24 February, 2021

Delivers 15% Growth in Altus Analytics Over Time Revenues & Property Tax Revenues in 2020

 

TORONTO (February 24, 2021) – Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, announced today its financial and operating results for the fourth quarter and year ended December 31, 2020.

All amounts are in Canadian dollars and percentages are in comparison to the same period in 2019. 

2020 Summary:

  • Consolidated revenues were $561.2 million, up 6.7%
  • Consolidated profit from continuing operations, in accordance with IFRS, was $27.0 million, up 13.1%
  • Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.67 per share basic and $0.66 per share diluted, compared to $0.61 and $0.60, respectively
  • Consolidated Adjusted EBITDA1 was $98.9 million, up 16.8%
  • Adjusted earnings per share2 (“Adjusted EPS”) was $1.67, compared to $1.43
  • Altus Analytics Over Time3 revenues grew 14.7% to $167.7 million (reflecting ongoing revenue model transition, total Altus Analytics revenues increased modestly by 0.9% to $203.7 million while Adjusted EBITDA1 decreased by 2.6% to $35.8 million)
  • Finished the year surpassing 1,000 customers on cloud-enabled Argus Enterprise (“AE”) and 14% of total AE user base contracted on ARGUS Cloud
  • CRE Consulting revenues grew 10.4% to $357.8 million and Adjusted EBITDA1 increased by 21.0% to $92.1 million, driven by 14.8% revenue and 22.7% Adjusted EBITDA growth at Property Tax
  • At the end of the year Bank debt was $123.0 million (representing a funded debt to EBITDA leverage ratio of 1.09 times) and cash and cash equivalents was $69.6 million

 

Fourth Quarter 2020 Summary:

  • Consolidated revenues were $139.5 million, up 0.7%
  • Consolidated profit from continuing operations, in accordance with IFRS, was $4.6 million, down 24.5%
  • Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.11 per share basic and diluted, compared to $0.15 per share basic and diluted, respectively
  • Consolidated Adjusted EBITDA1 was $26.7 million, up 19.7%
  • Adjusted EPS was $0.44, compared to $0.42
  • Altus Analytics Over Time3 revenues grew 11.5% to $43.5 million (total Altus Analytics revenues decreased by 5.6% to $51.5 million while Adjusted EBITDA1 increased by 8.2% to $5.8 million)
  • CRE Consulting revenues grew 4.9% to $88.0 million and Adjusted EBITDA1 increased by 24.3% to $16.7 million, driven by 6.0% revenue and 24.1% Adjusted EBITDA growth at Property Tax
  • Subsequent to quarter end, the Company entered into exclusive negotiations to acquire 100% of Finance Active SAS, a leading European provider of SaaS debt and financial risk management solutions for CRE treasury and investment management
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