FirstService Corporation (TSX: FSV; NASDAQ: FSV) today announced
strong fourth quarter and full year results for the year ended
December 31, 2019. All amounts are in US dollars.
Revenues for the fourth quarter were $675.6
million, a 34% increase relative to the same quarter in the prior
year. Adjusted EBITDA (note 1) was $63.9 million, up 31%, and
Adjusted EPS (note 2) was $0.66, up 6% from the prior year quarter.
GAAP Operating Earnings were $31.4 million, relative to $28.8
million in the prior year period. GAAP diluted EPS was $0.13 per
share in the quarter, compared to $0.31 for the same quarter a year
ago.
For the year ended December 31, 2019, revenues
were $2.41 billion, a 25% increase relative to the prior year.
Adjusted EBITDA was $235.2 million, up 23%, and Adjusted EPS was
$3.00, up 15% versus the prior year of $2.61. FirstService’s GAAP
Operating Loss was $174.4 million in the current year period,
reflecting the settlement of the long-term incentive arrangement
(“LTIA”) with its Founder and Chairman in the amount of $314.4
million during the second quarter of 2019. GAAP Operating Earnings
were $127.6 million in the prior year period. The GAAP loss per
share for the year was $6.58, compared to GAAP earnings per share
of $1.80 in the prior year.
“We are pleased to close out 2019 with a strong
fourth quarter of financial results, following on the heels of
several other notable achievements throughout the year, including
our largest ever acquisition, Global Restoration,” said Scott
Patterson, Chief Executive Officer of FirstService. “Overall, our
businesses delivered solid organic growth and are well-positioned
in their respective markets in early 2020,” he concluded.
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 US$2.4 billion in annual
revenues and has approximately 24,000 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 $347.1
million for the fourth quarter, up 11% relative to $312.0 million
in the prior year quarter. The revenue increase was comprised of 7%
organic growth and the balance from recent acquisitions. Top-line
growth was strong across most regions and bolstered by ancillary
services. Adjusted EBITDA was $29.8 million, compared to $25.9
million reported in the prior year period, with a modest increase
in year-over-year margin. GAAP Operating Earnings were $23.3
million, versus $20.2 million for the fourth quarter of last
year.
FirstService Brands revenues totalled $328.5
million, up 72% versus $191.3 million in the prior year period. The
increase included 2% organic growth and significant contribution
from the large Global Restoration transaction which closed in the
second quarter of 2019, as well as other recent tuck-under
acquisitions. Organic growth for the quarter was driven primarily
by strong performance within our Century Fire Protection and
California Closets service lines, largely offset by a significant
year-over-year decline at our Paul Davis Restoration company-owned
operations due to softer weather-related activity levels. Adjusted
EBITDA for the quarter was $38.0 million, up 59% versus the prior
year quarter. GAAP Operating Earnings were $13.9 million, versus
$11.0 million in the prior year quarter. Margin decline was
principally driven by the lower activity levels and revenue at Paul
Davis, as well as the addition of Global Restoration, with its
lower margin profile than the overall FirstService Brands division,
to the current quarter results.
Corporate costs, as presented in Adjusted EBITDA
were $3.9 million in the fourth quarter, relative to $1.2 million
in the prior year period. On a GAAP basis, corporate costs for the
quarter were $5.8, relative to $2.4 million in the prior year
period. The year-over-year increase in the current quarter is due
to the positive impact of foreign exchange in the prior year
period.
Segmented Full Year
ResultsFirstService Residential revenues were $1.41
billion, up 13% relative to 2018, with the increase comprised of 7%
organic growth and the balance from recent tuck-under acquisitions.
Organic growth was primarily driven by strong sales resulting in
new contract wins throughout the year across most markets. Adjusted
EBITDA was $130.6 million, up 16% with modest margin improvement
versus the prior year. GAAP Operating Earnings were $104.7 million,
compared to $89.0 million in the prior year.
