This presentation provides an overview of Real Matters, a leading provider of network management services for the mortgage lending and insurance industries. Real Matters has experienced significant growth and disrupted segments of these industries using its proprietary technology platform and network of independent agents. The company aims to continue growing its market share in residential mortgage appraisals and disrupt the $13 billion title and closing market by leveraging its platform and relationships with major clients. Real Matters cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from expectations.

1. Real Matters
Overview
November 2017
Jason Smith
Chief Executive Officer
Bill Herman
Chief Financial Officer

2. 2
This presentation contains forward-looking statements that relate to our current expectations and views of future events including but
not limited to future market share and transaction volumes. In some cases, these forward-looking statements can be identified by
words or phrases such as ‘‘forecast’’, ‘‘target’’, ‘‘goal’’, ‘‘may’’, ‘‘might’’, ‘‘will’’, ‘‘expect’’, ‘‘anticipate’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’,
‘‘indicate’’, ‘‘seek’’, ‘‘believe’’, ‘‘predict’’, or ‘‘likely’’, or the negative of these terms, or other similar expressions intended to identify
forward-looking statements.
We have based these forward-looking statements on our current expectations and projections about future events and financial trends
that we believe might affect our financial condition, results of operations, business strategy and financial needs. A comprehensive
discussion of the risks that impact Real Matters can be found in the Company's Final Long Form Prospectus dated May 5, 2017
available on SEDAR at www.sedar.com. Actual results may differ materially from those indicated or underlying forward-looking
statements as a result of various factors, including those described under the heading “Important Factors Affecting Results from
Operations” outlined in the Strategy and Outlook section of the Company’s MD&A for the years ended September 30, 2017 and 2016.
Real Matters cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information
and are cautioned not to place undue reliance on such information.
Information contained in forward-looking statements in this presentation is provided as of the date of this presentation and we
disclaim any obligation to update any forward-looking statements, whether as a result of new information or future events or results,
except to the extent required by applicable securities laws.
All of the forward-looking statements made in this presentation are qualified by these cautionary statements and other cautionary
statements or factors contained herein and there can be no assurance that the actual results or developments will be realized or, even
if substantially realized, that they will have the expected consequences to, or effects on, the Company.
Non-GAAP Measures
This presentation makes reference to certain Non-GAAP financial measures. Real Matters prepares its financial statements in
accordance with International Financial Reporting Standards ("IFRS" or “GAAP”). However, the Company considers certain non-GAAP
financial measures as useful additional information in measuring its financial performance and condition. These measures, which the
Company believes are widely used by investors, securities analysts and other interested parties in evaluating our performance, do not
have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by
other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with
IFRS. Non-GAAP measures include “Adjusted EBITDA”, “Net Revenue” and “Adjusted Net Income or Loss”. See "Non-GAAP measures" in
Real Matters’ MD&A for the years ended September 30, 2017 and 2016 for a more complete description of these terms.
Caution Regarding Forward-Looking Statements
2

3. Presenters
Jason Smith
President and Chief Executive Officer
Bill Herman
Executive Vice President
and Chief Financial Officer
• 20+ years of experience building and leading
companies in North America
• Founder, director and executive of one of the
largest technology providers to the North
American mortgage industry
• 20+ years of experience in finance and accounting,
and a proven track record of leadership in a public
company environment
• Former Executive Vice President and Interim Chief
Financial Officer at Progressive Waste Solutions, a
multi-billion dollar North American full-service
waste management company

