Altus Group reports fourth quarter and full year 2020 financial results

Q4 2020 summary

• Consolidated revenues were $139.5 million, up 0.7%

• Consolidated profit from continuing operations, in accordance with IFRS, was $4.6 million, down 24.5%

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.11 per share basic and diluted, compared to $0.15 per share basic and diluted, respectively

• Consolidated Adjusted EBITDA1 was $26.7 million, up 19.7%

• Adjusted EPS was $0.44, compared to $0.42

• Altus Analytics Over Time3 revenues grew 11.5% to $43.5 million (total Altus Analytics revenues decreased by 5.6% to $51.5 million while Adjusted EBITDA1 increased by 8.2% to $5.8 million)

• CRE Consulting revenues grew 4.9% to $88.0 million and Adjusted EBITDA1 increased by 24.3% to $16.7 million, driven by 6.0% revenue and 24.1% Adjusted EBITDA growth at Property Tax

• Subsequent to quarter end, the Company entered into exclusive negotiations to acquire 100% of Finance Active SAS, a leading European provider of SaaS debt and financial risk management solutions for CRE treasury and investment management

2020 full year summary

• Consolidated revenues were $561.2 million, up 6.7%

• Consolidated profit from continuing operations, in accordance with IFRS, was $27.0 million, up 13.1%

• Consolidated earnings per share from continuing operations, in accordance with IFRS, was $0.67 per share basic and $0.66 per share diluted, compared to $0.61 and $0.60, respectively

• Consolidated Adjusted EBITDA1 was $98.9 million, up 16.8%

• Adjusted earnings per share2 (“Adjusted EPS”) was $1.67, compared to $1.43

• Altus Analytics Over Time3 revenues grew 14.7% to $167.7 million (reflecting ongoing revenue model transition, total Altus Analytics revenues increased modestly by 0.9% to $203.7 million while Adjusted EBITDA1 decreased by 2.6% to $35.8 million)

• Finished the year surpassing 1,000 customers on cloud-enabled Argus Enterprise (“AE”) and 14% of total AE user base contracted on ARGUS Cloud

• CRE Consulting revenues grew 10.4% to $357.8 million and Adjusted EBITDA1 increased by 21.0% to $92.1 million, driven by 14.8% revenue and 22.7% Adjusted EBITDA growth at Property Tax

• At the end of the year Bank debt was $123.0 million (representing a funded debt to EBITDA leverage ratio of 1.09 times) and cash and cash equivalents was $69.6 million