FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported
strong results for its third quarter ended September 30, 2019. All
amounts are in US dollars.
Revenues for the third quarter were $672.3
million, a 33% increase relative to the same quarter in the prior
year, Adjusted EBITDA (note 1) increased 30% to $77.1 million, and
Adjusted EPS (note 2) was $0.92, versus $0.89 in the prior year
quarter. During the third quarter, FirstService reported GAAP
Operating Earnings of $49.7 million, versus $45.3 million in the
prior year period. The GAAP earnings per share was $0.50 in the
quarter, compared to $0.70 for the same quarter a year ago.
For the nine months ended September 30, 2019,
revenues were $1.73 billion, a 21% increase relative to the
comparable prior year period, Adjusted EBITDA was $171.3 million,
up 21%, and Adjusted EPS was $2.38, a 20% increase versus the prior
year period. FirstService’s GAAP Operating Loss was $205.8 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. GAAP Operating Earnings
were $98.7 million in the prior year period. The GAAP loss per
share for the nine months year-to-date was $6.93, compared to GAAP
earnings per share of $1.49 in the prior year period.
“We are pleased to report another strong
quarter, led by very robust organic growth in both of our
divisions,” said Scott Patterson, Chief Executive Officer of
FirstService. “The themes have remained consistent all year built
upon broad top-line strength, notwithstanding softer
weather-related activity levels in our restoration operations. We
expect to close the year in similar fashion,” 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 $375.2
million for the third quarter, up 13% versus the prior year
quarter. The revenue increase included a very strong 8% organic
growth, driven by broad-based new contract wins resulting from an
active sales effort late last year and into this year. Adjusted
EBITDA for the quarter was $39.8 million, versus $35.9 million in
the prior year period. GAAP Operating Earnings were $33.0 million,
versus $29.9 million for the third quarter of last year.
FirstService Brands revenues during the third
quarter grew to $297.1 million, up 70% relative to the prior year
period. Organic growth within the division was 8%, with the balance
of the significant revenue increase driven by acquisition activity,
including contribution from the large Global Restoration
transaction which we closed in late June of this year. Organic
growth was particularly strong within our home improvement-driven
brands, including California Closets, CertaPro Painters, and Floor
Coverings International, as well as our Century Fire Protection
operations. Adjusted EBITDA for the third quarter was $40.8
million, up from $26.6 million in the prior year period. Margin
decline was principally driven by the addition of Global
Restoration, which has lower margins than the overall division, as
well as the impact of lower weather-related activity levels within
our overall restoration platform, which includes both Global
Restoration and Paul Davis Restoration. GAAP Operating Earnings
were $22.1 million, versus $19.7 million in the prior year
quarter.
Corporate costs, as presented in Adjusted
EBITDA, were $3.5 million in the third quarter, relative to $3.2
million in the prior year period. On a GAAP basis, corporate costs
for the quarter were $5.4 million, relative to $4.4 million in the
prior year period, with the increase primarily attributable to
stock-based compensation.
Conference CallFirstService
will be holding a conference call on Wednesday, October 23, 2019 at
11:00 a.m. Eastern Time to discuss the quarter’s results. The
numbers to use for this call are 1) toll-free 1-888-241-0551; or 2)
for international callers, 647-427-3415. 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 |
|
Nine months ended |
(in thousands of US$) |
September 30 |
|
September 30 |
|
2019 |
