Good day, and thank you for standing by. Welcome to the ISC Third Quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jonathan Hackshaw, Senior Director of Investor Relations and Capital Markets. Please go ahead. Thank you, Amber, and good morning to everyone joining us today. Welcome to ISC's conference call for the quarter ended September 30, 2025. On the call today are Shawn Peters, President and CEO, and Bob Antochow, Chief Financial Officer. This morning, Shawn will take you through some of the highlights of the quarter. Bob will then provide some comments on our financial and operating performance for the quarter before passing the call back over to Shawn for some closing remarks. Before we begin, we would like to remind everyone that we will only be summarizing results today. The company's financial statements and MD&A have been filed on SEDAR+ and are available on our website. We encourage you to review those reports in their entirety. I would also like to remind you that any statements made today that are not historical facts are considered to be forward-looking statements within the meaning of applicable securities laws. The statements may involve a number of risks and uncertainties described in detail in the company's SEDAR+ filings. Those risks and uncertainties may cause actual results to differ materially from those stated. Today's comments are made as of today's date and will not be updated except as required under applicable securities laws. Today's conference call is being broadcast live over the internet and will be archived for replay shortly after the call on the Investor Relations section of our website. I would now like to turn the call over to Shawn. Thank you, Jonathan, and good morning to everyone joining us for today's call. Our third quarter for 2025 was very much as we expected, was yet another strong quarter for the company. Continuing strong Saskatchewan economy translated into higher volumes in all registries, with specifically higher transaction volumes and a higher average home price in the land registry in a somewhat supply-constrained but strong residential housing market. According to industry sources, the first three quarters of 2025 saw a 2% rise in residential real estate transaction volume, while the average sales price increased by 9% compared to the same period in 2024. Compared to the 10-year trend, sales are up 19% year to date, despite the inventory challenges being experienced. Not surprisingly, this benefited both top and bottom line performance for the quarter. The same Saskatchewan economy drove increased revenue in the Personal Property Registry and Corporate Registry, while the predictable nature of our Ontario property tax assessment business rounded out a very successful quarter for our Registry Operations segment. At the same time, our Services segment benefited from the countercyclical nature of our Recovery Solutions division, which experienced further growth in asset recovery assignments due to increased delinquencies in the automotive lending market. Results for the quarter were up despite headwinds in the Ontario economy in 2025, with double-digit percentage increases in our Adjusted EBITDA off single-digit increases in revenue. Our Regulatory Solutions division saw modest growth after a year of dealing with the impact of the unexpected ban by the Government of Ontario on NOSIs implemented in June 2024. Finally, our Technology Solutions segment began initial development work on the new MECP contract in the quarter and continues to work on delivering registry enhancements for our Saskatchewan registries. Revenue for the quarter and year to date were relatively stable and are largely dependent on the timing of work on our various solution definition and implementation contracts. With that, I'll now turn the call over to Bob to discuss some of the financial highlights in more detail before providing some closing remarks. Thank you, Shawn, and good morning, everyone. 2025 year-to-date performance has been solid, with the third quarter of 2025 continuing to deliver results in line with our expectations, driven by several key factors that I will now walk you through. Revenue was CAD 65.6 million for the quarter ended September 30th, 2025. An increase of 8% when compared to CAD 60.9 million in the third quarter of 2024. Growth was driven by strong performance from the Saskatchewan registries division of registry operations, particularly in the Land Registry, due to an increase in average real estate values across the Saskatchewan market, combined with higher transaction volumes and increased high-value property registrations compared to the prior year quarter as the Saskatchewan economy continues to show resiliency. Net income was CAD 8.5 million, or CAD 0.46 per basic share, and CAD 0.45 per diluted share for the quarter ended September 30th, 2025. An increase compared to CAD 4.2 million, or CAD 0.23 per basic share and diluted share in the third quarter of 2024. The increase was supported primarily by growth in Adjusted EBITDA from registry operations, where the Land Registry benefited from increases in average real estate values across the Saskatchewan market, combined with higher volumes and increased high-value property registrations compared to the prior year quarter. Lower net finance expense as a result of lower interest rates and lower average debt outstanding also contributed to the increase. Net cash flow provided by operating activities was CAD 22.6 million for the quarter ended September 30th, 2025. An