FirstService Corporation (TSX: FSV; NASDAQ: FSV) today announced
strong fourth quarter and full year results for the year ended
December 31, 2021. All amounts are in US dollars.
Revenues for the fourth quarter were $856.9
million, an 11% increase relative to the same quarter in the prior
year. Adjusted EBITDA (note 1) was $83.5 million, up 5%, and
Adjusted EPS (note 2) was $1.21, up 19% from the prior year
quarter. GAAP Operating Earnings were $44.9 million, relative to
$49.4 million in the prior year period. GAAP diluted EPS was $0.70
per share in the quarter, compared to $0.50 for the same quarter a
year ago.
For the year ended December 31, 2021, revenues
were $3.25 billion, a 17% increase relative to the prior year,
including 10% consolidated organic growth. Adjusted EBITDA was
$327.4 million, up 15%, and Adjusted EPS was $4.57, up 32% versus
the prior year of $3.46. GAAP Operating Earnings were $201.6
million, versus $169.4 million in the prior year period. GAAP
earnings per share was $3.05, compared to $2.02 in the prior
year.
“We are pleased to have delivered another year
of very strong organic and overall revenue growth with all of our
businesses demonstrating their ability to win market share, despite
a challenging labour environment,” said Scott Patterson, Chief
Executive Officer of FirstService. “Our focus during the coming
year is to further strengthen our teams and increase capacity to
meet robust demand for our services. The continued strength in our
end market fundamentals, together with the recent addition of
strategic tuck-under acquisitions, provide us with confidence in
our top-line growth outlook for 2022,” 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 more than
US$3.2 billion in annual revenues and has approximately 25,000
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”, and are included in the S&P/TSX 60 Index. More
information is available at www.firstservice.com.
Segmented Fourth Quarter
ResultsFirstService Residential revenues totalled $405.7
million for the fourth quarter, up 12% relative to the prior year
quarter, including 5% organic growth and the remaining contribution
from recent tuck-under acquisitions. Organic growth was driven by
an increase in our sited labour revenue across all markets.
Adjusted EBITDA was $35.7 million, compared to $35.5 million
reported in the prior year period. GAAP Operating Earnings were
$25.7 million, versus $28.0 million for the fourth quarter of last
year. Operating margins declined in the quarter due to increased
wage inflation across our operations and a decrease in higher
margin ancillary revenue compared to the significant performance in
the prior year fourth quarter.
FirstService Brands revenues totalled $451.3
million, up 9% versus $412.5 million in the prior year period. The
increase included 2% organic growth, with the balance from recent
tuck-under acquisitions. Organic growth for the quarter included
significant strength across our home improvement service lines,
largely offset by our restoration operations, which delivered
fourth quarter revenues in line with the prior year and a modest
decline on an organic basis due to stronger weather-related and
large loss claims activity in the prior year period. Adjusted
EBITDA for the quarter was $53.3 million, up 10% versus the prior
year quarter. GAAP Operating Earnings were $28.3 million, versus
$28.1 million in the prior year quarter. The division EBITDA margin
was relatively in line with the prior year quarter, while the
operating earnings margin declined year-over-year due to increased
intangible asset amortization arising from recent acquisitions.
Corporate costs, as presented in Adjusted EBITDA
were $5.5 million in the fourth quarter, relative to $4.2 million
in the prior year period. On a GAAP basis, corporate costs for the
quarter were $9.1 million, relative to $6.6 million in the prior
year period.
Segmented Full Year
ResultsFirstService Residential revenues were $1.59
billion, up 12% relative to 2020, with the increase comprised of 8%
organic growth and the balance from acquisitions. Organic growth
was primarily driven by labour-related services compared to the
prior year period. Adjusted EBITDA was $156.7 million, up 13%
versus the prior year. GAAP Operating Earnings were $127.3 million,
compared to $112.6 million in the prior year.