|
|
2018 |
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
26,336 |
|
|
$ |
31,664 |
|
$ |
(241,199 |
) |
|
$ |
70,493 |
|
Income tax |
|
10,872 |
|
|
|
10,508 |
|
|
20,650 |
|
|
|
19,121 |
|
Other income, net |
|
(229 |
) |
|
|
25 |
|
|
(6,353 |
) |
|
|
(78 |
) |
Interest expense, net |
|
12,719 |
|
|
|
3,101 |
|
|
21,060 |
|
|
|
9,185 |
|
Operating earnings (loss) |
|
49,698 |
|
|
|
45,298 |
|
|
(205,842 |
) |
|
|
98,721 |
|
Depreciation and
amortization |
|
24,181 |
|
|
|
12,277 |
|
|
51,033 |
|
|
|
36,963 |
|
Settlement of long-term
incentive arrangement |
|
- |
|
|
|
- |
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items |
|
1,493 |
|
|
|
618 |
|
|
5,373 |
|
|
|
1,727 |
|
Stock-based compensation
expense |
|
1,772 |
|
|
|
1,233 |
|
|
6,382 |
|
|
|
4,547 |
|
Adjusted EBITDA |
$ |
77,144 |
|
|
$ |
59,426 |
|
$ |
171,325 |
|
|
$ |
141,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine months ended |
(in thousands of US$) |
September 30 |
|
September 30 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
26,336 |
|
|
$ |
31,664 |
|
|
$ |
(241,199 |
) |
|
$ |
70,493 |
|
Non-controlling interest share
of earnings |
|
(2,057 |
) |
|
|
(3,653 |
) |
|
|
(6,262 |
) |
|
|
(8,888 |
) |
Settlement of long-term
incentive arrangement |
|
- |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items |
|
1,493 |
|
|
|
618 |
|
|
|
5,373 |
|
|
|
1,727 |
|
Amortization of intangible
assets |
|
13,029 |
|
|
|
4,343 |
|
|
|
22,235 |
|
|
|
12,993 |
|
Stock-based compensation
expense |
|
1,772 |
|
|
|
1,233 |
|
|
|
6,382 |
|
|
|
4,547 |
|
Stock-based compensation tax
adjustment for US GAAP change |
|
- |
|
|
|
(87 |
) |
|
|
(2,854 |
) |
|
|
(3,124 |
) |
Income tax on adjustments |
|
(3,848 |
) |
|
|
(1,450 |
) |
|
|
(8,149 |
) |
|
|
(4,560 |
) |
Non-controlling interest on
adjustments |
|
(374 |
) |
|
|
(132 |
) |
|
|
(542 |
) |
|
|
(388 |
) |
Adjusted net earnings |
$ |
36,351 |
|
|
$ |
32,536 |
|
|
$ |
89,363 |
|
|
$ |
72,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
(in US$) |
September 30 |
|
September 30 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings (loss)
per share |
$ |
0.50 |
|
|
$ |
0.70 |
|
|
$ |
(6.84 |
) |
|
$ |
1.49 |
|
Non-controlling interest
redemption increment |
|
0.11 |
|
|
|
0.06 |
|
|
|
0.25 |
|
|
|
0.19 |
|
Settlement of long-term
incentive arrangement |
|
- |
|
|
|
- |
|
|
|
8.37 |
|
|
|
- |
|
Acquisition-related items |
|
0.04 |
|
|
|
0.02 |
|
|
|
0.12 |
|
|
|
0.05 |
|
Amortization of intangible
assets, net of tax |
|
0.24 |
|
|
|
0.08 |
|
|
|
0.43 |
|
|
|
0.26 |
|
Stock-based compensation
expense, net of tax |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.09 |
|
Stock-based compensation tax
adjustment for US GAAP change |
|
- |
|
|
|
- |
|
|
|
(0.08 |
) |
|
|
(0.09 |
) |
Adjusted earnings per
share |
$ |
0.92 |
|
|
$ |
0.89 |
|
|
$ |
2.38 |
|
|
$ |
1.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRSTSERVICE CORPORATION |
Condensed
Consolidated Statements of Earnings |
(in thousands of
US dollars, except per share amounts) |
|
|
Three months |
|
|
|
Nine months |
|
|
ended September 30 |
|
|
|
ended September 30 |
(unaudited) |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
672,253 |
|
|
$ |
506,356 |
|
|
$ |
1,731,816 |
|
|
$ |
1,428,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
451,671 |
|
|
|
343,026 |
|
|
|
1,181,025 |
|
|
|
972,995 |
|
Selling, general and
administrative expenses |
|
145,210 |
|
|
|
105,137 |
|
|
|
385,848 |
|
|
|
317,754 |
|
Depreciation |
|
11,152 |
|
|
|
7,934 |
|
|
|
28,798 |
|
|
|
23,970 |
|
Amortization of intangible
assets |
|
13,029 |
|
|
|
4,343 |
|
|
|
22,235 |
|
|
|
12,993 |
|
Settlement of long-term
incentive arrangement |
|
- |
|
|
|
- |
|
|
|
314,379 |
|
|
|
- |
|
Acquisition-related items
(1) |
|
1,493 |
|
|
|
618 |
|
|
|
5,373 |
|
|
|
1,727 |
|
Operating earnings
(loss) |
|
49,698 |
|
|
|
45,298 |
|
|
|
(205,842 |
) |
|
|
98,721 |