increase of CAD 8.4 million compared to the third quarter of 2024. Contributing to the increase were the same items as described previously for net income, along with timing changes in non-cash working capital, largely as a result of the timing of share-based compensation payments. Adjusted net income was CAD 16 million, or CAD 0.86 per basic and CAD 0.85 per diluted share for the quarter ended September 30th, 2025. Compared to CAD 11 million, or CAD 0.61 per basic share and CAD 0.60 per diluted share in the third quarter of 2024. The increase reflects growth in Adjusted EBITDA in registry operations and lower interest expense on long-term debt, as previously discussed. Adjusted EBITDA for the quarter ended September 30, 2025, was CAD 27.6 million, an increase compared to CAD 22.7 million in the third quarter of 2024. Driven by strength in registry operations for the same reasons described previously for net income. Adjusted EBITDA was 42%, which was an increase compared to 37% in the third quarter of 2024. Primarily as a result of the strong revenue performance of the higher margin Saskatchewan registries division. Adjusted Free Cash Flow for the quarter ended September 30th, 2025, was CAD 19.4 million compared to CAD 15.9 million in the third quarter of 2024. Due primarily to the strong operating results from registry operations. Expenses were CAD 50.1 million for the quarter ended September 30th, 2025, an increase of CAD 0.4 million compared to the same prior year period. The increase in the quarter was mainly due to an increase in wages and salaries of CAD 0.5 million related to a CAD 0.5 million increase in share-based compensation due to a greater increase in the share price in the current quarter compared to the increase in the share price during the prior year quarter. A CAD 1 million increase in professional and consulting services related to increased acquisition integration and other costs supporting growth opportunities. These items were largely offset by lower information technology services of CAD 1 million, primarily resulting from a combination of lower IT contractor costs and higher cost capitalization, primarily within our Technology Solutions segment. In relation to system development, including registry enhancements for the Registry Operations segment. Sustaining capital expenditures were CAD 2.7 million for the quarter ended September 30th, 2025, compared to CAD 1.9 million in the same prior year period. For the nine months ended September 30th, 2025, sustaining capital expenditures were CAD 7.3 million compared to CAD 6.7 million in the prior year period. In both periods, the increase primarily resulted from increased system development work across our business segments, including registry enhancements in the Saskatchewan registries division of Registry Operations. After all this, at September 30th, 2025, we held CAD 17.5 million in cash compared to CAD 21 million as at December 31st, 2024. During the quarter, the company made voluntary prepayments of CAD 16 million towards the company's credit facility, which is a reflection of the company's focus on continuing sustainable growth and deleveraging its balance sheet towards a long-term net leverage target of 2x-2.5x. Most importantly, we remain on track to achieve this target by next year. Before I turn the call back over to Shawn, I'd like to finish by highlighting that we also announced yesterday that our board of directors approved a quarterly cash dividend of CAD 0.23 per share. That dividend will be payable on or before January 15th, 2026, to shareholders of record as of December 31st, 2025. I will now turn the call back over to Shawn for some concluding remarks. Thanks, Bob. As we've said many times before, our quarterly results demonstrate the strength of ISC's business model and the diversification we've established and reflects our disciplined execution and the dedication of our employees. As we look to the end of the year, we remain on track to achieve our guidance, with revenue expected on the lower end of our CAD 257 million-CAD 267 million range as a result of the headwinds in Ontario, but with Adjusted EBITDA in the middle to higher end of our CAD 89 million-CAD 97 million range as a result of the diversified and countercyclical product mix. As well as Bob mentioned, we also remain on track to achieve our deleveraging target of 2x-2.5x by 2026, reinforcing our disciplined approach to capital management and is testament to the high quality of our cash flows and ability to delever quickly. Finally, as many of you will have seen, on September 8th, we announced that the company was undertaking a review of strategic alternatives led by a special committee of the board. As outlined in our earnings news release yesterday, the special committee, with the support of its advisors, is advancing its work with a sense of urgency and considering a wide range of potential outcomes. Once that process is completed and the board has reached a decision, the company will provide an update to the market. With that, I'll now hand the call back over to Jonathan. Thank you, Shawn. Amber, we'd now like to begin the question and answer session, please. Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question is from Filip Stevanovic of CIBC World Markets. Your line is open. Hi, good morning. It's Filip Stevanovic, on for [Alan Kyle]. Maybe if I could start with a question on regulatory solutions revenue, which returned to growth in the quarter. You called out higher transaction volume and fee increases implemented during the year. I was just hoping if you could elaborate on some of the growth drivers and how we should be thinking about this dynamic heading into Q4 next year. Yeah. Good morning, Filip. Thanks for the question. Yeah, with the fee adjustments that were implemented at the beginning of the year, so that basically was price increases. As business occurs throughout the year, we are seeing a higher return in that division. From the outlook going forward, we feel there's been somewhat of an impact because of the Ontario market. However, the regulations, FINTRAC regulations and so forth, remain a driver of that business line, and we continue to expect growth in that area. Thank you. That's helpful. Just to follow up, regarding the fee adjustments in Know Your Client and Due Diligence, are those normal course CPI-linked increases, or do you have some pricing power there? We've got both contract and non-contract customers. The majority of the revenue comes from contracted customers, which, in that case, the contracts are typically two- to three-year contracts. When contracts do come up for renewal, then we are, as part of that renewal process, looking at what's gone on in the market, and obviously, we've got to cover our increased costs. That's when we look at price increases. Okay. Thank you. If I could just sneak one more in. On the tech solutions, third-party revenue was below where we had expected for the quarter, and your guidance is now calling for a decline year over year. Can you elaborate on the delayed advancements and implementation of third-party projects? On Technology Solutions, third-party contracts, we use the percentage of completion revenue recognition. That basically, two factors are the delivery timeline as well as then progress on those projects throughout the reporting period. With a couple of the contracts we have going on, the progress has been pushed out to the next year. Because of that, then the timing of revenue has shifted from this year to then from this quarter to future quarters. The one thing I might add to that, as Bob sort of alluded to, is we are subject a bit to our clients as well. Sometimes the design implementation of those contracts gets pushed out because the clients are not ready or moving at a different pace. That is why we always sort of qualify that to say that it is based on the timing. Thanks. That's helpful to understand. I'll pass my line. Thank you. Thank you. Our next question comes from David Pearce of Raymond James. Hey, guys. Good morning. Just. Morning, David. Just one question on the guidance. You pointed to EBITDA. Now hitting the midpoint to the high end of your previous guidance. I'm just looking at what we've seen year to date, and it looks a little conservative. If we see a, granted, we know Q4 is a slower quarter seasonally-wise, but even if we see any EBITDA growth year over year, you're likely going to beat that target. Is there something going on that hasn't led you to revise that number slightly higher, or is this just conservativism? Thank you. Thanks for the question, David. We're pleased with how the year's progressing to date. Why we're saying more to the mid to the high end of the range is due to the performance of the registry operations segment, which does have a higher margin. Also, though, in the services, you'd see our year-to-date Adjusted EBITDA margin in services is also tracking higher than it was last year. Based on that, that's why we're pointing more to the mid to the high end. I don't know, Shawn, did you want to? Yeah. The only thing I'd add to that is, I know your question is sort of, are we being a bit conservative on that? You sort of pointed to the one criteria, which is the third, or sorry, the fourth quarter is typically the slower quarter for us in particularly Saskatchewan registry operations. However, I mean, we expect to see the strength of the Saskatchewan economy continue through the fourth quarter, even though it is typically just a lower quarter from a volume perspective. That is why we've guided that way. We always like to make sure that we account for things that could yet happen in the market. I think that's why our guidance is landing where it is. There are still headwinds we still see in the Ontario market, and we just want to be cautious of that. We do think that the Saskatchewan economy is going to be strong here in the fourth quarter. That's perfect. That's all I had. Thank you. Thank you. Thank you. Our next question comes from Paul Treiber of RBC Capital Markets. Your line is now open. Thanks so much. Good morning. First question, just a clarification one. Just on the strategic review, the comment in the press release about the sense of urgency, could you clarify that statement? Is that a greater sense of urgency than when the review started, or is it proceeding at the original pace? No. Yeah. Good question, Paul. It's proceeding at the original pace. We just recognized that. With the announcement in September that there would be an interest in the outcome of that review, and so wanted to assure folks that we are proceeding with an appropriate sense of urgency on it, but not any more urgent than was anticipated at the original announcement. Okay. Thanks. That's helpful. Just secondly, just on the opening up of the Ontario Business Registry, the MD&A indicates that you see the impact as stabilizing. Can you elaborate on why that's occurring? With further opening of the OBR, what we've seen is, in our business, an impact to the non-contracted customers, primarily where