, free of charge, on the Registrant’s website (www.colliers.com) or by contacting the Registrant at (416) 960-9500.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets out the fees billed to the Registrant by PricewaterhouseCoopers LLP for professional services rendered in each of the years ended December 31, 2017 and 2016. During these years, PricewaterhouseCoopers LLP was the Registrant’s only external auditor.

(in thousands of C$)	Year ended December 31, 2017		Year ended December 31, 2016
Audit fees (note 1)	$	1,680	$	1,844
Audit-related fees (note 2)		139		197
Tax fees (note 3)		426		535
All other fees (note 4)		5		51
	$	2,250	$	2,627

Notes:

1. Refers to the aggregate fees billed by the Registrant's external auditor for audit services relating to the audit of the Registrant and statutory audits required by subsidiaries.

2. Refers to the aggregate fees billed for assurance and related services by the Registrant's external auditor that are reasonably related to the performance of the audit or review of the Registrant's financial statements and are not reported under (1) above, including professional services rendered by the Registrant's external auditor for accounting consultations on proposed transactions and consultations related to accounting and reporting standards. Such fees included amounts incurred in respect of: due diligence and other work related to the disposition and acquisition of businesses, such work being unrelated to the audit of the Registrant's financial statements, as well as other audit-related services.

3. Refers to the aggregate fees billed for professional services rendered by the Registrant's external auditor for tax compliance, tax advice and tax planning.

4. Refers to fees for information technology consulting and subscriptions to accounting and tax research tools.

The Registrant’s Audit Committee pre-approves all audit services and permitted non-audit services provided to the Registrant by PricewaterhouseCoopers LLP. The Audit Committee has delegated to the Chair of the Audit Committee, who is independent, the authority to act on behalf of the Audit Committee with respect to the pre-approval of all audit and permitted non-audit services provided by its external auditors from time to time. Any approvals by the Chair are reported to the full Audit Committee at its next meeting. All of the services described in footnotes 2, 3 and 4 under “Principal Accountant Fees and Services” above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

OFF-BALANCE SHEET ARRANGEMENTS

The Registrant does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Registrant’s financial performance or financial condition other than the payments which may be required to be made under the acquisition of control arrangement contained in the restated management services agreement with the Registrant, Jayset Management CIG Inc. and Jay S. Hennick. A description of the acquisition of control arrangement is set out in Note 13 to the consolidated financial statements included as Exhibit 2 to this Annual Report on Form 40-F, and is incorporated herein by reference.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The information provided in the table entitled “Contractual Obligations” under the section entitled “Liquidity and Capital Resources” in the management’s discussion and analysis included as Exhibit 3 to this Annual Report on Form 40-F, is incorporated herein by reference.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately designated standing Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are L. Frederick Sutherland (Chair), Peter F. Cohen, John (Jack) P. Curtin, Jr. and Katherine M. Lee.

CORPORATE GOVERNANCE

The Registrant is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act and its Subordinate Voting Shares are listed on the Toronto Stock Exchange and The NASDAQ Global Select Market ("NASDAQ"). NASDAQ Marketplace Rule 5615(a)(3) permits a foreign private issuer to follow its home country practices in lieu of certain requirements in the NASDAQ Listing Rules. A foreign private issuer that follows home country practices in lieu of certain corporate governance provisions of the NASDAQ Listing Rules must disclose each NASDAQ corporate governance requirement that it does not follow and include a brief statement of the home country practice the issuer follows in lieu of the NASDAQ corporate governance requirement(s), either on its website or in its annual filings with the Commission. A description of the significant ways in which the Registrant’s corporate governance practices differ from those followed by domestic companies pursuant to the applicable NASDAQ Listing Rules is disclosed on the Registrant’s website at https://corporate.colliers.com/en/Investor-Relations/Governance-Documents.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A.       Undertaking

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an Annual Report on Form 40-F arises; or transactions in said securities.

B.       Consent to Service of Process

The Registrant has previously filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X in connection with its Subordinate Voting Shares.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

	COLLIERS INTERNATIONAL GROUP INC.
Date: February 28, 2018	By:	/s/ John B. Friedrichsen
		John B. Friedrichsen
		Chief Financial Officer

EXHIBIT INDEX

No. Document

1. Annual Information Form of the Registrant for the year ended December 31, 2017.

2. Audited consolidated financial statements of the Registrant as at December 31, 2017 and 2016 and for the years ended December 31, 2017 and 2016, in accordance with generally accepted accounting principles in the United States.

3. Management’s discussion and analysis of the Registrant for the year ended December 31, 2017.

23. Consent of PricewaterhouseCoopers LLP.

31. Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13(a)-14(a) or 15(d)-14 of the Securities Exchange Act of 1934.

32. Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101. Interactive Data File.

EX-1

EXHIBIT 1

 

COLLIERS INTERNATIONAL GROUP INC.

Annual Information Form

For the year ended December 31, 2017

February 28, 2018

TABLE OF CONTENTS

Forward-looking statements	2
Corporate structure	3
General development of the business	4
Dividends and dividend policy	10
Capital structure	11
Market for securities	12
Escrowed securities and securities subject to contractual restriction on transfer	12
Transfer agents and registrars	13
Directors and executive officers	14
Legal proceedings and regulatory actions	18
Properties	18
Reconciliation of non-GAAP financial measures	18
Risk factors	20
Interest of management and others in material transactions	23
Material contracts	23
Cease trade orders, bankruptcies, penalties or sanctions	24
Conflicts of interest	25
Independent registered public accounting firm	25
Audit & Risk Committee	25
Additional information	27

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FORWARD-LOOKING STATEMENTS

This Annual Information Form contains, and incorporates by reference, “forward looking statements” which reflect the current expectations, estimates, forecasts and projections of management regarding our future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may,” “would,” “could,” “will,” “anticipate,” “believe,” “plan,” “expect,” “intend,” “estimate,” “aim,” “endeavour” and similar expressions have been used to identify these forward-looking statements. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the “Risk Factors” section of this Annual Information Form. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this Annual Information Form. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained, or incorporated by reference into, this Annual Information Form are based upon what management currently believes to be reasonable assumptions, we cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this Annual Information Form and we do not intend, and do not assume any obligation, to update or revise these forward-looking statements, except as otherwise required by law.

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COLLIERS INTERNATIONAL GROUP INC.

ANNUAL INFORMATION FORM

February 28, 2018

All amounts referred to in this Annual Information Form (“AIF”) are in United States dollars unless otherwise indicated. All financial and statistical data in this AIF is presented as at December 31, 2017 unless otherwise indicated.

Corporate structure

Colliers International Group Inc. was (“we,” “us,” “our,” “Colliers,” or the “Company”) was formed under the Business Corporations Act (Ontario) by Articles of Arrangement dated June 1, 2015. The predecessor to the Company, FirstService Corporation (“Old FSV”), was formed by Articles of Incorporation dated February 25, 1988. Old FSV amalgamated with Coloma Resources Limited pursuant to Articles of Amalgamation dated July 31, 1988, and the amalgamated corporation continued as Old FSV.

By Articles of Amendment dated April 2, 1990, Old FSV: (i) consolidated each of its Class A Subordinate Voting Shares on a 30 to 1 basis and changed the designation of that class of shares to “Subordinate Voting Shares”, each such share carrying one vote; and (ii) consolidated each of its Class B shares on a 30 to 1 basis and changed the designation of that class of shares to “Multiple Voting Shares”, each such share carrying 20 votes.

By Certificate of Amendment dated June 27, 2007, the first series of Preference Shares of Old FSV were created and designated as 7% cumulative preference shares, series 1 (the "Preferred Shares"), with each Preferred Share having a stated value of US$25.00 and carrying a fixed cumulative annual dividend of US$1.75 payable quarterly. All outstanding Preferred Shares were eliminated on May 3, 2013 by way of a partial redemption for cash of $39.2 million immediately followed by a mandatory conversion of all then remaining Preferred Shares into Subordinate Voting Shares, which resulted in the issuance of 2.89 million new Subordinate Voting Shares.

On June 1, 2015, Old FSV completed a plan of arrangement (the “Spin-off”) which separated Old FSV into two independent publicly traded companies – Colliers, a global leader in commercial real estate services and new FirstService Corporation (“FirstService”), the North American leader in residential property management and related services. The Spin-off was designed to enhance long-term value for shareholders by creating two independent and sustainable companies, each with the ability to pursue and achieve greater success by employing independent value creation strategies best suited to its core businesses and customers. Under the Spin-off, Old FSV shareholders received one Colliers share and one FirstService share of the same class as each Old FSV share previously held, Old FSV amalgamated with a wholly-owned subsidiary and changed its name to Colliers and FirstService adopted the name “FirstService Corporation”.

Our Subordinate Voting Shares are publicly traded on both the Toronto Stock Exchange (“TSX”) (symbol: CIGI) and The NASDAQ Stock Market (“NASDAQ”) (symbol: CIGI). Our head and registered office is located at 1140 Bay Street, Suite 4000, Toronto, Ontario, M5S 2B4. Our fiscal year-end is December 31.

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Intercorporate Relationships

We have the following principal subsidiaries which have total assets or revenues which exceed 10% of our total consolidated assets or revenues as at and for the year ended December 31, 2017:

Name of Subsidiary	Percentage of Voting Securities Owned	Jurisdiction of Incorporation, Continuance, Formation or Organization
Colliers International EMEA Holdings Ltd.	100%	England & Wales
Colliers International Finco (Canada) Inc.	100%	Ontario
Colliers International Holdings (Australia) Ltd.	100%	New South Wales, Australia
Colliers International Holdings (USA), Inc.	100%	Delaware
Colliers International USA, LLC	100%	Delaware
Colliers Macaulay Nicolls Inc.	100%	Ontario
Colliers Macaulay Nicolls (Cyprus) Limited	100%	Cyprus
Cooperatie CMN Netherlands Holdco U.A.	100%	Netherlands
Globestar Ltd.	100%	England & Wales

The above table does not include all of the subsidiaries of Colliers.

General development of the business

Our origins date back to 1972 when Jay S. Hennick, the Chairman & CEO of the Company, started a Toronto commercial swimming pool and recreational facility management business, which became the foundation of Old FSV. In 1993, we completed our initial public offering on the TSX, raising C$20 million. In 1995, our shares were listed on NASDAQ. In 1997, a second stock offering was completed in Canada and the United States raising US$20 million. In December 2004, a stock dividend was declared effectively achieving a 2-for-1 stock split for all outstanding Subordinate Voting Shares and Multiple Voting Shares (together, the “Common Shares”). In 2009, Old FSV issued US$77 million of convertible unsecured subordinate debentures, which were subsequently converted into 2.7 million Subordinate Voting Shares in 2014.

From 1994 to present, we completed numerous acquisitions and selected divestitures, developing, growing and focusing on the real estate services provided by us today.

In 2004, we established a commercial real estate services division under the “Colliers International” brand with the acquisition of Colliers Macaulay Nicolls Inc. (“CMN”). Since that time, we have strengthened this business across markets and acquired numerous businesses within existing and new markets greatly expanding its geographic scope, services and talent. Today, Colliers is one of the world’s largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, France and several other countries in Asia, Europe and Latin America.

In 2006, we disposed of Resolve Corporation, our Business Services division, through an initial public offering of trust units in Canada of a related income trust. In 2008, we disposed of our Integrated Security Services division, which included Intercon Security in Canada and SST in the United States, for gross cash proceeds of approximately $187.5 million. These disposals marked a significant milestone in the execution of our strategy of focusing on real estate services for future growth.

In 2013, we completed the sale of Field Asset Services, LLC, a property preservation and distressed asset management services provider, for gross cash proceeds of $55 million.

In 2015, we completed the Spin-off, creating two independent publicly traded companies: Colliers in commercial real estate services and FirstService in residential property management and related services. In connection with the Spin-off, Colliers entered into an Arrangement Agreement with, among others, FirstService dated March 11, 2015 (the “Arrangement Agreement”) and a Transitional Services and Separation Agreement with, among others, FirstService dated June 1, 2015 (the “Transitional Services and Separation Agreement”). The Arrangement Agreement set out the terms and conditions to the arrangement, including the plan of arrangement, which effected the Spin-off. The Transitional Services and Separation Agreement set out the mechanics for the separation of the businesses, including the dividing of assets, assumption of liabilities and matters governing certain ongoing relationships between Colliers and FirstService, including reciprocal indemnities with respect to the assets and liabilities kept by Colliers or transferred to FirstService.

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Narrative description of Colliers

History

CMN traces its roots back to 1898 when Macaulay Nicolls was founded in Vancouver, Canada as a property management and insurance agency. Colliers originated in 1976 in Australia through the merger of three commercial property services firms. In 1984, Colliers joined forces with Macaulay Nicolls to form CMN. Over the years, Colliers continued to grow globally as other market leading commercial real estate service providers joined the group. In 2004, Old FSV acquired a controlling interest in CMN. At the time of the acquisition by Old FSV, CMN was generating approximately $250 million in annual revenue.

With the financial and strategic support of Old FSV and a deep and experienced senior management team, CMN accelerated its growth by adding company-owned operations, expanding into complementary service areas and growing into other geographic regions. By 2010, Old FSV had unified all operations globally under the “Colliers International” brand name with one mission and standardized business practices delivered consistently throughout all operations. Over the past 13 years, Colliers has been the fastest growing major, global commercial real estate services business based on revenue growth. A summary of Colliers’ history and growth initiatives to date is as follows:

Year	Event
1898	Macaulay Nicolls founded in Vancouver, Canada
1976	Colliers International Property Consultants incorporated in Australia
1984	Colliers International launches global expansion into Canada and the US as CMN
1986	Colliers International merges operations in Australia and Asia establishing operations in 20 markets in Asia Pacific
1990	Colliers International expands into emerging markets including Central Europe and Latin America
2004	Old FSV acquires a controlling interest in CMN with a long-term strategy to consolidate operations and create one global organization, under one brand with consistent business practices applied globally
2006	Between 2006 and 2010, CMN begins to strengthen and grow its global platform by acquiring additional Colliers International branded operations. In total, 29 acquisitions are completed in 15 countries around the world
2010	The US operations of Colliers combine with CMN and re-brand under as “Colliers International” in all markets Original network structure is disbanded and newly re-branded Colliers International, controlled by Old FSV, becomes one of the largest and most recognized brands in commercial real estate globally
2012	Colliers acquires the Colliers International operations in the United Kingdom and Ireland and integrates them into its global platform
2013	Colliers acquires the German Colliers International operations and integrates them into its global platform
2014	Colliers International voted to the top five in Global Outsourcing 100 for the first time in its history Colliers expands to France and Belgium and strengthens operations in the Netherlands, Spain, Morocco, Switzerland with the acquisition of AOS Group
2015	Colliers International Group Inc. begins trading on the NASDAQ and TSX on June 2, 2015 Colliers names Jay S. Hennick as is Chairman & CEO with Dylan E. Taylor as President & Chief Operating Officer
2017	Colliers acquires two of largest remaining non-owned Colliers International branded operations in the United States. Colliers acquires the Colliers International operations in Denmark and integrates them into its global platform
2018	In January 2018, Colliers expands to Finland with the acquisition of Ovenia Group, a leading real estate management and services company headquartered in Helsinki

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Service offerings

Sales and Lease Brokerage

Our largest business is transaction brokerage, which provides services in sales and leasing for commercial clients. Our commercial real estate advisors assist buyers and sellers in connection with the acquisition or disposition of real estate; assist owners, occupiers and tenants with lease opportunities; and assist borrowers and lenders with the placement of debt capital on commercial real estate assets. Our advisors typically perform their services on a commission basis calculated based on the value of a transaction. Our Sales and Lease Brokerage division has more than 3,900 professional advisors. This division executes transactions across a diverse client base, including corporations, financial institutions, governments and individuals. We generate approximately 50% of our revenues from office transactions, 21% from industrial transactions and 16% from retail and multi-family, with the balance coming from hotels, land and other property types.

We provide services for sales, leases, and mortgages in the following areas:

• Landlord Representation: Agency advisors work on behalf of property owners to search for and sign tenants and other occupiers by positioning the property in the marketplace. Our advisors look to secure the right tenants for clients’ properties and otherwise support landlord ownership goals for their real estate assets.

• Tenant Representation: Leases are often landmarks in the lifetime of a business marking a significant investment of time and resources in a building’s physical space which will have a long-term impact on the business of our clients. Our brokerage advisors work on behalf of tenants to locate the right rental properties and to secure the right terms, helping to turn a lease, often the second-greatest expenditure for a business after payroll, from a cost center into a competitive advantage.

• Capital Markets & Investment Services: Colliers’ Capital Markets & Investment Services advisors are professionals that work collaboratively to provide real estate expertise to our clients, acting in a consultancy capacity to help each client maximize investment returns, whether as a buyer, seller or borrower.

• Capital Markets & Investment Services advisors are organized into office, industrial, retail, multifamily and hotel teams in order to drive thought leadership for each major asset class. Many team members also represent subspecialties in areas such as Healthcare, Technology, Student Housing, Seniors Housing, Land, and Transit Oriented Development. These investment teams are also organized in subsets to meet the needs of both our institutional and private capital clients, recognizing that these client groupings have different needs. These investment teams understand the intricacies of single asset and portfolio executions and, with the assistance of our advisors, are globally connected with active market participants.

• Integrally supporting these investment teams is a national group of debt & equity financing advisors that help both our institutional and private capital clients with all manner of senior and subordinated debt strategies and placements with a global network of capital providers. Many of our financing advisors have experience helping our clients with preferred and common equity strategies and placements, including partnership capitalizations and recapitalizations. Our financing professionals are in the market every day with these capital providers, which provides our clients with significant market intelligence and leverage when evaluating their financing needs.

• Our Capital Markets & Investment Services teams work closely with each service line, including property management, leasing, and valuations in order to serve the broader business needs of each client.

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In our Sales and Lease Brokerage division, advisors work with all asset classes, including office, industrial, retail, multi-family, hotel and mixed-use properties. In 2017, our Sales and Lease Brokerage division completed 52,000 sale and lease transactions for a total transaction value of $102 billion. Our Sales and Lease Brokerage division represented 65% of our revenues for the year ended December 31, 2017 and provided opportunities for cross selling other services.

Outsourcing & Advisory Services

Our Outsourcing & Advisory Services division provides corporate and workplace solutions, appraisal and valuation services, facility, property and asset management services, project management services and research for commercial real estate clients. The Outsourcing & Advisory Services division partners with large corporations in managing their overall real estate portfolios and transactions to reduce costs, improve execution across multiple markets and increase operational efficiency, thereby benefitting from the global trends around the outsourcing of commercial real estate advisory services. Professional staff combines proprietary technology with high level strategic planning, portfolio management, lease administration and facilities and project management. The Outsourcing & Advisory Services division has approximately 3,600 professional staff globally.

Our Outsourcing & Advisory Services include:

• Corporate Solutions: We provide a comprehensive set of portfolio management, transaction management, project management, workplace solutions, strategic consulting, property and asset management as well as other corporate real estate services to clients with large, geographically diverse real estate portfolios. Our corporate solutions clients are typically companies or public sector institutions with highly distributed real estate portfolios. We typically enter into long-term, contractual relationships with these clients with the goal of ensuring that their real estate strategies support their overall business needs. This service line offers clients a fully integrated suite of services under the leadership and accountability of an account leader or team who are responsible for overall performance around the world. Many of our contracts contain fees that are tied to performance against client objectives (such as cost and footprint reduction, cycle-time improvement and customer satisfaction) instead of fees based solely on transaction commissions. Our corporate solutions teams have a unified value proposition which is to deliver customized, accountable and innovative real estate solutions that result in the best service experience and alignment with our client’s core business strategy. We have developed industry-leading technology through Colliers 360 (which provides clients with customized, secure web portals to manage all real estate activity) which allows us to measure performance and help our clients make efficient, well-informed decisions regarding their real estate portfolio. Colliers 360 also includes leading edge business intelligence that populates data from various independent and client related sources. We also provide lease administration, transaction, project management and facilities management systems.

• Valuation & Advisory Services: Our advisors leverage best-in-class technology to offer clients both speed and accuracy while maintaining a dedicated project leader and senior management oversight to ensure quality and accountability. Services include valuation and appraisal review and management, portfolio or single asset valuation, arbitration and consulting, highest and best use studies, tax appeals and litigation support.

• Property and Asset Management Services: Property and Asset Management provides oversight and management of the daily operations of a single property or portfolio of properties and provides on-going strategic advice on ways in which clients can maximize the value of their properties. Services include property level accounting, tenant service/relations and bidding, awarding and administering subcontracts for management and maintenance, landscaping, security, parking, capital and tenant improvements. We ensure that we implement the owner’s specific property value enhancement objectives through maximization of opportunities to help clients ensure excellent tenant relations while maximizing property level cash flows.

• Project Management: We provide project management services for a wide range of projects regardless of size. We have approximately 250 LEED^© accredited professionals and green building associates. These services include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management and strategic project consulting.

• Workplace Solutions: We provide a full suite of visioning, change management and strategic consulting services to occupiers to allow them to maximize the effectiveness of their workplace. These consulting services are designed to help clients turn their real estate into a competitive advantage to recruit and retain talent through the analysis and design of optimal work environments.

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• Property Marketing: We provide turnkey property marketing solutions for both commercial and high-end residential projects. We have made a significant investment in our property marketing strategies, increasing volumes of leads and reducing time-on-market. The majority of the leads we generate for our clients now come from online sources. By transforming the typical industry marketing mix, we can both reduce costs and decrease lease-up time. Our property marketing platform is impactful with both domestic and sophisticated international buyers.

• Research Services: Our Research Services provide insights for owners and landlords into emerging trends and market activity, projections for projected lease rates, guidance on the impacts of subleasing, valuation estimations based on comparable transactions, competitive sets and mapping services. Research Services provide insights for occupiers and tenants into future lease rates, expansion potential, potential to sublease and mapping services.

Our Outsourcing & Advisory Services division focuses on the same client segments as our Sales and Lease Brokerage Division. Revenues are derived from fees which are typically contractual, both fixed and performance based, and contract terms are often multi-year providing recurring or repeat revenues.

Our Outsourcing & Advisory Services division represented approximately 35% of our revenues for the year ended December 31, 2017 and provided opportunities for cross selling other real estate services.

Geographic locations

We deliver services from 282 offices in 35 countries companywide (not including our affiliates). Operationally we have organized our business and report our results through three geographically organized segments: (1) the Americas; (2) Europe, Middle East and Africa (“EMEA”); and (3) Asia Pacific. For the year ended December 31, 2017:

1. Americas represented 58% of our global revenues (43% generated in the United States, 13% in Canada and 2% in Latin America);

2. EMEA represented 23% of our global revenues, comprising operations in 17 countries; and

3. Asia Pacific represented 19% of our revenues, comprising operations in 10 countries.

Below is a map reflecting the geographic location of our company-owned and affiliate offices:

 

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Operating segments

This AIF presents the financial and operating results of Colliers on a continuing operations basis for all periods presented. The FirstService operations are a discontinued operation for all periods presented.

Revenues  by operating segment	Year ended December 31
(in thousands of US$)		2017		2016		2015
Americas	$	1,310,551	$	1,021,317	$	889,738
EMEA		521,284		474,868		446,146
Asia Pacific		441,544		399,368		385,123
Corporate		1,983		1,171		979
Total	$	2,275,362	$	1,896,724	$	1,721,986

Operating earnings by operating segment	Year ended December 31
(in thousands of US$ and as a % of revenues)		2017					2016					2015
Americas	$	86,741		6.6	%	$	82,255		8.1	%	$	69,247		7.8	%
EMEA		47,920		9.2	%		34,275		7.2	%		38,777		8.7	%
Asia Pacific		55,698		12.6	%		45,614		11.4	%		41,092		10.7	%
Corporate		(23,532	)	N/A			(18,971	)	N/A			(68,732	)	N/A
Total	$	166,827		7.3	%	$	146,173		7.7	%	$	80,384		4.7	%

Adjusted EBITDA1 by operating segment	Year ended December 31
(in thousands of US$ and as a % of revenues)		2017					2016					2015
Americas	$	122,463		9.3	%	$	106,659		10.4	%	$	88,740		10.0	%
EMEA		69,394		13.3	%		55,924		11.8	%		56,559		12.7	%
Asia Pacific		61,981		14.0	%		51,448		12.9	%		47,809		12.4	%
Corporate		(11,563	)	N/A			(10,969	)	N/A			(11,774	)	N/A
Total	$	242,275		10.6	%	$	203,062		10.7	%	$	181,334		10.5	%

Seasonality

The Company generates peak revenues and earnings in the month of December followed by a low in January and February as a result of the timing of closings on commercial real estate sales brokerage transactions. Revenues and earnings during the balance of the year are relatively even. These sales brokerage operations comprised 32% of our 2017 annual consolidated revenues. Variations can also be caused by business acquisitions or dispositions which alter the consolidated service mix.

Trademarks

Our trademarks are important for the advertising and brand awareness of our businesses. We take precautions to defend the value of our trademarks by maintaining legal registrations and by litigating against alleged infringements, if necessary.

In markets where Colliers does not operate company-owned operations, we operate through affiliates operating under the “Colliers International” brand and trademarks. To ensure brand unity and service quality, all affiliates are subject to brand and performance guidelines that are monitored and enforced by Colliers. We currently have affiliates in 34 countries around the world who together generated approximately $450 million in revenue in 2017.

_________________________________

¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with GAAP. For a reconciliation of this and other non-GAAP financial measures, see “Reconciliation of non-GAAP financial measures” in this AIF.

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Employees

We currently have approximately 12,000 employees worldwide as follows:

Segment	Transaction advisors & professional staff	Support & administrative staff	Total employees
Americas	3,865	2,406	6,271
EMEA	1,782	878	2,660
Asia Pacific	2,219	865	3,084
Total operations	7,866	4,149	12,015

Non-controlling interests

We own a majority interest in substantially all of our operations, while operating management of each subsidiary owns the remaining shares. This structure was designed to maintain control at Colliers while providing significant risks and rewards of equity ownership to management at the operating businesses. In almost all cases, we have the right to “call” management’s shares, usually payable at our option with any combination of Subordinate Voting Shares or cash. We may also be obligated to acquire certain of these non-controlling interests in the event of death, disability or cessation of employment or if the shares are “put” by the holder, subject to annual limitations on these puts imposed by the relevant shareholder agreements. These arrangements provide significant flexibility to us in connection with management succession planning and shareholder liquidity matters.

Our growth strategy

We maintain a leadership position in the industry by offering a full complement of services to our wide range of customers on a global basis. Our key point of differentiation is the level of expertise and collaboration our professionals demonstrate, leading to higher levels of service for our clients. We have an established track record of expanding our business internally and through acquisition. Our strategy will continue to focus on strengthening our market share in our core markets, expanding into complementary services and increasing our geographic footprint while continuing to pursue strategic acquisitions.

Dividends and dividend policy

Dividend policy

Following the completion of the Spin-off, our Board of Directors approved a revised dividend policy for the Company, which was a dividend of $0.08 per Common Share (being the Subordinate Voting Shares and Multiple Voting Shares) per annum, payable semi-annually. On May 31, 2016, the Board of Directors increased the semi-annual dividend from $0.04 to $0.05 per Common Share ($0.10 per annum). These dividends are paid in cash after the end of the second and fourth quarters. All dividend payments are subject to the discretion of our Board of Directors. Prior to the completion of the Spin-off, the prior dividend policy for Old FSV was dividend of $0.40 per Common Share per annum, payable quarterly. For the purposes of the Income Tax Act (Canada) and any similar provincial legislation, all dividends on the Common Shares will be eligible dividends unless indicated otherwise.

The terms of the Common Share dividend policy remain, among other things, at the discretion of our Board of Directors. Future dividends on the Common Shares, if any, will depend on the results of Colliers’ operations, cash requirements, financial condition, contractual restrictions, business opportunities, provisions of applicable law and other relevant factors. Under the terms of the Company’s credit facility, the Company is not permitted to pay dividends, whether in cash or in specie, in the circumstances of an event of default thereunder occurring and continuing or an event of default occurring as a consequence thereof. See “Material contracts” below.

Dividend history

The aggregate cash dividends declared per Common Share in respect of the years ended December 31, 2017, 2016 and 2015 were $0.10, $0.10 and $0.14, respectively.

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Capital structure

Share capital

The authorized capital of the Company consists of an unlimited number of preference shares (the “Preference Shares”), issuable in series, an unlimited number of Subordinate Voting Shares and an unlimited number of Multiple Voting Shares. As of February 28, 2018, there were 37,817,967 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares issued and outstanding.

Common Shares

The Common Shares rank junior to the Preference Shares or series thereof ranking in priority with respect to the payment of dividends, return of capital and distribution of assets in the event of liquidation, dissolution or any distribution of the assets of Colliers for the purpose of winding-up its affairs. The holders of outstanding Common Shares are entitled to receive dividends and other distributions on a share-for-share basis (or, in the discretion of the directors, in a greater amount per Subordinate Voting Share than per Multiple Voting Share) out of the assets legally available therefor at such times and in such amounts as our Board of Directors may determine, but without preference or distinction between the Multiple Voting Shares and the Subordinate Voting Shares. The Subordinate Voting Shares carry one vote per share and the Multiple Voting Shares carry 20 votes per share. The holders of Subordinate Voting Shares and the holders of Multiple Voting Shares are entitled to receive notice of any meeting of shareholders and to attend and vote thereat as a single class on all matters to be voted on by the shareholders, except at meetings where the holders of shares of one class or of a particular series of shares are entitled to vote separately.

The rights, privileges, conditions and restrictions attaching to the Subordinate Voting Shares and the Multiple Voting Shares may be respectively modified if the amendment is authorized by at least two-thirds of the votes cast at a meeting of the holders of Subordinate Voting Shares and the holders of Multiple Voting Shares duly held for that purpose. However, if the holders of Subordinate Voting Shares, as a class, or the holders of Multiple Voting Shares, as a class, are to be affected in a manner different from the other classes of shares, such amendment must, in addition, be authorized by at least two-thirds of the votes cast at a meeting of the holders of the class of shares which is affected differently.

Each outstanding Multiple Voting Share is convertible at any time, at the option of the holder, into one Subordinate Voting Share. The Subordinate Voting Shares are not convertible into any other class of shares. No subdivision, consolidation, reclassification or other change of the Multiple Voting Shares or the Subordinate Voting Shares may be made without, concurrently, having the Multiple Voting Shares or Subordinate Voting Shares, as the case may be, subdivided, consolidated, reclassified or other change made under the same conditions. The Common Shares are not redeemable nor retractable but are able to be purchased for cancelation by Colliers in the open market, by private contract or otherwise. Upon the liquidation, dissolution or any distribution of the assets of Colliers for the purpose of winding-up its affairs, the holders of Common Shares are entitled to participate equally, on a share-for-share basis, in the remaining property and assets of Colliers available for distribution to such holders.

Preference Shares

The Preference Shares are issuable, from time to time, in one or more series, as determined by our Board of Directors. Our Board of Directors will determine, before the issue of any series of Preference Shares, the designation, preferences, rights, restrictions, conditions, limitations, priorities as to payment of dividends and/or distribution on liquidation, dissolution or winding-up, or prohibitions attaching to such series. The Preference Shares, if issued, will rank prior to the Common Shares with respect to the payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up of Colliers or any other distribution of assets of Colliers among its shareholders for the purpose of winding-up its affairs, and may also be given such other preferences over the Common Shares as may be determined with respect to the respective series authorized and issued. Except as required by law, the Preference Shares will not carry voting rights.

Certain rights of holders of Subordinate Voting Shares

A summary of the rights attaching to the Subordinate Voting Shares in the event that a take-over bid is made for Multiple Voting Shares is set out in the section entitled “Certain Rights of Holders of Subordinate Voting Shares” contained in our Management Information Circular to be filed in connection with our upcoming meeting of shareholders to be held on April 10, 2018 (the “2018 Circular”), which is incorporated by reference herein and will be available on SEDAR at www.sedar.com. Reference should be made to our articles for the full text of these provisions.

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Stock Option Plan

Colliers has a stock option plan (the “Option Plan”) pursuant to which options to acquire Subordinate Voting Shares may be granted to directors, officers and full-time employees of Colliers or its subsidiaries (other than Jay S. Hennick). A summary of the terms of the Option Plan is set out in the section entitled “Executive Compensation – Incentive Award Plans of Colliers – Colliers Stock Option Plan” contained in the 2018 Circular, which is incorporated by reference herein and will be available on SEDAR at www.sedar.com. The maximum number of Subordinate Voting Shares subject to grants of options under the Option Plan is limited to 5,600,000, of which: (i) options exercisable for 1,986,400 Subordinate Voting Shares have been granted and are outstanding as at the date hereof; and (ii) options which were exercisable for 3,511,600 Subordinate Voting Shares have been exercised or expired as at the date hereof, leaving options yet to be granted which would be exercisable for 102,000 Subordinate Voting Shares.

Under the Spin-off, each holder of Old FSV stock options exchanged such options for an equivalent number of Colliers stock options and FirstService stock options, and the exercise price of the Old FSV stock options exchanged was apportioned between the Colliers stock options (as to 58.6%) and FirstService stock options (as to 41.4%). The vesting schedule and expiration dates for these post-Spin-off stock options remained the same as the Old FSV stock options for which they were exchanged. The Colliers and FirstService stock options issued in connection with the Spin-off were deemed to be a continuation of the earlier granted Old FSV stock options for which they were exchanged, as opposed to a new grant of options. The Option Plan provides that a former holder of Old FSV stock options exchanged for Colliers stock options, but who is no longer a director, officer and/or full-time employee of Colliers or its subsidiaries, may remain a participant in the Option Plan and hold and exercise their Colliers stock options for so long as such holder remains a director, officer and/or full-time employee, as applicable, of FirstService or its subsidiaries.

Market for securities

The outstanding Subordinate Voting Shares are listed for trading on the TSX and NASDAQ under the symbol “CIGI”. The Multiple Voting Shares are not listed and do not trade on any public market or quotation system.

The following table sets forth the reported high and low trading prices and the aggregate volume of trading of the Subordinate Voting Shares on NASDAQ (in United States dollars) and on the TSX (in Canadian dollars) for each month in 2017.

	NASDAQ			TSX
Month	High Price (US$)	Low Price (US$)	Volume Traded	High Price (C$)	Low Price (C$)	Volume Traded
January 2017	37.70	34.70	649,879	50.01	46.29	547,782
February 2017	51.25	35.85	1,012,592	68.00	47.15	1,330,273
March 2017	52.70	46.35	1,276,530	70.30	61.75	1,218,695
April 2017	49.90	46.55	578,721	67.34	62.75	530,670
May 2017	55.05	48.85	940,374	75.31	66.66	900,006
June 2017	56.85	52.05	666,695	74.88	68.89	1,209,782
July 2017	60.75	52.80	1,090,178	77.00	65.96	797,211
August 2017	56.95	48.85	841,189	71.58	61.02	1,073,835
September 2017	52.35	47.65	1,340,121	65.01	58.51	1,113,550
October 2017	59.10	49.29	707,193	76.26	61.68	909,457
November 2017	62.25	58.55	633,271	80.09	74.69	808,610
December 2017	61.60	46.60	558,312	79.70	74.00	744,890

Escrowed securities and securities subject to contractual restriction on transfer

To the knowledge of Colliers, as of the date hereof, no securities of any class of securities of Colliers are held in escrow or subject to contractual restrictions on transfer or are anticipated to be held in escrow or subject to contractual restrictions on transfer other than as described below.

