Altus Group Announces Management Update
TORONTO (January 8, 2020) – 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 that Mr. Carl Farrell has stepped down from the Company’s Board of Directors and from his position as President of Altus Group. The Company wishes Mr. Farrell well and expresses appreciation for his contributions as a Director on the Board and as part of the Management team. Mr. Robert Courteau, Chief Executive Officer of Altus Group, has resumed Mr. Farrell’s responsibilities, including the leadership role of the Altus Analytics business.
The Company reiterated its 2019 guidance for Altus Analytics of $197 to $205 million in revenue, with Adjusted EBITDA margins between 17% and 20%. As highlighted at the Company’s recent investor day, Altus Analytics is on track with its cloud subscription strategy and towards its long-term growth aspirations.
About Altus Group Limited
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation including the statements relating to the 2019 revenue guidance and Adjusted EBITDA margins. Statements concerning the Company’s objectives, goals, strategies, guidance and position are forward-looking statements. All of the forward-looking information in this press release is qualified by this cautionary statement.
Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking information involves numerous assumptions including the following specific assumptions: assumptions on the Company revenue model, license sales, subscription renewal rates and cloud conversion (including timing and rate). Projections may be impacted by macroeconomic factors, in addition to other factors not controllable by the Company. Altus Group has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that actual results will be consistent with these forward-looking statements. Not all factors which affect the forward-looking information are known, and actual results may vary from the projected results in a material respect, and may be above or below the forward-looking information presented in a material respect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Altus’ actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company’s most recently filed Annual Information Form and the most recently filed annual MD&A for the year ended December 31, 2018 available on SEDAR at www.sedar.com, also identify additional factors that could affect the operating results and performance of the business. See also “Forward-Looking Information” in the Company’s MD&A for the period ended September 30, 2019, also available on SEDAR. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and Altus does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change except as required by applicable securities laws. All of the forward-looking statements made in this presentation are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
Adjusted EBITDA margin is a non-IFRS measure. See “Non-IFRS measures” in Altus’ MD&A for the three month period ended September 30, 2019 for a more complete description of this measure.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations