FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported
strong results for its second quarter ended June 30, 2019. All
amounts are in US dollars.
Revenues for the second quarter were $573.9
million, a 16% increase relative to the same quarter in the prior
year, Adjusted EBITDA (note 1) increased 14% to $65.0 million, and
Adjusted EPS (note 2) was $1.12, a 30% increase versus the prior
year quarter. During the second quarter, FirstService reported a
GAAP Operating Loss of $268.5 million, reflecting the settlement of
the long-term incentive arrangement (“LTIA”) with its Founder and
Chairman in the amount of $314.4 million. GAAP Operating Earnings
were $42.4 million in the prior year period. The GAAP loss per
share was $7.48 in the quarter, versus GAAP earnings per share of
$0.63 for the same quarter a year ago.
For the six months ended June 30, 2019, revenues
were $1.06 billion, a 15% increase relative to the comparable prior
year period, Adjusted EBITDA was $94.2 million, up 14%, and
Adjusted EPS was $1.45, a 32% increase versus the prior year
period. The GAAP Operating Loss was $255.5 million in the current
year period, relative to GAAP Operating Earnings of $53.4 million
in the prior year period. The GAAP loss per share for the six
months year-to-date was $7.69, compared to GAAP earnings per share
of $0.80 in the prior year period.
“We delivered another quarter of very strong
operating results, principally led by solid organic growth across
our businesses,” said Scott Patterson, Chief Executive Officer of
FirstService. “We are excited about our prospects for the balance
of the year, supported by continued broad-based growth and
significant contribution from our recently acquired Global
Restoration business,” 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$2 billion in
annual revenues and has approximately 22,000 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 $370.4
million for the second quarter, up 13% versus the prior year
quarter, with organic growth accounting for half of this increase.
Adjusted EBITDA for the quarter was $39.2 million, versus $33.4
million in the prior year period. Top-line growth was primarily
driven by contract wins in our property management business, as
well as strong contribution from our seasonal pool and amenity
management services. Margin improvement was largely attributable to
the strength in these seasonal operations. GAAP Operating Earnings
were $32.3 million, versus $27.5 million for the second quarter of
last year.
FirstService Brands revenues during the second
quarter grew to $203.5 million, up 21% relative to the prior year
period and including 6% organic growth together with contribution
from recent tuck-under acquisitions across our company-owned
operations. Adjusted EBITDA for the second quarter was $28.4
million, up from $26.7 million in the prior year period. Organic
growth during the quarter was strong at our California Closets and
Century Fire Protection company-owned operations and within our
franchised systems. Top-line growth and margins within the division
were tempered by weaker performance at our Paul Davis company-owned
operations relative to the prior year period. GAAP Operating
Earnings were $20.7 million, versus $19.1 million in the prior year
quarter.
Corporate costs, as presented in Adjusted
EBITDA, were $2.6 million in the second quarter, relative to $3.0
million in the prior year period. On a GAAP basis, corporate costs
for the quarter were $321.5 million, relative to $4.3 million in
the prior year period, with the increase primarily attributable to
the settlement of the LTIA with FirstService’s Founder and
Chairman.
Conference CallFirstService
will be holding a conference call on Wednesday, July 24, 2019 at
11:00 a.m. Eastern Time to discuss the quarter’s results. The
number to use for this call is toll-free 1) 1-888-241-0551 or 2)
647-427-3415 for international callers. 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.
Much of this information can be identified by words such as “expect
to,” “expected,” “will,” “estimated” or similar expressions
suggesting future outcomes or events. FirstService believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. 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
FirstService’s services and the cost of providing services; (ii)
the ability of FirstService to implement its business strategy,
including FirstService’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 FirstService’s annual
information form for the year ended December 31, 2018 under the
heading “Risk factors” (a copy of which may be obtained at
www.sedar.com) and Annual Report on Form 40-F filed with the United
States Securities and Exchange Commission (a copy of which may be
obtained at www.sec.gov), and subsequent filings (which factors are
adopted herein). Forward-looking statements contained in this press
release are made as of the date hereof and are subject to change.