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On June 1, 2015, in conjunction with the Spin-off, certain minority shareholders and option holders of the former Commercial Real Estate Services subsidiary of Old FSV exchanged their shares and options for 1,997,956 Subordinate Voting Shares of Colliers. As part of such exchange, the minority shareholders and option holders who received Subordinate Voting Shares contractually agreed to: (a) not to sell or otherwise dispose of a specified amount of such shares prior to, in the case of one-half of such shares, the first anniversary of the completion of the Spin-off, and, as to the balance of such shares, the second anniversary of the completion of the Spin-off, except in the limited circumstances of death, termination not “for cause” or a sale of Colliers (the shares subject to the foregoing, “Retention Shares”); and (b) to place a specified amount of such shares into escrow with Colliers, with all of such shares to be released from escrow on the third anniversary of the completion of the Spin-off (subject to earlier release in the limited circumstances of death or a sale of Colliers), provided that if an employee is terminated “for cause”, breaches the foregoing disposition restriction or, for senior management only, quits and solicits Colliers employees or customers, then the shares of such employee in escrow will be forfeited and cancelled (the shares subject to the foregoing, “Escrowed Shares”).

The following table sets out the breakdown of the number of Retention Shares and Escrowed Shares as at the date hereof:

Designation	Number of Securities Held in Escrow or that are subject to a Contractual Restriction on Transfer	Percentage of Class
Retention Shares(1)	-	0.0%
Escrowed Shares(1)(2)	989,122	2.6%
Total:	989,122	2.6%

Notes:

(1) The Retention Shares and the Escrowed Shares are all Subordinate Voting Shares.

(2) The holder of the Escrowed Shares retains the right to exercise all voting rights attached to, and to receive and retain all cash dividends paid on, the Escrowed Shares.

Transfer agents and registrars

The transfer agent and registrar for the Subordinate Voting Shares is TSX Trust Company, 100 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 4H1. The transfer agent and registrar for the Multiple Voting Shares is the Company at 1140 Bay Street, Suite 4000, Toronto, Ontario, M5S 2B4.

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Directors and executive officers

Directors

Our Board of Directors is currently comprised of nine members. Benjamin F. Stein was appointed to the Board of Directors on September 14, 2017. The following information is provided with respect to the directors of the Company as at February 28, 2018:

Name and municipality of residence	Age	Present position and tenure	Principal occupation during last five years
Jay S. Hennick Ontario, Canada	61	Chief Executive Officer & Director since May 30, 19884; Chairman since June 2015.	Mr. Hennick is the Chairman and CEO of Colliers. Pre-Spin-off, Mr. Hennick was the CEO of Old FSV from 1988 to 2015. In June 2015, Mr. Hennick became the Founder and Chairman of FirstService. In 1998, Mr. Hennick was awarded Canada's Entrepreneur of the Year, in 2001 he was named Canada's CEO of the Year by Canadian Business Magazine and in 2011, received an honorary Doctorate of Laws from York University and the University of Ottawa. Mr. Hennick served as past Chairman of the Board of Directors of the Sinai Health System, in Toronto and is the immediate past Chair of The Mount Sinai Hospital Board of Directors. In addition, Mr. Hennick has endowed the Jay S. Hennick JD-MBA Program at the Faculty of Law and School of Management at the University of Ottawa Law School, his alma mater, and The Hennick Centre for Business and Law, a joint program of the Osgoode Hall Law School and the Schulich School of Business at York University. Mr. Hennick holds a Bachelor of Arts degree from York University in Toronto and a Doctorate of Laws from the University of Ottawa.
David R. Beatty Ontario, Canada	75	Director since May 15, 20014	Mr. Beatty is currently the Chairman and Chief Executive Officer of Beatinvest Limited (an investment company), Director of the Clarkson Centre for Business Ethics and Board Effectiveness and Adjunct Professor of Strategic Management at The Rotman School of Management, University of Toronto. Mr. Beatty was previously the founding Managing Director of the Canadian Coalition for Good Governance, founding Chairman of Orogen Minerals Limited, Chairman and Chief Executive Officer of Old Canada Investment Corporation Limited and President of Weston Foods. Mr. Beatty is Honorary Consul to Canada for the Government of Papua New Guinea and in 1993 was awarded the O.B.E. In 2013, he was awarded the Order of Canada for his work in corporate governance. A graduate in economics from the University of Toronto (Trinity College), he was a Nuffield Scholar at the University of Cambridge (Queens' College) where he obtained an M.A. in Economics.
Peter F. Cohen1 Ontario, Canada	65	Vice Chair of the board, Director since March 30, 19904; Chairman of the Old FSV board from May 2005 to May 2015	Mr. Cohen is a Chartered Professional Accountant and a former partner in an audit practice of a public accounting firm. Mr. Cohen is currently the Vice Chairman of the Board of Colliers and President and Chief Executive Officer of the Dawsco Group, a private real estate and investment company owned by Mr. Cohen and his family. Mr. Cohen was a co-founder and Chairman and Chief Executive Officer of Centrefund Realty Corporation, a publicly traded shopping center investment company until August 2000 when control of the company was sold. Mr. Cohen serves as the Treasurer and a Director of the Sinai Health System and is the Co-Chair of the Resources Committee and Building and Development Committee.
John (Jack) P. Curtin, Jr.1,2 Ontario, Canada	67	Director since February 10, 20154	Mr. Curtin is an Advisory Director in the Investment Banking Division of Goldman, Sachs & Co. in Toronto and New York. From July 2010 to December 2014, Mr. Curtin served as Chairman and Chief Executive of Goldman Sachs Canada Inc. From 2003 to July 2010, Mr. Curtin was Chairman of Goldman Sachs Canada Inc. From 1999 to 2003, Mr. Curtin was an Advisory Director of Goldman, Sachs & Co. in New York. From 1995 to 1999, Mr. Curtin was Chief Executive of Goldman Sachs Canada Inc. in Toronto. Prior to this assignment, Mr. Curtin was co-head of Global Money Markets and Chairman of Goldman Sachs Money Markets LP. Mr. Curtin moved to Money Markets in 1987 after serving as head of Fixed Income Syndicate/New Issues. Mr. Curtin joined the firm in 1976 in the Corporate Finance Department and was named partner in 1988 and managing director in 1996. Mr. Curtin is also a member of the Board of Directors of Cadillac Fairview Corporation and the Art Gallery of Ontario Foundation. He serves as a Director of the Canada/United States Fulbright Foundation. Mr. Curtin is a former governor of the Toronto Stock Exchange, a former director of Brascan Corporation, Maxxcom Corporation and the Investment Dealers Association of Canada. Mr. Curtin served as a trustee of Lakefield College School as well as Royal St. George's College. Mr. Curtin received an MBA from Harvard in 1976 and his BA from Williams College in 1972.

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Name and municipality of residence	Age	Present position and tenure	Principal occupation during last five years
Stephen J. Harper3 Alberta, Canada	58	Director since September 15, 2016	Mr. Harper was elected the twenty-second Prime Minister of Canada in 2006 and served in such role until 2015, making him the longest serving Conservative Prime Minster since Sir John A. MacDonald, Canada’s first Prime Minister.  Mr. Harper is Chairman of Harper & Associates Consulting, which is affiliated with Dentons, a leading global law firm, and acts as a strategic consultant to clients around the world, providing advice on matters relating to market access, the management of global geopolitical and economic risk and the maximization of value in global markets.  Mr. Harper has received a bachelor and master’s degree in economics from the University of Calgary, and was awarded an honorary doctorate of philosophy from Tel Aviv University in 2014. In recognition of his government service, Mr. Harper has been awarded the Ukrainian Order of Liberty, the Woodrow Wilson Award for Public Service, the B’nai B’rith International Presidential Gold Medallion for Humanitarianism and was named as the World Statesman of the Year in 2012 by the Appeal of Conscience Foundation.
Michael D. Harris 2,3 Ontario, Canada	73	Director since June 26, 20064	Mr. Harris was elected the twenty-second Premier of the Province of Ontario on June 8, 1995 and then re-elected in 1999, at the time making him the first Ontario Premier in over 30 years to form a second consecutive majority government. After leaving office in April 2002, Mr. Harris joined the law firm of Goodmans LLP as a Consultant and Senior Business Advisor until February 28, 2010. On March 1, 2010, Mr. Harris joined Cassels Brock & Blackwell LP as Senior Business Advisor until September 15, 2014. On September 16, 2014, Mr. Harris joined Fasken Martineau DuMoulin LLP as Senior Business Advisor. Mr. Harris is President of his own consulting firm, Steane Consulting Ltd., and, in this capacity, acts as a consultant to various Canadian companies. Mr. Harris also serves as a director on several public corporate boards as well as the New Haven Learning Centre. Mr. Harris served as the Honorary Chair of the North Bay District Hospital Capital Campaign and the Nipissing University and Canadore College Capital Campaign. Mr. Harris is also a Senior Fellow with the Fraser Institute, a leading Canadian economic, social research and education organization, and an Institute of Corporate Directors certified director (ICD.D).
Katherine M. Lee1,2 Ontario, Canada	54	Director since June 17, 2015	Ms. Lee is a seasoned executive in financial services and served as President & CEO of GE Capital Canada, a leading global provider of financial and fleet management solutions to mid-market companies operating in a broad range of economic sectors. Prior to this role, Ms. Lee served as CEO of GE Capital Real Estate in Canada from 2002 to 2010 building it to a full debt and equity operating company. Ms. Lee joined GE in 1994 where she held a number of positions including Director, Mergers & Acquisitions for GE Capital's Pension Fund Advisory Services based in San Francisco, and Managing Director of GE Capital Real Estate Korea based in Seoul and Tokyo. Ms. Lee earned a Bachelor of Commerce from the University of Toronto. She is a Chartered Professional Accountant and Chartered Accountant. She is active in the community championing Women's networks and Asian-Pacific Forums.
Benjamin F. Stein3 New York, USA	32	Director since September 14, 2017	Mr. Stein is a co-founder of The Spruce House Partnership, a New York-based investment partnership. Spruce House was founded in 2005 and has investments in public companies globally and seeks to invest alongside management teams that are focused on growing the value of their companies over the long term. Mr. Stein received his Bachelor of Arts in International Relations from the University of Pennsylvania in 2008. Mr. Stein also serves on the board of The Africa Center, a New York-based institution focused on African business, culture and policy.

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Name and municipality of residence	Age	Present position and tenure	Principal occupation during last five years
L. Frederick Sutherland1 Pennsylvania, USA	66	Director since June 1, 2015	Mr. Sutherland was the Executive Vice President and Chief Financial Officer of Aramark Corporation, Philadelphia, PA, a provider of services, facilities management and uniform and career apparel, from 1997 through April 5, 2015 at which time he became the Senior Advisor to the Chief Executive Officer of Aramark prior to retiring from Aramark on December 31, 2015. Prior to joining Aramark in 1980, Mr. Sutherland was Vice President in the Corporate Banking Department of Chase Manhattan Bank, New York, NY. Mr. Sutherland is a director of Consolidated Edison, Inc. Mr. Sutherland is also Chairman of the Board of WHYY, a PBS affiliate, a trustee of Duke University, Board President of Episcopal Community Services, an anti-poverty agency, and a Trustee of People's Light and Theater.  Mr. Sutherland holds an MBA Degree in Finance from the Katz School of the University of Pittsburgh and a Bachelors in Physics and Mathematics from Duke University.

Notes:

1. Member of Audit & Risk Committee

2. Member of Executive Compensation Committee

3. Member of Nominating and Corporate Governance Committee

4. Member of the Old FSV board prior to the Spin-off; post Spin-off continued as a Colliers director

Each director remains in office until the following annual shareholders’ meeting of the Company or until the election or appointment of their successor, unless they resign, their office becomes vacant or they become disqualified to act as a director. All directors stand for election or re-election annually.

Further background information regarding the directors of the Company will be set out in the 2018 Circular, the relevant sections of which are incorporated by reference herein and which will be available on SEDAR at www.sedar.com.

Executive officers

The following information is provided with respect to the executive officers of the Company as at February 28, 2018:

Name and municipality of residence	Age	Present position and tenure	Principal occupation during last five years
Jay S. Hennick Ontario, Canada	61	Chairman since June 1, 2015 and Chief Executive Officer since 1988(1)	See description above under “Directors”.
Dylan E. Taylor Colorado, USA	47	President and Chief Operating Officer since 2009	Mr. Taylor is President and Chief Operating Officer for Colliers globally. Mr. Taylor joined Colliers in June 2009 as CEO of Colliers’ Americas region until March 2015, when he assumed the role of Global Chief Operating Officer. Before joining Colliers, Mr. Taylor was President of Global Client Services for a competing real estate services firm for 4 years. Previous to this firm, Mr. Taylor spent more than five years as Senior Vice President of Corporate Solutions for another commercial real estate services company and seven years at SAIA Burgess, a global supplier of electronics based in Switzerland.
John B. Friedrichsen Ontario, Canada	56	Chief Financial Officer since 1998(1)	Prior to the Spin-off, Mr. Friedrichsen served as Senior Vice President and Chief Financial Officer of Old FSV since September 2002. Mr. Friedrichsen joined Old FSV as Vice President, Acquisitions in February 1998, a position that he held until May 2000 when he became Senior Vice President, Acquisitions. Prior to joining Old FSV, Mr. Friedrichsen was a Vice President with Ernst & Young Corporate Finance Inc. in Toronto, where he was responsible for advising companies on a range of corporate finance matters, including the raising of capital and acquisitions. Mr. Friedrichsen is a Chartered Professional Accountant and began his career with a predecessor of the accounting firm KPMG in Toronto.

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Name and municipality of residence	Age	Present position and tenure	Principal occupation during last five years
Elias Mulamoottil Ontario, Canada	48	Head, Strategic Investments & Corporate Development since 2007(1)	Prior to the Spin-off, Mr. Mulamoottil served as Senior Vice President Strategy & Corporate Development for Old FSV since March 2011. Mr. Mulamoottil joined Old FSV in June 2007 as Vice President Strategy & Corporate Development. Prior to joining Old FSV, Mr. Mulamoottil was a partner at a Toronto based financial advisory and asset management firm, where he was responsible for the sourcing and executing of merger, acquisition, divestiture and financing transactions. Previously, Mr. Mulamoottil worked with one of Europe’s leading private equity firms, Terra Firma Capital Partners, in London, England executing and managing private equity investments. Mr. Mulamoottil is a Chartered Professional Accountant and began his career at the accounting firm Deloitte.
Robert D. Hemming British Columbia, Canada	50	Senior Vice President and Chief Accounting Officer since 2008	Prior to the Spin-off, Mr. Hemming served as Chief Financial Officer-Global for Colliers where he was responsible for Collier’s financial accounting, reporting, analysis and compliance functions. Prior to joining Colliers in August 2006, Mr. Hemming was the Corporate Controller–Western Canada for Bell Canada. Mr. Hemming is a Chartered Professional Accountant and a Certified General Accountant and outside of real estate, has spent his career working in the mining, forestry and telecom industries.
Rebecca Finley Ontario, Canada	42	Senior Vice President, Brand and People since 2018	Ms. Finley is the Global Senior Vice President, Brand & People.  In this role, Becky has responsibility for leading and providing global oversight for the Colliers brand and people strategies.  Ms. Finley has extensive leadership experience in branding, culture and business operations.  Prior to Colliers, Ms. Finley served as Business Lead and Head of Technology, Telecommunications & Media at Facebook, led the Office of the CEO at Maple Leaf Foods, was a Management Consultant with the Boston Consulting Group, and worked as an Investment Banker with TD Securities.   Ms. Finley holds an ICD.D from the Institute of Corporate Directors, an MBA from the Rotman School of Management and a Bachelor of Mathematics and Education from Queen's University.
Christian Mayer Ontario, Canada	45	Vice President, Finance and Treasurer since 2010(1)	Prior to the Spin-off, Mr. Mayer served as Vice President, Finance for Old FSV. Mr. Mayer joined Old FSV in 1999. Mr. Mayer is a Chartered Professional Accountant and began his career with the accounting firms Grant Thornton and PwC, both in Toronto.
Matthew Hawkins Ontario, Canada	35	Vice President, Legal Counsel and Corporate Secretary since 2016	Mr. Hawkins joined Colliers in 2016. Prior to joining, Mr. Hawkins previously worked as the Vice President of Legal Affairs at a TSX-listed pharmaceuticals company, and previously worked in the corporate and securities group of a leading Canadian law firm.
Zachary Michaud Ontario, Canada	35	Vice President, Strategic Investments & Corporate Development since 2015	Mr. Michaud joined Colliers in 2015. Prior to joining Colliers, Mr. Michaud was a senior investment professional at one of Canada’s leading private equity firms specializing in credit investing, distressed debt, operational turnarounds and activist investing. Previously, Mr. Michaud was an investment banker in Los Angeles and worked on the trading floor at  two large bank owned investment dealers.

Note:

1. Prior to the Spin-off, an officer of Old FSV.

Ownership

As of February 28, 2018, the directors and executive officers of the Company, as a group, owned, or controlled or directed, directly or indirectly, 3,055,110 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares, which represent 8.1% of the total Subordinate Voting Shares and 100.0% of the total Multiple Voting Shares, in each case, outstanding on such date. The directors and executive officers, as a group, controlled 46.0% of the total voting rights as of such date when all Multiple Voting Shares and Subordinate Voting Shares are considered. Mr. Hennick controls all of the Multiple Voting Shares.

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Legal proceedings and regulatory actions

There are no legal proceedings to which Colliers is a party to, or in respect of which, any of the property of Colliers is the subject of, which is or was material to Colliers during 2017, and Colliers is not aware of any such legal proceedings that are contemplated. In the normal course of operations, Colliers is subject to routine immaterial claims and litigation incidental to its business. Litigation currently pending or threatened against Colliers includes disputes with former employees and commercial liability claims related to services provided by Colliers. Colliers believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations.

During 2017, there have not been any penalties or sanctions imposed against Colliers by a court relating to provincial and territorial securities legislation or by a securities regulatory authority, nor have there been any other penalties or sanctions imposed by a court or regulatory body against Colliers, and Colliers has not entered into any settlement agreements before a court relating to provincial and territorial securities legislation or with a securities regulatory authority.

Properties

The following chart provides a summary of the properties occupied by the Company and its subsidiaries as at December 31, 2017:

(square feet)	Leased	Owned	Total
Americas	1,399,000	-	1,399,000
EMEA	479,000	-	479,000
Asia Pacific	361,000	-	361,000
Corporate	-	20,000	20,000
Total operations	2,239,000	20,000	2,239,000

Reconciliation of non-GAAP financial measures

In this AIF, we make reference to “adjusted EBITDA” and “adjusted EPS,” which are financial measures that are not calculated in accordance with GAAP.

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 consist, contingent consideration acquisition fair value adjustments and contingent acquisition-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.

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	Year ended
(in thousands of US$)	December 31
		2017			2016
Net earnings	$	92,132		$	91,571
Income tax		63,000			47,829
Other income, net		(500	)		(2,417	)
Interest expense, net		11,895			9,190
Operating earnings		166,827			146,173
Depreciation and amortization		52,992			44,924
Acquisition-related items		14,927			3,559
Restructuring costs		3,104			5,127
Stock-based compensation expense		4,425			3,279
Adjusted EBITDA	$	242,275		$	203,062

Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) income tax expense on enactment of US Tax Reform; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; (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.

	Year ended
(in US$)	December 31
		2017		2016
Diluted net earnings per common share	$	1.25	$	1.75
Non-controlling interest redemption increment		0.58		0.09
Income tax expense on enactment of US Tax Reform		0.34		-
Amortization of intangible assets, net of tax		0.43		0.35
Acquisition-related items		0.34		0.08
Restructuring costs, net of tax		0.06		0.09
Stock-based compensation expense, net of tax		0.11		0.08
Adjusted EPS	$	3.11	$	2.44

We believe that the presentation of adjusted EBITDA and adjusted earnings per share, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. We use these non-GAAP financial measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described above, for which the amounts are non-cash or non-recurring in nature, provides a supplemental measure of our operating results that facilitates comparability of our operating performance from period to period, against our business model objectives, and against other companies in our industry. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our core business and the valuation of the Company. Adjusted EBITDA and adjusted earnings per share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs or benefits associated with the operations of our business as determined in accordance with GAAP. As a result, investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP.

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Risk factors

Readers should carefully consider the following risks, as well as the other information contained in this AIF and our management’s discussion and analysis for the year ended December 31, 2017. If any of the following risks actually occurs, our business could be materially harmed. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties, including those of which we are currently unaware or we currently deem immaterial, may also adversely affect our business.

Risks relating to our business

Economic conditions, especially as they relate to credit conditions and business spending

During periods of economic slowdown or contraction, our operations are impacted directly. Credit conditions affect commercial real estate transactions, which reduces the demand for our services. Business spending directly impacts our Outsourcing & Advisory operations businesses because as businesses spend less on services, our revenues decline. These factors could also negatively impact the timing or the ultimate collection of accounts receivable, which would negatively impact our operating revenues, profitability and cash flow.

Commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions

Property values have a direct impact on the commissions earned on sales transactions. Vacancy rates affect market lease rates and the duration of lease commitments, which are the basis of leasing commissions earned. Both property values and vacancy rates can influence the number of sales transactions that occur.

Economic deterioration impacts our ability to recover goodwill and other intangible assets

Expectations of future earnings drive the recoverability of goodwill and other intangible assets, which are tested, at least, on an annual basis. During the year ended December 31, 2009, Old FSV recorded a $29.6 million impairment charge to CMN’s goodwill. A future deterioration of operating performance may necessitate additional non-cash impairment charges.

Ability to generate cash from our businesses to fund future acquisitions and meet our debt obligations

We rely on our businesses to generate the necessary cash to service our financial obligations. As at December 31, 2017, we have $249.9 million of debt outstanding ($141.4 million net of cash) that will be required to be refinanced or repaid over the next five years. To date, we have been able to meet all of our debt obligations, however with a decline in performance in some of our businesses, surplus cash may not be available to be remitted which may result in the inability to meet a debt repayment.

An important component of our growth strategy is strategic and selective acquisitions, which we tend to complete with cash. Although we have a revolving credit facility available to us as noted elsewhere in this AIF, we also rely on surplus cash on hand to fund acquisitions. If cash on hand is not available and the credit facility is fully utilized, then future acquisitions may not be possible.

The effects of changes in foreign exchange rates in relation to the US dollar on our Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses

We generate approximately 57% of our revenues outside the United States. Consequently, our consolidated results are impacted directly by fluctuations in the relative strength of the US dollar versus the Canadian dollar, Australian dollar, UK pound sterling and Euro currencies.

Political events, including elections, referenda and government positions on international trade, among other things, may impact foreign exchange rates in relation to the US dollar. In addition, we expect to acquire additional international operations in the future. As a consequence, foreign currency exchange rate fluctuations may be material in the future.

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Competition in the markets served by the Company

We operate in highly competitive markets. Changes in the source and intensity of competition in the markets served by us impact the demand for our services and may result in additional pricing pressures. The relatively low capital cost of entry to certain of our businesses has led to strong competitive markets, including regional and local owner-operated companies. Regional and local competitors operating in a limited geographic area may have lower labour, benefits and overhead costs. The principal methods of competition in our businesses include name recognition, quality and speed of service, pricing, customer satisfaction and reputation. No assurance can be given that we will be able to compete successfully against current or future competitors and that the competitive pressures that we face will not result in reduced market share or negatively impact our financial performance.

Labour shortages or increases in wage and benefit costs

As a services company, our primary asset is the human capital that comprises our workforce. In particular, we rely on property managers, real estate sales/leasing advisors and other skilled staff to generate revenues. A shortage, or increase in wage and benefit costs, of this human capital could reduce our revenues and profitability.

The effects of changes in interest rates on our cost of borrowing

As at December 31, 2017, we had $146.4 million of debt, representing 59% of our total indebtedness, at variable interest rates. As a result, changes in base rates such as LIBOR affect our interest expense as these base rates fluctuate.

Continued compliance with the financial covenants under our debt agreements, or our ability to negotiate a waiver of certain covenants with our lenders

Although we have always been in compliance with our financial covenants, a prolonged decline in our earnings performance could result in a non-compliance with one or more financial covenants. If the Company fails to meet its payment or other obligations under its amended and restated credit facility, the lenders will be entitled to demand immediate repayment of all amounts owing and thereafter, if unpaid, exercise their creditor rights.

Unexpected increases in operating costs, such as insurance, workers’ compensation, and health care

As a services company, the costs of providing services to our customers can fluctuate. Certain operating costs, such as insurance, workers’ compensation and health care are based on market rates which we cannot control and, absent an offsetting price increase in our services, have a direct impact on our operating margins.

Changes in the frequency or severity of insurance incidents relative to our historical experience

Adverse changes in claims experience could increase our insurance costs and/or increase the risk of being unable to renew insurance coverage at our operations. In each of our operating segments, we effectively self-insure certain risks, with a layer of third-party insurance for catastrophic claims. An increase in the frequency or severity of claims in these areas could materially affect our financial position and results of operations. There can be no assurance that we will be able to obtain insurance coverage on favourable economic terms in the future.

Our ability to make acquisitions at reasonable prices and successfully integrate acquired operations

As an acquisitive organization, we actively pursue acquisitions to expand our global footprint and services offerings as well as supplement existing businesses. Not only does our acquisition strategy depend on the continued availability of suitable targets, it also depends on the ability to negotiate favorable terms and conditions. Another risk with acquisitions is the ability to integrate the acquired business into an existing service line.

Declaration of dividends on Common Shares

Future dividends on the Common Shares will depend on the Company’s results of operations, financial condition, capital requirements, general business conditions and other factors that the Company’s Board of Directors may deem relevant. Additionally, under the Company’s credit facility, the Company is not permitted to pay dividends, whether in cash or in specie, in the circumstances of an event of default thereunder occurring and continuing or an event of default occurring as a consequence thereof.

Risks arising from any regulatory review and litigation

The commencement of any formal regulatory reviews or investigations could result in the diversion of significant management attention and resources and, if securities or other regulators determine that a violation of securities or other laws may have occurred, or has occurred, the Company or its officers and directors may receive notices regarding potential enforcement action or prosecution and could be subject to civil or criminal penalties or other remedies. For example, the Company or its officers could be required to pay substantial damages, fines or other penalties, the regulators could seek an injunction against the Company or seek to ban an officer or director of the Company from acting as such, any of which actions would have a material adverse effect on the Company.

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Intellectual property and other proprietary rights that are material to our business

Our ability to compete effectively depends in part on our rights to service marks, trademarks, trade names and other intellectual property rights we own or license (including “Colliers International”). We have not sought to register every one of our marks in every country in which they are used. Furthermore, because of the differences in foreign trademark, patent and other intellectual property or proprietary rights laws, we may not receive the same protection in other countries as we would in Canada or the United States. If we are unable to protect our proprietary information and brand names, we could suffer a material adverse effect on our business, financial condition or results of operations. Litigation may be necessary to enforce our intellectual property rights and protect our proprietary information, or to defend against claims by third parties that our products or services infringe their intellectual property rights. Any litigation or claims brought by or against us could result in substantial costs and diversion of our resources. A successful claim of trademark, patent or other intellectual property infringement against us, or any other successful challenge to the use of our intellectual property, could subject us to damages or prevent us from providing certain services under our recognized brand names, which could have a material adverse effect on our business, financial condition or results of operations.

Disruptions or security failures in our information technology systems

Our information technology systems facilitate our ability to monitor, operate and control our operations. While we have disaster recovery plans in place, any disruption in these plans or the failure of our information technology systems to operate as expected could, depending on the magnitude of the problem, adversely affect our operating results by limiting, among other things, our capacity to monitor, operate and control our operations effectively. In addition, because our systems contain information about individuals and businesses, our failure to maintain the security of the data we hold, whether the result of our own error or the malfeasance or errors of others, could harm our reputation or give rise to legal liabilities relating to violations of privacy laws or otherwise, which may lead to lower revenues, increased costs and other material adverse effects on our results of operations.

Multiple Voting Shares and a change of control

The existence of the Multiple Voting Shares results in various impediments on the ability or desire of a third party to acquire control of the Company. This may discourage, delay or prevent a change of control of the Company or an acquisition of the Company at a price that shareholders may find attractive. The existence of the Multiple Voting Shares also may discourage proxy contests and make it difficult or impossible for the Company’s holders of Subordinate Voting Shares to elect directors and take other corporate actions.

Blank cheque preference shares

The Company has the right to issue so-called “blank cheque” preference shares which may affect the voting and liquidation rights of holders of Common Shares. The Company’s Board of Directors is authorized, without any further shareholder approval, to issue one or more additional series of preference shares in an unlimited number and to set the rights, privileges, restrictions and conditions attached thereto.

Political conditions or events, including elections, referenda, changes to international trade and immigration policies any outbreak or escalation of terrorism or hostilities and the impact thereof on our business

Political events, uncertainties and situations can have an effect on our Company because of our global operations. Events could occur that may hamper our ability to manage operations, extract cash and implement Colliers’ policies in certain regions, particularly in developing countries that have had a recent history of political and economic instability.

Changes in government policies at the federal, state/provincial or local level that may adversely impact our businesses

As a multinational company, changes in laws and regulation at the different jurisdictional levels can have a direct effect on our operations. It is difficult to predict the future impact of a change in legislative and regulatory requirements affecting our businesses. The laws and regulations applicable to our businesses will likely change in the future and affect our operations and financial performance. In addition, if we were to fail to comply with any applicable law or regulation, we could be subject to substantial fines or damages, be involved in litigation, suffer losses to our reputation and suffer the loss of licenses or penalties that may affect how our business is operated, which, in turn, would have a material adverse effect on our business, financial condition and results of operations.

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Risks relating to the Spin-off

Colliers has certain indemnification obligations to FirstService

In relation to the Spin-off, Colliers and FirstService have each agreed to indemnify the other for certain liabilities and obligations associated with, among other things, in the case of Colliers’ indemnity, the business and assets retained by Colliers, and in the case of FirstService’s indemnity, the business and assets transferred to FirstService. Colliers cannot determine whether it will be required to indemnify FirstService for any substantial obligations. Colliers also cannot be assured that, if FirstService is required to indemnify Colliers and its affiliates for any substantial obligations, FirstService will be able to satisfy such obligations. Any indemnification claim against Colliers pursuant to the provisions of the Spin-off agreements could have a material adverse effect upon Colliers. See Material Contracts – Arrangement Agreement” and “Material Contracts – Transitional Services and Separation Agreement”.

Tax related risks

Colliers could be exposed to substantial tax liabilities if certain requirements of the “butterfly” rules in section 55 of the Income Tax Act (Canada) are not complied with. Failure to comply with these requirements could also cause the Spin-off to be taxable to FirstService in circumstances where Colliers would be required to indemnify FirstService for the resulting tax. See “Material Contracts – Transitional Services and Separation Agreement”.

Potential conflicts of interest

Certain conflicts of interest could arise as a result of the relationship between FirstService and Colliers. One of the directors of FirstService is a director and executive officer of Colliers. The directors of FirstService and Colliers have fiduciary duties to manage FirstService and Colliers, respectively, in a manner beneficial to FirstService and Colliers, respectively. The duties of the director who is on the board of directors of both FirstService and Colliers may come into conflict.

Interest of management and others in material transactions

Except as described below or elsewhere in this AIF, no director of Colliers, executive officer of Colliers, or person or company that beneficially owns, or controls or directs more than 10% of any class or series of voting securities of Colliers, or any associate or affiliate of any of the foregoing persons, has or has had any material interest in any transaction within the last three years, or during the current year, that has materially affected or is reasonably expected to materially affect Colliers or any of its subsidiaries.

Under the Spin-off, Old FSV was separated into two independent publicly traded companies – Colliers and FirstService. Pursuant to the Spin-off, Old FSV shareholders received one Colliers share and one FirstService share of the same class as each Old FSV share previously held. As a result, Jay S. Hennick received, directly or indirectly, 2,273,526 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. As at the date herof, Mr. Hennick holds, 1,670,726 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares representing 4.4% of the total outstanding number of Subordinate Voting Shares and 100.0% of the total outstanding number of Multiple Voting Shares (7.7% of total outstanding number of Common Shares; 43.8% of total votes of all Common Shares). Furthermore, as part of the Spin-off, each of the Transitional Services and Separation Agreement, the Standstill Agreement and the Colliers MSA (as such terms are defined in Old FSV’s Management Information Circular dated March 16, 2015 (the “Spin-off Circular”)) were entered into with, among others, Jay S. Hennick and/or entities controlled by Mr. Hennick. Further details of such agreements are described in (and incorporated by reference from) the Spin-off Circular under the headings “The Arrangement – Transitional Services and Separation Agreement”, “The Arrangement – Standstill Agreement” and “Executive Compensation – Colliers MSA” of Appendix “H”, respectively. Additional information concerning the Spin-off is set out in the Spin-off Circular, which is available on SEDAR at www.sedar.com.

Material contracts

The only contracts that can reasonably be regarded as material to us, other than contracts entered into in the ordinary course of business, are as follows:

(a) Arrangement Agreement: The Arrangement Agreement provided for the implementation of the Spin-off pursuant to Section 182 of the Business Corporations Act (Ontario) and, among other things, certain representations, warranties and covenants of the parties and certain indemnities among Colliers and FirstService. Further details of the Arrangement Agreement are described in (and incorporated by reference from) the Spin-off Circular under the heading “The Arrangement – Arrangement Agreement”;

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(b) Transitional Services and Separation Agreement: In connection with the Spin-off, we entered into the Transitional Services and Separation Agreement to, among other things, complete the transfer of the FirstService Residential and FirstService Brands businesses to FirstService. The Transitional Services and Separation Agreement also sets forth the agreement of the parties with respect to certain transitional arrangements governing the relationship between Colliers and FirstService, the responsibility and liability for outstanding legal actions, responsibility for taxes, access to books and records, confidentiality, insurance and dispute resolution. Under the terms of the Transitional Services and Separation Agreement, we have generally agreed to indemnify FirstService and its subsidiaries from and against any liabilities associated with, among other things, the FirstService Residential and FirstService Brands businesses and assets, whether relating to the period, or arising, prior to or after the Spin-off. The Transitional Services and Separation Agreement contains a reciprocal indemnity under which FirstService generally agrees to indemnify us and our subsidiaries from and against any liabilities relating to, among other things, the businesses and assets retained by Colliers. FirstService and Colliers will indemnify each other with respect to non-performance of our respective obligations under the Transitional Services and Separation Agreement. Further details of the Transitional Services and Separation Agreement are described in (and incorporated by reference from) the Spin-off Circular under the heading “The Arrangement – Transitional Services and Separation Agreement”; and

(c) Credit Facility: On January 18, 2017, the Company entered into an amended and restated credit agreement with a syndicate of banks to provide a committed unsecured multi-currency revolving credit facility (the “Facility”) of $700.0 million, replacing the prior secured credit facility of $525.0 million. The Facility has a 5-year term ending January 18, 2022. The Facility bears interest at 1.50% to 2.75% over floating reference rates depending on certain leverage ratios, and requires a commitment fee of 0.30% to 0.55% of the unused portion depending on certain leverage ratios, with all pricing unchanged from the prior credit facility. At any time during the term, we have the right to increase the Facility by up to $150.0 million, on the same terms and conditions as the original Facility. The Facility is available to fund working capital requirements and other general corporate purposes; and

(d) Management Services Agreement: Colliers has entered into a restated management services agreement (the “Management Services Agreement”) with Jayset Management CIG Inc. (“Jayset”) and Jay S. Hennick. Mr. Hennick is a director, an officer and the sole indirect shareholder of Jayset. Under the terms of the Management Services Agreement, Mr. Hennick performs the services of Chairman and CEO of Colliers on behalf of Jayset. The particulars of the Management Services Agreement are set out in the section entitled “Executive Compensation – Management Contract” contained in the 2018 Circular, which section is incorporated herein by reference.

Copies of the above material contracts are available on SEDAR at www.sedar.com.

