Operating highlights:
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) today reported
results for its second quarter ended June 30, 2017. All amounts are
in US dollars.
Revenues for the second quarter were $434.9
million, a 13% increase relative to the same quarter in the prior
year, Adjusted EBITDA (note 1) increased 18% to $47.6 million, and
Adjusted EPS (note 2) was $0.61, a 17% increase versus the prior
year quarter. GAAP Operating Earnings were $35.8 million, relative
to $30.8 million in the prior year period. GAAP diluted earnings
per share was $0.50 in the quarter, versus $0.35 for the same
quarter a year ago.
For the six months ended June 30, 2017, revenues
were $810.8 million, a 17% increase relative to the comparable
prior year period, Adjusted EBITDA was $68.3 million, up 29%, and
Adjusted EPS was $0.77, a 28% increase versus the prior year
period. GAAP Operating Earnings were $45.4 million, relative to
$35.1 million in the prior year period. GAAP diluted EPS for the
six months year-to-date was $0.63, compared to $0.30 in the prior
year period.
“We are pleased to report another strong
quarter, with FirstService Residential results in line with our
expectations and FirstService Brands delivering double digit
organic growth across its largest service lines,” said Scott
Patterson, Chief Executive Officer of FirstService. “Our Brands
businesses benefited from robust home improvement spending and
market activity levels and these indicators continue to trend
positively as we look out to the second half of this year,” he
concluded.
About FirstService
CorporationFirstService Corporation is a
North American leader in the essential outsourced property services
sector, serving its customers through two industry-leading service
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$1.5 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 for shareholders. 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 Quarterly
ResultsFirstService Residential revenues were $302.9
million for the second quarter, up 5% versus the prior year
quarter, including 4% organic growth. Adjusted EBITDA for the
quarter was $28.7 million, versus $26.4 million in the prior year
period. The results for our FirstService Residential division were
driven by strong top-line growth in certain high-rise markets,
including South Florida, New York, Toronto and Dallas. Margin
improvement reflected efficient labour cost management across our
operations. GAAP Operating Earnings were $23.2 million, versus
$21.4 million for the second quarter of last year.
FirstService Brands revenues grew to $132.0
million, up 37% relative to the prior year period. Revenue growth
was comprised of 11% organic growth and the balance from recent
acquisitions. Adjusted EBITDA for the second quarter was $22.1
million, up from $16.7 million in the prior year period. The second
quarter was driven by strength across our largest franchised
systems and company-owned operations. Paul Davis Restoration
capitalized on heightened market activity, while Century Fire
Protection continued to broaden its service offering within its
geographic footprint. Healthy housing market fundamentals
contributed to strong performance at California Closets and other
franchised systems, including CertaPro Painters, Floor Coverings
International and Pillar To Post Home Inspectors. Top-line growth
resulted in strong profitability across our businesses, with the
division margin modestly lower during the second quarter versus the
prior year period due to increased mix from our lower margin
company-owned operations. GAAP Operating Earnings were $16.8
million, versus $13.1 million in the prior year quarter.
Corporate costs, as presented in Adjusted
EBITDA, were $3.2 million in the second quarter, relative to $2.9
million in the prior year period. On a GAAP basis, corporate costs
for the quarter were $4.2 million, relative to $3.6 million in the
prior year period.
Conference CallFirstService
will be holding a conference call on Wednesday, July 26, 2017 at
11:00 a.m. Eastern Time to discuss the quarter’s results. The
number to use for this call is 416-623-0333 for Toronto area
callers or 1-855-353-9183 for all other callers, passcode 30080#
for both. The call will be simultaneously webcast 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 quarterly financial statements and
MD&A to be made available on SEDAR at www.sedar.com.
