Altus Group Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 10, 2023

There are 12 speakers on the call.

Operator

Everyone, and welcome to the Altus Group's 2nd Quarter 2023 Results Conference Call and Webcast. Today's call is being recorded and all lines have been placed on mute to prevent any I will now turn the call over to Camilla. Please go ahead.

Speaker 1

Thank you, operator. Good afternoon, everyone, and welcome to Altus Group's 2nd quarter conference call and webcast for the period ended June 30, 2023. The news release announcing our results was issued after market close this afternoon and is posted on our website and SEDAR profile along with our MD and A and interim financial statements. A presentation to accompany our prepared remarks has also been posted to our website under the Investor Relations section. Joining us today are CEO, Jim Hannan and our CFO, Pavan Chhabra.

Speaker 1

And uncertainties that could cause actual results to differ materially from those projected. Those assumptions, risks and uncertainties background noise. This group uses certain non GAAP financial measures, non GAAP ratios, total of segments measures, capital management measures and supplementary and other financial measures background noise as defined in National Instrument 52,112. We believe that these measures may assist investors in assessing an investment in our shares as they provide additional insight into our performance. Readers and listeners are cautioned that they 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 background noise cancellation or as a substitute for financial measures background noise.

Speaker 1

An explanation of these measures is detailed in today's IR materials, including the news release, presentation, MD and A and in our other filings with the Canadian Securities Regulators.

Speaker 2

I would also like

Speaker 1

to point out that unless otherwise Okay. Over to you, Kevin.

Speaker 2

Thank you, Camilla, and good afternoon to everyone on the call. I'm pleased with the Steady progress we are making in executing our strategy. The team continues to deliver on our plans. Our results demonstrate solid sales execution healthy demand for our offers. Our intelligence offers help our clients manage performance and risk, which is especially relevant in today's dynamic period.

Speaker 2

From a year over year comparable, the bar was set high for us this quarter. As you know, Q2 2023 reflects the reset of the UK property tax annuity billing revenue stream peaked at $33,200,000 last year. We are really pleased with the robust performance this quarter. Property tax successfully managed through the UK annuity reset with a strong performance across the portfolio. Analytics didn't skip a beat delivering consistently strong double digit revenue growth and significant margin expansion.

Speaker 2

Beginning with our consolidated second quarter results, as Camilla pointed out, unless specified, the growth rates I will be referencing are on a constant currency basis. Our consolidated revenue came in just shy of the historic quarterly record revenue achieved last year. Adjusted EBITDA was down 15.3%, inclusive of the $33,200,000 annuity reset, Most of which drops to the bottom line. Profit was $11,900,000 slightly down from the prior year. Income tax expenses this quarter.

Speaker 2

Adjusted EPS came in at $0.53 to reflect temporarily higher working capital balances following our transition to our new ERP system at the beginning of the year. Operationally, we're seeing improvements in both billing and collections. We remain on track to meet our original working capital targets by the end of the year. Turning to our business segment performance, starting with analytics. We continue to consistently put up double digit top and bottom line growth with significant margin expansion.

Speaker 2

This puts us on a 9 consecutive quarters of double digit top line growth and 5 consecutive quarters of margin expansion. Revenue was up 15.5% Notably, recurring revenue was up 19%. All in analytics revenue was organic. We are benefiting from our ongoing transition to cloud subscriptions, new sales, valuation management solutions asset expansion supported by steady new customer additions. Adjusted EBITDA continues to grow with the higher revenues and improved operating leverage.

Speaker 2

Overall, we are really pleased with the sustained momentum in recurring revenue growth. At $89,000,000 in the quarter, recurring revenues were up 19% and represent 89% of total revenues. We continue to focus on go to market efforts 700 basis point margin expansion in the quarter captures improvements in sales productivity, We remain confident in our plans to continue expanding margins in the second half of twenty twenty three. Now turning to property tax. As mentioned, there is an annuity element to this segment that is prevalent in the Q2.

Speaker 2

Last year, we benefited from the U. K. Annuity revenues have dropped off this year with the jurisdictional reset of the tax rating list. Revenue was down $18,400,000 or 22.4 percent, net of the $33,200,000 drop. Backing out the impact of the U.

Speaker 2

K. Annuity revenue, growth would have been 20.4%. Our Canadian and U. S. Operations had a great quarter with double digit growth.