FirstService Brands revenues for the year
totalled $1.66 billion, up 23% versus the prior year, comprised of
13% organic growth and the balance from tuck-under acquisitions.
Organic revenue growth was broad-based across the division and
included double-digit organic growth in our restoration and home
improvement operations. Adjusted EBITDA for the year was $187.9
million, up 21% relative to the prior year. GAAP Operating Earnings
were $106.6 million, versus $78.8 million a year ago.
Corporate costs, as presented in Adjusted
EBITDA, were $17.2 million for the full year, relative to $9.8
million in the prior year, with the increase primarily attributable
to higher compensation expense versus 2020 when significant
COVID-related cost reductions were incurred, as well as the impact
of foreign exchange. On a GAAP basis, corporate costs were $32.2
million, relative to $21.9 million a year ago.
Conference Call &
PresentationFirstService will be holding a conference call
on Tuesday, February 15, 2022 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, 2020 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.
COMPANY CONTACTS:
D. Scott
PattersonPresident & CEO
Jeremy RakusinChief
Financial Officer
(416) 960-9566
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 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
35,395 |
|
|
$ |
32,927 |
|
|
$ |
156,130 |
|
|
$ |
109,590 |
|
Income tax |
|
13,554 |
|
|
|
11,747 |
|
|
|
52,875 |
|
|
|
35,865 |
|
Other expense (income) |
|
(8,104 |
) |
|
|
284 |
|
|
|
(23,399 |
) |
|
|
(361 |
) |
Interest expense, net |
|
4,005 |
|
|
|
4,437 |
|
|
|
16,036 |
|
|
|
24,318 |
|
Operating earnings |
|
44,850 |
|
|
|
49,395 |
|
|
|
201,642 |
|
|
|
169,412 |
|
Depreciation and
amortization |
|
28,089 |
|
|
|
25,203 |
|
|
|
98,965 |
|
|
|
98,382 |
|
Acquisition-related items |
|
7,077 |
|
|
|
2,548 |
|
|
|
12,023 |
|
|
|
4,300 |
|
Stock-based compensation
expense |
|
3,516 |
|
|
|
2,748 |
|
|
|
14,746 |
|
|
|
11,628 |
|
Adjusted EBITDA |
$ |
83,532 |
|
|
$ |
79,894 |
|
|
$ |
327,376 |
|
|
$ |
283,722 |
|
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; 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 per common share to Adjusted
EPS appears below.
|
Three months ended |
|
Twelve months ended |
(in thousands of US$) |
December 31 |
|
December 31 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
35,395 |
|
|
$ |
32,927 |
|
|
$ |
156,130 |
|
|
$ |
109,590 |
|
Non-controlling interest share
of earnings |
|
(495 |
) |
|
|
(513 |
) |
|
|
(7,422 |
) |
|
|
(6,354 |
) |
Acquisition-related items |
|
7,077 |
|
|
|
2,548 |
|
|
|
12,023 |
|
|
|
4,300 |
|
Amortization of intangible
assets |
|
12,904 |
|
|
|
11,048 |
|
|
|
43,891 |
|
|
|
46,464 |
|
Stock-based compensation
expense |
|
3,516 |
|
|
|
2,748 |
|
|
|
14,746 |
|
|
|
11,628 |
|
Income tax on adjustments |
|
(4,269 |
) |
|
|
(3,587 |
) |
|
|
(15,246 |
) |
|
|
(15,104 |
) |
Non-controlling interest on
adjustments |
|
(369 |
) |
|
|
(304 |
) |
|
|
(1,125 |
) |
|
|
(1,127 |
) |
Adjusted net earnings |
$ |
53,759 |
|
