- Revenue up 12%, Adjusted EBITDA up 37% and Adjusted EPS
up 43% for the year
- FirstService Residential Adjusted EBITDA up over 50%
for 2015
Operating highlights:
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) today announced
strong fourth quarter and full year results for the year ended
December 31, 2015. All amounts are in US dollars.
Revenues for the fourth quarter were $316.1
million, a 12% increase relative to the same quarter in the prior
year. Adjusted EBITDA (note 1) was $22.3 million, up 67%, and
Adjusted EPS (note 2) was $0.28, up 115% from the prior year
quarter. GAAP diluted EPS was $0.09 per share in the quarter,
compared to a loss of $0.10 for the same quarter a year ago.
For the year ended December 31, 2015, revenues
were $1.26 billion, a 12% increase relative to the prior year.
Adjusted EBITDA was $103.0 million, up 37%. Adjusted EPS was $1.20,
up 43% versus the prior year of $0.84. GAAP diluted EPS for the
year was $0.59, compared to $0.36 in the prior year. The prior year
was negatively impacted by higher than expected employee medical
benefits expenses in our FirstService Residential operations.
“We completed our inaugural year-end as an
independent public company with very strong fourth quarter and
annual financial performance for 2015. Both our FirstService
Residential and FirstService Brands divisions delivered excellent
results, each spurred by double digit top-line growth as well as
significant operating margin expansion at FirstService
Residential,” said Scott Patterson, Chief Executive Officer of
FirstService. “We expect to continue to deliver mid-to-high single
digit organic growth across our operations, benefiting from both
the attractive macroeconomic fundamentals in our markets as well as
our ability to capture market share by leveraging our strengths and
competitive advantages.”
About FirstService
Corporation
FirstService Corporation is a
North American leader in the property services sector serving its
customers through two industry leading platforms:
FirstService Residential - North America’s largest
manager of residential communities; and FirstService
Brands - one of North America’s largest providers of
essential property services delivered through individually branded
franchise systems and company-owned operations.
FirstService generates more than US$1.2 billion
in annual revenues and has more than 15,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns. The common shares of
FirstService trade on the NASDAQ under the symbol “FSV” and on the
Toronto Stock Exchange under the symbol “FSV”. More information is
available at www.firstservice.com.
Segmented Fourth Quarter
Results
FirstService Residential revenues totalled
$251.0 million for the fourth quarter, up 10% relative to $227.9
million in the prior year quarter. The revenue increase was
comprised of 8% organic growth (9% on a local currency basis) and
2% growth from recent acquisitions. Adjusted EBITDA was $13.7
million, almost double the $6.9 million reported in the prior year
period. Fourth quarter performance was driven by broad-based
top-line growth across our entire service offering, as well as
continuing operating efficiencies. Prior period results were
impacted by $3.0 million of incremental employee medical benefits
costs.
FirstService Brands revenues totalled $65.1
million, up 20% versus $54.3 million in the prior year period. The
increase was comprised of 13% organic growth (14% on a local
currency basis) and 7% from recent acquisitions. Organic growth was
driven by very strong results at California Closets and our
smaller, faster-growing systems. Adjusted EBITDA for the quarter
was $11.3 million, up 25% versus the prior year quarter.
Corporate costs were $2.7 million in the fourth
quarter, relative to $2.6 million in the prior year period.
Segmented Full Year Results
FirstService Residential revenues were $1.0
billion, up 11% relative to 2014, with the increase comprised of 8%
organic growth (9% on a local currency basis) and 3% from
acquisitions. Organic growth was primarily driven by competitive
contract wins and strong new development business. Adjusted EBITDA
was $68.9 million, up 51% versus the prior year, which reflected
significant regional operating improvements. Prior year results
were impacted by $9.0 million of incremental employee medical
benefits costs and $1.9 million of non-recurring expenses related
to the down-sizing of our homeowner collection business incurred
during the year.
