Altus Group reports second quarter 2021 financial results

Q2 2021 summary

• Consolidated revenues were $173.5 million, up 11.6% (16.5% on a constant currency basis)

• Consolidated profit from continuing operations, in accordance with IFRS, was $16.3 million, up 44.2%

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.40 per share, basic and $0.39 per share, diluted, compared to $0.28 per share, basic and diluted

• Consolidated Adjusted EBITDA was $42.2 million, up 21.0% (26.2% on a constant currency basis)

• Adjusted EPS was $0.75, up 21.0% from $0.62

• Altus Analytics revenues were $59.3 million, up 15.7% (25.8% on a constant currency basis), of which Over Time revenues were $50.1 million, up 17.2% (26.6% on a constant currency basis), while Adjusted EBITDA was $8.9 million, up 9.5% (24.2% on a constant currency basis)

• Altus Analytics Bookings totaled $22.1 million, up 72.3% (88.7% on a constant currency basis), of which organic growth in Bookings was 63.4% (79.7% on a constant currency basis)

• CRE Consulting revenues were $114.3 million, up 9.6% (12.0% on a constant currency basis) and Adjusted EBITDA was $42.4 million, up 24.8% (26.9% on a constant currency basis), driven by record performance at Property Tax which included a $25.7 million contribution from the U.K. annuity billing

• At the end of the quarter Bank debt was $248.8 million (representing a funded debt to EBITDA leverage ratio of 2.03 times) and cash and cash equivalents was $74.1 million