Real Matters, Inc. · TSX:REAL
Real Matters — Q1 2023 Earnings Presentation
7 slides from Real Matters's earnings presentation, Jan 27, 2023
Slide 1: Q1 2023 Financial Results
Q1 2023 FINANCIAL RESULTS January 27, 2023 (all amounts are expressed in U.S. dollars, excluding per share amounts and unless otherwise stated)
Slide 2: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “aim”, “could”, “forecast”, “target”, “may”, “might”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”,
Slide 3: Q1 2023 Highlights
Q1 2023 Highlights U.S. Appraisal • Purchase revenues -45% (vs. -48% addressable market), refinance revenues -83% (vs. -83% addressable market) $38.2M • Record Net Revenue1 Margin of 27.0% up 640 basis points from Q1 22 due to network effect • Adjusted EBITDA1 of $2.3 million, Adjusted EBITDA1 margi
Slide 4: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights millions of U.S. dollars Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 QoQ Change YoY Change Revenues U.S. Appraisal $28.3 $43.9 $57.3 $70.4 $79.4 -36% -64% U.S. Title 2.4 4.0 5.6 10.8 16.2 -40% -85% Canada 7.5 10.3 15.8 13.8 12.2 -27% -38% Consolidated Revenues $38.2 $58.2 $7
Slide 5: Non-GAAP Measures
Q1 2023 Non-GAAP Measures millions of U.S. dollars Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 QoQ Change YoY Change 1 Net Revenue U.S. Appraisal $7.6 $11.1 $12.9 $15.1 $16.4 -32% -53% 1 Net Revenue Margin 27.0% 25.4% 22.6% 21.4% 20.6% U.S. Title 0.8 1.8 3.3 7.2 10.8 -56% -92% 1 Net Revenue Margin 34.7%
Slide 6: Appendix A – Non-GAAP Measures
Appendix A – Non-GAAP Measures Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue for the periods presented below were as follows: millions
Slide 7: Appendix A – Non-GAAP Measures
Appendix A – Non-GAAP Measures Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, gain or loss on disposal of property and equipment, other non-operating costs, restructuring expenses, impairment of goodwill, interest expense, interest income, net fo