Altus Group reports first quarter 2022 financial results

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.