Q1 2026 Altus Group Ltd Earnings Call

May 7, 2026

Speaker #1: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand.

Operator: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communication Officer. Camilla, please go ahead.

Speaker #1: Chief Communications Officer.

Speaker #1: Camilla, please go

Speaker #1: ahead.

Speaker #2: Thank you, Jade. Hi,

Speaker #2: everyone, and welcome to the conference call and

Speaker #1: To withdraw your question, press star 1 again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer. Camilla, please go ahead.

Speaker #2: webcast discussing Altus

Speaker #2: Group's first quarter results for the

Speaker #2: period ended March 31,

Speaker #2: 2026. Our

Speaker #2: press release MD&A

Speaker #2: Thank you, Jade. Hi, everyone, and welcome to the conference call and webcast discussing Altus Group's first-quarter results for the period ended March 31, 2026.

Speaker #2: webcast. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand.

Camilla Bartosiewicz: Thank you, Jade. Hi, everyone, and welcome to the conference call and webcast discussing Altus Group's Q1 results for the period ended 31 March 2026. Our press release and DNA financial statements and the slides accompanying our prepared remarks are all available on our website and, as required, have been filed to SEDAR+ after market close this afternoon. I'm joined today by our CEO, Mike Gordon, and our CFO, Pawan Chhabria. Turning to our disclaimer slide, some of our remarks on this call and in our disclosures may contain forward-looking information based on certain assumptions and are therefore subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the forward-looking information disclaimer in today's materials. We also use certain non-GAAP financial measures, ratios, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112.

Speaker #2: financial statements and the slides

Speaker #2: accompanying our prepared remarks are all available

Speaker #2: And as required, have been filed to Cedar

Speaker #2: To withdraw your question, press star 1 again. I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer.

Speaker #2: Plus after market closed this

Speaker #2: afternoon. I'm joined today by

Speaker #2: Our press release and DNA financial statements and the slides accompanying our prepared remarks are all available on our website. And as required, have been filed to Cedar Plus aftermarket close this afternoon.

Speaker #2: our CEO, Mike Gordon, and our

Speaker #2: CFO, Pavan

Speaker #2: Chhabra. Turning to our disclaimer

Speaker #2: Camilla, please go

Speaker #2: ahead.

Speaker #2: slide, some of our remarks on this call and

Speaker #4: Thank you, Jade. Hi,

Speaker #4: everyone, and welcome to the conference call and

Speaker #2: in our disclosures may

Speaker #2: contain forward-looking information based

Speaker #4: webcast discussing Altus

Speaker #2: I'm joined today by our CEO, Mike Gordon, and our CFO, Pavan Chhabra. Turning to our disclaimer slide, some of our remarks on this call and in our disclosures may contain forward-looking information based on certain assumptions, and are therefore subject to risks and uncertainties that could cause actual results to differ materially.

Speaker #4: Group's first quarter results for the

Speaker #2: on certain assumptions, and

Speaker #4: period ended March 31,

Speaker #2: are therefore subject to risks and

Speaker #2: uncertainties that could cause actual

Speaker #4: 2026. Our

Speaker #2: results to differ

Speaker #4: press release MDNA

Speaker #2: materially. Please refer to the forward-looking

Speaker #4: financial statements and the slides

Speaker #2: information disclaimer in today's

Speaker #4: accompanying our prepared remarks are all

Speaker #2: materials. We also

Speaker #4: available on our website. And as

Speaker #2: use certain non-GAAP financial

Speaker #4: required, have been filed to Cedar

Speaker #2: measures, ratios, capital management

Speaker #4: Plus aftermarket close this

Speaker #4: afternoon. I'm joined today by

Speaker #2: measures, and supplementary and other financial measures as

Speaker #4: our CEO, Mike Gordon, and our on our website.

Speaker #2: Please refer to the forward-looking information disclaimer in today's materials. We also use CERN non-GAAP financial measures ratios capital management measures, and supplementary and other financial measures as defined in national instrument 52112.

Speaker #4: CFO, Pavan

Speaker #2: defined in national instrument

Speaker #4: Chhabra. Turning to our disclaimer

Speaker #2: 52112. We

Speaker #4: slide, some of our remarks on this call

Speaker #2: believe these measures provide useful

Speaker #4: and in our disclosures may

Speaker #2: additional insight into our

Speaker #2: performance and may assist investors in the under IFRS and may differ from

Speaker #4: contain forward-looking information

Speaker #4: based on certain assumptions,

Speaker #2: evaluating our shares.

Speaker #4: and are therefore subject to risks and

Speaker #2: However, they are not standardized

Speaker #2: under IFRS and may differ from

Speaker #4: uncertainties that could cause actual

Speaker #2: similarly titled measures used by other

Speaker #4: results to differ

Speaker #2: We believe these measures provide useful additional insight into our performance and may assist investors in evaluating our shares. However, they are not standardized under IFRS and may differ from similarly titled measures used by other issuers.

Camilla Bartosiewicz: We believe these measures provide useful additional insight into our performance and may assist investors in evaluating our shares. However, they are not standardized under IFRS and may differ from similarly titled measures used by other issuers and may not be comparable. They should not be considered in isolation or as a substitute for IFRS measures. Further details are provided in today's IR materials. Unless otherwise noted, all percentage and basis point growth rates discussed on today's call are presented on a constant currency basis relative to the comparable period in 2025. Before we start, I would like to point out that the Development Advisory business was moved under discontinued operations this quarter. Accordingly, our results for Q1 and the comparative period are presented without it. However, certain metrics like net cash provided by operating activities and free cash flow still include contribution from the Development Advisory business.

Speaker #4: materially. Please refer to the forward-looking

Speaker #2: issuers. And may not be

Speaker #2: comparable. They should not be considered in

Speaker #4: information disclaimer in today's

Speaker #2: isolation or as a substitute for IFRS

Speaker #4: materials. We also

Speaker #4: use CERN non-gapped financial

Speaker #2: measures. Further details are

Speaker #4: measures, ratios, capital

Speaker #2: provided in today's IR

Speaker #2: materials. Unless otherwise

Speaker #4: management measures, and supplementary and other

Speaker #2: noted, all percentage and basis

Speaker #4: financial measures as

Speaker #2: And may not be comparable. They should not be considered in isolation or as a substitute for IFRS measures. Further details are provided in today's IR materials.

Speaker #4: defined in national instrument

Speaker #2: point growth rates discussed on today's

Speaker #4: 52112. We believe these measures provide

Speaker #2: call are presented on a constant currency

Speaker #2: basis relative to the

Speaker #4: useful additional insight into our

Speaker #2: comparable period in

Speaker #2: 2025. Before we

Speaker #4: performance and may assist investors in

Speaker #2: Unless otherwise noted, all percentage and basis point growth rates discussed on today's call are presented on a constant currency basis, relative to the comparable period in 2025.

Speaker #2: start, I would like to point out that the

Speaker #4: evaluating our

Speaker #4: shares. However, they are not standardized

Speaker #2: development advisory business was moved under discontinued operations this results for Q1 and the comparative

Speaker #4: similarly titled measures used by other

Speaker #2: Accordingly, our

Speaker #4: issuers. And may not be

Speaker #4: comparable. They should not be considered in

Speaker #2: period are presented without

Speaker #2: it. However, certain metrics

Speaker #4: isolation or as a substitute for IFRS

Speaker #2: Before we start, I would like to point out that the development advisory business was moved under discontinued operations this quarter. Accordingly, our results for Q1 and the comparative period are presented without it.

Speaker #2: like net cash provided by operating from the development advisory

Speaker #4: measures. Further details are

Speaker #4: provided in today's IR

Speaker #2: activities, and free cash

Speaker #4: materials. Unless otherwise

Speaker #4: noted, all percentage and

Speaker #4: basis point growth rates discussed on today's

Speaker #2: Additionally, on April 30, we sold the

Speaker #4: call are presented on a constant

Speaker #2: However, CERN metrics like net cash provided by operating activities, and free cash flow still include contribution from the development advisory business. Additionally, on April 30, we sold the 111 managed services business, which was part of the analytics segment.

Speaker #4: currency basis relative to the

Speaker #2: 111 managed services business, which was part of the analytics

Speaker #4: comparable period in

Speaker #4: 2025. Before we

Speaker #2: segment. This business line did

Speaker #4: To start, I would like to point out that the

Speaker #2: not qualify for discontinued

Speaker #4: development advisory business was moved

Speaker #2: operations accounting treatment, so just keep

Speaker #4: under discontinued operations this

Speaker #2: in mind that on a go-forward

Camilla Bartosiewicz: On 30 April, we sold the OneEleven managed services business, which was part of the Analytics segment. This business line did not qualify for discontinued operations accounting treatment. Just keep in mind that on a go-forward basis, the revenue contribution of OneEleven managed services, approximately $5.2 million in 2025, including $3.9 million of which went into the recurring revenue line, will still remain in the comparative period of the. The Q2 results will include partial contribution up to 30 April. Okay. With that, I'll now turn it over to Mike.

Speaker #2: basis, the revenue contribution

Speaker #4: quarter. Accordingly, our

Speaker #2: of 111 managed services

Speaker #4: period are presented without

Speaker #2: approximately 5.2 million

Speaker #4: it. However, CERN metrics quarter.

Speaker #2: This business line did not qualify for discontinued operations accounting treatment, so just keep in mind that on a go-forward basis, the revenue contribution of 111 managed services approximately 5.2 million in 2025, including 3.9 million of which went into the recurring revenue line, will still remain in the comparative period of the and then the Q2 results will include partial contribution up to April 30.

Speaker #2: including 3.9 million of which went

Speaker #4: like net cash provided by

Speaker #4: operating activities, and free cash flow still include contribution

Speaker #2: into the recurring revenue line,

Speaker #2: will still remain in the comparative

Speaker #2: period of the and then the Q2

Speaker #4: business. Additionally, on

Speaker #2: results will include partial Thanks, Camilla. Good evening, contribution up to April 30. Okay, everyone, and thank you for joining and with that, I'll now turn it over to us.

Speaker #4: April 30, we sold the

Speaker #4: 111 managed services flow still include contribution

Speaker #4: business, which was part of the analytics from the development advisory

Speaker #4: segment. This business line business.

Speaker #3: Thanks, Camilla. Good evening,

Speaker #3: everyone, and thank you for joining

Speaker #4: did not qualify for discontinued

Speaker #3: us. Over the past quarter, I've

Speaker #4: in mind that on a go-forward

Speaker #3: spent a lot of time visiting our

Speaker #3: offices, meeting with customers, and

Speaker #4: basis, the revenue contribution

Speaker #2: Okay, and with that, I'll now turn it over to Mike.

Speaker #4: of 111 managed

Speaker #3: having candid conversations with many of

Speaker #4: services approximately 5.2 million

Speaker #3: our largest

Speaker #3: Thanks, Camilla. Good evening, everyone, and thank you for joining us. Over the past quarter, I've spent a lot of time visiting our offices, meeting with customers, and having candid conversations with many of our largest shareholders.

