Q2 2024 Bridgemarq Real Estate Services Inc Earnings Call Transcript
Key Points
- Revenue for the second quarter was $110.1 million, a significant increase from $12.8 million last year.
- Net earnings for the second quarter were $10.6 million, compared to $1.1 million in 2023.
- The number of realtors in the franchise network increased by 41 agents since the start of the year.
- The company generated $10.5 million in cash from operating activities, up from $3.7 million in 2023.
- The acquisition of new brokerages and internalization of the management company has broadened the company's operations and revenue base.
- Canada's residential resale housing market recorded a modest decline compared to the same period last year.
- The Greater Vancouver real estate market was down 11% year-over-year.
- Higher interest costs partly offset the increase in cash flow from operating activities.
- The value of exchangeable units will continue to affect earnings due to quarterly revaluation requirements.
- The Canadian residential real estate market contracted modestly in the second quarter of 2024, with a 4% decline compared to 2023.
Good morning. My name is Sylvie, and I would like to welcome everyone to the Bridgemarq Real Estate Services, Inc. 2024 second quarter results conference call. Note that this call is being recorded. (Operator Instructions).
I would like to introduce Mr. Spencer Enright, Chief Executive Officer of Bridgemarq Real Estate Services Inc. Please go ahead, sir.
Well, thank you, operator. Good morning, everyone, and thanks for joining us on the call today. With me today is our Chief Financial Officer, Glen McMillan. I will begin with a brief overview of our company's second quarter results and provide an update on our newly expanded business operations.
Glen will then discuss our financial results in more detail and I'll conclude by providing some remarks on operational highlights, company update and market developments. Following our remarks, Glen and I would be happy to take your questions.
I want to remind you that some of the remarks expressed during this call
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