Real Matters Inc.

Good morning, ladies and gentlemen, and welcome to the RealMatters first quarter 2025 earnings 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. I would now like to turn the conference over to Lynne Beauregard. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Real Matters Financial Results Conference call for the first quarter ended December 31st, 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 results for the three months ended December 31st, 2024. The release, accompanying slide presentation, as well as 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-looking statements which reflect the current expectations of management with respect to our business and the industry in which we operate. However, there are a number of risks, uncertainties, and other factors that could cause our results to differ materially from our expectations. Please see the slide entitled, Cautionary Note Regarding Forward-Looking Information in the accompanying slide presentation for more details. You can also find additional information about these risks in the Risks factors section of the company's annual information form for the year end of September 30th, 2024, which is available on CDAR Plus and in the Investor Relations section of our website. As a reminder, we refer to non-GAAP measures in our slide presentation, including net revenue, net revenue margins, adjusted net income or loss, adjusted net income loss, for diluted share, adjusted EBITDA, and adjusted EBITDA margins. Non-GAAP measures are described in our MD&A for the three-month end of December 31, 2024, where you will also find reconciliations to the nearest IFRS accounting standards measures. With that, I'll turn the call over to Brian. Brian?

Thank you, Lynn, and good morning, everyone, and thank you for joining us on the call today. Our first quarter results delivered solid top-line growth in all three segments, and net revenue margin gains in two of our segments. We grew consolidated revenue 16% year over year in the first quarter, and consolidated net revenue increased 12%. First quarter U.S. appraisal revenues were up 9%. We had market share increases with two top customers. We launched one new client in two channels, and we continued to perform at the top of lender scorecards. We also posted net revenue margins of 26.5%, which kept us in the range of our target operating model. Moving over to US title, we saw a substantial increase in refinance origination volumes year over year, due in part to a brief 50 basis point decrease in rates. What we witnessed in the first few weeks of the quarter when rates moved lower is indicative of the impact of relative changes in mortgage interest rates. It's a good reminder that even small changes in rates have the power to propel transaction volumes. Our refinance origination volumes were up 46% year-over-year, net revenue was up 41%, and we launched three new clients in U.S. title in the first quarter. The combination of the short-term rally in rates as well as the growing pool of refinance candidates has resulted in broad pipeline movements. With recent successes, we are confident that we will have new active franchise title clients in the coming months. Our US title business is at an inflection point, and with this momentum behind us, we are confident that this is the time to amplify our efforts to capture more market share. Canada posted stellar results in the first quarter as the market benefited from an improving rate environment. We launched in appraisal with a large reverse mortgage lender in the first quarter and we received top marks for our appraisal performance on a pilot with a big five Canadian bank. Revenues for our Canadian segment were up 38% on a year-over-year basis and net revenue margins remained near all-time highs at 18.9%. We also converted 90% of year-over-year incremental net revenue to adjusted EBITDA in the first quarter. With that, I'll hand it over to Rodrigo. Rodrigo?