Operating highlights:
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) today
reported results for its third quarter ended September 30, 2017.
All amounts are in US dollars.
Revenues for the third quarter were $456.5
million, a 12% increase relative to the same quarter in the prior
year, Adjusted EBITDA (note 1) increased 14% to $53.1 million, and
Adjusted EPS (note 2) was $0.74, a 19% increase versus the prior
year quarter. GAAP Operating Earnings were $34.5 million, relative
to $36.6 million in the prior year period. GAAP diluted earnings
per share was $0.42 in the quarter, versus $0.43 for the same
quarter a year ago.
For the nine months ended September 30, 2017,
revenues were $1.27 billion, a 15% increase relative to the
comparable prior year period, Adjusted EBITDA was $121.5 million,
up 22%, and Adjusted EPS was $1.52, a 25% increase versus the prior
year period. GAAP Operating Earnings were $79.9 million, relative
to $71.6 million in the prior year period. GAAP diluted EPS for the
nine months year-to-date was $1.05, compared to $0.74 in the prior
year period.
“We are pleased to report another solid quarter,
reflecting a continuation of our strong financial performance
during the first half of the year,” said Scott Patterson, Chief
Executive Officer of FirstService. “The positive themes driving our
businesses remain intact and we expect a strong finish to the
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 $314.6
million for the third quarter, up 5% versus the prior year quarter,
including 3% organic growth. Adjusted EBITDA for the quarter was
$33.3 million, versus $28.9 million in the prior year period.
Growth was relatively balanced geographically, reflecting contract
wins across our business and new development in certain markets.
Margin expansion resulted from continued broad-based initiatives
driving operational efficiencies. GAAP Operating Earnings were
$27.8 million, versus $23.5 million for the third quarter of last
year.
FirstService Brands revenues during the third
quarter grew to $141.9 million, up 30% relative to the prior year
period and including 10% organic growth. Adjusted EBITDA for the
third quarter was $23.2 million, up from $20.3 million in the prior
year period. The third quarter was driven by strong double-digit
organic growth across our company-owned operations at Paul Davis
Restoration, California Closets and Century Fire Protection.
Tuck-under acquisitions within each of these businesses further
augmented top-line growth. The lower margin during the third
quarter compared to the prior year period was due to increased mix
from our faster growing, lower margin company-owned operations, as
well as weak performance at Service America. GAAP Operating
Earnings were $11.2 million, versus $16.2 million in the prior year
quarter, with the decrease being attributable to a goodwill
impairment charge at Service America, as described below.
Corporate costs, as presented in Adjusted
EBITDA, were $3.4 million in the third quarter, relative to $2.4
million in the prior year period. On a GAAP basis, corporate costs
for the quarter were $4.4 million, relative to $3.1 million in the
prior year period. Foreign exchange accounted for a majority of the
increase versus the prior year quarter.
Goodwill Impairment
ChargeDuring the quarter, the Company concluded that it
was necessary to take a non-cash goodwill impairment charge in its
FirstService Brands segment as a result of weak operating
performance within its Service America business. The amount of the
charge is $6.2 million, and represents 5.5% of goodwill related to
the FirstService Brands segment prior to the charge and 2% of the
Company’s consolidated goodwill prior to the charge. This non-cash
impairment does not affect the Company’s liquidity, cash flow or
compliance with debt covenants.
