Information Services (ISC) Q4 2024 earnings summary

Executive summary

• Achieved record consolidated revenue of CAD 247.4 million and adjusted EBITDA of CAD 90.3 million for 2024, up 15% and 24% year-over-year, supporting the five-year goal to double revenue and adjusted EBITDA by 2028.

• Registry Operations and Services segments delivered strong growth, with record high-value transactions in the Saskatchewan Land Titles Registry.

• Notable milestones include ISO 27001:2022 certification, contract extension in Ontario, and new federal and international registry contracts.

• Launched a five-year plan to double revenue and adjusted EBITDA by 2028, with 2024 establishing a strong foundation.

Financial highlights

• Revenue for 2024 was CAD 247.4 million, up 15% year-over-year from CAD 214.5 million.

• Net income was CAD 20.2 million (CAD 1.11 per share), down from CAD 25 million (CAD 1.41 per share) in 2023, due to higher interest, amortization, and investment expenses.

• Adjusted net income rose to CAD 42.9 million (CAD 2.36 per share) from CAD 34.2 million (CAD 1.92 per share) in 2023.

• Adjusted EBITDA reached a record CAD 90.3 million (36.5% margin), up from CAD 72.9 million (34% margin) in 2023.

• Adjusted free cash flow was CAD 56.4 million, up from CAD 50.8 million in 2023.

Outlook and guidance

• 2025 revenue guidance: CAD 257–267 million; adjusted EBITDA: CAD 89–97 million.

• Organic growth expected in all segments, with M&A activity to support long-term targets.

• Registry Operations to benefit from a declining interest rate environment and annual fee adjustments.

• Continued growth anticipated in Regulatory and Recovery Solutions divisions; Technology Solutions forecasted for double-digit growth.

• M&A activity expected to support 2028 growth targets, with robust free cash flow to fund investments and deleveraging.