Information Services Corporation

Good day and thank you for standing by. Welcome to the ISC second quarter 2024 earnings conference call and webcast. At this time, all participants are in a 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 your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jonathan Hackshaw, Senior Director, Investor Relations and Capital Markets. Please go ahead.

Thank you, Andrea, and good morning to everyone joining us today. Welcome to ISC's conference call for the quarter ended June 30th, 2024. On the call today are Sean Peters, President and CEO, and Bob Antichow, Chief Financial Officer. This morning, Sean will take you through some of the highlights of the quarter. Bob will then provide some financial and operating highlights. for the quarter 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 Plus 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 with 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 Plus 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 laws. 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.

Thank you Jonathan, and good morning everyone joining us for today's call. Following a strong start to the year in the first quarter, the second quarter of 2024 saw record revenue and record adjusted EBITDA for the period, up 27 and 53% respectively, compared to the second quarter of 2023. The robust year-over-year growth was, as usual, due to strong operating results from across the company. In registry operations, strong performance from the Saskatchewan registries, combined with the full effect of fee adjustments implemented in 2023, produced revenue and adjusted EBITDA for the quarter that were up 39 and 68% respectively. We saw strong performance across all sectors in the land registry, resulting in an increase in overall volumes compared to the second quarter of 2023. combined with the positive impact of the fee adjustments implemented in July 2023 in connection with our extension agreement and annual CPI adjustments. Also in registry operations during the quarter, we announced that through our wholly owned subsidiary, ReaMind, we entered into an amended and restated license and information technology services agreement with the government of Ontario to continue to manage and operate the online property tax analysis system for the government of Ontario until March 31, 2028, with two additional options for one-year renewals. In services, revenue in adjusted EBITDA were up 18% and 29%, respectively. Increases in due diligence activities from existing customers, as the compliance environment continues to be more stringent within the lending industry, drove up revenue within our regulatory solutions division. Asset recovery also saw increases in assignments, and more importantly, improved year-over-year vehicle sales, which contributed to the growth in our recovery solutions division. Subsequent to the end of the quarter, we launched the online self-service customer portal for the Bank Act Security Registry under a five-year contract with the Bank of Canada. This registry now offers 24-7, 365 service provision and a range of online submission and search capabilities for customers. allowing for seamless experiences for users to track, manage, and utilize their submissions in real time. With that, I'll now turn the call over to Bob to discuss some financial highlights in more detail before providing some closing thoughts.