Speaker 2

We also had strong performance in the U. K. The solid results achieved this quarter are a testament to the team's perseverance and managing effectively through the U. K. Annuity reset.

Speaker 2

And finally, appraisals and development advisory revenue was steady in the quarter, driven primarily by the development advisory team. Development Advisory provides us with a predictable revenue stream associated with complex long term projects. We have rebalanced some of the resources from our appraisals group to support our higher margin value management solutions engagements issues as we continue to pursue operating efficiencies. Lastly, turning to our balance sheet. We finished the quarter with a cash position of $43,100,000 and with $335,800,000 in bank debt.

Speaker 2

The funded debt to EBITDA leverage ratio as defined in our credit agreement was impact to adjusted EBITDA leverage ratio was 2.10x, representing a very healthy balance sheet. Regarding our capital allocation priorities, we continue to reinvest in the business to scale, opportunistically pay down debt And maintain financial flexibility for M and A and stock repurchases. With that, I'll turn it over to Jim.

Speaker 3

Okay. Thanks, Pavan. Let me start with, again, congratulations to my colleagues for delivering outstanding results in Q2. Executing strategy and moving the business forward. Our ongoing transition to ARGUS Cloud is tracking the plan.

Speaker 3

We ended the quarter with 70% of ARGUS Enterprise users contracted on the cloud, a steady improvement from 52% a year ago. Turning to new bookings, this metric captures incremental new business growth. Recurring new bookings at $18,400,000 Sequentially, our software bookings remain strong, data bookings grew and we saw a nice increase in valuation management solutions. We're seeing growth driven by both debt and equity funds. In Q2, we signed our largest debt valuation engagement to date.

Speaker 3

We're closely watching how the external environment will impact bookings in the second half of the year and we're cautiously optimistic About recent Q2 fundraising reports, there's a few points to note. Our pipeline continues to grow, Our largest clients are active in the market and we are selectively layering in sales and service delivery capacity to ensure we remain well positioned to best serve our clients as our business and more importantly as our clients businesses continue to grow. To wrap up, quarter after quarter, we've demonstrated the resiliency of our business model. We continue to successfully navigate this dynamic business environment to strategically position ourselves for long term growth. We know that volatility in the market demand for our advanced analytics.

Speaker 3

Our development group is continually adding to and improving the features and functionality of the Altus performance platform. Stratademy and applying those technologies against the significant amount of data available across our Altus offers, including Argus Enterprise, such as Market Insights Premium, which has added significantly to our pipeline. We've expanded our services with our largest clients. Our new infrastructure is already paying dividends with significantly improved visibility into customer profitability, resource utilization and business unit metrics. This visibility allows us to identify areas of continuing operating efficiencies.

Speaker 3

We continue to invest in our global service center resources, another source of operating leverage while acquiring fantastic talent. We can see the progress in our working capital processes as measured in the increased throughput of billings and collections. And with the UK reset behind us, we look forward several years of rebuilding the annuity revenue with an even greater number of clients. Debt repayment and opportunistic share buybacks. Said differently, significant revenue and margin growth opportunities

Operator

Thank you. We'll take our first question from Yuri Lynk with Canaccord Genuity.

Speaker 4

Yes. I wanted to get more color on tax. I mean, surprising how strong it was. And even in Q1, I think you could So was the outperformance all in the U. S.

Speaker 4

And Canada or Was the U. K. Able to it sounds like they were able to do better than we thought. So was that new lines of business or How are they able to kind of offset a lot of that annuity headwind?

Speaker 3

Great question, Yuri. So the U. S. And the Canadian teams have just been they've been crushing it. They've been planning for The dynamics in the various jurisdictions even within U.

Speaker 3

S. And Canada and they kept their eye on the ball and We said we continue to add resources selling in the UK. We continue to add significant amount of clients there. It's a really well run sales machine in the UK and

Speaker 2

We have really good success off the 2023 list in the U. K. As well too. So it's a good backlog that we're beginning to build. Okay.

Speaker 4

Is there anything outside of annuity billings that would make Q2 still make it the biggest quarter Was there anything one time in nature that might have got pulled into the quarter?

Speaker 3

There's always large deals that will settle at various times in different jurisdictions. So we do expect Q2 will be a high point for the year, but we expect a really strong finish in Q3 and Q4.

Speaker 1

And Yuri, as you're familiar with, there is a slight element of seasonality to the U. S. With Q2 and Q3 typically coming in stronger than Q1 and Q4.