|
$ |
44,867 |
|
|
$ |
202,997 |
|
|
$ |
149,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
(in US$) |
December 31 |
|
December 31 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings per
share |
$ |
0.70 |
|
|
$ |
0.50 |
|
|
$ |
3.05 |
|
|
$ |
2.02 |
|
Non-controlling interest
redemption increment |
|
0.09 |
|
|
|
0.24 |
|
|
|
0.30 |
|
|
|
0.37 |
|
Acquisition-related items |
|
0.15 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.10 |
|
Amortization of intangible
assets, net of tax |
|
0.21 |
|
|
|
0.18 |
|
|
|
0.71 |
|
|
|
0.77 |
|
Stock-based compensation
expense, net of tax |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.25 |
|
|
|
0.20 |
|
Adjusted earnings per
share |
$ |
1.21 |
|
|
$ |
1.02 |
|
|
$ |
4.57 |
|
|
$ |
3.46 |
|
FIRSTSERVICE CORPORATIONOperating
Results(in thousands of US$, except per share amounts)
|
Three months |
|
Twelve months |
|
ended December 31 |
|
ended December 31 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
856,945 |
|
|
$ |
775,055 |
|
|
$ |
3,249,072 |
|
|
$ |
2,772,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
578,043 |
|
|
|
528,272 |
|
|
|
2,202,840 |
|
|
|
1,871,798 |
|
Selling, general and
administrative expenses |
|
198,886 |
|
|
|
169,637 |
|
|
|
733,602 |
|
|
|
628,523 |
|
Depreciation |
|
15,185 |
|
|
|
14,155 |
|
|
|
55,074 |
|
|
|
51,918 |
|
Amortization of intangible
assets |
|
12,904 |
|
|
|
11,048 |
|
|
|
43,891 |
|
|
|
46,464 |
|
Acquisition-related items
(1) |
|
7,077 |
|
|
|
2,548 |
|
|
|
12,023 |
|
|
|
4,300 |
|
Operating
earnings |
|
44,850 |
|
|
|
49,395 |
|
|
|
201,642 |
|
|
|
169,412 |
|
Interest expense, net |
|
4,005 |
|
|
|
4,437 |
|
|
|
16,036 |
|
|
|
24,318 |
|
Other expense (income)
(2) |
|
(8,104 |
) |
|
|
284 |
|
|
|
(23,399 |
) |
|
|
(361 |
) |
Earnings before income
tax |
|
48,949 |
|
|
|
44,674 |
|
|
|
209,005 |
|
|
|
145,455 |
|
Income tax |
|
13,554 |
|
|
|
11,747 |
|
|
|
52,875 |
|
|
|
35,865 |
|
Net
earnings |
|
35,395 |
|
|
|
32,927 |
|
|
|
156,130 |
|
|
|
109,590 |
|
Non-controlling interest share
of earnings |
|
495 |
|
|
|
513 |
|
|
|
7,422 |
|
|
|
6,354 |
|
Non-controlling interest
redemption increment |
|
3,893 |
|
|
|
10,389 |
|
|
|
13,496 |
|
|
|
15,977 |
|
Net earnings
attributable to Company |
$ |
31,007 |
|
|
$ |
22,025 |
|
|
$ |
135,212 |
|
|
$ |
87,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.71 |
|
|
$ |
0.51 |
|
|
$ |
3.08 |
|
|
$ |
2.04 |
|
Diluted |
|
0.70 |
|
|
|
0.50 |
|
|
|
3.05 |
|
|
|
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share (3) |
$ |
1.21 |
|
|
$ |
1.02 |
|
|
$ |
4.57 |
|
|
$ |
3.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
(thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
43,969 |
|
|
|
43,577 |
|
|
|
43,841 |
|
|
|
42,756 |
|
Diluted |
|
44,576 |
|
|
|
44,091 |
|
|
|
44,401 |
|
|
|
43,184 |
|
(1) |
Acquisition-related items include transaction costs, and contingent
acquisition consideration fair value adjustments. |
(2) |
Other income includes a $12.5 million pre-tax gain from the
divestiture of a small, non-core operation in the FirstService