Cease trade orders, bankruptcies, penalties or sanctions

To the best of the knowledge of the Company:

(1) none of the directors or executive officers of the Company is, as at the date of this AIF, or was within 10 years before the date of this AIF, a director, chief executive officer or chief financial officer of any company (including the Company) that: (i) was subject to a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, in each case, that was in effect for a period of more than 30 consecutive days (collectively, an “Order”) that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or (ii) was subject to an Order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer;

(2) none of the directors or executive officers of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control the Company: (a) is, as at the date of this AIF, or has been, within 10 years before the date of this AIF, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (b) has, within the 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder;

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except for Michael D. Harris who was a director of Grant Forest Products Inc., an Ontario corporation, which, among others, filed for and obtained protection under the Companies’ Creditors Arrangement Act on June 25, 2009.

Conflicts of interest

Certain directors and officers of the Company are engaged in and will continue to engage in activities outside the Company, and as a result, certain directors and officers of the Company may become subject to conflicts of interest. The Business Corporations Act (Ontario) provides that in the event that a director or officer has an interest in a contract or proposed contract or agreement, the director or officer shall disclose his or her interest in such contract or agreement and, in the case of directors, shall refrain from voting on any matter in respect of such contract or agreement unless otherwise provided under the Business Corporations Act (Ontario). To the extent that conflicts of interest arise, such conflicts will be resolved in accordance with the provisions of the Business Corporations Act (Ontario).

As at the date hereof, the Company is not aware of any existing or potential material conflicts of interest between the Company and a director or officer of the Company.

Independent registered public accounting firm

The Company’s independent registered public accounting firm is PricewaterhouseCoopers LLP, who has issued an independent auditors’ report dated February 28, 2018 in respect of the Company’s consolidated financial statements as of December 31, 2017 and 2016 and for each of the years in the two year period ended December 31, 2017 and on the effectiveness of the Company’s internal control over financial reporting as at December 31, 2017. PricewaterhouseCoopers LLP has advised that they are independent with respect to the Company within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Ontario and the rules of the U.S. Securities and Exchange Commission. PricewaterhouseCoopers LLP is registered with the Public Company Accounting Oversight Board.

Audit & Risk Committee

The Audit & Risk Committee (the “ARC”) is comprised of four members who are each “independent” and “financially literate” as required by Multilateral Instrument 52-110 Audit Committees (the “Audit Committee Rule”). The ARC has the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of Colliers, outside consultants, independent legal counsel and other advisors as it determines necessary to carry out its duties, without seeking approval our Board of Directors or management. The ARC also has the authority to conduct any investigation necessary and appropriate to fulfilling its responsibilities, and has direct access and authority to communicate directly with the external auditors, legal counsel and officers and employees of Colliers. The ARC meets six times annually, or more frequently as circumstances dictate.

The ARC reviews the annual and interim financial statements intended for circulation among shareholders and reports upon these to the Board prior to their approval by our Board of Directors. The ARC is also responsible for reviewing the integrity of Colliers’ financial reporting process, both internal and external, and any major issues as to the adequacy of the internal controls and any special audit procedures adopted in light of any material control deficiencies. The ARC communicates directly with Colliers’ external auditors in order to discuss audit and related matters whenever appropriate. In addition, our Board of Directors may refer to the ARC such matters and questions relating to the financial position and operations of Colliers and its subsidiaries. All reports made to Colliers’ ethics hotline are reviewed by the Chair of the ARC and then by the entire ARC at its next meeting. Our Board of Directors has adopted an ARC mandate, a copy of which is annexed as Exhibit “A” to this AIF.

- 26 -

The education and related experience of each of the members of the ARC that is relevant to the performance by such members of their responsibilities on such committee is described below.

L. Frederick Sutherland (Chair) – Mr. Sutherland was the Executive Vice President and Chief Financial Officer of Aramark Corporation, Philadelphia, PA, a provider of services, facilities management and uniform and career apparel, from 1997 through April 5, 2015 at which time he became the Senior Advisor to the Chief Executive Officer of Aramark prior to retiring from Aramark on December 31, 2015. Prior to joining Aramark in 1980, Mr. Sutherland was Vice President in the Corporate Banking Department of Chase Manhattan Bank, New York, NY. Mr. Sutherland is a Director of Consolidated Edison, Inc. Mr. Sutherland is also Chairman of the Board of WHYY, a PBS affiliate, Board President of Episcopal Community Services, an anti-poverty agency, and a Trustee of People's Light and Theater. Mr. Sutherland holds an MBA Degree in Finance from the Katz School of the University of Pittsburgh and a Bachelors in Physics and Mathematics from Duke University.

Peter F. Cohen – Mr. Cohen is a Chartered Professional Accountant and a former partner in an audit practice of a public accounting firm. Mr. Cohen is currently the Vice Chairman of the Board of Colliers and President and Chief Executive Officer of the Dawsco Group, a private real estate and investment company owned by Mr. Cohen and his family. Mr. Cohen was a co-founder and Chairman and Chief Executive Officer of Centrefund Realty Corporation, a publicly traded shopping center investment company until August 2000 when control of the company was sold. Mr. Cohen serves as the Treasurer and a Director of the Sinai Health System and is the Co-Chair of the Resources Committee and Building and Development Committee.

John (Jack) P. Curtin, Jr. – Mr. Curtin is an Advisory Director in the Investment Banking Division of Goldman, Sachs & Co. in Toronto and New York. From July 2010 to December 2014, Mr. Curtin served as Chairman and Chief Executive of Goldman Sachs Canada Inc. From 2003 to July 2010, Mr. Curtin was Chairman of Goldman Sachs Canada Inc. From 1999 to 2003, Mr. Curtin was an Advisory Director of Goldman, Sachs & Co. in New York. From 1995 to 1999, Mr. Curtin was Chief Executive of Goldman Sachs Canada Inc. in Toronto. Prior to this assignment, Mr. Curtin was co-head of Global Money Markets and Chairman of Goldman Sachs Money Markets LP. Mr. Curtin moved to Money Markets in 1987 after serving as head of Fixed Income Syndicate/New Issues. Mr. Curtin joined the firm in 1976 in the Corporate Finance Department and was named partner in 1988 and managing director in 1996. Mr. Curtin is also a member of the Board of Directors of Cadillac Fairview Corporation and the Art Gallery of Ontario Foundation. He serves as a Director of the Canada/United States Fulbright Foundation. Mr. Curtin is a former governor of the Toronto Stock Exchange, a former director of Brascan Corporation, Maxxcom Corporation and the Investment Dealers Association of Canada. Mr. Curtin served as a trustee of Lakefield College School as well as Royal St. George's College. Mr. Curtin received an MBA from Harvard in 1976 and his BA from Williams College in 1972.

Katherine M. Lee – Ms. Lee is a seasoned executive in financial services and served as President & CEO of GE Capital Canada, a leading global provider of financial and fleet management solutions to mid-market companies operating in a broad range of economic sectors. Prior to this role, Ms. Lee served as CEO of GE Capital Real Estate in Canada from 2002 to 2010 building it to a full debt and equity operating company. Ms. Lee joined GE in 1994 where she held a number of positions including Director, Mergers & Acquisitions for GE Capital's Pension Fund Advisory Services based in San Francisco, and Managing Director of GE Capital Real Estate Korea based in Seoul and Tokyo. Ms. Lee earned a Bachelor of Commerce from the University of Toronto. She is a Chartered Professional Accountant and Chartered Accountant. She is active in the community championing Women's networks and Asian-Pacific Forums.

The Audit Committee Rule requires the Company to disclose whether its ARC has adopted specific policies and procedures for the engagement of non-audit services and to prepare a summary of these policies and procedures. The mandate of the ARC provides that it is such committee’s responsibility to: (a) approve the appointment and, when circumstances warrant, discharge of the external auditor and monitor its qualifications, performance and independence; (b) approve and oversee the disclosure of all audit services provided by the external auditor to the Company or any of its subsidiaries, determining which non-audit services the external auditor are prohibited from providing and, exceptionally, pre-approve and oversee the disclosure of permitted non-audit services to be performed by the external auditor, in accordance with applicable laws and regulations; and (c) approve the basis and amount of the external auditor’s fees and other significant compensation. The ARC has adopted a pre-approval policy pursuant to which the Company may not engage the Company’s external auditor to carry out certain non-audit services that are deemed inconsistent with the independence of auditors under U.S. and Canadian applicable laws. The ARC must pre-approve all audit services as well as permitted non-audit services. The ARC has delegated to the Chair of the Audit Committee, who is independent, the authority to act on behalf of the ARC with respect to the pre-approval of all audit and permitted non-audit services provided by its external auditors from time to time. Any approvals by the Chair are reported to the full ARC at its next meeting.

- 27 -

In addition to performing the audit of the Company’s annual consolidated financial statements, PricewaterhouseCoopers LLP provided other services to the Company and they billed the Company the following fees for each of the Company’s two most recently completed fiscal periods:

(in thousands of C$)		Year ended December 31, 2017		Year ended December 31, 2016
Audit fees (note 1)	$	1,680	$	1,844
Audit-related fees (note 2)		139		197
Tax fees (note 3)		426		535
All other fees (note 4)		5		51
	$	2,250	$	2,627

Notes:
1.	Refers to the aggregate fees billed by the Company’s external auditor for audit services relating to the audit of the Company and statutory audits required by subsidiaries.
2.	Refers to the aggregate fees billed for assurance and related services by the Company’s external auditor that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under (1) above, including professional services rendered by the Company’s external auditor for accounting consultations on proposed transactions and consultations related to accounting and reporting standards. Such fees included amounts incurred in respect of: due diligence and other work related to the disposition and acquisition of businesses, such work being unrelated to the audit of the Company’s financial statements, as well as other audit-related services.
3.	Refers to the aggregate fees billed for professional services rendered by the Company’s external auditor for tax compliance, tax advice and tax planning.
4.	Refers to fees for information technology consulting and subscriptions to accounting and tax research tools.

Additional information

Additional information, including the directors’ and officers’ remuneration and indebtedness, principal holders of the Company’s securities and options to purchase securities, where applicable, is contained in the 2018 Circular.

Copies of publicly filed documents of the Company, including those incorporated herein by reference, can be found on SEDAR at www.sedar.com and also on EDGAR at www.sec.gov. Additional financial information is provided in the Company’s consolidated financial statements and management’s discussion and analysis for the year ended December 31, 2017.

EXHIBIT “A”

AUDIT & RISK COMMITTEE MANDATE

Purpose

The Audit & Risk Committee (the "Committee") is appointed by and shall assist the Board of Directors (the "Board") of Colliers International Group Inc. (the "Company") in fulfilling its oversight responsibilities in the following principal areas: (i) accounting policies and practices, (ii) the financial reporting process, (iii) financial statements provided by the Company to the public, (iv) risk identification, management and processes, including systems of internal accounting and financial controls, internal systems reviews and remediation and information technology and cyber-security risks and controls, (v) reviewing the Company's insurance policies and consideration of the extent of any uninsured exposure and the adequacy of coverage, (vi) appointing, overseeing and evaluating the work and independence of the external auditors and overseeing and evaluating the work of the Company's internal audit personnel, (vii) compliance with applicable legal and regulatory requirements (including the Sarbanes-Oxley Act of 2002), (viii) review of contractual arrangements involving related parties, conflicts of interest or material risks (other than employment related contracts), and (ix) overseeing and evaluating compliance with the Company's Code of Ethics and Conduct, Financial Management Code of Ethics and Conduct, Ethics Hotline Policy and other Company policies involving ethics and/or conflicts of interest. In addition to the responsibilities specifically enumerated in this Mandate, the Board may refer to the Committee such matters and questions relating to the financial position and operations of the Company and its subsidiaries as the Board may from time to time see fit.

Membership

The Committee shall consist of at least three directors appointed annually by the Board and shall be selected based upon the following, in accordance with applicable laws, rules and regulations:

Independence. Each member shall be independent in accordance with applicable legal and regulatory requirements, including, without limitation, the independence requirements set forth in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended (the “Act”) (subject to the exemptions provided in Rule 10A-3(c) under the Act) and National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators, and shall have no direct or indirect material relationship with the Company which could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment.

Financially Literate. Each member shall be financially literate or must become financially literate within a reasonable period of time after his or her appointment to the Committee. For these purposes, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements.

Commitment. In addition to being a member of the Committee, if a member is also on the audit committee or board of directors of other public companies or organizations, the Board shall determine that such simultaneous service does not impair the ability of such member to serve effectively on the Committee.

Chair and Secretary

The Chair of the Committee shall be selected by the Board. If the Chair is not present, the members of the Committee may designate a Chair for the meeting by majority vote of the members present. The Secretary of the Company shall be the Secretary of the Committee, provided that if the Secretary is not present, the Chair of the meeting may appoint a secretary for the meeting with the consent of the other Committee members who are present.

Meetings

The times and locations of meetings of the Committee and the calling of and procedures at such meetings, shall be determined from time to time by the Chair of the Committee, in consultation with management when necessary, provided that there shall be a minimum of four meetings per year. The Committee shall have sufficient notice in order to prepare for each meeting. Notice of each meeting shall also be given to the external auditors of the Company, and meetings shall be convened whenever requested by the external auditors or any member of the Committee in accordance with applicable law.

- A2 -

Meeting Agendas

Agendas for meetings of the Committee shall be developed by the Chair of the Committee in consultation with management and the corporate secretary, and shall be circulated to the Committee members prior to any meetings.

Resources and Authority

The Committee shall have the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of the Company, outside consultants, independent legal counsel and other advisors as it determines necessary to carry out its duties, without seeking approval of the Board or management. The Committee shall determine the appropriate funding required to compensate any advisor employed by the Committee and to pay ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Committee shall have the authority to conduct any investigation necessary and appropriate to fulfilling its responsibilities, and has direct access and authority to communicate directly with the external auditors, legal counsel and officers and employees of the Company.

The members of the Committee have the right, for the purpose of performing their duties, to inspect the books and records of the Company and to discuss such accounts and records and any matters relating to the financial position, risk management and internal controls of the Company with the officers and external auditors of the Company.

Responsibilities

The Company's management is responsible for preparing the Company's financial statements while the external auditors are responsible for auditing those financial statements. The Committee is responsible for overseeing the conduct of those activities by the Company's management and external auditors, and overseeing the activities of any internal audit initiatives. The Company's external auditors are accountable to the Committee as representatives of the Company's shareholders.

It is recognized that members of the Committee are not full-time employees of the Company and do not represent themselves to be accountants or auditors by profession or experts in the fields of accounting or auditing or the preparation of financial statements. It is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from whom it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary.

The specific responsibilities of the Committee are as follows:

• In consultation with the external auditors and management, review the integrity of the Company's financial reporting process, both internal and external, and any major issues as to the adequacy of the internal controls and any special audit procedures adopted in light of any material control deficiencies; 

• Review all material transactions and contracts entered into by the Company with any insider or related party of the Company, other than director, officer or employee compensation which is approved by the Company's Compensation Committee; 

• Review with management and the external auditors the Company's annual audited consolidated financial statements and discuss with the external auditors all matters required to be discussed by generally accepted auditing standards (GAAS) in Canada and the United States. This would include reviewing an annual audit & risk committee report prepared by the external auditors describing: (i) all critical accounting policies used by the Company, (ii) any material alternative accounting treatments within generally accepted accounting principles (GAAP) that have been discussed with management of the Company, including the ramifications of the use of such alternative treatments and disclosures, and (iii) any other material written communications between the external auditors and management; 

- A3 -

• Following completion of the annual audit, review with management and the external auditors any significant issues, concerns or difficulties encountered and resolve any disagreements between management and the external auditors regarding financial reporting; 

• Review and approve the interim quarterly financial statements and press releases, and review and recommend to the Board for approval the annual financial statements and press releases, in each case prior to the release of earnings information, including any non-GAAP measures and earnings guidance; 

• Review and be satisfied that adequate procedures are in place for the review of the public disclosure of financial information by the Company extracted or derived from the Company's financial statements, and periodically assess the adequacy of those procedures;

• and Meet separately with management and with the external auditors, including at the time of the annual audit plan review with management and the external auditors.

External Auditors

The Committee shall:

• Require the external auditor to report directly to it and is responsible for the appointment, nomination, compensation, retention, termination and oversight of the work of the external auditors engaged for the purpose of issuing an auditor's report or performing other audit, review or attest services for the Company, and in such regard recommend to the Board the external auditors to be nominated for approval by the shareholders; 

• Pre-approve all audit engagements and the provision by the external auditors of all non-audit services, including fees and terms for all audit and non-audit engagements, and in such regard the Committee may establish the types of non-audit services the external auditors shall be prohibited from providing and shall establish the types of audit, audit related and non-audit services for which the Committee will retain the external auditors. The Committee may delegate the responsibility to pre-approve non-audit services to one of its members and any such delegated pre-approvals shall be presented to the Committee at its next scheduled meeting; 

• Review and approve the Company's policies for the hiring of partners and employees and former partners and employees of the external auditing firm; 

• Consider, assess and report to the Board with regard to the independence and performance of the external auditors; 

• Request and review annually a report by the external auditors regarding the auditing firm's internal quality-control procedures, any material issues raised by the most recent internal quality-control review of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the past five years; 

• and Request and review annually a formal written statement by the external auditor delineating all relationships between the external auditor and the Company, actively engaging in a dialogue with the external auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the external auditor.

Internal Controls and Risk Management

The Committee shall:

•  Oversee management's design, implementation and evaluation of the Company's internal controls over financial reporting, including compliance with the requirements of the Sarbanes-Oxley Act of 2002; 

•  Receive and review reports from management and the external auditors with regard to the reliability and effective operation of the Company's accounting systems and internal controls; Discuss with management the Company's approach to risk assessment and management, controls over fraud and assessment of the need for internal auditing (including assessing and managing the risks related to personal and sensitive data that is collected, transmitted or stored by the Company and the control environment in place to protect the privacy of such data); 

•  Establish policies and procedures for the confidential, anonymous submission by employees of the Company of any concerns regarding questionable accounting or other acts and for the receipt, retention and treatment of complaints received regarding accounting, internal accounting controls or auditing matters; 

- A4 -

•  Review of the principal risks of the Company's business and operations, and any other circumstances and events that could have a significant impact on the Company's assets and stakeholders; 

•  Discuss with management potential risks to the Company's business and operations, their likelihood and magnitude and the interrelationships and potential compounding effects of such risks; 

•  Assess the steps management has taken to minimize such risks in light of the Company's risk tolerance; 

•  Assess the Company's risk tolerance, the overall process for identifying the Company's principal business and operational risks and the implementation of appropriate measures to manage and disclose such risks; 

•  Review the controls and security governing the Company's information technology systems, including information technology infrastructure (e.g., disaster recovery) and business controls (e.g., data integrity, authorized access and process compliance); 

•  Review with senior management annually, the Company's insurance policies and considering the extent of any uninsured exposure and the adequacy of coverage; 

•  and Review disclosure respecting the oversight of management of the Company's principal business and operational risks.

Legal and Regulatory Requirements

Receive and review timely analysis by management of significant issues relating to public disclosure and reporting, including, prior to finalization, the Management's Discussion & Analysis and Annual Information Form; Prepare the report of the Committee required to be included with the Company's periodic filings; and Assist the Board in the oversight of compliance with legal and regulatory matters.

Additional Responsibilities

Report regularly to the Board, including on matters such as the quality and integrity of the Company's financial statements, compliance with legal and regulatory requirements, the results of any internal audit initiatives, including evaluation of internal controls over financial reporting for purposes of compliance with the Sarbanes-Oxley Act of 2002, and the performance and independence of the external auditors; and Review and reassess annually the adequacy of the Committee's Mandate and prepare and review with the Board an annual performance evaluation of the Committee.

EX-2

EXHIBIT 2

COLLIERS INTERNATIONAL

GROUP INC.

CONSOLIDATED FINANCIAL STATEMENTS

Year ended

December 31, 2017

Page 2 of 32

COLLIERS INTERNATIONAL GROUP INC.

MANAGEMENT’S REPORT

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The accompanying consolidated financial statements and management discussion and analysis (“MD&A”) of Colliers International Group Inc. (“Colliers” or the “Company”) and all information in this annual report are the responsibility of management and have been approved by the Board of Directors.

The consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America using the best estimates and judgments of management, where appropriate. The most significant of these accounting principles are set out in Note 2 to the consolidated financial statements. Management has prepared the financial information presented elsewhere in this annual report and has ensured that it is consistent with the consolidated financial statements.

The MD&A has been prepared in accordance with National Instrument 51-102 of the Canadian Securities Administrators, taking into consideration other relevant guidance, including Regulation S-K of the US Securities and Exchange Commission.

The Board of Directors of the Company has an Audit & Risk Committee consisting of four independent directors. The Audit & Risk Committee meets regularly to review with management and the independent auditors any significant accounting, internal control, auditing and financial reporting matters.

These consolidated financial statements have been audited by PricewaterhouseCoopers LLP, which have been appointed as the independent registered public accounting firm of the Company by the shareholders. Their report outlines the scope of their examination and opinion on the consolidated financial statements. As auditors, PricewaterhouseCoopers LLP have full and independent access to the Audit & Risk Committee to discuss their findings.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has excluded ten individually insignificant entities acquired by the Company during the last fiscal period from its assessment of internal control over financial reporting as at December 31, 2017. The total assets and total revenues of the ten majority-owned entities represent 5.4% and 9.5%, respectively, of the related consolidated financial statement amounts as at and for the year ended December 31, 2017.

Management has assessed the effectiveness of the Company’s internal control over financial reporting as at December 31, 2017, based on the criteria set forth in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that, as at December 31, 2017, the Company’s internal control over financial reporting was effective.

The effectiveness of the Company's internal control over financial reporting as at December 31, 2017, has been audited by PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm as stated in their report which appears herein.

/s/ Jay S. Hennick Chairman and Chief Executive Officer /s/ John B. Friedrichsen Chief Financial Officer

February 28, 2018

Page 3 of 32

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Colliers International Group Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Colliers International Group Inc. and its subsidiaries (the Company) as of December 31, 2017 and December 31, 2016, and the related consolidated statements of earnings, consolidated statements of comprehensive earnings (loss), consolidated statements of shareholders’ equity and consolidated statements of cash flows for each of the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the entity as of December 31, 2017 and December 31, 2016, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded ten entities from its assessment of internal control over financial reporting as of December 31, 2017 because it was acquired by the Company in business combinations during 2017. We have also excluded these entities from our audit of internal control over financial reporting. Total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 5.4 % and 9.5 %, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2017.

Definition and Limitations of Internal Control over Financial Reporting

An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. An entity’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and directors of the entity; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets that could have a material effect on the financial statements.

Page 4 of 32

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 28, 2018

We have served as the Company’s auditor since 1995.

Page 5 of 32

COLLIERS INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(in thousands of US dollars, except per share amounts)

Years ended December 31	2017			2016
Revenues	$	2,275,362		$	1,896,724
Cost of revenues (exclusive of depreciation and amortization shown below)		1,427,281			1,179,773
Selling, general and administrative expenses		613,335			522,295
Depreciation		26,334			23,631
Amortization of intangible assets		26,658			21,293
Acquisition-related items (note 4)		14,927			3,559
Operating earnings		166,827			146,173
Interest expense, net		11,895			9,190
Other income, net (note 5)		(500	)		(2,417	)
Earnings before income tax		155,432			139,400
Income tax (note 15)		63,300			47,829
Net earnings		92,132			91,571
Non-controlling interest share of earnings		20,236			20,085
Non-controlling interest redemption increment (note 12)		22,583			3,521
Net earnings attributable to Company	$	49,313		$	67,965
Net earnings per common share (note 17)
Basic	$	1.27		$	1.76
Diluted	$	1.25		$	1.75

The accompanying notes are an integral part of these consolidated financial statements.

Page 6 of 32

COLLIERS INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(in thousands of US dollars)

Years ended December 31	2017		2016
Net earnings	$	92,132	$	91,571
Foreign currency translation gain (loss)		16,382		(4,337	)
Unrealized gain on interest swaps, net of tax		552		-
Pension liability adjustments, net of tax		1,125		(1,690	)
Comprehensive earnings		110,191		85,544
Less: Comprehensive earnings attributable to non-controlling shareholders		26,437		25,283
Comprehensive earnings attributable to Company	$	83,754	$	60,261

The accompanying notes are an integral part of these consolidated financial statements.

Page 7 of 32

COLLIERS INTERNATIONAL GROUP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands of US dollars)

As at December 31	2017			2016
Assets
Current assets
Cash and cash equivalents	$	108,523		$	113,148
Accounts receivable, net of allowance of $28,709 (December 31, 2016 - $23,431)		383,385			311,020
Unbilled revenues		41,370			36,588
Income tax recoverable		13,815			8,482
Prepaid expenses and other current assets		54,741			37,084
		601,834			506,322
Other receivables		10,136			10,203
Other assets (note 6)		55,496			38,657
Fixed assets (note 7)		83,899			65,274
Deferred income tax, net (note 15)		52,394			82,252
Intangible assets (note 8)		183,036			139,557
Goodwill (note 9)		455,130			348,006
		840,091			683,949
	$	1,441,925		$	1,190,271
Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	102,514		$	83,617
Accrued liabilities (note 10)		516,099			399,759
Income tax payable		21,414			15,940
Unearned revenues		11,919			4,066
Long-term debt - current (note 11)		2,426			1,961
Contingent acquisition consideration - current (note 19)		18,657			4,884
		673,029			510,227
Long-term debt - non-current (note 11)		247,467			260,537
Contingent acquisition consideration (note 19)		31,643			27,382
Deferred rent		24,469			21,241
Other liabilities		11,792			8,986
Deferred income tax, net (note 15)		18,579			14,582
		333,950			332,728
Redeemable non-controlling interests (note 12)		145,489			134,803
Shareholders' equity
Common shares (note 13)		406,984			399,774
Contributed surplus		50,219			51,540
Deficit		(128,411	)		(174,311	)
Accumulated other comprehensive loss		(43,354	)		(71,273	)
Total Company shareholders' equity		285,438			205,730
Non-controlling interests		4,019			6,783
Total shareholders' equity		289,457			212,513
	$	1,441,925		$	1,190,271

Commitments and contingencies (notes 13, 20 and 24)

The accompanying notes are an integral part of these consolidated financial statements.

On behalf of the Board of Directors,

/s/Peter F. Cohen	/s/Jay S. Hennick
Director	Director

Page 8 of 32

COLLIERS INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(in thousands of US dollars, except share information)

	Common shares										Accumulated
	Issued and										other			Non-			Total
	outstanding				Contributed						comprehensive			controlling			shareholders'
	shares		Amount		surplus			Deficit			earnings (loss)			interests			equity
Balance, December 31, 2015		38,504,311		396,066		47,603			(238,411	)		(63,569	)		7,804			149,493
Net earnings		-		-		-			91,571			-			-			91,571
Pension liability adjustment, net of tax		-		-		-			-			(1,690	)		-			(1,690	)
Other comprehensive loss		-		-		-			-			(4,337	)		-			(4,337	)
Other comprehensive loss attributable to NCI		-		-		-			-			(1,677	)		(331	)		(2,008	)
NCI share of earnings		-		-		-			(20,085	)		-			4,142			(15,943	)
NCI redemption increment		-		-		-			(3,521	)		-			-			(3,521	)
Distributions to NCI		-		-		-			-			-			(4,643	)		(4,643	)
Acquisitions of businesses, net		-		-		-			-			-			(189	)		(189	)
Subsidiaries’ equity transactions		-		-		1,507			-			-			-			1,507
Subordinate Voting Shares:
Stock option expense		-		-		3,279			-			-			-			3,279
Stock options exercised		144,150		3,708		(849	)		-			-			-			2,859
Dividends		-		-		-			(3,865	)		-			-			(3,865	)
Balance, December 31, 2016		38,648,461	$	399,774	$	51,540		$	(174,311	)	$	(71,273	)	$	6,783		$	212,513
Cumulative effect adjustment:
Tax benefit on stock-based compensation (note 23)		-		-		-			476			-			-			476
Net earnings		-		-		-			92,132			-			-			92,132
Pension liability adjustment, net of tax		-		-		-			-			1,125			-			1,125
Foreign currency translation gain		-		-		-			-			16,382			-			16,382
Unrealized gain on interest rate swaps		-		-		-			-			552			-			552
Other comprehensive earnings attributable to NCI		-		-		-			-			9,860			171			10,031
NCI share of earnings (loss)		-		-		-			(20,236	)		-			3,739			(16,497	)
NCI redemption increment		-		-		-			(22,583	)		-			-			(22,583	)
Distributions to NCI		-		-		-			-			-			(5,587	)		(5,587	)
Acquisition of businesses, net		-		-		-			-			-			(1,087	)		(1,087	)
Subsidiaries’ equity transactions		-		-		(4,176	)		-			-			-			(4,176	)
Subordinate Voting Shares:
Stock option expense		-		-		4,425			-			-			-			4,425
Stock options exercised		285,700		7,210		(1,570	)		-			-			-			5,640
Dividends		-		-		-			(3,889	)		-			-			(3,889	)
Balance, December 31, 2017		38,934,161	$	406,984	$	50,219		$	(128,411	)	$	(43,354	)	$	4,019		$	289,457

The accompanying notes are an integral part of these consolidated financial statements.

Page 9 of 32

COLLIERS INTERNATIONAL GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of US dollars)

Years ended December 31	2017			2016
Cash provided by (used in)
Operating activities
Net earnings	$	92,132		$	91,571
Items not affecting cash:
Depreciation and amortization		52,992			44,924
Deferred income tax		19,723			9,998
Earnings from equity method investments		(923	)		(894	)
Stock option expense		4,425			3,279
Allowance for uncollectible accounts		4,695			4,783
Amortization of advisor loans		14,353			8,020
Other		9,828			(308	)
Net changes from operating assets / liabilities
Accounts receivable		(40,045	)		(16,737	)
Unbilled revenues		(1,824	)		(16,479	)
Prepaid expenses and other current assets		(2,888	)		3,010
Accounts payable		9,238			6,228
Accrued liabilities		49,865			16,508
Income tax payable		(985	)		419
Unearned revenues		6,654			(945	)
Other liabilities		2,097			3,476
Contingent acquisition consideration paid		(6,487	)		(591	)
Net cash provided by operating activities		212,850			156,262
Investing activities
Acquisitions of businesses, net of cash acquired (note 3)		(58,674	)		(82,073	)
Purchases of fixed assets		(39,472	)		(25,046	)
Advisor loans issued		(38,266	)		(26,059	)
Other investing activities		(4,835	)		(511	)
Net cash used in investing activities		(141,247	)		(133,689	)
Financing activities
Increase in long-term debt		314,925			218,056
Repayment of long-term debt		(336,514	)		(201,103	)
Purchases of subsidiary shares from NCI		(40,915	)		(14,074	)
Sale of interests in subsidiaries to non-controlling interests		3,937			800
Contingent acquisition consideration paid		(4,700	)		(1,427	)
Proceeds received on exercise of stock options		5,640			2,859
Dividends paid to common shareholders		(3,875	)		(3,471	)
Distributions paid to non-controlling interests		(20,797	)		(16,495	)
Financing fees paid		(1,634	)		-
Net cash used in financing activities		(83,933	)		(14,855	)
Effect of exchange rate changes on cash		7,705			(10,720	)
Decrease in cash and cash equivalents		(4,625	)		(3,002	)
Cash and cash equivalents, beginning of year		113,148			116,150
Cash and cash equivalents, end of year	$	108,523		$	113,148

The accompanying notes are an integral part of these consolidated financial statements.    

Page 10 of 32

COLLIERS INTERNATIONAL GROUP INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands of US dollars, except share and per share amounts)

1. Description of the business

Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate services to corporate and institutional clients in 35 countries around the world (69 countries including affiliates and franchisees). Colliers’ primary services are outsourcing and advisory services, lease brokerage, and sales brokerage. Operationally, Colliers is organized into three geographic regions – Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific.

2. Summary of significant accounting policies

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the recoverability of deferred income tax assets, timing of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates.

Significant accounting policies are summarized as follows:

Basis of consolidation

The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation.

Cash and cash equivalents

Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three months or less.

Unbilled revenues

Unbilled revenues relate to real estate project management and workplace solutions engagements in process and are accounted for using the percentage of completion method.

Fixed assets

Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows:

Buildings	20 to 40 years straight-line
Vehicles	3 to 5 years straight-line
Furniture and equipment	3 to 10 years straight-line
Computer equipment and software	3 to 5 years straight-line
Leasehold improvements	term of the lease to a maximum of 10 years

Investments in securities

The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings.

Page 11 of 32

Financial instruments and derivatives

Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company may use interest rate swaps to hedge a portion of its interest rate exposure on long-term debt. Hedge accounting is applied and swaps are carried at fair value on the consolidated balance sheets, with gains or losses recognized in interest expense. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gain or loss is recognized currently in earnings and the unrealized gain or loss is recognized in other comprehensive income. If swaps are terminated and the underlying item is not, the resulting gain or loss is deferred and recognized over the remaining life of the underlying item using the effective interest method. In addition, the Company may enter into short-term foreign exchange contracts to lower its cost of borrowing, to which hedge accounting is not applied.

Fair value

The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities

Level 3 – Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions

Financing fees

Financing fees related to the revolving credit facility are deferred and amortized to interest expense using the effective interest method.

Goodwill and intangible assets

Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization.

Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows:

Customer lists and relationships	straight-line over 4 to 20 years
Trademarks and trade names	straight-line over 2 to 10 years
Management contracts and other	straight-line over life of contract ranging from 2 to 10 years
Brokerage backlog	as underlying brokerage transactions are completed

The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using discounted expected future cash flows.

Page 12 of 32

Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value.

Impairment of goodwill is tested at the reporting unit level. The Company has three reporting units determined with reference to geography. Impairment is tested by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than not that its fair value is greater than its carrying amount, then no further testing is required. Where the qualitative analysis is not sufficient to support that the fair value exceeds the carrying amount then a two-step goodwill impairment test is performed. In the first step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using a discounted cash flow approach. The fair value measurement is classified within Level 3 of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value.

Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis.

Redeemable non-controlling interests

Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur.

Revenue recognition and unearned revenues

(a) Real estate brokerage operations

Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement may include execution of the lease agreement and satisfaction of future contingencies such as tenant occupancy. In most cases, a portion of the commission is earned upon execution of the lease agreement, with the remaining portion contingent on a future event, typically tenant occupancy; revenue recognition for the remaining portion is deferred until all contingencies are satisfied.

Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied.

(b) Service operations other than real estate brokerage operations

Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management and workplace solutions engagements in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received.

Stock-based compensation

For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method.

Page 13 of 32

Foreign currency translation

Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings.

Income tax

Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence.

The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute.

The Company classifies interest and penalties associated with income tax positions in income tax expense.

Pension plan

The Company’s defined benefit pension plan obligation is remeasured annually as of December 31 based on the present value of projected future benefit payments for all participants for services rendered.

The pension plan is funded. The benefit obligation and related funded status are determined using assumptions as of the end of each year.

The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate as at the measurement date.

Pension expense for the pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, and other costs. Actuarial gains and losses related to the change in the over-funded or under-funded status of the pension plan are recognized in other comprehensive income.

Business combinations

All business combinations are accounted for using the acquisition method of accounting. Transaction costs are expensed as incurred.

The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period.

3. Acquisitions

2017 acquisitions:

The Company acquired controlling interests in ten businesses, seven operating in the Americas (Northern California & Nevada; Michigan; Minnesota; Washington, DC; Georgia; Ontario and Mexico), two operating in EMEA (United Kingdom; Denmark), and one operating in Asia Pacific (Australia). The Northern California & Nevada acquisition, which comprises lease brokerage and sales brokerage operations, was completed on January 3, 2017. The other nine acquisitions expand Colliers’ geographic presence in these markets in all three existing services lines. These acquisitions were accounted for by the acquisition method of accounting for business combinations and accordingly, the consolidated statements of earnings do not include any revenues or expenses related to these acquisitions prior to their closing dates.