|
Interest expense, net |
|
12,719 |
|
|
|
3,101 |
|
|
|
21,060 |
|
|
|
9,185 |
|
Other expense (income) |
|
(229 |
) |
|
|
25 |
|
|
|
(6,353 |
) |
|
|
(78 |
) |
Earnings (loss) before income
tax |
|
37,208 |
|
|
|
42,172 |
|
|
|
(220,549 |
) |
|
|
89,614 |
|
Income tax |
|
10,872 |
|
|
|
10,508 |
|
|
|
20,650 |
|
|
|
19,121 |
|
Net earnings
(loss) |
|
26,336 |
|
|
|
31,664 |
|
|
|
(241,199 |
) |
|
|
70,493 |
|
Non-controlling interest share
of earnings |
|
2,057 |
|
|
|
3,653 |
|
|
|
6,262 |
|
|
|
8,888 |
|
Non-controlling interest
redemption increment |
|
4,419 |
|
|
|
2,172 |
|
|
|
9,386 |
|
|
|
7,077 |
|
Net earnings (loss)
attributable to Company |
$ |
19,860 |
|
|
$ |
25,839 |
|
|
$ |
(256,847 |
) |
|
$ |
54,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
0.72 |
|
|
$ |
(6.93 |
) |
|
$ |
1.52 |
|
Diluted |
|
0.50 |
|
|
|
0.70 |
|
|
|
(6.93 |
) |
|
|
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share (2) |
$ |
0.92 |
|
|
$ |
0.89 |
|
|
$ |
2.38 |
|
|
$ |
1.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
(thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
39,224 |
|
|
|
35,961 |
|
|
|
37,087 |
|
|
|
35,940 |
|
Diluted |
|
39,691 |
|
|
|
36,661 |
|
|
|
37,542 |
|
|
|
36,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Condensed Consolidated
Statements of Earnings (Loss)(1) Acquisition-related items
include transaction costs, and contingent acquisition consideration
fair value adjustments.(2) See definition and reconciliation
above.
Condensed Consolidated Balance Sheets |
|
|
|
|
|
(in thousands of
US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
September 30, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
106,276 |
|
$ |
66,340 |
Restricted cash |
|
16,126 |
|
|
13,504 |
Accounts receivable |
|
384,465 |
|
|
239,925 |
Prepaid and other current
assets |
|
136,640 |
|
|
95,303 |
Current assets |
|
643,507 |
|
|
415,072 |
Other non-current assets |
|
9,099 |
|
|
10,347 |
Fixed assets |
|
127,742 |
|
|
98,102 |
Operating lease right-of-use
assets |
|
113,437 |
|
|
- |
Goodwill and intangible
assets |
|
998,079 |
|
|
483,953 |
Total assets |
$ |
1,891,864 |
|
$ |
1,007,474 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
Accounts payable and accrued
liabilities |
$ |
246,101 |
|
$ |
174,281 |
Other current liabilities |
|
55,655 |
|
|
48,751 |
Operating lease liabilities -
current |
|
29,114 |
|
|
- |
Long-term debt - current |
|
6,130 |
|
|
3,915 |
Current liabilities |
|
337,000 |
|
|
226,947 |
Long-term debt -
non-current |
|
943,610 |
|
|
330,608 |
Operating lease liabilities -
non-current |
|
93,334 |
|
|
- |
Other liabilities |
|
61,575 |
|
|
55,531 |
Deferred income tax |
|
69,236 |
|
|
6,577 |
Redeemable non-controlling
interests |
|
157,321 |
|
|
151,585 |
Shareholders' equity |
|
229,788 |
|
|
236,226 |
Total liabilities and equity |
$ |
1,891,864 |
|
$ |
1,007,474 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental balance
sheet information |
|
|
|
|
|
Total debt |
$ |
949,740 |
|
$ |
334,523 |
Total debt, net of cash |
|
843,464 |
|
|
268,183 |
|
|
|
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
(in thousands of
US dollars) |
|
|
Three months ended |
|
|
Nine months ended |
|
|
September 30 |
|
|
September 30 |
(unaudited) |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used
in) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
26,336 |
|
|
$ |
31,664 |
|
|
$ |
(241,199 |
) |
|
$ |
70,493 |
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
24,182 |
|
|
|
12,277 |
|
|
|
51,033 |
|
|
|
36,963 |
|
Non-cash settlement of long-term incentive arrangement |
|
- |
|
|
|
- |
|
|
|
289,721 |
|
|
|
- |
|
Deferred income tax |
|
(22 |
) |
|
|
40 |
|
|
|
1,443 |
|
|
|
386 |
|
Other |
|
2,058 |
|
|
|
1,509 |
|
|
|
1,000 |
|
|
|
5,540 |
|
|
|
52,554 |
|
|
|
45,490 |
|
|
|
101,998 |
|
|
|
113,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in non-cash working
