FirstService Corporation (TSX:FSV) (NASDAQ:FSV) today announced
strong fourth quarter and full year results for the year ended
December 31, 2016. All amounts are in US dollars.
Revenues for the fourth quarter were $381.1
million, a 21% increase relative to the same quarter in the prior
year. Adjusted EBITDA (note 1) was $30.7 million, up 37%, and
Adjusted EPS (note 2) was $0.41, up 46% from the prior year
quarter. GAAP Operating Earnings were $18.9 million, relative to
$14.0 million in the prior year period. GAAP diluted EPS was $0.19
per share in the quarter, compared to $0.09 for the same quarter a
year ago.
For the year ended December 31, 2016, revenues
were $1.48 billion, a 17% increase relative to the prior year.
Adjusted EBITDA was $130.3 million, up 27%, and Adjusted EPS was
$1.62, up 35% versus the prior year of $1.20. GAAP Operating
Earnings were $90.6 million, compared to $70.7 million in the prior
year period. GAAP diluted EPS for the year was $0.92, relative to
$0.59 in the prior year.
“FirstService delivered strong financial results
in the fourth quarter to cap off another impressive year of top and
bottom line growth. Solid organic growth combined with the
continued realization of cost efficiencies drove superior operating
results at both divisions. The further addition of several
strategic acquisitions resulted in a more than 30% increase to the
bottom line,” said Scott Patterson, Chief Executive Officer of
FirstService. “Healthy market indicators and an active acquisition
pipeline give us positive momentum into 2017.”
About FirstService
CorporationFirstService 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$1.4 billion
in annual revenues and has more than 17,000 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
ResultsFirstService Residential revenues totalled $274.4
million for the fourth quarter, up 9% relative to $251.0 million in
the prior year quarter. The revenue increase was comprised of 5%
organic growth and 4% growth from recent acquisitions. Adjusted
EBITDA was $17.2 million, compared to $13.7 million reported in the
prior year period. Fourth quarter performance was driven by strong
growth in ancillary services revenue, together with significant
margin expansion from continuing operating efficiencies. GAAP
Operating Earnings were $11.6 million, versus $8.9 million for the
fourth quarter of last year.
FirstService Brands revenues totalled $106.7
million, up 64% versus $65.1 million in the prior year period. The
increase was comprised of 7% organic growth and the balance from
recent acquisitions, including Century Fire. Organic growth was
driven by strong results at our Paul Davis, Certa Pro, Floor
Coverings International and Pillar to Post franchised operations,
as well as our California Closets company-owned operations, offset
by continued weak performance at Service America. Adjusted EBITDA
for the quarter was $16.1 million, up 42% versus the prior year
quarter. GAAP Operating Earnings were $10.5 million, versus $9.2
million in the prior year quarter. The FirstService Brands division
margin was lower in the quarter due to increased contribution from
our recently acquired Century Fire Protection, Paul Davis and
California Closets company-owned operations, relative to our higher
margin franchised operations.
Corporate costs, as presented in Adjusted EBITDA
were $2.6 million in the fourth quarter, relative to $2.7 million
in the prior year period. On a GAAP basis, corporate costs
for the quarter were $3.1, relative to $4.1 million in the prior
year period.
Segmented Full Year
ResultsFirstService Residential revenues were $1.1
billion, up 9% relative to 2015, with the increase comprised of 6%
organic growth and 3% from acquisitions. Organic growth was
primarily driven by competitive contract wins and new development.
Adjusted EBITDA was $84.2 million, up 22% versus the prior year,
with related margin expansion driven by continued operating
improvements. GAAP Operating Earnings were $62.6 million, compared
to $47.6 million in the prior year.
FirstService Brands revenues for the year
totalled $370.1 million, up 50% versus the prior year, comprised of
8% organic growth and the balance from recent acquisitions, the
most significant being Century Fire. Organic growth resulted
primarily from higher system-wide sales at several of our
franchised brands, as well as strong revenues at our California
Closets company-owned operations. Adjusted EBITDA for the year was
$56.3 million, up 31% relative to the prior year. The division
operating margin was impacted by the increased revenue mix from our
recently acquired company-owned operations, including Century Fire.
GAAP Operating Earnings were $41.2 million, versus $35.1 million a
year ago.
Corporate costs, as presented in Adjusted
EBITDA, were $10.1 million for the full year, relative to $8.8
million in the prior year. On a GAAP basis, corporate costs were
$13.2 million, relative to $11.9 million a year ago.
