Slide 1: Q4 & FY 2024 Earnings Call & Webcast
Q4 & FY 2024 Earnings Call & Webcast TSX: AIF | February 20, 2025
Slide 2: Forward-looking information & statements
Forward-looking information & statements Certain information in this presentation may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward- lo
Slide 3: Financial review
Financial review Pawan Chhabra Chief Financial Officer Q4 2024 results
Slide 4: Consolidated Q4 2024 results
Consolidated Q4 2024 results REVENUE: Q4 2024 Q4 2023 Y/Y CHANGE Revenues $135.5 $131.1 1.0% *CC Analytics Profit (Loss) from continuing operations $22.9 $(8.3) 374.9% Appraisals & Development Advisory Basic EPS from continuing operations $0.50 $(0.18) 377.8% ADJUSTED EBITDA: Diluted EPS from contin
Slide 5: Analytics results
Analytics results Resilient revenue growth & margin expansion Q4 2024: C$M $120 40% As reported CC* 35% $100 Revenue $107.7M 4.4% 1.6% 30% $80 25% Recurring $101.1M 8.7% 5.8% $60 20% Revenue* 15% $40 Adjusted 10% $36.4M 29.4% 25.2% EBITDA $20 5% Adjusted $0 0% EBITDA 33.8% 650 bps 630 bps Q1 Q2 Q3 Q
Slide 6: Analytics Recurring Revenue
Analytics Recurring Revenue* Resilient & growing recurring revenue base C$ (M) C$M Q4 2024: $120 $101.1M 5.8% $101 $100 $95 $95 $93 $92 $89 $87 $86 $85 $80 $77 $71 $68 • Organic Recurring Revenue* was up 4.5% $60 $60 $55 • 94% of Analytics revenues were recurring $50 $43 $41 $43 $43 vs. 90% in the p
Slide 7: Analytics Adjusted EBITDA margin
Analytics Adjusted EBITDA margin* Consistent margin expansion Q4 2024: 40% 33.8% 630 bps 35% 33.8% FY 2024: 30% 30.3% 28.5% 400 bps 28.5% 26.9% 27.3% 25% 26.1% 24.5% 24.3% 23.9% 23.8% 23.3% 20% 20.7% 21.4% 15% 16.6% 16.8% Margin improvement driven by: 14.0% 10% Revenue growth Global Service Cent
Slide 8: Analytics New Bookings
Analytics New Bookings* $86.3M of New Bookings* added in FY2024, majority of which represent recurring revenue solutions C$M C$ (M) $40 $34.2 Q4 2024 NEW BOOKINGS*: total $35 $25.8M 5.3% $28.0 $30 total $26.9 $26.3 total $25.8 $24.6 total total $23.5 total $22.2 $25 total $21.4 total total $21.3 $19
Slide 9: Analytics Cloud Adoption Rate
Analytics Cloud Adoption Rate* Successful transition to subscription revenue 90% 82% 79% 80% 74% 75% 76% 70% 72% 70% 67% 64% 60% 55% 52% 50% 42% 44% 40% 29% 30% 26% 22% 20% 14% 10% 6% 8% 10% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2022 2
Slide 10: Appraisals & Development Advisory results
Appraisals & Development Advisory results Navigating macro conditions & enhancing profitability C$M $35 20% Q4 2024: 18% $30 16% $25 As reported CC* 14% $20 12% Revenue $28.0M 0.3% 1.0% 10% $15 8% Adjusted $10 6% $4.4M 95.3% 93.4% EBITDA $5 4% 2% Adjusted $0 EBITDA 15.7% 770 bps 770 bps Q1 Q2 Q3 Q4
Slide 11: Balance sheet
Balance sheet Significant capital to invest in growth $41.9M CASH POSITION $309.0M TOTAL LIQUIDITY* AS AT DECEMBER 31, 2024 $282.9M BANK DEBT 2.01x FUNDED DEBT TO ESTIMATED NET PROCEEDS EBITDA RATIO** ~$600M FROM PROPERTY TAX SALE AS AT JANUARY 1, 2025 * Non-GAAP and other financial measure | All Ba
Slide 12: CEO remarks
CEO remarks Jim Hannon Chief Executive Officer 2024 review & 2025 business outlook
Slide 13: 2024 highlights
2024 highlights TO P S T R AT E G I C A C C O M P L I S HM E N T S : Grew Analytics business Grew cash flow Sold Property Tax 11.9% growth in net cash provided by Accelerates business transformation to pure-play 6.4% Recurring Revenue* growth & 400 bps operating activities & 23.0% growth in Free sof
Slide 14: 2024 in review
2024 in review C O N S O L I D AT E D P E R F O R M A N C E – F O R C O N T I N U I N G O P E R AT I O N S : $519.7M 0.6% $82.9M 23.7% $1.17 143.8% Revenue Adjusted EBITDA* Adjusted EPS* as reported $(0.8M) 97.6% $(0.02) 97.3% $(0.02) 97.3% Profit Basic EPS Diluted EPS as reported as reported as rep
