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FirstService Reports Second Quarter 2022 Results

·15 min read
FirstService Corporation
FirstService Corporation

Continued Strong Top-Line Growth Across Operations

Operating highlights:

 

 

Three months ended

 

Six months ended

 

 

 

June 30

 

June 30

 

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues (millions)

$

930.7

 

$

831.6

 

$

1,765.3

 

$

1,542.7

 

Adjusted EBITDA (millions) (note 1)

 

91.3

 

 

89.9

 

 

153.7

 

 

149.6

 

Adjusted EPS (note 2)

 

1.12

 

 

1.21

 

 

1.85

 

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Earnings

 

59.8

 

 

61.4

 

 

88.9

 

 

95.3

 

GAAP EPS

 

0.78

 

 

0.83

 

 

1.09

 

 

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TORONTO, July 27, 2022 (GLOBE NEWSWIRE) -- 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 Results
FirstService 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 Call
FirstService 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 Statements
This 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.

Notes
1. 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 Patterson
Chief Executive Officer
        
Jeremy Rakusin
Chief Financial Officer

(416) 960-9566