Notes
1. 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. We use adjusted EBITDA to evaluate our own operating
performance and our ability to service debt, as well as an integral
part of our planning and reporting systems. Additionally, we use
this measure in conjunction with discounted cash flow models to
determine the Company’s overall enterprise valuation and to
evaluate acquisition targets. We present adjusted EBITDA as a
supplemental measure because we believe such measure is useful to
investors as a reasonable indicator of operating performance
because of the low capital intensity of the Company’s service
operations. We believe 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. Our 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 |
|
Six months ended |
(in
thousands of US$) |
June 30 |
|
June 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
22,265 |
|
|
$ |
18,072 |
|
|
$ |
30,885 |
|
|
$ |
19,589 |
|
Income
tax |
|
11,099 |
|
|
|
10,262 |
|
|
|
9,797 |
|
|
|
11,112 |
|
Other
income, net |
|
(110 |
) |
|
|
(26 |
) |
|
|
(205 |
) |
|
|
(101 |
) |
Interest
expense, net |
|
2,554 |
|
|
|
2,486 |
|
|
|
4,879 |
|
|
|
4,455 |
|
Operating
earnings |
|
35,808 |
|
|
|
30,794 |
|
|
|
45,356 |
|
|
|
35,055 |
|
Depreciation and amortization |
|
10,356 |
|
|
|
8,494 |
|
|
|
19,851 |
|
|
|
15,908 |
|
Acquisition-related items |
|
525 |
|
|
|
322 |
|
|
|
771 |
|
|
|
393 |
|
Stock-based
compensation expense |
|
929 |
|
|
|
635 |
|
|
|
2,344 |
|
|
|
1,605 |
|
Adjusted
EBITDA |
$ |
47,618 |
|
|
$ |
40,245 |
|
|
$ |
68,322 |
|
|
$ |
52,961 |
|
2. Reconciliation of net earnings and diluted
net earnings per share to adjusted net earnings and adjusted net
earnings per share:
Adjusted earnings per share is defined as
diluted net earnings per share, adjusted for the effect, after
income tax, of: (i) the non-controlling interest redemption
increment; (ii) acquisition-related items; (iii) amortization
expense related to intangible assets recognized in connection with
acquisitions; (iv) stock-based compensation expense; and (v) a
stock-based compensation tax adjustment related to a US GAAP
change. We believe 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 earnings per
share is not a recognized measure of financial performance under
GAAP, and should not be considered as a substitute for diluted net
earnings per share, as determined in accordance with GAAP. Our
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 net earnings to
adjusted net earnings and of diluted net earnings per share to
adjusted earnings per share appears below.
|
|
Three months ended |
|
Six months ended |
(in
thousands of US$) |
June 30 |
|
June 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
22,265 |
|
|
$ |
18,072 |
|
|
$ |
30,885 |
|
|
$ |
19,589 |
|
Non-controlling interest share of earnings |
|
(2,330 |
) |
|
|
(1,508 |
) |
|
|
(4,159 |
) |
|
|
(2,316 |
) |
Acquisition-related items |
|
525 |
|
|
|
322 |
|
|
|
771 |
|
|
|
393 |
|
Amortization of intangible assets |
|
3,565 |
|
|
|
2,833 |
|
|
|
6,751 |
|
|
|
5,225 |
|
Stock-based
compensation expense |
|
929 |
|
|
|
635 |
|
|
|
2,344 |
|
|
|
1,605 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
(880 |
) |
|
|
- |
|
|
|
(4,623 |
) |
|
|
- |
|
Income tax
on adjustments |
|
(1,751 |
) |
|
|
(1,355 |
) |
|
|
(3,521 |
) |
|
|
(2,651 |
) |
Non-controlling interest on adjustments |
|
(91 |
) |
|
|
(62 |
) |
|
|
(162 |
) |
|
|
(95 |
) |
Adjusted
net earnings |
$ |
22,232 |
|
|
$ |
18,937 |
|
|
$ |
28,286 |
|
|
$ |
21,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
(in
US$) |
June 30 |
|
June 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings per share |
$ |
0.50 |
|
|
$ |
0.35 |
|
|
$ |
0.63 |
|
|
$ |
0.30 |
|
Non-controlling interest redemption increment |
|
0.04 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.17 |
|
Acquisition-related items |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Amortization of intangible assets, net of tax |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.09 |