Mike Gordon: Thanks, Camilla. Good evening, everyone, and thank you for joining us. Over the past quarter, I've spent a lot of time visiting our offices, meeting with customers, and having candid conversations with many of our largest shareholders. Those discussions have sharpened my view of what's working well and where we still need to continue to improve. For those of you who know me, you know I like to move decisively. We've already begun aligning the organization around this clear set of priorities to drive our next phase of growth. Our teams are energized, I'm encouraged by the feedback we heard at our recent Altus Connect user conference, where we unveiled Argus Assist, our latest AI capability and agentic AI experience on the Argus Intelligence platform, and walked clients through the evolution of that platform.

Speaker #3: shareholders. Those discussions have sharpened my view of

Speaker #4: in 2025,

Speaker #4: including 3.9 million of which

Speaker #3: what's working well and where we still need

Speaker #3: to continue to improve. And for

Speaker #4: went into the recurring revenue

Speaker #4: line, will still remain in the comparative

Speaker #3: those of you who know me, you

Speaker #4: period of the and then the Q2 in 2025,

Speaker #3: know I like to move

Speaker #3: decisively. We've already begun aligning the

Speaker #4: results will include partial

Speaker #4: contribution up to April 30.

Speaker #3: organization around a clear set of priorities to drive

Speaker #3: Those discussions have sharpened my view of what's working well, and where we still need to continue to improve. And for those of you who know me, you know I like to move decisively.

Speaker #4: And with that, I'll now turn it over to

Speaker #3: our next phase of growth. recent Altus Connect user

Speaker #4: Mike.

Speaker #3: Our teams are energized, and I'm

Speaker #3: encouraged by the feedback we heard at our

Speaker #3: recent Altus Connect user

Speaker #3: conference, where we unveiled Argus

Speaker #2: Over the past quarter, Mike. I've spent a lot of time visiting our

Speaker #3: We've already begun aligning the organization around a clear set of priorities to drive our next phase of growth. Our teams are energized, and I'm encouraged by the feedback we heard at our recent Altus Connect user conference, where we unveiled Argus Assist, our latest AI capability, and Agentic AI experience on the Argus Intelligence platform.

Speaker #3: Assist, our latest AI

Speaker #2: offices, meeting with customers, and

Speaker #3: capability, and Agentic AI

Speaker #3: experience on the Argus

Speaker #2: having candid conversations with many of

Speaker #3: Intelligence platform. And

Speaker #2: our largest

Speaker #2: shareholders. Those discussions have sharpened my view of

Speaker #3: walked clients through the evolution of

Speaker #3: that platform. We demonstrated

Speaker #2: what's working well and where we still need

Speaker #2: to continue to improve. And for

Speaker #3: capabilities that are built and ready to

Speaker #3: deploy and pre-built our new

Speaker #2: those of you who know me, you

Speaker #2: know I like to move

Speaker #2: decisively. We've already begun aligning the

Speaker #2: organization around this clear set of priorities to drive

Speaker #3: And walked clients through the evolution of that platform. We demonstrated capabilities that are built and ready to deploy, and prebuilt our new upkeeping our new upcoming capabilities.

Speaker #3: platform that connects users and data across multiple

Speaker #2: our next phase of growth.

Speaker #2: Our teams are energized, and I'm

Mike Gordon: We demonstrated capabilities that are built and ready to deploy and previewed our new upcoming capabilities. Customers are looking for a single platform that connects users and data across multiple capabilities throughout the CRE life cycle. Based on client feedback, we are accelerating our roadmap to move the key capabilities of our other standalone software products onto the platform by early 2027. I'm very excited to capture new opportunities coming out of the Altus Connect conference. With that conference and that context, let me spend a moment on Argus Assist. At its core, it's a conversational interface built directly into Argus Intelligence. It lets our users interact with their Argus data more naturally, ask a question about an asset, and Argus Assist can draw on relevant models, workflows, and data to return an informed answer.

Speaker #2: encouraged by the feedback we heard at our

Speaker #3: lifecycle. Based on client feedback,

Speaker #2: conference, where we unveiled Argus

Speaker #3: we are accelerating our

Speaker #3: roadmap to move the key capabilities of

Speaker #2: Assist as our latest AI

Speaker #3: Customers are looking for a single platform that connects users and data across multiple capabilities throughout the CRE lifecycle. Based on client feedback, we are accelerating our roadmap to move the key capabilities of our other standalone software products onto the platform by early 2027.

Speaker #2: capability and agentic AI

Speaker #3: our other standalone software

Speaker #3: products onto the platform by

Speaker #2: experience on the Argus

Speaker #2: Intelligence platform. And

Speaker #3: early 2027.

Speaker #2: walked clients through the evolution of

Speaker #3: I'm very excited to capture new

Speaker #3: opportunities coming out of the Altus Connect

Speaker #2: that platform. We demonstrated

Speaker #2: capabilities that are built and ready to

Speaker #3: conference. With

Speaker #3: that conference and that

Speaker #2: deploy and pre-built our new

Speaker #3: context, let me spend a moment

Speaker #2: upkeeping our new

Speaker #2: upcoming capabilities.

Speaker #3: on Argus Assist. At its into Argus Intelligence.

Speaker #2: Customers are looking for a single

Speaker #3: core, it's a conversational

Speaker #3: I'm very excited to capture new opportunities coming out of the Altus Connect conference. With that conference and that context, let me spend a moment on Argus Assist.

Speaker #2: platform that connects users and

Speaker #3: into Argus Intelligence. It

Speaker #2: data across multiple upkeeping our new

Speaker #2: capabilities throughout the CRE upcoming capabilities.

Speaker #3: lets our users interact with their Argus

Speaker #2: lifecycle. Based on client feedback, we are accelerating our Customers are looking for a single

Speaker #3: data more naturally, ask a question

Speaker #3: about an asset, and Argus Assist can

Speaker #2: roadmap to move the key capabilities of our other standalone software

Speaker #3: draw on relevant models

Speaker #3: At its core, it's a conversational interface built directly into Argus Intelligence. It lets our users interact with their Argus data more naturally, ask a question about an asset, and Argus Assist can draw on relevant models, workflows, and data to return an informed answer.

Speaker #3: workflows and data to return an

Speaker #2: products onto the platform by

Speaker #3: informed answer. Instead of

Speaker #2: early 2027.

Speaker #3: navigating multiple screens

Speaker #3: tools, calculations,

Speaker #2: I'm very excited to capture new

Speaker #2: opportunities coming out of the Altus Connect

Speaker #3: users can generate insights, run

Speaker #2: conference. With

Speaker #3: analyses, retrieve

Speaker #2: that conference and that

Speaker #3: information through a single

Speaker #3: interface. Work that previously took days can

Speaker #2: context, let me spend a moment

Speaker #2: on Argus Assist. At its

Speaker #3: now be surfaced in

Speaker #3: Instead of navigating multiple screens tools, calculations, users can generate insights, run analyses, retrieve information through a single interface. Work that previously took days can now be surfaced in moments.

Mike Gordon: Instead of navigating multiple screens, tools, calculations, users can generate insights, run analyses, retrieve information through a single interface. Work that previously took days can now be surfaced in moments. Argus Assist leverages our proprietary and patented knowledge graph technology, which helps organize data from multiple sources to a common Altus ID for the asset. This enables faster, more flexible access to high-quality data across the platform with added AI capabilities through Argus Assist. This is one of the things that makes what we're building transformative to this industry. Unlike generic AI tools, Argus Assist is purpose-built for commercial real estate.

Speaker #3: moments. Argus Assist leverages our

Speaker #2: core, it's a conversational

Speaker #2: interface built directly

Speaker #3: proprietary and patented knowledge

Speaker #3: graph technology which helps

Speaker #3: organize data from multiple sources to

Speaker #2: It lets our users interact with their Argus

Speaker #2: data more naturally, ask a question about an asset, and Argus Assist can

Speaker #3: a common Altus ID for

Speaker #3: the asset. This

Speaker #2: draw on relevant models

Speaker #3: enables faster, more

Speaker #3: Argus Assist leverages our proprietary and patented knowledge graph technology, which helps organize data from multiple sources to a common Altus ID for the asset.

Speaker #2: workflows and data to return an

Speaker #3: flexible, access to

Speaker #3: high-quality data across the platform

Speaker #2: informed answer. Instead of

Speaker #2: navigating multiple screens

Speaker #3: with added AI capabilities

Speaker #2: tools, calculations,

Speaker #3: through Argus Assist. This is one

Speaker #2: users can generate insights, run

Speaker #3: One of the things that makes what we're

Speaker #2: analyses, retrieve

Speaker #3: building transformative to this

Speaker #3: This enables faster, more flexible, access to high-quality data across the platform with added AI capabilities through Argus Assist. This is one of the things that makes what we're building transformative to this industry.

Speaker #2: information through a single

Speaker #3: industry.

Speaker #2: interface.

Speaker #3: Unlike generic AI

Speaker #3: tools, Argus Assist is purpose-built

Speaker #2: be surfaced in

Speaker #2: moments. Argus Assist leverages our

Speaker #3: for commercial real estate. It

Speaker #2: proprietary and patented knowledge

Speaker #3: leverages Argus's structured

Speaker #2: graph technology, which helps organize

Speaker #3: cash flow models, valuation

Speaker #3: workflows, and market

Speaker #2: data from multiple sources to

Speaker #3: data. So insights are grounded in the

Speaker #2: a common Altus ID for

Speaker #3: Unlike generic AI tools, Argus Assist is purpose-built for commercial real estate. It leverages Argus's structured cash flow models, valuation workflows, and market data. So insights are grounded in the rigor and standards CRE professionals rely on.

Speaker #2: the asset. This

Speaker #3: rigor and standards CRE

Speaker #3: professionals rely on. And the outputs that

Speaker #2: enables faster, more

Speaker #2: flexible, access to

Speaker #3: they can stand behind when they take

Mike Gordon: It leverages Argus's structured cash flow models, valuation workflows, and market data, so insights are grounded in the rigor and standards CRE professionals rely on, and the outputs that they can stand behind when they take something to investment committees. It's based off well-established valuation-grade workflows backed by our decades of industry and domain experience and pulling from trusted high-value Argus data, it doesn't just provide an answer, it provides an answer that they can trust and defend. Argus Assist is designed to expand over time as we build out our family of agents across our platform. The latest agent is our valuation agent, built to support valuation with accuracy, rigor, and defensibility our customers expect. We know it passes the test because our VMS team, one of the most respected authorities in CRE valuation, has helped shape it.

Speaker #2: high-quality data across the platform

Speaker #3: something to investment committees.

Speaker #2: without added AI capabilities

Speaker #3: Because it's based off

Speaker #3: well-established valuation-grade workflows

Speaker #2: through Argus Assist. This is one

Speaker #2: of the things that makes what we're

Speaker #3: backed by our decades of industry and

Speaker #2: building transformative to this

Speaker #3: domain experience, and pulling

Speaker #3: And the outputs that they can stand behind when they take something to investment committees. Because it's based off well-established valuation-grade workflows backed by our decades of industry and domain experience, and pulling from trusted high-value Argus data, it doesn't just provide an answer, it provides an answer that they can trust and defend.