FirstService Brands revenues for the year
totalled $995.4 million, up 47% versus the prior year, comprised of
6% organic growth and the balance from recent acquisitions,
principally the large Global Restoration transaction. Organic
revenue growth was driven by double-digit year-over-year increases
at all of our service lines, with the exception of Paul Davis which
experienced milder weather patterns and lower activity levels
throughout 2019 compared to the prior year. Adjusted EBITDA for the
year was $118.3 million, up 34% relative to the prior year. GAAP
Operating Earnings were $60.6 million, versus $55.0 million a year
ago. The earnings margins in the division were negatively impacted
by the same factors cited for the fourth quarter, namely
acquisition mix from the addition of the lower margin Global
Restoration operations and the lower revenue performance at Paul
Davis Restoration.
Corporate costs, as presented in Adjusted
EBITDA, were $13.7 million for the full year, relative to $10.5
million in the prior year. On a GAAP basis, corporate costs were
$339.7 million, relative to $16.5 million a year ago, with the
increase primarily attributable to the settlement of the LTIA with
FirstService’s Founder and Chairman in the second quarter of
2019.
Conference Call &
PresentationFirstService will be holding a conference call
on Wednesday, February 5, 2020 at 11:00 a.m. Eastern Time to
discuss the results for the fourth quarter and full year. 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 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.
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. 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 |
|
|
2019 |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
13,568 |
|
$ |
19,787 |
|
|
$ |
(227,631 |
) |
|
$ |
90,280 |
|
Income tax |
|
6,497 |
|
|
5,801 |
|
|
|
27,147 |
|
|
|
24,922 |
|
Other expense
(income) |
|
338 |
|
|
(176 |
) |
|
|
(6,015 |
) |
|
|
(254 |
) |
Interest expense,
net |
|
11,020 |
|
|
3,435 |
|
|
|
32,080 |
|
|
|
12,620 |
|
Operating earnings
(loss) |
|
31,423 |
|
|
28,847 |
|
|
|
(174,419 |
) |
|
|
127,568 |
|
Depreciation and
amortization |
|
28,524 |
|
|
15,809 |
|
|
|
79,557 |
|
|
|
52,772 |
|
Settlement of
long-term incentive arrangement |
|
- |
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items |
|
2,166 |
|
|
2,777 |
|
|
|
7,539 |
|
|
|
4,504 |
|
Stock-based
compensation expense |
|
1,744 |
|
|
1,220 |
|
|
|
8,126 |
|
|
|
5,767 |
|
Adjusted
EBITDA |
$ |
63,857 |
|
$ |
48,653 |
|
|
$ |
235,182 |
|
|
$ |
190,611 |
|
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
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) a stock-based compensation tax adjustment
related to a US GAAP change; and (vi) settlement of the LTIA. 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 per common share to Adjusted EPS appears below.
|
|
Three months ended |
|
Twelve months ended |
(in thousands of
US$) |
December 31 |
|
December 31 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
13,568 |
|
|
$ |
19,787 |
|
|
$ |
(227,631 |
) |
|
$ |
90,280 |
|
Non-controlling
interest share of earnings |
|
(1,612 |
) |
|
|
