Information Services Corporation - Continued momentum in earnings growth
Information Services Corporation (ISC) delivered another quarter of robust growth in Q324, with revenue advancing 12% y-o-y to C$60.9m and adjusted EBITDA rising 18% to C$22.7m. Net income remained relatively flat at C$4.2m (translating to C$0.23 basic and diluted EPS) as ISC’s strong operational performance was offset by increases in share-based compensation expenses, increased investment in project delivery within its Technology Solutions segment and elevated amortisation costs related to the Master Service Agreement (MSA) extension. Management reiterated its revenue (C$240–250m) and adjusted EBITDA (C$83–91m) guidance for FY24, with our estimates remaining aligned at C$242m and C$85.5m, respectively.Information Services is engaged in the provision of land registry, personal property registry and corporate registry administration and management services as well as information services and solutions to the governments and private sector organizations. The end-users of Co.'s products and services are individuals and businesses, including real estate agents, home builders and municipalities, governments, financial institutions, insurance companies, car and equipment dealers, land developers, and resource, utility and pipeline businesses as well as small businesses and corporations and intermediary customers such as legal, survey and engineering firms.
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