Speaker #3: from trusted high-value Argus

Speaker #2: industry.

Speaker #2: Unlike generic AI

Speaker #3: data, it doesn't just provide an answer,

Speaker #2: tools, Argus Assist is purpose-built

Speaker #3: it provides an answer that they can trust and

Speaker #3: defend.

Speaker #2: for commercial real estate. It

Speaker #3: Argus Assist is designed to expand over

Speaker #2: leverages Argus's structured

Speaker #2: cash flow models valuation

Speaker #3: time as we build out our family of

Speaker #2: workflows and market

Speaker #3: agents across our platform. The

Speaker #2: data so insights are grounded in the

Speaker #3: latest agent is our valuation

Speaker #3: agent built to support valuation

Speaker #2: rigor and standards CRE

Speaker #2: professionals rely on, and the outputs that

Speaker #3: with accuracy, rigor, and

Speaker #3: defensibility our customers expect.

Speaker #3: Argus Assist is designed to expand over time as we build out our family of agents across our platform. The latest agent is our valuation agent built to support valuation with accuracy, rigor, and defensibility our customers expect.

Speaker #2: They can stand behind when they take.

Speaker #2: something the investment committees.

Speaker #3: And we know it passes the test because our

Speaker #2: Because it's based off

Speaker #3: VMS team, one of the most respected

Speaker #2: well-established valuation-grade workflows

Speaker #3: authorities in CRE valuation, has

Speaker #3: helped shape it. I'm very

Speaker #2: backed by our decades of industry and

Speaker #3: encouraged by the positive client

Speaker #2: domain experience and pulling from

Speaker #3: reception including customers reaffirming on

Speaker #2: trusted high-value Argus

Speaker #2: data, it doesn't just provide an answer;

Speaker #3: stage that it delivers a

Speaker #3: And we know it passes the test because our VMS team, one of the most respected authorities in CRE valuation, has helped shape it. I'm very encouraged by the positive client reception, including customers reaffirming on stage that it delivers a superior AI solution to anything they could have ever attempted to do themselves in-house, precisely because it's underpinned by our data and workflows.

Speaker #3: superior AI solution to anything they could

Speaker #2: it provides an answer that they can trust and

Speaker #2: defend. Argus

Speaker #3: have ever attempted to do

Speaker #2: Assist is designed to expand over

Speaker #3: themselves in-house precisely

Speaker #3: because it's underpinned by our data and

Speaker #2: time as we build out our family of

Mike Gordon: I'm very encouraged by the positive client reception, including customers reaffirming on stage that it delivers a superior AI solution to anything they could have ever attempted to do themselves in-house, precisely because it's underpinned by our data and workflows. About 30% of our customers who attended Altus Connect are in the process of signing up for Argus Assist. As I step back and look at where we are today, our platform is solid. Wherever there's a step change in technology, the conversation naturally turns to disruption. In my experience, the companies that win are the ones that are already embedded in their customer's most important decisions. That's exactly where we at Altus operate.

Speaker #3: workflows. It's early days, but

Speaker #2: agents across our platform. The

Speaker #2: latest agent is our valuation

Speaker #3: about 30% of our customers

Speaker #2: agent built to support valuation

Speaker #3: who attended Altus Connect are

Speaker #4: the VMS teams. But our brokerage clients as well because they can see the value to it. And then even the lenders who have quite a large portfolio on there, we see them starting to jump on as well.

Speaker #2: with accuracy, rigor, and

Speaker #3: in the process of signing up for Argus

Speaker #2: defensibility our customers expect. And

Speaker #3: Assist. As

Speaker #3: I step back and look at where we are

Speaker #2: we know it passes the test because our

Speaker #3: today, our platform is

Speaker #2: VMS team, one of the most respected

Speaker #3: It's early days, but about 30% of our customers who attended Altus Connect are in the process of signing up for Argus Assist. As I step back and look at where we are today, our platform is solid.

Speaker #3: solid. Wherever there's a step

Speaker #2: authorities in CRE valuation, has

Speaker #2: helped shape it. I'm very

Speaker #3: change in technology, the

Speaker #3: conversation naturally turns to

Speaker #2: encouraged by the positive client

Speaker #4: So it's across the board good uptake. And again, this is this gives us a good opportunity to really improve value for our customers.

Speaker #2: reception including customers reaffirming on

Speaker #3: disruption. But in my experience, the

Speaker #3: companies that win are the ones that are already

Speaker #2: stage that it delivers a superior

Speaker #2: AI solution to anything they could

Speaker #3: embedded in their most in their

Speaker #3: customers' most important decisions. And

Speaker #2: have ever attempted to do

Speaker #3: Wherever there's a step change in technology, the conversation naturally turns to disruption. But in my experience, the companies that win are the ones that are already embedded in their most in their customers' most important decisions.

Speaker #2: themselves in-house precisely because

Speaker #3: that's exactly where we at

Speaker #5: Thanks, Mike.

Speaker #1: And Gavin, just a good brief point in that would be to just looking at the ARR growth that we have on software or the 10% close to 11%.

Speaker #3: Altus operate.

Speaker #2: it's underpinned by our data and

Speaker #2: workflows. It's early days, but

Speaker #3: Our data our

Speaker #3: valuation-grade workflows and the trust we have

Speaker #2: about 30% of our customers who

Speaker #3: earned across commercial real

Speaker #2: attended Altus Connect are in

Speaker #3: estate aren't easily replicated. And

Speaker #2: the process of signing up for Argus

Speaker #1: And the other data point that I think would just give you color in regards to the pace of adoption is you see that our GRR continues to remain in the mid-90s.

Speaker #2: Assist. As I

Speaker #3: they give us a real advantage as

Speaker #3: And that's exactly where we at Altus operate. Our data our valuation-grade workflows and the trust we have earned across commercial real estate aren't easily replicated.

Speaker #3: AI becomes part of how this

Speaker #2: step back and look at where we are

Speaker #2: today, our platform is

Speaker #3: industry works. With Argus

Mike Gordon: Our data, our valuation-grade workflows, and the trust we have earned across commercial real estate aren't easily replicated, and they give us a real advantage as AI becomes part of how this industry works. With Argus Assist, we're not asking clients to rethink how they do business. We're making what they already do better, faster, and more insightful. When you combine that with our sharper focus, our strong free cash flow profile, and a disciplined approach to capital allocation, I'm confident we're strengthening Altus' competitive position and building a more durable, higher quality business for the long term. You should be pleased to know that we're consistently executing against the commitments we laid out at Investor Day. Demand for our flagship offerings remain solid, supporting steady ARR growth in Q1.

Speaker #2: solid. Wherever there's a step

Speaker #3: Assist, we're not asking clients

Speaker #3: to rethink how they do

Speaker #2: change in technology, the

Speaker #3: business. We're making what they already do

Speaker #2: conversation naturally turns to

Speaker #1: So it's a those are two really good proof points in regards to just the traction that's building. And our adoption and client interest.

Speaker #2: disruption. But in my experience, the

Speaker #3: better, faster, and more

Speaker #3: And they give us a real advantage as AI becomes part of how this industry works. With Argus Assist, we're not asking clients to rethink how they do business.

Speaker #2: companies that win are the ones that are already

Speaker #3: insightful. When you combine

Speaker #2: embedded in their

Speaker #3: that with our sharper focus,

Speaker #2: customers' most important decisions. And that's

Speaker #3: our strong free cash flow

Speaker #3: profile, and a disciplined approach to capital

Speaker #2: exactly where we at

Speaker #5: Appreciate it. Thanks so much.

Speaker #2: Altus operate.

Speaker #3: allocation, I'm confident

Speaker #3: We're making what they already do better, faster, and more insightful. When you combine that with our sharper focus, our strong free cash flow profile, and a disciplined approach to capital allocation, I'm confident we'll we're strengthening Altus's competitive position and building a more durable, higher-quality business for the long term.

Speaker #3: we'll we're strengthening

Speaker #2: Our data our valuation-grade

Speaker #6: At this time, there are no further questions. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Speaker #3: Altus's competitive position and

Speaker #2: workflows and the trust we have

Speaker #2: earned across commercial real estate

Speaker #3: building a more durable,

Speaker #3: higher-quality business for the long

Speaker #2: aren't easily replicated. And they

Speaker #3: term. And you should be pleased to

Speaker #4: Thanks, Jade. Everybody, thanks again for joining us on this call this evening. As you can tell, we're excited about where our business is heading and the work that we have ahead of us.

Speaker #2: give us a real advantage as AI

Speaker #3: know that we're consistently executing

Speaker #2: becomes part of how this industry

Speaker #3: against the commitments we laid out at

Speaker #2: works. With Argus

Speaker #2: Assist, we're not asking clients to

Speaker #3: Investor Day. Demand for

Speaker #3: our flagship offerings remains

Speaker #2: rethink how they do business.

Speaker #3: solid, supporting steady

Speaker #2: We're making what they already do

Speaker #4: But as always, if there are any questions, please don't hesitate to get in touch with Camilla or Martin. And I look forward to talking to you all as we head into finishing this quarter.

Speaker #2: better faster and more

Speaker #3: ARR growth in the first quarter. With

Speaker #3: And you should be pleased to know that we're consistently executing against the commitments we laid out at Investor Day. Demand for our flagship offerings remains solid, supporting steady ARR growth in the first quarter.

Speaker #2: insightful. When you combine

Speaker #3: improving platform engagement, we

Speaker #2: that with our sharper focus our

Speaker #3: feel good about being able to

Speaker #3: expand cross-sell and off-sell

Speaker #2: strong free cash flow

Speaker #2: profile and a disciplined approach to capital

Speaker #3: opportunities for across our

Speaker #4: Have a great one, guys. Thanks.

Speaker #2: allocation I'm confident

Speaker #3: client set a

Speaker #2: will we're strengthening

Speaker #3: key priority this year is

Speaker #3: onboarding more assets to Argus

Speaker #2: Altus's competitive position and

Speaker #3: With improving platform engagement, we feel good about being able to expand cross-sell and off-sell opportunities for across our client sets. A key priority this year is onboarding more assets to Argus Intelligence, both through new client additions and by helping existing clients bring their portfolios onto the platform.

Mike Gordon: With improving platform engagement, we feel good about being able to expand cross-sell and upsell opportunities across our client set. A key priority this year is onboarding more assets to Argus Intelligence, both through new client additions and by helping existing clients bring their portfolios onto the platform. With each asset organized under a unique Altus ID on our knowledge graph. This is foundational to our vision so that we can deliver better analytics and drive more value for our customers. Earlier this year, we stood up a dedicated team to help move our customers and their models onto the platform, and we're using our AI and data curation technology to help them move faster. As a result, we're seeing a good quarterly cadence building upon the hundreds of thousands of assets that are already on the Argus Intelligence platform. It's certainly a big step up from last year.