FirstService Brands revenues for the year
totalled $246.6 million, up 16% versus the prior year, comprised of
organic growth of 10% (11% on a local currency basis) and 6% from
acquisitions. Adjusted EBITDA for the year was $43.0 million, up
14% relative to the prior year. Most of the brands benefited
from operating leverage on royalties relating to increasing
system-wide sales, partially offset by weather-related flat
performance at Paul Davis Restoration and investments incurred
towards executing on our California Closets centralized
manufacturing strategy.
Corporate costs were $8.8 million for the full
year, relative to $8.4 million in the prior year.
Stock Repurchases
During the fourth quarter, the Company
repurchased 511,594 Subordinate Voting Shares on the open market
under its Normal Course Issuer Bid (“NCIB”) at an average price of
$38.05 per share. All shares purchased under the NCIB were
cancelled. The Company is authorized to repurchase up to an
additional 2,628,406 Subordinate Voting Shares under its NCIB,
which expires on August 23, 2016.
Conference Call &
Presentation
FirstService will be holding a conference call
on Wednesday, February 10, 2016 at 11:00 a.m. Eastern Time to
discuss results for the fourth quarter and full year. The call will
be simultaneously web cast and can be accessed live or after the
call at www.firstservice.com in the Investors / Newsroom
section.
Forward-looking Statements
This press release includes or may include
forward-looking statements. Forward-looking statements
include the Company’s financial performance outlook and statements
regarding goals, beliefs, strategies, objectives, plans or current
expectations. These statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to be materially different from any future results,
performance or achievements contemplated in the forward-looking
statements. Such factors include: (i) general economic and
business conditions, which will, among other things, impact demand
for the Company’s services and the cost of providing services; (ii)
the ability of the Company to implement its business strategy,
including the Company’s ability to acquire suitable acquisition
candidates on acceptable terms and successfully integrate newly
acquired businesses with its existing businesses; (iii) changes in
or the failure to comply with government regulations; and (iv)
other factors which are described in the Company’s filings with
applicable Canadian and United States securities regulatory
authorities (which factors are adopted herein).
Summary financial information is provided in
this press release. This press release should be read in
conjunction with the Company's consolidated financial statements
and MD&A to be made available on SEDAR at www.sedar.com.
Notes
1. Reconciliation of net earnings from
continuing operations to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings,
adjusted to exclude: (i) income tax; (ii) other expense (income);
(iii) interest expense; (iv) depreciation and amortization; (v)
acquisition-related items; (vi) stock-based compensation expense;
and (vii) spin-off transaction costs. The Company uses adjusted
EBITDA to evaluate its own operating performance and its ability to
service debt, as well as an integral part of its planning and
reporting systems. Additionally, this measure is used in
conjunction with discounted cash flow models to determine the
Company’s overall enterprise valuation and to evaluate acquisition
targets. Adjusted EBITDA is presented as a supplemental measure
because the Company believes such measure is useful to investors as
a reasonable indicator of operating performance because of the low
capital intensity of its service operations. The Company believes
this measure is a financial metric used by many investors to
compare companies, especially in the services industry. This
measure is not a recognized measure of financial performance under
GAAP in the United States, and should not be considered as a
substitute for operating earnings, net earnings from continuing
operations or cash flow from operating activities, as determined in
accordance with GAAP. The Company’s method of calculating adjusted
EBITDA may differ from other issuers and accordingly, this measure
may not be comparable to measures used by other issuers. A
reconciliation of net earnings from continuing operations to
adjusted EBITDA appears below.
