We take a long-term view to manage and measure the success of our business strategies due to the cyclicality and seasonality of the mortgage origination market. Our strategy has been to position our business to thrive in the peaks and to withstand valleys of the cyclical mortgage market.

Our principal focus is on growing market share in the residential mortgage origination market over the long-term by onboarding new customers and increasing market share with our existing clients. As we scale transaction volumes, we expect to expand Net Revenue1 and Adjusted EBITDA1 margins.

Target Operating Model

Our target operating model is a reflection of the profitability of our business at higher volumes, with scale.

Financial Targets for U.S. Appraisal and Title Segments
Category

U.S. Appraisal Segment

U.S. Title Segment

Net Revenue1 Margin

26-28%

60-65%

Adjusted EBITDA1 Margin

65-70%

50-55%

Adjusted EBITDA1

Adjusted EBITDA1

$50-$65 million

Adjusted EBITDA1

$30-$45 million

The following assumptions were used to determine the Target Operating Model:

  • Real Matters’ annual mortgage origination transaction volumes between 550,000 to 620,000 in our U.S. Appraisal segment and 120,000 to 150,000 in our U.S. Title segment;
  • No changes in laws and regulations in the U.S. mortgage industry that materially adversely impact our business;
  • No material changes in the pricing or profitability for our services;
  • No material fluctuation of volumes attributable to home equity, REOs, default, diversified or flood services;
  • Our ability to continue leveraging our platform to improve Net Revenue1 and Adjusted EBITDA1 margins; and
  • No impact from acquisitions, dispositions or re-segmentation of existing segments.
  1. Net Revenue and Adjusted EBITDA are non-GAAP measures. Please consult our latest MD&A for more information on non-GAAP measures and the “Cautionary Note Regarding Forward-Looking Information".

Investor Contact

ir@realmatters.com

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