Operator

We'll take our next question from Daniel Chen with TD Cowen.

Speaker 5

Hi, guys. Thanks for taking my questions and congrats on the strong quarter. The new bookings performance in Q1 was a point of concern for a lot of investors, but that seems to have completely reverted, which is great to see. Can you just provide some colors What you saw what you've seen from this quarter versus Q1?

Speaker 3

Yes, Dana. I think you heard our comments in Q1, where we said keep an eye on the recurring revenue growth. Our growth comes from more than just the bookings number. So one, let me just ground everyone again. Any bookings number is incremental new growth for our business.

Speaker 3

And our recurring bookings are strong and you can see that flowing through our recurring revenues and that's we just kept landing everyone last quarter. So we knew our revenue growth was going to be strong. In addition to the bookings number, as our clients add So there's multiple ways for us to grow outside of just the bookings number. That said, We still see we've seen an increase in capital inflows to CRE in Q2 versus Q1. And we're seeing our clients commit.

Speaker 3

They want to make sure that they're reserving resources with us as they deploy those assets. And yes, so we're seeing that we had amazingly strong bookings. We saw it starting to build at the second half of twenty twenty one. Twenty twenty two was a massive increase over twenty twenty one. Twenty twenty three There's a massive increase over 'twenty one as far as bookings and you're seeing that flow through the recurring revenue line.

Speaker 2

Just to add to that, Daniel, maybe There was a harsh reaction to the March headline news that hit Q1 that And a lot of the outcome for Q1 bookings that Jim mentioned in the prepared remarks like fundraising is still up clients and so we're benefiting from the fundraising activities and the deployment of capital from the larger companies.

Speaker 5

Okay. So it's not just software bookings that are strong, but VMS sounds like is benefiting as well?

Speaker 2

That's right.

Speaker 5

That's great to hear. Okay. Maybe along the same lines, like your cloud migration Moving along, 70% is now contracted. As we look beyond the cloud migration and you guys were talking about

Speaker 3

The Altus Insights premium offer, which we still technically have not we soft launched it at the Connect event. We haven't done our major launch of it yet, but our pipeline we don't break our pipeline numbers down into the components, but our pipeline for the end of this year toward but for really next year is growing significantly because of the premium offer, the Market Insights premium offer. We've got several proof of concepts in place as this is kind of a new motion for a lot of our clients to 1, be adopting this much data science And adopting it from Argus. I'm sorry, Argus, but through this, it's tied to the Argus Enterprise users as well.

Speaker 6

Great. Thanks.

Speaker 7

I'll pass the line. Thanks.

Speaker 3

Thanks. Thank you.

Operator

We'll take our next question from Stephen MacLeod with BMO Capital Markets.

Speaker 6

Great. Thank you. Good evening everyone.

Speaker 2

Just wanted to follow-up

Speaker 6

On a couple of things. The first one is just coming back to the new bookings number. If I think back to Q1, it was really Like customers sort of sound of those always the year over year decline in Q1 was driven by customers sort of hitting the pause button around the March banking crisis. So even though CRE volumes continued to be weak on the transaction side in Q2, I'm just trying to understand How you were able to put up both year over year and sequential growth. I was just wondering if you could just parse it out a little bit more for me.

Speaker 3

Yes, Steve. It's there are new funds spinning up In both debt and equity and those clients because we are the gold standard for this, those clients are coming to us And they're raising these funds to deploy capital and We're at the point where they're looking at the market and we're getting closer The regional bank balance sheet adjustments are starting to get priced into deals. So now it's who gets in at the price point and there's several of our clients are already out with public statements saying that they're seeing they're ready to deploy their capital quickly right now.

Speaker 2

Yes, Stephen. There's like almost 350 1,000,000,000 of dry capital sitting on the sidelines and we're starting to see the larger companies starting to deploy assets. Again, I think as I mentioned earlier, I think March was just a nature reaction to the headlines that hit And we're seeing the activity being led by the larger companies.

Speaker 3

And Steve, we just point you back again, What's the recurring revenue growth? Yes. Okay. No, that's helpful. That's great color.

Speaker 6

Thank you. Good to see Sequential and year over year growth. Just wanted to confirm, I think I know the answer, but In terms of the tax business, you wouldn't expect to see anything in Q3 from this annuity reset. Is that right?

