The following is a summary of the Real Matters Inc. (RLLMF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Real Matters reported a 12% YoY increase in consolidated revenues to $42.2 million for Q2 2024, largely due to growth in the U.S. Appraisal and Canadian segments.

• The company earned a positive consolidated adjusted EBITDA of $0.7 million for the quarter, attributing this to strong operating leverage.

• U.S. appraisal revenues stood at $32.6 million, up 16% from Q2 2023, leading to a net revenue increase from $7.7 million to $9.2 million YoY.

• U.S. Title revenues saw a decline of 9% YoY to $2 million, while Canadian revenues increased slightly by 2% YoY to $7.6 million.

• Real Matters ended Q2 2024 without any debt and a healthy cash balance of $44.4 million.

Business Progress:

• The company recorded a 19% and 23% sequential increase in U.S. Appraisal purchase and refinance revenues respectively in Q2.

• A new lender was launched in the quarter, along with YoY market share increases with four of its top seven U.S. Appraisal clients.

• U.S. Appraisal net revenue margins reached a new record of 28.3%, marking an increase of 40 basis points from Q1.

• Venturing into new businesses, the company launched two new clients in U.S. Title and another three (including one new channel) in Canada during Q2.

• Real Matters aims to add new clients to its Title platform throughout 2024 to achieve long-term targets.

• The company indicated movement in their pipeline and projections for new orders from Tier 1 companies by year-end. They continue to invest in operating expenses to boost operating efficiencies.

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