Page 14 of 32

Details of these acquisitions are as follows:

	Northern California
	& Nevada			Other			Aggregate
	Acquisition			Acquisitions			Acquisitions
Current assets, excluding cash	$	8,503		$	5,420		$	13,923
Non-current assets		2,268			1,117			3,385
Current liabilities		(38,481	)		(10,463	)		(48,944	)
Long-term liabilities		(10,600	)		(3,084	)		(13,684	)
Redeemable non-controlling interest		-			(16,258	)		(16,258	)
	$	(38,310	)	$	(23,268	)	$	(61,578	)
Cash consideration, net of cash acquired of $41,989		(22,696	)		(35,978	)		(58,674	)
Acquisition date fair value of contingent consideration		(10,412	)		(9,135	)		(19,547	)
Total purchase consideration	$	(33,108	)	$	(45,113	)	$	(78,221	)
Acquired intangible assets	$	28,800		$	32,428		$	61,228
Goodwill	$	42,618		$	35,953		$	78,571

2016 acquisitions:

The Company acquired controlling interests in ten businesses. Acquisitions included controlling interests in regional firms in the US, Canada, UK, Netherlands and France expanding Colliers’ geographic presence in these markets.

Details of these acquisitions are as follows:

	Aggregate
	Acquisitions
Current assets, excluding cash	$	16,643
Non-current assets		3,719
Current liabilities		(18,556	)
Long-term liabilities		(4,207	)
Non-controlling interests		(25	)
	$	(2,426	)
Cash consideration, net of cash acquired of $10,067		(82,073	)
Acquisition date fair value of contingent consideration		(12,056	)
Total purchase consideration	$	(94,129	)
Acquired intangible assets	$	43,602
Goodwill	$	52,954

Acquisition-related transaction costs for the year ended December 31, 2017 totaled $6,247 (2016 - $2,794) and were recorded as expense under the caption “acquisition-related items”.

In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration.

Page 15 of 32

The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended December 31, 2017, goodwill in the amount of $17,531 is deductible for income tax purposes (2016 - $18,837).

The Company typically structures its business acquisitions to include contingent consideration. Certain vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one- to five-year periods following the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil.

Unless it contains an element of compensation, under purchase accounting contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at December 31, 2017 was $50,300 (see note 19). Contingent consideration with a compensatory element is recognized on a straight-line basis over the term of the contingent consideration arrangement. The liability recorded on the balance sheet for the compensatory element of contingent consideration arrangements as at December 31, 2017 was $8,320. The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is determined based on the formula price and the likelihood of achieving specified earnings levels over the contingency period, and ranges from $77,745 to a maximum of $91,464. These contingencies will expire during the period extending to January 2022. During the year ended December 31, 2017, $11,187 was paid with reference to such contingent consideration (2016 - $2,018).

The consideration for the acquisitions during the year ended December 31, 2017 was financed from borrowings on the Company’s revolving credit facility and cash on hand.

The amounts of revenues and earnings contributed from the dates of acquisition and included in the Company’s consolidated results for the year ended December 31, 2017, and the supplemental pro forma revenues and earnings of the combined entity had the acquisition dates been January 1, 2016, are as follows:

		Revenues		Net earnings
Actual from acquired entities for 2017	$	215,174	$	7,377
Supplemental pro forma for 2017 (unaudited)		2,299,891		93,145
Supplemental pro forma for 2016 (unaudited)		2,150,685		100,105

Supplemental pro forma results were adjusted for non-recurring items.

4. Acquisition-related items

Acquisition-related expense (income) comprises the following:

		2017		2016
Transaction costs	$	6,247	$	2,794
Contingent consideration fair value adjustments		1,054		(4,591	)
Contingent consideration compensation expense		7,626		5,356
	$	14,927	$	3,559

Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding four years.

Page 16 of 32

5. Other income

		2017			2016
Loss (gain) on investments	$	309		$	(1,060	)
Equity earnings from non-consolidated		(923	)		(894	)
Other		114			(463	)
	$	(500	)	$	(2,417	)

6. Other assets

		December 31, 2017		December 31, 2016
Advisor loans receivable	$	44,978	$	28,477
Equity and cost method investments		5,756		7,028
Financing fees, net of accumulated amortization of $1,672 (December 31, 2016 - $947)		2,953		2,044
Interest rate swap asset		751		-
Other		1,059		1,108
	$	55,496	$	38,657

7. Fixed assets

December 31, 2017		Cost		Accumulated depreciation		Net
Buildings	$	2,425	$	906	$	1,519
Vehicles		1,952		1,093		859
Furniture and equipment		52,912		35,825		17,087
Computer equipment and software		106,500		77,822		28,678
Leasehold improvements		69,848		34,092		35,756
	$	233,637	$	149,738	$	83,899

December 31, 2016		Cost		Accumulated depreciation		Net
Buildings	$	1,483	$	805	$	678
Vehicles		1,500		886		614
Furniture and equipment		42,753		29,659		13,094
Computer equipment and software		86,333		62,878		23,455
Leasehold improvements		57,696		30,263		27,433
	$	189,765	$	124,491	$	65,274

Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of $5,812 (2016 - $4,739) and net book value of $1,913 (2016 - $1,827).

8. Intangible assets

December 31, 2017		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	219,986	$	74,897	$	145,089
Franchise rights		5,703		4,156		1,547
Trademarks and trade names:
Indefinite life		24,121		-		24,121
Finite life		2,776		1,865		911
Management contracts and other		17,733		6,572		11,161
Brokerage backlog		310		103		207
	$	270,629	$	87,593	$	183,036

Page 17 of 32

December 31, 2016		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	168,998	$	64,397	$	104,601
Franchise rights		5,301		3,478		1,823
Trademarks and trade names:
Indefinite life		23,604		-		23,604
Finite life		2,993		1,484		1,509
Management contracts and other		13,586		5,566		8,020
	$	214,482	$	74,925	$	139,557

During the year ended December 31, 2017, the Company acquired the following intangible assets:

		Amount	Estimated weighted average amortization period (years)
Customer lists and relationships	$	53,528	10.0
Trademarks and trade names - finite life		460	2.0
Brokerage backlog		2,708	0.3
Other		4,532	7.6
	$	61,228	9.3

The following is the estimated annual expense for amortization of the recorded intangible assets for each of the next five years ending December 31:

2018	$	24,451
2019		22,369
2020		20,842
2021		18,980
2022		18,288

9. Goodwill

		Americas			EMEA			Asia Pacific			Consolidated
Balance, December 31, 2015	$	106,797			154,356			44,527			305,680
Goodwill acquired during the year		19,665			33,289			-			52,954
Other items		(603	)		(266	)		-			(869	)
Foreign exchange		558			(10,236	)		(81	)		(9,759	)
Balance, December 31, 2016		126,417			177,143			44,446			348,006
Goodwill acquired during the year		62,938			13,672			1,961			78,571
Other items		1,175			-			-			1,175
Foreign exchange		48			24,071			3,259			27,378
Balance, December 31, 2017		190,578			214,886			49,666			455,130
Goodwill		216,849			218,198			49,666			484,713
Accumulated impairment loss		(26,271	)		(3,312	)		-			(29,583	)
	$	190,578		$	214,886		$	49,666		$	455,130

A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired. No goodwill impairments were identified in 2017 or 2016. The accumulated impairment loss reflects a goodwill impairment incurred in 2009.

Page 18 of 32

10. Components of accrued liabilities

		December 31, 2017		December 31, 2016
Accrued payroll, commission and benefits	$	365,709	$	267,715
Accrued project management costs		47,866		41,499
Value added tax payable		25,730		24,605
Customer advances		12,926		10,432
Accrued contract costs (overbillings)		12,891		16,713
Other		50,977		38,795
	$	516,099	$	399,759

11. Long-term debt

		December 31, 2017		December 31, 2016
Revolving credit facility	$	246,411	$	259,081
Capital leases maturing at various dates through 2021		1,991		1,868
Other long-term debt maturing at various dates up to 2020		1,491		1,549
		249,893		262,498
Less: current portion		2,426		1,961
Long-term debt - non-current	$	247,467	$	260,537

On January 18, 2017, the Company entered into an amended and restated credit agreement with a syndicate of banks to provide a multi-currency revolving credit facility (the “Facility”) of $700,000. The Facility has a 5-year term ending January 18, 2022 and bears interest floating reference rates plus an applicable margin of 1.50% to 2.75%, depending on certain leverage ratios. The weighted average interest rate on the Facility for 2017 was 2.9% (2016 - 2.4%). The Facility had $444,711 of available un-drawn credit as at December 31, 2017. As of December 31, 2017, letters of credit in the amount of $10,307 were outstanding ($12,073 as at December 31, 2016). The Facility requires a commitment fee of 0.30% to 0.55% of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to $150,000 on the same terms and conditions as the original Facility.

The Company is required to maintain financial covenants including leverage and interest coverage. The Company was in compliance with these covenants as of December 31, 2017. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.

The effective interest rate on the Company’s long-term debt for the year ended December 31, 2017 was 3.1% (2016 - 2.8%). The estimated aggregate amount of principal repayments on long-term debt required in each of the next five years ending December 31 and thereafter to meet the retirement provisions are as follows:

2018	$	2,426
2019		900
2020		142
2021		14
2022 and thereafter		246,411

Page 19 of 32

12. Redeemable non-controlling interests

The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The following table provides a reconciliation of the beginning and ending RNCI amounts:

		2017			2016
Balance, January 1	$	134,803		$	139,592
RNCI share of earnings		16,497			15,943
RNCI redemption increment		22,583			3,521
Distributions paid to RNCI		(12,870	)		(14,428	)
Purchases of interests from RNCI, net		(31,782	)		(9,825	)
RNCI recognized on business acquisitions		16,258			-
Balance, December 31	$	145,489		$	134,803

The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may be paid in cash or in Subordinate Voting Shares. The redemption amount as of December 31, 2017 was $129,087 (2016 - $126,007). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at December 31, 2017, approximately 2,100,000 such shares would be issued. The pro forma annual impact of such a settlement would be an increase of approximately $0.88 to diluted earnings per share.

13. Capital stock

The authorized capital stock of the Company is as follows:

An unlimited number of Preferred Shares, issuable in series;

An unlimited number of Subordinate Voting Shares having one vote per share; and

An unlimited number of Multiple Voting Shares having 20 votes per share, convertible at any time into Subordinate Voting Shares at a rate of one Subordinate Voting Share for each Multiple Voting Share outstanding.

The following table provides a summary of total capital stock issued and outstanding:

	Subordinate Voting Shares				Multiple Voting Shares				Total Common Shares
	Number		Amount		Number		Amount		Number		Amount
Balance, December 31, 2016		37,322,767		399,401		1,325,694		373		38,648,461		399,774
Balance, December 31, 2017		37,608,467		406,611		1,325,694		373		38,934,161		406,984

During the year ended December 31, 2017, the Company declared dividends on its Common Shares of $0.10 per share (2016 - $0.10).

Pursuant to an agreement approved in February 2004 and restated on June 1, 2015, the Company agreed that it will make payments to Jay S. Hennick, its Chief Executive Officer (“CEO”), that are contingent upon the arm’s length acquisition of control of the Company or upon a distribution of the Company’s assets to shareholders. The payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm’s length sale or upon a distribution of assets. The right to receive the payments may be transferred among members of the CEO’s family, their holding companies and trusts. The agreement provides for the CEO to receive each of the following two payments. The first payment is an amount equal to 5% of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate and Multiple Voting Shares minus a base price of C$3.324. The second payment is an amount equal to 5% of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of C$6.472. Assuming an arm’s length acquisition of control of the Company took place on December 31, 2017, the amount required to be paid to the CEO, based on a market price of C$75.87 per Subordinate Voting Share, would be US$230,185.

Page 20 of 32

14. Stock-based compensation

The Company has a stock option plan for certain officers, directors and key full-time employees of the Company and its subsidiaries, other than its Chairman & CEO. Options are granted at the market price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a four-year term, expires five years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new shares. As at December 31, 2017, there were 544,625 options available for future grants.

Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2017 and 2016 was as follows:

	Number of options			Weighted average exercise price	Weighted average remaining contractual life (years)		Aggregate intrinsic value
Shares issuable under options - December 31, 2015	1,440,500		$	28.65
Granted	395,000			32.94
Exercised	(144,150	)		19.83
Forfeited	(88,500	)		32.14
Shares issuable under options - December 31, 2016	1,602,850		$	30.31
Granted	450,000			46.21
Exercised	(285,700	)		19.74
Forfeited	(13,875	)		40.10
Shares issuable under options - December 31, 2017	1,753,275		$	36.03	2.7	$	42,631
Options exercisable - End of year	644,450		$	31.77	2.0	$	18,418

The Company incurred stock-based compensation expense related to these awards of $4,425 during the year ended December 31, 2017 (2016 - $3,279).

As at December 31, 2017, the range of option exercise prices was $18.18 to $59.30 per share. Also as at December 31, 2017, the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were $42,631 and 2.7 years, respectively.

The following table summarizes information about option exercises during years ended December 31, 2017 and 2016:

		2017		2016
Number of options exercised		285,700		144,150
Aggregate fair value	$	14,213	$	5,222
Intrinsic value		8,572		2,364
Amount of cash received		5,641		2,858
Tax benefit recognized	$	102	$	-

Page 21 of 32

As at December 31, 2017, there was $4,705 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next four years. During the year ended December 31, 2017, the fair value of options vested was $3,422 (2016 - $2,998).

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions:

		2017			2016
Risk free rate		1.5	%		1.1	%
Expected life in years		4.75			4.75
Expected volatility		28.9	%		33.0	%
Dividend yield		0.2	%		0.3	%
Weighted average fair value per option granted	$	12.36		$	9.64

The risk-free interest rate is based on the implied yield of a zero-coupon US Treasury bond with a term equal to the option’s expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company’s shares over the previous four years.

15. Income tax

The following is a reconciliation stated as a percentage of pre-tax earnings of the Ontario, Canada combined statutory corporate income tax rate to the Company’s effective tax rate:

	2017		2016
Combined statutory rate	26.5	%	26.5	%
Nondeductible expenses	2.1		2.4
Tax effect of flow through entities	(1.1	)	(1.1	)
Impact of changes in foreign exchange rates	0.5		-
Adjustments to tax liabilities for prior periods	0.9		(0.4	)
Effects of changes in enacted US federal tax rate	8.6		-
Changes in liability for unrecognized tax benefits	(0.4	)	(0.6	)
Stock-based compensation	0.6		0.5
Foreign, state, and provincial tax rate differential	2.5		4.4
Other taxes	0.7		1.4
Change in valuation allowance	(0.9	)	0.3
Outside basis difference in investments	1.0		0.5
Other	(0.3	)	0.4
Effective income tax rate	40.7	%	34.3	%

On December 22, 2017, the Tax Cuts and Jobs Act was enacted in the United States, establishing new tax laws that will affect 2018 and future years, including a reduction of the US federal corporate income tax rate from 35% to 21%. As a result of the enacted reduction in the federal corporate income tax rate, the Company’s net deferred income tax assets have been re-measured as of December 31, 2017. The re-measurement resulted in incremental income tax expense of $13,325 for the year ended December 31, 2017 and a corresponding reduction in net deferred income tax assets.

Earnings before income tax by jurisdiction comprise the following:

		2017		2016
Canada	$	21,567	$	23,309
United States		32,178		40,435
Foreign		101,687		75,656
Total	$	155,432	$	139,400

Page 22 of 32

Income tax expense (recovery) comprises the following:

		2017			2016
Current
Canada	$	4,031		$	5,091
United States		3,235			2,090
Foreign		36,310			30,650
		43,576			37,831
Deferred
Canada		3,125			2,278
United States		21,812			12,753
Foreign		(5,213	)		(5,033	)
		19,724			9,998
Total	$	63,300		$	47,829

The significant components of deferred income tax are as follows:

		2017			2016
Loss carry-forwards and other credits	$	37,869		$	56,822
Expenses not currently deductible		22,830			22,525
Stock-based compensation		525			474
Investments		11,956			17,303
Provision for doubtful accounts		4,221			4,990
Financing fees		162			376
Net unrealized foreign exchange losses		(634	)		(399	)
Depreciation and amortization		(32,035	)		(21,713	)
Less: valuation allowance		(11,079	)		(12,707	)
Net deferred income tax asset	$	33,815		$	67,671

As at December 31, 2017, the Company believes that it is ‘more likely than not’ that the net deferred tax assets of $33,815 will be realized based upon projected future earnings, consideration of net operating loss (“NOL”) limitations, earnings trends, and tax planning strategies. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if projections of future earnings are reduced.

The Company has gross NOL carry-forward balances as follows:

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	30,904	$	37,428	$	24	$	153	$	30,880	$	37,275
United States		47,720		85,550		915		4,100		46,805		81,450
Foreign		50,512		45,988		30,705		31,543		19,807		14,445

The Company has gross capital loss carry-forwards as follows:

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	1,881	$	183	$	1,567	$	108	$	314	$	75
United States		1,671		54		1,671		-		-		54
Foreign		7,139		6,521		7,139		6,521		-		-

Page 23 of 32

These amounts above are available to reduce future, federal, state, and provincial income taxes in their respective jurisdictions. NOL carry-forward balances attributable to Canada begin to expire in 2033. NOL carry-forward balances attributable to the United States begin to expire in 2031. Foreign NOL carry-forward balances begin to expire in 2019. The utilization of NOLs may be subject to certain limitations under federal, provincial, state or foreign tax laws.

Cumulative unremitted foreign earnings of the US subsidiaries is nil (2016 - nil). Cumulative unremitted foreign earnings of international subsidiaries of the Company approximated $42,709 as at December 31, 2017 (2016 - $21,886). The Company has not provided a deferred tax liability on the unremitted foreign earnings as it is management’s intent to permanently reinvest such earnings outside of Canada. In addition, any repatriation of such earnings would not be subject to significant Canadian or foreign taxes.

A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows:

		2017			2016
Balance, January 1	$	2,292		$	2,519
Gross increases for tax positions of current period		-			111
Gross increases for tax positions of prior periods		18			41
Amount recognized on acquisitions		-			613
Reduction for lapses in applicable statutes of limitations		(628	)		(1,031	)
Foreign currency translation		176			39
Balance, December 31	$	1,858		$	2,292

Of the $1,858 (2016 - $2,292) in gross unrecognized tax benefits, $1,858 (2016 - $2,292) would affect the Company’s effective tax rate if recognized. For the year-ended December 31, 2017, additional interest and penalties of $18 related to uncertain tax positions was accrued (2016 - $234). The Company reversed $155 of accrued interest and penalties related to positions lapsed in applicable statute of limitations in 2017 (2016 - $58). As at December 3, 2017, the Company had accrued $213 (2016 - $350) for potential income tax related interest and penalties.

Within the next twelve months, the Company believes it is reasonably possible that $550 of unrecognized tax benefits associated with uncertain tax positions may be reduced due to lapses in statutes of limitations.

The Company files tax returns in Canada, United States and multiple foreign jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for four to seven years and income tax returns filed with the United States Internal Revenue Service and related states are open for three to five years. Tax returns in the significant foreign jurisdictions that the company conducts business in are generally open for four years. 

The Company does not currently expect any other material impact on earnings to result from the resolution of matters related to open taxation years, other than noted above. Actual settlements may differ from the amounts accrued. The Company has, as part of its analysis, made its current estimates based on facts and circumstances known to date and cannot predict changes in facts and circumstances that may affect its current estimates.

16. Pension plan

The Company has one defined benefit pension plan (the “Plan”), which was assumed in connection with a business acquired during 2016. The Plan covers eligible employees in the Netherlands and provides old age, survivor, orphan and disability benefits. Effective December 31, 2016, enrollment in the Plan was frozen and no additional employees are entitled to join the Plan. The Plan is covered by an insurance contract which limits the Company’s exposure to returns below a fixed discount rate.

Page 24 of 32

The following table details the net periodic pension cost of the Plan:

		2017			2016
Gross employer service cost	$	1,501		$	1,378
Plan participant contributions		(308	)		(336	)
Interest cost on service cost		27			34
Employer's service cost		1,220			1,076
Interest cost		701			794
Expected net return on plan assets		(640	)		(787	)
Other costs		166			168
Total employer's pension expense	$	1,447		$	1,251

The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represent the Company’s funded status), as well as the funded status, of the Plan.

Change in benefit obligation:		2017			2016
Projected benefit obligation - January 1	$	36,659		$	31,421
Current service cost		1,220			1,076
Plan participant / third party contributions		308			336
Interest cost		701			794
Benefits paid		(495	)		(438	)
Curtailment		(125	)		-
Foreign exchange		5,204			(969	)
Expected projected benefit obligation, December 31		43,473			32,220
Actuarial (gain)/ loss, net of foreign exchange		(1,105	)		4,438
Projected benefit obligation - December 31	$	42,368		$	36,659

Change in plan assets:		2017			2016
Fair value of plan assets - January 1	$	33,016		$	30,627
Expected net return on plan assets		640			787
Contributions
Employer		609			603
Plan participants		308			336
Benefits paid		(495	)		(438	)
Other costs		(72	)		(168	)
Foreign exchange		4,658			(916	)
Expected fair value of plan assets - December 31		38,664			30,831
Actuarial gain, net of foreign exchange		149			2,185
Fair value of plan assets - December 31	$	38,813		$	33,016

Defined benefit pension plan amounts recorded in the Consolidated Balance Sheet are shown in the table below:

		December  31, 2017			December  31, 2016
Present value of accumulated benefit obligation	$	(40,142	)	$	(34,934	)
Effect of future compensation increases		(2,226	)		(1,724	)
Present value of projected benefit obligation		(42,368	)		(36,659	)
Fair value of plan assets		38,813			33,016
Net liability for pension benefits	$	(3,555	)	$	(3,643	)

The following table details the amount recognized in other comprehensive income:

		2017			2016
Actuarial (gain)/loss on remeasurement of projected benefit obligation	$	(1,038	)	$	4,654
Actuarial (gain)/loss on remeasurement of fair value of assets		(234	)		(2,292	)
Actuarial (gain)/loss on curtailment of benefits from reorganization		(125	)		-
Total (gain)/loss recognized in other comprehensive income	$	(1,397	)	$	2,362

Page 25 of 32

The assumptions used in developing the projected benefit obligation as of December 31 are as follows:

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%

The assumptions used in determining net periodic cost for the period ended December 31 are as follows:

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%
Expected long-term rate of return on assets	1.8	%	1.8	%

The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA”-rated corporate bonds with durations consistent with the liabilities of the Plan.

The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio.

For the period ended December 31, 2017 the actual return on assets was $781 (2016 - $3,079) composed of an expected return on assets of $640 (2016 - $787) and an actuarial gain of $140 (2016 – $2,292).

Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets.

	December 31,		Fair value measurements
	2017		Level 1		Level 2		Level 3
Equity type investments	$	3,351	$	3,351	$	-	$	-
Fixed interest type investments:
Government bonds		32,906		32,906		-		-
Cash		102		102		-		-
Other		2,453		-		-		2,453
Total	$	38,813	$	36,360	$	-	$	2,453

The Plan’s assets are invested with a third party insurance company in the Netherlands that insures the performance of Plan assets. The valuation of the insurance asset is included in the “Other” category in the table above.

The Company expects the following pension benefit payments over the next 10 years:

Year ended December 31
2018	$	606
2019		692
2020		722
2021		760
2022		835
2023 - 2027		5,158

Page 26 of 32

17. Net earnings per common share

Earnings per share calculations cannot be anti-dilutive, therefore diluted shares are not used in the denominator if the numerator is in a loss position. The following table reconciles the denominator used to calculate earnings per common share:

	2017	2016
Shares issued and outstanding at beginning of period	38,648,461	38,504,311
Weighted average number of shares:
Issued during the period	181,523	91,754
Weighted average number of shares used in computing basic earnings per share	38,829,984	38,596,065
Assumed exercise of stock options acquired under the Treasury Stock Method	477,870	271,771
Number of shares used in computing diluted earnings per share	39,307,854	38,867,836

18. Other supplemental information

		2017		2016
Cash payments made during the period
Income taxes, net of refunds	$	43,374	$	36,349
Interest		11,168		7,980
Non-cash financing activities
Increases in capital lease obligations	$	123	$	988
Dividends declared but not paid		1,947		1,932
Other expenses
Rent expense	$	65,982	$	57,850

Page 27 of 32

19. Financial instruments

Concentration of credit risk

The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable, unbilled revenues, other receivables and advisor loans receivable. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across different service lines in various countries.

Foreign currency risk

Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than US dollars. A significant portion of revenue is generated by the Company’s Canadian, Australian, UK and Euro currency operations. The Company’s head office expenses are incurred primarily in Canadian dollars which are hedged by Canadian dollar denominated revenue.

Fluctuations in foreign currencies impact the amount of total assets and liabilities that are reported for foreign subsidiaries upon the translation of these amounts into US dollars. In particular, the amount of cash, working capital, goodwill and intangibles held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on the consolidated balance sheets).

Interest rate risk

The Company utilizes an interest rate risk management strategy that may use interest rate hedging contracts from time to time. The Company’s specific goals are to: (i) manage interest rate sensitivity by modifying the characteristics of its debt and (ii) lower the long-term cost of its borrowed funds.

In April 2017, the Company entered into interest rate swap agreements to convert the LIBOR floating interest rate on $100,000 of US dollar denominated debt into a fixed interest rate of 1.897% plus the applicable margin. The term of the swaps match the maturity of the underlying Facility, with a maturity of January 18, 2022. The swaps are being accounted for as cash flow hedges and are measured at fair value on the balance sheet. Gains or losses on the swaps, which are determined to be effective as hedges, are reported in other comprehensive income.

Fair values of financial instruments

The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2017:

		Carrying value at	Fair value measurements
		December 31, 2017		Level 1		Level 2		Level 3
Contingent consideration liability	$	50,300	$	-	$	-	$	50,300
Interest rate swap asset		751		-		751		-

The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from 3% to 10.5%, with a weighted average of 9.5%). The wide range of discount rates is attributable to level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. Within the range of discount rates, there is data point concentration at the 9.5% and 10.5% levels. A 2% increase in the weighted average discount rate would reduce the fair value of contingent consideration by $2,100. Changes in the fair value of the contingent consideration liability comprises the following:

		2017			2016
Balance, January 1	$	32,266		$	29,119
Amounts recognized on acquisitions		21,477			12,056
Fair value adjustments (note 4)		1,054			(4,591	)
Resolved and settled in cash		(6,169	)		(1,434	)
Other		1,672			(2,884	)
Balance, December 31	$	50,300		$	32,266
Less: current portion	$	18,657		$	4,884
Non-current portion	$	31,643		$	27,382

The carrying amounts for cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of non-current receivables, advisor loans and long-term debt are Level 3 inputs. The following are estimates of the fair values for other financial instruments:

	2017				2016
		Carrying amount		Fair value		Carrying amount		Fair value
Other receivables	$	10,136	$	10,136	$	10,203	$	10,203
Advisor loans receivable		44,978		44,978		28,477		28,477
Long-term debt (Non-current)		247,467		247,467		260,537		260,537

Other receivables include notes receivable from non-controlling shareholders, accounts receivable from customers with terms of greater than one year and non-current income tax recoverable.

Page 28 of 32

20. Commitments and contingencies

(a)  Lease commitments

Minimum operating lease payments are as follows:

Year ended December 31
2018	$	81,727
2019		69,389
2020		58,273
2021		46,076
2022		36,685
Thereafter		64,009
	$	356,159

(b)  Purchase commitments

Minimum contractual purchase commitments are as follows:

Year ended December 31
2018	$	5,418
2019		1,273
	$	6,691

(c) Contingencies

In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations.

21. Related party transactions

The Company has entered into office space rental arrangements and property management contracts with minority shareholders of certain subsidiaries and other related parties. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues and rental income for the Company. The recorded amount of the rent expense for the year ended December 31, 2017 was $356 (2016 - $643). The recorded amount of the property management revenues and rental income for year ended December 31, 2017 was $635 (2016 - $1,059). These amounts are settled monthly in cash, and are priced at market rates. The rental arrangements have fixed terms of up to 10 years. The property management contracts have terms of one to three years.

As at December 31, 2017, the Company had $8,093 of loans receivable from non-controlling shareholders (2016 - $4,897). The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. The loans are of varying principal amounts and interest rates which range from nil to 2.45%. These loans are due on demand or mature on various dates up to 2026, but are open for repayment without penalty at any time.

Page 29 of 32

22. Segmented information

Operating segments

Colliers has identified three reportable operating segments, which are grouped geographically and based on the manner in which the segments are managed by the chief operating decision maker, which is identified as both the CEO and COO of the Company. Management assesses each segment’s performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global administrative functions and corporate head office.

Included in segment total assets at December 31, 2017 are investments in subsidiaries accounted for under the equity method or cost method: Americas $3,171 (2016 - $4,753); EMEA $2,578 (2016 - $2,610) and Asia Pacific $7 (2016 - $7). The reportable segment information excludes intersegment transactions.

2017		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,310,551	$	521,284	$	441,544	$	1,983		$	2,275,362
Depreciation and amortization		28,799		16,624		5,914		1,655			52,992
Operating earnings (loss)		86,741		47,920		55,698		(23,532	)		166,827
Other income, net											500
Interest expense, net											(11,895	)
Income tax expense											(63,300	)
Net earnings										$	92,132
Total assets	$	694,138	$	530,728	$	221,222	$	(4,163	)	$	1,441,925
Total additions to long-lived assets		138,914		28,773		9,876		5,092			182,655

2016		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,021,317	$	474,868	$	399,368	$	1,171		$	1,896,724
Depreciation and amortization		21,612		15,121		5,479		2,712			44,924
Operating earnings (loss)		85,255		34,275		45,614		(18,971	)		146,173
Other income, net											2,417
Interest expense, net											(9,190	)
Income tax expense											(47,829	)
Net earnings										$	91,571
Total assets	$	555,758	$	443,014	$	181,385	$	10,114		$	1,190,271
Total additions to long-lived assets		50,948		67,325		4,654		1,141			124,068

Page 30 of 32

Geographic information

Revenues in each geographic region are reported by customer locations.

		2017		2016
United States
Revenues	$	984,740	$	734,488
Total long-lived assets		281,588		178,908
Canada
Revenues	$	288,537	$	253,529
Total long-lived assets		61,158		52,547
Euro currency countries
Revenues	$	261,821	$	261,626
Total long-lived assets		191,934		174,932
Australia
Revenues	$	245,385	$	219,406
Total long-lived assets		50,843		43,808
United Kingdom
Revenues	$	166,685	$	137,216
Total long-lived assets		75,745		69,565
Other
Revenues	$	328,194	$	290,459
Total long-lived assets		60,797		33,077
Consolidated
Revenues	$	2,275,362	$	1,896,724
Total long-lived assets		722,065		552,837

23. Impact of recently issued accounting standards

Recently adopted accounting guidance

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. This ASU simplifies the presentation of all tax assets and liabilities by no longer requiring an allocation between current and non-current. All deferred tax assets and liabilities, along with any related valuation allowance are to be classified as non-current on the balance sheet. The Company adopted this ASU effective January 1, 2017 using the retrospective transition method. The impact of the change on the December 31, 2016 consolidated balance sheet was to (i) reduce current deferred income tax assets by $18,314; (ii) increase non-current deferred income tax assets by $13,806; (iii) reduce current deferred income tax liabilities by $376 and (iv) reduce non-current deferred income tax liabilities by $4,132.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU simplifies how share-based payments are accounted for and presented. Income tax expense is expected to be impacted as entities are required to record all of the tax effects related to share-based payments at settlement through the income statement. This standard removes the requirement to delay recognition of a windfall tax benefit until it reduces taxes payable and instead records the benefit when it arises. The standard also permits entities to make an accounting policy election for the impact of forfeitures by allowing them to be estimated, as required today, or recognized when they occur. The Company adopted this ASU effective January 1, 2017, using the modified retrospective transition method with (i) a cumulative effect adjustment of $476 to decrease the deficit and (ii) the forfeiture rate continuing to be estimated.

Page 31 of 32

Recently issued accounting guidance, not yet adopted

Beginning in May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as well as several related ASUs (collectively, the “Revenue Guidance”). The Revenue Guidance clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The Company will adopt the Revenue Guidance effective January 1, 2018 using the full retrospective transition method. The Company has assessed each of its revenue streams for the possible impact of the Revenue Guidance and based on the assessment, its application is expected to result in the following:

(i) Acceleration of revenues that are based, in part, on future contingent events. Lease brokerage revenues in certain countries where the Company operates will be recognized earlier. Under the new guidance, the Company’s performance obligation will typically be satisfied upon lease execution, and therefore revenues that are earned under arrangements that contain future contingent events will be recognized earlier so long as it is not subject to significant risk of reversal. Under existing GAAP, such revenues are deferred until the related contingency (e.g. tenant occupancy) is resolved. This change will result in earlier recognition of revenue, the related cost of revenue and earnings. The Company estimates that the adoption of the standard will result in the recognition of additional revenue of $14,000 with an associated increase to net earnings attributable to Company of $2,000 for the year ended December 31, 2017. Related adjustments to income tax expense, contract assets, deferred income taxes and shareholders’ equity are also expected.

(ii) An increase in the proportion of reimbursable expenses related to the Company’s property management activities accounted for as revenue on a gross basis. Under the new guidance, principal vs. agent indicators were revised with a focus on control over services provided by third-party service providers. Classification of revenue on a gross basis is expected to result in additional revenue of approximately $146,000 with a corresponding increase in cost of revenue, with no impact on earnings, for the year ended December 31, 2017.

(iii) Expanded disclosure related to revenue from contracts, particularly surrounding contract assets and liabilities.

In February 2016, the FASB issued ASU No. 2016-02, Leases. This ASU affects all aspects of lease accounting and has a significant impact to lessees as it requires the recognition of a right-of use asset and a lease liability for virtually all leases including operating leases. In addition to balance sheet recognition, additional quantitative and qualitative disclosures will be required. The Company has catalogued and abstracted key terms of its leases and has selected a software solution to assist with the additional accounting and disclosures required. The Company’s assets and liabilities will be impacted by the recognition of a right-of-use asset and lease liability. Related balance sheet ratios will also be impacted. Covenant ratio calculations under the Company’s revolving credit facility will however not be impacted, as they will continue to be based on the accounting standards in place as of September 30, 2016. The Company will adopt this ASU effective January 1, 2019, using the modified retrospective transition method.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. This ASU reduces diversity in how certain transactions are classified in the statement of cash flows. Under this guidance contingent consideration payments made soon after an acquisition’s closing date should be classified as cash outflows for investing activities. The Company is currently assessing the impact of this standard on its financial statements. The Company will adopt this ASU effective January 1, 2018, using the retrospective transition method.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business which clarifies and simplifies the definition of a business. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. This will likely result in more acquisitions being accounted for as asset purchases which impacts many areas of accounting such as acquisitions, disposals, goodwill impairment and consolidation. This standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company will adopt this ASU effective January 1, 2018, using prospective application.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment to remove Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under this guidance, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements.

Page 32 of 32

In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of benefit costs and changes disclosure requirements. The standard is effective for annual or interim period beginning after December 15, 2017, with early adoption permitted. The Company does not believe this guidance will have a material impact on its financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which increases the scope of hedge accounting for both financial and nonfinancial strategies. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements and does not anticipate a material impact as the Company’s interest rate swaps are currently accounted for as cash flow hedges, are deemed to be effective as hedges and are already reported in other comprehensive income.

