Core Viewpoint - Information Services Corporation (ISC) reported strong financial results for the first quarter of 2025, highlighting the resilience of its Saskatchewan Registries division and the diversification of its business despite a challenging macroeconomic environment [2][4]. Financial Performance - Revenue for Q1 2025 was CAD 59.3 million, a 5% increase from CAD 56.4 million in Q1 2024, driven by higher volumes in the Saskatchewan Registries division and CPI pricing increases [5][6]. - Net income reached CAD 7.5 million or CAD 0.40 per share, compared to CAD 0.4 million or CAD 0.02 per share in Q1 2024, attributed to lower share-based compensation and strong adjusted EBITDA results [5][6]. - Adjusted net income was CAD 11.4 million or CAD 0.62 per basic share, up from CAD 8.5 million or CAD 0.47 per basic share in Q1 2024 [5][6]. - Adjusted EBITDA for the quarter was CAD 21.8 million, an increase from CAD 19.4 million in Q1 2024, with an adjusted EBITDA margin of 36.7%, up from 34.5% [5][6]. Segment Performance - Registry Operations segment revenue was CAD 29.6 million, a 13% increase compared to Q1 2024, with notable growth in Land Registry and Personal Property Registry revenues [9]. - Services segment revenue was CAD 26.6 million, down 1% from Q1 2024, with a decline in Regulatory Solutions revenue offset by growth in Recovery Solutions [9]. - Technology Solutions revenue increased by 21% to CAD 8.6 million compared to Q1 2024 [9]. Cash Flow and Debt - Adjusted free cash flow for the quarter was CAD 15.2 million, compared to CAD 11.6 million in Q1 2024, reflecting stronger operating results [5][6]. - Cash decreased to CAD 16.8 million from CAD 21.0 million as of December 31, 2024, while total debt slightly decreased to CAD 166.6 million [5][6]. Outlook - The company expects continued organic growth in 2025, with revenue projected between CAD 257.0 million and CAD 267.0 million and adjusted EBITDA between CAD 89.0 million and CAD 97.0 million [15]. - The Saskatchewan real estate market is anticipated to support ongoing activity, with expected annual growth in Land Registry volumes of 2% to 3% [12]. - Continued growth is expected in the Regulatory Solutions and Recovery Solutions divisions, which will help offset challenges from the Ontario Business Registry [13].