Altus Group reports first quarter 2023 financial results

May 4, 2023

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Altus Group Limited (ʺAltus” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today its financial and operating results for the first quarter ended March 31, 2023.

Unless otherwise indicated, all amounts are in Canadian dollars and percentages are on an as reported basis in comparison to Q1 2022.

Q1 2023 Summary


  • Consolidated revenues were $190.8 million, up 13.9% (10.9% on a Constant Currency* basis).

  • Profit (loss) was $(2.4) million, compared to $(11.5) million.

  • Earnings per share (“EPS”) were $(0.05) basic and diluted, compared to $(0.26) basic and diluted.

  • Consolidated Adjusted EBITDA* was $26.5 million, up 49.5% (43% on a Constant Currency basis).

  • Adjusted EPS* was $0.33, compared to $0.27.

  • Analytics revenues were $94.6 million, up 17.8% (12.3% on a Constant Currency basis), of which Recurring Revenue* was $85.3 million, up 25.4% (19.5% on a Constant Currency basis), and Adjusted EBITDA was $20.2 million, up 80% (65.8% on a Constant Currency basis) driving an Adjusted EBITDA margin* of 21.4%, up 740 basis points.

  • Analytics New Bookings* totalled $21.4 million, down 23.7% (28.1% on a Constant Currency basis), of which Recurring New Bookings* were $14.1 million, down 26.4% (30.6% on a Constant Currency basis).

  • At the end of Q1 2023, 67% of the Company’s total ARGUS Enterprise (“AE”) user base had been contracted on ARGUS Cloud (Cloud Adoption Rate*), compared to 44% at the end of Q1 2022.

  • Property Tax revenues were $66.7 million, up 14.1% (13.2% on a Constant Currency basis) and Adjusted EBITDA was $15.1 million, up 13.3% (14.1% on a Constant Currency basis).

  • Appraisals and Development Advisory revenues were $29.7 million, up 2.5% (2.3% on a Constant Currency basis) and Adjusted EBITDA was $3.0 million, up 2.2% (2.3% on a Constant Currency basis).

  • As at March 31, 2022, Funded debt to EBITDA ratio as defined in the Company’s credit facility agreement was 2.21 times, and Net debt to Adjusted EBITDA leverage ratio* was 2.13 times.

Key contact
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Camilla Bartosiewicz

Chief Communications Officer

Key contact
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Camilla Bartosiewicz

Chief Communications Officer

About Altus Group


Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services.

Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle.

Altus Group is a global company headquartered in Toronto with approximately 2,800 employees across North America, EMEA and Asia Pacific. For more information about Altus Group (TSX: AIF) please visit altusgroup.com.



Forward-looking Information

Certain information in this Press Release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this Press Release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, the discussion of the business, strategies and expectations of future performance, including any guidance on financial expectations, and expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could”, “remain” and other similar terminology.

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that the Company identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by customers; retention of material clients and bookings; sustaining software and subscription renewals; settlement volumes in the Property Tax reportable segment occurring on a timely basis and assessment authorities processing appeals in a manner consistent with expectations; successful execution of business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which the Company operates; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the general state of the economy; the Company’s financial performance; the Company’s financial targets; the commercial real estate market; the Company’s international operations; acquisitions; industry competition; business interruption events; third party information; cybersecurity; professional talent; the Company’s cloud subscriptions transition; software renewals; the Company’s sales pipeline; enterprise transactions; client concentration and loss of material clients; product enhancements and new product introductions; technological strategy; intellectual property; property tax appeals and seasonality; legislative and regulatory changes; privacy and data protection; the covid-19 pandemic; the Company’s brand and reputation; fixed-price and contingency engagements; the Canadian multi-residential market; currency fluctuations; interest rates; credit; income tax matters; health and safety hazards; the Company’s contractual obligations; legal proceedings; regulatory review; the Company’s insurance limits; the Company’s ability to meet the solvency requirements necessary to make dividend payments; the Company’s leverage and financial covenants; the Company’s share price; the Company’s capital investments; the issuance of additional common shares and debt; the Company’s internal and disclosure controls; environmental, social and governance (ESG) matters; and the war in Ukraine, as well as those described in the Company’s annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2022 (which are available on SEDAR at www.sedar.com).

The COVID-19 pandemic has cast additional uncertainty on each of these factors and assumptions. The duration, extent and the resulting economic impact the COVID-19 pandemic will have on the Company’s business remains uncertain and difficult to predict at this time.

Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this Press Release and, except as required under applicable law, the Company does not undertake to update or revise it to reflect new events or circumstances. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, the Company’s financial or operating results, or the Company’s securities.

Certain information in this Press Release may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

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