4. 4
2015 2016 2017
Real Matters Overview
Leading Provider of Network Management Services for the
Mortgage Lending and Insurance Industries
• Platform combines proprietary technology and network management capabilities with
tens of thousands of independent Field Agents, such as residential real estate appraisers
• Realized significant success and disrupted segments of the mortgage lending and
insurance industries
• Clients include more than 60 of top 100 mortgage lenders in the U.S.1 and
three of the Big Five Banks in Canada
• Provides one in 15 residential mortgage appraisals in the U.S.2
• Recently won MSAs with five Tier 1 mortgage lenders in the U.S.
• Adjusted EBITDA3 positive since F2012
• Invested significantly in our technology
• Entered title and closing market – provides opportunity to leverage our Platform
and client relationships to grow title and closing market share
Strong Market Share Growth and Financial Performance
1. Based on having completed at least one transaction with Real Matters in the fiscal year ended September 30, 2017. Top 100 mortgage lenders according to Inside Mortgage Finance website: Top 100 Mortgage Lenders (twelve months ended December 31, 2016). 2. Management
estimate based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017. 3. Net Revenue and Adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” on page 2 of this Presentation. 4. Management estimates of the residential mortgage appraisal
market size of calendar 2016 based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017, plus management estimates of the title market size measured by written premium based data from American Land Title Association Data as of June 30, 2017. Total
addressable market based on roll-out of the Company’s Next Generation Closing strategy. 5. Management estimate based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017. 6. Management estimate of Residential Title Written Premium Market Share based
on data from the American Land Title Association as of June 30, 2017 and Demotech, Inc. for period ending December 31, 2015.
$16B4
Large Addressable
Market with
Significant Runway
for Growth
4
$33.7
$68.3
$92.3
$5.3
$12.8 $9.4
2015 2016 2017
Net Revenue Adjusted EBITDA
2013 2014 2015 2016 2017
17%
2017 YoY
Title & Closing
Market Share6
Growth
3 3
2.4%
6.5%
(in $ millions)
0.2%
0.3%
30%
2017 YoY
Mortgage
Appraisal
Market Share5
Growth

5. 5
Investment Highlights
Best in Class Technology-Based Platform
Large Addressable Market
Scalable Platform with Compelling Network Effect
Large Blue-Chip Client Base with Notable Recent Tier 1 Client Wins
Compelling, Multi-Pronged Growth Strategy
Attractive Financial Model
Proven Management Team
1
2
3
4
5
6
7

6. 6
How Our Network Management Platform Works
1. Based on Real Matters` actual average for a standard interior appraisal in Prince William County, VA, during Fiscal Q3 and Q4 2016 (April to September 2016). Traditional Appraisal Management Company turn times and defect rates are management estimates of average competitor
metrics based on internal market research and do not relate to any particular competitor or geographic region.
2 to 35%
Increased Client Market Share (illustrative)
1 2
4
$77
$28
$12
$355
Appraiser Fee
Ave. Direct Cost Per Appraisal
Cost to Serve
Contribution Margin
Best Performing Appraiser
Case Study: Prince William County, Virginia1
$472
Lender Fee
Real Matters
3
Traditional
AMC
Turn Time 7-9 days 5.3 days
Defect Rate 15-20% 5.6%
Real
Matters
Better Performance
Case Study: Prince William County, Virginia1

7. 7
Established and Growing Blue Chip Client Base
Client Engagement Activities
Request for Information
Request for Proposal
On-site Visits
Master Services Agreement
Audits
Technology Integration
Roll-out Plan
Market Share Expansion
After Deployment
Year 1
BUILD
Year 2
GROW
Year 3
OPTIMIZE
0-15% 35-40%
• Blue-chip client base developed over lengthy and
complex sales cycle
• Proven compliance and regulatory systems in place to
meet client requirements and help retain and develop
key clients
Up to 5 Years to get to 1st Transaction
Lengthy and Complex Sales Cycle Developed Blue Chip Client Base
29% 28%
35%
8%
Tier 1 Tier 2 Tier 3 Tier 4
~7,000
Mortgage
Banks,
Lenders
and Credit
Unions
31-100
Mortgage
Banks,
Lenders
and Credit
Unions
7-30
Mortgage
Banks,
Lenders
and Credit
Unions
Top 5 Banks
by Asset
Size and the
Largest
Non-Bank
Mortgage
Lender
Source: Inside Mortgage Finance Top 100 Mortgage Lenders List – March 31, 2017
U.S. Customer Segmentation
Real Matters clients include 60 of top 100 mortgage
lenders in the U.S.1 and all Tier 1 mortgage lenders
1. Based on having completed at least one transaction with Real Matters in the fiscal year ended September 30, 2017. Top 100 mortgage lenders according to Inside Mortgage Finance website: Top 100 Mortgage Lenders (12 months ended December 31, 2016).

