07:25 AM EST, 11/20/2020 (MT Newswires) -- Real Matters Inc. (REAL.TO), a network management services platform for the mortgage and insurance industries, reported (in US$) Q4 2020 net income of $12.7 million, or $0.14 per diluted share, compared with net income of $8 million, or $0.09 per diluted share, for Q4 2019.
Adjusted net income was $15.6 million, or $0.18 per adjusted share, beating a consensus mean forecast by Capital IQ of $0.17 per adjusted share. Real Matters posted adjusted income of $9.5 million, or $0.11 per adjusted share, for the year ago quarter.
Consolidated revenue rose 15.9% year over year, from $107.3 million to $124.4 million. This however, missed a Capital IQ forecast of $126.04 million.
Real Matters also established new fiscal 2025 performance targets.
Briefly, US appraisal net revenue margin FY 2025 target is 26% - 28%
US Title net revenue margin is 60% -65%
Canada net revenue margin is 19% - 20%.
The company also established a target for its corporate segment to contain corporate expenses, excluding stock-based compensation expense, to 7% of net revenue by fiscal 2025 and a target to convert 70-75% of adjusted EBITDA to Free Cash Flow between fiscal 2021 through fiscal 2025.
In other news, Real Matter reports that Jason Smith has been appointed Executive Chairman. Brian Lang, the current President and Chief Operating Officer, has been named Chief Executive Officer and will assume day-to-day leadership responsibility. He has also joined the Board
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