Q: Can please comment on their Q2 2023 financial results? Stock popped on the news even though revenue, EBIDTA, EPS were all down y/y. Why?
5i Research Answer:
Results nicely beat expectations, so investors were relieved. EPS of 53c beat estimates of 48c. Sales of $205.2M beat estimates by 5%. EBITDA of $44.7M beat estimates of $35.7M. Analysts called the results 'unexpectedly strong' considering weakening real estate markets. New recurring bookings rose an impressive 30.5%, a big turnaround from the past quarter. Revenue did fall 0.6% overall. The stock popped, but is still down on the year (8%). But, the market is all about expectations, and in terms of that it was a good quarter, certainly.