Speaker #3: Intelligence, both through new client

Speaker #2: building a more durable

Speaker #2: higher-quality business for the long

Speaker #3: additions and by helping existing

Speaker #2: term. And you should be pleased to know

Speaker #3: clients bring their

Speaker #2: that we're consistently executing

Speaker #2: against the commitments we laid out at

Speaker #3: With each asset organized under a

Speaker #2: Investor Day. Demand for

Speaker #3: unique Altus ID on

Speaker #2: our flagship offerings remains

Speaker #3: our knowledge graph, this is

Speaker #2: solid. Supporting steady ARR

Speaker #3: foundational to our vision so that we can

Speaker #3: deliver better analytics and

Speaker #2: growth in the first quarter. With

Speaker #2: improving platform engagement, we feel

Speaker #3: drive more value for our

Speaker #3: customers. Earlier this year, we stood up a

Speaker #2: good about being able to

Speaker #3: With each asset organized under a unique Altus ID on our knowledge graph, this is foundational to our vision so that we can deliver better analytics and drive more value for our customers.

Speaker #2: expand cross-sell and off-sell

Speaker #3: dedicated team to help move our

Speaker #3: customers and their models onto the

Speaker #2: opportunities for across our

Speaker #2: client sets. A

Speaker #3: platform. And we're using our

Speaker #3: AI and data curation technology

Speaker #2: Key priority this year is onboarding.

Speaker #2: more assets to Argus

Speaker #3: to help them move

Speaker #3: faster. As a result, we're seeing a good

Speaker #2: Intelligence both through new client additions

Speaker #3: Earlier this year, we stood up a dedicated team to help move our customers and their models onto the platform. And we're using our AI and data curation technology to help them move faster.

Speaker #2: and by helping existing

Speaker #3: quarterly cadence, building upon

Speaker #2: clients bring their

Speaker #3: the hundreds of thousands of assets that are

Speaker #2: portfolios onto the platform. With

Speaker #3: already on the Argus Intelligence

Speaker #3: platform. It's certainly a big step up from

Speaker #2: each asset organized under a

Speaker #2: unique Altus ID on our

Speaker #3: last

Speaker #3: year. Our portfolio rationalization

Speaker #2: knowledge graph. This is

Speaker #3: As a result, we're seeing a good quarterly cadence, building upon the hundreds of thousands of assets that are already on the Argus Intelligence platform.

Speaker #2: Foundational to our vision so that we can bring portfolios onto the platform.

Speaker #3: also remains on track. After

Speaker #2: deliver better analytics and

Speaker #3: the sale of the appraisals business in

Speaker #2: drive more value for our

Speaker #3: Q1, we've also

Speaker #2: customers. Earlier this year, we stood up a

Speaker #3: recently sold the 111 managed services

Speaker #3: It's certainly a big step up from last year. Our portfolio rationalization also remains on track. After the sale of the appraisals business in Q1, we've also recently sold the 111 managed services business line.

Speaker #2: dedicated team to help move our

Speaker #3: business line. And we expect to sell the development advisory business operations financials are already

Speaker #2: customers and their models onto the

Mike Gordon: Our portfolio rationalization also remains on track. After the sale of the appraisals business in Q1, we've also recently sold the OneEleven managed services business line, and we expect to sell the Development Advisory business by year-end. Our continuing operations financials are already providing a simpler, clearer view of performance and the potential we see ahead. As you'll hear from Pawan Chhabria shortly, we're increasing our guidance based on the simplicity of our operations and performance of our underlying business doing well. We can offset the loss of OneEleven revenues with increased analytics growth expectations. We're making steady progress improving our operating leverage and reducing operating expenses. These actions are driving strong adjusted EBITDA growth and margin expansion, with more benefits expected to flow through the coming quarters.

Speaker #2: platform. And we're using our

Speaker #3: by year-end. Our

Speaker #2: AI and data curation technology to

Speaker #3: Continuing operations financials are what we see ahead.

Speaker #2: help them move faster. As

Speaker #3: clearer view of performance and the

Speaker #2: a result, we're seeing a good

Speaker #3: potential we see ahead. As you'll

Speaker #2: quarterly cadence building upon the

Speaker #3: And we expect to sell the development advisory business by year-end. Our continuing operations financials are already providing a simpler, clearer view of performance and the potential we see ahead.

Speaker #2: hundreds of thousands of assets that are already

Speaker #3: hear from Pawan shortly, we're increasing

Speaker #3: our guidance based on the simplicity of our

Speaker #2: on the Argus Intelligence

Speaker #2: platform. It's certainly a big step up from

Speaker #3: operations and performance of our

Speaker #2: last year.

Speaker #3: underlying business doing well. We

Speaker #3: can offset the loss of

Speaker #2: Our portfolio rationalization also

Speaker #3: 111 revenues with increased

Speaker #2: remains on track. After

Speaker #3: analytics growth

Speaker #2: the sale of the appraisals business in

Speaker #3: As you'll hear from Pawan shortly, we're increasing our guidance based on the simplicity of our operations and performance of our underlying business doing well.

Speaker #3: expectations. In addition, we're making steady

Speaker #2: Q1, we've also

Speaker #2: recently sold the 111 managed services

Speaker #3: progress improving our operating

Speaker #2: business line and we expect to sell

Speaker #3: leverage and reducing operating

Speaker #3: expenses. These actions

Speaker #2: the development advisory business by

Speaker #3: We can offset the loss of 111 revenues with increased analytics growth expectations. In addition, we're making steady progress improving our operating leverage and reducing operating expenses.

Speaker #3: are driving strong, adjusted

Speaker #2: year-end. Our continuing

Speaker #3: EBITDA growth and margin

Speaker #3: expansion. With more benefits, expect to

Speaker #2: providing a simpler clearer view of performance and the potential

Speaker #3: flow through the coming quarters.

Speaker #3: This supports our confidence in the trajectory

Speaker #2: As you'll hear

Speaker #2: As you'll hear from Pawan shortly, we're increasing our already providing a simpler, guidance based on the simplicity of our

Speaker #3: to our exit

Speaker #3: 2027 as a Rule 40 company and

Speaker #3: These actions are driving strong, adjusted EBITDA growth and margin expansion. With more benefits, expect to flow through the coming quarters. This supports our confidence in the trajectory to our exit 2027 as a Rule 40 company and has enabled us to increase our EBITDA margin guidance as well.

Speaker #2: operations and performance of our

Speaker #3: has enabled us to increase

Speaker #2: underlying business doing well. We

Speaker #3: our EBITDA margin guidance as

Speaker #3: well. We're also on a

Speaker #2: can offset the loss of

Speaker #2: 111 revenues with increased analytics

Speaker #3: strong trajectory to deliver

Mike Gordon: This supports our confidence in the trajectory to our exit 2027 as a Rule 40 company and has enabled us to increase our EBITDA margin guidance as well. We're also on a strong trajectory to deliver robust free cash flow, one of our key KPIs and the North Star for many of the operational enhancements underway. Following the completion of our recent substantial issuer bid, we've returned approximately CAD 400 million to shareholders year to date. These capital returns have already reduced our outstanding share count by 18% thus far this year, with more to come. As we prepare for our US dual listing next year, I expect Altus to enter the US capital markets with a stronger operating posture and an improved financial profile, positioning Altus as the leading analytics business that we are. We are moving with intent.

Speaker #3: robust free cash flow. One of

Speaker #2: growth expectations. In

Speaker #3: our key KPIs and the

Speaker #2: addition, we're making steady

Speaker #2: progress improving our operating

Speaker #3: North Star for many of the operational

Speaker #2: leverage and reducing operating

Speaker #3: enhancements underway.

Speaker #2: expenses. These actions are

Speaker #3: Following the completion of our

Speaker #3: recent substantial issuer

Speaker #3: We're also on a strong trajectory to deliver robust free cash flow. One of our key KPIs and the North Star for many of the operational enhancements underway.

Speaker #2: driving strong adjusted EBITDA

Speaker #3: bid, we've returned approximately

Speaker #2: growth and margin

Speaker #2: expansion. With more benefits expected to flow

Speaker #3: $400 million to shareholders year to

Speaker #3: date. These capital returns

Speaker #2: through the coming quarters. This

Speaker #3: have already reduced our outstanding share

Speaker #2: supports our confidence in the trajectory

Speaker #2: to our exit

Speaker #3: count by 18% thus

Speaker #3: Following the completion of our recent substantial issuer bid, we've returned approximately $400 million to shareholders year to date. These capital returns have already reduced our outstanding share count by 18% thus far.

Speaker #2: 2027 as a Rule 40 company and has

Speaker #3: far this year, with more to

Speaker #3: come. And as we prepare for

Speaker #2: enabled us to increase our

Speaker #2: EBITDA margin guidance as

Speaker #3: our US dual listing next

Speaker #2: well. We're also on a strong

Speaker #3: year, I expect Altus to enter

Speaker #2: trajectory to deliver

Speaker #3: the US capital markets with a

Speaker #2: robust free cash flow. One of our

Speaker #3: stronger operating posture and an

Speaker #2: key KPIs and the North

Speaker #3: improved financial profile

Speaker #3: This year, with more to come. And as we prepare for our US dual listing next year, I expect Altus to enter the US capital markets with a stronger operating posture and an improved financial profile positioning Altus as the leading analytics business that we are.

Speaker #3: positioning Altus as the leading analytics

Speaker #2: Star for many of the operational

Speaker #2: enhancements underway. Following

Speaker #3: business that we

Speaker #3: are. We are moving with

Speaker #2: the completion of our recent

Speaker #3: intent. We're balancing urgency with

Speaker #2: substantial issuer bid

Speaker #2: we've returned approximately $400

Speaker #3: discipline as we

Speaker #3: execute against a compelling value creation

Speaker #2: million to shareholders year to

Speaker #2: date. These capital returns have

Speaker #3: opportunity. And with that, I'll

Speaker #2: already reduced our outstanding share count

Speaker #3: turn things over to Pawan to walk through

Speaker #3: our quarterly results.

Speaker #2: by 18% thus

Speaker #3: We are moving with intent. We're balancing urgency with discipline as we execute against a compelling value creation opportunity. And with that, I'll turn things over to Pawan to walk through our quarterly results.

Speaker #2: far this year with more to

Speaker #3: Pawan?

Mike Gordon: We're balancing urgency with discipline as we execute against a compelling value creation opportunity. With that, I'll turn things over to Pavan to walk through our quarterly results. Pavan?

Speaker #2: come. And as we prepare for our

Speaker #4: Thanks, Mike. And good evening,

Speaker #4: everyone. This is Camilla

Speaker #2: US dual listing next year,

Speaker #4: mentioned. We're primarily presenting results

Speaker #2: I expect Altus to enter the

Speaker #4: for continuing operations, which

Speaker #2: US capital markets with a

Speaker #2: stronger operating posture and an

Speaker #4: excludes development

Speaker #4: advisory. Our financials now reflect

Speaker #2: improved financial profile

Speaker #3: Pawan?