they're more sort of one-time users or more, I guess, infrequent. They have the opportunity now to go to the OBR directly. That's where we've seen sort of the shift as a result of the OBR opening up. The customers we've got contracted, which we sell additional services to, they see the value in our technology and the service offerings. That's where we see the stabilizing is coming down with the one-time customers to where then we've got our contracted customers. Okay. And then just lastly, just on the NOSI ban, have you pretty much lapped the impact on a year-over-year basis, or is there still some lingering or partial quarter impacts that we should expect next quarter? We've basically lapped that now, Paul. Yeah, it was implemented in June of 2024. There was still some trailing to the end of Q2, a little bit into Q3, just at the start. We've lapped it. It's immaterial. We've lapped that. You're correct. Yeah. Okay. Thanks. I'll pass on. Thanks, Paul. Thank you. Our next question comes from Jesse Pytlak at Cormark Securities. Your line is now open. Hey, good morning. Just coming back to strategic review. Are you able to confirm where you are in that process? Is it in an initial preparatory phase, or is it kind of in full swing? We're not really able to confirm just as much other than what we said in the press release. As we said, the company is undertaking the review, which would imply that it's in full swing. Okay. Just switching over to services business. Can you maybe just give us an update on how the competitive environment looks for Recovery Solutions? Typically, you've been a pretty strong competitor in that space, but competing against someone that's much larger than you. Do you have any sense if you're taking or ceding any share there? Our sense is that business with our customers is driven by their allocation to us of their business. We have performance requirements in our contracts, and we always strive to meet, obviously, but to actually exceed that performance. That sometimes results in a greater allocation of business. Obviously, it is a key business line for us, higher margin business. From a performance standpoint, we pay attention to that. The growth is not only due to more cases being assigned, but also we feel attributed to our performance and a higher allocation of individual customers' business. Yeah. That's all for me. Thank you. Thank you. Our next question is from Trevor Reynolds of Acumen Capital. Your line is now open. Hey, guys. Most of my questions have been answered. I guess just on the Regulatory Solutions side of things, you guys mentioned the fee increases have helped stabilize that a little bit. Are you guys still adding new customers in that division as well? Yeah. We continue to pursue customer growth and expand our service offerings. Obviously, with the Ontario economy and what's happening there, we feel that that's had an impact on sort of regular, ongoing customers as well. You've got new customers coming on board, but then some consistent business with existing customers. The combination of those items has resulted in lower than expected growth in this past quarter. Yeah. Okay. And then just on Recovery Solutions. Obviously seen some nice growth in that year over year, stabilized a little bit over the last two quarters. Just curious. Is there a lot of seasonality in that? And then is this kind of the high level on it, or where do you think you guys can grow that business to? Again, that business. We know auto delinquencies are up, and that's why there's more. Seeing that growth in that business. It is countercyclical. When the economy is not growing, that business does pick up. From a seasonality, usually it's Q4 when that business is a little bit slower just because of Christmas time and lenders. Just because that time of the year do, I guess, slow down by that sort of mid-December point until early January. That is one thing that we'll see from a revenue side. Again, expectation going up because delinquencies are up. We continue to expect that business in the short term to continue to grow. That is sort of our feeling on that. I don't know, Shawn, if you had anything. Yeah. Just to the growth question, Trevor. Yeah. It is just sort of the high watermark. As Bob said, there is some seasonality to it. We do expect in the fourth quarter, we will probably see a bit of that impact. At the same time, we are, much like the Regulatory Solutions, we are adding new clients to this business. That is number one. We are seeing some increased assignments for the reasons Bob outlined, which is number two. We expect that is going to continue into next year. The one thing that we are always careful on in this business is the countercyclical nature. As the economy starts to pick up, we will see the other parts of our business pick up and this go down. I do not think we are at the high watermark yet. I think we might still see further growth in this in 2026. Again, that's subject to how the economy is doing. We could see a flip between this and our regulatory and our corporate solutions business. Great. That's all for me. Thanks. Thanks, Trevor. Thank you. I am showing no further questions at this time. I would now like to turn it back over to Jonathan Hackshaw for closing remarks. Thank you, Amber. With no further questions, we'd like to once again thank all of you for joining us on today's call and for your questions. We look forward to speaking with you again when we next report. Have a great day. Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.