All forward-looking statements in this press release are qualified
by these cautionary statements. Unless otherwise required by
applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events, results or circumstances or otherwise.
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; (vi) stock-based compensation expense;
and (vii) settlement of the LTIA. 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 |
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
(275,680 |
) |
|
$ |
29,894 |
|
|
$ |
(267,535 |
) |
|
$ |
38,829 |
|
| Income tax |
|
8,569 |
|
|
|
9,285 |
|
|
|
9,778 |
|
|
|
8,613 |
|
| Other income,
net |
|
(6,131 |
) |
|
|
(39 |
) |
|
|
(6,124 |
) |
|
|
(103 |
) |
| Interest expense,
net |
|
4,772 |
|
|
|
3,210 |
|
|
|
8,341 |
|
|
|
6,084 |
|
| Operating earnings
(loss) |
|
(268,470 |
) |
|
|
42,350 |
|
|
|
(255,540 |
) |
|
|
53,423 |
|
| Depreciation and
amortization |
|
14,165 |
|
|
|
12,903 |
|
|
|
26,852 |
|
|
|
24,686 |
|
| Settlement of
long-term incentive arrangement |
|
314,379 |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
|
Acquisition-related items |
|
3,202 |
|
|
|
548 |
|
|
|
3,880 |
|
|
|
1,109 |
|
| Stock-based
compensation expense |
|
1,755 |
|
|
|
1,317 |
|
|
|
4,610 |
|
|
|
3,314 |
|
| Adjusted
EBITDA |
$ |
65,031 |
|
|
$ |
57,118 |
|
|
$ |
94,181 |
|
|
$ |
82,532 |
|
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; (v) a
stock-based compensation tax adjustment related to a US GAAP
change; and (vi) settlement of the LTIA. 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 |
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
(275,680 |
) |
|
$ |
29,894 |
|
|
$ |
(267,535 |
) |
|
$ |
38,829 |
|
| Non-controlling
interest share of earnings |
|
(2,409 |
) |
|
|
(2,915 |
) |
|
|
(4,205 |
) |
|
|
(5,235 |
) |
| Settlement of
long-term incentive arrangement |
|
314,379 |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
|
Acquisition-related items |
|
3,202 |
|
|
|
548 |
|
|
|
3,880 |
|
|
|
1,109 |
|
| Amortization of
intangible assets |
|
4,899 |
|
|
|
4,736 |
|
|
|
9,206 |
|
|
|
8,650 |
|
| Stock-based
compensation expense |
|
1,755 |
|
|
|
1,317 |
|
|
|
4,610 |
|
|
|
3,314 |
|
| Stock-based
compensation tax adjustment for US GAAP change |
|
(1,510 |
) |
|
|
(622 |
) |
|
|
(2,854 |
) |
|
|
(3,037 |
) |
| Income tax on
adjustments |
|
(2,439 |
) |
|
|
(1,574 |
) |
|
|
(4,301 |
) |
|
|
(3,111 |
) |
| Non-controlling
interest on adjustments |
|
(80 |
) |
|
|
(145 |
) |
|
|
(168 |
) |
|
|
(255 |
) |
| Adjusted net
earnings |
$ |
42,117 |
|
|
$ |
31,239 |
|
|
$ |
53,012 |
|
|
$ |
40,264 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
Six months ended |
| (in US$) |
June 30 |
|
June 30 |
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net
earnings (loss) per share |
$ |
(7.40 |
) |
|
$ |
0.62 |
|
|
$ |
(7.59 |
) |
|
$ |
0.79 |
|
| Non-controlling
interest redemption increment |
|
0.03 |
|
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.13 |
|
| Settlement of
long-term incentive arrangement |
|
8.34 |
|
|
|
- |
|
|
|
8.62 |
|
|
|
- |
|
|
Acquisition-related items |
|
