\nReal Matters Inc. (TSX:REAL) (\u201cReal Matters\u201d or the \u201cCompany\u201d), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2020. The Company\u2019s Board of Directors (\u201cBoard\u201d) also announced that it has appointed Jason Smith as Executive Chairman and Brian Lang as Chief Executive Officer of the Company. Mr. Lang has also joined the Board. The new appointments are effective today.\n<\/p>\n
\n\u201cAs the Company sets its sights on the next chapter of growth and its longer-term data strategy comes into focus, now is the right time for Brian to step into the CEO role,\u201d said former Real Matters Chairman and current Board member, Blaine Hobson.\n<\/p>\n
\nReal Matters Chief Executive Officer Brian Lang said, \u201cWe capped off the year with another strong quarter posting consolidated Adjusted EBITDA(A)<\/sup> of $22.2 million, an increase of 57.5% from the fourth quarter of fiscal 2019. Our U.S. Title business continued to outperform our other segments and for the second consecutive quarter delivered higher Net Revenue(A)<\/sup> and Adjusted EBITDA(A)<\/sup> than our U.S. Appraisal segment \u2013 fourth quarter U.S. Title Net Revenue(A)<\/sup> was up 69.7% and Adjusted EBITDA(A)<\/sup> increased 102.0% year-over-year to $15.4 million. We estimate that the U.S. mortgage origination market was flat in the fourth quarter on a year-over-year basis, as the estimated 6% increase in purchase volumes was offset by a 9% year-over-year decline in refinance volumes. The estimated market decline in refinance volumes was partially attributable to a reduction of addressable market volumes as a result of the increased use of waivers for refinance transactions due in part to COVID-19. We continued to rank at the top of lender appraisal scorecards in the fourth quarter and U.S. Appraisal Net Revenue(A)<\/sup> increased 4.6%, generating Adjusted EBITDA(A)<\/sup> margins of 59.2%.\n<\/p>\n \n\u201cWe ended the year with U.S. Appraisal market share of 11.7% and U.S. Title market share of 2.4%. Our fiscal 2020 consolidated revenues increased over 41% year-over-year to $455.9 million, consolidated Net Revenue(A)<\/sup> was up nearly 59%, and consolidated Adjusted EBITDA(A)<\/sup> more than doubled to $72.2 million while consolidated Adjusted EBITDA(A)<\/sup> margins increased to 44.6% from 28.4% in Fiscal 2019,\u201d added Lang. \u201cThe business surpassed the majority of our fiscal 2021 targets, one year ahead of our committed timeline. We look forward to discussing our five-year strategy and our updated growth targets at our virtual investor day on Monday, November 23rd<\/sup>.\u201d\n<\/p>\n Q4 2020 Key Performance Indicators (year-over-year)<\/b><\/p>\n<\/td>\n U.S. Appraisal<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n U.S. Title<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Consolidated<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n$70.8 million\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$43.9 million\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$124.4 million\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue Growth\n<\/p>\n<\/td>\n \n2.7%\n<\/p>\n<\/td>\n \n45.9%\n<\/p>\n<\/td>\n \n15.9%\n<\/p>\n<\/td>\n<\/tr>\n \nNet Revenue(A)<\/sup> Growth\n<\/p>\n<\/td>\n \n4.6%\n<\/p>\n<\/td>\n \n69.7%\n<\/p>\n<\/td>\n \n36.6%\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA(A)<\/sup> Margin\n<\/p>\n<\/td>\n \n59.2%\n<\/p>\n<\/td>\n \n53.4%\n<\/p>\n<\/td>\n \n47.2%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Q4 2020 Highlights<\/b><\/p>\n\n
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