(2,292 |
) |
|
|
(7,874 |
) |
|
|
(11,180 |
) |
Settlement of
long-term incentive arrangement |
|
- |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items |
|
2,166 |
|
|
|
2,777 |
|
|
|
7,539 |
|
|
|
4,504 |
|
Amortization of
intangible assets |
|
16,463 |
|
|
|
4,522 |
|
|
|
38,698 |
|
|
|
17,515 |
|
Stock-based
compensation expense |
|
1,744 |
|
|
|
1,220 |
|
|
|
8,126 |
|
|
|
5,767 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
- |
|
|
|
(769 |
) |
|
|
(2,854 |
) |
|
|
(3,893 |
) |
Income tax on
adjustments |
|
(5,321 |
) |
|
|
(2,459 |
) |
|
|
(13,470 |
) |
|
|
(7,020 |
) |
Non-controlling
interest on adjustments |
|
(492 |
) |
|
|
(199 |
) |
|
|
(1,034 |
) |
|
|
(586 |
) |
Adjusted net
earnings |
$ |
26,516 |
|
|
$ |
22,587 |
|
|
$ |
115,879 |
|
|
$ |
95,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(in US$) |
December 31 |
|
December 31 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per share |
$ |
0.13 |
|
|
$ |
0.31 |
|
|
$ |
(6.51 |
) |
|
$ |
1.80 |
|
Non-controlling
interest redemption increment |
|
0.17 |
|
|
|
0.17 |
|
|
|
0.42 |
|
|
|
0.36 |
|
Settlement of
long-term incentive arrangement |
|
- |
|
|
|
- |
|
|
|
8.13 |
|
|
|
- |
|
Acquisition-related items |
|
0.04 |
|
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.09 |
|
Amortization of
intangible assets, net of tax |
|
0.29 |
|
|
|
0.09 |
|
|
|
0.72 |
|
|
|
0.35 |
|
Stock-based
compensation expense, net of tax |
|
0.03 |
|
|
|
0.02 |
|
|
|
0.15 |
|
|
|
0.12 |
|
Stock-based
compensation tax adjustment for US GAAP change |
|
- |
|
|
|
(0.02 |
) |
|
|
(0.07 |
) |
|
|
(0.11 |
) |
Adjusted earnings
per share |
$ |
0.66 |
|
|
$ |
0.62 |
|
|
$ |
3.00 |
|
|
$ |
2.61 |
|
FIRSTSERVICE CORPORATION |
Operating
Results |
(in thousands of
US$, except per share amounts) |
|
|
|
|
Three months |
|
|
Twelve months |
|
|
|
|
ended December 31 |
|
|
ended December 31 |
|
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
675,594 |
|
$ |
503,313 |
|
|
$ |
2,407,410 |
|
|
$ |
1,931,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
453,072 |
|
|
347,257 |
|
|
|
1,634,097 |
|
|
|
1,320,252 |
|
Selling, general
and administrative expenses |
|
|
160,409 |
|
|
108,623 |
|
|
|
546,257 |
|
|
|
426,377 |
|
Depreciation |
|
|
12,061 |
|
|
11,287 |
|
|
|
40,859 |
|
|
|
35,257 |
|
Amortization of
intangible assets |
|
|
16,463 |
|
|
4,522 |
|
|
|
38,698 |
|
|
|
17,515 |
|
Settlement of
long-term incentive arrangement |
|
|
- |
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items (1) |
|
|
2,166 |
|
|
2,777 |
|
|
|
7,539 |
|
|
|
4,504 |
|
Operating
earnings (loss) |
|
|
31,423 |
|
|
28,847 |
|
|
|
(174,419 |
) |
|
|
127,568 |
|
Interest expense,
net |
|
|
11,020 |
|
|
3,435 |
|
|
|
32,080 |
|
|
|
12,620 |
|
Other expense
(income) |
|
|
338 |
|
|
(176 |
) |
|
|
(6,015 |
) |
|
|
(254 |
) |
Earnings (loss)
before income tax |
|
|
20,065 |
|
|
25,588 |
|
|
|
(200,484 |
) |
|
|
115,202 |
|
Income tax |
|
|
6,497 |
|
|
5,801 |
|
|
|
27,147 |
|
|
|
24,922 |
|
Net
earnings (loss) |
|
|
13,568 |
|
|
19,787 |
|
|
|
(227,631 |
) |
|
|
90,280 |
|
Non-controlling
interest share of earnings |
|
|
1,612 |
|
|
2,292 |
|
|
|
7,874 |
|