Speaker 3

No, we're selling off of the 'twenty three list. And then the we'll see Q2 next year is where we'll see Okay. Yes.

Speaker 6

And I was going to ask about just you have a great chart in your presentation. You show The annuity impact over the last couple of years. Would you expect it to sort of build in a similar way when we get into 2024 And then over the next few years?

Speaker 3

We would adjusted up for we have significantly more clients now Then we did the last time the annuity started to rebuild.

Speaker 2

Yes. And also keep in mind as you just think about it, this next Annuity cycle is much shorter, which actually plays to our advantage in regards to keeping existing clients and growing new ones.

Speaker 8

Thanks so much. Thanks, Steve.

Operator

We'll take our next question from Christian Schrier with 8 Capital.

Speaker 9

Thanks for taking my questions and congrats on the strong quarter. The first question I'll ask is on the analytics side of the business. And just in the context of the macro and how things have changed since March, what trends are you seeing across your high touch versus your scale clients, Which are more engaged or more active right now with your group and your products?

Speaker 3

We're seeing more activity with the Hightouch, which is Christian, as you know, that's where our focus is, That's where we're doubling down our go to market efforts, extra support on customer success And it's what the premium offers, data and analytics. That's where we expect them to land. So those are the clients who have the most valuation management solution contracts with us. And We saw immediately in Q1 when the market was trying to figure out what's going on. You know you're the trusted partner when you're the first call.

Speaker 3

And so we know we're in a great position with our largest clients and we expect that to continue driving growth right now. They also have the most uninvested capital right now. So their capital availability to them is Much greater than to the smaller players in the market.

Speaker 9

Okay. And could you confirm, are you still seeing Do you think this is a trend you could expect to see through the year that this would be independent of the bookings, new bookings figures, but It sounded anomalous in Q1 and even still it's surprising, but do you see this asset base continuing to increase?

Speaker 3

Yes. Again, we have strong bookings for the last couple of years. So the number of assets We serviced in Q2 of this year is significantly larger than Q2 of last year And there's a seasonality to the number of assets that drive revenue in any given quarter. So if you recall in Q1 when we were looking at the recurring revenue, So yes, normalized for the spike in the number of Q4 valuations that drive revenue. So The number of assets are increasing with and it's the largest clients that are driving it.

Operator

We'll take our next question from Gavin

Speaker 10

Just discuss how those resources are ramping in the current macro. And it sounds like you're looking to layer in a few more resources. So maybe you can just discuss Where those resources will be pointed at? Is this North America high touch or are you starting to broaden out the focus there?

Speaker 3

Good question, Gavin. It's we did add sales capacity and we will continue its sales and service capacity We know this capital will get deployed and these clients are committing to deploy it with us. So we need to be prepared to service them. With And you could see we're doing that while still driving 700 bps to margin expansion. So we're being very selective about how we do that And rebalancing across the P and L to make sure we're most effectively deploying capital.

Speaker 10

Okay. That's helpful. Maybe just on the Market Insights offering, you've discussed in the past that as kind of a Trojan horse or a way into some of the verticals where you're penetrated like REITs. It sounds like the pipeline is building nicely. Maybe you can just kind of comment on whether that would include some of these verticals where you're a little bit less penetrated.

Speaker 3

Right. Sorry, I grabbed a sip of water in that last answer. So Those are 2 related questions. So the sales resources, we are targeting our resources from Data companies. So that's where that's the type of resource we're adding And they are targeting absolutely high touch and specifically around Market Insights Premium.

Speaker 3

It's Slightly different motion. A lot of our existing legacy sales folks are doing awesome and getting there, but we're complementing them sources is as you can see at debt funds, but then we also have higher motion directed at

Speaker 10

$65,000,000 kind of outflow in the first half to reverse and in the back half is that kind of roughly the excess working capital that should flow back in?

Speaker 2

Yes, that's right. As we mentioned in the prepared remarks, we did the big transition in Q1. Operationally, we're already seeing the improvements in Q2 and we're fully expecting to be on track for the full year.

Speaker 3

Gavin, if you look at our free cash flow conversion EBITDA from last year, as a percentage, we will finish this year significantly better than that, We can see all the metrics in the throughput of the teams Where they're operating at higher volumes than they ever did last year with the new systems.

Speaker 10

That's it for me. Thank you.

Speaker 3

Thanks, Ken.

