ISC CEO Shawn Peters joined Steve Darling from Proactive to share the company's financial results for the third quarter ending on September 30, 2023.
The report contains some noteworthy highlights that reflect ISC's continued growth and success.
One of the key highlights from the financial report was the substantial increase in revenue, which amounted to $54.6 million for the quarter. This represents a significant 12% uptick when compared to the same period in 2022. The increase in revenue can be attributed to the ongoing growth in customer engagement and transactions within ISC's Services segment, coupled with fee adjustments that were implemented in the Registry Operations sector in July 2023.
Peters went on to mention that the adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter stood at an impressive $19.2 million, compared to $17.0 million in the previous year. This growth can be attributed primarily to a higher contribution from Registry Operations, which benefited from the fee adjustments made during the quarter, as well as the continued expansion of customer interactions and transactions in the Services division.
The adjusted EBITDA margin also showed improvement, reaching 35.2% compared to 34.9% in the third quarter of 2022.
Moreover, Peters highlighted what he considers to be a significant development of the quarter and year-to-date—the extension of ISC's exclusive Master Service Agreement with the Province of Saskatchewan. This extension secures ISC's role in managing and operating the Saskatchewan Registries until 2053, marking a major milestone for the company and reinforcing its long-term commitment to serving the region.
In summary, ISC's financial results for the third quarter of 2023 demonstrate its sustained growth and the positive impact of strategic initiatives, including fee adjustments and customer-focused activities. The extension of the Master Service Agreement with the Province of Saskatchewan further solidifies ISC's position as a key player in its field and underscores its commitment to providing essential services to the region for decades to come.