Conference CallFirstService
will be holding a conference call on Wednesday, October 25, 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)
goodwill impairment charges; (vi) acquisition-related items; and
(vii) 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 |
|
Nine months ended |
(in
thousands of US$) |
September 30 |
|
September 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
21,141 |
|
|
$ |
22,938 |
|
|
$ |
52,026 |
|
|
$ |
42,527 |
|
Income
tax |
|
12,221 |
|
|
|
11,427 |
|
|
|
22,018 |
|
|
|
22,539 |
|
Other
income, net |
|
(1,317 |
) |
|
|
(71 |
) |
|
|
(1,522 |
) |
|
|
(172 |
) |
Interest
expense, net |
|
2,499 |
|
|
|
2,284 |
|
|
|
7,378 |
|
|
|
6,739 |
|
Operating
earnings |
|
34,544 |
|
|
|
36,578 |
|
|
|
79,900 |
|
|
|
71,633 |
|
Depreciation and amortization |
|
10,382 |
|
|
|
10,048 |
|
|
|
30,233 |
|
|
|
25,956 |
|
Goodwill
impairment charge |
|
6,150 |
|
|
|
- |
|
|
|
6,150 |
|
|
|
- |
|
Acquisition-related items |
|
1,180 |
|
|
|
(541 |
) |
|
|
1,951 |
|
|
|
(148 |
) |
Stock-based
compensation expense |
|
893 |
|
|
|
618 |
|
|
|
3,237 |
|
|
|
2,223 |
|
Adjusted
EBITDA |
$ |
53,149 |
|
|
$ |
46,703 |
|
|
$ |
121,471 |
|
|
$ |
99,664 |
|
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) goodwill impairment charges; (v) stock-based
compensation expense; and (vi) 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 |
|
Nine months ended |
(in
thousands of US$) |
September 30 |
|
September 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
$ |
21,141 |
|
|
$ |
22,938 |
|
|
$ |
52,026 |
|
|
$ |
42,527 |
|
Non-controlling interest share of earnings |
|
(2,582 |
) |
|
|
(2,863 |
) |
|
|
(6,741 |
) |
|
|
(5,179 |
) |
Acquisition-related items |
|
1,180 |
|
|
|
(541 |
) |
|
|
1,951 |
|
|
|
(148 |
) |
Amortization of intangible assets |
|
3,589 |
|
|
|
4,475 |
|
|
|
10,340 |
|
|
|
9,700 |
|
Goodwill
impairment charge |
|
6,150 |
|
|
|
- |
|
|
|
6,150 |
|
|
|
- |
|
Stock-based
compensation expense |
|
893 |
|
|
|
618 |
|
|
|
3,237 |
|
|
|
2,223 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
(1,307 |
) |
|
|
- |
|
|
|
(5,930 |
) |
|
|
- |
|
Income tax
on adjustments |
|
(1,748 |
) |
|
|
(2,006 |
) |
|
|
(5,269 |
) |
|
|
(4,658 |
) |
Non-controlling interest on adjustments |
|
(112 |
) |
|
|
(78 |
) |
|
|
(274 |
) |
|
|
(173 |
) |
Adjusted
net earnings |
$ |
27,204 |
|
|
$ |
22,543 |
|
|
$ |
55,490 |
|
|
$ |
44,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
(in
US$) |
September 30 |
|
September 30 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings per share |
$ |
0.42 |
|
|
$ |
0.43 |
|
|
$ |
1.05 |
|
|
$ |
0.74 |
|
Non-controlling interest redemption increment |
|
0.08 |
|
|
|
0.12 |
|
|
|
0.19 |
|
|
|
0.29 |
|
Acquisition-related items |
|
0.03 |
|
|
|
(0.01 |
) |
|
|
0.05 |
|
|
|
- |
|
Amortization of intangible assets, net of tax |
|
0.06 |
|
|
|
0.07 |
|
|
|
0.16 |
|
|
|
0.15 |
|
Goodwill
impairment charge |
|
0.17 |
|
|
|
- |
|
|
|
0.17 |
|
|
|
- |
|
Stock-based
compensation expense, net of tax |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.04 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
(0.04 |
) |
|
|
- |
|
|
|
(0.16 |
) |
|
|
- |
|
Adjusted
earnings per share |
$ |
0.74 |
|
|
$ |
0.62 |
|
|
$ |
1.52 |
|
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTSERVICE CORPORATION |
Condensed Consolidated Statements of Earnings |
(in
thousands of US dollars, except per share amounts) |
|
|
|
|
|
Three months |
|
|
Nine months |
|
|
|
|
|
ended September 30 |
|
|
ended September 30 |
(unaudited) |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
456,520 |
|
|
$ |
409,083 |
|
|
$ |
1,267,347 |
|
|
$ |