Operator

We'll take our next question from Scott Fletcher with CIBC.

Speaker 7

Hi. I have a question on the property tax. Obviously, a strong quarter there and outperformance on the revenue, but also on the cost side, I think. And I'm just curious, could you give us some context on how the margins in the tax quarter this quarter compared to previous quarters that have been at the sort of the trough of the annuity

Speaker 3

Yes, so most of the 33,000,000 drops through to the bottom line. So there's no way operationally you're going to offset that. We did continue to add resources, Especially in the U. K. At the end of the year, which gave us a first half increase in expenses.

Speaker 3

But if you remember, we were specifically targeting to finish the 2016 list very strong And then we're carrying and as I said, the U. K. Is a fantastic selling machine and We're going in we'll be going into the new list. We're in the new list with a significantly larger number of clients than in prior years. So that's where the investment is going.

Speaker 3

We also have significant investment going into systems automation and bringing, if So bear with the word analytics into the tax business.

Speaker 7

Okay, thanks. And then we've covered a lot of good ground, but I'm I'm curious just on the new bookings again. Was there any sort of was there any change in the cadence as the quarter went on? Did you sort of see sequential improvement through April, May June and then maybe even into Q3, if you have any color on that.

Speaker 3

We saw our normal probably a little more skewed to the month 3 than usual, but that's It's always heavily weighted to month 3 as that's what we saw in March. So it was in month 3 and We were watching our clients go through price discovery. So it was, are they going to close their funds? Is more capital going to flow into CRE? How many funds are going to close?

Speaker 3

What type of funds? And can we service those funds? And those things lined up very nicely for

Speaker 2

us Yes, Scott. We started the quarter with a really good pipeline and we finished the quarter with a good conversion on that pipeline. So It was anticipated throughout the quarter, and it was really good to see it close appropriately. Okay. Thank you.

Speaker 2

We'll take

Operator

our next question from Paul Toerber with RBC Capital Markets.

Speaker 8

Thanks so much and good afternoon. It's really great to see the rebound in bookings. Just honing in again on them, The bookings that were delayed in Q1, can

Speaker 2

you give us a sense

Speaker 8

of what proportion closed in Q2 and if there's any Sort of outstanding proportion that's remaining to close?

Speaker 3

The best I can answer that for you, Paul, is that you always have Bookings are lumpy by definition, right? So it's why everyone looks at recurring revenue. And we always have multiple paths to hit our number. So which deal is going to close in quarter versus out of quarter? So we have Large deals that we were targeting at the end of Q1 that actually closed end of Q2 and we had large deals in Q2 that are now the team's calling in Q3.

Speaker 3

So In any tech business, as you know, you're going to get those large deals just moving across the quarter end line, but the pipeline looks good right now.

Speaker 2

Yes. And it's really and just to add to that, we're trying to accelerate Q4 deals into Q3 as well. So there's always going to be a push and a pull. We're just we're looking at back Pipeline coverage and conversion of that pipeline is kind of our leading metric of comfort for the quarter.

Speaker 3

But that's been our lives every quarter for 30 years. So Nothing new.

Speaker 8

And just how do we think about the seasonality of bookings. Like is it typically skewed to Q4 like most software companies?

Speaker 3

So you get into the legacy. So even though you're in we're into Software as a Service mode or ARGUS Cloud. A lot of those contracts were clients who were trained for 20 some years to use up their capital at the end of the year, right? So even though the term License world is gone. You look at clients will renew their contracts or move to cloud when their old contract expires.

Speaker 3

So there are still significant in the on the application side of things, Significant amount of clients that will be at the end of Q4. So yes, it varies. As we said, bookings can be lumpy. The real the true test here is Maintaining the recurring revenue growth and just seeing that play through. And then we're always keeping an eye on Deferred revenue as well.

Speaker 3

So we're replacing that backlog as we recognize the revenue on to the P and L.

Speaker 8

Okay. And then one last question. Just on the AE renewal rate or retention rate, It dipped down Q2 versus Q1. Anything to call out there or is it just sort of the quarterly noise or variability?

Speaker 3

No, there's it's getting to be such a small number for us that One client can move it. There's nothing there that is causing any alarm on our side here.

Speaker 8

All right. Thanks for taking the questions.

Speaker 3

All right. Thanks Paul.

Operator

We'll take our next question from Richard Tsai with National Bank financial.

