Q4 2024 Real Matters Inc Earnings Call Transcript
Key Points
- Real Matters Inc (RLLMF) delivered consolidated adjusted EBITDA of $1.9 million in fiscal 2024, moving back into positive territory.
- The company added 16 new clients and increased market share across all three segments.
- Consolidated revenues increased by 5% year-over-year to $172.7 million, driven by market share gains and new client launches.
- Net revenue margins improved, with US appraisal margins increasing by 20 basis points to 27.6%.
- The company maintained a strong balance sheet with no debt and cash of $49.1 million as of September 30, 2024.
- US title segment revenue decreased to $8.6 million from $9.5 million in fiscal 2023 due to a decline in home equity and REO volumes.
- The company posted an adjusted EBITDA loss of $6.8 million in the US title segment.
- Operating expenses in the US appraisal segment increased by 7% year-over-year.
- Net revenue margins in the US appraisal segment decreased by 80 basis points in the fourth quarter.
- The Canadian segment's adjusted EBITDA slightly decreased from $4.2 million in fiscal 2023 to $4.1 million in fiscal 2024.
Good morning, ladies and gentlemen and welcome to the Real Matters Q4 and fiscal 2024 earnings conference call. (Operator Instructions) Also note that this call is being recorded on Thursday, November 21, 2024.
At this time, I would like to turn the conference over to Lyne Beauregard. Please go ahead.
Thank you, operator and good morning, everyone. Welcome to Real Matters financial results conference call for the fourth quarter and fiscal year ended, September 30, 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 months and fiscal year ended September 30, 2024. The release, accompanying slide presentation as well as the financial statements and MD&A are posted in the Investors section of our website at realmatters.com.
During the call, we may make certain forward
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