0.07 |
|
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.03 |
|
| Amortization of
intangible assets, net of tax |
|
0.09 |
|
|
|
0.09 |
|
|
|
0.18 |
|
|
|
0.17 |
|
| Stock-based
compensation expense, net of tax |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.06 |
|
| Stock-based
compensation tax adjustment for US GAAP change |
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
(0.08 |
) |
|
|
(0.08 |
) |
| Adjusted earnings
per share |
$ |
1.12 |
|
|
$ |
0.86 |
|
|
$ |
1.45 |
|
|
$ |
1.10 |
|
|
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) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
573,908 |
|
|
$ |
495,348 |
|
|
$ |
1,059,563 |
|
|
$ |
921,804 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
revenues |
|
|
388,656 |
|
|
|
331,445 |
|
|
|
729,354 |
|
|
|
629,969 |
|
| Selling, general
and administrative expenses |
|
|
121,976 |
|
|
|
108,102 |
|
|
|
240,638 |
|
|
|
212,617 |
|
| Depreciation |
|
|
9,266 |
|
|
|
8,167 |
|
|
|
17,646 |
|
|
|
16,036 |
|
| Amortization of
intangible assets |
|
|
4,899 |
|
|
|
4,736 |
|
|
|
9,206 |
|
|
|
8,650 |
|
| Settlement of
long-term incentive arrangement |
|
|
314,379 |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
|
Acquisition-related items (1) |
|
|
3,202 |
|
|
|
548 |
|
|
|
3,880 |
|
|
|
1,109 |
|
| Operating
earnings (loss) |
|
|
(268,470 |
) |
|
|
42,350 |
|
|
|
(255,540 |
) |
|
|
53,423 |
|
| Interest expense,
net |
|
|
4,772 |
|
|
|
3,210 |
|
|
|
8,341 |
|
|
|
6,084 |
|
| Other expense
(income) |
|
|
(6,131 |
) |
|
|
(39 |
) |
|
|
(6,124 |
) |
|
|
(103 |
) |
| Earnings (loss)
before income tax |
|
|
(267,111 |
) |
|
|
39,179 |
|
|
|
(257,757 |
) |
|
|
47,442 |
|
| Income tax |
|
|
8,569 |
|
|
|
9,285 |
|
|
|
9,778 |
|
|
|
8,613 |
|
| Net
earnings (loss) |
|
|
(275,680 |
) |
|
|
29,894 |
|
|
|
(267,535 |
) |
|
|
38,829 |
|
| Non-controlling
interest share of earnings |
|
|
2,409 |
|
|
|
2,915 |
|
|
|
4,205 |
|
|
|
5,235 |
|
| Non-controlling
interest redemption increment |
|
|
947 |
|
|
|
4,373 |
|
|
|
4,967 |
|
|
|
4,905 |
|
| Net
earnings (loss) attributable to Company |
|
$ |
(279,036 |
) |
|
$ |
22,606 |
|
|
$ |
(276,707 |
) |
|
$ |
28,689 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
(7.48 |
) |
|
$ |
0.63 |
|
|
$ |
(7.69 |
) |
|
$ |
0.80 |
|
| |
Diluted |
|
|
(7.48 |
) |
|
|
0.62 |
|
|
|
(7.69 |
) |
|
|
0.79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
earnings per share (2) |
|
$ |
1.12 |
|
|
$ |
0.86 |
|
|
$ |
1.45 |
|
|
$ |
1.10 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
37,284 |
|
|
|
35,936 |
|
|
|
36,002 |
|
|
|
35,929 |
|
| |
|
Diluted |
|
|
37,715 |
|
|
|
36,534 |
|
|
|
36,452 |
|
|
|
36,526 |
|
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, 2019 |
|
December 31, 2018 |
| |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
| Cash and cash
equivalents |
$ |
89,829 |
|
$ |
66,340 |
| Restricted
cash |
|
18,001 |
|
|
13,504 |
| Accounts
receivable |
|
383,707 |
|
|
239,925 |
| Prepaid and other
current assets |
|
136,042 |
|
|
95,303 |
| |
Current
assets |
|
627,579 |
|
|
415,072 |
| Other non-current