Speaker 11

Yes. Thank you. So I don't know if this refers better to revenue or bookings. But If you look at the growth, could you maybe give us a sense of how much is sort of coming from new versus existing customers? And In the case of the existing customers, can you also give us a sense of what they may be adding?

Speaker 11

I appreciate when they sort of start another fund, they'll sort of add more licenses, but I'm just really trying to understand the mix in terms of the contribution and growth.

Speaker 3

When we hit so we can break it down to AE and BMS. So the AE clients when they're new clients, they tend to be very small bookings. On VMS, it's new and existing. So when you break that down, we've had new funds spin up That signed contracts with us in Q2, But it's the largest clients again who are the been the most successful in raising capital And who we expect to be most confident in deploying capital. So as they add new portfolios that We treat as a new booking or you can think of that portfolio as a new client, but it's largely our existing clients expanding.

Speaker 11

Okay. And then on, I think, Slide 23 of your deck, you talk about digitizing property tax workflows. It seems like a far I don't know how far out it is, but as an opportunity to potentially improve the efficiency. So sort of a 2 part question. Number 1, what is the sort of the timeline for that?

Speaker 11

And then number 2, what do you figure the potential margin lift

Speaker 3

So there's a couple of things there. We continue to leverage our investment When we bought Rethink with the product iCam Link and we continue investing in technology, Particularly in the UK business, which gives us more and more of a mode around that business. So in future years, the appeals time will actually shorten. And Although we have a majority share of the business in the U. K, there's still a massive growth opportunity there for us And the smaller legal firms and accountancies that are doing tax appeals aren't going to be able to process all the information that they need The other piece of this, so there's customer acquisition and workflow, which is what the U.

Speaker 3

K. Investment is around. There's leveraging the ITM link workflow, particularly in the U. S. And then there's the self serve market in tax, Which is a major driver of why we bought ItamLink for the clients who do not want to

Speaker 11

Okay. And then just, I guess, the last question sort of related on those acquisitions you referenced, no doubt, it's sort of giving you lines. Pieces to sort of build out sort of a more broad platform. What do you think about acquisitions today? Are there any pieces That you may be missing, that you need to pursue, but the valuation is sort of in your sweet spot.

Speaker 11

Maybe you can give us a bit of color on that.

Speaker 3

The opportunity for acquisitions is increasing right now. You heard us say several times last year, we thought valuations were lofty and there was a lot of private money Chasing transactions even though they couldn't go in there strategically, chasing pricing To a point where we didn't see it being accretive in a reasonable timeframe. So There was a ton of money that went into Proptech in the last few years. And So there's M and A opportunity here as some of those earlier stage companies to a very attractive point for us. We're keeping a close eye on the market.

Operator

I'll turn the call back over to Jim Hannon for any additional or closing remarks.

Speaker 3

All right. Well, as always, thank you everybody. Thank you for the thoughtful questions. And as always, you can get in touch with us through our IR website or directly to Camilla or Martin. So have a great night.

Speaker 3

Thank you.

Operator

And that does conclude today's presentation. Thank you for your participation and you may now disconnect.

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Key Takeaways

  • Despite a challenging prior-year comparison and a £33.2 M UK property tax annuity reset, consolidated Q2 revenue was just shy of last year’s record and adjusted EBITDA was down 15.3%, with adjusted EPS of $0.53 while working-capital improvements remain on track.
  • The Analytics segment delivered its 9th straight quarter of double-digit revenue growth (15.5%) and 5th consecutive margin expansion, with recurring cloud-subscription revenue up 19%—now 89% of total—and 70% of ARGUS Enterprise users contracted on the cloud.
  • The Property Tax segment navigated the UK annuity reset, posting underlying revenue growth of 20.4% (net of the reset) and strong double-digit gains in Canada and the US, while reallocating appraisal resources toward higher-margin valuation management solutions.
  • New bookings rebounded strongly in Q2, driven by debt and equity fund mandates—including the largest debt valuation engagement to date—and a growing pipeline for the Market Insights Premium offering, supported by targeted sales and service capacity additions.
  • With $43.1 M of cash, $335.8 M of debt and a 2.10x leverage ratio, Altus continues to reinvest in growth, opportunistically pay down debt, and maintain financial flexibility for M&A and share repurchases.
A.I. generated. May contain errors.
Earnings Conference Call
Altus Group Q2 2023
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