|
|
11,180 |
|
Non-controlling
interest redemption increment |
|
|
6,719 |
|
|
6,158 |
|
|
|
16,105 |
|
|
|
13,235 |
|
Net
earnings (loss) attributable to Company |
|
$ |
5,237 |
|
$ |
11,337 |
|
|
$ |
(251,610 |
) |
|
$ |
65,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
$ |
0.32 |
|
|
$ |
(6.58 |
) |
|
$ |
1.83 |
|
|
Diluted |
|
|
0.13 |
|
|
0.31 |
|
|
|
(6.58 |
) |
|
|
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share (2) |
|
$ |
0.66 |
|
$ |
0.62 |
|
|
$ |
3.00 |
|
|
$ |
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
39,750 |
|
|
35,989 |
|
|
|
38,225 |
|
|
|
35,952 |
|
|
Diluted |
|
|
40,141 |
|
|
36,587 |
|
|
|
38,662 |
|
|
|
36,571 |
|
(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$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash
equivalents |
$ |
121,198 |
|
$ |
66,340 |
Restricted
cash |
|
13,093 |
|
|
13,504 |
Accounts
receivable |
|
393,730 |
|
|
239,925 |
Other current
assets |
|
140,115 |
|
|
95,303 |
|
Current
assets |
|
668,136 |
|
|
415,072 |
Other non-current
assets |
|
10,412 |
|
|
10,347 |
Fixed assets |
|
131,545 |
|
|
98,102 |
Operating lease
right-of-use assets |
|
132,893 |
|
|
- |
Goodwill and
intangible assets |
|
1,011,071 |
|
|
483,953 |
|
Total
assets |
$ |
1,954,057 |
|
$ |
1,007,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
Accounts payable
and accrued liabilities |
$ |
241,671 |
|
$ |
174,281 |
Other current
liabilities |
|
80,369 |
|
|
48,751 |
Operating lease
liabilities - current |
|
30,622 |
|
|
- |
Long-term debt -
current |
|
5,545 |
|
|
3,915 |
|
Current
liabilities |
|
358,207 |
|
|
226,947 |
Long-term debt -
non-current |
|
761,078 |
|
|
330,608 |
Operating lease
liabilities - non-current |
|
111,247 |
|
|
- |
Other
liabilities |
|
66,150 |
|
|
55,531 |
Deferred income
tax |
|
56,826 |
|
|
6,577 |
Redeemable
non-controlling interests |
|
174,662 |
|
|
151,585 |
Shareholders'
equity |
|
425,887 |
|
|
236,226 |
|
Total liabilities and
equity |
$ |
1,954,057 |
|
$ |
1,007,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
Total debt |
$ |
766,623 |
|
$ |
334,523 |
Total debt, net of
cash |
|
645,425 |
|
|
268,183 |
Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
(in thousands of
US$) |
|
|
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
|
December 31 |
|
|
December 31 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
13,568 |
|
|
$ |
19,787 |
|
|
$ |
(227,631 |
) |
|
$ |
90,280 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
28,524 |
|
|
|
15,809 |
|
|
|
79,557 |
|
|
|
52,772 |
|
|
Settlement of long-term
incentive arrangement |
|
|
- |
|
|
|
- |
|
|
|
289,721 |
|
|
|
- |
|
|
Deferred income tax |
|
|
(10,431 |
) |
|
|
1,603 |
|
|
|
(8,988 |
) |
|
|
1,989 |
|
|
Other |
|
|
1,258 |
|
|
|
297 |
|
|
|
2,258 |
|
|
|
5,837 |
|
|
|
|
|
32,919 |
|
|
|
37,496 |
|
|
|
134,917 |
|
|
|
150,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and liabilities |
|
|
10,268 |
|
|
|
(19,424 |
) |
|
|
(27,109 |
) |
|
|
(51,417 |
) |
Net cash provided
by operating activities |
|
|
43,187 |
|
|
|
18,072 |
|
|
|
107,808 |
|
|
|
99,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
|
(24,747 |
) |
|
|
