FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported
results for its second quarter ended June 30, 2022. All amounts are
in US dollars.
Consolidated revenues for the second quarter
were $930.7 million, a 12% increase relative to the same
quarter in the prior year, including 6% organic growth. Adjusted
EBITDA (note 1) increased 2% to $91.3 million, and Adjusted
EPS (note 2) was $1.12, compared to $1.21 in the prior year
quarter. During the second quarter, FirstService reported GAAP
Operating Earnings of $59.8 million, down from
$61.4 million in the prior year period. The GAAP diluted
earnings per share was $0.78 in the quarter, compared to $0.83 for
the same quarter a year ago.
For the six months ended June 30, 2022,
consolidated revenues were $1.77 billion, a 14% increase
relative to the comparable prior year period, Adjusted EBITDA was
$153.7 million, up 3%, and Adjusted EPS was $1.85, in line
with $1.87 in the prior year period. FirstService’s GAAP Operating
Earnings were $88.9 million in the current year period, versus
$95.3 million in the prior year. The GAAP diluted earnings per
share for the six months year-to-date was $1.09, compared to $1.32
in the prior year period.
“We are pleased to have delivered another
quarter of balanced, double-digit top-line growth across both of
our divisions,” said Scott Patterson, Chief Executive Officer of
FirstService. “We continue to see strong demand for our services
and remain active with recruiting talent to capitalize on the
growth opportunities within all of our markets,” he concluded.
About FirstService Corporation
FirstService 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$3.4 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 Quarterly
ResultsFirstService Residential revenues were
$457.5 million for the second quarter, up 13% compared to the
prior year quarter, including organic growth of 7%. The strong
revenue performance in the quarter was driven by increased
labour-related services and contract wins, with particular strength
across our markets in the Sun Belt states. Adjusted EBITDA for the
quarter was $50.5 million, versus $46.5 million in the
prior year period. GAAP Operating Earnings were $43.3 million,
versus $40.4 million for the second quarter of last year.
Operating margins in the division were impacted by ongoing wage
inflation and a higher proportion of labour-driven services
relative to higher margin ancillaries, compared to the prior year
quarter.
FirstService Brands revenues during the second
quarter grew to $473.2 million, up 11% relative to the prior year
period. Organic growth was 4%, with the balance from recent
tuck-under acquisitions. The revenue growth was driven by continued
strength across our home improvement service lines, as well as
significant growth at our Century Fire operations. Top-line
performance in our restoration businesses was relatively in line
with prior year, due to the strong prior year quarter comparative
from weather-related activity and large loss claims tied to the
Texas Freeze event. Adjusted EBITDA for the second quarter was
$43.9 million, versus $48.2 million in the prior year period.
GAAP Operating Earnings were $23.7 million, versus
$30.7 million in the prior year quarter. Margins within the
division declined due to the combination of softer weather-related
claims activity and ongoing growth investments within our
restoration operations, as well as inflationary impacts within
certain areas of our businesses.
Corporate costs, as presented in Adjusted
EBITDA, were $3.1 million in the second quarter, relative to
$4.8 million in the prior year period. On a GAAP basis,
corporate costs for the quarter were $7.1 million, relative to
$9.8 million in the prior year period. The year-over-year cost
decrease was primarily driven by lower compensation expense.
Conference CallFirstService
will be holding a conference call on Wednesday, July 27, 2022 at
11:00 a.m. Eastern Time to discuss the quarter’s results. This call
is being webcast live at the Company’s website at
www.firstservice.com. Participants may register for the call here
https://register.vevent.com/register/BI57970ff4413b486f82c5d18cab946663
to receive the dial-in number and their unique PIN. To join the
webcast in listen only mode, use this link:
https://edge.media-server.com/mmc/p/is4n9mqu . It is recommended
that you join 10 minutes prior to the event start (although you may
register and dial in at any time during the call).
