Q3 2024 Real Matters Inc Earnings Call Transcript
Key Points
- Consolidated revenues increased 17% sequentially to $49.5 million due to growth in all three segments.
- Positive consolidated adjusted EBITDA of $1.7 million in Q3, driven by strong operating leverage in U.S. Appraisal and Canadian segments.
- U.S. Appraisal mortgage origination revenues were up 15% quarter over quarter due to seasonal purchase transactions.
- Canadian revenues were up 30% quarter over quarter, with near-record net revenue margins of 19%.
- Strong balance sheet with no debt and cash of $41.4 million as of June 30th, 2024.
- U.S. mortgage market conditions remain well below pre-pandemic norms, impacting overall volumes.
- U.S. Title segment posted an adjusted EBITDA loss of $1.9 million, compared to a loss of $1.7 million in the previous quarter.
- Net revenue margins in the U.S. Title segment decreased to 43.6% from 45.2% due to a change in revenue mix.
- Consolidated operating expenses increased 11% year over year to $11.9 million in the third quarter.
- Cash position decreased in the third quarter due to the timing of collections, with a significant client payment received just after quarter-end.
Good morning, ladies and gentlemen, and welcome to Real Matters Q3 2020 core earnings conference call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August fourth, 2024.
I would now like to turn the conference over to Lyne Beauregard, Vice President of Investor Relations and Corporate Communications. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Real Matters Financial Results Conference Call for the Third Quarter ended June 30th, 2024. With me today are Real Matters, Chief Executive Officer, Brian Lang, and Chief Financial Officer, Rodrigo Pinto this morning. Before market opened, we issued a news release announcing our results for the three and nine months ended June 30th, 2020. For the release accompanying slide presentation
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