|
Stock-based
compensation expense, net of tax |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
(0.02 |
) |
|
|
- |
|
|
|
(0.13 |
) |
|
|
- |
|
Adjusted
earnings per share |
$ |
0.61 |
|
|
$ |
0.52 |
|
|
$ |
0.77 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTSERVICE CORPORATION |
Condensed Consolidated Statements of Earnings |
(in
thousands of US dollars, except per share amounts) |
|
|
|
Three months |
|
|
Six months |
|
|
|
ended June 30 |
|
|
ended June 30 |
(unaudited) |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
434,858 |
|
|
$ |
385,104 |
|
|
$ |
810,827 |
|
|
$ |
692,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
301,938 |
|
|
|
266,434 |
|
|
|
574,350 |
|
|
|
488,940 |
|
Selling, general and
administrative expenses |
|
|
86,231 |
|
|
|
79,060 |
|
|
|
170,499 |
|
|
|
152,394 |
|
Depreciation |
|
|
6,791 |
|
|
|
5,661 |
|
|
|
13,100 |
|
|
|
10,683 |
|
Amortization of
intangible assets |
|
|
3,565 |
|
|
|
2,833 |
|
|
|
6,751 |
|
|
|
5,225 |
|
Acquisition-related
items (1) |
|
|
525 |
|
|
|
322 |
|
|
|
771 |
|
|
|
393 |
|
Operating
earnings |
|
|
35,808 |
|
|
|
30,794 |
|
|
|
45,356 |
|
|
|
35,055 |
|
Interest expense,
net |
|
|
2,554 |
|
|
|
2,486 |
|
|
|
4,879 |
|
|
|
4,455 |
|
Other expense
(income) |
|
|
(110 |
) |
|
|
(26 |
) |
|
|
(205 |
) |
|
|
(101 |
) |
Earnings before income
tax |
|
|
33,364 |
|
|
|
28,334 |
|
|
|
40,682 |
|
|
|
30,701 |
|
Income tax |
|
|
11,099 |
|
|
|
10,262 |
|
|
|
9,797 |
|
|
|
11,112 |
|
Net
earnings |
|
|
22,265 |
|
|
|
18,072 |
|
|
|
30,885 |
|
|
|
19,589 |
|
Non-controlling
interest share of earnings |
|
|
2,330 |
|
|
|
1,508 |
|
|
|
4,159 |
|
|
|
2,316 |
|
Non-controlling
interest redemption increment |
|
|
1,586 |
|
|
|
3,857 |
|
|
|
3,733 |
|
|
|
6,223 |
|
Net earnings
attributable to Company |
|
$ |
18,349 |
|
|
$ |
12,707 |
|
|
$ |
22,993 |
|
|
$ |
11,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
|
$ |
0.35 |
|
|
$ |
0.64 |
|
|
$ |
0.31 |
|
Diluted |
|
|
0.50 |
|
|
|
0.35 |
|
|
|
0.63 |
|
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share (2) |
|
$ |
0.61 |
|
|
$ |
0.52 |
|
|
$ |
0.77 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,921 |
|
|
|
36,000 |
|
|
|
35,901 |
|
|
|
35,984 |
|
Diluted |
|
|
36,575 |
|
|
|
36,423 |
|
|
|
36,562 |
|
|
|
36,380 |
|
Notes to Condensed Consolidated
Statements of Earnings (Loss)(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 dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
June 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash
equivalents |
$ |
63,094 |
|
$ |
43,384 |
Restricted cash |
|
16,234 |
|
|
13,450 |
Accounts
receivable |
|
170,402 |
|
|
164,074 |
Prepaid and other
current assets |
|
78,192 |
|
|
58,146 |
Deferred income
tax |
|
- |
|
|
24,738 |
Current assets |
|
327,922 |
|
|
303,792 |
Other non-current
assets |
|
4,898 |
|
|
5,115 |
Fixed assets |
|
79,838 |
|
|
73,083 |
Deferred income
tax |
|
477 |
|
|
1,693 |
Goodwill and intangible
assets |
|
400,141 |
|
|
387,281 |
Total assets |
$ |
813,276 |
|
$ |
770,964 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
Accounts payable and
accrued liabilities |
$ |
146,618 |
|
$ |
142,966 |
Other current
liabilities |
|
52,159 |
|
|
38,813 |
Long-term debt -
current |
|
1,530 |
|
|
1,043 |
Current liabilities |
|
200,307 |
|
|
182,822 |
Long-term debt -
non-current |
|
279,968 |
|
|
249,866 |
Other liabilities |
|
26,714 |
|
|
23,729 |
Deferred income
tax |
|
8,382 |
|
|
31,167 |
Redeemable
non-controlling interests |
|
103,312 |
|
|
102,352 |
Shareholders'
equity |
|
194,593 |
|
|
181,028 |
Total liabilities and equity |
$ |
813,276 |
|
$ |
770,964 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
balance sheet information |
|
|
|
|
|
Total debt |
$ |
281,498 |
|
$ |
250,909 |
Total debt, net of
cash |
|
218,404 |
|
|
207,525 |
|
|
|
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
(in
thousands of US dollars) |
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30 |
