Altus Group reports third quarter 2020 financial results

Q3 2020 summary

• Consolidated revenues were $135.0 million, up 6.4%

• Consolidated profit from continuing operations, in accordance with IFRS, was $9.3 million, up 102.2%

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.23 per share basic and $0.22 per share diluted, compared to $0.12 and $0.11, respectively Consolidated Adjusted EBITDA1 was $24.0 million, up 28.0%

• Adjusted earnings per share2 (“Adjusted EPS”) from continuing operations was $0.40, compared to $0.28

• Altus Analytics Over Time3 revenues grew 12.3% to $41.4 million (total Altus Analytics revenues decreased by 2.5% to $49.2 million while Adjusted EBITDA1 increased by 6.8% to $11.1 million)

• CRE Consulting revenues grew 12.3% to $85.8 million and Adjusted EBITDA1 increased by 33.5% to $24.8 million, driven by 18.2% revenue and 36.8% Adjusted EBITDA growth at Property Tax

• Bank debt was $153.5 million (representing a funded debt to EBITDA leverage ratio of 1.49 times) and cash and cash equivalents was $91.1 million

“As the CRE industry continues to navigate through a challenging external environment, our mission critical solutions and core services are driving significant client value in enabling our customers to better analyze, gain insight and recognize value of their real estate investments,” said Mike Gordon, Chief Executive Officer at Altus Group. “This is reflected in our steady topline growth, while our focus on operational improvements is contributing to earnings growth and an improvement in our operating margins. Looking out, we remain well positioned to deliver on long term growth through the execution of our strategy at both our Altus Analytics and CRE Consulting segments.”