Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a
leading provider of software, data solutions and independent
advisory services to the global commercial real estate industry,
announced today its financial outlook for the second half of 2021.
Since Altus Group’s second quarter interim
financial results were released on August 12, 2021, the Company
continues to deliver robust performance across all of its business
segments and expects a strong second half of the year to deliver
mid-teen year-over-year growth in consolidated constant currency
revenues in FY2021 at improved margins.
Reflecting the strong 68% constant currency
year-over-year Altus Analytics Bookings growth in the six months
ended June 30, 2021, revenue growth is expected to accelerate in
the second half of 2021. There is solid momentum in both new client
growth and existing client expansion across the whole business with
Altus Analytic Bookings to date approaching total Bookings in
FY2020. Over Time revenue growth is also expected to pick up in the
second half of 2021.
The CRE Consulting segment is also poised for
robust performance in the second half of the year, reflecting
healthy market fundamentals across its core practice areas. The
global Property Tax business is on track to deliver record FY2021
revenue and Adjusted EBITDA results, however, is expected to
experience some quarterly variability in the second half of the
year primarily due to continuing COVID-19-related disruptions and
appeal settlement delays in the U.S. and the U.K. markets which is
expected to result in anticipated third quarter revenues to be
deferred into future quarters.
Looking out to the second half of the year,
Management has issued one-time guidance for anticipated third
quarter and FY2021 results assuming current foreign exchange
rates:
|
Altus Analytics: |
CRE Consulting: |
Consolidated: |
Q3 2021 Revenue |
$64 - $65 million |
$82 - $84 million |
$146 - $149 million |
Q3 2021 Adjusted EBITDA |
$10 - $11 million |
$19 - $20 million |
$20 - $22 million |
FY2021 Revenue |
$247 - $249 million |
$370 - $374 million |
$617 - $623 million |
FY2021 Adjusted EBITDA |
$42 - $44 million |
$101 - $104 million |
$108 - $113 million |
“With a strong first half of the year and
continued momentum, we feel confident about delivering mid-teen
year-over-year growth in our consolidated constant currency
revenues in 2021 at improved margins,” said Mike Gordon, Chief
Executive Officer at Altus Group. “Our Altus Analytics business is
poised for robust revenue growth in the second half of the year
with the momentum expected to continue into 2022. At Property Tax,
with growing scale, a robust backlog of appeals, and our ongoing
digital improvements, our performance is becoming more balanced
across our key markets to help us mitigate the inherent quarterly
variability of this business. Our Property Tax Bookings are up
year-over-year, full year margins are expected to be steady at
30%+, and as we deliver on our digitization initiatives and
go-to-market programs, we remain exceptionally well positioned for
the long term.”
Non-IFRS Measures
Bookings, constant currency revenue and Adjusted
EBITDA are non-IFRS measures. Altus Group uses these non-IFRS
measures as an indicator of financial performance. Readers are
cautioned that these are not defined performance measures, and do
not have any standardized meaning under IFRS and may differ from
similar computations as reported by other similar entities and,
accordingly, may not be comparable to financial measures as
reported by those entities. The Company believes that these
measures are useful supplemental measures that may assist investors
in assessing an investment in its shares and provide more insight
into its performance. These non-IFRS measures should not be
considered in isolation or as a substitute for financial measures
prepared in accordance with IFRS. For further information about
these measures, including their descriptions and how Altus Group
reconciles Adjusted EBITDA measure to the closest IFRS measure, see
the Company’s most recent Management’s Discussion & Analysis
(MD&A”) for the six months ended June 30, 2021, available on
SEDAR at www.sedar.com.
Forward-Looking Information
This press release contains certain statements
that constitute forward-looking information within the meaning of
applicable securities laws (“forward-looking statements”).
Statements concerning Altus Group’s objectives, goals, strategies,
priorities, intentions, plans, beliefs, expectations and estimates,
and the business, operations, financial performance and condition
of the Company are forward-looking statements. The words “believe”,
“expect”, “anticipate”, “estimate”, “intend”, “may”, “will”,
“would”, “could”, “should”, “continue”, “plan”, “goal”,
“objective”, and similar expressions and the negative of such
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words.
Certain material factors and assumptions were
applied in providing these forward-looking statements.
Forward-looking information involves numerous assumptions including
the following specific assumptions: the ability of Altus Group to
meet its “Revenue” and “Adjusted EBITDA” targets, assumptions on
Altus Analytics Bookings growth, subscription and maintenance
renewal rates, client retention rates, growth in its Data Solutions
and Appraisal Management businesses, assumptions on the Argus
Software revenue model, license sales, cloud conversion (including
timing and rate), assumptions on other Altus Analytics
contributors, expenses, operating leverage, foreign exchange;
engagement and product pipeline opportunities in Altus Analytics
will result in associated definitive agreements; settlement volumes
in the Property Tax business will occur on a timely basis and that
assessment authorities will process appeals in a manner consistent
with expectations; the successful execution of our business
strategies; consistent and stable economic conditions or conditions
in the financial markets; consistent and stable legislation in the
various countries in which we operate; no disruptive changes in the
technology environment; the opportunity to acquire accretive
businesses and the absence of negative financial and other impacts
resulting from strategic investments or acquisitions on short term
results; the successful integration of acquired businesses; and the
continued availability of qualified professionals.
