Altus Group reports first quarter 2022 financial results
Altus Group Limited (ʺAltus” or “the Company”) (TSX: AIF), a market leading Intelligence as a Service provider to the global commercial real estate (“CRE”) industry, announced today its financial and operating results for the first quarter ended March 31, 2022.
Q1 2022 summary
Consolidated revenues were $167.6 million, up 22.2% (23.6% on a constant currency* basis).
Consolidated profit (loss), in accordance with IFRS, was $(11.5) million, down from $2.6 million.
Consolidated earnings (loss) per share, in accordance with IFRS, was
$(0.26) per share basic and diluted, compared to $0.07 and $0.06 respectively.
Consolidated Adjusted EBITDA* was $17.7 million, up 2.9% (4.3% on a constant currency basis).
Adjusted EPS* was $0.27, down from $0.34.
Altus Analytics revenues were $80.3 million, up 48.1% (50.0% on a constant currency basis), of which Over Time revenues* were $68.0 million, up 59.0% (60.2% on a constant currency basis), and Adjusted EBITDA was $11.2 million, up 10.0% (11.2% on a constant currency basis).
Altus Analytics Bookings* totaled $28.0 million, up 31.7% (32.4% on a constant currency basis), of which organic growth in Bookings* was 11.8% (12.5%
on a constant currency basis).
At the end of the first quarter, 44% of the Company’s total ARGUS Enterprise (“AE”) user base had been contracted on ARGUS Cloud (cloud adoption rate)*.
CRE Consulting revenues were $87.4 million, up 5.4% (6.4% on a constant currency basis) and Adjusted EBITDA was $16.2 million, up 8.1% (9.2% on a constant currency basis).
Entered into a Normal Course Issuer Bid to repurchase for cancellation up to 1,345,142 common shares.
As at March 31, 2022, bank debt was $306.7 million and cash and cash equivalents were $46.8 million (representing a funded debt to Adjusted EBITDA leverage ratio of 2.60 times, as such ratio is defined in the Company’s credit facility agreement, or a net debt to Adjusted EBITDA leverage ratio* of 2.37 times).
Subsequent to quarter end, acquired Rethink Solutions Inc., the developer of the itamlink property tax management software.
Key contact

Camilla Bartosiewicz
Chief Communications Officer
Key contact

Camilla Bartosiewicz
Chief Communications Officer
About Altus Group
Altus Group provides the global commercial real estate industry with vital actionable intelligence solutions driven by our de facto standard ARGUS technology, unparalleled asset level data, and market leading expertise.
A market leader in providing Intelligence as a Service, Altus Group empowers CRE professionals to make well-informed decisions with greater speed and scale to maximize returns and reduce risk. Trusted by most of the world’s largest CRE leaders, our solutions for the valuation, performance, and risk management of CRE assets are integrated into workflows critical to success across the CRE value chain.
Founded in 2005, Altus Group is a global company with approximately 2,600 employees across North America, EMEA and Asia Pacific. For more information about Altus Group (TSX: AIF) please visit altusgroup.com.
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