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(in
thousands of US$) |
December 31 |
|
December 31 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
|
7,907 |
|
|
$ |
1,264 |
|
$ |
38,198 |
|
$ |
26,192 |
Income
tax |
|
|
4,096 |
|
|
|
1,523 |
|
|
23,412 |
|
|
12,242 |
Other
expense (income) |
|
|
(49 |
) |
|
|
352 |
|
|
60 |
|
|
255 |
Interest
expense, net |
|
|
2,033 |
|
|
|
1,733 |
|
|
9,077 |
|
|
6,932 |
Operating
earnings |
|
|
13,987 |
|
|
|
4,872 |
|
|
70,747 |
|
|
45,621 |
Depreciation and amortization |
|
|
7,872 |
|
|
|
8,109 |
|
|
28,984 |
|
|
26,474 |
Acquisition-related items |
|
|
(61 |
) |
|
|
65 |
|
|
408 |
|
|
1,183 |
Stock-based
compensation expense |
|
|
530 |
|
|
|
345 |
|
|
2,159 |
|
|
1,719 |
Spin-off
transaction costs |
|
|
- |
|
|
|
- |
|
|
740 |
|
|
- |
Adjusted
EBITDA |
$ |
|
22,328 |
|
|
$ |
13,391 |
|
$ |
103,038 |
|
$ |
74,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Reconciliation of net earnings from
continuing operations and net earnings (loss) per common share from
continuing operations to adjusted net earnings and adjusted net
earnings per share:
Adjusted EPS is defined as diluted net earnings
(loss) per share, adjusted for the effect, after income tax, of:
(i) the non-controlling interest redemption increment; (ii)
acquisition-related items; (iii) amortization of intangible assets
recognized in connection with acquisitions; (iv) stock-based
compensation expense; (v) spin-off transaction costs; and (vi) a
spin-off tax charge. The Company believes this measure is useful to
investors because it provides a supplemental way to understand the
underlying operating performance of the Company and enhances the
comparability of operating results from period to period. Adjusted
EPS is not a recognized measure of financial performance under
GAAP, and should not be considered as a substitute for diluted net
earnings per common share from continuing operations, as determined
in accordance with GAAP. The Company’s method of calculating this
non-GAAP measure may differ from other issuers and, accordingly,
this measure may not be comparable to measures used by other
issuers. A reconciliation of diluted net earnings (loss) per
common share from continuing operations to adjusted EPS appears
below.
|
|
|
|
Three months ended |
Twelve months ended |
(in
thousands of US$) |
December 31 |
|
December 31 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
|
7,907 |
|
|
$ |
|
1,264 |
|
|
$ |
|
38,198 |
|
|
$ |
|
26,192 |
|
Non-controlling interest share of earnings |
|
|
274 |
|
|
|
|
2,003 |
|
|
|
|
(4,560 |
) |
|
|
|
(3,105 |
) |
Acquisition-related items |
|
|
(61 |
) |
|
|
|
65 |
|
|
|
|
408 |
|
|
|
|
1,183 |
|
Amortization of intangible assets |
|
|
2,873 |
|
|
|
|
2,231 |
|
|
|
|
10,148 |
|
|
|
|
8,744 |
|
Stock-based
compensation expense |
|
|
530 |
|
|
|
|
345 |
|
|
|
|
2,159 |
|
|
|
|
1,719 |
|
Spin-off
transaction costs |
|
|
- |
|
|
|
|
- |
|
|
|
|
740 |
|
|
|
|
- |
|
Spin-off
tax charge |
|
|
- |
|
|
|
|
- |
|
|
|
|
1,646 |
|
|
|
|
- |
|
Income tax
on adjustments |
|
|
(1,334 |
) |
|
|
|
(1,011 |
) |
|
|
|
(4,962 |
) |
|
|
|
(4,097 |
) |
Non-controlling interest on adjustments |
|
|
(52 |
) |
|
|
|
(33 |
) |
|
|
|
(185 |
) |
|
|
|
(174 |
) |
Adjusted
net earnings |
$ |
|
10,137 |
|
|
$ |
|
4,864 |