Projections may also be impacted by macroeconomic factors, in
addition to other factors not controllable by the Company. Altus
Group has also made certain macroeconomic and general industry
assumptions in the preparation of such forward-looking statements.
Management believes that the expectations reflected in
forward-looking statements are based upon reasonable assumptions;
however, Management can give no assurance that actual results will
be consistent with these forward-looking statements. Not all
factors which affect the forward-looking information are known, and
actual results may vary from the projected results in a material
respect, and may be above or below the forward-looking information
presented in a material respect.
The COVID-19 pandemic has cast additional
uncertainty on each of these factors and assumptions. There can be
no assurance that they will continue to be valid. Given the rapid
pace of change with respect to the COVID-19 pandemic, it is
difficult to make further assumptions about these matters. The
duration, extent and severity of the impact the COVID-19 pandemic,
including measures to prevent its spread, will have on our business
is uncertain and difficult to predict at this time. As of the date
of this press release, many of our offices and clients remain
subject to limitations and restrictions set to reduce the spread of
COVID-19, and a significant portion of our employees continue to
work remotely.
Inherent in the forward-looking information are
known and unknown risks, uncertainties and other factors that could
cause our actual results, performance or achievements, or industry
results, to differ materially from any results, performance or
achievements expressed or implied by such forward-looking
information. Those risks, uncertainties and other factors that
could cause actual results to differ materially from the
forward-looking information include, but are not limited to: the
general state of the economy; the COVID‐19 pandemic; currency; our
financial performance; our financial targets; the commercial real
estate market; industry competition; our acquisitions; our cloud
subscriptions transition; software renewals; professional talent;
third party information; enterprise transactions; new product
introductions; technological change; intellectual property;
technology strategy; information technology governance and
security; our product pipeline; property tax appeals; legislative
and regulatory changes; fixed-price and contingency engagements;
appraisal and appraisal management mandates; the Canadian
multi-residential market; customer concentration and the loss of
material clients; interest rates; credit; income tax matters;
health and safety hazards; our contractual obligations; legal
proceedings; our insurance limits; our ability to meet the solvency
requirements necessary to make dividend payments; leverage and
financial covenants; our share price; our capital investments; and
the issuance of additional common shares, as well as those
described in our annual publicly filed documents, including the
Annual Information Form for the year ended December 31, 2020 (which
are available on SEDAR at www.sedar.com). In addition, in respect
of the June 13, 2021 cybersecurity incident (as discussed on page
11 of the MD&A),while we have implemented our cybersecurity and
business continuity protocols and adopted additional measures to
enhance the security of our IT systems to help detect and prevent
future attempts or incidents of malicious activity, we are subject
to a number of risks and uncertainties in connection with the
incident. Such risks and uncertainties include, but are not limited
to: the outcome of the ongoing investigation into the incident;
costs related to the investigation and any potential liabilities,
regulatory investigation or lawsuit resulting from the incident;
costs related to and the effectiveness of our mitigation and
remediation efforts; our ability to recover proceeds under our
insurance policies; and the potential loss of customer and other
stakeholder confidence in our ability to protect their information,
and the potential adverse financial impact such loss of confidence
may have on our business.
Given these risks, uncertainties and other
factors, investors should not place undue reliance on
forward-looking information as a prediction of actual results. The
forward-looking information reflects management’s current
expectations and beliefs regarding future events and operating
performance and is based on information currently available to
management. Although we have attempted to identify important
factors that could cause actual results to differ materially from
the forward-looking information contained herein, there are other
factors that could cause results not to be as anticipated,
estimated or intended. The forward-looking information contained
herein is current as of the date of this press release and, except
as required under applicable law, we do not undertake to update or
revise it to reflect new events or circumstances. Additionally, we
undertake no obligation to comment on analyses, expectations or
statements made by third parties in respect of Altus Group, our
financial or operating results, or our securities.
Certain information in this press release may be
considered as “financial outlook” within the meaning of applicable
securities legislation including the revenue and Adjusted EBITDA
guidance. The purpose of this financial outlook is to provide
readers with disclosure regarding Altus Group’s reasonable
expectations as to the anticipated results of its proposed business
activities for the periods indicated. Readers are cautioned that
the financial outlook may not be appropriate for other
purposes.
About Altus Group Limited
Altus Group Limited is a leading provider of
software, data solutions and independent advisory services to the
global commercial real estate industry. Our businesses, Altus
Analytics and Altus Commercial Real Estate Consulting, reflect
decades of experience, a range of expertise, and technology-enabled
capabilities. Our solutions empower clients to analyze, gain
insight and recognize value on their real estate investments.
Headquartered in Canada, we have approximately 2,600 employees
around the world, with operations in North America, Europe and Asia
Pacific. Our clients include many of the world’s largest commercial
real estate industry participants. Altus Group pays a quarterly
dividend of $0.15 per share and our shares are traded on the
Toronto Stock Exchange under the symbol AIF.
For more information on Altus Group, please visit:
www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Camilla BartosiewiczVice President, Investor
Relations, Altus Group Limited (416)
641-9773camilla.bartosiewicz@altusgroup.com
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