8. 8
Track Record of Increasing Appraisal Market Share with Clients
8
• Tier 1 mortgage lenders represent approximately 30%3 of annual
spend on residential mortgage appraisals
• Real Matters often obtains more transaction volume relative to
competitors based on its ability to outperform
• Real Matters has historically developed long-term client relationships
and achieved a client retention rate of approximately 95%4
30%3
Recent launches with Tier 1 clients
through typical cycle are expected to
result in significant market share
increases over the next 5 years
1. Appraisal Market Share based on management estimates based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017. 2. CAGR means Compound Annual Growth Rate. 3. Management estimates based on Inside Mortgage Finance website: Top 100 Mortgage
Lenders (12 months ended December 31, 2016). 4. Retention rate calculated since launch based on number of clients who have completed at least one transaction with the Company in the fiscal year ended September 30, 2017. Based on Real Matters clients on Inside Mortgage Finance
website: Top 100 Mortgage Lenders (12 months ended December 31 2016).
Case Studies Appraisal Market Share
MSAs with Tier 1 Lenders Drive Growth
2013 2014 2015 2016 2017
2.4%
6.5%
5YR Target
15% to 20%
28%
Mortgage
Appraisal
Market Share1
CAGR2
Tier 1 Lender A
Recently launched
Tier 1 Lender B
Tier 2 Lender A Tier 2 Lender B
0%
1.6%
3.5%
4.7% 4.7%
0 mth 1 mth 2 mth 3 mth 4 mth
2.0%
18.0%
20.0%
25.0%
29.0%
1 mth 6 mth 9 mth 12 mth 18 mth
10.0%
12.0%
25.0% 25.0%
40.0%
1 mth 6 mth 12 mth 24 mth 36 mth
1.0%
55.0%
85.0% 85.0% 85.0%
1 mth 6 mth 12 mth 24 mth 36 mth

9. 9
Porting Our Platform Approach in Appraisals to the Title and Closing Market
Title
Search
Closing
Network
Management
Escrow
Funding
Key Opportunities for Improvement
• Reducing the number of closings
that require the borrower to re-sign
• Improving network management to
prevent missed or re-scheduled
closing appointments
• Improve borrowers’ experience
Large Addressable Market
$13B includes purchase and refinance
Ability to sell title and closing to
existing appraisal clients through
existing MSAs
Key Business Opportunity Key Components of Title and Closing Business
Similar Mortgage Customer Base
Process Ripe for Disruption
1
2
3
Significant area of inefficiency

10. 10
Title and Closing Strategy Expands Addressable Market, Leverages Core Platform
Acquire Platform Growth Strategies
Acquired Linear Title & Closing in April 2016
• Full-service title and closing business
• Leading independent provider
– 0.4% market share1
• National U.S. footprint and license coverage area
• Established in-house search capabilities
• Deep understanding of industry requirements
• Currently servicing Tier 3 and 4 Tier mortgage lenders
Growth Strategies
2019
2013-2015
Title and closing identified as
strategic growth opportunity
2016 2017
May-Aug
Determined lender
key pain points
Apr 2016
Real Matters acquires Linear
Sep-Oct
Tested concepts
with existing clients
Nov-Feb
Developed technical
requirements
Feb-Mar
Developed initial
prototype
H2 2017
Pilot transactions
with select existing
clients
2018
2017
Launch beta
version
Launch Tier 2
mortgage lender
2019
Launch Tier 1
mortgage lender
1. Management estimate of Residential Title Written Premium Market Share based on data from the American Land Title Association as of June 30, 2017 and Demotech, Inc. for period ending December 31, 2015. 2. Subject to a number of known and unknown risks. See “Forward-
Looking Information” on page 2 of this Presentation.
Next Generation Closing Roll-Out Strategy2
1
2
Continue to grow existing Linear business
• Increase market share with existing Tier 3 and Tier 4 clients
• Grow pipeline of new Tier 3 and Tier 4 clients
• Offer title and closing services to existing Solidifi appraisal clients
Launch Next Generation Closing
• Solution geared toward servicing Tier 1 and Tier 2 clients
• Purchase and refinance strategy
10

11. 11
Large Addressable Market
• Includes both U.S. residential mortgage
appraisal market and title and closing market
• Focused on key large clients
• Top I00 mortgage lenders
represent ~90% of market
• Agents represent ~70%
of market
• Primarily focused on
centralized refinance title
today
Total Addressable Market3Appraisal Market1 Title & Closing Market2
• Increased regulation
• Lenders increasingly focused on core operations
• Lenders increasingly focused on end consumer
• Growing role of technology
$16B$3B $13B
Industry Trends
1. Management estimates based on data for calendar year 2016 from the MBA Mortgage Finance Forecast Report of October 24, 2017. 2. Title Written Premiums data from the American Land Title Association as of June 30, 2016. 3. Management estimates of the residential mortgage
appraisal market size for calendar 2016 based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017, plus management estimates of the title market size measured by written premium based data from American Land Title Association Data as of June 30, 2017.
Total addressable market based on roll-out of the Company’s Next Generation Closing strategy. 11