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, 2021 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; and (vi) stock-based compensation
expense. We use adjusted EBITDA to evaluate our own operating
performance and our ability to service debt, as well as an integral
part of our planning and reporting systems. Additionally, we use
this measure in conjunction with discounted cash flow models to
determine the Company’s overall enterprise valuation and to
evaluate acquisition targets. We present adjusted EBITDA as a
supplemental measure because we believe such measure is useful to
investors as a reasonable indicator of operating performance
because of the low capital intensity of the Company’s service
operations. We believe this measure is a financial metric used by
many investors to compare companies, especially in the services
industry. This measure is not a recognized measure of financial
performance under GAAP in the United States, and should not be
considered as a substitute for operating earnings, net earnings or
cash flow from operating activities, as determined in accordance
with GAAP. Our method of calculating adjusted EBITDA may differ
from other issuers and accordingly, this measure may not be
comparable to measures used by other issuers. A reconciliation of
net earnings to adjusted EBITDA appears below.
| |
|
Three months ended |
|
Six months ended |
| (in thousands of
US$) |
June 30 |
|
June 30 |
| |
|
2022 |
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings |
$ |
40,506 |
|
$ |
44,020 |
|
|
$ |
59,327 |
|
|
$ |
67,863 |
|
| Income tax |
|
13,944 |
|
|
14,280 |
|
|
|
20,338 |
|
|
|
22,000 |
|
| Other expense
(income), net |
|
322 |
|
|
(888 |
) |
|
|
(213 |
) |
|
|
(2,756 |
) |
| Interest expense,
net |
|
5,041 |
|
|
3,971 |
|
|
|
9,407 |
|
|
|
8,158 |
|
| Operating
earnings |
|
59,813 |
|
|
61,383 |
|
|
|
88,859 |
|
|
|
95,265 |
|
| Depreciation and
amortization |
|
26,912 |
|
|
23,674 |
|
|
|
52,822 |
|
|
|
46,899 |
|
|
Acquisition-related items |
|
586 |
|
|
(107 |
) |
|
|
2,147 |
|
|
|
(206 |
) |
| Stock-based
compensation expense |
|
4,035 |
|
|
4,903 |
|
|
|
9,856 |
|
|
|
7,690 |
|
| Adjusted
EBITDA |
$ |
91,346 |
|
$ |
89,853 |
|
|
$ |
153,684 |
|
|
$ |
149,648 |
|
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; and (iv) stock-based compensation expense. 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 |
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings |
$ |
40,506 |
|
|
$ |
44,020 |
|
|
$ |
59,327 |
|
|
$ |
67,863 |
|
| Non-controlling
interest share of earnings |
|
(2,450 |
) |
|
|
(1,596 |
) |
|
|
(3,015 |
) |
|
|
(5,363 |
) |
|
Acquisition-related items |
|
586 |
|
|
|
(107 |
) |
|
|
2,147 |
|
|
|
(206 |
) |
| Amortization of
intangible assets |
|
11,398 |
|
|
|
10,408 |
|
|
|
22,864 |
|
|
|
20,420 |
|
| Stock-based
compensation expense |
|
4,035 |
|
|
|
4,903 |
|
|
|
9,856 |
|
|
|
7,690 |
|
| Income tax on
adjustments |
|
(4,012 |
) |
|
|
(3,981 |
) |
|
|
(8,507 |
) |
|
|
(7,309 |
) |
| Non-controlling
interest on adjustments |
|
(206 |
) |
|
|
(177 |
) |
|
|
(434 |
) |
|
|
(352 |
) |
| Adjusted net
earnings |
$ |
49,857 |
|
|