capital |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
3,010 |
|
|
|
(10,932 |
) |
|
|
(16,218 |
) |
|
|
(23,113 |
) |
Payables and accruals |
|
(36,540 |
) |
|
|
4,417 |
|
|
|
(41,462 |
) |
|
|
(8,087 |
) |
Other |
|
1,211 |
|
|
|
(5,160 |
) |
|
|
20,303 |
|
|
|
(793 |
) |
Net cash provided by operating
activities |
|
20,235 |
|
|
|
33,815 |
|
|
|
64,621 |
|
|
|
81,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
Acquisition of businesses, net
of cash acquired |
|
(9,585 |
) |
|
|
(9,349 |
) |
|
|
(555,116 |
) |
|
|
(52,528 |
) |
Disposition of business, net
of cash disposed |
|
- |
|
|
|
- |
|
|
|
13,030 |
|
|
|
- |
|
Purchases of fixed assets |
|
(11,821 |
) |
|
|
(10,113 |
) |
|
|
(34,108 |
) |
|
|
(29,733 |
) |
Other investing
activities |
|
(724 |
) |
|
|
(2,996 |
) |
|
|
135 |
|
|
|
(4,980 |
) |
Net cash used in investing
activities |
|
(22,130 |
) |
|
|
(22,458 |
) |
|
|
(576,059 |
) |
|
|
(87,241 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
Increase in long-term debt,
net |
|
23,586 |
|
|
|
15,995 |
|
|
|
612,465 |
|
|
|
58,081 |
|
Sale (purchases) of
non-controlling interests, net |
|
(199 |
) |
|
|
200 |
|
|
|
(33,409 |
) |
|
|
(1,932 |
) |
Financing fees paid |
|
(167 |
) |
|
|
- |
|
|
|
(3,863 |
) |
|
|
(575 |
) |
Dividends paid to common
shareholders |
|
(5,883 |
) |
|
|
(4,675 |
) |
|
|
(16,158 |
) |
|
|
(13,924 |
) |
Distributions paid to
non-controlling interests |
|
(1,995 |
) |
|
|
(1,466 |
) |
|
|
(6,264 |
) |
|
|
(5,808 |
) |
Repurchases of common
shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,941 |
) |
Other financing
activities |
|
539 |
|
|
|
(2,128 |
) |
|
|
950 |
|
|
|
(2,324 |
) |
Net cash provided by financing
activities |
|
15,881 |
|
|
|
7,926 |
|
|
|
553,721 |
|
|
|
27,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
586 |
|
|
|
89 |
|
|
|
275 |
|
|
|
(254 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash, cash
equivalents and restricted cash |
|
14,572 |
|
|
|
19,372 |
|
|
|
42,558 |
|
|
|
21,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash, beginning of period |
|
107,830 |
|
|
|
68,993 |
|
|
|
79,844 |
|
|
|
66,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
122,402 |
|
|
$ |
88,365 |
|
|
$ |
122,402 |
|
|
$ |
88,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented
Results |
(in thousands of
US dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
(unaudited) |
Residential |
|
Brands |
|
|
Corporate |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
375,196 |
|
$ |
297,057 |
|
$ |
- |
|
|
$ |
672,253 |
|
Adjusted EBITDA |
|
39,787 |
|
|
40,838 |
|
|
(3,481 |
) |
|
|
77,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
33,036 |
|
|
22,062 |
|
|
(5,400 |
) |
|
|
49,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
331,712 |
|
$ |
174,644 |
|
$ |
- |
|
|
$ |
506,356 |
|
Adjusted EBITDA |
|
35,944 |
|
|
26,633 |
|
|
(3,151 |
) |
|
|
59,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
29,945 |
|
|
19,749 |
|
|
(4,396 |
) |
|
|
45,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FirstService |
|
FirstService |
|
|
|
|
|
Residential |
|
Brands |
|
|
Corporate |
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,064,911 |
|
$ |
666,905 |
|
$ |
- |
|
|
$ |
1,731,816 |
|
Adjusted EBITDA |
|
100,783 |
|
|
80,297 |
|
|
(9,755 |
) |
|
|
171,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
81,397 |
|
|
46,659 |
|
|
(333,898 |
) |
|
|
(205,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
942,839 |
|
$ |
485,321 |
|
$ |
- |
|
|
$ |
1,428,160 |
|
Adjusted EBITDA |
|
86,822 |
|
|
64,471 |
|
|
(9,335 |
) |
|
|
141,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
68,809 |
|
|
43,969 |
|
|
(14,057 |
) |
|
|
98,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY CONTACTS:
D. Scott
PattersonPresident & CEO
Jeremy RakusinChief
Financial Officer
(416) 960-9500
FirstService (NASDAQ:FSV)
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