Altus Group reports third quarter 2022 financial results

Q3 2022 Summary

Unless otherwise indicated, all amounts are unaudited and in Canadian dollars and percentages are in comparison to the same period in 2021.

• Consolidated revenues were $177.7 million, up 17.1% (18.1% on a constant currency* basis).

• Consolidated profit, in accordance with IFRS, was $6.8 million, compared to a loss of ($0.3) million.

• Consolidated earnings per share, in accordance with IFRS, was $0.15 per share basic and diluted, compared to ($0.01).

• Consolidated Adjusted EBITDA* was $32.9 million, up 34.8% (33.6% on a constant currency basis).

• Adjusted EPS* was $0.42, up 7.7% from $0.39.

• Altus Analytics revenues were $87.6 million, up 34.6% (34.8% on a constant currency basis), of which Over Time Revenues* were $76.9 million, up 39.6% (40.1% on a constant currency basis), and Adjusted EBITDA was $20.9 million, up 78.4% (75.8% on a constant currency basis) driving an Adjusted EBITDA margin* of 23.9%.

• Altus Analytics Bookings* totaled $26.9 million, up 30.9% (27.9% on a constant currency basis). Recurring Bookings* were up 59.0% (54.5% on a constant currency basis).

• At the end of the third quarter,55%of the Company’s total ARGUS Enterprise (“AE”) user base had been contracted on ARGUS Cloud (cloud adoption rate*).

• CRE Consulting revenues were $90.3 million, up 4.0% (5.7% on a constant currency basis) and Adjusted EBITDA was $21.9 million, down 2.7% (1.8% on a constant currency basis).

• As at September 30, 2022, bank debt was $324.0 million and cash and cash equivalents were $46.6 million (representing a funded debt to Adjusted EBITDA leverage ratio of 2.29 times, as such ratio is defined in the Company’s credit facility agreement, or a net debt to Adjusted EBITDA leverage ratio* of 2.20 times).