assets |
|
8,869 |
|
|
10,347 |
| Fixed assets |
|
119,914 |
|
|
98,102 |
| Operating lease
right-of-use assets |
|
122,866 |
|
|
- |
| Goodwill and
intangible assets |
|
1,005,445 |
|
|
483,953 |
| |
Total
assets |
$ |
1,884,673 |
|
$ |
1,007,474 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
| Accounts payable
and accrued liabilities |
$ |
276,176 |
|
$ |
174,281 |
| Other current
liabilities |
|
62,009 |
|
|
48,751 |
| Operating lease
liabilities - current |
|
31,967 |
|
|
- |
| Long-term debt -
current |
|
5,914 |
|
|
3,915 |
| |
Current
liabilities |
|
376,066 |
|
|
226,947 |
| Long-term debt -
non-current |
|
918,570 |
|
|
330,608 |
| Operating lease
liabilities - non-current |
|
99,027 |
|
|
- |
| Other
liabilities |
|
55,386 |
|
|
55,531 |
| Deferred income
tax |
|
68,421 |
|
|
6,577 |
| Redeemable
non-controlling interests |
|
153,390 |
|
|
151,585 |
| Shareholders'
equity |
|
213,813 |
|
|
236,226 |
| |
Total liabilities and
equity |
$ |
1,884,673 |
|
$ |
1,007,474 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
| Total debt |
$ |
924,484 |
|
$ |
334,523 |
| Total debt, net of
cash |
|
834,655 |
|
|
268,183 |
|
Consolidated Statements of Cash Flows |
| (in thousands of
US dollars) |
| |
|
|
|
Three months ended |
|
|
Six months ended |
| |
|
|
|
June 30 |
|
|
June 30 |
| (unaudited) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings
(loss) |
|
$ |
(275,680 |
) |
|
$ |
29,894 |
|
|
$ |
(267,535 |
) |
|
$ |
38,829 |
|
| Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
14,164 |
|
|
|
12,903 |
|
|
|
26,851 |
|
|
|
24,686 |
|
| |
Non-cash settlement of
long-term incentive arrangement |
|
|
289,721 |
|
|
|
- |
|
|
|
289,721 |
|
|
|
- |
|
| |
Deferred income tax |
|
|
992 |
|
|
|
38 |
|
|
|
1,465 |
|
|
|
346 |
|
| |
Other |
|
|
(4,192 |
) |
|
|
1,629 |
|
|
|
(1,058 |
) |
|
|
4,031 |
|
| |
|
|
|
25,005 |
|
|
|
44,464 |
|
|
|
49,444 |
|
|
|
67,892 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in
non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accounts receivable |
|
|
(27,828 |
) |
|
|
(16,259 |
) |
|
|
(19,228 |
) |
|
|
(12,181 |
) |
| |
Payables and accruals |
|
|
11,439 |
|
|
|
2,366 |
|
|
|
(4,922 |
) |
|
|
(12,504 |
) |
| |
Other |
|
|
10,212 |
|
|
|
8,701 |
|
|
|
19,092 |
|
|
|
4,367 |
|
| Net cash provided
by operating activities |
|
|
18,828 |
|
|
|
39,272 |
|
|
|
44,386 |
|
|
|
47,574 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition of
businesses, net of cash acquired |
|
|
(519,758 |
) |
|
|
(13,577 |
) |
|
|
(545,531 |
) |
|
|
(43,179 |
) |
| Disposition of
business, net of cash disposed |
|
|
13,030 |
|
|
|
- |
|
|
|
13,030 |
|
|
|
- |
|
| Purchases of fixed
assets |
|
|
(11,551 |
) |
|
|
(9,097 |
) |
|
|
(22,287 |
) |
|
|
(19,620 |
) |
| Other investing
activities |
|
|
3,188 |
|
|
|
(1,306 |
) |
|
|
859 |
|
|
|
(1,984 |
) |
| Net cash used in
investing activities |
|
|
(515,091 |
) |
|
|
(23,980 |
) |
|
|
(553,929 |
) |
|
|
(64,783 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase in
long-term debt, net |
|
|
543,216 |
|
|
|
(8,128 |
) |
|
|
588,879 |
|
|
|
42,086 |