|
|
$ |
|
43,592 |
|
|
$ |
|
30,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(in
US$) |
December 31 |
|
December 31 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per share |
$ |
|
0.09 |
|
|
$ |
|
(0.10 |
) |
|
$ |
|
0.59 |
|
|
$ |
|
0.36 |
|
Non-controlling interest redemption increment |
|
|
0.13 |
|
|
|
|
0.19 |
|
|
|
|
0.33 |
|
|
|
|
0.28 |
|
Acquisition-related items |
|
|
- |
|
|
|
|
- |
|
|
|
|
0.01 |
|
|
|
|
0.03 |
|
Amortization of intangible assets, net of tax |
|
|
0.05 |
|
|
|
|
0.03 |
|
|
|
|
0.16 |
|
|
|
|
0.14 |
|
Stock-based
compensation expense, net of tax |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
|
0.04 |
|
|
|
|
0.03 |
|
Spin-off
transaction costs, net of tax |
|
|
- |
|
|
|
|
- |
|
|
|
|
0.02 |
|
|
|
|
- |
|
Spin-off
tax charge |
|
|
- |
|
|
|
|
- |
|
|
|
|
0.05 |
|
|
|
|
- |
|
Adjusted
earnings per share |
$ |
|
0.28 |
|
|
$ |
|
0.13 |
|
|
$ |
|
1.20 |
|
|
$ |
|
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTSERVICE CORPORATION |
Operating Results |
(in
thousands of US$, except per share amounts) |
|
|
|
|
|
Three months |
|
|
Twelve months |
|
|
|
|
|
ended December 31 |
|
|
ended December 31 |
(unaudited) |
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
|
316,112 |
|
|
$ |
|
282,174 |
|
|
$ |
1,264,077 |
|
$ |
1,132,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
|
221,466 |
|
|
|
|
201,634 |
|
|
|
883,963 |
|
|
800,046 |
Selling,
general and administrative expenses |
|
|
|
72,848 |
|
|
|
|
67,494 |
|
|
|
279,235 |
|
|
258,678 |
Depreciation |
|
|
|
4,999 |
|
|
|
|
5,878 |
|
|
|
18,836 |
|
|
17,730 |
Amortization of intangible assets |
|
|
|
2,873 |
|
|
|
|
2,231 |
|
|
|
10,148 |
|
|
8,744 |
Acquisition-related items (1) |
|
|
|
(61 |
) |
|
|
|
65 |
|
|
|
408 |
|
|
1,183 |
Spin-off
transaction costs |
|
|
|
- |
|
|
|
|
- |
|
|
|
740 |
|
|
- |
Operating earnings |
|
|
|
13,987 |
|
|
|
|
4,872 |
|
|
|
70,747 |
|
|
45,621 |
Interest
expense, net |
|
|
|
2,033 |
|
|
|
|
1,733 |
|
|
|
9,077 |
|
|
6,932 |
Other
expense (income) |
|
|
|
(49 |
) |
|
|
|
352 |
|
|
|
60 |
|
|
255 |
Earnings
before income tax |
|
|
|
12,003 |
|
|
|
|
2,787 |
|
|
|
61,610 |
|
|
38,434 |
Income
tax |
|
|
|
4,096 |
|
|
|
|
1,523 |
|
|
|
23,412 |
|
|
12,242 |
Net
earnings |
|
|
|
7,907 |
|
|
|
|
1,264 |
|
|
|
38,198 |
|
|
26,192 |
Non-controlling interest share of earnings |
|
|
|
(274 |
) |
|
|
|
(2,003 |
) |
|
|
4,560 |
|
|
3,105 |
Non-controlling interest redemption increment |
|
|
|
4,917 |
|
|
|
|
6,866 |
|
|
|
12,243 |
|
|
10,117 |
Net
earnings (loss) attributable to Company |
|
$ |
|
3,264 |
|
|
$ |
|
(3,599 |
) |
|
$ |
21,395 |
|
$ |
12,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.09 |
|
|
$ |
|
(0.10 |
) |
|
$ |
0.59 |
|
$ |
0.36 |
|
|
Diluted |
|
|
|
0.09 |
|
|
|
|
(0.10 |
) |
|
|
0.59 |
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share (2) |
|
$ |
|
0.28 |
|
|
$ |
|
0.13 |
|
|
$ |
1.20 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
36,064 |
|
|
|
|
35,971 |
|
|
|
36,013 |
|
|
35,971 |
|
|
Diluted |
|
|
|
36,513 |
|
|
|
|
36,330 |
|
|
|
36,425 |
|
|
36,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquisition-related items include
transaction costs, and contingent acquisition consideration fair
value adjustments.(2) See definition and reconciliation above.
