Information Services Corporation

Good day and thank you for standing by. Welcome to the ISV Q3 2022 earnings conference call and webcast. At this time, all participants are in 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 1 1 on your telephone. You will then hear an automated message advising you that your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our host, Jonathan Hackshaw, Senior Director, Investor Relations and Capital Markets. Please go ahead.

Thank you, Chris, and good morning, everyone joining us today. Welcome to ISE's conference call for the quarter ended September 30th, 2022. On the call today with me are Sean Peters, President and CEO, and Bob Antichow, Chief Financial Officer. This morning, Sean will start us off by taking you through an overview of the quarter and the year to date. Bob will then provide some financial and operating highlights before passing the call back over to Sean for some closing remarks. Before we begin, we would like to remind everyone that we will only be summarizing results today. The company's financial statements and MD&A have been filed on CDAR and are available on our website. We encourage you to review those reports in their entirety. I would also like to remind you that any statements made today that are not historical facts are considered to be forward-looking statements within the meaning of applicable securities laws. The statements may involve a number of risks and uncertainties that are described in detail in the company's CDAR filings. Those risks and uncertainties may cause actual results to differ materially from those stated. Today's comments are made as of today's date and will not be updated except as required under applicable securities law. Today's conference call is being broadcast live over the internet and will be archived for replay shortly after the call on the investor section of our website. With that, I would now like to turn the call over to Sean Peters.

Thank you, Jonathan, and good morning to everyone joining us for today's call. Just a few comments before I turn the call over to Bob for some financial remarks. The third quarter of 2022 was really as we expected. In our guidance early in the year, we said we expected strong first and second quarters coming off of 2021, with transaction levels in our registry operations trending back towards pre-pandemic levels in the second half of the year. And that's exactly what we've seen. In our registry operations business, we saw that trend take shape as Saskatchewan real estate levels stabilized, as demand normalized and higher interest rates took effect. Volumes in the land registry now reflect normalized and seasonal levels, but still above pre-pandemic levels and noticeably with higher average land values. We also saw high value transactions return to a more seasonal average, and all the indicators suggest that this trend to more seasonal norms will continue in the fourth quarter. Registry operations also continues to see positive, stable results for the quarter and year-to-date from the new property tax services business acquired in June. Our services business continues to grow faster than expected, both through increased transactions and new customer gains. We continue to transition and onboard customers to our new Registry Complete platform, which provides customers with additional services and us with new revenue streams. We implemented our regular annual price increases across regulatory and corporate solutions for non-contract based customers in the third quarter, which had a positive impact on revenue. Revenue also grew during the quarter as a result of product offerings within regulatory solutions and recovery solutions, both of which are new products from the acquisition of Uplevel. In technology solutions, results were down in the quarter compared to last year because of fewer external revenue generating opportunities. We've noted before that technology solutions experienced a contraction during COVID as new procurements weren't as active. However, this is rapidly changing and we're seeing renewed activity in the market, which has translated into an active new business pipeline. So we're actively completing our current solution implementation projects and are focused on securing new clients from that pipeline of opportunities, which we expect to positively impact 2023. Overall, we're very pleased with the third quarter, which was one of ongoing operational accomplishments and financial performance consistent with our expectations. And that continues to demonstrate the strength and stability of our business, as well as the benefits of the diversification that we've achieved. I'll now turn the call over to Bob to discuss some financial highlights.