Information Services Corporation

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 speaker today, Jonathan Hackshaw, Senior Director, Investor Relations, and Capital Markets. Please go ahead.

Thank you, Daniel, and good morning to everyone joining us today. Welcome to ISE's conference call for the quarter and year-ended December 31st, 2024. On the call today with me 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 comments on our financial and operating performance 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 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 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. I would now like to turn the call over to Sean.

Thank you, Jonathan, and good morning to everyone joining us for today's call. Following our announcement in 2023 of the Saskatchewan Registry's extension, we kicked off 24 with the launch of our next stage of growth and an announcement of our goal to double the size of the company on a revenue and adjusted EBITDA basis by 2028 based on the actual results for 2023. With the first full year of execution against this goal behind us, we're pleased to report that the fourth quarter and full year in 2024 produced excellent financial results in the form of record consolidated revenue and adjusted EBITDA, which were in line with our expectations. At the segment level, registry operations saw a strong performance from the Saskatchewan Registries Division, where increased volumes across the division, record high-value property registration revenue within the land titles registry, and new revenue related to the Bank Act Security Registry during the second half of the year were significant contributing factors to that record revenue. In services, we saw year-over-year growth for both the fourth quarter and on an annual basis in the recovery and regulatory solutions divisions. Our recovery solution division grew as a result of an increase in individual asset recovery assignments and sales, while growth in the regulatory solutions division was primarily due to increased know-your-customer and due diligence activities, as anti-money laundering policies continued to be enhanced for the lending industry. Some of this growth was partially offset by a decline in the Corporate Solutions Division with the opening of the Ontario Business Registry access, as well as the sudden and unexpected ban by the Government of Ontario on Notice of Security Interests, or NOSIs, at the start of June 2024. Our Technology Solutions segment saw an increase in revenue with adjusted EBITDA being consistent with the prior year. Our technology solutions team continues to deliver against new and existing third-party solution definition and implementation contracts combined with related party projects, including registry enhancements for the Saskatchewan Registries Division and the development of technology supporting the BANCAC Security Registry in the first half of the year. Our results for the fourth quarter and year-ended December 31st, 2024 are a reflection of the strength of the company's business overall and our team's dedication to executing against our growth objectives. With the first year of our five-year goal to double revenue and adjusted EBITDA by 2028 behind us, we're pleased with the foundation that 2024 has established. I'll get into our thoughts on our expectations for 2025 shortly, but before I do that, I'll turn the call over to Bob to discuss some financial highlights.