Altus Group reports second quarter 2020 financial results

Q2 2020 summary

• Consolidated revenues were $155.5 million, up 8.6%

• Consolidated profit from continuing operations, in accordance with IFRS, was $11.3 million, down 10.9% reflecting the impact of a global restructuring program

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.28, basic and diluted, compared to $0.32, basic and diluted

• Consolidated Adjusted EBITDA1 was $34.9 million, up 16.2%

• Adjusted earnings per share2 (“Adjusted EPS”) from continuing operations was $0.62, compared to $0.51

• Altus Analytics revenues increased 2.3% to $51.3 million and Adjusted EBITDA1 was down 13.9% to $9.7 million

• Altus Analytics Over Time3 revenues (new metric for recurring revenues, as defined below) grew 18.3% to $42.8 million

• CRE Consulting revenues grew 12.0% to $104.3 million and Adjusted EBITDA1 increased by 16.5% to $37.3 million, driven by record Property Tax performance

• The previously announced transaction to divest of the Company’s Geomatics business into a joint venture structure with WSP Global Inc. closed and launched as GeoVerra

• Bank debt was $160.0 million (representing a funded debt to EBITDA leverage ratio of 1.65 times) and cash and cash equivalents was $74.1 million

“While our company and industry continue to navigate a challenging external environment, Altus Group posted the highest quarterly revenue and earnings in our history demonstrating that our core business is solid and resilient,” said Robert Courteau, Chief Executive Officer at Altus Group. “The need for insights and transparency into CRE performance is heightened substantially in today’s operating environment, reinforcing the demand for our mission critical solutions and expert advisory.”