24. Subsequent events

In January 2018, the Company acquired Ovenia Group Oy, a real estate management and services firm with 500 employees headquartered in Helsinki, Finland. In February 2018, the Company acquired a controlling interest in IREA Corporate Finance SL, a real estate advisory firm headquartered in Madrid, Spain. The initial cash consideration for these acquisitions was $82,002. These acquisitions will be accounted for using the acquisition method of accounting for business combinations.

EX-3

EXHIBIT 3

Page 1 of 14

COLLIERS INTERNATIONAL GROUP INC.

Management’s discussion and analysis for the year ended December 31, 2017

(in US dollars)

February 27, 2018

The following management’s discussion and analysis (“MD&A”) should be read together with the audited consolidated financial statements and the accompanying notes (the “Consolidated Financial Statements”) of Colliers International Group Inc. (“we,” “us,” “our,” the “Company” or “Colliers”) for the year ended December 31, 2017. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All financial information herein is presented in United States dollars.

The Company has prepared this MD&A with reference to National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators (the “CSA”). Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&A in accordance with the disclosure requirements of Canada, which requirements are different from those of the United States. This MD&A provides information for the year ended December 31, 2017 and up to and including February 28, 2018.

Additional information about the Company, including the Company’s current Annual Information Form, which is included in the Company’s Annual Report on Form 40-F, can be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

This MD&A includes references to “adjusted EBITDA” and “adjusted EPS”, which are financial measures that are not calculated in accordance with GAAP. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures, see “Reconciliation of non-GAAP financial measures.”

Consolidated review

Our consolidated revenues for the year ended December 31, 2017 were $2.28 billion, an increase of 20% over the prior year (19% measured in local currencies), attributable to a combination of recent acquisitions and internal growth in each of our three operating segments.

Our diluted net earnings per share were $1.25 for 2017 versus $1.75 in the prior year, impacted by (i) a significant increase in the non-controlling interest redemption increment related to the quarterly non-cash balance sheet revaluation of non-controlling interests and (ii) the re-measurement of US deferred income tax assets at lower enacted tax rates in the United States (see “Impact of US Tax Reform” below). Our adjusted EPS (see “Reconciliation of non-GAAP financial measures” below), which exclude the two aforementioned items among others, was $3.11 for the year, up 27% from $2.44 in the prior year. Our adjusted EPS growth was driven by (i) acquisitions, particularly in the US and (ii) internal revenue growth in all regions, particularly the Asia Pacific.

We acquired controlling interests in ten businesses during 2017. The aggregate initial cash purchase price for these acquisitions was $100.7 million ($58.7 million net of cash acquired) and was comprised of six operating in the Americas region, three operating in EMEA and one operating in the Asia Pacific region. We also acquired net non-controlling interests valued at $37.0 million. These investments were funded with cash on hand and borrowings under our revolving credit facility.

In January 2018, we expanded operations in the Nordics with the acquisition of Ovenia Group, a real estate management and services company headquartered in Helsinki with 500 employees throughout Finland. In February 2018, we acquired a controlling interest in IREA Corporate Finance, a real estate advisory firm headquartered in Madrid, Spain. The cash consideration for these acquisitions was $82.0 million.

Also in January 2018, we announced the launch of the Colliers Proptech Accelerator, a program focused on the development and acceleration of technology driven solutions for the property and real estate services industry. The program will be operated in conjunction with Techstars, a worldwide network that assists entrepreneurs to grow their companies.

Page 2 of 14

We report our financial performance in three separate and distinct operating segments: Americas; Europe Middle East and Africa (“EMEA”); and Asia and Australasia (“Asia Pacific”). We split our service offerings into three lines of business: Outsourcing & Advisory, Lease Brokerage and Sales Brokerage.

For the year ended December 31, 2017, revenue growth was lead by our Lease Brokerage and Sales Brokerage service lines, with a significant contribution from recent acquisitions and internal growth across all regions, particularly the Asia Pacific.

	Twelve months ended
(in thousands of US$)	December 31				Growth		Growth
(LC = local currency)		2017		2016	in US$ %		in LC%
Outsourcing & Advisory	$	793,650	$	717,857		11%		10%
Lease Brokerage		755,851		604,339		25%		24%
Sales Brokerage		725,861	$	574,528		26%		25%
Total revenues	$	2,275,362	$	1,896,724		20%		19%

Results of operations – 2017 relative to 2016

Our revenues were $2.28 billion for the year ended December 31, 2017, up 20% relative to 2016 (19% measured in local currencies). The positive impact of acquisitions was 12% and internally generated revenue growth measured in local currencies was 7%.

Each of our three regions generated increases in profitability in 2017 through the favourable impact of recent business acquisitions and internal growth. Operating earnings increased 14% to $166.8 million in 2017, from $146.2 million in 2016. Adjusted EBITDA (see “Reconciliation of non-GAAP financial measures” below) rose 19% to $242.3 million.

Depreciation expense was $26.3 million relative to $23.6 million in the prior year. The increase was primarily attributable to increased investments in office leaseholds in major markets during the past three years, as well as the impact of recent acquisitions.

Amortization expense was $26.7 million in 2017, relative to $21.3 million in 2016, with the increase attributable to accelerated amortization of brokerage backlog related to businesses acquired in 2016 and 2017.

Net interest expense increased to $11.9 million in 2017 from $9.2 million in the prior year, as a result of increased average borrowings attributable to acquisitions completed in 2017. Our weighted average interest rate was 3.1% in 2017 relative to 2.8% in the prior year. Our interest costs were impacted by the general rise in floating interest rates during 2017. In April 2017, we entered into interest rate swaps to fix $100.0 million of debt at a rate of 3.4%, which was previously at floating rates. This also had the impact of increasing our interest expense.

Other income for 2017 was $0.5 million, and was primarily comprised of earnings from equity investments.

Our consolidated income tax rate for 2017 was 41% versus 34% in 2016. The tax rate for 2017 was impacted by a $13.3 million charge to re-measure net deferred income tax assets at lower corporate tax rates enacted in the United States. Excluding the impact of the charge, the tax rate for 2017 was 32%, slightly lower than 2016, reflecting the benefit of (i) the geographic mix of earnings favoring lower tax rate jurisdictions and (ii) taxable income generated by entities on which full valuation allowances were previously recorded.

Net earnings were $92.1 million in 2017, compared to $91.6 million in the prior year. Net earnings increased due to business acquisitions completed during 2017 as well as growth in revenues attributable to internal sources, largely offset by the impact of the $13.3 million tax charge noted above.

The Americas region’s revenues totalled $1.31 billion for the year compared to $1.02 billion in the prior year, which equated to a 28% increase on a local currency basis (28% in the reporting currency). Revenue growth was comprised of 20% from acquired businesses and 8% internal growth. Internal growth for the year was evenly weighted among all three service lines. Adjusted EBITDA was $122.5 million, up 15% from the prior year and impacted by investments in people to strengthen operations and add service line capabilities, as well as the impact of an increase in contribution to revenue from lower margin operations in the US. Operating earnings were $86.7 million, relative to $85.3 million in 2016, and were additionally impacted by amortization of intangible assets acquired in connection with business acquisitions.

Page 3 of 14

EMEA region revenues totalled $521.3 million for the year compared to $474.9 million in the prior year, which equated to a 9% increase on a local currency basis (10% in the reporting currency). Revenue growth was comprised of 6% from acquired businesses and 3% internal growth. Internal growth was concentrated in Sales Brokerage, primarily in the UK. Adjusted EBITDA was $69.4 million, versus $55.9 million in the prior year, and was boosted by a recovery in higher-margin Sales Brokerage revenues in the UK relative to the prior year, which was negatively impacted by the June 2016 “Brexit” referendum. Operating earnings were $47.9 million, versus $34.3 million in 2016.

Asia Pacific region revenues totalled $441.5 million for the year compared to $399.4 million in the prior year, which equated to a 9% increase on a local currency basis (11% in the reporting currency), with 1% from a recently completed business acquisition and 8% from internal growth with contributions from all three service lines. Adjusted EBITDA was $62.0 million, up from $51.4 million in the prior year, an increase of 21%, aided by higher revenues and operational improvements in Asia. Operating earnings were $55.7 million, up from $45.6 million in the prior year.

Global corporate costs as presented in adjusted EBITDA were $11.6 million in the year, versus $11.0 million in the prior year, with the increase attributable to higher performance-based management incentive compensation accruals. The operating loss for the year was $23.5 million versus $19.0 million in 2016 and was additionally impacted by higher acquisition-related items and restructuring costs.

Impact of US Tax Reform

On December 22, 2017, the Tax Cuts and Jobs Act was enacted in the United States (“US Tax Reform”), lowering US corporate income tax rates as of January 1, 2018. The impact of US Tax Reform on the Company is an increase in income tax expense of $13.3 million ($0.34 per common share) for the year ended December 31, 2017 due to the re-measurement of US net deferred income tax assets at lower enacted corporate tax rates. The Company believes that presenting the Company’s results excluding the 2017 impact of US Tax Reform is meaningful as excluding this non-recurring, non-cash item increases the comparability of period-to-period results (see “Reconciliation of non-GAAP financial measures” below).

US Tax Reform is expected to favourably impact the Company’s consolidated income tax rate going forward. For 2018, assuming a consistent geographical mix of earnings, a consolidated income tax rate of 30-32% is expected.

Selected annual information - last five years

(in thousands of US$, except share and per share amounts)

	Year ended December 31
		2017		2016		2015		2014		2013
Operations
Revenues	$	2,275,362	$	1,896,724	$	1,721,986	$	1,582,271	$	1,306,538
Operating earnings		166,827		146,173		80,384		78,156		42,384
Net earnings from continuing operations		92,132		91,571		39,915		53,909		22,881
Net earnings from discontinued operations		-		-		1,104		23,807		3,280
Net earnings		92,132		91,571		41,019		77,716		26,161
Financial position
Total assets	$	1,441,925	$	1,194,779	$	1,092,421	$	1,639,427	$	1,443,511
Long-term debt		249,893		262,498		260,947		493,348		372,794
Redeemable non-controlling interests		145,489		134,803		139,592		230,992		222,073
Shareholders' equity		289,457		212,513		149,493		233,215		249,049
Common share data
Net earnings (loss) per common share:
Basic
Continuing operations	$	1.27	$	1.76	$	0.60	$	0.54	$	(0.74	)
Discontinued operations		-		-		0.03		0.66		0.10
		1.27		1.76		0.63		1.20		(0.64	)
Diluted
Continuing operations		1.25		1.75		0.59		0.54		(0.74	)
Discontinued operations		-		-		0.03		0.65		0.10
		1.25		1.75		0.62		1.19		(0.64	)
Weighted average common shares outstanding (thousands)
Basic		38,830		38,596		37,196		35,917		32,928
Diluted		39,308		38,868		37,586		36,309		33,262
Cash dividends per common share	$	0.10	$	0.09	$	0.20	$	0.40	$	0.20
Other data
Adjusted EBITDA	$	242,275	$	203,062	$	181,334	$	146,772	$	104,988
Adjusted EPS		3.11		2.44		2.29		1.83		1.10

Page 4 of 14

On June 1, 2015, the predecessor to our Company, FirstService Corporation (“Old FSV”), completed a plan of arrangement (the “Spin-off”) which separated Old FSV into two independent publicly traded companies – Colliers International Group Inc., a global leader in commercial real estate services and new FirstService Corporation (“FirstService”), a North American leader in residential property management and related services. Under the Spin-off, Old FSV shareholders received one Colliers share and one FirstService share of the same class as each Old FSV share previously held.

In conjunction with the Spin-off, the Residential Real Estate Services and Property Services segments of Old FSV were transferred to FirstService. Colliers, as the successor to Old FSV, retained the Commercial Real Estate Services segment of Old FSV. This MD&A presents the operating results of Colliers on a continuing operations basis for all periods presented. The FirstService operations are classified as discontinued operations.

Results of operations – fourth quarter ended December 31, 2017

Consolidated operating results for the fourth quarter ended December 31, 2017 were up significantly relative to the comparable prior year quarter from a combination of internal and acquired growth. Revenues were $734.2 million, up 28% (25% in local currency) relative to the prior year quarter, with revenue gains in all three geographic regions. Operating earnings for the fourth quarter ended December 31, 2017 were $83.9 million, up 10% and adjusted EBITDA was $101.1 million, up 12%.

Summary of quarterly results - years ended December 31, 2017 and 2016

(in thousands of US$, except per share amounts)

		Q1			Q2		Q3		Q4		Year
Year ended December 31, 2017
Revenues	$	422,843		$	544,217	$	574,057	$	734,245	$	2,275,362
Operating earnings		10,877			40,578		31,423		83,950		166,828
Net earnings		5,506			25,522		18,316		42,788		92,132
Diluted net earnings per common share		-			0.28		0.11		0.86		1.25
Year ended December 31, 2016
Revenues	$	376,108		$	482,536	$	462,052	$	576,028	$	1,896,724
Operating earnings		8,867			37,624		23,627		76,055		146,173
Net earnings		4,032			23,756		13,463		50,320		91,571
Diluted net earnings (loss) per common share		(0.19	)		0.55		0.24		1.14		1.75
Other data
Adjusted EBITDA - 2017	$	29,289		$	59,607	$	52,246	$	101,133	$	242,275
Adjusted EBITDA - 2016		22,184			52,795		37,643		90,440		203,062
Adjusted EPS - 2017		0.33			0.76		0.61		1.41		3.11
Adjusted EPS - 2016		0.19			0.63		0.40		1.22		2.44

Page 5 of 14

Operating outlook

The purpose of this operating outlook is to outline management’s growth strategy as well as expectations for 2018, based on information available as of the date of this MD&A. Readers are cautioned that the information contained in this operating outlook may not be appropriate for other purposes and should refer to the “Forward-looking statements and risks” section of this MD&A for the material risk factors that could cause actual results to differ materially.

We are committed to a long-term growth strategy, for the five years ending in 2020, that includes average internal revenue growth in the 5% range, combined with acquisitions to build each of our service platforms, resulting in targeted average annual growth in revenues, adjusted EBITDA and adjusted EPS of 15%. Economic conditions will negatively or positively impact these percentage growth rates in any given year.

Our expectations for 2018 are for mid to high single digit year-over-year local currency revenue gains across most regions derived from (i) favorable market conditions, including steady to increasing pricing in leasing and sales transactions, supported by modest economic growth and continuing capital availability; (ii) improved revenue productivity per employee; (iii) market share gains from recruitment of incremental revenue producing employees and (iv) contribution to revenue from business acquisitions completed to date. Earnings are expected to benefit from a modest ongoing increase in operating margins from operating leverage, as well as a lower consolidated income tax rate resulting from US Tax Reform.

Seasonality and quarterly fluctuations

The Company generates peak revenues and earnings in the month of December followed by a low in January and February as a result of the timing of closings on sales brokerage transactions. Revenues and earnings during the balance of the year are relatively even. These sales brokerage operations comprised approximately 32% of 2017 consolidated revenues (2016 - 30%). Variations can also be caused by business acquisitions or dispositions which alter the consolidated service mix.

Liquidity and capital resources

The Company generated cash flow from operating activities of $212.9 million for the year ended December 31, 2017, relative to $156.3 million in the prior year. Operating cash flow, which grew by 36%, was favourably impacted by the strong operating results for the year ended December 31, 2017. We believe that cash from operations and other existing resources, including our revolving credit facility described below, will continue to be adequate to satisfy the ongoing working capital needs of the Company.

Net indebtedness as at December 31, 2017 was $141.4 million, versus $149.4 million at December 31, 2016. Net indebtedness is calculated as the current and non-current portion of long-term debt less cash and cash equivalents. We are in compliance with the covenants contained in our agreement relating to our revolving credit facility as at December 31, 2017 and, based on our outlook for 2018, we expect to remain in compliance with these covenants. We had $444.7 million of available unused credit under our revolving credit facility as of December 31, 2017.

On January 18, 2017, the Company entered into an amended and restated credit agreement with a syndicate of banks to provide a committed unsecured multi-currency revolving credit facility (the “Facility”) of $700.0 million, replacing the prior secured credit facility of $525.0 million. The Facility has a 5-year term ending January 18, 2022. The Facility bears interest at floating reference rates plus an applicable margin of 1.50% to 2.75% depending on certain leverage ratios, and requires a commitment fee of 0.30% to 0.55% of the unused portion depending on certain leverage ratios, with all pricing unchanged from the prior credit facility. At any time during the term, we have the right to increase the Facility by up to $150.0 million, on the same terms and conditions as the original Facility.

The Company’s Board of Directors declared two semi-annual dividends of $0.05 per common share (being the Subordinate Voting Shares together with the Multiple Voting Shares) during 2017, unchanged from the prior year semi-annual amounts. These dividends are paid in cash after the end of the second and fourth quarters to shareholders of record on the last business day of the quarter. The Company’s policy is to pay dividends on its common shares in the future, subject to the discretion of our Board of Directors. Total common share dividends paid by the Company during 2017 were $3.9 million.

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During 2017, we invested cash in acquisitions as follows: an aggregate of $58.7 million (net of cash acquired) in seven new business acquisitions, $11.2 million in contingent consideration payments related to previously completed acquisitions, and $37.0 million in acquisitions of redeemable non-controlling interests.

In relation to acquisitions completed during the past three years, we have outstanding contingent consideration, assuming all contingencies are satisfied and payment is due in full, totalling $91.5 million as at December 31, 2017 (December 31, 2016 - $72.8 million). The contingent consideration liability is recognized at fair value upon acquisition and is updated to fair value each quarter, unless it contains an element of compensation, in which case such element is treated as compensation expense over the contingency period. The contingent consideration is based on achieving specified earnings levels, and is paid or payable after the end of the contingency period, which extends to November 2021. We estimate that, approximately 85% of the contingent consideration outstanding as of December 31, 2017 will ultimately be paid.

Capital expenditures for 2017 were $39.5 million (2016 - $25.0 million), which consisted primarily of investments in offices and information technology systems.

During 2017, we distributed $20.8 million (2016 - $16.5 million) to non-controlling shareholders of subsidiaries, in part to facilitate the payment of income taxes on account of those subsidiaries organized as flow-through entities.

The following table summarizes our contractual obligations as at December 31, 2017:

Contractual obligations	Payments due by period
(in thousands of US$)				Less than						After
		Total		1 year		1-3 years		4-5 years		5 years
Long-term debt	$	247,902	$	1,303	$	188	$	246,411	$	-
Interest on long term debt		32,683		8,106		16,122		8,455		-
Capital lease obligations		1,991		1,123		854		14		-
Contingent acquisition consideration		50,300		18,657		29,094		2,549		-
Operating leases		356,159		81,727		127,662		82,761		64,009
Purchase commitments		6,691		5,418		1,273		-		-
Total contractual obligations	$	695,726	$	116,334	$	175,193	$	340,190	$	64,009

At December 31, 2017, we had commercial commitments totaling $10.3 million comprised of letters of credit outstanding due to expire within one year.

In order to effectively manage our corporate risk and support our global insurance program, we supplement our commercial insurance placements with the use of a wholly-owned captive insurance company to provide deductible buy down policies for our global professional indemnity and US workers’ compensation programs. The level or risk retained by our captive insurance company with respect to professional indemnity claims is up to $0.5 million per claim, inclusive of commercial market self-insured retentions. Professional indemnity insurance claims can be complex and take a number of years to resolve. Within our captive insurance company, we estimate the ultimate cost of these claims by way of specific claim accruals developed through periodic reviews of the circumstances of individual claims, validated annually by a third party actuary. As of December 31, 2017, there were claims which would result in reported loss reserve amounts and claims settlements of $1.0 million. We have a third party “stop loss” insurance policy in place for professional indemnity coverages insured through the captive insurance company. Historically our workforce has experienced fewer workers’ compensation claims than is expected for our industry. Beginning on January 1, 2015, our captive insurance company began to retain the first $0.1 million in US-based workers’ compensation claims. As of December 31, 2017, reported loss reserves for this policy were $0.1 million.

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Redeemable non-controlling interests

In most operations where managers or employees are also non-controlling owners, the Company is party to shareholders’ agreements. These agreements allow us to “call” the redeemable non-controlling interests (“RNCI”) at a value determined with the use of a formula price, which is in most cases equal to a multiple of trailing two-year average earnings, less debt. Non-controlling owners may also “put” their interest to the Company at the same price, with certain limitations including (i) the inability to “put” more than 50% of their holdings in any twelve-month period and (ii) the inability to “put” any holdings for at least one year after the date of our initial acquisition of the business or the date the non-controlling shareholder acquired their interest, as the case may be.

The total value of the RNCI (the “redemption amount”), as calculated in accordance with shareholders’ agreements, was $129.1 million as of December 31, 2017. The amount recorded on our balance sheet under the caption “redeemable non-controlling interests” is the greater of (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. As at December 31, 2017, the RNCI recorded on the balance sheet was $145.5 million. The purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers. If all RNCI were redeemed in cash, the pro forma estimated accretion to diluted net earnings per share for 2017 would be $1.00, and the accretion to adjusted EPS would be $0.43.

Critical accounting estimates

Critical accounting estimates are those that we deem to be most important to the portrayal of our financial condition and results of operations, and that require management’s most difficult, subjective or complex judgments due to the need to make estimates about the effects of matters that are inherently uncertain. We have identified seven critical accounting estimates, which are discussed below.

1. Revenue recognition. We earn revenues from brokerage transaction commissions, advisory fees, property management fees and project management fees. Some of the contractual terms related to the process of earning revenue from these sources, including potentially contingent events, can be complex and may require us to make judgments about the timing of when we should recognize revenue. Changes in judgments could result in a change in the period in which revenues are reported.

2. Goodwill. Goodwill impairment testing involves assessing whether events have occurred that would indicate potential impairment and making estimates concerning the fair values of reporting units and then comparing the fair value to the carrying amount of each unit. The determination of what constitutes a reporting unit requires significant management judgment. We have three reporting units determined with reference to geography. Goodwill is attributed to the reporting units at the time of acquisition. Estimates of fair value can be impacted by sudden changes in the business environment, prolonged economic downturns or declines in the market value of the Company’s own shares and therefore require significant management judgment in their determination. When events have occurred that which would suggest a potential decrease in fair value, the determination of fair value is done with reference to a discounted cash flow model which requires management to make certain estimates. The most sensitive estimates are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value.

3. Business combinations. The determination of fair values of assets acquired and liabilities assumed in business combinations requires the use of estimates and management judgment, particularly in determining fair values of intangible assets acquired. For example, if different assumptions were used regarding the profitability and expected attrition rates of acquired customer relationships, different amounts of intangible assets and related amortization could be reported.

4. Deferred income tax assets. Deferred income tax assets arise primarily from the recognition of the benefit of certain net operating loss carry-forwards. We must weigh the positive and negative evidence surrounding the future realization of the deferred income tax assets to determine whether a valuation allowance is required, or whether an existing valuation allowance should remain in place. These determinations, which involve projections of future taxable income, require significant management judgment. Changes in judgments, in particular of future taxable earnings, could result in the recognition or de-recognition of a valuation allowance which could impact income tax expense materially.

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5. Contingent acquisition consideration. Contingent consideration is required to be measured at fair value at the acquisition date and at each balance sheet date until the contingency expires or is settled. The fair value at the acquisition date is a component of the purchase price; subsequent changes in fair value are reflected in earnings. Most acquisitions made by us have a contingent consideration feature, which is usually based on the acquired entity’s profitability (measured in terms of adjusted EBITDA) during a one to five year period after the acquisition date. Significant estimates are required to measure the fair value of contingent consideration, including forecasting profits for the contingency period and the selection of an appropriate discount rate.

6. Uncertain tax positions. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination by tax authorities based upon an evaluation of the facts and circumstances at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a tax authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.

7. Allowance for uncollectible accounts receivable. Accounts receivable allowances are determined using a combination of historical experience, current information, and management judgment. Actual collections may differ from our estimates. A 10% increase in the accounts receivable allowance as of December 31, 2017 would increase bad debt expense by $2.9 million.

Reconciliation of non-GAAP financial measures

In this MD&A, we make reference to “adjusted EBITDA” and “adjusted EPS,” which are financial measures that are not calculated in accordance with GAAP.

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.

(in thousands of US$)	Year ended December 31
		2017			2016
Net earnings	$	92,132		$	91,571
Income tax		63,300			47,829
Other income, net		(500	)		(2,417	)
Interest expense, net		11,895			9,190
Operating earnings		166,827			146,173
Depreciation and amortization		52,992			44,924
Acquisition-related items		14,927			3,559
Restructuring costs		3,104			5,127
Stock-based compensation expense		4,425			3,279
Adjusted EBITDA	$	242,275		$	203,062

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Adjusted EPS is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) income tax expense on enactment of US Tax Reform; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; (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.

(in US$)	Year ended December 31
		2017		2016
Diluted net earnings per common share	$	1.25	$	1.75
Non-controlling interest redemption increment		0.58		0.09
Income tax expense on enactment of US Tax Reform		0.34		-
Amortization of intangible assets, net of tax		0.43		0.35
Acquisition-related items		0.34		0.08
Restructuring costs, net of tax		0.06		0.09
Stock-based compensation expense, net of tax		0.11		0.08
Adjusted earnings per share	$	3.11	$	2.44

We believe that the presentation of adjusted EBITDA and adjusted earnings per share, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. We use these non-GAAP financial measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described above, for which the amounts are non-cash or non-recurring in nature, provides a supplemental measure of our operating results that facilitates comparability of our operating performance from period to period, against our business model objectives, and against other companies in our industry. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our core business and the valuation of the Company. Adjusted EBITDA and adjusted earnings per share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs or benefits associated with the operations of our business as determined in accordance with GAAP. As a result, investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP.

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.

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Impact of recently issued accounting standards

Recently adopted accounting guidance

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. This ASU simplifies the presentation of all tax assets and liabilities by no longer requiring an allocation between current and non-current. All deferred tax assets and liabilities, along with any related valuation allowance are to be classified as non-current on the balance sheet. The Company adopted this ASU effective January 1, 2017 using the retrospective transition method. The impact of the change on the December 31, 2016 consolidated balance sheet was to (i) reduce current deferred income tax assets by $18.3 million; (ii) increase non-current deferred income tax assets by $13.8 million; (iii) reduce current deferred income tax liabilities by $0.4 million and (iv) reduce non-current deferred income tax liabilities by $4.1 million.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU simplifies how share-based payments are accounted for and presented. Income tax expense is expected to be impacted as entities are required to record all of the tax effects related to share-based payments at settlement through the income statement. This standard removes the requirement to delay recognition of a windfall tax benefit until it reduces taxes payable and instead records the benefit when it arises. The standard also permits entities to make an accounting policy election for the impact of forfeitures by allowing them to be estimated, as required today, or recognized when they occur. The Company adopted this ASU effective January 1, 2017, using the modified retrospective transition method with (i) a cumulative effect adjustment of $0.5 million to decrease the deficit and (ii) the forfeiture rate continuing to be estimated.

Recently issued accounting guidance, not yet adopted

Beginning in May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as well as several related ASUs (collectively, the “Revenue Guidance”). The Revenue Guidance clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The Company will adopt the Revenue Guidance effective January 1, 2018 using the full retrospective transition method. The Company has assessed each of its revenue streams for the possible impact of the Revenue Guidance and based on the assessment, its application is expected to result in the following:

(i) Acceleration of revenues that are based, in part, on future contingent events. Lease brokerage revenues in certain countries where the Company operates will be recognized earlier. Under the new guidance, the Company’s performance obligation will typically be satisfied upon lease execution, and therefore revenues that are earned under arrangements that contain future contingent events will be recognized earlier so long as it is not subject to significant risk of reversal. Under existing GAAP, such revenues are deferred until the related contingency (e.g. tenant occupancy) is resolved. This change will result in earlier recognition of revenue, the related cost of revenue and earnings. The Company estimates that the adoption of the standard will result in the recognition of additional revenue of $14.0 million with an associated increase to net earnings attributable to Company of $2.0 million for the year ended December 31, 2017. Related adjustments to income tax expense, contract assets, deferred income taxes and shareholders’ equity are also expected.

(ii) An increase in the proportion of reimbursable expenses related to the Company’s property management activities accounted for as revenue on a gross basis. Under the new guidance, principal vs. agent indicators were revised with a focus on control over services provided by third-party service providers. Classification of revenue on a gross basis is expected to result in additional revenue of approximately $146.0 million with a corresponding increase in cost of revenue, with no impact on earnings, for the year ended December 31, 2017.

(iii) Expanded disclosure related to revenue from contracts, particularly surrounding contract assets and liabilities.

In February 2016, the FASB issued ASU No. 2016-02, Leases. This ASU affects all aspects of lease accounting and has a significant impact to lessees as it requires the recognition of a right-of use asset and a lease liability for virtually all leases including operating leases. In addition to balance sheet recognition, additional quantitative and qualitative disclosures will be required. The Company has catalogued and abstracted key terms of its leases and has selected a software solution to assist with the additional accounting and disclosures required. The Company’s assets and liabilities will be impacted by the recognition of a right-of-use asset and lease liability. Related balance sheet ratios will also be impacted. Covenant ratio calculations under the Company’s revolving credit facility will however not be impacted, as they will continue to be based on the accounting standards in place as of September 30, 2016. The Company will adopt this ASU effective January 1, 2019, using the modified retrospective transition method.

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In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. This ASU reduces diversity in how certain transactions are classified in the statement of cash flows. Under this guidance contingent consideration payments made soon after an acquisition’s closing date should be classified as cash outflows for investing activities. The Company is currently assessing the impact of this standard on its financial statements. The Company will adopt this ASU effective January 1, 2018, using the retrospective transition method.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a Business which clarifies and simplifies the definition of a business. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. This will likely result in more acquisitions being accounted for as asset purchases which impacts many areas of accounting such as acquisitions, disposals, goodwill impairment and consolidation. This standard is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company will adopt this ASU effective January 1, 2018, using prospective application.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment to remove Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under this guidance, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements.

In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of benefit costs and changes disclosure requirements. The standard is effective for annual or interim period beginning after December 15, 2017, with early adoption permitted. The Company does not believe this guidance will have a material impact on its financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which increases the scope of hedge accounting for both financial and nonfinancial strategies. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements and does not anticipate a material impact as the Company’s interest rate swaps are currently accounted for as cash flow hedges, are deemed to be effective as hedges and are already reported in other comprehensive income.

Impact of IFRS

On January 1, 2011, many Canadian companies were required to adopt IFRS. In 2004, in accordance the rules of the CSA, Old FSV elected to report exclusively using US GAAP and further elected not to adopt IFRS on January 1, 2011. Under the rules of the CSA, the Company is permitted to continue preparing financial statements in accordance with US GAAP going forward.

Financial instruments

Periodically we use financial instruments as part of our strategy to manage the risk associated with interest rates and currency exchange rates. We do not use financial instruments for trading or speculative purposes. As at the date of this MD&A, the Company had interest rate swap agreements to convert the LIBOR floating rate interest on $100.0 million of US dollar denominated debt to a fixed rate (see Note 19 to the Consolidated Financial Statements for a full description). Financial instruments involve risks, such as the risk that counterparties may fail to honor their obligations under these arrangements. If we have financial instruments outstanding and such events occur, our results of operations and financial position may be adversely affected.

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Off-balance sheet arrangements

The Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Company’s financial performance or financial condition other than the payments which may be required to be made under the sale of control arrangement contained in the restated management services agreement with Colliers, Jayset Management CIG Inc. and Jay S. Hennick, (see Note 13 to the Consolidated Financial Statements for a full description).

Transactions with related parties

The Company has entered into office space rental arrangements and property management contracts with minority shareholders of certain subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the year ended December 31, 2017 was $0.4 million (2016 - $0.6 million). The recorded amount of the property management revenues for year ended December 31, 2016 was $0.6 million (2016 - $1.1 million. These amounts are settled monthly in cash, and are priced at market rates. The rental arrangements have fixed terms of up to 10 years. The property management contracts have terms of one to three years.

As at December 31, 2017, the Company had $8.1 million of loans receivable from non-controlling shareholders (2016 - $4.9 million). The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. The loans are of varying principal amounts and interest rates which range from nil to 2.45%. These loans are due on demand or mature on various dates up to 2026, but are open for repayment without penalty at any time.

Outstanding share data

The authorized capital of the Company consists of an unlimited number of preference shares, issuable in series, an unlimited number of Subordinate Voting Shares and an unlimited number of Multiple Voting Shares. The holders of Subordinate Voting Shares are entitled to one vote in respect of each Subordinate Voting Share held at all meetings of the shareholders of the Company. The holders of Multiple Voting Shares are entitled to twenty votes in respect of each Multiple Voting Share held at all meetings of the shareholders of the Company. Each Multiple Voting Share is convertible into one Subordinate Voting Share at any time at the election of the holders thereof.

As of the date hereof, the Company has outstanding 37,817,967 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 2,088,400 Subordinate Voting Shares are issuable upon exercise of options granted under the Company’s stock option plan.

On July 13, 2017, the Company announced a Normal Course Issuer Bid (“NCIB”) effective from July 18, 2017 to July 17, 2018. The Company is entitled to repurchase up to 2,700,000 Subordinate Voting Shares on the open market pursuant to the NCIB. Any shares purchased under the NCIB will be cancelled.

Canadian tax treatment of common share dividends

For the purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, all dividends (and deemed dividends) paid by us to Canadian residents on our Subordinate Voting Shares and Multiple Voting Shares are designated as “eligible dividends”. Unless stated otherwise, all dividends (and deemed dividends) paid by us hereafter are designated as “eligible dividends” for the purposes of such rules.

Disclosure controls and procedures

Our Chief Executive Officer and Chief Financial Officer, with the assistance and participation of other Company management, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Canada by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings and in the United States by Rules 13a-15(e) and 15d-15(e) of the United States Securities and Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2017 (the “Evaluation Date”). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to give reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under Canadian securities legislation and the Exchange Act is: (i) recorded, processed, summarized and reported within the time periods specified therein; and (ii) accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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Changes in internal control over financial reporting

During the year ended December 31, 2017, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Legal proceedings

Colliers is involved in various legal claims associated with the normal course of operations and believes it has made adequate provision for such legal claims.

Spin-off risk

Although the Spin-off is complete, the transaction exposes Colliers to certain ongoing risks. The Spin-off was structured to comply with all the requirements of the public company “butterfly rules” in the Income Tax Act (Canada). However, there are certain requirements of these rules that depend on events occurring after the Spin-off is completed or that may not be within the control of Colliers and/or FirstService. If these requirements are not met, Colliers could be exposed to significant tax liabilities which could have a material effect on the financial position of Colliers. In addition, Colliers has agreed to indemnify FirstService for certain liabilities and obligations related to its business at the time of the Spin-off. These indemnification obligations could be significant. These risks are more fully described in the Management Information Circular of Old FSV dated March 16, 2015, which is available under Colliers’ SEDAR profile at www.sedar.com and on EDGAR at www.sec.gov.

Forward-looking statements and risks

This MD&A contains forward-looking statements with respect to expected financial performance, strategy and business conditions. The words “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risk and uncertainties. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Factors which may cause such differences include, but are not limited to those set out below, those set out above under “Spin-off risk” and those set out in detail in the “Risk Factors” section of the Company’s Annual Information Form:

· Economic conditions, especially as they relate to commercial and consumer credit conditions and business spending, particularly in regions where our operations 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 cap rates across different property types.

· A reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our 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 advisors.

· Increases in wage and benefit costs.

· The effects of changes in interest rates on our 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 our historical experience.

· The effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Australian dollar, UK pound and Euro denominated revenues and expenses.

· Our 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 licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions.

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· Political conditions, including political instability, elections, referenda, trade policy changes, immigration policy changes and any outbreak or escalation of hostilities or terrorism and the impact thereof on our business.

· Changes in government laws and policies at the federal, state/provincial or local level that may adversely impact our businesses.