Slide 15: Amplifying cash generation
Amplifying cash generation NET CASH PROVIDED BY • Net Cash Provided by Operating $79.9 O P E R AT I N G A C T I V I T I E S : Activities reflects improvements in $71.4 $7.5 working capital 11.9% $12.5 • Lower capex following significant investments in modernizing systems & without Property Tax softw
Slide 16: Balanced capital allocation priorities
Balanced capital allocation priorities Our top priority is to deploy our cash towards opportunities that drive organic profitable growth. All other uses of available cash are evaluated on an incremental return profile. O UR L O NG -T E RM CA P I TA L A L L O CAT I O N P RI O RI T I E S A RE : • Purs
Slide 17: 2025 business outlook
2025 business outlook FY2024 results: FY2025 expectations: Q1 2025 expectations: • $411.3 M total Analytics revenue 3.0% • 4-7% total Analytics revenue growth • 0-2% total Analytics revenue growth • $383.4 M Recurring Revenue* 6.4% • 6-9% Recurring Revenue* growth • 2-3% Recurring Revenue* growth A
Slide 18: Question period
Question period For additional inquiries please email IR@altusgroup.com
Slide 19: Appendix
rN AltusGroup APPENDIX
Slide 20: Business segment contribution
Business segment contribution Revenue C$M Analytics Appraisals & Development Advisory $600 $510M $520M $500 $467M 109 117 $365M 121 APAC, 7% $400 Canada, $313M $317M 20% $271M $290M EMEA, $300 114 $247M 16% 111 113 107 103 $200 96 393 411 Revenue 346 251 $100 168 183 202 204 U.S., 57% 151 $0 2016 20
Slide 21: Reportable segment performance
Reportable segment performance Revenues Quarter ended December 31, Year ended December 31, % CC* % % CC* % In thousands of dollars 2024 2023 2024 2023 Change Change Change Change Analytics $ 107,721 $ 103,190 4.4% 1.6% $ 411,282 $ 392,913 4.7% 3.0% Appraisals and Development Advisory 27,964 28,046 (
Slide 22: Selected financial information
Selected financial information Selected Financial Information Quarter ended December 31, Year ended December 31, In thousands of dollars, except for per share 2024 2023 (1) 2024 2023 (1) amounts Revenues $ 135,501 $ 131,050 $ 519,727 $ 509,732 Canada 20% 22% 20% 23% U.S. 57% 56% 57% 55% EMEA 16% 16%
Slide 23: Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings
Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (1) Comparative figures have been restated to reflect discontinued Quarter ended December 31, Year ended December 31, operations. Refer to Note 11 of the financial statements. In thousands of dollars, except for per share amoun
Slide 24: Debt, leverage & liquidity
Debt, leverage & liquidity Funded debt to EBITDA Quarter end Cash position Total bank debt ratio** Q4 2024 $41.9 M $282.9 M 2.01x Q3 2024 $39.6 M $306.1 M 2.07x Q2 2024 $49.5 M $306.4 M 2.11x Liquidity as at September 30, 2024: Q1 2024 $44.3 M $328.6 M 2.15x Cash $41.9 M Q4 2023 $41.9 M $308.6 M 2.0
Slide 25: Summary of consolidated quarterly results
Summary of consolidated quarterly results 2024 2023 In thousands of dollars, except for Fiscal 2024 Dec 31 Sep 30 Jun 30 Mar 31 Fiscal 2023 Dec 31 Sep 30 Jun 30 Mar 31 per share amounts Results of Operations Revenues $ 519,727 $ 135,501 $ 128,419 $ 130,389 $ 125,418 $ 509,732 $ 131,050 $ 124,450 $ 1
Slide 26: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disc
Slide 27: Non-GAAP and other measures definitions
Non-GAAP and other measures definitions New Bookings, Organic New Bookings, Recurring New Bookings and Non-Recurring New Bookings: For its Analytics reportable segment, Altus Group uses New Bookings, Organic New Bookings, Recurring New Bookings and Non- Recurring New Bookings as measures to track th