Residential segment. Also included in other income is a pre-tax
gain of $7.3 million from the sale of a building in South
Florida. |
(3) |
See definition and reconciliation above. |
|
|
Condensed Consolidated Balance
Sheets(in thousands of US$)
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
165,665 |
|
$ |
184,295 |
|
Restricted
cash |
|
28,606 |
|
|
24,643 |
|
Accounts
receivable |
|
551,564 |
|
|
418,890 |
|
Other current
assets |
|
218,825 |
|
|
191,488 |
|
|
Current
assets |
|
964,660 |
|
|
819,316 |
|
Other non-current
assets |
|
21,098 |
|
|
14,970 |
|
Fixed assets |
|
138,066 |
|
|
126,569 |
|
Operating lease
right-of-use assets |
|
159,730 |
|
|
153,185 |
|
Goodwill and
intangible assets |
|
1,225,469 |
|
|
1,082,500 |
|
|
Total
assets |
$ |
2,509,023 |
|
$ |
2,196,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
Accounts payable
and accrued liabilities |
$ |
386,529 |
|
$ |
349,692 |
|
Other current
liabilities |
|
126,460 |
|
|
102,266 |
|
Operating lease
liabilities - current |
|
48,047 |
|
|
35,315 |
|
Long-term debt -
current |
|
57,436 |
|
|
56,478 |
|
|
Current
liabilities |
|
618,472 |
|
|
543,751 |
|
Long-term debt -
non-current |
|
595,368 |
|
|
533,126 |
|
Operating lease
liabilities - non-current |
|
122,337 |
|
|
128,793 |
|
Other
liabilities |
|
111,919 |
|
|
96,093 |
|
Deferred income
tax |
|
42,070 |
|
|
41,345 |
|
Redeemable
non-controlling interests |
|
219,135 |
|
|
193,034 |
|
Shareholders'
equity |
|
799,722 |
|
|
660,398 |
|
|
Total
liabilities and equity |
$ |
2,509,023 |
|
$ |
2,196,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
|
Total debt |
$ |
652,804 |
|
$ |
589,604 |
|
Total debt, net
of cash |
|
487,139 |
|
|
405,309 |
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows(in thousands of US$)
|
|
Three months ended |
|
Twelve months ended |
|
|
December 31 |
|
December 31 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
35,395 |
|
|
$ |
32,927 |
|
|
$ |
156,130 |
|
|
$ |
109,590 |
|
Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
28,089 |
|
|
|
25,203 |
|
|
|
98,965 |
|
|
|
98,382 |
|
|
Deferred income
tax |
|
109 |
|
|
|
(11,715 |
) |
|
|
(2,616 |
) |
|
|
(18,054 |
) |
|
Other |
|
2,182 |
|
|
|
4,152 |
|
|
|
6,182 |
|
|
|
12,307 |
|
|
|
|
65,775 |
|
|
|
50,567 |
|
|
|
258,661 |
|
|
|
202,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(7,122 |
) |
|
|
3,399 |
|
|
|
(86,943 |
) |
|
|
8,908 |
|
|
Payables and
accruals |
|
(16,522 |
) |
|
|
37,992 |
|
|
|
(2,817 |
) |
|
|
90,622 |
|
|
Other |
|
3,147 |
|
|
|
4,847 |
|
|
|
11,641 |
|
|
|
(9,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
acquisition consideration paid |
|
(13,273 |
) |
|
|
- |
|
|
|
(13,273 |
) |
|
|
- |
|
Net cash provided
by operating activities |
|
32,005 |
|
|
|
96,805 |
|
|
|
167,269 |
|
|
|
291,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses, net of cash acquired |
|
(77,210 |
) |
|
|
(34,052 |
) |
|
|
(163,221 |
) |
|
|
(98,559 |
) |
Disposal of
business, net of cash disposed |
|
- |
|
|
|
- |
|
|
|
15,780 |
|
|
|
- |