We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results, performance or achievements. The reader is cautioned against undue reliance on these forward-looking statements. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking statements will be realized. The inclusion of such forward-looking statements should not be regarded as a representation by the Company or any other person that the future events, plans or expectations contemplated by the Company will be achieved. We note that past performance in operations and share price are not necessarily predictive of future performance. We disclaim any intention and assume no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.

Additional information

Additional information about Colliers, including our Annual Information Form for the year ended December 31, 2017, is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Further information about us can also be obtained at www.colliers.com.

EX-23

EXHIBIT 23

Consent of independent REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Annual Report on Form 40-F for the year ended December 31, 2017 of Colliers International Group Inc. of our report dated February 28, 2018, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting which appears in Exhibit 2 incorporated by reference in this Annual Report.

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 28, 2018

EX-31

EXHIBIT 31

CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934

I, Jay S. Hennick, certify that:

1. I have reviewed this annual report on Form 40-F of Colliers International Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5. The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

February 28, 2018

/s/ Jay S. Hennick

Jay S. Hennick

Chairman and Chief Executive Officer

CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934

I, John B. Friedrichsen, certify that:

1. I have reviewed this annual report on Form 40-F of Colliers International Group Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5. The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

February 28, 2018

/s/ John B. Friedrichsen

John B. Friedrichsen

Chief Financial Officer

EX-32

exhibit 32

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 40-F of Colliers International Group Inc. (the “Company”) for the year ended December 31, 2017 (the “Report”) filed with the United States Securities and Exchange Commission on the date hereof, I, Jay S. Hennick, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 28, 2018

/s/ Jay S. Hennick

Jay S. Hennick

Chairman and Chief Executive Officer

CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 40-F of Colliers International Group Inc. (the “Company”) for the year ended December 31, 2017 (the “Report”) filed with the United States Securities and Exchange Commission on the date hereof, I, John B. Friedrichsen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 28, 2018

/s/ John B. Friedrichsen

John B. Friedrichsen

Chief Financial Officer

XML

Document And Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document Information [Line Items]
Entity Registrant Name	Colliers International Group Inc.
Entity Central Index Key	0000913353
Trading Symbol	cigi
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	40-F
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Subordinate Voting Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	37,608,467
Multiple Voting Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	1,325,694

XML

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 2,275,362	$ 1,896,724
Cost of revenues (exclusive of depreciation and amortization shown below)	1,427,281	1,179,773
Selling, general and administrative expenses	613,335	522,295
Depreciation	26,334	23,631
Amortization of intangible assets	26,658	21,293
Acquisition-related items (note 4)	14,927	3,559
Operating earnings	166,827	146,173
Interest expense, net	11,895	9,190
Other income, net (note 5)	(500)	(2,417)
Earnings before income tax	155,432	139,400
Income tax (note 15)	63,300	47,829
Net earnings	92,132	91,571
Non-controlling interest share of earnings	20,236	20,085
Non-controlling interest redemption increment (note 12)	22,583	3,521
Net earnings attributable to Company	$ 49,313	$ 67,965
Net earnings per common share (note 17)
Continuing operations (Diluted) (in dollars per share)	$ 1.27	$ 1.76
Diluted (in dollars per share)	$ 1.25	$ 1.75

XML

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net earnings	$ 92,132	$ 91,571
Foreign currency translation gain (loss)	16,382	(4,337)
Unrealized gain on interest swaps, net of tax	552
Pension liability adjustments, net of tax	1,125	(1,690)
Comprehensive earnings	110,191	85,544
Less: Comprehensive earnings attributable to non-controlling shareholders	26,437	25,283
Comprehensive earnings attributable to Company	$ 83,754	$ 60,261

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 108,523	$ 113,148
Accounts receivable, net of allowance of $28,709 (December 31, 2016 - $23,431)	383,385	311,020
Unbilled revenues	41,370	36,588
Income tax recoverable	13,815	8,482
Prepaid expenses and other current assets	54,741	37,084
	601,834	506,322
Other receivables	10,136	10,203
Other assets (note 6)	55,496	38,657
Fixed assets (note 7)	83,899	65,274
Deferred income tax, net (note 15)	52,394	82,252
Intangible assets (note 8)	183,036	139,557
Goodwill (note 9)	455,130	348,006
	840,091	683,949
	1,441,925	1,190,271
Current liabilities
Accounts payable	102,514	83,617
Accrued liabilities (note 10)	516,099	399,759
Income tax payable	21,414	15,940
Unearned revenues	11,919	4,066
Long-term debt - current (note 11)	2,426	1,961
Contingent acquisition consideration - current (note 19)	18,657	4,884
	673,029	510,227
Long-term debt - non-current (note 11)	247,467	260,537
Contingent acquisition consideration (note 19)	31,643	27,382
Deferred rent	24,469	21,241
Other liabilities	11,792	8,986
Deferred Tax Liabilities, Net, Noncurrent	18,579	14,582
	333,950	332,728
Redeemable non-controlling interests (note 12)	145,489	134,803
Shareholders' equity
Common shares (note 13)	406,984	399,774
Contributed surplus	50,219	51,540
Deficit	(128,411)	(174,311)
Accumulated other comprehensive loss	(43,354)	(71,273)
Total Company shareholders' equity	285,438	205,730
Non-controlling interests	4,019	6,783
Total shareholders' equity	289,457	212,513
	$ 1,441,925	$ 1,190,271

XML

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, allowance	$ 28,709	$ 23,431

XML

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2015	38,504,311
Balance at Dec. 31, 2015	$ 396,066	$ 47,603	$ (238,411)	$ (63,569)	$ 7,804	$ 149,493
Net earnings			91,571			91,571
Pension liability adjustments, net of tax				(1,690)		(1,690)
Other comprehensive loss				(4,337)		(4,337)
Other comprehensive loss attributable to NCI				(1,677)	(331)	(2,008)
NCI share of earnings			(20,085)		4,142	(15,943)
NCI redemption increment			(3,521)			(3,521)
Distributions to NCI					(4,643)	(4,643)
Acquisitions of businesses, net					(189)	(189)
Subsidiaries’ equity transactions		1,507				1,507
Stock option expense		3,279				$ 3,279
Stock options exercised (in shares)	144,150					144,150
Aggregate fair value	$ 3,708	(849)				$ 2,859
Dividends			(3,865)			(3,865)
Foreign currency translation gain (loss)						(4,337)
Unrealized gain on interest swaps, net of tax
Other comprehensive earnings (loss) attributable to NCI				(1,677)	(331)	(2,008)
NCI share of earnings (loss)			(20,085)		4,142	(15,943)
Balance (in shares) at Dec. 31, 2016	38,648,461
Balance at Dec. 31, 2016	$ 399,774	51,540	(174,311)	(71,273)	6,783	212,513
Net earnings			92,132			92,132
Pension liability adjustments, net of tax				1,125		1,125
Other comprehensive loss attributable to NCI				9,860	171	10,031
NCI share of earnings			(20,236)		3,739	(16,497)
NCI redemption increment			(22,583)			(22,583)
Distributions to NCI					(5,587)	(5,587)
Acquisitions of businesses, net					(1,087)	(1,087)
Subsidiaries’ equity transactions		(4,176)				(4,176)
Stock option expense		4,425				$ 4,425
Stock options exercised (in shares)	285,700					285,700
Aggregate fair value	$ 7,210	(1,570)				$ 5,640
Dividends			(3,889)			(3,889)
Tax benefit on stock-based compensation (note 23)			476			476
Foreign currency translation gain (loss)				16,382		16,382
Unrealized gain on interest swaps, net of tax				552		552
Other comprehensive earnings (loss) attributable to NCI				9,860	171	10,031
NCI share of earnings (loss)			(20,236)		3,739	(16,497)
Balance (in shares) at Dec. 31, 2017	38,934,161
Balance at Dec. 31, 2017	$ 406,984	$ 50,219	$ (128,411)	$ (43,354)	$ 4,019	$ 289,457

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net earnings	$ 92,132	$ 91,571
Depreciation and amortization	52,992	44,924
Deferred income tax	19,723	9,998
Earnings from equity method investments	(923)	(894)
Stock option expense	4,425	3,279
Allowance for uncollectible accounts	4,695	4,783
Amortization of advisor loans	14,353	8,020
Other	9,828	(308)
Net changes from operating assets / liabilities
Accounts receivable	(40,045)	(16,737)
Unbilled revenues	(1,824)	(16,479)
Prepaid expenses and other current assets	(2,888)	3,010
Accounts payable	9,238	6,228
Accrued liabilities	49,865	16,508
Income tax payable	(985)	419
Unearned revenues	6,654	(945)
Other liabilities	2,097	3,476
Contingent acquisition consideration paid	(6,487)	(591)
Net cash provided by operating activities	212,850	156,262
Investing activities
Acquisitions of businesses, net of cash acquired (note 3)	(58,674)	(82,073)
Purchases of fixed assets	(39,472)	(25,046)
Advisor loans issued	(38,266)	(26,059)
Other investing activities	(4,835)	(511)
Net cash used in investing activities	(141,247)	(133,689)
Financing activities
Increase in long-term debt	314,925	218,056
Repayment of long-term debt	(336,514)	(201,103)
Purchases of subsidiary shares from NCI	(40,915)	(14,074)
Sale of interests in subsidiaries to non-controlling interests	3,937	800
Contingent acquisition consideration paid	(4,700)	(1,427)
Proceeds received on exercise of stock options	5,640	2,859
Dividends paid to common shareholders	(3,875)	(3,471)
Distributions paid to non-controlling interests	(20,797)	(16,495)
Financing fees paid	(1,634)
Net cash used in financing activities	(83,933)	(14,855)
Effect of exchange rate changes on cash	7,705	(10,720)
Decrease in cash and cash equivalents	(4,625)	(3,002)
Cash and cash equivalents, beginning of year	113,148	116,150
Cash and cash equivalents, end of year	$ 108,523	$ 113,148

XML

Note 1 - Description of the Business

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1. Description of the business

Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate services to corporate and institutional clients in

35

countries around the world (

69

countries including affiliates and franchisees). Colliers’ primary services are outsourcing and advisory services, lease brokerage, and sales brokerage. Operationally, Colliers is organized into

three

geographic regions – Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific.

XML

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2. Summary of significant accounting policies

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the recoverability of deferred income tax assets, timing of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates.

Significant accounting policies are summarized as follows:

Basis of consolidation

The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does

not

have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation.

Cash and cash equivalents

Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of

three

months or less.

Unbilled revenues

Unbilled revenues relate to real estate project management and workplace solutions engagements in process and are accounted for using the percentage of completion method.

Fixed assets

Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group

may

not

be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows:

Buildings	20 to 40 years straight-line
Vehicles	3 to 5 years straight-line
Furniture and equipment	3 to 10 years straight-line
Computer equipment and software	3 to 5 years straight-line
Leasehold improvements	term of the lease to a maximum of 10 years

Investments in securities

The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings.

Financial instruments and derivatives

Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company

may

use interest rate swaps to hedge a portion of its interest rate exposure on long-term debt. Hedge accounting is applied and swaps are carried at fair value on the consolidated balance sheets, with gains or losses recognized in interest expense. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gain or loss is recognized currently in earnings and the unrealized gain or loss is recognized in other comprehensive income. If swaps are terminated and the underlying item is

not,

the resulting gain or loss is deferred and recognized over the remaining life of the underlying item using the effective interest method. In addition, the Company

may

enter into short-term foreign exchange contracts to lower its cost of borrowing, to which hedge accounting is

not

applied.

Fair value

The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a

three

-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The

three

levels are as follows:

Level

1

– Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level

2

– Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities

Level

3

– Unobservable inputs for which there is little or

no

market data, which requires the Company to develop its own assumptions

Financing fees

Financing fees related to the revolving credit facility are deferred and amortized to interest expense using the effective interest method.

Goodwill and intangible assets

Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is

not

subject to amortization.

Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are

not

subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows:

Customer lists and relationships	straight-line over 4 to 20 years
Trademarks and trade names	straight-line over 2 to 10 years
Management contracts and other	straight-line over life of contract ranging from 2 to 10 years
Brokerage backlog	as underlying brokerage transactions are completed

The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group

may

not

be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using discounted expected future cash flows.

Goodwill and indefinite life intangible assets are tested for impairment annually, on

August 1,

or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value.

Impairment of goodwill is tested at the reporting unit level. The Company has

three

reporting units determined with reference to geography. Impairment is tested by

first

assessing qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than

not

that its fair value is greater than its carrying amount, then

no

further testing is required. Where the qualitative analysis is

not

sufficient to support that the fair value exceeds the carrying amount then a

two

-step goodwill impairment test is performed. In the

first

step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using a discounted cash flow approach. The fair value measurement is classified within Level

3

of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a

second

step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value.

Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis.

Redeemable non-controlling interests

Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur.

Revenue recognition and unearned revenues

(a) Real estate brokerage operations

Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement

may

include execution of the lease agreement and satisfaction of future contingencies such as tenant occupancy. In most cases, a portion of the commission is earned upon execution of the lease agreement, with the remaining portion contingent on a future event, typically tenant occupancy; revenue recognition for the remaining portion is deferred until all contingencies are satisfied.

Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied.

(b) Service operations other than real estate brokerage operations

Revenues are recognized at the time the service is rendered. Certain services including but

not

limited to real estate project management and workplace solutions engagements in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received.

Stock-based compensation

For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method.

Foreign currency translation

Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings.

Income tax

Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than

not

that realization of a deferred income tax asset will occur based on available evidence.

The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute.

The Company classifies interest and penalties associated with income tax positions in income tax expense.

Pension plan

The Company’s defined benefit pension plan obligation is remeasured annually as of

December 31

based on the present value of projected future benefit payments for all participants for services rendered.

The pension plan is funded. The benefit obligation and related funded status are determined using assumptions as of the end of each year.

The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate as at the measurement date.

Pension expense for the pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, and other costs. Actuarial gains and losses related to the change in the over-funded or under-funded status of the pension plan are recognized in other comprehensive income.

Business combinations

All business combinations are accounted for using the acquisition method of accounting. Transaction costs are expensed as incurred.

The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is

not

linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period.

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Note 3 - Acquisitions

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3. Acquisitions

2017

acquisitions:

The Company acquired controlling interests in

ten

businesses,

seven

operating in the Americas (Northern California & Nevada; Michigan; Minnesota; Washington, DC; Georgia; Ontario and Mexico),

two

operating in EMEA (United Kingdom; Denmark), and

one

operating in Asia Pacific (Australia). The Northern California & Nevada acquisition, which comprises lease brokerage and sales brokerage operations, was completed on

January 3, 2017.

The other

nine

acquisitions expand Colliers’ geographic presence in these markets in all

three

existing services lines. These acquisitions were accounted for by the acquisition method of accounting for business combinations and accordingly, the consolidated statements of earnings do

not

include any revenues or expenses related to these acquisitions prior to their closing dates.

Details of these acquisitions are as follows:

	Northern California
	& Nevada			Other			Aggregate
	Acquisition			Acquisitions			Acquisitions
Current assets, excluding cash	$	8,503		$	5,420		$	13,923
Non-current assets		2,268			1,117			3,385
Current liabilities		(38,481	)		(10,463	)		(48,944	)
Long-term liabilities		(10,600	)		(3,084	)		(13,684	)
Redeemable non-controlling interest		-			(16,258	)		(16,258	)
	$	(38,310	)	$	(23,268	)	$	(61,578	)
Cash consideration, net of cash acquired of $41,989		(22,696	)		(35,978	)		(58,674	)
Acquisition date fair value of contingent consideration		(10,412	)		(9,135	)		(19,547	)
Total purchase consideration	$	(33,108	)	$	(45,113	)	$	(78,221	)
Acquired intangible assets	$	28,800		$	32,428		$	61,228
Goodwill	$	42,618		$	35,953		$	78,571

2016

acquisitions:

The Company acquired controlling interests in

ten

businesses. Acquisitions included controlling interests in regional firms in the US, Canada, UK, Netherlands and France expanding Colliers’ geographic presence in these markets.

Details of these acquisitions are as follows:

	Aggregate
	Acquisitions
Current assets, excluding cash	$	16,643
Non-current assets		3,719
Current liabilities		(18,556	)
Long-term liabilities		(4,207	)
Non-controlling interests		(25	)
	$	(2,426	)
Cash consideration, net of cash acquired of $10,067		(82,073	)
Acquisition date fair value of contingent consideration		(12,056	)
Total purchase consideration	$	(94,129	)
Acquired intangible assets	$	43,602
Goodwill	$	52,954

Acquisition-related transaction costs for the year ended

December 31, 2017

totaled

$6,247

(

2016

-

$2,794

) and were recorded as expense under the caption “acquisition-related items”.

In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration.

The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended

December 31, 2017,

goodwill in the amount of

$17,531

is deductible for income tax purposes (

2016

-

$18,837

).

The Company typically structures its business acquisitions to include contingent consideration. Certain vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the

one

- to

five

-year periods following the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. If the acquired business does

not

achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to

nil.

Unless it contains an element of compensation, under purchase accounting contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at

December 31, 2017

was

$50,300

(see note

19

). Contingent consideration with a compensatory element is recognized on a straight-line basis over the term of the contingent consideration arrangement. The liability recorded on the balance sheet for the compensatory element of contingent consideration arrangements as at

December 31, 2017

was

$8,320.

The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is determined based on the formula price and the likelihood of achieving specified earnings levels over the contingency period, and ranges from

$77,745

to a maximum of

$91,464.

These contingencies will expire during the period extending to

January 2022.

During the year ended

December 31, 2017,

$11,187

was paid with reference to such contingent consideration (

2016

-

$2,018

).

The consideration for the acquisitions during the year ended

December 31, 2017

was financed from borrowings on the Company’s revolving credit facility and cash on hand.

The amounts of revenues and earnings contributed from the dates of acquisition and included in the Company’s consolidated results for the year ended

December 31, 2017,

and the supplemental pro forma revenues and earnings of the combined entity had the acquisition dates been

January 1, 2016,

are as follows:

		Revenues		Net earnings
Actual from acquired entities for 2017	$	215,174	$	7,377
Supplemental pro forma for 2017 (unaudited)		2,299,891		93,145
Supplemental pro forma for 2016 (unaudited)		2,150,685		100,105

Supplemental pro forma results were adjusted for non-recurring items.

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Note 4 - Acquisition-related Items

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Business Combination Disclosure Acquisition Related Items [Text Block]

4. Acquisition-related items

Acquisition-related expense (income) comprises the following:

		2017		2016
Transaction costs	$	6,247	$	2,794
Contingent consideration fair value adjustments		1,054		(4,591	)
Contingent consideration compensation expense		7,626		5,356
	$	14,927	$	3,559

Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding

four

years.

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Note 5 - Other Income

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

5. Other income

		2017			2016
Loss (gain) on investments	$	309		$	(1,060	)
Equity earnings from non-consolidated		(923	)		(894	)
Other		114			(463	)
	$	(500	)	$	(2,417	)

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Note 6 - Other Assets

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Other Assets Disclosure [Text Block]

6. Other assets

		December 31, 2017		December 31, 2016
Advisor loans receivable	$	44,978	$	28,477
Equity and cost method investments		5,756		7,028
Financing fees, net of accumulated amortization of $1,672 (December 31, 2016 - $947)		2,953		2,044
Interest rate swap asset		751		-
Other		1,059		1,108
	$	55,496	$	38,657

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Note 7 - Fixed Assets

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

7. Fixed assets

December 31, 2017		Cost		Accumulated depreciation		Net
Buildings	$	2,425	$	906	$	1,519
Vehicles		1,952		1,093		859
Furniture and equipment		52,912		35,825		17,087
Computer equipment and software		106,500		77,822		28,678
Leasehold improvements		69,848		34,092		35,756
	$	233,637	$	149,738	$	83,899

December 31, 2016		Cost		Accumulated depreciation		Net
Buildings	$	1,483	$	805	$	678
Vehicles		1,500		886		614
Furniture and equipment		42,753		29,659		13,094
Computer equipment and software		86,333		62,878		23,455
Leasehold improvements		57,696		30,263		27,433
	$	189,765	$	124,491	$	65,274

Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of

$5,812

(

2016

-

$4,739

) and net book value of

$1,913

(

2016

-

$1,827

).

XML

Note 8 - Intangible Assets

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

8. Intangible assets

December 31, 2017		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	219,986	$	74,897	$	145,089
Franchise rights		5,703		4,156		1,547
Trademarks and trade names:
Indefinite life		24,121		-		24,121
Finite life		2,776		1,865		911
Management contracts and other		17,733		6,572		11,161
Brokerage backlog		310		103		207
	$	270,629	$	87,593	$	183,036

December 31, 2016		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	168,998	$	64,397	$	104,601
Franchise rights		5,301		3,478		1,823
Trademarks and trade names:
Indefinite life		23,604		-		23,604
Finite life		2,993		1,484		1,509
Management contracts and other		13,586		5,566		8,020
	$	214,482	$	74,925	$	139,557

During the year ended

December 31, 2017,

the Company acquired the following intangible assets:

		Amount	Estimated weighted average amortization period (years)
Customer lists and relationships	$	53,528	10.0
Trademarks and trade names - finite life		460	2.0
Brokerage backlog		2,708	0.3
Other		4,532	7.6
	$	61,228	9.3

The following is the estimated annual expense for amortization of the recorded intangible assets for each of the next

five

years ending

December 31:

2018	$	24,451
2019		22,369
2020		20,842
2021		18,980
2022		18,288

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Note 9 - Goodwill

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Goodwill Disclosure [Text Block]

9. Goodwill

		Americas			EMEA			Asia Pacific			Consolidated
Balance, December 31, 2015	$	106,797			154,356			44,527			305,680
Goodwill acquired during the year		19,665			33,289			-			52,954
Other items		(603	)		(266	)		-			(869	)
Foreign exchange		558			(10,236	)		(81	)		(9,759	)
Balance, December 31, 2016		126,417			177,143			44,446			348,006
Goodwill acquired during the year		62,938			13,672			1,961			78,571
Other items		1,175			-			-			1,175
Foreign exchange		48			24,071			3,259			27,378
Balance, December 31, 2017		190,578			214,886			49,666			455,130
Goodwill		216,849			218,198			49,666			484,713
Accumulated impairment loss		(26,271	)		(3,312	)		-			(29,583	)
	$	190,578		$	214,886		$	49,666		$	455,130

A test for goodwill impairment is required to be completed annually, in the Company’s case as of

August 1,

or more frequently if events or changes in circumstances indicate the asset might be impaired.

No

goodwill impairments were identified in

2017

or

2016.

The accumulated impairment loss reflects a goodwill impairment incurred in

2009.

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Note 10 - Components of Accrued Liabilities

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

10. Components of accrued liabilities

		December 31, 2017		December 31, 2016
Accrued payroll, commission and benefits	$	365,709	$	267,715
Accrued project management costs		47,866		41,499
Value added tax payable		25,730		24,605
Customer advances		12,926		10,432
Accrued contract costs (overbillings)		12,891		16,713
Other		50,977		38,795
	$	516,099	$	399,759

XML

Note 11 - Long-term Debt

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

11. Long-term debt

		December 31, 2017		December 31, 2016
Revolving credit facility	$	246,411	$	259,081
Capital leases maturing at various dates through 2021		1,991		1,868
Other long-term debt maturing at various dates up to 2020		1,491		1,549
		249,893		262,498
Less: current portion		2,426		1,961
Long-term debt - non-current	$	247,467	$	260,537

On

January 18, 2017,

the Company entered into an amended and restated credit agreement with a syndicate of banks to provide a multi-currency revolving credit facility (the “Facility”) of

$700,000.

The Facility has a

5

-year term ending

January 18, 2022

and bears interest floating reference rates plus an applicable margin of

1.50%

to

2.75%,

depending on certain leverage ratios. The weighted average interest rate on the Facility for

2017

was

2.9%

(

2016

-

2.4%

). The Facility had

$444,711

of available un-drawn credit as at

December 31, 2017.

As of

December 31, 2017,

letters of credit in the amount of

$10,307

were outstanding (

$12,073

as at

December 31, 2016).

The Facility requires a commitment fee of

0.30%

to

0.55%

of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to

$150,000

on the same terms and conditions as the original Facility.

The Company is required to maintain financial covenants including leverage and interest coverage. The Company was in compliance with these covenants as of

December 31, 2017.

The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.

The effective interest rate on the Company’s long-term debt for the year ended

December 31, 2017

was

3.1%

(

2016

-

2.8%

). The estimated aggregate amount of principal repayments on long-term debt required in each of the next

five

years ending

December 31

and thereafter to meet the retirement provisions are as follows:

2018	$	2,426
2019		900
2020		142
2021		14
2022 and thereafter		246,411

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Note 12 - Redeemable Non-controlling Interests

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

12. Redeemable non-controlling interests

The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The following table provides a reconciliation of the beginning and ending RNCI amounts:

		2017			2016
Balance, January 1	$	134,803		$	139,592
RNCI share of earnings		16,497			15,943
RNCI redemption increment		22,583			3,521
Distributions paid to RNCI		(12,870	)		(14,428	)
Purchases of interests from RNCI, net		(31,782	)		(9,825	)
RNCI recognized on business acquisitions		16,258			-
Balance, December 31	$	145,489		$	134,803

The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and

may

be paid in cash or in Subordinate Voting Shares. The redemption amount as of

December 31, 2017

was

$129,087

(

2016

-

$126,007

). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at

December 31, 2017,

approximately

2,100,000

such shares would be issued. The pro forma annual impact of such a settlement would be an increase of approximately

$0.88

to diluted earnings per share.

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Note 13 - Capital Stock

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

13. Capital stock

The authorized capital stock of the Company is as follows:

An unlimited number of Preferred Shares, issuable in series;

An unlimited number of Subordinate Voting Shares having

one

vote per share; and

An unlimited number of Multiple Voting Shares having

20

votes per share, convertible at any time into Subordinate Voting Shares at a rate of

one

Subordinate Voting Share for each Multiple Voting Share outstanding.

The following table provides a summary of total capital stock issued and outstanding:

	Subordinate Voting Shares				Multiple Voting Shares				Total Common Shares
	Number		Amount		Number		Amount		Number		Amount
Balance, December 31, 2016		37,322,767		399,401		1,325,694		373		38,648,461		399,774
Balance, December 31, 2017		37,608,467		406,611		1,325,694		373		38,934,161		406,984

During the year ended

December 31, 2017,

the Company declared dividends on its Common Shares of

$0.10

per share (

2016

-

$0.10

).

Pursuant to an agreement approved in

February 2004

and restated on

June 1, 2015,

the Company agreed that it will make payments to Jay S. Hennick, its Chief Executive Officer (“CEO”), that are contingent upon the arm’s length acquisition of control of the Company or upon a distribution of the Company’s assets to shareholders. The payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm’s length sale or upon a distribution of assets. The right to receive the payments

may

be transferred among members of the CEO’s family, their holding companies and trusts. The agreement provides for the CEO to receive each of the following

two

payments. The

first

payment is an amount equal to

5%

of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate and Multiple Voting Shares minus a base price of

C$3.324.

The

second

payment is an amount equal to

5%

of the product of (i) the total number of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate Voting Shares minus a base price of

C$6.472.

Assuming an arm’s length acquisition of control of the Company took place on

December 31, 2017,

the amount required to be paid to the CEO, based on a market price of

C$75.87

per Subordinate Voting Share, would be

US$230,185.

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Note 14 - Stock-based Compensation

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

14. Stock-based compensation

The Company has a stock option plan for certain officers, directors and key full-time employees of the Company and its subsidiaries, other than its Chairman & CEO. Options are granted at the market price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a

four

-year term, expires

five

years from the date granted and allows for the purchase of

one

Subordinate Voting Share. All Subordinate Voting Shares issued are new shares. As at

December 31, 2017,

there were

544,625

options available for future grants.

Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended

December 31, 2017

and

2016

was as follows:

	Number of options			Weighted average exercise price	Weighted average remaining contractual life (years)		Aggregate intrinsic value
Shares issuable under options - December 31, 2015	1,440,500		$	28.65
Granted	395,000			32.94
Exercised	(144,150	)		19.83
Forfeited	(88,500	)		32.14
Shares issuable under options - December 31, 2016	1,602,850		$	30.31
Granted	450,000			46.21
Exercised	(285,700	)		19.74
Forfeited	(13,875	)		40.10
Shares issuable under options - December 31, 2017	1,753,275		$	36.03	2.7	$	42,631
Options exercisable - End of year	644,450		$	31.77	2.0	$	18,418

The Company incurred stock-based compensation expense related to these awards of

$4,425

during the year ended

December 31, 2017 (

2016

-

$3,279

).

As at

December 31, 2017,

the range of option exercise prices was

$18.18

to

$59.30

per share. Also as at

December 31, 2017,

the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were

$42,631

and

2.7

years, respectively.

The following table summarizes information about option exercises during years ended

December 31, 2017

and

2016:

		2017		2016
Number of options exercised		285,700		144,150
Aggregate fair value	$	14,213	$	5,222
Intrinsic value		8,572		2,364
Amount of cash received		5,641		2,858
Tax benefit recognized	$	102	$	-

As at

December 31, 2017,

there was

$4,705

of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next

four

years. During the year ended

December 31, 2017,

the fair value of options vested was

$3,422

(

2016

-

$2,998

).

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions:

		2017			2016
Risk free rate		1.5	%		1.1	%
Expected life in years		4.75			4.75
Expected volatility		28.9	%		33.0	%
Dividend yield		0.2	%		0.3	%
Weighted average fair value per option granted	$	12.36		$	9.64

The risk-free interest rate is based on the implied yield of a

zero

-coupon US Treasury bond with a term equal to the option’s expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company’s shares over the previous

four

years.

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Note 15 - Income Tax

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15. Income tax

The following is a reconciliation stated as a percentage of pre-tax earnings of the Ontario, Canada combined statutory corporate income tax rate to the Company’s effective tax rate:

	2017		2016
Combined statutory rate	26.5	%	26.5	%
Nondeductible expenses	2.1		2.4
Tax effect of flow through entities	(1.1	)	(1.1	)
Impact of changes in foreign exchange rates	0.5		-
Adjustments to tax liabilities for prior periods	0.9		(0.4	)
Effects of changes in enacted US federal tax rate	8.6		-
Changes in liability for unrecognized tax benefits	(0.4	)	(0.6	)
Stock-based compensation	0.6		0.5
Foreign, state, and provincial tax rate differential	2.5		4.4
Other taxes	0.7		1.4
Change in valuation allowance	(0.9	)	0.3
Outside basis difference in investments	1.0		0.5
Other	(0.3	)	0.4
Effective income tax rate	40.7	%	34.3	%

On

December 22, 2017,

the Tax Cuts and Jobs Act was enacted in the United States, establishing new tax laws that will affect

2018

and future years, including a reduction of the US federal corporate income tax rate from

35%

to

21%.

As a result of the enacted reduction in the federal corporate income tax rate, the Company’s net deferred income tax assets have been re-measured as of

December 31, 2017.

The re-measurement resulted in incremental income tax expense of

$13,325

for the year ended

December 31, 2017

and a corresponding reduction in net deferred income tax assets.

Earnings before income tax by jurisdiction comprise the following:

		2017		2016
Canada	$	21,567	$	23,309
United States		32,178		40,435
Foreign		101,687		75,656
Total	$	155,432	$	139,400

Income tax expense (recovery) comprises the following:

		2017			2016
Current
Canada	$	4,031		$	5,091
United States		3,235			2,090
Foreign		36,310			30,650
		43,576			37,831
Deferred
Canada		3,125			2,278
United States		21,812			12,753
Foreign		(5,213	)		(5,033	)
		19,724			9,998
Total	$	63,300		$	47,829

The significant components of deferred income tax are as follows:

		2017			2016
Loss carry-forwards and other credits	$	37,869		$	56,822
Expenses not currently deductible		22,830			22,525
Stock-based compensation		525			474
Investments		11,956			17,303
Provision for doubtful accounts		4,221			4,990
Financing fees		162			376
Net unrealized foreign exchange losses		(634	)		(399	)
Depreciation and amortization		(32,035	)		(21,713	)
Less: valuation allowance		(11,079	)		(12,707	)
Net deferred income tax asset	$	33,815		$	67,671

As at

December 31, 2017,

the Company believes that it is ‘more likely than

not’

that the net deferred tax assets of

$33,815

will be realized based upon projected future earnings, consideration of net operating loss (“NOL”) limitations, earnings trends, and tax planning strategies. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if projections of future earnings are reduced.

The Company has gross NOL carry-forward balances as follows:

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	30,904	$	37,428	$	24	$	153	$	30,880	$	37,275
United States		47,720		85,550		915		4,100		46,805		81,450
Foreign		50,512		45,988		30,705		31,543		19,807		14,445

The Company has gross capital loss carry-forwards as follows:

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	1,881	$	183	$	1,567	$	108	$	314	$	75
United States		1,671		54		1,671		-		-		54
Foreign		7,139		6,521		7,139		6,521		-		-

These amounts above are available to reduce future, federal, state, and provincial income taxes in their respective jurisdictions. NOL carry-forward balances attributable to Canada begin to expire in

2033.

NOL carry-forward balances attributable to the United States begin to expire in

2031.

Foreign NOL carry-forward balances begin to expire in

2019.

The utilization of NOLs

may

be subject to certain limitations under federal, provincial, state or foreign tax laws.

Cumulative unremitted foreign earnings of the US subsidiaries is

nil

(

2016

-

nil

). Cumulative unremitted foreign earnings of international subsidiaries of the Company approximated

$42,709

as at

December 31, 2017 (

2016

-

$21,886

). The Company has

not

provided a deferred tax liability on the unremitted foreign earnings as it is management’s intent to permanently reinvest such earnings outside of Canada. In addition, any repatriation of such earnings would

not

be subject to significant Canadian or foreign taxes.

A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows:

		2017			2016
Balance, January 1	$	2,292		$	2,519
Gross increases for tax positions of current period		-			111
Gross increases for tax positions of prior periods		18			41
Amount recognized on acquisitions		-			613
Reduction for lapses in applicable statutes of limitations		(628	)		(1,031	)
Foreign currency translation		176			39
Balance, December 31	$	1,858		$	2,292

Of the

$1,858

(

2016

-

$2,292

) in gross unrecognized tax benefits,

$1,858

(

2016

-

$2,292

) would affect the Company’s effective tax rate if recognized. For the year-ended

December 31, 2017,

additional interest and penalties of

$18

related to uncertain tax positions was accrued (

2016

-

$234

). The Company reversed

$155

of accrued interest and penalties related to positions lapsed in applicable statute of limitations in

2017

(

2016

-

$58

). As at

December 3, 2017,

the Company had accrued

$213

(

2016

-

$350

) for potential income tax related interest and penalties.

Within the next

twelve

months, the Company believes it is reasonably possible that

$550

of unrecognized tax benefits associated with uncertain tax positions

may

be reduced due to lapses in statutes of limitations.

The Company files tax returns in Canada, United States and multiple foreign jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for

four

to

seven

years and income tax returns filed with the United States Internal Revenue Service and related states are open for

three

to

five

years. Tax returns in the significant foreign jurisdictions that the company conducts business in are generally open for

four

years. 

The Company does

not

currently expect any other material impact on earnings to result from the resolution of matters related to open taxation years, other than noted above. Actual settlements

may

differ from the amounts accrued. The Company has, as part of its analysis, made its current estimates based on facts and circumstances known to date and cannot predict changes in facts and circumstances that

may

affect its current estimates.

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Note 16 - Pension Plan

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

16. Pension plan

The Company has

one

defined benefit pension plan (the “Plan”), which was assumed in connection with a business acquired during

2016.

The Plan covers eligible employees in the Netherlands and provides old age, survivor, orphan and disability benefits. Effective

December 31, 2016,

enrollment in the Plan was frozen and

no

additional employees are entitled to join the Plan. The Plan is covered by an insurance contract which limits the Company’s exposure to returns below a fixed discount rate.

