Core Insights - Altus Group Limited reported resilient recurring revenue performance and sustained margin expansion in Q1 2025, with a focus on growth initiatives and shareholder value [1][2] - The company achieved significant software bookings growth despite lower commercial real estate transaction volumes year-over-year, and expanded margins across all business units [2] Financial Performance - Total revenue for Q1 2025 was C$129.2 million, a decrease of 1.5% compared to C$125.4 million in Q1 2024 [2] - Recurring revenue increased by 2.1% to C$98.8 million from C$91.7 million year-over-year [2] - Adjusted EBITDA rose by 29.7% to C$15.7 million from C$10.9 million in the previous year [2] - The analytics adjusted EBITDA margin improved by 200 basis points to 26.2% from 23.3% [2] - The company reported a profit from continuing operations of C($6.4) million, a 47.1% improvement from a loss of C($12.2) million in Q1 2024 [2] Shareholder Returns - Altus Group returned over C$76 million to shareholders through share buybacks during the quarter [2][5] - The funded debt to EBITDA ratio improved to 1.44:1 from 2.15:1 year-over-year, indicating better leverage [2] Business Outlook - The company maintains its guidance for fiscal 2025, projecting 4-7% total analytics revenue growth and 6-9% recurring revenue growth for the full year [6][7] - For Q2 2025, the company anticipates 1-3% total analytics revenue growth and 3-5% recurring revenue growth [6][7] - Adjusted EBITDA margin expansion is expected to be 200-300 basis points for Q2 2025 [6][7] Operational Highlights - The launch of Benchmark Manager and the signing of numerous asset-based pricing agreements contributed to the company's growth initiatives [2] - The company improved cash flow, highlighting its operational leverage despite the challenging macro environment [2]