12. 12
Description Strategic Rationale and Outcomes
December 2012
Kirchmeyer & Associates
U.S. mortgage appraisals
• Acquired several large Tier 2 clients in the U.S.
• Increased market share with key Tier 2 clients from 5%
to 25% following acquisition
May 2015
Southwest Financial Services
U.S. home equity valuations
• Home equity valuation products ported to the
Real Matters Platform
• New clients (no overlap with prior base)
• Product and client cross-sell has resulted in broader client
relationships and new clients
April 2016
Linear Title & Closing
U.S. title and closing services
• Established beachhead in $13B1 title and closing market
• National U.S. footprint and licensing
• Deep industry knowledge
• Currently building out Next Generation Closing strategy
History of Successfully Acquiring Traditional Businesses that Leverage our Platform
1. Residential Title Written Premiums data from the American Land Title Association as of June 30, 2017.

13. Growth Strategy
Disrupt title and closing market
$13B3 annual U.S. market spend – current market share of approximately 0.3%4
• Leverage our Platform to disrupt the closing process and drive better performance
• Leverage existing Tier 1 and Tier 2 MSAs to accelerate sales cycle
Continue to pursue acquisition opportunities
• Leverage our Platform
• Strategically complement existing business
Continue to grow residential mortgage appraisal market share
$3.2B1 annual U.S. market spend – current market share of approximately 6.5%2
• Deployment of recent Tier 1 client wins expected to drive growth
1. Management estimates based on MBA Mortgage Finance Forecast Report of October 24, 2017. 2. Management estimates based on data from the MBA Mortgage Finance Forecast Report of October 24, 2017. 3.Title Written Premiums data from the American Land Title
Association as of June 30, 2017. 4. Management estimate of Residential Title Written Premium Market Share based on data from the American Land Title Association as of June 30, 2017 and Demotech, Inc. for period ending December 31, 2015. 13

14. Market Share Targets1 At End of F2017 4 Year Target
Total U.S. Residential Mortgage Appraisal Market Spend $3.2B2
U.S. Mortgage Appraisal Market Share 6.5%3 15% to 20%
Total U.S. Title and Closing Market Spend $13B4
U.S. Title and Closing Market Share 0.3%5 1% to 3%
Long-Term Target Operating Model
Financial Targets Baseline 4 Year Target
Revenues CAGR6 38%7 20% to 25%
Net Revenue8 Margin (% of revenues) 31%9 35% to 40%
Adjusted EBITDA10 Margin (% of Net Revenue) 10%11 25% to 30%
1. Subject to a number of known and unknown risks. See “Forward-looking Information” on page 2 of this Presentation. 2. Management estimates based on data for fiscal 2017 from the MBA Mortgage Finance Forecast Report of October 24, 2017. 3. Management estimates based on
data from the MBA Mortgage Finance Forecast Report of October 24, 2017. 4. Title Written Premiums data from the American Land Title Association as of June 30, 2017. 5. Management estimate of Residential Title Written Premium Market Share based on data from the American
Land Title Association as of June 30, 2017 and Demotech, Inc. for period ending December 31, 2015. 6. CAGR means compound annual growth rate. 7. Revenue CAGR for Real Matters F2014 to F2017. 8. Net Revenue is a Non-GAAP Measure. See “Non-GAAP Measures” on page 2 of
this Presentation. 9. Net Revenue Margin for Real Matters for fiscal 2017. 10. Adjusted EBITDA is a Non-GAAP Measure. See “Non-GAAP Measures” on page 2 of this Presentation. 11. Adjusted EBITDA Margins for Real Matters for fiscal 2017
14

