Altus Group reports first quarter 2020 financial results

Q1 2020 summary

• Consolidated revenues were $131.3 million, up 11.9%

• Consolidated profit from continuing operations, in accordance with IFRS, was $1.8 million, a $1.3 million improvement

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.04, basic and diluted, compared to $0.01

• Consolidated Adjusted EBITDA1 was $13.2 million, down 2.3%

• Adjusted earnings per share1,2 (“Adjusted EPS”) from continuing operations was $0.20, compared to $0.23

• Altus Analytics revenues increased 10.6% to $51.7 million and Adjusted EBITDA1 was down 5.6% to $9.3 million

• Altus Analytics Over Time3 revenues (new metric for recurring revenues, as defined below) grew 17.3% to $40.1 million

• CRE Consulting revenues grew 12.6% to $79.6 million and Adjusted EBITDA1 increased by 10.3% to $13.3 million

• Bank debt under the recently amended bank credit facilities was $176.1 million (representing a funded debt to EBITDA leverage ratio of 1.85 times) and cash and cash equivalents was $71.2 million