|
Purchases of fixed
assets |
|
(15,856 |
) |
|
|
(8,514 |
) |
|
|
(58,204 |
) |
|
|
(39,415 |
) |
Other investing
activities |
|
5,437 |
|
|
|
(2,958 |
) |
|
|
(675 |
) |
|
|
(4,288 |
) |
Net cash used in
investing activities |
|
(87,629 |
) |
|
|
(45,524 |
) |
|
|
(206,320 |
) |
|
|
(142,262 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in long-term debt, net |
|
86,885 |
|
|
|
(15,500 |
) |
|
|
62,058 |
|
|
|
(179,287 |
) |
Proceeds received
on common share issuance |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
150,008 |
|
Purchases of
non-controlling interests, net |
|
(834 |
) |
|
|
(1,441 |
) |
|
|
(6,510 |
) |
|
|
(20,231 |
) |
Dividends paid to
common shareholders |
|
(8,017 |
) |
|
|
(7,189 |
) |
|
|
(31,207 |
) |
|
|
(27,448 |
) |
Distributions paid
to non-controlling interests |
|
- |
|
|
|
- |
|
|
|
(9,241 |
) |
|
|
(5,084 |
) |
Other financing
activities |
|
(213 |
) |
|
|
(1,303 |
) |
|
|
9,331 |
|
|
|
6,846 |
|
Net cash provided
by (used in) financing activities |
|
77,821 |
|
|
|
(25,433 |
) |
|
|
24,431 |
|
|
|
(75,196 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash |
|
(49 |
) |
|
|
725 |
|
|
|
(47 |
) |
|
|
340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash,
cash equivalents and restricted cash |
|
22,148 |
|
|
|
26,573 |
|
|
|
(14,667 |
) |
|
|
74,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, start of period |
|
172,123 |
|
|
|
182,365 |
|
|
|
208,938 |
|
|
|
134,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of period |
$ |
194,271 |
|
|
$ |
208,938 |
|
|
$ |
194,271 |
|
|
$ |
208,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented Results(in thousands of US$)
|
|
FirstService |
|
|
FirstService |
|
|
|
|
|
|
|
|
Residential |
|
|
Brands |
|
|
Corporate |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
405,661 |
|
|
$ |
451,284 |
|
|
$ |
- |
|
|
$ |
856,945 |
|
|
Adjusted
EBITDA |
|
35,734 |
|
|
|
53,295 |
|
|
|
(5,497 |
) |
|
|
83,532 |
|
|
Operating
earnings |
|
25,651 |
|
|
|
28,250 |
|
|
|
(9,051 |
) |
|
|
44,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
362,549 |
|
|
$ |
412,506 |
|
|
$ |
- |
|
|
$ |
775,055 |
|
|
Adjusted
EBITDA |
|
35,484 |
|
|
|
48,632 |
|
|
|
(4,222 |
) |
|
|
79,894 |
|
|
Operating
earnings |
|
27,951 |
|
|
|
28,064 |
|
|
|
(6,620 |
) |
|
|
49,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
|
FirstService |
|
|
|
|
|
|
|
|
|
Residential |
|
|
Brands |
|
|
Corporate |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,585,431 |
|
|
$ |
1,663,641 |
|
|
$ |
- |
|
|
$ |
3,249,072 |
|
|
Adjusted
EBITDA |
|
156,718 |
|
|
|
187,882 |
|
|
|
(17,224 |
) |
|
|
327,376 |
|
|
Operating
earnings |
|
127,297 |
|
|
|
106,579 |
|
|
|
(32,234 |
) |
|
|
201,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,415,121 |
|
|
$ |
1,357,294 |
|
|
$ |
- |
|
|
$ |
2,772,415 |
|
|
Adjusted
EBITDA |
|
138,424 |
|
|
|
155,100 |
|
|
|
(9,802 |
) |
|
|
283,722 |
|
|
Operating
earnings |
|
112,555 |
|
|
|
78,786 |
|
|
|
(21,929 |
) |
|
|
169,412 |
|
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024