|
|
June 30 |
(unaudited) |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided
by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
22,265 |
|
|
$ |
18,072 |
|
|
$ |
30,885 |
|
|
$ |
19,589 |
|
Items not affecting
cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,357 |
|
|
|
8,493 |
|
|
|
19,851 |
|
|
|
15,907 |
|
Deferred
income tax |
|
|
(34 |
) |
|
|
(558 |
) |
|
|
363 |
|
|
|
(1,094 |
) |
Other |
|
|
442 |
|
|
|
630 |
|
|
|
(2,102 |
) |
|
|
536 |
|
|
|
|
33,030 |
|
|
|
26,637 |
|
|
|
48,997 |
|
|
|
34,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in non-cash
working capital |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(9,676 |
) |
|
|
(17,462 |
) |
|
|
(5,586 |
) |
|
|
(20,851 |
) |
Payables
and accruals |
|
|
11,503 |
|
|
|
22,993 |
|
|
|
(5,275 |
) |
|
|
19,566 |
|
Other |
|
|
6,740 |
|
|
|
6,288 |
|
|
|
11,065 |
|
|
|
6,641 |
|
Net cash provided by
operating activities |
|
|
41,597 |
|
|
|
38,456 |
|
|
|
49,201 |
|
|
|
40,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
|
(2,182 |
) |
|
|
(72,043 |
) |
|
|
(12,545 |
) |
|
|
(77,081 |
) |
Purchases of fixed
assets |
|
|
(8,922 |
) |
|
|
(7,078 |
) |
|
|
(18,890 |
) |
|
|
(13,978 |
) |
Other investing
activities |
|
|
(1,370 |
) |
|
|
(2,867 |
) |
|
|
(5,688 |
) |
|
|
(7,448 |
) |
Net cash used in
investing activities |
|
|
(12,474 |
) |
|
|
(81,988 |
) |
|
|
(37,123 |
) |
|
|
(98,507 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in long-term
debt, net |
|
|
(3,883 |
) |
|
|
49,298 |
|
|
|
30,470 |
|
|
|
59,374 |
|
Sale (purchases) of
non-controlling interests, net |
|
|
(1,688 |
) |
|
|
13 |
|
|
|
(5,468 |
) |
|
|
259 |
|
Dividends paid to
common shareholders |
|
|
(4,397 |
) |
|
|
(3,960 |
) |
|
|
(8,340 |
) |
|
|
(7,421 |
) |
Distributions paid to
non-controlling interests |
|
|
(476 |
) |
|
|
(1,832 |
) |
|
|
(2,349 |
) |
|
|
(3,064 |
) |
Repurchases of
Subordinate Voting Shares |
|
|
- |
|
|
|
(1,349 |
) |
|
|
(7,416 |
) |
|
|
(1,349 |
) |
Other financing
activities |
|
|
(1,363 |
) |
|
|
399 |
|
|
|
609 |
|
|
|
842 |
|
Net cash (used in)
provided by financing activities |
|
|
(11,807 |
) |
|
|
42,569 |
|
|
|
7,506 |
|
|
|
48,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
103 |
|
|
|
173 |
|
|
|
126 |
|
|
|
297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
|
17,419 |
|
|
|
(790 |
) |
|
|
19,710 |
|
|
|
(9,275 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
|
45,675 |
|
|
|
37,075 |
|
|
|
43,384 |
|
|
|
45,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period |
|
$ |
63,094 |
|
|
$ |
36,285 |
|
|
$ |
63,094 |
|
|
$ |
36,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented Results |
(in
thousands of US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
(unaudited) |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
302,900 |
|
$ |
131,958 |
|
$ |
- |
|
|
$ |
434,858 |
Adjusted EBITDA |
|
28,696 |
|
|
22,122 |
|
|
(3,200 |
) |
|
|
47,618 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
23,191 |
|
|
16,812 |
|
|
(4,195 |
) |
|
|
35,808 |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
288,658 |
|
$ |
96,446 |
|
$ |
- |
|
|
$ |
385,104 |
Adjusted
EBITDA |
|
26,376 |
|
|
16,730 |
|
|
(2,861 |
) |
|
|
40,245 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
21,380 |
|
|
13,056 |
|
|
(3,642 |
) |
|
|
30,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
568,753 |
|
$ |
242,074 |
|
$ |
- |
|
|
$ |
810,827 |
Adjusted EBITDA |
|
43,129 |
|
|
30,998 |
|
|
(5,805 |
) |
|
|
68,322 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
32,318 |
|
|
21,286 |
|
|
(8,248 |
) |
|
|
45,356 |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
538,464 |
|
$ |
154,226 |
|
$ |
- |
|
|
$ |
692,690 |
Adjusted
EBITDA |
|
38,113 |
|
|
19,925 |
|
|
(5,077 |
) |
|
|
52,961 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
27,737 |
|
|
14,447 |
|
|
(7,129 |
) |
|
|
35,055 |
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
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