$ |
53,470 |
|
|
$ |
82,238 |
|
|
$ |
82,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
Six months ended |
| (in US$) |
June 30 |
|
June 30 |
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net
earnings per share |
$ |
0.78 |
|
|
$ |
0.83 |
|
|
$ |
1.09 |
|
|
$ |
1.32 |
|
| Non-controlling
interest redemption increment |
|
0.08 |
|
|
|
0.13 |
|
|
|
0.17 |
|
|
|
0.09 |
|
|
Acquisition-related items |
|
0.01 |
|
|
|
- |
|
|
|
0.05 |
|
|
|
- |
|
| Amortization of
intangible assets, net of tax |
|
0.18 |
|
|
|
0.17 |
|
|
|
0.37 |
|
|
|
0.33 |
|
| Stock-based
compensation expense, net of tax |
|
0.07 |
|
|
|
0.08 |
|
|
|
0.17 |
|
|
|
0.13 |
|
| Adjusted earnings
per share |
$ |
1.12 |
|
|
$ |
1.21 |
|
|
$ |
1.85 |
|
|
$ |
1.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
930,707 |
|
$ |
831,630 |
|
|
$ |
1,765,279 |
|
|
$ |
1,542,696 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of
revenues |
|
|
638,475 |
|
|
554,676 |
|
|
|
1,214,309 |
|
|
|
1,045,488 |
|
| Selling, general
and administrative expenses |
|
|
204,921 |
|
|
192,004 |
|
|
|
407,142 |
|
|
|
355,250 |
|
| Depreciation |
|
|
15,514 |
|
|
13,266 |
|
|
|
29,958 |
|
|
|
26,479 |
|
| Amortization of
intangible assets |
|
|
11,398 |
|
|
10,408 |
|
|
|
22,864 |
|
|
|
20,420 |
|
|
Acquisition-related items (1) |
|
|
586 |
|
|
(107 |
) |
|
|
2,147 |
|
|
|
(206 |
) |
| Operating
earnings |
|
|
59,813 |
|
|
61,383 |
|
|
|
88,859 |
|
|
|
95,265 |
|
| Interest expense,
net |
|
|
5,041 |
|
|
3,971 |
|
|
|
9,407 |
|
|
|
8,158 |
|
| Other expense
(income), net |
|
|
322 |
|
|
(888 |
) |
|
|
(213 |
) |
|
|
(2,756 |
) |
| Earnings before
income tax |
|
|
54,450 |
|
|
58,300 |
|
|
|
79,665 |
|
|
|
89,863 |
|
| Income tax |
|
|
13,944 |
|
|
14,280 |
|
|
|
20,338 |
|
|
|
22,000 |
|
| Net
earnings |
|
|
40,506 |
|
|
44,020 |
|
|
|
59,327 |
|
|
|
67,863 |
|
| Non-controlling
interest share of earnings |
|
|
2,450 |
|
|
1,596 |
|
|
|
3,015 |
|
|
|
5,363 |
|
| Non-controlling
interest redemption increment |
|
|
3,490 |
|
|
5,725 |
|
|
|
7,661 |
|
|
|
3,910 |
|
| Net
earnings attributable to Company |
|
$ |
34,566 |
|
$ |
36,699 |
|
|
$ |
48,651 |
|
|
$ |
58,590 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
$ |
0.78 |
|
$ |
0.84 |
|
|
$ |
1.10 |
|
|
$ |
1.34 |
|
| |
Diluted |
|
|
0.78 |
|
|
0.83 |
|
|
|
1.09 |
|
|
|
1.32 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
earnings per share (2) |
|
$ |
1.12 |
|
$ |
1.21 |
|
|
$ |
1.85 |
|
|
$ |
1.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
common shares (thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Basic |
|
|
44,193 |
|
|
43,830 |
|
|
|
44,139 |
|
|
|
43,764 |
|
| |
|
Diluted |
|
|
44,479 |
|
|
44,365 |
|
|
|
44,490 |
|
|
|
44,287 |
|
Notes to Condensed Consolidated
Statements of Earnings(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) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
June 30, 2022 |
|
December 31, 2021 |
| |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
| Cash and cash
equivalents |
$ |
145,106 |
|
$ |
165,665 |
|
| Restricted
cash |
|
36,063 |
|
|
28,606 |
|
| Accounts
receivable |
|
538,507 |
|
|
551,564 |
|