The following table details the net periodic pension cost of the Plan:

		2017			2016
Gross employer service cost	$	1,501		$	1,378
Plan participant contributions		(308	)		(336	)
Interest cost on service cost		27			34
Employer's service cost		1,220			1,076
Interest cost		701			794
Expected net return on plan assets		(640	)		(787	)
Other costs		166			168
Total employer's pension expense	$	1,447		$	1,251

The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represent the Company’s funded status), as well as the funded status, of the Plan.

Change in benefit obligation:		2017			2016
Projected benefit obligation - January 1	$	36,659		$	31,421
Current service cost		1,220			1,076
Plan participant / third party contributions		308			336
Interest cost		701			794
Benefits paid		(495	)		(438	)
Curtailment		(125	)		-
Foreign exchange		5,204			(969	)
Expected projected benefit obligation, December 31		43,473			32,220
Actuarial (gain)/ loss, net of foreign exchange		(1,105	)		4,438
Projected benefit obligation - December 31	$	42,368		$	36,659

Change in plan assets:		2017			2016
Fair value of plan assets - January 1	$	33,016		$	30,627
Expected net return on plan assets		640			787
Contributions
Employer		609			603
Plan participants		308			336
Benefits paid		(495	)		(438	)
Other costs		(72	)		(168	)
Foreign exchange		4,658			(916	)
Expected fair value of plan assets - December 31		38,664			30,831
Actuarial gain, net of foreign exchange		149			2,185
Fair value of plan assets - December 31	$	38,813		$	33,016

Defined benefit pension plan amounts recorded in the Consolidated Balance Sheet are shown in the table below:

		December  31, 2017			December  31, 2016
Present value of accumulated benefit obligation	$	(40,142	)	$	(34,934	)
Effect of future compensation increases		(2,226	)		(1,724	)
Present value of projected benefit obligation		(42,368	)		(36,659	)
Fair value of plan assets		38,813			33,016
Net liability for pension benefits	$	(3,555	)	$	(3,643	)

The following table details the amount recognized in other comprehensive income:

		2017			2016
Actuarial (gain)/loss on remeasurement of projected benefit obligation	$	(1,038	)	$	4,654
Actuarial (gain)/loss on remeasurement of fair value of assets		(234	)		(2,292	)
Actuarial (gain)/loss on curtailment of benefits from reorganization		(125	)		-
Total (gain)/loss recognized in other comprehensive income	$	(1,397	)	$	2,362

The assumptions used in developing the projected benefit obligation as of

December 31

are as follows:

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%

The assumptions used in determining net periodic cost for the period ended

December 31

are as follows:

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%
Expected long-term rate of return on assets	1.8	%	1.8	%

The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA”-rated corporate bonds with durations consistent with the liabilities of the Plan.

The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio.

For the period ended

December 31, 2017

the actual return on assets was

$781

(

2016

-

$3,079

) composed of an expected return on assets of

$640

(

2016

-

$787

) and an actuarial gain of

$140

(

2016

–

$2,292

).

Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets.

	December 31,		Fair value measurements
	2017		Level 1		Level 2		Level 3
Equity type investments	$	3,351	$	3,351	$	-	$	-
Fixed interest type investments:
Government bonds		32,906		32,906		-		-
Cash		102		102		-		-
Other		2,453		-		-		2,453
Total	$	38,813	$	36,360	$	-	$	2,453

The Plan’s assets are invested with a

third

party insurance company in the Netherlands that insures the performance of Plan assets. The valuation of the insurance asset is included in the “Other” category in the table above.

The Company expects the following pension benefit payments over the next

10

years:

Year ended December 31
2018	$	606
2019		692
2020		722
2021		760
2022		835
2023 - 2027		5,158

XML

Note 17 - Net Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

17. Net earnings per common share

Earnings per share calculations cannot be anti-dilutive, therefore diluted shares are

not

used in the denominator if the numerator is in a loss position. The following table reconciles the denominator used to calculate earnings per common share:

	2017	2016
Shares issued and outstanding at beginning of period	38,648,461	38,504,311
Weighted average number of shares:
Issued during the period	181,523	91,754
Weighted average number of shares used in computing basic earnings per share	38,829,984	38,596,065
Assumed exercise of stock options acquired under the Treasury Stock Method	477,870	271,771
Number of shares used in computing diluted earnings per share	39,307,854	38,867,836

XML

Note 18 - Other Supplemental Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Additional Financial Information Disclosure [Text Block]

18. Other supplemental information

		2017		2016
Cash payments made during the period
Income taxes, net of refunds	$	43,374	$	36,349
Interest		11,168		7,980
Non-cash financing activities
Increases in capital lease obligations	$	123	$	988
Dividends declared but not paid		1,947		1,932
Other expenses
Rent expense	$	65,982	$	57,850

XML

Note 19 - Financial Instruments

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

19. Financial instruments

Concentration of credit risk

The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable, unbilled revenues, other receivables and advisor loans receivable. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across different service lines in various countries.

Foreign currency risk

Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than

US dollars. A significant portion of revenue is generated by the Company’s Canadian, Australian, UK and Euro currency operations. The Company’s head office expenses are incurred primarily in Canadian dollars which are hedged by Canadian dollar denominated revenue.

Fluctuations in foreign currencies impact the amount of total assets and liabilities that are reported for foreign subsidiaries upon the translation of these amounts into US dollars. In particular, the amount of cash, working capital, goodwill and intangibles held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on the consolidated balance sheets).

Interest rate risk

The Company utilizes an interest rate risk management strategy that

may

use interest rate hedging contracts from time to time. The Company’s specific goals are to: (i) manage interest rate sensitivity by modifying the characteristics of its debt and (ii) lower the long-term cost of its borrowed funds.

In

April 2017,

the Company entered into interest rate swap agreements to convert the LIBOR floating interest rate on

$100,000

of US dollar denominated debt into a fixed interest rate of

1.897%

plus the applicable margin. The term of the swaps match the maturity of the underlying Facility, with a maturity of

January 18, 2022.

The swaps are being accounted for as cash flow hedges and are measured at fair value on the balance sheet. Gains or losses on the swaps, which are determined to be effective as hedges, are reported in other comprehensive income.

Fair values of financial instruments

The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of

December 31, 2017:

		Carrying value at	Fair value measurements
		December 31, 2017		Level 1		Level 2		Level 3
Contingent consideration liability	$	50,300	$	-	$	-	$	50,300
Interest rate swap asset		751		-		751		-

The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level

3

inputs. The fair value measurements were made using a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from

3%

to

10.5%,

with a weighted average of

9.5%

). The wide range of discount rates is attributable to level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. Within the range of discount rates, there is data point concentration at the

9.5%

and

10.5%

levels. A

2%

increase in the weighted average discount rate would reduce the fair value of contingent consideration by

$2,100.

Changes in the fair value of the contingent consideration liability comprises the following:

		2017			2016
Balance, January 1	$	32,266		$	29,119
Amounts recognized on acquisitions		21,477			12,056
Fair value adjustments (note 4)		1,054			(4,591	)
Resolved and settled in cash		(6,169	)		(1,434	)
Other		1,672			(2,884	)
Balance, December 31	$	50,300		$	32,266
Less: current portion	$	18,657		$	4,884
Non-current portion	$	31,643		$	27,382

The carrying amounts for cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of non-current receivables, advisor loans and long-term debt are Level

3

inputs. The following are estimates of the fair values for other financial instruments:

	2017				2016
		Carrying amount		Fair value		Carrying amount		Fair value
Other receivables	$	10,136	$	10,136	$	10,203	$	10,203
Advisor loans receivable		44,978		44,978		28,477		28,477
Long-term debt (Non-current)		247,467		247,467		260,537		260,537

Other receivables include notes receivable from non-controlling shareholders, accounts receivable from customers with terms of greater than

one

year and non-current income tax recoverable.

XML

Note 20 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

20. Commitments and contingencies

(a)  Lease commitments

Minimum operating lease payments are as follows:

Year ended December 31
2018	$	81,727
2019		69,389
2020		58,273
2021		46,076
2022		36,685
Thereafter		64,009
	$	356,159

(b)  Purchase commitments

Minimum contractual purchase commitments are as follows:

Year ended December 31
2018	$	5,418
2019		1,273
	$	6,691

(c) Contingencies

In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will

not

have a material impact on the Company’s financial condition or the results of operations.

XML

Note 21 - Related Party Transactions

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

21. Related party transactions

The Company has entered into office space rental arrangements and property management contracts with minority shareholders of certain subsidiaries and other related parties. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues and rental income for the Company. The recorded amount of the rent expense for the year ended

December 31, 2017

was

$356

(

2016

-

$643

). The recorded amount of the property management revenues and rental income for year ended

December 31, 2017

was

$635

(

2016

-

$1,059

). These amounts are settled monthly in cash, and are priced at market rates. The rental arrangements have fixed terms of up to

10

years. The property management contracts have terms of

one

to

three

years.

As at

December 31, 2017,

the Company had

$8,093

of loans receivable from non-controlling shareholders (

2016

-

$4,897

). The majority of the loans receivable represent amounts assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests in subsidiaries to senior managers. The loans are of varying principal amounts and interest rates which range from

nil

to

2.45%.

These loans are due on demand or mature on various dates up to

2026,

but are open for repayment without penalty at any time.

XML

Note 22 - Segmented Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

22. Segmented information

Operating segments

Colliers has identified

three

reportable operating segments, which are grouped geographically and based on the manner in which the segments are managed by the chief operating decision maker, which is identified as both the CEO and COO of the Company. Management assesses each segment’s performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global administrative functions and corporate head office.

Included in segment total assets at

December 31, 2017

are investments in subsidiaries accounted for under the equity method or cost method: Americas

$3,171

(

2016

-

$4,753

); EMEA

$2,578

(

2016

-

$2,610

) and Asia Pacific

$7

(

2016

-

$7

). The reportable segment information excludes intersegment transactions.

2017		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,310,551	$	521,284	$	441,544	$	1,983		$	2,275,362
Depreciation and amortization		28,799		16,624		5,914		1,655			52,992
Operating earnings (loss)		86,741		47,920		55,698		(23,532	)		166,827
Other income, net											500
Interest expense, net											(11,895	)
Income tax expense											(63,300	)
Net earnings										$	92,132
Total assets	$	694,138	$	530,728	$	221,222	$	(4,163	)	$	1,441,925
Total additions to long-lived assets		138,914		28,773		9,876		5,092			182,655

2016		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,021,317	$	474,868	$	399,368	$	1,171		$	1,896,724
Depreciation and amortization		21,612		15,121		5,479		2,712			44,924
Operating earnings (loss)		85,255		34,275		45,614		(18,971	)		146,173
Other income, net											2,417
Interest expense, net											(9,190	)
Income tax expense											(47,829	)
Net earnings										$	91,571
Total assets	$	555,758	$	443,014	$	181,385	$	10,114		$	1,190,271
Total additions to long-lived assets		50,948		67,325		4,654		1,141			124,068

Geographic information

Revenues in each geographic region are reported by customer locations.

		2017		2016
United States
Revenues	$	984,740	$	734,488
Total long-lived assets		281,588		178,908
Canada
Revenues	$	288,537	$	253,529
Total long-lived assets		61,158		52,547
Euro currency countries
Revenues	$	261,821	$	261,626
Total long-lived assets		191,934		174,932
Australia
Revenues	$	245,385	$	219,406
Total long-lived assets		50,843		43,808
United Kingdom
Revenues	$	166,685	$	137,216
Total long-lived assets		75,745		69,565
Other
Revenues	$	328,194	$	290,459
Total long-lived assets		60,797		33,077
Consolidated
Revenues	$	2,275,362	$	1,896,724
Total long-lived assets		722,065		552,837

XML

Note 23 - Impact of Recently Issued Accounting Standards

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

23. Impact of recently issued accounting standards

Recently adopted accounting guidance

In

November 2015,

the FASB issued ASU

No.

2015

-

17,

Balance Sheet Classification of Deferred Taxes

. This ASU simplifies the presentation of all tax assets and liabilities by

no

longer requiring an allocation between current and non-current. All deferred tax assets and liabilities, along with any related valuation allowance are to be classified as non-current on the balance sheet. The Company adopted this ASU effective

January 1, 2017

using the retrospective transition method. The impact of the change on the

December 31, 2016

consolidated balance sheet was to (i) reduce current deferred income tax assets by

$18,314;

(ii) increase non-current deferred income tax assets by

$13,806;

(iii) reduce current deferred income tax liabilities by

$376

and (iv) reduce non-current deferred income tax liabilities by

$4,132.

In

March 2016,

the FASB issued ASU

No.

2016

-

09,

Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting

. This ASU simplifies how share-based payments are accounted for and presented. Income tax expense is expected to be impacted as entities are required to record all of the tax effects related to share-based payments at settlement through the income statement. This standard removes the requirement to delay recognition of a windfall tax benefit until it reduces taxes payable and instead records the benefit when it arises. The standard also permits entities to make an accounting policy election for the impact of forfeitures by allowing them to be estimated, as required today, or recognized when they occur. The Company adopted this ASU effective

January 1, 2017,

using the modified retrospective transition method with (i) a cumulative effect adjustment of

$476

to decrease the deficit and (ii) the forfeiture rate continuing to be estimated.

Recently issued accounting guidance,

not

yet adopted

Beginning in

May 2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2014

-

09,

Revenue from Contracts with Customers

, as well as several related ASUs (collectively, the “Revenue Guidance”). The Revenue Guidance clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The Company will adopt the Revenue Guidance effective

January 1, 2018

using the full retrospective transition method. The Company has assessed each of its revenue streams for the possible impact of the Revenue Guidance and based on the assessment, its application is expected to result in the following:

(i) Acceleration of revenues that are based, in part, on future contingent events. Lease brokerage revenues in certain countries where the Company operates will be recognized earlier. Under the new guidance, the Company’s performance obligation will typically be satisfied upon lease execution, and therefore revenues that are earned under arrangements that contain future contingent events will be recognized earlier so long as it is not subject to significant risk of reversal. Under existing GAAP, such revenues are deferred until the related contingency (e.g. tenant occupancy) is resolved. This change will result in earlier recognition of revenue, the related cost of revenue and earnings. The Company estimates that the adoption of the standard will result in the recognition of additional revenue of $14,000 with an associated increase to net earnings attributable to Company of $2,000 for the year ended December 31, 2017. Related adjustments to income tax expense, contract assets, deferred income taxes and shareholders’ equity are also expected.

(ii) An increase in the proportion of reimbursable expenses related to the Company’s property management activities accounted for as revenue on a gross basis. Under the new guidance, principal vs. agent indicators were revised with a focus on control over services provided by third -party service providers. Classification of revenue on a gross basis is expected to result in additional revenue of approximately $146,000 with a corresponding increase in cost of revenue, with no impact on earnings, for the year ended December 31, 2017.

(iii) Expanded disclosure related to revenue from contracts, particularly surrounding contract assets and liabilities.

In

February 2016,

the FASB issued ASU

No.

2016

-

02,

Leases

. This ASU affects all aspects of lease accounting and has a significant impact to lessees as it requires the recognition of a right-of use asset and a lease liability for virtually all leases including operating leases. In addition to balance sheet recognition, additional quantitative and qualitative disclosures will be required. The Company has catalogued and abstracted key terms of its leases and has selected a software solution to assist with the additional accounting and disclosures required. The Company’s assets and liabilities will be impacted by the recognition of a right-of-use asset and lease liability. Related balance sheet ratios will also be impacted. Covenant ratio calculations under the Company’s revolving credit facility will however

not

be impacted, as they will continue to be based on the accounting standards in place as of

September 30, 2016.

The Company will adopt this ASU effective

January 1, 2019,

using the modified retrospective transition method.

In

August 2016,

the FASB issued ASU

No.

2016

-

15,

Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments

. This ASU reduces diversity in how certain transactions are classified in the statement of cash flows. Under this guidance contingent consideration payments made soon after an acquisition’s closing date should be classified as cash outflows for investing activities. The Company is currently assessing the impact of this standard on its financial statements. The Company will adopt this ASU effective

January 1, 2018,

using the retrospective transition method.

In

January 2017,

the FASB issued ASU

No.

2017

-

01,

Business Combinations – Clarifying the Definition of a Business

which clarifies and simplifies the definition of a business. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would

not

represent a business. This will likely result in more acquisitions being accounted for as asset purchases which impacts many areas of accounting such as acquisitions, disposals, goodwill impairment and consolidation. This standard is effective for annual and interim periods beginning after

December 15, 2017,

with early adoption permitted. The Company will adopt this ASU effective

January 1, 2018,

using prospective application.

In

January 2017,

the FASB issued ASU

No.

2017

-

04,

Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment

to remove Step

2

of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under this guidance, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value,

not

to exceed the carrying amount of goodwill. The standard is effective for annual and interim periods beginning after

December 15, 2019,

with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements.

In

March 2017,

the FASB issued ASU

No.

2017

-

07,

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,

which improves the presentation of benefit costs and changes disclosure requirements. The standard is effective for annual or interim period beginning after

December 15, 2017,

with early adoption permitted. The Company does

not

believe this guidance will have a material impact on its financial statements.

In

August 2017,

the FASB issued ASU

No.

2017

-

12,

Derivatives and Hedging (Topic

815

): Targeted Improvements to Accounting for Hedging Activities,

which increases the scope of hedge accounting for both financial and nonfinancial strategies. The standard is effective for annual and interim periods beginning after

December 15, 2018,

with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements and does

not

anticipate a material impact as the Company’s interest rate swaps are currently accounted for as cash flow hedges, are deemed to be effective as hedges and are already reported in other comprehensive income.

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Note 24 - Subsequent Events

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

24. Subsequent events

In

January 2018,

the Company acquired Ovenia Group Oy, a real estate management and services firm with

500

employees headquartered in Helsinki, Finland. In

February 2018,

the Company acquired a controlling interest in IREA Corporate Finance SL, a real estate advisory firm headquartered in Madrid, Spain. The initial cash consideration for these acquisitions was

$82,002.

These acquisitions will be accounted for using the acquisition method of accounting for business combinations.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the recoverability of deferred income tax assets, timing of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions and the collectability of accounts receivable. Actual results could be materially different from these estimates.

Consolidation, Policy [Policy Text Block]

Basis of consolidation

The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does

not

have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of

three

months or less.

Inventory, Policy [Policy Text Block]

Unbilled revenues

Unbilled revenues relate to real estate project management and workplace solutions engagements in process and are accounted for using the percentage of completion method.

Property, Plant and Equipment, Policy [Policy Text Block]

Fixed assets

Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group

may

not

be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows:

Buildings	20 to 40 years straight-line
Vehicles	3 to 5 years straight-line
Furniture and equipment	3 to 10 years straight-line
Computer equipment and software	3 to 5 years straight-line
Leasehold improvements	term of the lease to a maximum of 10 years

Investment, Policy [Policy Text Block]

Investments in securities

The Company classifies investments in securities under the caption “other assets”. Investments in equity securities are accounted for using the equity method or cost method. The equity method is utilized where the Company has the ability to exercise significant influence on the investee. Realized gains or losses and equity earnings or losses are recorded in other (income) expense. Equity securities, including marketable equity securities as well as those accounted for under the equity method and cost method, are regularly reviewed for impairment based on both quantitative and qualitative criteria that include the extent to which cost exceeds fair value and the duration of the market decline, the Company’s intent and ability to hold until forecasted recovery, and the financial health and near term prospects for the issuer. Other-than-temporary impairment losses on equity securities are recorded in earnings.

Derivatives, Policy [Policy Text Block]

Financial instruments and derivatives

Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. From time to time, the Company

may

use interest rate swaps to hedge a portion of its interest rate exposure on long-term debt. Hedge accounting is applied and swaps are carried at fair value on the consolidated balance sheets, with gains or losses recognized in interest expense. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged interest rate risk; the associated gain or loss is recognized currently in earnings and the unrealized gain or loss is recognized in other comprehensive income. If swaps are terminated and the underlying item is

not,

the resulting gain or loss is deferred and recognized over the remaining life of the underlying item using the effective interest method. In addition, the Company

may

enter into short-term foreign exchange contracts to lower its cost of borrowing, to which hedge accounting is

not

applied.

Fair Value Measurement, Policy [Policy Text Block]

Fair value

The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a

three

-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The

three

levels are as follows:

Level

1

– Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level

2

– Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities

Level

3

– Unobservable inputs for which there is little or

no

market data, which requires the Company to develop its own assumptions

Deferred Charges, Policy [Policy Text Block]

Financing fees

Financing fees related to the revolving credit facility are deferred and amortized to interest expense using the effective interest method.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and intangible assets

Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is

not

subject to amortization.

Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are

not

subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows:

Customer lists and relationships	straight-line over 4 to 20 years
Trademarks and trade names	straight-line over 2 to 10 years
Management contracts and other	straight-line over life of contract ranging from 2 to 10 years
Brokerage backlog	as underlying brokerage transactions are completed

The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group

may

not

be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using discounted expected future cash flows.

Goodwill and indefinite life intangible assets are tested for impairment annually, on

August 1,

or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value.

Impairment of goodwill is tested at the reporting unit level. The Company has

three

reporting units determined with reference to geography. Impairment is tested by

first

assessing qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than

not

that its fair value is greater than its carrying amount, then

no

further testing is required. Where the qualitative analysis is

not

sufficient to support that the fair value exceeds the carrying amount then a

two

-step goodwill impairment test is performed. In the

first

step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using a discounted cash flow approach. The fair value measurement is classified within Level

3

of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a

second

step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value.

Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis.

Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

Redeemable non-controlling interests

Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur.

Revenue Recognition, Policy [Policy Text Block]

Revenue recognition and unearned revenues

(a) Real estate brokerage operations

Commission revenues from real estate leasing transactions are recognized once performance obligations under the commission arrangement are satisfied. Terms and conditions of a commission arrangement

may

include execution of the lease agreement and satisfaction of future contingencies such as tenant occupancy. In most cases, a portion of the commission is earned upon execution of the lease agreement, with the remaining portion contingent on a future event, typically tenant occupancy; revenue recognition for the remaining portion is deferred until all contingencies are satisfied.

Commission revenues from sales brokerage transactions are recognized at the time the service has been provided and the commission becomes legally due, except when future contingencies exist. In most cases, close of escrow or transfer of title is a future contingency, and accordingly, revenue recognition is deferred until this contingency is satisfied.

(b) Service operations other than real estate brokerage operations

Revenues are recognized at the time the service is rendered. Certain services including but

not

limited to real estate project management and workplace solutions engagements in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-based compensation

For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign currency translation

Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings.

Income Tax, Policy [Policy Text Block]

Income tax

Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than

not

that realization of a deferred income tax asset will occur based on available evidence.

The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute.

The Company classifies interest and penalties associated with income tax positions in income tax expense.

Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block]

Pension plan

The Company’s defined benefit pension plan obligation is remeasured annually as of

December 31

based on the present value of projected future benefit payments for all participants for services rendered.

The pension plan is funded. The benefit obligation and related funded status are determined using assumptions as of the end of each year.

The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate as at the measurement date.

Pension expense for the pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, and other costs. Actuarial gains and losses related to the change in the over-funded or under-funded status of the pension plan are recognized in other comprehensive income.

Business Combinations Policy [Policy Text Block]

Business combinations

All business combinations are accounted for using the acquisition method of accounting. Transaction costs are expensed as incurred.

The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is

not

linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period.

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Note 3 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

	Northern California
	& Nevada			Other			Aggregate
	Acquisition			Acquisitions			Acquisitions
Current assets, excluding cash	$	8,503		$	5,420		$	13,923
Non-current assets		2,268			1,117			3,385
Current liabilities		(38,481	)		(10,463	)		(48,944	)
Long-term liabilities		(10,600	)		(3,084	)		(13,684	)
Redeemable non-controlling interest		-			(16,258	)		(16,258	)
	$	(38,310	)	$	(23,268	)	$	(61,578	)
Cash consideration, net of cash acquired of $41,989		(22,696	)		(35,978	)		(58,674	)
Acquisition date fair value of contingent consideration		(10,412	)		(9,135	)		(19,547	)
Total purchase consideration	$	(33,108	)	$	(45,113	)	$	(78,221	)
Acquired intangible assets	$	28,800		$	32,428		$	61,228
Goodwill	$	42,618		$	35,953		$	78,571

	Aggregate
	Acquisitions
Current assets, excluding cash	$	16,643
Non-current assets		3,719
Current liabilities		(18,556	)
Long-term liabilities		(4,207	)
Non-controlling interests		(25	)
	$	(2,426	)
Cash consideration, net of cash acquired of $10,067		(82,073	)
Acquisition date fair value of contingent consideration		(12,056	)
Total purchase consideration	$	(94,129	)
Acquired intangible assets	$	43,602
Goodwill	$	52,954

Business Acquisition, Pro Forma Information [Table Text Block]

		Revenues		Net earnings
Actual from acquired entities for 2017	$	215,174	$	7,377
Supplemental pro forma for 2017 (unaudited)		2,299,891		93,145
Supplemental pro forma for 2016 (unaudited)		2,150,685		100,105

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Note 4 - Acquisition-related Items (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Acquisition Related Expenses [Table Text Block]

		2017		2016
Transaction costs	$	6,247	$	2,794
Contingent consideration fair value adjustments		1,054		(4,591	)
Contingent consideration compensation expense		7,626		5,356
	$	14,927	$	3,559

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Note 5 - Other Income (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

		2017			2016
Loss (gain) on investments	$	309		$	(1,060	)
Equity earnings from non-consolidated		(923	)		(894	)
Other		114			(463	)
	$	(500	)	$	(2,417	)

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Note 6 - Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Other Assets [Table Text Block]

		December 31, 2017		December 31, 2016
Advisor loans receivable	$	44,978	$	28,477
Equity and cost method investments		5,756		7,028
Financing fees, net of accumulated amortization of $1,672 (December 31, 2016 - $947)		2,953		2,044
Interest rate swap asset		751		-
Other		1,059		1,108
	$	55,496	$	38,657

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Note 7 - Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Property, Plant and Equipment [Table Text Block]

December 31, 2017		Cost		Accumulated depreciation		Net
Buildings	$	2,425	$	906	$	1,519
Vehicles		1,952		1,093		859
Furniture and equipment		52,912		35,825		17,087
Computer equipment and software		106,500		77,822		28,678
Leasehold improvements		69,848		34,092		35,756
	$	233,637	$	149,738	$	83,899

December 31, 2016		Cost		Accumulated depreciation		Net
Buildings	$	1,483	$	805	$	678
Vehicles		1,500		886		614
Furniture and equipment		42,753		29,659		13,094
Computer equipment and software		86,333		62,878		23,455
Leasehold improvements		57,696		30,263		27,433
	$	189,765	$	124,491	$	65,274

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Note 8 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

December 31, 2017		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	219,986	$	74,897	$	145,089
Franchise rights		5,703		4,156		1,547
Trademarks and trade names:
Indefinite life		24,121		-		24,121
Finite life		2,776		1,865		911
Management contracts and other		17,733		6,572		11,161
Brokerage backlog		310		103		207
	$	270,629	$	87,593	$	183,036

December 31, 2016		Gross carrying amount		Accumulated amortization		Net
Customer lists and relationships	$	168,998	$	64,397	$	104,601
Franchise rights		5,301		3,478		1,823
Trademarks and trade names:
Indefinite life		23,604		-		23,604
Finite life		2,993		1,484		1,509
Management contracts and other		13,586		5,566		8,020
	$	214,482	$	74,925	$	139,557

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

		Amount	Estimated weighted average amortization period (years)
Customer lists and relationships	$	53,528	10.0
Trademarks and trade names - finite life		460	2.0
Brokerage backlog		2,708	0.3
Other		4,532	7.6
	$	61,228	9.3

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2018	$	24,451
2019		22,369
2020		20,842
2021		18,980
2022		18,288

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Note 9 - Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Goodwill [Table Text Block]

		Americas			EMEA			Asia Pacific			Consolidated
Balance, December 31, 2015	$	106,797			154,356			44,527			305,680
Goodwill acquired during the year		19,665			33,289			-			52,954
Other items		(603	)		(266	)		-			(869	)
Foreign exchange		558			(10,236	)		(81	)		(9,759	)
Balance, December 31, 2016		126,417			177,143			44,446			348,006
Goodwill acquired during the year		62,938			13,672			1,961			78,571
Other items		1,175			-			-			1,175
Foreign exchange		48			24,071			3,259			27,378
Balance, December 31, 2017		190,578			214,886			49,666			455,130
Goodwill		216,849			218,198			49,666			484,713
Accumulated impairment loss		(26,271	)		(3,312	)		-			(29,583	)
	$	190,578		$	214,886		$	49,666		$	455,130

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Note 10 - Components of Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

		December 31, 2017		December 31, 2016
Accrued payroll, commission and benefits	$	365,709	$	267,715
Accrued project management costs		47,866		41,499
Value added tax payable		25,730		24,605
Customer advances		12,926		10,432
Accrued contract costs (overbillings)		12,891		16,713
Other		50,977		38,795
	$	516,099	$	399,759

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Note 11 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Debt [Table Text Block]

		December 31, 2017		December 31, 2016
Revolving credit facility	$	246,411	$	259,081
Capital leases maturing at various dates through 2021		1,991		1,868
Other long-term debt maturing at various dates up to 2020		1,491		1,549
		249,893		262,498
Less: current portion		2,426		1,961
Long-term debt - non-current	$	247,467	$	260,537

Schedule of Maturities of Long-term Debt [Table Text Block]

2018	$	2,426
2019		900
2020		142
2021		14
2022 and thereafter		246,411

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Note 12 - Redeemable Non-controlling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Redeemable Noncontrolling Interest [Table Text Block]

		2017			2016
Balance, January 1	$	134,803		$	139,592
RNCI share of earnings		16,497			15,943
RNCI redemption increment		22,583			3,521
Distributions paid to RNCI		(12,870	)		(14,428	)
Purchases of interests from RNCI, net		(31,782	)		(9,825	)
RNCI recognized on business acquisitions		16,258			-
Balance, December 31	$	145,489		$	134,803

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Note 13 - Capital Stock (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Stock by Class [Table Text Block]

	Subordinate Voting Shares				Multiple Voting Shares				Total Common Shares
	Number		Amount		Number		Amount		Number		Amount
Balance, December 31, 2016		37,322,767		399,401		1,325,694		373		38,648,461		399,774
Balance, December 31, 2017		37,608,467		406,611		1,325,694		373		38,934,161		406,984

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Note 14 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of options			Weighted average exercise price	Weighted average remaining contractual life (years)		Aggregate intrinsic value
Shares issuable under options - December 31, 2015	1,440,500		$	28.65
Granted	395,000			32.94
Exercised	(144,150	)		19.83
Forfeited	(88,500	)		32.14
Shares issuable under options - December 31, 2016	1,602,850		$	30.31
Granted	450,000			46.21
Exercised	(285,700	)		19.74
Forfeited	(13,875	)		40.10
Shares issuable under options - December 31, 2017	1,753,275		$	36.03	2.7	$	42,631
Options exercisable - End of year	644,450		$	31.77	2.0	$	18,418

Stock Options Exercised [Table Text Block]

		2017		2016
Number of options exercised		285,700		144,150
Aggregate fair value	$	14,213	$	5,222
Intrinsic value		8,572		2,364
Amount of cash received		5,641		2,858
Tax benefit recognized	$	102	$	-

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

		2017			2016
Risk free rate		1.5	%		1.1	%
Expected life in years		4.75			4.75
Expected volatility		28.9	%		33.0	%
Dividend yield		0.2	%		0.3	%
Weighted average fair value per option granted	$	12.36		$	9.64

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Note 15 - Income Tax (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2017		2016
Combined statutory rate	26.5	%	26.5	%
Nondeductible expenses	2.1		2.4
Tax effect of flow through entities	(1.1	)	(1.1	)
Impact of changes in foreign exchange rates	0.5		-
Adjustments to tax liabilities for prior periods	0.9		(0.4	)
Effects of changes in enacted US federal tax rate	8.6		-
Changes in liability for unrecognized tax benefits	(0.4	)	(0.6	)
Stock-based compensation	0.6		0.5
Foreign, state, and provincial tax rate differential	2.5		4.4
Other taxes	0.7		1.4
Change in valuation allowance	(0.9	)	0.3
Outside basis difference in investments	1.0		0.5
Other	(0.3	)	0.4
Effective income tax rate	40.7	%	34.3	%

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

		2017		2016
Canada	$	21,567	$	23,309
United States		32,178		40,435
Foreign		101,687		75,656
Total	$	155,432	$	139,400

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2017			2016
Current
Canada	$	4,031		$	5,091
United States		3,235			2,090
Foreign		36,310			30,650
		43,576			37,831
Deferred
Canada		3,125			2,278
United States		21,812			12,753
Foreign		(5,213	)		(5,033	)
		19,724			9,998
Total	$	63,300		$	47,829

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2017			2016
Loss carry-forwards and other credits	$	37,869		$	56,822
Expenses not currently deductible		22,830			22,525
Stock-based compensation		525			474
Investments		11,956			17,303
Provision for doubtful accounts		4,221			4,990
Financing fees		162			376
Net unrealized foreign exchange losses		(634	)		(399	)
Depreciation and amortization		(32,035	)		(21,713	)
Less: valuation allowance		(11,079	)		(12,707	)
Net deferred income tax asset	$	33,815		$	67,671

Summary of Operating Loss Carryforwards [Table Text Block]

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	30,904	$	37,428	$	24	$	153	$	30,880	$	37,275
United States		47,720		85,550		915		4,100		46,805		81,450
Foreign		50,512		45,988		30,705		31,543		19,807		14,445

	Gross loss carry forward				Gross losses not recognized				Net
		2017		2016		2017		2016		2017		2016
Canada	$	1,881	$	183	$	1,567	$	108	$	314	$	75
United States		1,671		54		1,671		-		-		54
Foreign		7,139		6,521		7,139		6,521		-		-

Summary of Income Tax Contingencies [Table Text Block]

		2017			2016
Balance, January 1	$	2,292		$	2,519
Gross increases for tax positions of current period		-			111
Gross increases for tax positions of prior periods		18			41
Amount recognized on acquisitions		-			613
Reduction for lapses in applicable statutes of limitations		(628	)		(1,031	)
Foreign currency translation		176			39
Balance, December 31	$	1,858		$	2,292

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Note 16 - Pension Plan (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

		2017			2016
Gross employer service cost	$	1,501		$	1,378
Plan participant contributions		(308	)		(336	)
Interest cost on service cost		27			34
Employer's service cost		1,220			1,076
Interest cost		701			794
Expected net return on plan assets		(640	)		(787	)
Other costs		166			168
Total employer's pension expense	$	1,447		$	1,251

Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

Change in benefit obligation:		2017			2016
Projected benefit obligation - January 1	$	36,659		$	31,421
Current service cost		1,220			1,076
Plan participant / third party contributions		308			336
Interest cost		701			794
Benefits paid		(495	)		(438	)
Curtailment		(125	)		-
Foreign exchange		5,204			(969	)
Expected projected benefit obligation, December 31		43,473			32,220
Actuarial (gain)/ loss, net of foreign exchange		(1,105	)		4,438
Projected benefit obligation - December 31	$	42,368		$	36,659

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

Change in plan assets:		2017			2016
Fair value of plan assets - January 1	$	33,016		$	30,627
Expected net return on plan assets		640			787
Contributions
Employer		609			603
Plan participants		308			336
Benefits paid		(495	)		(438	)
Other costs		(72	)		(168	)
Foreign exchange		4,658			(916	)
Expected fair value of plan assets - December 31		38,664			30,831
Actuarial gain, net of foreign exchange		149			2,185
Fair value of plan assets - December 31	$	38,813		$	33,016