1,101,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
317,100 |
|
|
|
292,389 |
|
|
|
891,450 |
|
|
|
781,329 |
|
Selling,
general and administrative expenses |
|
|
87,164 |
|
|
|
70,609 |
|
|
|
257,663 |
|
|
|
223,003 |
|
Depreciation |
|
|
6,793 |
|
|
|
5,573 |
|
|
|
19,893 |
|
|
|
16,256 |
|
Amortization of intangible assets |
|
|
3,589 |
|
|
|
4,475 |
|
|
|
10,340 |
|
|
|
9,700 |
|
Goodwill
impairment charge |
|
|
6,150 |
|
|
|
- |
|
|
|
6,150 |
|
|
|
- |
|
Acquisition-related items (1) |
|
|
1,180 |
|
|
|
(541 |
) |
|
|
1,951 |
|
|
|
(148 |
) |
Operating earnings |
|
|
34,544 |
|
|
|
36,578 |
|
|
|
79,900 |
|
|
|
71,633 |
|
Interest
expense, net |
|
|
2,499 |
|
|
|
2,284 |
|
|
|
7,378 |
|
|
|
6,739 |
|
Other
income |
|
|
(1,317 |
) |
|
|
(71 |
) |
|
|
(1,522 |
) |
|
|
(172 |
) |
Earnings
before income tax |
|
|
33,362 |
|
|
|
34,365 |
|
|
|
74,044 |
|
|
|
65,066 |
|
Income
tax |
|
|
12,221 |
|
|
|
11,427 |
|
|
|
22,018 |
|
|
|
22,539 |
|
Net
earnings |
|
|
21,141 |
|
|
|
22,938 |
|
|
|
52,026 |
|
|
|
42,527 |
|
Non-controlling interest share of earnings |
|
|
2,582 |
|
|
|
2,863 |
|
|
|
6,741 |
|
|
|
5,179 |
|
Non-controlling interest redemption increment |
|
|
3,096 |
|
|
|
4,311 |
|
|
|
6,829 |
|
|
|
10,534 |
|
Net
earnings attributable to Company |
|
$ |
15,463 |
|
|
$ |
15,764 |
|
|
$ |
38,456 |
|
|
$ |
26,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.43 |
|
|
$ |
0.44 |
|
|
$ |
1.07 |
|
|
$ |
0.75 |
|
|
Diluted |
|
|
0.42 |
|
|
|
0.43 |
|
|
|
1.05 |
|
|
|
0.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share (2) |
|
$ |
0.74 |
|
|
$ |
0.62 |
|
|
$ |
1.52 |
|
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,926 |
|
|
|
35,989 |
|
|
|
35,909 |
|
|
|
35,986 |
|
|
|
Diluted |
|
|
36,587 |
|
|
|
36,449 |
|
|
|
36,566 |
|
|
|
36,393 |
|
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) |
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and
cash equivalents |
$ |
62,212 |
|
$ |
43,384 |
Restricted
cash |
|
16,577 |
|
|
13,450 |
Accounts
receivable |
|
184,451 |
|
|
164,074 |
Prepaid and
other current assets |
|
72,935 |
|
|
58,146 |
Deferred
income tax |
|
- |
|
|
24,738 |
|
Current
assets |
|
336,175 |
|
|
303,792 |
Other
non-current assets |
|
4,493 |
|
|
5,115 |
Fixed
assets |
|
80,985 |
|
|
73,083 |
Deferred
income tax |
|
569 |
|
|
1,693 |
Goodwill
and intangible assets |
|
421,296 |
|
|
387,281 |
|
Total
assets |
$ |
843,518 |
|
$ |
770,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
153,751 |
|
$ |
142,966 |
Other
current liabilities |
|
43,085 |
|
|
38,813 |
Long-term
debt - current |
|
2,575 |
|
|
1,043 |
|
Current
liabilities |
|
199,411 |
|
|
182,822 |
Long-term
debt - non-current |
|
292,180 |
|
|
249,866 |
Other
liabilities |
|
40,119 |
|
|
23,729 |
Deferred
income tax |
|
8,370 |
|
|
31,167 |
Redeemable
non-controlling interests |
|
108,319 |
|
|
102,352 |
Shareholders' equity |
|
195,119 |
|
|
181,028 |
|
Total
liabilities and equity |
$ |
843,518 |
|
$ |
770,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
Total
debt |
$ |
294,755 |
|
$ |
250,909 |
Total debt,
net of cash |
|
232,543 |
|
|
207,525 |
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
(in
thousands of US dollars) |
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
|
September 30 |
|
|
September 30 |
(unaudited) |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings |
|
$ |
21,141 |
|
|
$ |
22,938 |
|
|
$ |
52,026 |
|
|
$ |
42,527 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
10,383 |
|
|
|
10,048 |
|
|
|
30,234 |
|
|
|
25,955 |
|
|
Goodwill impairment
charge |
|
|
6,150 |
|
|
|
- |
|
|
|
6,150 |
|
|
|
- |
|
|
Deferred income
tax |