| Prepaid and other
current assets |
|
266,059 |
|
|
218,825 |
|
| |
Current
assets |
|
985,735 |
|
|
964,660 |
|
| Other non-current
assets |
|
21,666 |
|
|
21,098 |
|
| Fixed assets |
|
150,129 |
|
|
138,066 |
|
| Operating lease
right-of-use assets |
|
165,554 |
|
|
159,730 |
|
| Goodwill and
intangible assets |
|
1,203,841 |
|
|
1,225,469 |
|
| |
Total
assets |
$ |
2,526,925 |
|
$ |
2,509,023 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
| Accounts payable
and accrued liabilities |
$ |
369,815 |
|
$ |
386,529 |
|
| Other current
liabilities |
|
147,825 |
|
|
126,460 |
|
| Operating lease
liabilities - current |
|
47,869 |
|
|
48,047 |
|
| Long-term debt -
current |
|
35,568 |
|
|
57,436 |
|
| |
Current
liabilities |
|
601,077 |
|
|
618,472 |
|
| Long-term debt -
non-current |
|
621,204 |
|
|
595,368 |
|
| Operating lease
liabilities - non-current |
|
128,127 |
|
|
122,337 |
|
| Other
liabilities |
|
77,916 |
|
|
111,919 |
|
| Deferred income
tax |
|
40,679 |
|
|
42,070 |
|
| Redeemable
non-controlling interests |
|
209,534 |
|
|
219,135 |
|
| Shareholders'
equity |
|
848,388 |
|
|
799,722 |
|
| |
Total
liabilities and equity |
$ |
2,526,925 |
|
$ |
2,509,023 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Supplemental balance sheet information |
|
|
|
|
|
| Total debt |
$ |
656,772 |
|
$ |
652,804 |
|
| Total debt, net
of cash |
|
511,666 |
|
|
487,139 |
|
| |
| |
|
Consolidated Statements of Cash
Flows |
| (in thousands of
US dollars) |
| |
|
|
|
Three months ended |
|
|
Six months ended |
| |
|
|
|
June 30 |
|
|
June 30 |
| |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings |
|
$ |
40,506 |
|
|
$ |
44,020 |
|
|
$ |
59,327 |
|
|
$ |
67,863 |
|
| Items not
affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and
amortization |
|
|
26,912 |
|
|
|
23,674 |
|
|
|
52,822 |
|
|
|
46,899 |
|
| |
Deferred income
tax |
|
|
(581 |
) |
|
|
(981 |
) |
|
|
(1,204 |
) |
|
|
(1,730 |
) |
| |
Other |
|
|
4,703 |
|
|
|
5,024 |
|
|
|
11,476 |
|
|
|
7,998 |
|
| |
|
|
|
71,540 |
|
|
|
71,737 |
|
|
|
122,421 |
|
|
|
121,030 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in
non-cash working capital |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accounts
receivable |
|
|
(3,100 |
) |
|
|
(46,938 |
) |
|
|
21,734 |
|
|
|
(38,686 |
) |
| |
Payables and
accruals |
|
|
4,500 |
|
|
|
18,552 |
|
|
|
(35,450 |
) |
|
|
(8,368 |
) |
| |
Other |
|
|
(11,141 |
) |
|
|
36,661 |
|
|
|
(45,405 |
) |
|
|
32,747 |
|
| Net cash provided
by operating activities |
|
|
61,799 |
|
|
|
80,012 |
|
|
|
63,300 |
|
|
|
106,723 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition of
businesses, net of cash acquired |
|
|
- |
|
|
|
(37,082 |
) |
|
|
- |
|
|
|
(39,603 |
) |
| Purchases of fixed
assets |
|
|
(19,795 |
) |
|
|
(15,766 |
) |
|
|
(36,378 |
) |
|
|
(29,103 |
) |
| Other investing
activities |
|
|
(7,855 |
) |
|
|
(2,210 |
) |
|
|
(13,969 |
) |
|
|
(4,276 |
) |
| Net cash used in
investing activities |
|
|
(27,650 |
) |
|
|
(55,058 |
) |
|
|
(50,347 |
) |
|
|
(72,982 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase
(decrease) in long-term debt, net |
|
|
(24,181 |
) |
|
|
19,748 |