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

		December  31, 2017			December  31, 2016
Present value of accumulated benefit obligation	$	(40,142	)	$	(34,934	)
Effect of future compensation increases		(2,226	)		(1,724	)
Present value of projected benefit obligation		(42,368	)		(36,659	)
Fair value of plan assets		38,813			33,016
Net liability for pension benefits	$	(3,555	)	$	(3,643	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

		2017			2016
Actuarial (gain)/loss on remeasurement of projected benefit obligation	$	(1,038	)	$	4,654
Actuarial (gain)/loss on remeasurement of fair value of assets		(234	)		(2,292	)
Actuarial (gain)/loss on curtailment of benefits from reorganization		(125	)		-
Total (gain)/loss recognized in other comprehensive income	$	(1,397	)	$	2,362

Schedule of Assumptions Used [Table Text Block]

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%

	2017		2016
Discount rate used in determining present values	1.8	%	1.8	%
Annual increase in future compensation levels	2.0	%	2.0	%
Expected long-term rate of return on assets	1.8	%	1.8	%

Schedule of Allocation of Plan Assets [Table Text Block]

	December 31,		Fair value measurements
	2017		Level 1		Level 2		Level 3
Equity type investments	$	3,351	$	3,351	$	-	$	-
Fixed interest type investments:
Government bonds		32,906		32,906		-		-
Cash		102		102		-		-
Other		2,453		-		-		2,453
Total	$	38,813	$	36,360	$	-	$	2,453

Schedule of Expected Benefit Payments [Table Text Block]

Year ended December 31
2018	$	606
2019		692
2020		722
2021		760
2022		835
2023 - 2027		5,158

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Note 17 - Net Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2017	2016
Shares issued and outstanding at beginning of period	38,648,461	38,504,311
Weighted average number of shares:
Issued during the period	181,523	91,754
Weighted average number of shares used in computing basic earnings per share	38,829,984	38,596,065
Assumed exercise of stock options acquired under the Treasury Stock Method	477,870	271,771
Number of shares used in computing diluted earnings per share	39,307,854	38,867,836

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Note 18 - Other Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Other Supplement Information [Table Text Block]

		2017		2016
Cash payments made during the period
Income taxes, net of refunds	$	43,374	$	36,349
Interest		11,168		7,980
Non-cash financing activities
Increases in capital lease obligations	$	123	$	988
Dividends declared but not paid		1,947		1,932
Other expenses
Rent expense	$	65,982	$	57,850

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Note 19 - Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		Carrying value at	Fair value measurements
		December 31, 2017		Level 1		Level 2		Level 3
Contingent consideration liability	$	50,300	$	-	$	-	$	50,300
Interest rate swap asset		751		-		751		-

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

		2017			2016
Balance, January 1	$	32,266		$	29,119
Amounts recognized on acquisitions		21,477			12,056
Fair value adjustments (note 4)		1,054			(4,591	)
Resolved and settled in cash		(6,169	)		(1,434	)
Other		1,672			(2,884	)
Balance, December 31	$	50,300		$	32,266
Less: current portion	$	18,657		$	4,884
Non-current portion	$	31,643		$	27,382

Fair Value, by Balance Sheet Grouping [Table Text Block]

	2017				2016
		Carrying amount		Fair value		Carrying amount		Fair value
Other receivables	$	10,136	$	10,136	$	10,203	$	10,203
Advisor loans receivable		44,978		44,978		28,477		28,477
Long-term debt (Non-current)		247,467		247,467		260,537		260,537

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Note 20 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year ended December 31
2018	$	81,727
2019		69,389
2020		58,273
2021		46,076
2022		36,685
Thereafter		64,009
	$	356,159

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

Year ended December 31
2018	$	5,418
2019		1,273
	$	6,691

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Note 22 - Segmented Information (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

2017		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,310,551	$	521,284	$	441,544	$	1,983		$	2,275,362
Depreciation and amortization		28,799		16,624		5,914		1,655			52,992
Operating earnings (loss)		86,741		47,920		55,698		(23,532	)		166,827
Other income, net											500
Interest expense, net											(11,895	)
Income tax expense											(63,300	)
Net earnings										$	92,132
Total assets	$	694,138	$	530,728	$	221,222	$	(4,163	)	$	1,441,925
Total additions to long-lived assets		138,914		28,773		9,876		5,092			182,655

2016		Americas		EMEA		Asia Pacific		Corporate			Consolidated
Revenues	$	1,021,317	$	474,868	$	399,368	$	1,171		$	1,896,724
Depreciation and amortization		21,612		15,121		5,479		2,712			44,924
Operating earnings (loss)		85,255		34,275		45,614		(18,971	)		146,173
Other income, net											2,417
Interest expense, net											(9,190	)
Income tax expense											(47,829	)
Net earnings										$	91,571
Total assets	$	555,758	$	443,014	$	181,385	$	10,114		$	1,190,271
Total additions to long-lived assets		50,948		67,325		4,654		1,141			124,068

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

		2017		2016
United States
Revenues	$	984,740	$	734,488
Total long-lived assets		281,588		178,908
Canada
Revenues	$	288,537	$	253,529
Total long-lived assets		61,158		52,547
Euro currency countries
Revenues	$	261,821	$	261,626
Total long-lived assets		191,934		174,932
Australia
Revenues	$	245,385	$	219,406
Total long-lived assets		50,843		43,808
United Kingdom
Revenues	$	166,685	$	137,216
Total long-lived assets		75,745		69,565
Other
Revenues	$	328,194	$	290,459
Total long-lived assets		60,797		33,077
Consolidated
Revenues	$	2,275,362	$	1,896,724
Total long-lived assets		722,065		552,837

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Note 1 - Description of the Business (Details Textual)	Dec. 31, 2017
Number of Countries in which Entity Operates	35
Number of Geographic Regions in which Entity Operates	3
Colliers and Its Affiliates and Franchisees [Member]
Number of Countries in which Entity Operates	69

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Note 2 - Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2017
Finite-Lived Intangible Asset, Useful Life	9 years 109 days
Customer Lists and Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Minimum [Member] | Customer Lists and Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	4 years
Minimum [Member] | Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Minimum [Member] | Management Contracts and Other [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member] | Customer Lists and Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum [Member] | Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Maximum [Member] | Management Contracts and Other [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Building [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	20 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years
Vehicles [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Vehicles [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years

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Note 3 - Acquisitions (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Number of Businesses Acquired	10	10
Business Combination, Acquisition Related Costs	$ 6,247	$ 2,794
Business Acquisition, Goodwill, Expected Tax Deductible Amount	17,531	18,837
Business Combination, Contingent Consideration, Liability	50,300
Acquisitions after December 31, 2008 [Member]
Business Combination, Contingent Consideration, Liability	50,300
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	77,745
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	91,464
Contingent Consideration Paid	11,187	$ 2,018
Acquisitions after December 31, 2008 [Member] | Contingent Consideration, Compensation Element [Member]
Business Combination, Contingent Consideration, Liability	$ 8,320
Americas [Member]
Number of Businesses Acquired	7
EMEA [Member]
Number of Businesses Acquired	2
Asia Pacific [Member]
Number of Businesses Acquired	1

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Note 3 - Acquisitions - Acquisitions Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current assets, excluding cash	$ 13,923
Non-current assets	3,385	$ 3,719
Current liabilities	(48,944)	(18,556)
Long-term liabilities	(13,684)	(4,207)
Redeemable non-controlling interest	(16,258)
Net identifiable assets acquired	(61,578)	(2,426)
Cash consideration, net of cash acquired	(58,674)	(82,073)
Acquisition date fair value of contingent consideration	(19,547)	(12,056)
Total purchase consideration	(78,221)	(94,129)
Acquired intangible assets	61,228	43,602
Goodwill acquired during the year	78,571	52,954
Current assets, excluding cash		16,643
Non-controlling interests		$ (25)
Northern California & Nevada [Member]
Current assets, excluding cash	8,503
Non-current assets	2,268
Current liabilities	(38,481)
Long-term liabilities	(10,600)
Redeemable non-controlling interest
Net identifiable assets acquired	(38,310)
Cash consideration, net of cash acquired	(22,696)
Acquisition date fair value of contingent consideration	(10,412)
Total purchase consideration	(33,108)
Acquired intangible assets	28,800
Goodwill acquired during the year	42,618
Other Acquisitions [Member]
Current assets, excluding cash	5,420
Non-current assets	1,117
Current liabilities	(10,463)
Long-term liabilities	(3,084)
Redeemable non-controlling interest	(16,258)
Net identifiable assets acquired	(23,268)
Cash consideration, net of cash acquired	(35,978)
Acquisition date fair value of contingent consideration	(9,135)
Total purchase consideration	(45,113)
Acquired intangible assets	32,428
Goodwill acquired during the year	$ 35,953

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Note 3 - Acquisitions - Acquisitions Details (Details) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash consideration, net of cash acquired	$ 41,989	$ 10,067

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Note 3 - Acquisitions - Business Acquisitions, Pro Forma Revenue and Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Actual from acquired entities for 2017, Revenues	$ 215,174
Actual from acquired entities for 2017, Net earnings from continuing operations	7,377
Supplemental pro forma revenues (unaudited), Revenues	2,299,891	$ 2,150,685
Supplemental pro forma net earnings (unaudited), Net earnings from continuing operations	$ 93,145	$ 100,105

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Note 4 - Acquisition-related Items - Composition of Acquisition-related Expense (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Transaction costs	$ 6,247	$ 2,794
Contingent consideration fair value adjustments	1,054	(4,591)
Contingent consideration compensation expense	7,626	5,356
Acquisition-related expense	$ 14,927	$ 3,559

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Note 5 - Other Income - Components of Other (Income) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loss (gain) on investments	$ 309	$ (1,060)
Equity earnings from non-consolidated	(923)	(894)
Other	114	(463)
	$ (500)	$ (2,417)

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Note 6 - Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Advisor loans receivable	$ 44,978	$ 28,477
Equity and cost method investments	5,756	7,028
Financing fees, net of accumulated amortization of $1,672 (December 31, 2016 - $947)	2,953	2,044
Interest rate swap asset	751
Other	1,059	1,108
	$ 55,496	$ 38,657

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Note 6 - Other Assets - Components of Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing fees, accumulatd amortization	$ 1,672	$ 947

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Note 7 - Fixed Assets (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Capital Leased Assets, Gross	$ 5,812	$ 4,739
Capital Leases, Balance Sheet, Assets by Major Class, Net	$ 1,913	$ 1,827

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Note 7 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cost	$ 233,637	$ 189,765
Accumulated depreciation	149,738	124,491
Fixed assets (note 7)	83,899	65,274
Building [Member]
Cost	2,425	1,483
Accumulated depreciation	906	805
Fixed assets (note 7)	1,519	678
Vehicles [Member]
Cost	1,952	1,500
Accumulated depreciation	1,093	886
Fixed assets (note 7)	859	614
Furniture and Fixtures [Member]
Cost	52,912	42,753
Accumulated depreciation	35,825	29,659
Fixed assets (note 7)	17,087	13,094
Computer Equipment [Member]
Cost	106,500	86,333
Accumulated depreciation	77,822	62,878
Fixed assets (note 7)	28,678	23,455
Leasehold Improvements [Member]
Cost	69,848	57,696
Accumulated depreciation	34,092	30,263
Fixed assets (note 7)	$ 35,756	$ 27,433

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Note 8 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Gross carrying amount	$ 270,629	$ 214,482
Accumulated amortization	87,593	74,925
Net	183,036	139,557
Trademark and Trade Names [Member]
Indefinite life	24,121	23,604
Indefinite life	24,121	23,604
Customer Lists and Relationships [Member]
Gross carrying amount	219,986	168,998
Accumulated amortization	74,897	64,397
Net	145,089	104,601
Franchise Rights [Member]
Gross carrying amount	5,703	5,301
Accumulated amortization	4,156	3,478
Net	1,547	1,823
Trademarks and Trade Names [Member]
Gross carrying amount	2,776	2,993
Accumulated amortization	1,865	1,484
Net	911	1,509
Management Contracts and Other [Member]
Gross carrying amount	17,733	13,586
Accumulated amortization	6,572	5,566
Net	11,161	$ 8,020
Brokerage Backlog [Member]
Gross carrying amount	310
Accumulated amortization	103
Net	$ 207

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Note 8 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Amount	$ 61,228
Estimated weighted average amortization period (years) (Year)	9 years 109 days
Customer Lists and Relationships [Member]
Amount	$ 53,528
Estimated weighted average amortization period (years) (Year)	10 years
Trademarks and Trade Names [Member]
Amount	$ 460
Estimated weighted average amortization period (years) (Year)	2 years
Brokerage Backlog [Member]
Amount	$ 2,708
Estimated weighted average amortization period (years) (Year)	109 days
Other Intangible Assets [Member]
Amount	$ 4,532
Estimated weighted average amortization period (years) (Year)	7 years 219 days

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Note 8 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 24,451
2019	22,369
2020	20,842
2021	18,980
2022	$ 18,288

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Note 9 - Goodwill (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill, Impairment Loss	$ 0	$ 0

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Note 9 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Balance	$ 348,006	$ 305,680
Goodwill acquired during the year	78,571	52,954
Other items	1,175	(869)
Foreign exchange	27,378	(9,759)
Balance	455,130	348,006
Goodwill			$ 484,713
Accumulated impairment loss			(29,583)
Goodwill (note 9)	455,130	348,006	455,130
Americas [Member]
Balance	126,417	106,797
Goodwill acquired during the year	62,938	19,665
Other items	1,175	(603)
Foreign exchange	48	558
Balance	190,578	126,417
Goodwill			216,849
Accumulated impairment loss			(26,271)
Goodwill (note 9)	126,417	106,797	190,578
EMEA [Member]
Balance	177,143	154,356
Goodwill acquired during the year	13,672	33,289
Other items		(266)
Foreign exchange	24,071	(10,236)
Balance	214,886	177,143
Goodwill			218,198
Accumulated impairment loss			(3,312)
Goodwill (note 9)	177,143	154,356	214,886
Asia Pacific [Member]
Balance	44,446	44,527
Goodwill acquired during the year	1,961
Other items
Foreign exchange	3,259	(81)
Balance	49,666	44,446
Goodwill			49,666
Accumulated impairment loss
Goodwill (note 9)	$ 44,446	$ 44,527	$ 49,666

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Note 10 - Components of Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued payroll, commission and benefits	$ 365,709	$ 267,715
Accrued project management costs	47,866	41,499
Value added tax payable	25,730	24,605
Customer advances	12,926	10,432
Accrued contract costs (overbillings)	12,891	16,713
Other	50,977	38,795
Total accrued liabilities	$ 516,099	$ 399,759

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Note 11 - Long-term Debt (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Jan. 18, 2017	Dec. 31, 2017	Dec. 31, 2016
Letters of Credit Outstanding, Amount		$ 10,307	$ 12,073
Debt Instrument, Interest Rate, Effective Percentage		3.10%	2.80%
Revolving Credit Facility [Member] | Syndicate of Banks [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 700,000
Debt Instrument, Term	5 years
Debt, Weighted Average Interest Rate		2.90%	2.40%
Line of Credit Facility, Remaining Borrowing Capacity		$ 444,711
Line of Credit Facility, Additional Borrowing Capacity		$ 150,000
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.55%

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Note 11 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Capital leases maturing at various dates through 2021	$ 1,991	$ 1,868
Other long-term debt maturing at various dates up to 2020	1,491	1,549
	249,893	262,498
Long-term debt - current (note 11)	2,426	1,961
Long-term debt - non-current (note 11)	247,467	260,537
Revolving Credit Facility [Member]
Revolving credit facility	$ 246,411	$ 259,081

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Note 11 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 2,426
2019	900
2020	142
2021	14
2022 and thereafter	$ 246,411

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Note 12 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 145,489	$ 134,803
Subordinate Non-controlling Interest Shares	2,100,000
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.27	$ 1.76
Pro Forma [Member]
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.88
Redemption Amount [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 129,087	$ 126,007

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Note 12 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 134,803	$ 139,592
Non-controlling interest share of earnings	20,236	20,085
Non-controlling interest redemption increment (note 12)	22,583	3,521
Distributions paid to RNCI	(20,797)	(16,495)
Balance	145,489	134,803
Non-controlling Interest Share of Earnings [Member]
Non-controlling interest share of earnings	16,497	15,943
Non-controlling Interest Redemption Increment [Member]
Non-controlling interest redemption increment (note 12)	22,583	3,521
Non-controlling Interest Distributions Paid to NCI [Member]
Distributions paid to RNCI	(12,870)	(14,428)
Non-controlling Interest Purchase of Interests from NCI Net [Member]
Purchases of interests from RNCI, net	(31,782)	(9,825)
Non-controlling Interest Recognized on Business Acquisitions [Member]
RNCI recognized on business acquisitions	$ 16,258

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Note 13 - Capital Stock (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2004 CAD / shares	Dec. 31, 2017 CAD / shares $ / shares	Dec. 31, 2016 $ / shares	Dec. 31, 2017 USD ($)
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.10	$ 0.10
Share Price		$ 75.87
Contingent Liabiilty upon Sale of Control | $				$ 230,185
Subordinate Voting Shares Conversion Rate [Member]
Payment Formula Base Price, Second Payment	CAD 6.472
Chief Executive Officer [Member]
Percentage Payment of Shares Outstanding, First Payment	5.00%
Payment Formula Base Price, First Payment	CAD 3.324
Percentage Payment of Shares Outstanding, Second Payment	5.00%
Subordinate Voting Shares [Member]
Number of Votes for Subordinate Voting Shares		1
Multiple Voting Shares [Member]
Number of Votes for Multiple Voting Shares		20

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Note 13 - Capital Stock - Capital Stock Issued and Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Capital Shares, Number (in shares)	38,934,161	38,648,461
Capital Shares, Amount	$ 406,984	$ 399,774
Subordinate Voting Shares [Member]
Capital Shares, Number (in shares)	37,608,467	37,322,767
Capital Shares, Amount	$ 406,611	$ 399,401
Multiple Voting Shares [Member]
Capital Shares, Number (in shares)	1,325,694	1,325,694
Capital Shares, Amount	$ 373	$ 373

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Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allocated Share-based Compensation Expense	$ 4,425	$ 3,279
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 36.03	$ 30.31	$ 28.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 42,631
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	2 years 255 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,705
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,422	$ 2,998
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 18.18
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 59.30
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	544,625

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Note 14 - Stock-based Compensation Stock - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares issuable under options (in shares)	1,602,850	1,440,500
Shares issuable under options (in dollars per share)	$ 30.31	$ 28.65
Granted, Number of options (in shares)	450,000	395,000
Granted, Weighted average exercise price (in dollars per share)	$ 46.21	$ 32.94
Exercised, Number of options (in shares)	(285,700)	(144,150)
Exercised, Weighted average exercise price (in dollars per share)	$ 19.74	$ 19.83
Forfeited, Number of options (in shares)	(13,875)	(88,500)
Forfeited, Weighted average exercise price (in dollars per share)	$ 40.10	$ 32.14
Shares issuable under options (in shares)	1,753,275	1,602,850
Shares issuable under options (in dollars per share)	$ 36.03	$ 30.31
Shares issuable under options (Year)	2 years 255 days
Shares issuable under options, aggregate intrinsic value	$ 42,631
Options exercisable - End of year, Number of options (in shares)	644,450
Options exercisable - End of year, Weighted average exercise price (in dollars per share)	$ 31.77
Options exercisable - End of year, Weighted average remaining contractual life (Year)	2 years
Options exercisable - End of year, Aggregate intrinsic value	$ 18,418

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Note 14 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of options exercised (in shares)	285,700	144,150
Aggregate fair value	$ 5,640	$ 2,859
Employee Stock Option [Member]
Number of options exercised (in shares)	285,700	144,150
Aggregate fair value	$ 14,213	$ 5,222
Intrinsic value	8,572	2,364
Amount of cash received	5,641	2,858
Tax benefit recognized	$ 102

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Note 14 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Risk free rate	1.50%	1.10%
Expected life in years (Year)	4 years 273 days	4 years 273 days
Expected volatility	28.90%	33.00%
Dividend yield	0.20%	0.30%
Weighted average fair value per option granted (in dollars per share)	$ 12.36	$ 9.64

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Note 15 - Income Tax (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%		26.50%	26.50%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ 13,325
Deferred Tax Assets, Net	$ 33,815		33,815	$ 67,671
Undistributed Earnings of Foreign Subsidiaries	42,709		42,709	21,886
Unrecognized Tax Benefits	1,858		1,858	2,292	$ 2,519
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,858		1,858	2,292
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense			18	234
Recovery of Income Tax Interest and Penalties			155	58
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	213		213	$ 350
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ (550)		$ (550)
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Minimum [Member]
Income Tax Return Examination Period			4 years
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Maximum [Member]
Income Tax Return Examination Period			7 years
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member]
Income Tax Return Examination Period			3 years
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member]
Income Tax Return Examination Period			5 years
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member]
Income Tax Return Examination Period			4 years
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%

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Note 15 - Income Tax - Effective Income Tax Rate Reconciliation (Details)		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Combined statutory rate	35.00%	26.50%	26.50%
Nondeductible expenses		2.10%	2.40%
Tax effect of flow through entities		(1.10%)	(1.10%)
Impact of changes in foreign exchange rates		0.50%
Adjustments to tax liabilities for prior periods		0.90%	(0.40%)
Effects of changes in enacted US federal tax rate		8.60%
Changes in liability for unrecognized tax benefits		(0.40%)	(0.60%)
Stock-based compensation		0.60%	0.50%
Foreign, state, and provincial tax rate differential		2.50%	4.40%
Other taxes		0.70%	1.40%
Change in valuation allowance		(0.90%)	0.30%
Outside basis difference in investments		1.00%	0.50%
Other		(0.30%)	0.40%
Effective income tax rate		40.70%	34.30%

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Note 15 - Income Tax - Earnings Before Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Before Income Tax by Jurisdiction	$ 155,432	$ 139,400
Domestic Tax Authority [Member] | Canada Revenue Agency [Member]
Earnings Before Income Tax by Jurisdiction	21,567	23,309
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Earnings Before Income Tax by Jurisdiction	32,178	40,435
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member]
Earnings Before Income Tax by Jurisdiction	$ 101,687	$ 75,656

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Note 15 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current	$ 43,576	$ 37,831
Deferred	19,724	9,998
Total	63,300	47,829
Domestic Tax Authority [Member] | Canada Revenue Agency [Member]
Current, Canada	4,031	5,091
Deferred, Canda	3,125	2,278
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Current, United States and Other Foreign	3,235	2,090
Deferred, United States and Other Foreign	21,812	12,753
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member]
Current, United States and Other Foreign	36,310	30,650
Deferred, United States and Other Foreign	$ (5,213)	$ (5,033)

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Note 15 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loss carry-forwards and other credits	$ 37,869	$ 56,822
Expenses not currently deductible	22,830	22,525
Stock-based compensation	525	474
Investments	11,956	17,303
Provision for doubtful accounts	4,221	4,990
Financing fees	162	376
Net unrealized foreign exchange losses	(634)	(399)
Depreciation and amortization	(32,035)	(21,713)
Less: valuation allowance	(11,079)	(12,707)
Net deferred income tax asset	$ 33,815	$ 67,671

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Note 15 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Domestic Tax Authority [Member] | Canada Revenue Agency [Member]
Gross net operating loss carry forward	$ 30,904	$ 37,428
Gross net operating loss not recognized	24	153
Net operating loss carry foward	30,880	37,275
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Capital Loss Carryforward [Member]
Gross capital loss carry forward	1,881	183
Gross capital loss not recognized	1,567	108
Net capital loss carry forward	314	75
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Gross net operating loss carry forward	47,720	85,550
Gross net operating loss not recognized	915	4,100
Net operating loss carry foward	46,805	81,450
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Capital Loss Carryforward [Member]
Gross capital loss carry forward	1,671	54
Gross capital loss not recognized	1,671
Net capital loss carry forward		54
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member]
Gross net operating loss carry forward	50,512	45,988
Gross net operating loss not recognized	30,705	31,543
Net operating loss carry foward	19,807	14,445
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | Capital Loss Carryforward [Member]
Gross capital loss carry forward	7,139	6,521
Gross capital loss not recognized	7,139	6,521
Net capital loss carry forward

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Note 15 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 2,292	$ 2,519
Gross increases for tax positions of current period		111
Gross increases for tax positions of prior periods	18	41
Amount recognized on acquisitions		613
Reduction for lapses in applicable statutes of limitations	(628)	(1,031)
Foreign currency translation	176	39
Balance	$ 1,858	$ 2,292

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Note 16 - Pension Plan (Details Textual) - Pension Plan [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Defined Benefit Pension Plan, Number of Plans	1
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)	$ 781	$ 3,079
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	640	787
Defined Benefit Plan, Actuarial Gain on Plan Assets	$ 140	$ 2,292

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Note 16 - Pension Plan - Net Periodic Pension Cost (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Gross employer service cost	$ 1,501	$ 1,378
Plan participant contributions	(308)	(336)
Interest cost on service cost	27	34
Employer's service cost	1,220	1,076
Interest cost	701	794
Expected net return on plan assets	(640)	(787)
Other costs	166	168
Total employer's pension expense	$ 1,447	$ 1,251

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Note 16 - Pension Plan - Changes in Benefit Obligations (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Projected benefit obligation	$ 36,659	$ 31,421
Current service cost	1,220	1,076
Plan participant / third party contributions	308	336
Interest cost	701	794
Benefits paid	(495)	(438)
Curtailment	(125)
Foreign exchange	5,204	(969)
Expected projected benefit obligation, December 31	43,473	32,220
Actuarial (gain)/ loss, net of foreign exchange	(1,105)	4,438
Projected benefit obligation	$ 42,368	$ 36,659

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Note 16 - Pension Plan - Changes in Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair value of plan assets	$ 33,016	$ 30,627
Expected net return on plan assets	640	787
Employer	609	603
Plan participants	308	336
Benefits paid	(495)	(438)
Other costs	(72)	(168)
Foreign exchange	4,658	(916)
Expected fair value of plan assets - December 31	38,664	30,831
Actuarial gain, net of foreign exchange	149	2,185
Fair value of plan assets	$ 38,813	$ 33,016

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Note 16 - Pension Plan - Amounts Recognized in Balance Sheet (Details) - Pension Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Present value of accumulated benefit obligation	$ (40,142)	$ (34,934)
Effect of future compensation increases	(2,226)	(1,724)
Present value of projected benefit obligation	(42,368)	(36,659)	$ (31,421)
Fair value of plan assets	38,813	33,016	$ 30,627
Net liability for pension benefits	$ (3,555)	$ (3,643)

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Note 16 - Pension Plan - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Total (gain)/loss recognized in other comprehensive income	$ (1,125)	$ 1,690
Pension Plan [Member]
Actuarial (gain)/loss on remeasurement of projected benefit obligation	(1,038)	4,654
Actuarial (gain)/loss on remeasurement of fair value of assets	(234)	(2,292)
Actuarial (gain)/loss on curtailment of benefits from reorganization	(125)
Total (gain)/loss recognized in other comprehensive income	$ (1,397)	$ 2,362

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Note 16 - Pension Plan - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details) - Pension Plan [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Discount rate used in determining present values	1.80%	1.80%
Annual increase in future compensation levels	2.00%	2.00%
Discount rate used in determining present values	1.80%	1.80%
Annual increase in future compensation levels	2.00%	2.00%
Expected long-term rate of return on assets	1.80%	1.80%

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Note 16 - Pension Plan - Assets Measured at Fair Value (Details) - Pension Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair value of plan assets	$ 38,813	$ 33,016	$ 30,627
Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	36,360
Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	2,453
Equity Funds [Member]
Fair value of plan assets	3,351
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	3,351
US Government Agencies Debt Securities [Member]
Fair value of plan assets	32,906
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	32,906
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
Cash [Member]
Fair value of plan assets	102
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	102
Other Plan Assets[Member]
Fair value of plan assets	2,453
Other Plan Assets[Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	$ 2,453

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Note 16 - Pension Plan - Expected Future Payments of Pension Benefit (Details) - Pension Plan [Member] $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 606
2019	692
2020	722
2021	760
2022	835
2023 - 2027	$ 5,158

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Note 17 - Net Earnings Per Common Share - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares issued and outstanding at beginning of period (in shares)	38,648,461	38,504,311
Issued during the period (in shares)	181,523	91,754
Weighted average number of shares used in computing basic earnings per share (in shares)	38,829,984	38,596,065
Assumed exercise of stock options acquired under the Treasury Stock Method (in shares)	477,870	271,771
Number of shares used in computing diluted earnings per share (in shares)	39,307,854	38,867,836

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Note 18 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income taxes, net of refunds	$ 43,374	$ 36,349
Interest	11,168	7,980
Increases in capital lease obligations	123	988
Dividends declared but not paid	1,947	1,932
Rent expense	$ 65,982	$ 57,850

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Note 19 - Financial Instruments (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Apr. 30, 2017
Contingent Consideration Liability [Member]
Fair Value Inputs, Weighted Average Discount Rate Increase	2.00%
Reduction in Fair Value of Contingent Consideration Liability	$ 2.1
Contingent Consideration Liability [Member] | Minimum [Member]
Fair Value Inputs, Discount Rate	3.00%
Fair Value Inputs, Discount Rate Data Point Concentration	9.50%
Contingent Consideration Liability [Member] | Maximum [Member]
Fair Value Inputs, Discount Rate	10.50%
Fair Value Inputs, Discount Rate Data Point Concentration	10.50%
Contingent Consideration Liability [Member] | Weighted Average [Member]
Fair Value Inputs, Discount Rate	9.50%
Interest Rate Swap [Member]
Derivative Asset, Notional Amount		$ 100.0
Derivative, Fixed Interest Rate		1.897%

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Note 19 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Contingent consideration liability	$ 50,300
Interest rate swap asset	751
Fair Value, Inputs, Level 1 [Member]
Contingent consideration liability
Interest rate swap asset
Fair Value, Inputs, Level 2 [Member]
Contingent consideration liability
Interest rate swap asset	751
Fair Value, Inputs, Level 3 [Member]
Contingent consideration liability	50,300	$ 32,266	$ 29,119
Interest rate swap asset

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Note 19 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair value adjustments (note 4)	$ (6,487)	$ (591)
Balance	50,300
Less: current portion	18,657	4,884
Non-current portion	31,643	27,382
Fair Value, Inputs, Level 3 [Member]
Balance	32,266	29,119
Amounts recognized on acquisitions	21,477	12,056
Fair value adjustments (note 4)	1,054	(4,591)
Resolved and settled in cash	(6,169)	(1,434)
Other	1,672	(2,884)
Balance	50,300	32,266
Less: current portion	18,657	4,884
Non-current portion	$ 31,643	$ 27,382

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Note 19 - Financial Instruments - Estimated of Fair Values for Other Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other receivables	$ 10,136	$ 10,203
Other receivables, fair value	10,136	10,203
Advisor loans receivable	44,978	28,477
Advisor loans receivable, fair value	44,978	28,477
Long-term debt - non-current (note 11)	247,467	260,537
Long-term debt, fair value	$ 247,467	$ 260,537

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Note 20 - Commitments and Contingencies - Minimum Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 81,727
2019	69,389
2020	58,273
2021	46,076
2022	36,685
Thereafter	64,009
Total minimum operating lease payments	$ 356,159

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Note 20 - Commitments and Contingencies - Minimum Contractual Purchase Commitments Obligation Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
2018	$ 5,418
2019	1,273
Total minimum contractual purchase commitments	$ 6,691

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Note 21 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Rent Expense	$ 65,982	$ 57,850
Revenue from Related Parties	635	1,059
Minority Shareholders of Subsidiaries [Member]
Operating Leases, Rent Expense	$ 356	643
Lessee, Operating Lease, Term of Contract	10 years
Minority Shareholders of Subsidiaries [Member] | Minimum [Member]
Property Management Contract Term	1 year
Minority Shareholders of Subsidiaries [Member] | Maximum [Member]
Property Management Contract Term	3 years
Non-controlling Shareholders [Member]
Due from Related Parties	$ 8,093	$ 4,897
Non-controlling Shareholders [Member] | Minimum [Member]
Related Party Transaction, Rate	0.00%
Non-controlling Shareholders [Member] | Maximum [Member]
Related Party Transaction, Rate	2.45%

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Note 22 - Segmented Information (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Number of Operating Segments	3
Americas Segment [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 3,171	$ 4,753
EMEA Segment [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,578	2,610
Asia Pacific Segment [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 7	$ 7

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Note 22 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 2,275,362	$ 1,896,724
Depreciation and amortization	52,992	44,924
Operating Income (Loss)	166,827	146,173
Other income, net	500	2,417
Interest expense, net	(11,895)	(9,190)
Income tax expense	(63,300)	(47,829)
Net earnings	92,132	91,571
Total assets	1,441,925	1,190,271
Total additions to long-lived assets	182,655	124,068
Operating Segments [Member] | Americas Segment [Member]
Revenues	1,310,551	1,021,317
Depreciation and amortization	28,799	21,612
Operating Income (Loss)	86,741	85,255
Other income, net
Interest expense, net
Income tax expense
Net earnings
Total assets	694,138	555,758
Total additions to long-lived assets	138,914	50,948
Operating Segments [Member] | EMEA Segment [Member]
Revenues	521,284	474,868
Depreciation and amortization	16,624	15,121
Operating Income (Loss)	47,920	34,275
Other income, net
Interest expense, net
Income tax expense
Net earnings
Total assets	530,728	443,014
Total additions to long-lived assets	28,773	67,325
Operating Segments [Member] | Asia Pacific Segment [Member]
Revenues	441,544	399,368
Depreciation and amortization	5,914	5,479
Operating Income (Loss)	55,698	45,614
Other income, net
Interest expense, net
Income tax expense
Net earnings
Total assets	221,222	181,385
Total additions to long-lived assets	9,876	4,654
Corporate, Non-Segment [Member]
Revenues	1,983	1,171
Depreciation and amortization	1,655	2,712
Operating Income (Loss)	(23,532)	(18,971)
Other income, net
Interest expense, net
Income tax expense
Net earnings
Total assets	(4,163)	10,114
Total additions to long-lived assets	$ 5,092	$ 1,141

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Note 22 - Segment Information - Revenues and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 2,275,362	$ 1,896,724
Total long-lived assets	722,065	552,837
UNITED STATES
Revenues	984,740	734,488
Total long-lived assets	281,588	178,908
CANADA
Revenues	288,537	253,529
Total long-lived assets	61,158	52,547
Euro Currency Countries [Member]
Revenues	261,821	261,626
Total long-lived assets	191,934	174,932
AUSTRALIA
Revenues	245,385	219,406
Total long-lived assets	50,843	43,808
UNITED KINGDOM
Revenues	166,685	137,216
Total long-lived assets	75,745	69,565
Other Geographic Locations [Member]
Revenues	328,194	290,459
Total long-lived assets	$ 60,797	$ 33,077

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Note 23 - Impact of Recently Issued Accounting Standards (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	$ 52,394	$ 82,252
Deferred Tax Liabilities, Net, Noncurrent	18,579	14,582
Operating Income (Loss)	166,827	146,173
Revenues	2,275,362	$ 1,896,724
Accounting Standards Update 2015-17 [Member]
Deferred Tax Assets, Net of Valuation Allowance, Current	(18,314)
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	13,806
Deferred Tax Liabilities, Net, Current	(376)
Deferred Tax Liabilities, Net, Noncurrent	(4,132)
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	476
Accounting Standards Update 2014-09 [Member]
Deferred Revenue, Revenue Recognized	14,000
Operating Income (Loss)	(2,000)
Revenues	$ 146,000

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Note 24 - Subsequent Events (Details Textual) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 28, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 31, 2018
Business Combination, Consideration Transferred		$ 78,221	$ 94,129
Ovenia Group Oy [Member] | Subsequent Event [Member]
Entity Number of Employees				500
Ovenia Group Oy and IREA Corporate Finance SL [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred	$ 82,002