15. 15
Experienced Management Team and Board
Jason Smith
President and CEO
Founder
Board of Directors
Blaine Hobson1
Chairman
 Established track record as a software and telecom entrepreneur
 Managing partner of Whitecap Venture Partners
Jason Smith
Director
 Founder, President and
CEO of Real Matters
 Chairman of Holland
Bloorview Kids
Rehabilitation Hospital
Foundation
Robert Courteau2
Director
 CEO of Altus Group Ltd.
 Former President of
SAP North America
Garry M. Foster3
Director
 President and CEO of
Baycrest Foundation
 Former Vice-Chair of
Deloitte Canada and
National Managing Partner
of Technology, Media and
Telco Practice
Frank V. McMahon4
Director
 Former Vice-Chairman and
CFO of First American
Corporation
 Former CEO of Information
Solutions (Corelogic)
William T. Holland2
Director
 Executive Chairman of
CI Financial Corp.
 Former CEO of
CI Financial Corp.
Kevin Walton
Executive Vice President,
Corporate Development
Loren Cooke
Executive Vice President
President, Solidifi
Ryan Smith
Executive Vice President and
Chief Technology Officer
Greg Twinney
Executive Vice President
Craig Rowsell
Executive Vice President,
Operations and Program
Management, Solidifi
Kim Montgomery
Executive Vice President
Bill Herman
Executive Vice President
and Chief Financial Officer
Lisa Melchior4
Director
 Founder and CEO of
Vertu Capital
 Former Managing Director
of OMERS Private Equity
15
1. Compensation Committee Chair 2. Compensation Committee Member
3. Audit Committee Chair 4. Audit Committee Member

16. 16
Q4 and FY 2017
Financial Results

17. Business Highlights
• Exited Fiscal 2017 with 6.5% market share in appraisal – 30% increase YoY
• Significant market share gains with all Tier 1 lenders
• Title and closing market share up 17% YoY
• Completed hardening of existing title and closing platform – readiness for regulated banks
• Purchase pilot work continues – in discussions to expand to other Top 100 lenders
• Announced expansion of our platform into title and closing at the Mortgage
Bankers Association conference in October, rolled out enhanced inspection
scheduling – extension of our platform
• One sales team, brand and value proposition
• On target to achieve our market share growth objectives
Q4 and Fiscal 2017 Highlights
17
Revenues
(US$ millions)
Market Adjusted
Revenue Growth
$81.0
$82.9
Q4 2016 Q4 2017
$248.5
$303.0
FY 2016 FY 2017
26%
Fiscal 2017
17%
Q4 2017

18. Q4 and Fiscal 2017 Summary Financial Information
(US$ millions) Q4 2017 Q4 2016 Change FY 2017 FY 2016 Change
Revenues $82.9 $81.0 2% $303.0 $248.5 22%
Net Revenue1 $24.0 $25.0 (4%) $92.3 $68.3 35%
Adjusted EBITDA1 $2.9 $5.3 (45%) $9.4 $12.8 (27%)
Net (loss) income $(3.8) $1.6 − $(23.8) $(6.1) -
Adjusted
Net Income1 $0.7 $3.1 (77%) $2.8 $6.0 (54%)
181. Net Revenue, Adjusted EBITDA and Adjusted Net Income are Non-GAAP measures. See pages 21-23.
• Organic growth driven by market share gains and new clients helped offset the estimated market decline
• Net revenue margins impacted by change in revenue mix in the U.S., investments in capacity in the first
half of 2017 for new clients and growth from market share gains, and transition of certain title and closing
service offerings to a network management model
• Network effect in appraisal business delivered margin improvements in second half of 2017
• Higher operating expenses in Corporate segment included stock-based compensation expense and higher
public company costs – remainder of the opex increase driven by investment to support our growth

19. Q4 and Fiscal 2017 Segment Revenue
(US$ millions) Q4 2017 Q4 2016 Change FY 2017 FY 2016 Change
U.S.
Appraisal and Ancillary $57.0 $52.3 9% $200.2 $181.1 11%
Title and Closing 16.8 19.8 (15%) 69.5 36.9 88%
Other 0.4 0.1 - 1.5 0.3 -
Total U.S. $74.2 $72.2 3% 271.2 218.3 24%
Canada
Appraisal and Ancillary $7.8 $7.8 − $28.1 $26.7 5%
Other 0.9 1.0 (10%) 3.6 3.6 (1%)
Total Canada $8.7 $8.8 (1%) $31.7 $30.3 5%
19
• Increase in U.S. appraisal and ancillary revenues related to market share gains and new customers
• Decrease in U.S. title and closing due to market decline, partially offset by organic growth
• Increase in Canadian appraisal and ancillary due to higher volumes for the year, change in Q4
due to market decline fully offset by market share gains and FX
• Decrease in insurance inspection revenues in Canada due to lower market activity