|
| Purchases of
non-controlling interests, net |
|
|
(14,223 |
) |
|
|
(511 |
) |
|
|
(33,210 |
) |
|
|
(2,132 |
) |
| Financing fees
paid |
|
|
(3,428 |
) |
|
|
- |
|
|
|
(3,696 |
) |
|
|
- |
|
| Dividends paid to
common shareholders |
|
|
(5,418 |
) |
|
|
(4,849 |
) |
|
|
(10,275 |
) |
|
|
(9,249 |
) |
| Distributions paid
to non-controlling interests |
|
|
(3,075 |
) |
|
|
(2,751 |
) |
|
|
(4,269 |
) |
|
|
(4,342 |
) |
| Repurchases of
common shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,941 |
) |
| Other financing
activities |
|
|
2,260 |
|
|
|
893 |
|
|
|
411 |
|
|
|
(771 |
) |
| Net cash provided
by (used in) financing activities |
|
|
519,332 |
|
|
|
(15,346 |
) |
|
|
537,840 |
|
|
|
19,651 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of exchange
rate changes on cash |
|
|
(508 |
) |
|
|
(206 |
) |
|
|
(311 |
) |
|
|
(343 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Increase
(decrease) in cash, cash equivalents and restricted cash |
|
|
22,561 |
|
|
|
(260 |
) |
|
|
27,986 |
|
|
|
2,099 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash
equivalents and restricted cash, beginning of period |
|
|
85,269 |
|
|
|
69,253 |
|
|
|
79,844 |
|
|
|
66,894 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash
equivalents and restricted cash, end of period |
|
$ |
107,830 |
|
|
$ |
68,993 |
|
|
$ |
107,830 |
|
|
$ |
68,993 |
|
| Segmented
Results |
| (in thousands of
US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
FirstService |
|
FirstService |
|
|
|
|
| (unaudited) |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three
months ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
370,405 |
|
$ |
203,503 |
|
$ |
- |
|
|
$ |
573,908 |
|
| |
Adjusted
EBITDA |
|
39,177 |
|
|
28,431 |
|
|
(2,577 |
) |
|
|
65,031 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
32,278 |
|
|
20,705 |
|
|
(321,453 |
) |
|
|
(268,470 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
326,992 |
|
$ |
168,356 |
|
$ |
- |
|
|
$ |
495,348 |
|
| |
Adjusted EBITDA |
|
33,402 |
|
|
26,675 |
|
|
(2,959 |
) |
|
|
57,118 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating earnings |
|
27,498 |
|
|
19,145 |
|
|
(4,293 |
) |
|
|
42,350 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
FirstService |
|
FirstService |
|
|
|
|
| |
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Six months
ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
689,715 |
|
$ |
369,848 |
|
$ |
- |
|
|
$ |
1,059,563 |
|
| |
Adjusted
EBITDA |
|
60,996 |
|
|
39,459 |
|
|
(6,274 |
) |
|
|
94,181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
47,926 |
|
|
24,597 |
|
|
(328,063 |
) |
|
|
(255,540 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
611,127 |
|
$ |
310,677 |
|
$ |
- |
|
|
$ |
921,804 |
|
| |
Adjusted EBITDA |
|
50,878 |
|
|
37,838 |
|
|
(6,184 |
) |
|
|
82,532 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating earnings |
|
38,864 |
|
|
24,220 |
|
|
(9,661 |
) |
|
|
53,423 |
|
COMPANY CONTACTS:
D. Scott PattersonPresident &
CEO
Jeremy RakusinChief 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
