Altus Group Reports fourth quarter and full year 2018 financial results

Q4 2018 summary

• Consolidated revenues were $130.9 million, up 7.0%

• Consolidated loss, in accordance with IFRS, was $14.7 million ($0.38 per share basic and diluted)

• Consolidated adjusted EBITDA was $15.1 million, down 24.2% reflecting quarterly variability of the Property Tax business

• Adjusted earnings per share (“adjusted EPS”) increased 33.3% to $0.20

• Altus Analytics revenues increased 24.9% to $51.8 million and adjusted EBITDA increased by 52.3% to $10.3 million

• Altus Analytics recurring* revenues (as defined below) grew 15.0% to $34.4 million

• Commercial Real Estate (“CRE”) Consulting revenues decreased by 2.5% to $67.7 million and adjusted EBITDA was $2.8 million, down by 63.9% reflecting revenue variability of the Property Tax business

Full year 2018 summary

• Consolidated revenues were $510.4 million, up 7.1%

• Consolidated loss, in accordance with IFRS, was $18.4 million ($0.48 per share basic and diluted)

• Consolidated adjusted EBITDA was $70.9 million, down 12.1% reflecting revenue variability of the Property Tax business and investments at Altus Analytics

• Adjusted EPS decreased 5.4% to $1.05

• Altus Analytics revenues increased 9.4% to $183.4 million and adjusted EBITDA decreased by 11.4% to $41.5 million reflecting investments

• Altus Analytics recurring* revenues (as defined below) grew 10.3% to $130.1 million, representing approximately 70% of total Altus Analytics revenues

• CRE Consulting revenues increased by 8.7% to $283.9 million and adjusted EBITDA decreased by 6.8% to $48.8 million, impacted by revenue variability of the Property Tax business

• Returned $23.5 million to shareholders through quarterly dividends of $0.15 per share, or $0.60 per share for the year

• Completed three tuck-in acquisitions, New Market Real Estate, Aspect Property Consultants and Taliance