|
|
|
5,729 |
|
|
|
(17,905 |
) |
| Purchases of
non-controlling interests, net |
|
|
(13,415 |
) |
|
|
(2,009 |
) |
|
|
(19,179 |
) |
|
|
(5,400 |
) |
| Financing fees
paid |
|
|
- |
|
|
|
- |
|
|
|
(2,333 |
) |
|
|
- |
|
| Dividends paid to
common shareholders |
|
|
(8,949 |
) |
|
|
(7,999 |
) |
|
|
(16,981 |
) |
|
|
(15,191 |
) |
| Distributions paid
to non-controlling interests |
|
|
(2,602 |
) |
|
|
(5,286 |
) |
|
|
(2,602 |
) |
|
|
(7,156 |
) |
| Other financing
activities |
|
|
(930 |
) |
|
|
264 |
|
|
|
8,942 |
|
|
|
9,861 |
|
| Net cash provided
by (used in) financing activities |
|
|
(50,077 |
) |
|
|
4,718 |
|
|
|
(26,424 |
) |
|
|
(35,791 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of exchange
rate changes on cash |
|
|
503 |
|
|
|
323 |
|
|
|
369 |
|
|
|
533 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Increase
(decrease) in cash, cash equivalents and restricted cash |
|
|
(15,425 |
) |
|
|
29,995 |
|
|
|
(13,102 |
) |
|
|
(1,517 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash
equivalents and restricted cash, beginning of period |
|
|
196,594 |
|
|
|
177,426 |
|
|
|
194,271 |
|
|
|
208,938 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash
equivalents and restricted cash, end of period |
|
$ |
181,169 |
|
|
$ |
207,421 |
|
|
$ |
181,169 |
|
|
$ |
207,421 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| Segmented
Results |
| (in thousands of
US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
FirstService |
|
FirstService |
|
|
|
|
| |
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Three
months ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
457,489 |
|
$ |
473,218 |
|
$ |
- |
|
|
$ |
930,707 |
|
| |
Adjusted
EBITDA |
|
50,468 |
|
|
43,932 |
|
|
(3,054 |
) |
|
|
91,346 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
43,256 |
|
|
23,669 |
|
|
(7,112 |
) |
|
|
59,813 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
406,221 |
|
$ |
425,409 |
|
$ |
- |
|
|
$ |
831,630 |
|
| |
Adjusted
EBITDA |
|
46,494 |
|
|
48,171 |
|
|
(4,812 |
) |
|
|
89,853 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
40,404 |
|
|
30,749 |
|
|
(9,770 |
) |
|
|
61,383 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
FirstService |
|
FirstService |
|
|
|
|
| |
|
Residential |
|
Brands |
|
Corporate |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Six months
ended June 30 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
851,572 |
|
$ |
913,707 |
|
$ |
- |
|
|
$ |
1,765,279 |
|
| |
Adjusted
EBITDA |
|
80,878 |
|
|
80,014 |
|
|
(7,208 |
) |
|
|
153,684 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
66,653 |
|
|
39,420 |
|
|
(17,214 |
) |
|
|
88,859 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
756,701 |
|
$ |
785,995 |
|
$ |
- |
|
|
$ |
1,542,696 |
|
| |
Adjusted
EBITDA |
|
75,901 |
|
|
81,578 |
|
|
(7,831 |
) |
|
|
149,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating
earnings |
|
63,648 |
|
|
47,255 |
|
|
(15,638 |
) |
|
|
95,265 |
|
COMPANY CONTACTS:
D. Scott PattersonChief
Executive
Officer Jeremy
RakusinChief Financial Officer
(416) 960-9566
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024