(6,916 |
) |
|
|
(579,863 |
) |
|
|
(59,444 |
) |
Disposal of
business, net of cash disposed |
|
|
- |
|
|
|
- |
|
|
|
13,030 |
|
|
|
- |
|
Purchases of fixed
assets |
|
|
(12,520 |
) |
|
|
(10,864 |
) |
|
|
(46,628 |
) |
|
|
(40,597 |
) |
Other investing
activities |
|
|
(1,639 |
) |
|
|
(1,178 |
) |
|
|
(1,504 |
) |
|
|
(6,158 |
) |
Net cash used in
investing activities |
|
|
(38,906 |
) |
|
|
(18,958 |
) |
|
|
(614,965 |
) |
|
|
(106,199 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in long-term debt, net |
|
|
(182,606 |
) |
|
|
4,207 |
|
|
|
429,859 |
|
|
|
62,288 |
|
Proceeds received
on common share issuance |
|
|
191,737 |
|
|
|
- |
|
|
|
191,737 |
|
|
|
- |
|
Sale (purchases)
of non-controlling interests, net |
|
|
2,761 |
|
|
|
(468 |
) |
|
|
(30,648 |
) |
|
|
(2,400 |
) |
Dividends paid to
common shareholders |
|
|
(5,886 |
) |
|
|
(4,856 |
) |
|
|
(22,044 |
) |
|
|
(18,780 |
) |
Repurchases of
common shares |
|
|
- |
|
|
|
(3,057 |
) |
|
|
- |
|
|
|
(8,998 |
) |
Distributions paid
to non-controlling interests |
|
|
- |
|
|
|
(1,105 |
) |
|
|
(5,725 |
) |
|
|
(6,913 |
) |
Other financing
activities |
|
|
1,415 |
|
|
|
(1,856 |
) |
|
|
(2,037 |
) |
|
|
(4,755 |
) |
Net cash provided
by (used in) financing activities |
|
|
7,421 |
|
|
|
(7,135 |
) |
|
|
561,142 |
|
|
|
20,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
|
|
187 |
|
|
|
(500 |
) |
|
|
462 |
|
|
|
(754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted cash |
|
|
11,889 |
|
|
|
(8,521 |
) |
|
|
54,447 |
|
|
|
12,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, beginning of period |
|
|
122,402 |
|
|
|
88,365 |
|
|
|
79,844 |
|
|
|
66,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of period |
|
$ |
134,291 |
|
|
$ |
79,844 |
|
|
$ |
134,291 |
|
|
$ |
79,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented
Results |
(in thousands of
US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
347,087 |
|
$ |
328,507 |
|
$ |
- |
|
|
$ |
675,594 |
|
|
Adjusted
EBITDA |
|
29,800 |
|
|
38,001 |
|
|
(3,944 |
) |
|
|
63,857 |
|
|
Operating
earnings |
|
23,309 |
|
|
13,927 |
|
|
(5,813 |
) |
|
|
31,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
312,001 |
|
$ |
191,312 |
|
$ |
- |
|
|
$ |
503,313 |
|
|
Adjusted EBITDA |
|
25,931 |
|
|
23,897 |
|
|
(1,175 |
) |
|
|
48,653 |
|
|
Operating earnings |
|
20,234 |
|
|
11,019 |
|
|
(2,406 |
) |
|
|
28,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,411,998 |
|
$ |
995,412 |
|
$ |
- |
|
|
$ |
2,407,410 |
|
|
Adjusted
EBITDA |
|
130,583 |
|
|
118,298 |
|
|
(13,699 |
) |
|
|
235,182 |
|
|
Operating earnings
(loss) |
|
104,706 |
|
|
60,586 |
|
|
(339,711 |
) |
|
|
(174,419 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,254,840 |
|
$ |
676,633 |
|
$ |
- |
|
|
$ |
1,931,473 |
|
|
Adjusted EBITDA |
|
112,753 |
|
|
88,368 |
|
|
(10,510 |
) |
|
|
190,611 |
|
|
Operating earnings |
|
89,043 |
|
|
54,988 |
|
|
(16,463 |
) |
|
|
127,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY CONTACTS:
D. Scott
PattersonPresident & CEO
Jeremy RakusinChief
Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
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