Altus Group reports fourth quarter and full year 2019 financial results

Q4 2019 summary

• Consolidated revenues were $148.8 million, up 13.7%

• Consolidated profit, in accordance with IFRS, was $0.3 million, a $15.0 million improvement

• Consolidated earnings per share, in accordance with IFRS, was $0.01 basic and diluted, compared to ($0.38), basic and diluted

• Consolidated adjusted EBITDA1 was $23.5 million, up 55.3%

• Adjusted earnings per share2 (“adjusted EPS”) was $0.43, compared to $0.20

• Altus Analytics revenues increased 5.3% to $54.6 million (reflecting a tough compare from the previous year), and adjusted EBITDA1 was down 48.0% to $5.3 million reflecting higher mix of subscription revenues and higher development costs

• Altus Analytics recurring revenues3 (as defined below) grew 21.1%4 to $40.9 million

2019 full year summary

• Consolidated revenues were $567.4 million, up 11.2%

• Consolidated profit, in accordance with IFRS, was $18.2 million, up 198.7%

• Consolidated earnings per share, in accordance with IFRS, was $0.46 basic and $0.45 diluted, compared to ($0.48), basic and diluted

• Consolidated adjusted EBITDA1 was $88.1 million, up 24.3%

• Adjusted earnings per share2 (“adjusted EPS”) was $1.47, compared to $1.05

• Altus Analytics revenues grew 10.1% to $202.0 million, and adjusted EBITDA1 was $36.8 million, down 11.3% reflecting higher mix of subscription revenues and higher development costs

• Altus Analytics recurring revenues3 (as defined below) grew 18.0% to $153.6 million

• Commercial Real Estate (“CRE”) Consulting revenues grew 14.2% to $324.1 million and adjusted EBITDA1 grew by 55.8% to $76.1 million