Altus Group reports second quarter 2022 financial results

August 11, 2022

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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 second quarter ended June 30, 2022.

Q2 2022 summary


  • Consolidated revenues were $206.4 million, up 19.0% (19.9% on a constant currency* basis)

  • Consolidated profit, in accordance with IFRS, was $12.5 million, down 23.5%

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

  • Consolidated Adjusted EBITDA* was $49.7 million, up 17.8% (20.3% on a constant currency basis)

  • Adjusted EPS* was $0.77, up 2.7% from $0.75

  • Altus Analytics revenues were $82.1 million, up 38.4% (37.0% on a constant currency basis), of which Over Time Revenues* were $70.9 million, up 41.5% (40.6% on a constant currency basis), and Adjusted EBITDA was $13.8 million, up 54.1% (49.0% on a constant currency basis)

  • Altus Analytics Bookings* totaled $23.5 million, up 6.0% (5.1% on a constant currency basis). Bookings that are recurring in nature were up significantly. Bookings that relate to one-time engagements were down, due to a number of sizeable one-time projects that closed in the second quarter of 2021 that did not recur.

  • At the end of the second quarter, 52% of the Company’s total ARGUS Enterprise (“AE”) user base had been contracted on ARGUS Cloud (cloud adoption rate*).

  • CRE Consulting revenues were $124.5 million, up 8.9% (11.1% on a constant currency basis) and Adjusted EBITDA was $46.6 million, up 9.8% (13.7% on a constant currency basis). The annuity billings in the U.K. Property Tax business contributed $33.2 million in revenues (compared to $25.7 million in the second quarter of 2021).

  • As at June 30, 2022, bank debt was $345.0 million and cash and cash equivalents were $67.1 million (representing a funded debt to Adjusted EBITDA leverage ratio of 2.63 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).

Key contact
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Camilla Bartosiewicz

Chief Communications Officer

Key contact
undefined's Profile
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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