The following is a summary of the Altus Group Limited (ASGTF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Altus Group reported a Q1 2024 revenue increase of 4.3%.
Profit improved dramatically by 93.7%.
Adjusted EBITDA increased by 12.9%, contributing to a 100 basis point margin expansion.There was an impressive increase in free cash flow, up 83.5% from last year.
The positive financial performance reflects growth within the Analytics business segment.
Financial success was fuelled by the transition to cloud subscriptions, new sales, and contributions from Forbury acquisition.
Altus Group expects to maintain this positive trajectory with revenue growth and margin expansion forecasted.
Business Progress:
The Property Tax segment (U.S. branch) reported a strong performance, with revenue growth of 10.2% and adjusted EBITDA up by 24.9%.
Margins for this segment saw a significant 300 basis point improvement.
The Valuation Management Solutions (VMS) software displayed robust growth.
Altus Group's international reach is growing, particularly in the APAC and UK markets, driven by Forbury.
Major clients are fostering expansion in the Asian market due to their transparency requirements for APAC portfolios.
The organization continues to focus on data science and analytics as demonstrated by their operational investments, acquisitions, and restructuring program.
More details: ALTUS GROUP LTD IR
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