Speaker #2: positioning Altus as the leading analytics

Speaker #4: Altus as a pure-play

Speaker #4: Thanks, Mike. And good evening, everyone. This is Camilla mentioned. We're primarily presenting results for continuing operations, which excludes development advisory. Our financials now reflect Altus as a pure-play software data and analytics company.

Pawan Chhabria: Thanks, Mike. Good evening, everyone. As Camilla mentioned, we're primarily presenting results for continuing operations, which excludes Development Advisory. Our financials now reflect Altus as a pure play software, data, and analytics company. Our Q1 results highlight the strength of our recurring revenue model and the progress we're making towards a more focused, high-margin analytics business. As you can see from this slide, we delivered steady top-line growth and our disciplined cost actions drove meaningful margin expansion. Both recurring revenue and margin expansion came in ahead of our Q1 guidance. With a strong start to the year and consistent execution against our strategic priorities, I share Mike's confidence in our trajectory to exit 2027 as a Rule forty company. Turning to our revenue performance, growth is led by our flagship solutions, Argus Intelligence and VMS, which continued to drive stronger customer adoption and renewal activity.

Speaker #4: software data and analytics

Speaker #2: business that we

Speaker #2: are. We are moving with

Speaker #4: company. Our first quarter

Speaker #2: intent. We're balancing urgency with

Speaker #4: results highlight the strength of our recurring

Speaker #2: discipline. As we execute

Speaker #4: revenue model, and the

Speaker #4: progress we're making towards a more

Speaker #2: against a compelling value creation

Speaker #4: focused, high-margin analytics

Speaker #2: opportunity. And with that, I'll turn

Speaker #4: business. As you can see

Speaker #2: things over to Pawan to walk through our

Speaker #4: from this slide, we

Speaker #2: quarterly results.

Speaker #4: delivered steady top-line growth, and our

Speaker #2: Pawan?

Speaker #4: Our first quarter results highlight the strength of our recurring revenue model, and the progress we're making towards a more focused, high-margin analytics business. As you can see from this slide, we delivered steady top-line growth, and our disciplined cost actions drove meaningful margin expansion.

Speaker #1: Thanks,

Speaker #1: Mike. And good evening,

Speaker #4: disciplined cost actions drove

Speaker #1: everyone. This is Camilla mentioned.

Speaker #4: meaningful margin

Speaker #4: expansion. Both recurring revenue and

Speaker #1: We're primarily presenting results for

Speaker #4: margin expansion came in ahead of our

Speaker #1: continuing operations which

Speaker #1: excludes development advisory.

Speaker #4: Q1

Speaker #4: guidance. With a strong start to the year,

Speaker #1: Our financials now reflect

Speaker #1: Altus as a pure-play

Speaker #4: and consistent execution against

Speaker #1: software data and analytics

Speaker #4: our strategic priorities, I share Mike's confidence in our trajectory to

Speaker #1: company. Our first quarter

Speaker #4: Both recurring revenue and margin expansion came in ahead of our Q1 guidance. With a strong start to the year and consistent execution against our strategic priorities, I share Mike's confidence in our trajectory to exit 2027 as a Rule of 40 company.

Speaker #1: results highlight the strength of our recurring

Speaker #4: exit 2027 as a Rule

Speaker #1: revenue model and the progress

Speaker #4: of 40 company. Turning to our revenue

Speaker #1: we're making towards a more

Speaker #1: focused high-margin analytics

Speaker #4: performance, growth was led by our and VMS.

Speaker #1: business. As you can see from

Speaker #4: flagship solutions, Argus

Speaker #4: Intelligence and VMS. Which continue

Speaker #1: this slide, we delivered

Speaker #1: steady top-line growth and our

Speaker #4: to drive stronger customer

Speaker #4: adoption and renewal

Speaker #1: disciplined cost actions drove

Speaker #4: activity. Software revenue was

Speaker #1: meaningful margin

Speaker #1: expansion. Both recurring revenue and margin

Speaker #4: Turning to our revenue performance, growth was led by our flagship solutions, Argus Intelligence and VMS. Which continued to drive stronger customer adoption and renewal activity.

Speaker #4: up 12%, driven

Speaker #4: primarily by Argus Intelligence,

Speaker #1: expansion came in ahead of our

Speaker #1: Q1 guidance.

Speaker #4: with broad-based growth across several of

Speaker #1: With a strong start to the year and

Speaker #4: our other solutions such

Speaker #1: consistent execution against our

Speaker #4: as Forvery, which we recently

Speaker #1: strategic priorities, I share

Speaker #4: rebranded to Argus

Speaker #4: Workbook. As previously

Speaker #4: Software revenue was up 12%, driven primarily by Argus Intelligence, with broad-based growth across several of our other solutions such as Forberry, which we recently rebranded to Argus Workbook.

Pawan Chhabria: Software revenue was up 12%, driven primarily by Argus Intelligence, with broad-based growth across several of our other solutions, such as Forbury, which we recently rebranded to Argus Workbook. As previously discussed, our target growth algorithm remains consistent. Roughly 80% growth is expected to come from volume and pricing, and 20% from new logos. We are seeing steady adoption of our asset-based pricing model, which allows clients to roll out the Argus Intelligence platform more broadly across their organizations. Coming off of a seasonal peak with some one-time benefits last quarter, VMS posted steady growth in Q1. As many of you know, VMS is a core component of our client's valuation process, often driven by compliance and investor reporting requirements.

Speaker #1: Mike's confidence in our trajectory to

Speaker #1: exit 2027 as a Rule

Speaker #4: discussed, our target

Speaker #4: growth algorithm remains

Speaker #1: 40

Speaker #4: consistent. Roughly

Speaker #4: 80% growth is expected to come from

Speaker #1: Performance growth is led by our flagship.

Speaker #4: volume and pricing, and

Speaker #1: solutions Argus Intelligence

Speaker #4: 20% from new logos.

Speaker #1: Which continue to drive stronger customer

Speaker #4: As previously discussed, our target growth algorithm remains consistent. Roughly 80% growth is expected to come from volume and pricing, and 20% from new logos.

Speaker #4: We are seeing steady adoption of

Speaker #4: our asset-based pricing

Speaker #1: activity. Software revenue was

Speaker #4: model, which allows clients to roll out the

Speaker #1: up 12% driven

Speaker #4: Argus Intelligence platform more

Speaker #1: primarily by Argus Intelligence with

Speaker #4: broadly across their

Speaker #4: organizations. Coming off of

Speaker #1: broad-based growth across several of our

Speaker #4: a seasonal peak, with some one-time

Speaker #1: other solutions such as

Speaker #4: We are seeing steady adoption of our asset-based pricing model, which allows clients to roll out the Argus Intelligence platform more broadly across their organizations.

Speaker #4: benefits last quarter,

Speaker #1: Forberry which we recently

Speaker #4: VMS posted steady growth in

Speaker #1: rebranded to Argus

Speaker #1: Workbook. As previously

Speaker #4: Q1. As many of you

Speaker #1: discussed, our target growth

Speaker #4: know, VMS is a core component of

Speaker #1: algorithm remains

Speaker #4: our client's valuation

Speaker #1: consistent. Roughly 80%

Speaker #4: process, often driven by

Speaker #4: Coming off of a seasonal peak with some one-time benefits last quarter, VMS posted steady growth in Q1. As many of you know, VMS is a core component of our client's valuation process, often driven by compliance and investor reporting requirements.

Speaker #4: compliance and investor reporting

Speaker #1: growth is expected to come from

Speaker #4: requirements. We're really pleased with the

Speaker #1: volume and pricing. And 20%

Speaker #1: from new logos. We are

Speaker #4: steady performance and as the market

Speaker #1: seeing steady adoption of our

Speaker #4: activity continues to pick

Speaker #4: up, we're better equipped to scale now

Speaker #1: asset-based pricing model

Speaker #1: which allows clients to roll out the

Speaker #4: that the teams are powered by Argus

Speaker #1: Argus Intelligence platform more

Speaker #4: Intelligence and its latest

Speaker #1: broadly across their

Speaker #4: agentic AI

Speaker #1: organizations. Coming off of a

Speaker #4: features. The data and services

Speaker #4: We're really pleased with the steady performance and as the market activity continues to pick up, we're better equipped to scale now that the teams are powered by Argus Intelligence and its latest agentic AI features.

Pawan Chhabria: We're really pleased with the steady performance, and as the market activity continues to pick up, we're better equipped to scale now that the teams are powered by Argus Intelligence and its latest agentic AI features. The data and services business lines came in softer. The investments we're making there will take some time to come through. We're increasing marketing investments in Reonomy in the US, and in Canada, we're investing in our Data Studio product. I'm also very pleased to share that we expanded the role of our Chief Legal Officer, Terri-Lynn Devenish, to include Managing Director of Canada. In addition, we hired Jason Lowe, a seasoned CRE executive with deep client relationships, as General Manager of Software and Data for Canada.

Speaker #1: seasonal peak with some one-time benefits

Speaker #4: business lines came in softer.

Speaker #4: The investments we were making there will take

Speaker #1: last quarter, VMS

Speaker #4: some time to come

Speaker #1: posted steady growth in

Speaker #4: through. We're increasing marketing investments

Speaker #1: Q1. As many of you

Speaker #1: Know, VMS is a core component of our

Speaker #4: in Rheonomy in the

Speaker #4: US, and in Canada, we're investing in our

Speaker #1: client's valuation

Speaker #1: process. Often driven by compliance and

Speaker #4: The data and services business lines came in softer. The investments we were making there will take some time to come through. We're increasing marketing investments in Rheonomy in the US and in Canada, we're investing in our data studio product.

Speaker #4: data studio

Speaker #4: product. I'm also very pleased to share that we

Speaker #1: investor reporting

Speaker #1: requirements. We're really pleased with the

Speaker #4: expanded the role of our chief legal

Speaker #1: steady performance and as the market

Speaker #4: officer, Terry

Speaker #4: Lindevinish, to include managing director of

Speaker #1: activity continues to pick up,

Speaker #4: Canada. In

Speaker #1: we're better equipped to scale now that

Speaker #1: the teams are powered by Argus

Speaker #1: Intelligence and its latest

Speaker #4: seasoned CRE executive with deep

Speaker #4: I'm also very pleased to share that we expanded the role of our chief legal officer, Terrie-Lynne Devonish, to include managing director of Canada. In addition, we hired Jason Low, a seasoned CRE executive with deep client relationships, as general manager of software and data for Canada.

Speaker #1: agentic AI

Speaker #4: client relationships, as leadership focus, we are well

Speaker #1: features. The data and services business

Speaker #4: general manager of software and data for

Speaker #4: Canada. With this

Speaker #1: lines came in softer. The

Speaker #1: investments we were making there will take some time

Speaker #4: added leadership focus, we are

Speaker #4: well positioned to accelerate growth

Speaker #1: to come through.

Speaker #4: in Canada. Which is an important

Speaker #1: We're increasing marketing investments

Speaker #1: in Rheonomy in the US and

Speaker #4: geography for Altus, where we

Speaker #1: in Canada we're investing in our data

Speaker #4: advantage. Turning to our operating

Speaker #1: studio product.