|
|
(103 |
) |
|
|
4,473 |
|
|
|
260 |
|
|
|
3,379 |
|
|
Other |
|
|
434 |
|
|
|
49 |
|
|
|
(1,668 |
) |
|
|
585 |
|
|
|
|
|
38,005 |
|
|
|
37,508 |
|
|
|
87,002 |
|
|
|
72,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(13,905 |
) |
|
|
7,768 |
|
|
|
(19,491 |
) |
|
|
(13,083 |
) |
|
Payables and
accruals |
|
|
(2,284 |
) |
|
|
12,845 |
|
|
|
(7,559 |
) |
|
|
32,411 |
|
|
Other |
|
|
5,249 |
|
|
|
(9,415 |
) |
|
|
16,314 |
|
|
|
(2,774 |
) |
Net cash
provided by operating activities |
|
|
27,065 |
|
|
|
48,706 |
|
|
|
76,266 |
|
|
|
89,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of businesses, net of cash acquired |
|
|
(22,504 |
) |
|
|
(3,353 |
) |
|
|
(35,049 |
) |
|
|
(80,434 |
) |
Purchases
of fixed assets |
|
|
(7,185 |
) |
|
|
(6,101 |
) |
|
|
(26,075 |
) |
|
|
(20,079 |
) |
Other
investing activities |
|
|
(143 |
) |
|
|
(2,656 |
) |
|
|
(5,831 |
) |
|
|
(10,104 |
) |
Net cash
used in investing activities |
|
|
(29,832 |
) |
|
|
(12,110 |
) |
|
|
(66,955 |
) |
|
|
(110,617 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in
long-term debt, net |
|
|
12,082 |
|
|
|
(17,156 |
) |
|
|
42,552 |
|
|
|
42,218 |
|
Sale
(purchases) of non-controlling interests, net |
|
|
- |
|
|
|
(218 |
) |
|
|
(5,468 |
) |
|
|
41 |
|
Dividends
paid to common shareholders |
|
|
(4,403 |
) |
|
|
(4,092 |
) |
|
|
(12,743 |
) |
|
|
(11,513 |
) |
Distributions paid to non-controlling interests |
|
|
(700 |
) |
|
|
(1,180 |
) |
|
|
(3,049 |
) |
|
|
(4,244 |
) |
Repurchases
of Subordinate Voting Shares |
|
|
(6,114 |
) |
|
|
- |
|
|
|
(13,530 |
) |
|
|
(1,349 |
) |
Other
financing activities |
|
|
665 |
|
|
|
(933 |
) |
|
|
1,274 |
|
|
|
(91 |
) |
Net cash
(used in) provided by financing activities |
|
|
1,530 |
|
|
|
(23,579 |
) |
|
|
9,036 |
|
|
|
25,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
355 |
|
|
|
(122 |
) |
|
|
481 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
(882 |
) |
|
|
12,895 |
|
|
|
18,828 |
|
|
|
3,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period |
|
|
63,094 |
|
|
|
36,285 |
|
|
|
43,384 |
|
|
|
45,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period |
|
$ |
62,212 |
|
|
$ |
49,180 |
|
|
$ |
62,212 |
|
|
$ |
49,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented Results |
(in
thousands of US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
(unaudited) |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
314,631 |
|
$ |
141,889 |
|
$ |
- |
|
|
$ |
456,520 |
|
Adjusted
EBITDA |
|
33,320 |
|
|
23,188 |
|
|
(3,359 |
) |
|
|
53,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
27,786 |
|
|
11,201 |
|
|
(4,443 |
) |
|
|
34,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
299,920 |
|
$ |
109,163 |
|
$ |
- |
|
|
$ |
409,083 |
|
Adjusted EBITDA |
|
28,873 |
|
|
20,272 |
|
|
(2,442 |
) |
|
|
46,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
23,484 |
|
|
16,219 |
|
|
(3,125 |
) |
|
|
36,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
883,384 |
|
$ |
383,963 |
|
$ |
- |
|
|
$ |
1,267,347 |
|
Adjusted
EBITDA |
|
76,449 |
|
|
54,186 |
|
|
(9,164 |
) |
|
|
121,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings |
|
60,104 |
|
|
32,487 |
|
|
(12,691 |
) |
|
|
79,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
838,384 |
|
$ |
263,389 |
|
$ |
- |
|
|
$ |
1,101,773 |
|
Adjusted EBITDA |
|
66,986 |
|
|
40,197 |
|
|
(7,519 |
) |
|
|
99,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
50,973 |
|
|
30,666 |
|
|
(10,006 |
) |
|
|
71,633 |
COMPANY CONTACTS:
D. Scott PattersonPresident &
CEO
Jeremy RakusinChief Financial
Officer
(416) 960-9500
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