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
(in
thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
December 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and
cash equivalents |
$ |
45,560 |
|
$ |
66,790 |
Restricted
cash |
|
3,769 |
|
|
3,657 |
Accounts
receivable |
|
114,521 |
|
|
115,143 |
Other
current assets |
|
47,532 |
|
|
46,466 |
Deferred
income tax |
|
18,840 |
|
|
18,667 |
|
|
Current
assets |
|
230,222 |
|
|
250,723 |
Other
non-current assets |
|
6,009 |
|
|
4,736 |
Deferred
income tax |
|
6,553 |
|
|
4,572 |
Fixed
assets |
|
57,575 |
|
|
55,203 |
Goodwill
and intangible assets |
|
300,124 |
|
|
300,310 |
|
|
Total
assets |
$ |
600,483 |
|
$ |
615,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
102,043 |
|
$ |
80,250 |
Other
current liabilities |
|
24,015 |
|
|
28,119 |
Long-term
debt - current |
|
4,041 |
|
|
17,725 |
|
|
Current
liabilities |
|
130,099 |
|
|
126,094 |
Long-term
debt - non-current |
|
197,158 |
|
|
221,632 |
Other
liabilities |
|
14,670 |
|
|
13,907 |
Deferred
income tax |
|
13,971 |
|
|
14,236 |
Redeemable
non-controlling interests |
|
77,559 |
|
|
80,926 |
Shareholders' equity |
|
167,026 |
|
|
158,749 |
|
|
Total
liabilities and equity |
$ |
600,483 |
|
$ |
615,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
Total
debt |
$ |
201,199 |
|
$ |
239,357 |
Total debt,
net of cash |
|
155,639 |
|
|
172,567 |
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
(in
thousands of US$) |
|
|
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
|
December 31 |
|
|
December 31 |
(unaudited) |
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
|
7,907 |
|
|
$ |
|
1,264 |
|
|
$ |
|
38,198 |
|
|
$ |
|
26,192 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
7,871 |
|
|
|
|
8,109 |
|
|
|
|
28,984 |
|
|
|
|
26,474 |
|
|
Deferred income
tax |
|
|
|
777 |
|
|
|
|
(1,140 |
) |
|
|
|
(3,535 |
) |
|
|
|
(2,479 |
) |
|
Other |
|
|
|
(7,552 |
) |
|
|
|
524 |
|
|
|
|
(8,717 |
) |
|
|
|
2,056 |
|
|
|
|
|
|
9,003 |
|
|
|
|
8,757 |
|
|
|
|
54,930 |
|
|
|
|
52,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and liabilities |
|
|
|
2,199 |
|
|
|
|
(8,148 |
) |
|
|
|
32,160 |
|
|
|
|
(7,066 |
) |
Net cash
provided by operating activities |
|
|
|
11,202 |
|
|
|
|
609 |
|
|
|
|
87,090 |
|
|
|
|
45,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of businesses, net of cash acquired |
|
|
|
(338 |
) |
|
|
|
(177 |
) |
|
|
|
(12,340 |
) |
|
|
|
(16,686 |
) |
Purchases
of fixed assets |
|
|
|
(5,403 |
) |
|
|
|
(6,476 |
) |
|
|
|
(19,694 |
) |
|
|
|
(22,439 |
) |
Other
investing activities |
|
|
|
2,491 |
|
|
|
|
59 |
|
|
|
|
(244 |
) |
|
|
|
(776 |
) |
Net cash
used in investing activities |
|
|
|
(3,250 |
) |
|
|
|
(6,594 |
) |
|
|
|
(32,278 |
) |