Speaker #1: I'm also very pleased to share that we

Speaker #4: With this added leadership focus, we are well positioned to accelerate growth in Canada. Which is an important geography for Altus, where we benefit from a home-based advantage.

Pawan Chhabria: With this added leadership focus, we are well-positioned to accelerate growth in Canada, which is an important geography for Altus, where we benefit from a home-base advantage. Turning to our operating metrics, all our KPIs are solid. Recurring revenue was up, software and VMS ARR were up, and our retention metrics remain strong. These operating metrics reflect the durable, high-quality nature of our key recurring revenue streams. Across the P&L lines, we are seeing the benefits of optimization in both R&D and G&A, which have declined as a percentage of revenue. This reflects the impact of our restructuring activities, product portfolio rationalization, and continued third-party cost optimization. In particular, we remain focused on bringing G&A expenses down as we rightsize the business. Q1 continued our pattern of strong cash generation and adjusted EBITDA to cash conversion.

Speaker #4: metrics, all our KPIs are

Speaker #1: expanded the role of our chief legal

Speaker #1: officer Terry Lindevenis

Speaker #4: Recurring revenue strong. was up, software and

Speaker #1: to include managing director of

Speaker #1: Canada. In addition,

Speaker #4: VMS ARR were up, and

Speaker #1: we hired Jason Low, a

Speaker #4: our retention metrics remain

Speaker #1: seasoned CRE executive with deep client

Speaker #4: strong. These

Speaker #4: Turning to our operating metrics, all our KPIs are solid. Recurring revenue was up, software and VMS ARR were up, and our retention metrics remain strong.

Speaker #4: operating metrics reflect a

Speaker #1: relationships, as general

Speaker #4: durable, high-quality nature of our key

Speaker #1: manager of software and data for Canada. With this added

Speaker #4: recurring revenue

Speaker #4: streams. Across the P&L

Speaker #1: positioned to accelerate growth in

Speaker #4: lines, we are seeing the benefits of

Speaker #4: optimization in both R&D and

Speaker #1: Canada. Which is an important

Speaker #1: geography for Altus where we

Speaker #4: G&A. Which have declined as a

Speaker #4: These operating metrics reflect a durable, high-quality nature of our key recurring revenue streams. Across the P&L lines, we are seeing the benefits of optimization in both R&D and G&A, which have declined as a percentage of revenue.

Speaker #1: benefit from a home-based

Speaker #4: percentage of revenue. This

Speaker #1: advantage.

Speaker #4: reflects the impact of our restructuring

Speaker #4: activities, product

Speaker #1: Turning to our operating

Speaker #1: metrics, all our KPIs are

Speaker #4: portfolio rationalization, and continued third-party cost optimization. In particular, we.

Speaker #1: solid. Recurring revenue was up. Software and

Speaker #1: VMS ARR were up and our

Speaker #4: This reflects the impact of our restructuring activities, product portfolio rationalization, and continued third-party cost optimization. In particular, we remain focused on bringing G&A expenses down as we right-size the business.

Speaker #1: These operating metrics reflect a durable

Speaker #1: high-quality nature of our key recurring

Speaker #1: revenue

Speaker #1: streams. Across the P&L lines,

Speaker #1: we are seeing the benefits of optimization

Speaker #1: in both R&D and

Speaker #1: G&A. Which have declined as a percentage of

Speaker #1: revenue. This reflects

Speaker #4: Q1 continued our pattern of strong cash generation and adjusted EBITDA to cash conversion. We are seeing the cash generation strength of the business come through consistently, reinforcing our confidence in our capital return plans.

Speaker #1: the impact of our restructuring

Speaker #1: activities. Product

Speaker #1: portfolio rationalization and

Pawan Chhabria: We are seeing the cash generation strength of the business come through consistently, reinforcing our confidence in our capital return plans. Year to date, through two SIPS and an NCID, we returned over CAD 400 million to shareholders. That's ahead of our expectations. We remain committed to doing more this year. We believe the current market environment presents an opportunity to allocate capital at attractive return levels. Our best investment continues to be in Altus itself. Strong working capital execution drove record collections. We also benefited from increased pre-billing, which lifted deferred revenue and cash. We view this primarily as timing related. We've adjusted future working capital assumptions accordingly. Subsequent to the quarter, we amended our credit facility ahead of its upcoming expiry in 2027.

Speaker #1: continued third-party cost

Speaker #1: optimization. In

Speaker #1: particular, we remain focused on

Speaker #4: Year to date, through two SIBs and an NCID, we returned over $400 million to shareholders. That's ahead of our expectations and we remain committed to doing more this year.

Speaker #4: We believe the current market environment presents an opportunity to allocate capital at attractive return levels and our best investment continues to be in Altus itself.

Speaker #4: Strong working capital execution drove record collections. We also benefited from increased pre-billing, lifted deferred revenue in cash. We view this primarily as timing-related and we've adjusted future working capital assumptions accordingly.

Speaker #4: Subsequent to the quarter, we amended our credit facility ahead of its upcoming expiry in 2027. The amendment extends maturities to March 2029 for participating lenders.

Pawan Chhabria: The amendment extends maturities to March 2029 for participating lenders, maintains our CAD 550 million of capacity with flexibility to increase to CAD 650 million, and preserves our existing leverage covenants. We're very pleased with the outcome. It strengthens our liquidity and preserves financial flexibility and continues to reflect continued lender confidence. You'll notice that the credit facility is classified as a current liability. This is purely a temporary IFRS presentation requirement as the amendment was finalized after quarter end. Importantly, with the extension now in place, there is no impact on our liquidity or leverage profile. Finally, I'll wrap with an overview of our business outlook, which we're presenting on an organic basis for continued operations only at the consolidated level.

That's ahead of our expectations and we remain committed to doing more this year.

Speaker #4: Maintains our $550 million of capacity with flexibility to increase to $650 million and preserves our existing leverage covenants. We're very pleased with the outcome.

We believe the current market environment presents, an opportunity to allocate Capital at attractive, return levels, and our best investment continues to be in Alters itself.

Strong working capital execution, drove record collections.

Speaker #4: It strengthens our liquidity and preserves financial flexibility and continues to reflect continued lender confidence. You'll notice that the credit facility is classified as a current liability.

We also benefited from increased pre-b, billing lifted, deferred revenue and cash.

We view this primarily as timing related and we've adjusted few future working capital assumptions, accordingly.

Speaker #4: This is purely a temporary IFRS presentation requirement as the amendment was finalized after quarter end. Importantly, with the extension now in place, there is no impact on our liquidity or leverage profile.

Subsequent to the quarter. We amended our credit facility ahead of its upcoming expiry in 2027.

The amendment extends maturities to March 2029.

For participating lenders.

Speaker #4: And finally, I'll wrap with an overview of our business outlook, which we're presenting on an organic basis for continued operations only at the consolidated level.

Maintains, our 550 million of capacity with flexibility to increase to 650 million and preserves our existing leverage Covenants.

Speaker #4: We've updated our full-year outlook to reflect the removal of development advisory business to discontinued operations, and the partial contribution of 1/11's managed services business through April, which we sold through in April and the results reflect through April 30th.

Pawan Chhabria: We've updated our full-year outlook to reflect the removal of Development Advisory business to discontinued operations and the partial contribution of OneEleven managed services business through April, which we sold it in April. The results reflect through 30 April. We've also refreshed our implied as-reported dollar ranges for current FX rates. With the recurring revenue now representing 95% of total revenues, we've simplified our disclosure to focus on revenue growth and adjusted EBITDA margin expansion. As a result, prior guidance from recurring revenue is withdrawn. It will continue to trend in line with our overall revenue guidance. As you can see from this slide, we're increasing our full year revenue growth outlook and range and guidance by 1 point to 5% to 7%.

We're very pleased with the outcome. It strengthens our liquidity and preserves Financial flexibility and continues to reflect continued lender confidence.

Speaker #4: We've also refreshed our implied as reported dollar ranges for current FX rates. With the recurring revenue now representing 95% of total revenues, we've simplified our disclosure to focus on revenue growth and adjusted EBITDA margin expansion.

You'll notice that the credit facility is classified as a current liability, this is purely a temporary IFRS. Presentation requirement as the amendment was finalized after quarter end,

Importantly, with the extension now in place, there is no impact on our liquidity or leverage profile.

Speaker #4: As a result, prior guidance from recurring revenue is withdrawn. But it will continue to trend in line with our overall revenue guidance. As you can see from this slide, we're increasing our full-year revenue growth outlook and range and guidance by 1 point to 5 to 7 percent.

And finally, I'll wrap with an overview of our business Outlook, which representing on an organic basis for continued operations, only at the Consolidated level.

Speaker #4: This reflects our new continuing operations profile while also absorbing the loss of 1/11's contribution which is Camilla pointed out remain in the comparative period and represents about 1 percentage point of headwinds to our growth.

Pawan Chhabria: This reflects our new continuing operations profile while also absorbing the loss of OneEleven's contribution, which, as Camilla pointed out, will remain in the comparative period and represents about 1 percentage point of headwind to our growth. Importantly, the underlying analytics business continues to remain strong, which allows us to offset that headwind, still move the growth outlook and guidance higher. We are also increasing margin expansion by 100 basis points to 450 to 550 basis points. This reflects the continued cost discipline alongside a step-up in product investment to accelerate the integration of our standalone software products onto the platform by early next year versus over multiple years. With that, Jade, if you will, let's open up the line for questions now.

We've updated our full year outlook to reflect the removal of development advisory business to discontinued operations and the partial contribution of 1 111 managed Services business through April, uh, which we sold, uh, through in April and the results, reflect through April 30th.

We've also refreshed our implied as reported dollar ranges for current FX rates.

Speaker #4: Importantly, the underlying analytics business continues to remain strong which allows us to offset that headwind but still move the growth outlook and guidance higher.

But the recurring Revenue now representing 95% of total revenues. We've simplified our disclosure to focus on Revenue growth and adjusted IBA margin expansion.

As a result prior guidance from recurring revenue is withdrawn, but it will continue to Trend in line with our overall Revenue guidance.

Speaker #4: We are also increasing margin expansion by 100 basis points to 450 to 550 basis points. This reflects the continued cost discipline alongside a step-up in product investment to accelerate the integration of our standalone software products onto the platform by early next year versus over multiple years.

As you can see from this slide we're increasing our full year, Revenue growth Outlook, and range and guidance.

By 1 point to 5 to 7 percentage.

This reflects our new continuing operations profile while also absorbing the loss of 1 111 contribution, which is Camilla pointed out.

Speaker #4: With that, Jade, if you will, let's open up the line for questions now.

Remain in the comparative period and represents about 1 percentage point of headwinds to our growth.

Speaker #1: Thank you. We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you'd like to ask a question, please press star one to raise your hand.

Operator: Thank you. We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question, and if you're muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Erin Kyle from CIBC. Please go ahead.

