The following is a summary of the Kingsway Financial Services Inc. (KFS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kingsway's Q1 2024 revenue was constant at $26.2 million year-over-year.

• Adjusted EBITDA was slightly down at $2.1 million compared to $2.4 million in the same quarter of the previous year.

• In its Extended Warranty and KSX segments together, the adjusted EBITDA was $3.0 million.

• The company reported an improved run-rate adjusted EBITDA of $16-17 million across its operating companies.

• Cash revenue for the quarter was up by about 1.5% year-over-year and operating expenses were down by 4%.

• The company holds a $40 million bond portfolio and about $8 million in restricted cash with a current yield in the 3% range.

Business Progress:

• Kingsway saw an increase in contract sales and revenue per contract in its Extended Warranty segment despite ongoing macroeconomic challenges and a rise in average claims expense.

• The KSX segment saw a revenue increase primarily due to recent acquisitions.

• Kingsway aims to continue its growth through acquisitions and targets 2-3 deal closings over the next year.

• Kingsway's warranty businesses displayed strong performance, with significant developments at Trinity and IWS.

• The software business SPI added eight new enterprise customers, improving ARR significantly.

• The company plans to close two new acquisitions by the end of 2024 and expects EBITDA growth to turn positive over the next two or three quarters.

More details: Kingsway Financial Services IR

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