|
|
|
(39,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in long-term debt, net |
|
|
|
2,598 |
|
|
|
|
(16,388 |
) |
|
|
|
(38,162 |
) |
|
|
|
13,492 |
|
Net
contributions (distributions) from/to Old FSV |
|
|
|
- |
|
|
|
|
(4,095 |
) |
|
|
|
1,995 |
|
|
|
|
(21,272 |
) |
Purchases
of non-controlling interests, net |
|
|
|
(402 |
) |
|
|
|
(2,207 |
) |
|
|
|
(17,817 |
) |
|
|
|
(11,064 |
) |
Dividends
paid to common shareholders |
|
|
|
(3,599 |
) |
|
|
|
- |
|
|
|
|
(7,196 |
) |
|
|
|
- |
|
Repurchases
of subordinate voting shares |
|
|
|
(19,467 |
) |
|
|
|
- |
|
|
|
|
(19,467 |
) |
|
|
|
- |
|
Distributions paid to non-controlling interests |
|
|
|
(903 |
) |
|
|
|
(1,202 |
) |
|
|
|
(3,602 |
) |
|
|
|
(4,008 |
) |
Other
financing activities |
|
|
|
10,448 |
|
|
|
|
- |
|
|
|
|
9,112 |
|
|
|
|
(1,774 |
) |
Net cash
used in financing activities |
|
|
|
(11,325 |
) |
|
|
|
(23,892 |
) |
|
|
|
(75,137 |
) |
|
|
|
(24,626 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
|
(673 |
) |
|
|
|
5 |
|
|
|
|
(905 |
) |
|
|
|
(226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in
cash and cash equivalents |
|
|
|
(4,046 |
) |
|
|
|
(29,872 |
) |
|
|
|
(21,230 |
) |
|
|
|
(19,576 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period |
|
|
|
49,606 |
|
|
|
|
96,662 |
|
|
|
|
66,790 |
|
|
|
|
86,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period |
|
$ |
|
45,560 |
|
|
$ |
|
66,790 |
|
|
$ |
|
45,560 |
|
|
$ |
|
66,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented Results |
(in
thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
(unaudited) |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
250,972 |
|
$ |
65,140 |
|
$ |
|
- |
|
|
$ |
316,112 |
|
Adjusted
EBITDA |
|
13,712 |
|
|
11,304 |
|
|
|
(2,688 |
) |
|
|
22,328 |
|
Operating
earnings |
|
8,895 |
|
|
9,182 |
|
|
|
(4,090 |
) |
|
|
13,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
227,870 |
|
$ |
54,304 |
|
$ |
|
- |
|
|
$ |
282,174 |
|
Adjusted EBITDA |
|
6,909 |
|
|
9,037 |
|
|
|
(2,554 |
) |
|
|
13,392 |
|
Operating earnings |
|
1,285 |
|
|
6,972 |
|
|
|
(3,385 |
) |
|
|
4,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,017,506 |
|
$ |
246,571 |
|
$ |
|
- |
|
|
$ |
1,264,077 |
|
Adjusted
EBITDA |
|
68,853 |
|
|
42,961 |
|
|
|
(8,776 |
) |
|
|
103,038 |
|
Operating
earnings |
|
47,550 |
|
|
35,079 |
|
|
|
(11,882 |
) |
|
|
70,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
919,545 |
|
$ |
212,457 |
|
$ |
|
- |
|
|
$ |
1,132,002 |
|
Adjusted EBITDA |
|
45,611 |
|
|
37,759 |
|
|
|
(8,373 |
) |
|
|
74,997 |
|
Operating earnings |
|
25,712 |
|
|
30,559 |
|
|
|
(10,650 |
) |
|
|
45,621 |
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
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