Importantly, the underlying analytics business continues to remain strong, which allows us to offset that headwind. It still moved the growth outlook and guidance higher.

Speaker #1: To withdraw your question, press star one again. We ask that you pick up your handset when asking a question and if you're muted locally, please remember to unmute your device.

We are also increade seeing margin expansion by 100 basis points to 450 to 550 basis points.

Speaker #1: Please stand by while we compile the Q&A roster. Your first question comes from the line of Aaron Kyle from CIBC. Please go ahead.

Erin Kyle: Hi, good evening. Thanks for taking the questions. The first one I wanted to ask is just on the guidance here. As you've resegmented it looks like you've removed the corporate cost line as well. Can you just help us reconcile the 2026 margin expansion here? Maybe specifically how much of that lift is driven by structural corporate cost removed versus just incremental operating leverage here?

Speaker #5: Hi, good evening. Thanks for taking the question. The first one I wanted to ask is just on the guidance here. So as we've resegmented it, it looks like you've removed the corporate cost line as well.

This reflects the continued cost discipline alongside a step-up in product investment to accelerate the integration of our Standalone software products onto the platform by early next year versus over multiple years.

With that.

J. Um, if you will, let's open up the line for questions now.

Speaker #5: So can you just help us reconcile the 2026 margin expansion here? Maybe specifically how much of that lift is driven by structural corporate cost removed versus just incremental operating leverage here?

Speaker #6: Paul, then you want to start with that one?

Mike Gordon: Pawan, you wanna start with that one?

Speaker #3: Yeah. Aaron, it's a great question. So as you noted, we did increase the EBITDA guidance. You did see a pretty strong print in Q1 in regards to where we are.

Pawan Chhabria: Erin, it's a great question. As you noted, we did increase the EBITDA guidance. You did see a pretty strong print in Q1 in regards to where we are from a EBITDA growth perspective. To a lot of the conversations that we've had over time, the simplification of our business is allowing us now to present the business in a much cleaner manner. You know, we're essentially a one segment business at this point at Analytics. We have completely removed the corporate line, which is now reflected as part of our total EBITDA growth number.

Thank you. We will now begin the question and answer session, please. Let me get yourself to 1 question and 1 follow-up. If you would like to ask a question. Please press star 1 to raise your hand to withdraw. Your question, press star 1. Again, we ask that you pick up your handset when asking a question and if you're muted locally, please remember to unmute your device please. Stand by while we compile the Q&A roster,

Your first question comes from the line of Aaron. Kyle from CIBC please. Go ahead.

Speaker #3: From an EBITDA growth perspective, and to a lot of the conversations that we've had over time, the simplification of our business is allowing us now to present the business in a much cleaner manner and so the corporate we're essentially a one-segment business at this point and analytics.

Hi, good evening. Thanks for taking the questions.

Speaker #3: So we have completely removed the corporate line which is now reflected as part of our total EBITDA growth number. As you've seen our history, we have a pretty strong track record of being able to take out cost out of the business and continue to scale as our business grows without increasing that cost.

Much about lift is driven by structural, corporate costs removed versus just incremental operating leverage here.

Above and you want to start with that 1?

Pawan Chhabria: You know, as you've seen our history, we have a pretty strong track record of being able to take out costs out of the business and continue to scale as our business grows without increasing that cost. There's a lot of opportunity that we have to be able to continue to do that. You know, a key focus area, as we said in the prepared remarks and we've talked about in the past, is we've had a pretty elevated G&A cost across the business that continues to present an opportunity for us, really from a function of being able to drive higher productivity across the organizations. Also the simplification of our business helps tremendously on that. You know, from an operational perspective, that continues to drive our margin expansion opportunities.

Yeah, Aaron it's a it's a great question. So um as you as you noted we we did increase.

Speaker #3: There's a lot of opportunity that we have to be able to continue to do that. A key focus area as we said in the prepared remarks and we've talked about in the past is we've had a pretty elevated G&A cost across the business that continues to present an opportunity for us really from a function of being able to drive higher productivity across the organizations but also the simplification of our business helps tremendously on that.

The uh, the eBay guidance, you did see a pretty strong print in q1 in regards to where we are, uh, from from uh, IBA growth perspective. Uh and and to a lot of the conversations that we've had over time

Speaker #3: And so from an operational perspective, that continues to drive our margin expansion opportunities. We've got a lot of cost discipline in place in regards to making sure that our spend is accurate.

Pawan Chhabria: We've got a lot of cost discipline in place in regards to making sure that our spend is accurate. We're leveraging third-party services versus hiring in-house for product and development just to give us more agility and flexibility as we scale and ramp projects. We continue to drive forward, Erin, in terms of the opportunities that we have that are in front of us. There continues to be significant amount of opportunities. We're gonna continue to drive more discipline across our G&A lines, both from a standpoint of just headcount within G&A, facilities within G&A, and third party type spend across G&A. We're gonna continue to drive that lower.

Speaker #3: We're leveraging third-party services versus hiring in-house for product and development just to give us more agility and flexibility as we scale and ramp projects.

The simplification of our business is allowing us now to present the business in, in a much cleaner manner. Um, and so, you know, the corporate—we're essentially a, a one segment business at this point at Analytics. Um, so we have completely removed the corporate lines, which is now reflected as part of our, our, our total EBITDA growth number. Um, it, you know, as you, as, as you've seen our history, we have a pretty strong track record of being able to take out costs out of the business and continue to scale as our business grows without increasing that cost. There's a lot of opportunity that we have to be able to continue to do that.

Speaker #3: And so we continue to drive forward, Aaron, in terms of the opportunities that we have that are in front of us. And there continues to be significant amount of opportunities.

Speaker #3: We're going to continue to drive more discipline across our G&A lines. Both from a standpoint of just headcount within G&A facilities, within G&A and third-party type spend across G&A.

Speaker #3: So we're going to continue to drive that lower. And again, we are adopting as Mike mentioned and is prepared remarks, our teams are using the software internally which is driving a significant amount of operational efficiencies for us as well too.

Pawan Chhabria: Again, you know, we are adopting, as Mike mentioned in his prepared remarks, the teams are using the software internally, which is driving a significant amount of operational efficiencies for us as well too. It allows us to drive processes faster. It also allows us to leverage offshore capabilities as well too, as the work becomes more standardized and more repeatable.

Speaker #3: It allows us to drive processes faster. It also allows us to leverage offshore capabilities as well too as the work becomes more standardized and more repeatable.

You know, key Focus area is setting the prepared for March and we've talked about in the past is we've had a pretty elevated GNA cost across the business uh that continues to present an opportunity for us really, from a function of being able to drive higher productivity across the organizations. Uh, but also the simplification of our business, um, helps tremendously on that. And so, you know, from an operational perspective that continues to drive our margin expansion opportunities, uh, we've got a lot, a lot of cost, discipline and placement in regards to making sure that our spend is accurate. We're leveraging third-party services versus uh, hiring in-house, uh, for for product and development. Uh, just to give us more agility and flexibility as as we scale and ramp projects. Um and so we continue to drive forward with Aaron in terms of the opportunities that we have uh that are in front of us. Uh and and there continues to be significant amount of opportunities. We're going to continue to drive

Speaker #6: Yeah. If I could pile on the problem for a moment there. I think the big thing as we go forward, we're seeing that expansion of the margin.

Mike Gordon: If I could pile on to Pawan for a moment there. I think the big thing as we go forward, we're seeing, you know, we're seeing that expansion of the margin. In addition, we're also doing that while we continue to transform the business and transform the shape of the business. Like, as we align our sales organization, as we align where we're putting people onto product and R&D, we're also seeing the opportunities to shift those resources around because at this point, you know, that simplification has helped us and the focus has helped us on where we're going.

Speaker #6: But in addition, we're also doing that while we continue to transform the business and transform the shape of the business. So as we align our sales organization, as we align where we're putting people onto product and R&D, we're also seeing the opportunities to do to shift those resources around because at this point, that simplification has helped us and the focus has helped us on where we're going.

Uh more disciplined across our DNA lines both uh from a from a standpoint of just head count within GNA facilities within GNA, um and then third-party type spend across GNA. So we're going to continue to to drive that lower. Uh and again you know we are adopting, as Mike mentioned is and is prepared remarks for teams are using the software internally which is driving a significant amount of operational. Efficiencies for us as well too.

Speaker #6: So from that perspective, that's why we now feel like as we've started to simplify the business, we can make the additional investment into the product set and at the same point deliver at a faster point but continue to get that margin expansion.

Mike Gordon: From that perspective, that's why we now feel like as we've started to simplify the business, we can make the additional investment into the product set and at the same point, deliver at a faster point, but continue to get that margin expansion.

Um it allows us to drive processes faster. It also allows us to leverage um offshore capabilities as well too, uh as the work becomes more standardized and more repeatable.

Speaker #5: Okay. That's helpful, Color. And then maybe just on the discontinued operations, just following the appraisals divestiture and the pending development advisory sales, what remains if anything in the portfolio that's still considered non-core at this point?

Erin Kyle: Okay, that's helpful color. Then maybe just on the discontinued operations, just following the appraisal divestiture and the pending Development Advisory sales, what remains, if anything, in the portfolio that's still considered non-core at this point?

Speaker #6: Once we're finished with those, we feel pretty comfortable with the business we have left. There's always opportunities to see if something doesn't feel like non-core, but that is the definition of non-core for us at this point.

Mike Gordon: Once we're finished with those, we feel pretty comfortable with the business we have left. There's always opportunities to see if something doesn't feel like non-core, but that is the definition of non-core for us at this point.

Speaker #5: Okay. That's helpful. I'll pass the line. Thank you.

Erin Kyle: Okay, that's helpful. I'll pause the line. Thank you.

Speaker #1: Your next question comes from the line of Gavin Fairweather from Coremark. Please go ahead.

Operator: Your next question comes from the line of Gavin Fairweather from Cormark. Please go ahead.

Yeah, if I could file on, on the public for a moment there, I think the big thing is we go forward. Um, we're seeing, you know, we're seeing that expansion of the margin, but in addition we're also doing that while we continue to transform the business and transform the shape of the business. So like as we, um, align our sales organization as we align where we're putting people onto product and R&D. We're also seeing the opportunities to do to shift those resources around because at this point we you know, the simplification has helped us and the focus has helped us on where we're going. So from that perspective that's why we now feel like as we've started to simplify the business we can make the the additional investment into the product set and at the same time deliver at a faster point, but continue to get that margin expansion.

Speaker #7: Oh, hey. Thanks for taking my questions. Maybe just on the guide, nice to see the lift despite the 111 headwinds. Maybe you can just discuss what's coming in ahead of your initial expectations for the business relative to what you talked about coming out of Q4.

Gavin Fairweather: Hey, thanks for taking my questions. Maybe just on the guide, nice to see the lift despite the OneEleven headwinds. Maybe you can just discuss, you know, what's coming in ahead of your initial expectations for the business, you know, relative to what you talked about coming out of Q4. Is it asset-based pricing or selling more modules or VMS? Maybe discuss what's strengthening in analytics.