Stock RepurchasesDuring the
year, the Company repurchased 230,000 Subordinate Voting Shares on
the open market under its Normal Course Issuer Bid (“NCIB”) at an
average price of $41.37 per share. All shares purchased under the
NCIB were cancelled. The Company is authorized to repurchase up to
an additional 2,870,000 Subordinate Voting Shares under its NCIB,
which expires on August 23, 2017.
Conference Call &
PresentationFirstService will be holding a conference call
on Friday, February 10, 2017 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 StatementsThis
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.
Notes1. Reconciliation of net
earnings 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; and (vi) stock-based compensation
expense. 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 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 to adjusted
EBITDA appears below.
|
|
Three months ended |
|
Twelve months ended |
(in
thousands of US$) |
December 31 |
|
December 31 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
11,716 |
|
|
$ |
7,907 |
|
|
$ |
54,243 |
|
|
$ |
38,198 |
Income
tax |
|
|
4,848 |
|
|
|
4,096 |
|
|
|
27,387 |
|
|
|
23,412 |
Other
expense (income) |
|
|
(60 |
) |
|
|
(49 |
) |
|
|
(232 |
) |
|
|
60 |
Interest
expense, net |
|
|
2,413 |
|
|
|
2,033 |
|
|
|
9,152 |
|
|
|
9,077 |
Operating
earnings |
|
|
18,917 |
|
|
|
13,987 |
|
|
|
90,550 |
|
|
|
70,747 |
Depreciation and amortization |
|
|
11,013 |
|
|
|
7,872 |
|
|
|
36,969 |
|
|
|
28,984 |
Acquisition-related items |
|
|
209 |
|
|
|
(61 |
) |
|
|
61 |
|
|
|
408 |
Stock-based
compensation expense |
|
|
521 |
|
|
|
530 |
|
|
|
2,744 |
|
|
|
2,159 |
Spin-off
transaction costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
740 |
Adjusted
EBITDA |
|
$ |
30,660 |
|
|
$ |
22,328 |
|
|
$ |
130,324 |
|
|
$ |
103,038 |
2. Reconciliation of net earnings and net
earnings (loss) per common share 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; and (iv) stock-based
compensation expense. 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, 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 to adjusted EPS appears below.
|
|
Three months ended |
|
Twelve months ended |
(in
thousands of US$) |
December 31 |
|
December 31 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
11,716 |
|
|
$ |
7,907 |
|
|
$ |
54,243 |
|
|
$ |
38,198 |
|
Non-controlling interest share of earnings |
|
|
(59 |
) |
|
|
274 |
|
|
|
(5,238 |
) |
|
|
(4,560 |
) |
Acquisition-related items |
|
|
209 |
|
|
|
(61 |
) |
|
|
61 |
|
|
|
408 |
|
Amortization of intangible assets |
|
|
4,495 |
|
|
|
2,873 |
|
|
|
14,195 |
|
|
|
10,148 |
|
Stock-based
compensation expense |
|
|
521 |
|
|
|
530 |
|
|
|
2,744 |
|
|
|
2,159 |
|
Spin-off
transaction costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
740 |
|
Spin-off
tax charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,646 |
|
Income tax
on adjustments |
|
|
(1,980 |
) |
|
|
(1,334 |
) |
|
|
(6,638 |
) |
|
|
(4,962 |
) |
Non-controlling interest on adjustments |
|
|
(105 |
) |
|
|
(52 |
) |
|
|
(278 |
) |
|
|
(185 |
) |
Adjusted
net earnings |
|
$ |
14,797 |
|
|
$ |
10,137 |
|
|
$ |
59,089 |
|
|
$ |
43,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(in
US$) |
December 31 |
|
December 31 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per share |
|
$ |
0.19 |
|
|
$ |
0.09 |
|
|
$ |
0.92 |
|
|
$ |
0.59 |
|
Non-controlling interest redemption increment |
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.42 |
|
|
|
0.33 |
|
Acquisition-related items |
|
|
0.01 |
|
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
Amortization of intangible assets, net of tax |
|
|
0.07 |
|
|
|
0.05 |
|
