Bridgemarq Real Estate Services Inc.
Second Quarter 2022 Earnings Conference Call
Event Date/Time: August 9, 2022 – 10:00 a.m. ET
Duration: 21 minutes
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Bridgemarq Real Estate Services, Inc. – President and CEO
Bridgemarq Real Estate Services, Inc. – Chief Financial Officer
Hello. My name is Justin and I welcome everyone to the Bridgemarq Real Estate Services Inc. Second Quarter 2022 Earnings Conference Call.
I would now like to introduce Mr. Phil Soper, President and CEO of Bridgemarq Real Estate Services Inc. Mr. Soper, you may begin your conference.
Philip Soper – President and CEO, Bridgemarq Real Estate Services, Inc.
Thanks, Justin, and good morning everyone. With me today is our Chief Financial Officer, Glen McMillan. We appreciate you joining us in the call today.
I’ll start with a brief overview of the company’s second quarter results and business updates. Glen will then discuss our financial results in more detail, and I will come back to that and conclude with a few remarks on operational highlights, company updates and market development. Following our remarks, Glen and I would be happy to answer your question.
I would like to remind you that some of the remarks expressed during this call may contain forward-looking statements. You should not rely on these forward-looking statements as they involve known and unknown risks and uncertainties that may cause the actual results and performance of the Company to differ materially from any anticipated future results expressed or implied by such statements.
forward-looking states. I encourage everyone to review the cautionary language found in our press release and on our regulatory filings. These can all be found on Bridgemarq’s website and on SEDAR.
After two and a half years, the grip of the COVID-19 pandemic on our daily lives seems to be fading. However, we will have to deal with the economic consequences of managing this health emergency for some time, including the need to tighten monetary policy to slow inflation and the impact such majors could have on the economy, the real estate market and our company.
The Company has performed admirably during the pandemic and we remain optimistic. However, it is important to remain vigilant. We are pleased with the growth of the company’s agents over the past year as our much-loved brands resonate with real estate professionals across the country. The future performance of the sector will be influenced by Canada’s economic performance and more particularly employment levels and mortgage rates.
In previous quarters, you’ve heard of record double-digit growth in the real estate market. We’ve called it the COVID Catalyst where the perfect storm of rock bottom interest rates, government stimulus, skyrocketing consumer savings, pent up demand and most importantly the hyper focus on the he importance of the family home has created a huge increase in the number of (inaudible) trading hands in our country. As a result, the market has set new records for house prices and sales volumes, and they are now slowing.
Technically, we’re in a balanced housing market right now, but it’s rapidly changing to a buyer’s market, especially in our largest and most expensive cities where demand is declining year over year as consumers adopt (audio interference) during the transition. However, it is important
to remember that home values remain well above pandemic levels and that sales in most areas are near or above historic values.
For the six months of the year, the Company’s revenues amounted to $27.2 million, which represents a slight increase compared to the same period last year. During the second quarter, revenues were $13.8 million, down slightly from the $14 million we generated last year. Distributable cash decreased to $5.9 million from $6.4 million last year. The company’s stable financial performance is the result of network growth which subsequently offset a decline in transactional activity in the Canadian market and other structural safeguards built into our model which we will discuss later. and Glenn will provide further commentary on the company’s financials.
I am pleased to report that the number of agents in the network has grown to 20,538, reflecting net growth of 950 agents or 4.6% compared to June last year; a very strong period based on historical standards.
At its meeting yesterday, the board of directors approved the payment of a dividend on September 30 (inaudible), $0.25 per share to shareholders of record on August 31. This indicates an annualized dividend of $1.35 per share, which is in line with 2021.
With that, I’ll turn it over to Glen to review our quarterly financial performance in more detail.
Glen McMillan – Chief Financial Officer, Bridgemarq Real Estate Services, Inc.
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