Speaker #7: Is it asset-based pricing or selling more modules or BMS? Maybe discuss what's strengthening in analytics.

And then maybe just on the discontinued operations. Um just following the approval of the vesture and the pending development. Advisory field. What remains if anything in the portfolio? That's still considered dog, for at this point.

Speaker #6: Well, good question. So we had a very strong quarter when it came to our software products as Povan indicated. We were we had growth of in and around 12%.

Mike Gordon: Well, good question. We had a very strong quarter when it came to our software products. As Pawan indicated, we had growth of in and around 12%. As we look at that, some of that certainly is some of the overhang and still the expansion to asset-based pricing. To be honest with you, a lot of that has been new opportunities or cross-sell opportunities as people are starting to get onto the platform and starting to use the platform. You know, as we went through Q1 and, you know, the platform was fairly new at the end of last year and just people using it, we've seen as the quarter went through, Gavin, you know, the number of users increase on the platform by over 20 times.

Um, once we're finished with those, we feel pretty comfortable with the business we have left. Um, there's always opportunities to see if something doesn't feel like non-core but that's that is the definition of non-core for us at this point.

Okay, that's helpful. I'll pass the line. Thank you.

Speaker #6: And as we look at that, that some of that certainly is some of the overhang and still the expansion to asset-based pricing. But to be honest with you, a lot of that has been new opportunities or cross-sell opportunities as people are starting to get onto the platform and starting to use the platform.

Your next question comes from the line of Gavin. Fairweather from cormark, please go ahead.

Speaker #6: As we went through the first quarter and the platform was fairly new at the end of last year and just the people using it, we've seen as the quarter went through, Gavin, the number of users increase on the platform by over 20 times.

Oh hey, thanks for taking my questions. Maybe just on, on the guide. Nice to see the left, despite the 111 headwind, maybe you can just discuss. You know what, coming in ahead of your initial expectations for the business, you know, relative to what you talked about coming out of Q4, is that asset based pricing or selling more modules or BMS new to discuss, what strengthening and Analytics.

Speaker #6: And as Povan already talked about, we also saw that our VMS teams are actively using the platform as well. And in that 20 times, that doesn't include our guys.

Mike Gordon: As Pawan Chhabria already talked about, we also saw that our VMS teams are actively using the platform as well. In that 20 times, that doesn't include our guys. As a result, what we're starting to see is more use of the platform for folks to do their business. While the software has grown, we also have seen good steady growth from VMS. What we think that we'll start to see as we go through this, more opportunities coming through for that business as we go on through the year. You know, the opportunity then to also kind of expand our product set on the platform gives us more cross-sell and opportunities. We already had investment manager scheduled to come on later this year. We talked about our Forbury workbook functionality in Argus Workbook.

Speaker #6: And as a result, what we're starting to see is we're starting to see more use of the platform for folks to do their business.

Speaker #6: So while the software has grown, we also have seen good steady growth from VMS. And what we think that we'll start to see as we go through this more opportunities coming through for that business as we go on through the year.

Speaker #6: The opportunity then to also kind of expand our product set on the platform gives us more cross-sale and opportunities. So we already had investment manager scheduled to come on later this year.

Speaker #6: We talked about our forberry workbook functionality in Argus Workbook. But now we're really going to be focusing on pulling in the fairways product to become our debt manager and developer when we talked about it at Connect a couple of weeks ago.

Mike Gordon: Now we're really gonna be focusing on pulling in the Fairways product to become our debt manager and developer. When we talked about it at Connect a couple weeks ago, a lot of customers pushed us for that they would like that interaction on the platform, and it just made sense for us to doing it. To summarize again, strong software push, a lot more cross-sell and upsell, and we hope to continue that going into Q2 and Q3. Pawan, did I miss anything?

Well, good question. So we we had a very strong quarter when it came to our software products as as Pub and indicated. Um, we were, we had growth of um, in and around 12% and as, as we look at that, that, um, some of that certainly is some of the overhang and still be expansion to asset based pricing. But to be honest with you, a lot of that has been New Opportunities or cross-sell opportunities as people are starting to get onto the platform and starting to use the platform, um, you know, as we went through the first quarter and you know, the platform was fairly new at the end of last year and just the people using it. We've seen as the quarter went through Gavin, you know, the number of users increase on the platform by over 20 times. And as part of an already talked about, we also saw that our VMS teams are actively using the platform as well. And in that 20 times that doesn't include our guys. And, and as a result, what we're starting to see is we're starting to see,

Speaker #6: A lot of customers pushed us for that they would like that interaction on the platform and it just made sense for us to doing it.

Speaker #6: So to summarize again, strong software push, a lot more cross-sell and upsell, and we hope to continue that going into Q2 and Q3. Povan, did I miss anything?

Speaker #5: No. I think you're answering it well, Mike.

Pawan Chhabria: No, I think you answered it well, Mike.

Speaker #6: Well, thanks, Mike.

More use of, uh, the platform for folks to do their business. So while the software has grown, we also seen good steady growth from VMS, and what we think that we'll start to see as we go through this more opportunities coming through for that business as we go on through the year. Um, you know, the, the opportunity then to also kind of expand our products that on the platform. Give us more cross sale and uh opportunities. So we already had uh investment manager scheduled to come on.

Mike Gordon: Well, thanks, Pawan.

Gavin Fairweather: That's great. It's kind of related, you talked about getting more assets, you know, on the platform. I'm curious, like coming out of Connect, whether you've seen the pace of kind of adoption, you know, picking up and speeding up given that people want, you know, access to some of the new functionality.

Speaker #7: That's great. And then it's kind of related, but you talked about getting more assets on the platform. I'm curious coming out at Connect whether you've seen the pace of kind of adoption picking up and speeding up given that people want access to some of the new functionality.

Speaker #6: Yeah. Our pace has definitely hastened. So like I said earlier on, Argus Assist, we got really good takeup of Argus Assist. At the conference, as I said earlier, 30% of our customers who were there individual companies, not just all the attendees.

Mike Gordon: Yeah, our pace has definitely hastened. Like I said earlier on Argus Assist, we got really good take-up of Argus Assist at the conference. As I said earlier, 30% of our customers who were there, individual companies, not just all the attendees, were excited to step up to that. What was really heartening for us is we've seen a lot more work happen over the last couple weeks as we are helping our customers curate and clean their data. As we talked about at the conference, Steve Besner and his team have really got quite a few capabilities that we've developed with our knowledge graph and the AI that we have to help do that and pull their data on.

This year we talked about, um, our forebear workbook F functionality in Argus workbook, but now we're really going to be focusing on pulling in um, the fairways product to become our debt manager and developer. And when we talked about it at, um, connect a couple weeks ago, a lot of customers pushed us for that. They would like that, that, that interaction on the platform and it just made sense for us to doing it. So, uh, the summarize again, strong software push a lot more cross selling upsell and we hope to continue that going into Q2 and Q3 Hub and did I miss anything?

Speaker #6: We're excited to step up to that. But what was really heartening for us is we've seen a lot more work happen over the last couple of weeks as we are helping our customers curate and clean their data.

No, I I think you're answering well mate.

Speaker #6: As Steve as we talked about at the conference, Steve Bezner and his team have really got quite a few capabilities that we've developed and for with our knowledge graph and the AI that we have to help do that and pull their data on.

Mate. Thanks, that's great. And then it's uh, it's kind of related. But you talked about getting more assets, you know, on the platform I'm curious like coming out of connect, where you've seen the, the pace of kind of adoption, you know, picking up and getting up given that people want, you know, access to some of the new functionality.

Speaker #6: And we see a lot of customers taking advantage of that. In fact, we've also made that technology available to customers who don't want to use us.

Mike Gordon: We see a lot of customers taking advantage of that. In fact, we've also made that technology available to customers who don't want to use us, and some customers have just taken our Argus Workbook and put that on. We're seeing a lot of push on that. A lot of the customers are starting to drive us, which is excellent. We're seeing a lot of the largest funds push that. In addition, what we're also seeing is that we're having very good conversations across our different ICPs. The funds are eager to do that because they're engaging with all the VMS teams, but our brokerage clients as well because they can see the value to it.

Speaker #6: And some customers have just taken our cookbook and put that on. So we're seeing a lot of push on that. So a lot of the customers are starting to drive us, which is excellent.

Speaker #6: So we're seeing a lot of the larger funds push that. But in addition, what we're also seeing is that we're having very good conversations across our different ICPs.

Yeah, I our, our Pace has definitely hastened. Um, so like I said earlier on Argus assist we got really good. Um, take up of Argus assist, um, at the conference. Uh, as I said earlier, 30% of our customers who were there, um, individual companies, not just all the attendees, uh, we're, we're excited to use, um, to step up to that. But what was really heartening for us as we've seen a lot more work happen, over the last

Speaker #6: So the funds are eager to do that because they're engaging with all the VMS teams. But our brokerage clients as well because they can see the value to it.

Speaker #6: And then even the lenders who have quite a large portfolio on there, we see them starting to jump on as well. So it's across the board good uptake.

Mike Gordon: Even the lenders who have quite a large portfolio on there, we see them starting to jump on as well. It's across the board, good uptake. Again, this gives us a good opportunity to really improve value for our customers.

Speaker #6: And again, this is this gives us a good opportunity to really improve value for our customers.

Speaker #7: I think.

Gavin Fairweather: Thank you.

Pawan Chhabria: Gavin, just a good proof point in that would be to just looking at the ARR growth that we have on software, you know, north of 10%, close to 11%. You know, the other data point that I think would just give you color in regards to the pace of adoption is you see that our GRR continues to remain in the mid-nineties. It's those are two really good proof points in regards to just the traction that's building in our adoption and client entrants.

Speaker #5: And Gavin, just a good proof point in that would be to just looking at the ARR growth that we have on software towards the 10% close to 11%.

Speaker #5: And the other data point that I think would just give you color in regards to the pace of adoption is you see that our GRR continues to remain in the mid-90s.

Speaker #5: So it's those are two really good proof points in regards to just the traction that's building. In our adoption and client entrance.

Speaker #7: Appreciate it. Thanks so much.

Gavin Fairweather: Appreciate it. Thanks so much.

Speaker #1: At this time, there are no further questions. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Operator: At this time, there are no further questions. I will now turn the call back to Mike Gordon, CEO, for closing remarks.

Speaker #6: Thanks, Jade. Everybody, thanks again for joining us on this call this evening. As you can tell, we're excited about where our business is heading and the work that we have ahead of us.

Mike Gordon: Thanks, Jade. Everybody, thanks again for joining us on this call this evening. As you can tell, we're excited about where our business is heading and the work that we have ahead of us. As always, if there are any questions, please don't hesitate to get in touch with Camilla or Martin, look forward to talking to you all as we head into finishing this quarter. Have a great one, guys. Thanks.

Speaker #6: But as always, if there are any questions, please don't hesitate to get in touch with Camilla or Martin. And I look forward to talking to you all as we head into finishing this quarter.

Speaker #6: Have a great one, guys. Thanks.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.