|
|
0.23 |
|
|
|
0.16 |
|
Stock-based
compensation expense, net of tax |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Spin-off
transaction costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.02 |
|
Spin-off
tax charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.05 |
|
Adjusted
earnings per share |
|
$ |
0.41 |
|
|
$ |
0.28 |
|
|
$ |
1.62 |
|
|
$ |
1.20 |
|
FIRSTSERVICE CORPORATION |
Operating Results |
(in
thousands of US$, except per share amounts) |
|
|
|
|
|
Three months |
|
|
Twelve months |
|
|
|
|
|
ended December 31 |
|
|
ended December 31 |
(unaudited) |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
381,116 |
|
|
$ |
316,112 |
|
|
$ |
1,482,889 |
|
|
$ |
1,264,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
268,758 |
|
|
|
221,466 |
|
|
|
1,050,087 |
|
|
|
883,963 |
Selling,
general and administrative expenses |
|
|
82,219 |
|
|
|
72,848 |
|
|
|
305,222 |
|
|
|
279,235 |
Depreciation |
|
|
6,518 |
|
|
|
4,999 |
|
|
|
22,774 |
|
|
|
18,836 |
Amortization of intangible assets |
|
|
4,495 |
|
|
|
2,873 |
|
|
|
14,195 |
|
|
|
10,148 |
Acquisition-related items (1) |
|
|
209 |
|
|
|
(61 |
) |
|
|
61 |
|
|
|
408 |
Spin-off
transaction costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
740 |
Operating earnings |
|
|
18,917 |
|
|
|
13,987 |
|
|
|
90,550 |
|
|
|
70,747 |
Interest
expense, net |
|
|
2,413 |
|
|
|
2,033 |
|
|
|
9,152 |
|
|
|
9,077 |
Other
expense (income) |
|
|
(60 |
) |
|
|
(49 |
) |
|
|
(232 |
) |
|
|
60 |
Earnings
before income tax |
|
|
16,564 |
|
|
|
12,003 |
|
|
|
81,630 |
|
|
|
61,610 |
Income
tax |
|
|
4,848 |
|
|
|
4,096 |
|
|
|
27,387 |
|
|
|
23,412 |
Net
earnings |
|
|
11,716 |
|
|
|
7,907 |
|
|
|
54,243 |
|
|
|
38,198 |
Non-controlling interest share of earnings |
|
|
59 |
|
|
|
(274 |
) |
|
|
5,238 |
|
|
|
4,560 |
Non-controlling interest redemption increment |
|
|
4,874 |
|
|
|
4,917 |
|
|
|
15,408 |
|
|
|
12,243 |
Net
earnings (loss) attributable to Company |
|
$ |
6,783 |
|
|
$ |
3,264 |
|
|
$ |
33,597 |
|
|
$ |
21,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
$ |
0.09 |
|
|
$ |
0.93 |
|
|
$ |
0.59 |
|
|
Diluted |
|
|
0.19 |
|
|
|
0.09 |
|
|
|
0.92 |
|
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share (2) |
|
$ |
0.41 |
|
|
$ |
0.28 |
|
|
$ |
1.62 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,904 |
|
|
|
36,064 |
|
|
|
35,966 |
|
|
|
36,013 |
|
|
Diluted |
|
|
36,305 |
|
|
|
36,513 |
|
|
|
36,366 |
|
|
|
36,425 |
(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, 2016 |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
43,384 |
|
$ |
45,560 |
Restricted
cash |
|
|
13,450 |
|
|
3,769 |
Accounts
receivable |
|
|
164,074 |
|
|
114,521 |
Other
current assets |
|
|
58,146 |
|
|
47,532 |
Deferred
income tax |
|
|
24,738 |
|
|
18,840 |
|
Current
assets |
|
|
303,792 |
|
|
230,222 |
Other
non-current assets |
|
|
5,115 |
|
|
6,009 |
Deferred
income tax |
|
|
1,693 |
|
|
6,553 |
Fixed
assets |
|
|
73,083 |
|
|
57,575 |
Goodwill
and intangible assets |
|
|
387,281 |
|
|
300,124 |
|
Total
assets |
|
$ |
770,964 |
|
$ |
600,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
142,966 |
|
$ |
102,043 |
Other
current liabilities |
|
|
38,813 |
|
|
24,015 |
Long-term
debt - current |
|
|
1,043 |
|
|
4,041 |
|
Current
liabilities |
|
|
182,822 |
|
|
130,099 |
Long-term
debt - non-current |
|
|
249,866 |
|
|
197,158 |
Other
liabilities |
|
|
23,729 |
|
|
14,670 |
Deferred
income tax |
|
|
31,167 |
|
|
13,971 |
Redeemable
non-controlling interests |
|
|
102,352 |
|
|
77,559 |
Shareholders' equity |
|
|
181,028 |
|
|
167,026 |
|
Total
liabilities and equity |
|
$ |
770,964 |
|
$ |
600,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
