Altus Group reports first quarter 2021 financial results

Q1 2021 summary

• Consolidated revenues were $137.2 million, up 4.5%

• Consolidated profit from continuing operations, in accordance with IFRS, was $2.6 million, up 50.1%

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.07 per share, basic and $0.06 per share, diluted, compared to $0.04 per share, basic and diluted

• Consolidated Adjusted EBITDA was $17.2 million, up 30.1%

• Adjusted EPS was $0.34, compared to $0.20

• Altus Analytics revenues grew 4.9% to $54.2 million, of which Over Time revenues grew 6.7% to $42.8 million, while Adjusted EBITDA increased by 23.2% to $10.2 million

• Altus Analytics Bookings, a newly introduced metric, improved by 42.2% to $21.3 million

• CRE Consulting revenues grew 4.2% to $83.0 million and Adjusted EBITDA increased by 27.8% to $15.0 million, driven by healthy revenue and earnings growth both at Property Tax and at Valuation and Cost Advisory

• At the end of the quarter Bank debt was $128.0 million (representing a funded debt to EBITDA leverage ratio of 1.11 times) and cash and cash equivalents was $69.1 million

• Subsequent to quarter end, the Company solidified its expansion into debt management SaaS solutions by closing on the previously announced acquisition of Finance Active, and advanced on its data strategy by acquiring StratoDem Analytics, a data-science-as-a-service platform for the real estate sector