20. Reconciliation of
Non-GAAP Measures

21. Net Revenue
Net Revenue should not be construed as a measure of income or of cash flows. The reconciling items
between net income or loss and Net Revenue are detailed in the consolidated statement of operations
and comprehensive income or loss for the years ended September 30, 2017 and 2016. A reconciliation
between net income or loss and Net Revenue is provided below.
Management typically calculates Net Revenue as follows:
21
2017 2016 2017 2016
Net (loss) income (3,822)$ 1,634$ (23,769)$ (6,079)$
Operating expenses 21,482 19,669 86,411 55,476
Acquisition and IPO (recovery) costs (1,151) 485 1,609 3,005
Amortization 5,348 5,853 21,241 14,001
Impairment of assets - - 5,096 -
Interest expense 160 222 889 687
Interest income (116) (5) (139) (20)
Net foreign exchange loss (gain) 3,076 (3,538) 3,390 (2,841)
(Gain) loss on fair value of warrants (281) 22 5,011 5,437
Re-measurement loss on previously held
equity method investment - - 976 -
Net income from equity accounted investees (104) (139) (18) (475)
Income tax (recovery) expense (563) 750 (8,403) (891)
Net Revenue 24,029$ 24,953$ 92,294$ 68,300$
Three months ended September 30 Year ended September 30
2017 2016 2017 2016
Revenues 82,892$ 80,983$ 302,976$ 248,547$
Less: Transaction costs 58,863 56,030 210,682 180,247
Net Revenue 24,029$ 24,953$ 92,294$ 68,300$
Three months ended September 30 Year ended September 30

22. Adjusted EBITDA
Management typically calculates Adjusted EBITDA as follows:
22
2017 2016 2017 2016
Net (loss) income (3,822)$ 1,634$ (23,769)$ (6,079)$
Stock-based compensation expense 369 - 3,497 -
Acquisition and IPO (recovery) costs (1,151) 485 1,609 3,005
Amortization 5,348 5,853 21,241 14,001
Impairment of assets - - 5,096 -
Interest expense 160 222 889 687
Interest income (116) (5) (139) (20)
Net foreign exchange loss (gain) 3,076 (3,538) 3,390 (2,841)
(Gain) loss on fair value of warrants (281) 22 5,011 5,437
Re-measurement loss on previously held
equity method investment - - 976 -
Net income from equity accounted investees (104) (139) (18) (475)
Income tax (recovery) expense (563) 750 (8,403) (891)
Adjusted EBITDA 2,916$ 5,284$ 9,380$ 12,824$
Three months ended September 30 Year ended September 30
2017 2016 2017 2016
Revenues 82,892$ 80,983$ 302,976$ 248,547$
Less: Transaction costs 58,863 56,030 210,682 180,247
Less: Operating expenses 21,482 19,669 86,411 55,476
Add: Stock-based compensation expense 369 - 3,497 -
Adjusted EBITDA 2,916$ 5,284$ 9,380$ 12,824$
Three months ended September 30 Year ended September 30

23. Adjusted Net Income
23
2017 2016 2017 2016
Net (loss) income (3,822)$ 1,634$ (23,769)$ (6,079)$
Stock-based compensation expense 369 - 3,497 -
Acquisition and IPO (recovery) costs (1,151) 485 1,609 3,005
Amortization of intangibles 4,918 5,483 19,649 12,839
Impairment of assets - - 5,096 -
Net foreign exchange loss (gain) 3,076 (3,538) 3,390 (2,841)
(Gain) loss on fair value of warrants (281) 22 5,011 5,437
Re-measurement loss on previously held
equity method investment - - 976 -
Related tax effects (2,392) (960) (12,696) (6,389)
Adjusted Net Income 717$ 3,126$ 2,763$ 5,972$
Weighted average number of shares
outstanding (thousands), basic 87,370 75,128 80,280 69,489
Weighted average number of shares
outstanding (thousands), diluted 92,182 82,245 85,092 76,606
Adjusted Net Income per weighted average share, basic 0.01$ 0.04$ 0.03$ 0.09$
Adjusted Net Income per weighted average share, diluted 0.01$ 0.04$ 0.03$ 0.08$
Three months ended September 30 Year ended September 30