|
Total
debt |
|
$ |
250,909 |
|
$ |
201,199 |
Total debt,
net of cash |
|
|
207,525 |
|
|
155,639 |
Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
(in
thousands of US$) |
|
|
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
|
December 31 |
|
|
December 31 |
(unaudited) |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
11,716 |
|
|
$ |
7,907 |
|
|
$ |
54,243 |
|
|
$ |
38,198 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
11,014 |
|
|
|
7,871 |
|
|
|
36,969 |
|
|
|
28,984 |
|
|
Deferred income
tax |
|
|
(2,075 |
) |
|
|
777 |
|
|
|
1,304 |
|
|
|
(3,535 |
) |
|
Other |
|
|
152 |
|
|
|
(7,552 |
) |
|
|
737 |
|
|
|
(8,717 |
) |
|
|
|
|
20,807 |
|
|
|
9,003 |
|
|
|
93,253 |
|
|
|
54,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and liabilities |
|
|
(802 |
) |
|
|
2,199 |
|
|
|
15,752 |
|
|
|
32,160 |
|
Net cash
provided by operating activities |
|
|
20,005 |
|
|
|
11,202 |
|
|
|
109,005 |
|
|
|
87,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of businesses, net of cash acquired |
|
|
(10,418 |
) |
|
|
(338 |
) |
|
|
(90,852 |
) |
|
|
(12,340 |
) |
Purchases
of fixed assets |
|
|
(9,043 |
) |
|
|
(5,403 |
) |
|
|
(29,122 |
) |
|
|
(19,694 |
) |
Other
investing activities |
|
|
(765 |
) |
|
|
2,491 |
|
|
|
(10,869 |
) |
|
|
(244 |
) |
Net cash
used in investing activities |
|
|
(20,226 |
) |
|
|
(3,250 |
) |
|
|
(130,843 |
) |
|
|
(32,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in long-term debt, net |
|
|
7,167 |
|
|
|
2,598 |
|
|
|
49,385 |
|
|
|
(38,162 |
) |
Net
contributions (distributions) from/to Old FSV |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,995 |
|
Purchases
of non-controlling interests, net |
|
|
(1,098 |
) |
|
|
(402 |
) |
|
|
(1,057 |
) |
|
|
(17,817 |
) |
Dividends
paid to common shareholders |
|
|
(3,958 |
) |
|
|
(3,599 |
) |
|
|
(15,471 |
) |
|
|
(7,196 |
) |
Repurchases
of subordinate voting shares |
|
|
(8,166 |
) |
|
|
(19,467 |
) |
|
|
(9,515 |
) |
|
|
(19,467 |
) |
Distributions paid to non-controlling interests |
|
|
(741 |
) |
|
|
(903 |
) |
|
|
(4,985 |
) |
|
|
(3,602 |
) |
Other
financing activities |
|
|
1,234 |
|
|
|
10,448 |
|
|
|
1,143 |
|
|
|
9,112 |
|
Net cash
used in financing activities |
|
|
(5,562 |
) |
|
|
(11,325 |
) |
|
|
19,500 |
|
|
|
(75,137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
(13 |
) |
|
|
(673 |
) |
|
|
162 |
|
|
|
(905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in
cash and cash equivalents |
|
|
(5,796 |
) |
|
|
(4,046 |
) |
|
|
(2,176 |
) |
|
|
(21,230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period |
|
|
49,180 |
|
|
|
49,606 |
|
|
|
45,560 |
|
|
|
66,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period |
|
$ |
43,384 |
|
|
$ |
45,560 |
|
|
$ |
43,384 |
|
|
$ |
45,560 |
|
Segmented Results |
(in
thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
(unaudited) |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
274,436 |
|
$ |
106,680 |
|
$ |
- |
|
|
$ |
381,116 |
|
Adjusted
EBITDA |
|
|
17,203 |
|
|
16,086 |
|
|
(2,629 |
) |
|
|
30,660 |
|
Operating
earnings |
|
|
11,566 |
|
|
10,507 |
|
|
(3,156 |
) |
|
|
18,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
250,972 |
|
$ |
65,140 |
|
$ |
- |
|
|
$ |
316,112 |
|
Adjusted EBITDA |
|
|
13,712 |
|
|
11,304 |
|
|
(2,688 |
) |
|
|
22,328 |
|
Operating earnings |
|
|
8,896 |
|
|
9,182 |
|
|
(4,091 |
) |
|
|
13,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,112,820 |
|
$ |
370,069 |
|
$ |
- |
|
|
$ |
1,482,889 |
|
Adjusted
EBITDA |
|
|
84,189 |
|
|
56,283 |
|
|
(10,148 |
) |
|
|
130,324 |
|
Operating
earnings |
|
|
62,539 |
|
|
41,173 |
|
|
(13,162 |
) |
|
|
90,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024