Q3 2024 Information Services Corp Earnings Call Transcript
Key Points
- Revenue increased by 12% and adjusted EBITA rose by 18% compared to the third quarter of 2023.
- Strong performance in the Saskatchewan Registries Division, with revenue and adjusted EBITA up 16% and 23% respectively.
- Continued strong performance in residential real estate and land registry, leading to increased volumes.
- Growth in the Regulatory Solutions division due to stringent compliance environments in the lending industry.
- Technology Solutions segment saw improvements with revenue and adjusted EBITA increases of $3.4 million and $1.5 million respectively.
- Revenue and adjusted EBITA were marginally lower compared to the same quarter last year due to a ban by the government of Ontario on notice of security interests.
- Increased expenses by $6.4 million compared to the third quarter of 2023, largely due to regular business activities and increased wages.
- Capital expenditures increased, with sustaining capital expenditures rising to $1.9 million from $0.5 million in the corresponding period in 2023.
- Debt increased slightly to $177.5 million as of September 30, 2024, compared to $177.3 million at the same time last year.
- Cash holdings decreased to $12 million as of September 30, 2024, from $24.2 million as of December 31, 2023, reflecting the company's deleveraging plan.
Good day. And thank you for standing by. Welcome to the ISCQ 3 2024 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again.
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Jonathan Hackshaw, senior director of Investor relations and capital markets. Please go ahead.
Thank you, Shannon and good morning to everyone joining us today. Welcome to ISS conference call for the quarter end of the quarter ended September 30th 2024. On the call with me today are Sean Peters, President and CEO and Bob and the Chief Financial Officer. This morning, Sean
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