Q4 2024 Information Services Corp Earnings Call Transcript
Key Points
- Information Services Corp (IRMTF) reported record consolidated revenue and adjusted EBITDA for 2024, aligning with their expectations.
- The Saskatchewan Registry's division saw strong performance, with increased volumes and record high-value property registration revenue.
- The Recovery Solutions division experienced growth due to an increase in individual asset recovery assignments and sales.
- The Regulatory Solutions division benefited from increased know-your-customer and due diligence activities, driven by enhanced anti-money laundering policies.
- The company achieved significant milestones, including ISO 27001:2022 certification and securing a contract extension with Ontario for property tax assessment.
- Net income decreased to $20.2 million in 2024 from $25 million in 2023, impacted by increased interest and amortization expenses.
- The Corporate Solutions division faced a decline due to the opening of the Ontario Business Registry Access and a government ban on Notice of Security Interests.
- Expenses increased by $30 million in 2024, driven by higher wages, information technology services, and costs of goods sold.
- Capital expenditures rose significantly to $8.3 million in 2024 from $2.4 million in 2023, primarily due to increased system development work.
- The company faces challenges in the M&A landscape, with high valuations making it difficult to find suitable acquisition opportunities.
Good day and thank you for standing by. Welcome to the ISC Q4 and year-end 2024 earnings conference call and webcast. At this time, all participants are on a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jonathan Hackshaw, Senior Director - Investor Relations and Capital Markets. Please go ahead.
Thank you, Daniel. And good morning to everyone joining us today. Welcome to ISC's conference call for the quarter and year ended December 31, 2024.
On the call today with me are Shawn Peters, President and CEO; and Bob Antochow, Chief Financial Officer. This morning, Shawn will take you through some of the highlights of the quarter. Bob will then provide some comments on our financial and operating performance for the quarter before passing the
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