Some voluntary and a few involuntary all primarily due to pricing. These cancellations will impact our revenue, but have little impact on profitability. We expect to be at the bottom end of our mid-single-digit range at 3% or 4% for Q1. This is unrelated to our core community management business which we believe will carry the division to mid-single-digit organic growth for the year. Moving on to FirstService Brands. Revenues for the quarter were down 3% in aggregate, and 7% organically, with organic growth ...

Financial Data and Key Metrics Changes - For Q4, revenues increased by 1% year-over-year, with consolidated EBITDA flat compared to the previous year, and earnings per share rose by 2% to $1.37 [2][13] - For the full year, consolidated revenues grew by 5% to $5.5 billion, with adjusted EBITDA up 10% to $563 million, resulting in a margin of 10.2%, an increase of 40 basis points from the previous year [14][15] Business Line Data and Key Metrics Changes - FirstService Residential reported Q4 revenues of $563 million, an 8% increase, with EBITDA up 12% to $51.5 million, achieving a margin of 9.1% [15][16] - FirstService Brands experienced a 3% decline in Q4 revenues to $820 million, with EBITDA down 12% to $88.5 million, resulting in a margin of 10.8% [17] Market Data and Key Metrics Changes - The restoration segment saw a 13% decline year-over-year, attributed to lower claim activity compared to the previous year, which was boosted by named storms [6][7] - The roofing segment's revenues were up slightly due to tuck-under acquisitions, but organic revenues were down over 5% due to a muted demand environment [8][9] Company Strategy and Development Direction - The company aims to focus on mid-single digit organic growth across its divisions, with expectations for continued growth in the FirstService Residential segment [3][4] - The company is being patient in the current M&A environment, focusing on tuck-under acquisitions and selective opportunities rather than large platform deals [25][51] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic indicators do not suggest an improved environment through 2026, with expectations for low to mid-single digit revenue growth in Q1 [10][20] - The company anticipates a modest uptick in activity due to recent winter storms, but it remains too early to quantify the impact on revenues [32][33] Other Important Information - The company announced an 11% increase in its annual dividend to $1.22 per share, reflecting strong free cash flow and a solid balance sheet [19] - Operating cash flow for Q4 was $155 million, a 33% increase year-over-year, contributing to an annual cash flow from operations of over $445 million, up 56% from the previous year [18] Q&A Session Summary Question: M&A landscape and competition - Management noted that the market is slower than 12 months ago, with fewer opportunities and high valuations remaining [23][26] Question: Capital deployment focus - The company aims to consolidate underperforming franchises and is focused on tuck-under acquisitions rather than large platform deals [25][51] Question: Margin outlook - Management indicated that margins are expected to remain flat across both segments for the year, with some headwinds anticipated in Q1 [30][62] Question: Impact of recent weather events - Management stated it is too early to quantify the impact of recent winter storms on revenues, but they expect modest growth in Q1 [32][33] Question: Competition in roofing segment - Management acknowledged intensified competition in the roofing segment, leading to compressed gross margins [50] Question: Future M&A strategy - The company remains focused on tuck-under acquisitions in roofing and is open to larger acquisitions in adjacent spaces, but is cautious about valuations [51][56]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $1.38 billion, up 1% year-over-year, with adjusted EBITDA of $138 million, yielding a margin of 9.9%, slightly down from 10.1% in the prior year [13] - For the full year, consolidated revenues increased 5% to $5.5 billion, and adjusted EBITDA came in at $563 million, up 10% over the prior year, delivering a 10.2% margin, up 40 basis points compared to 9.8% in 2024 [14][15] - Adjusted EPS for 2025 was $5.75, reflecting a 15% increase versus 2024 [15] Business Line Data and Key Metrics Changes - FirstService Residential revenues for Q4 were $563 million, up 8%, with EBITDA of $51.5 million, a 12% increase year-over-year, and a margin of 9.1%, up from 8.8% in Q4 2024 [15] - FirstService Brands revenues for Q4 were $820 million, down 3% compared to Q4 2024, with EBITDA of $88.5 million, down 12% year-over-year, and a margin of 10.8%, down from 11.9% in the prior year [17] Market Data and Key Metrics Changes - The restoration segment saw revenues flat sequentially compared to Q3 and down 13% year-over-year, impacted by lower claim activity and fewer named storms [6][7] - The roofing segment experienced a few percentage points increase in revenues due to tuck-under acquisitions, but organic revenues were down over 5% [8] Company Strategy and Development Direction - The company aims to focus on mid-single digit organic growth for 2026, with expectations of modest growth in the first quarter due to declines in certain amenity management services [4][10] - The company is being patient in the current M&A environment, focusing on tuck-under acquisitions and selective opportunities rather than larger platform deals [27][51] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic indicators do not suggest an improved environment through 2026, with consumer confidence remaining depressed [10] - The company expects to see an uptick in revenue growth in subsequent quarters, primarily driven by organic growth and tuck-under acquisitions [20] Other Important Information - Operating cash flow for Q4 was $155 million, a 33% increase year-over-year, contributing to annual cash flow from operations of over $445 million, up 56% versus 2024 [18] - An 11% dividend increase to $1.22 per share annually was announced, up from $1.10 [19] Q&A Session Summary Question: Discussion on M&A and market conditions - Management noted that the market is slower than 12 months ago, with fewer opportunities and high valuations remaining [24] Question: Capital deployment strategy - The company is focused on acquiring underperforming franchises and tuck-under acquisitions, with a cautious approach to larger acquisitions [26][51] Question: Margin outlook for both segments - Management expects margins to be flattish for the year, with some headwinds in Q1 for the brands segment [30][62] Question: Impact of recent weather events on revenue - Management indicated it is too early to quantify the impact of recent weather events on Q1 revenue, but expects modest growth [32][33] Question: Competition in the roofing segment - Competition has intensified, leading to compressed gross margins, and management does not expect this to alleviate until new construction picks up [50]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $1.38 billion, up 1% year-over-year, with adjusted EBITDA of $138 million, yielding a margin of 9.9%, slightly down from 10.1% in the prior year [13] - Adjusted EPS for Q4 was $1.37, up from $1.34 in the previous year, while for the full year, consolidated revenues increased 5% to $5.5 billion, and adjusted EBITDA rose 10% to $563 million, delivering a margin of 10.2%, up 40 basis points compared to 9.8% in 2024 [12][14] Business Line Data and Key Metrics Changes - FirstService Residential revenues for Q4 were $563 million, up 8%, with EBITDA of $51.5 million, a 12% increase year-over-year, and a margin of 9.1%, up from 8.8% in Q4 2024 [14] - FirstService Brands revenues for Q4 were $820 million, down 3% year-over-year, with EBITDA of $88.5 million, down 12%, and a margin of 10.8%, down from 11.9% in the prior year [16] Market Data and Key Metrics Changes - The demand environment in roofing remains muted, with new commercial construction down significantly, while reroofing is expected to stabilize with a focus on backlog and bidding activity [8][42] - Restoration revenues were down 4% for the year, relative to an industry decline of over 20%, but the company expects growth in 2026 assuming a return to historic weather patterns [6][7] Company Strategy and Development Direction - The company aims to focus on tuck-under acquisitions and consolidating underperforming franchises, particularly in markets like California Closets and Paul Davis [24][25] - The management is being patient in the current environment, focusing on finding the right partners and opportunities while maintaining a cautious approach to capital allocation [25][49] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic indicators do not suggest an improved environment through 2026, with expectations for low to mid-single digit revenue growth in Q1 and 2026 [10][19] - The company anticipates a modest uptick in activity due to recent winter storms, but it remains too early to quantify the impact on revenues [31] Other Important Information - The company announced an 11% dividend increase to $1.22 per share annually, reflecting strong free cash flow and a strengthened balance sheet [18] - Operating cash flow for Q4 was $155 million, a 33% increase year-over-year, contributing to annual cash flow from operations of over $445 million, up 56% versus 2024 [17] Q&A Session Summary Question: Discussion on M&A and market conditions - Management noted that the market is slower than 12 months ago, particularly in roofing, with no significant changes in competitive landscape or multiples observed [22] Question: Future capital deployment strategies - The company plans to focus on acquiring underperforming franchises and tuck-under acquisitions, while being patient in the current high-valuation environment [25] Question: Margin outlook for both segments - Management expects margins to remain flattish year-over-year, with some headwinds in Q1 for the brands segment [28][29] Question: Impact of recent weather events on revenue - Management indicated that while it is early to quantify the impact, they expect modest revenue growth due to increased activity from recent winter storms [31] Question: Competition in the roofing segment - Competition has intensified, leading to compressed gross margins, and management does not expect this to alleviate until there is an uptick in the new construction market [48]

FirstService (FSV) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.32 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +3.59%. A quarter ago, it was expected that this property services provider would post earnings of $1.75 per share when it actually produced earnings of $1.76, delivering a surprise of +0.57%.Over the last four quarter ...

TORONTO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) ("FirstService") announced today that its Board of Directors has approved an 11% increase in the quarterly cash dividend on the outstanding Common Shares of the Company and declared a quarterly dividend of US$0.305 per Common Share, up from the previous US$0.275 per Common Share. The dividend is payable on April 7, 2026 to holders of Common Shares of record at the close of business on March 31, 2026. The Company’s di ...

Performance Overview - The Third Avenue Real Estate Value Fund generated a return of +11.61% for the year ended December 31, 2025, outperforming its benchmark, the MSCI ACWI IMI Core Real Estate Index, which returned +9.86% [2][3] - Since its inception in 1998, the Fund has achieved an annualized return of +8.96%, indicating that an initial investment of $100,000 would exceed $1,000,000 by year-end with reinvested distributions [4] Key Contributors and Detractors - Major contributors to the Fund's performance included investments in National Storage REIT and several industrial and logistics REITs such as Prologis, First Industrial, and Segro plc [3] - Detractors included investments in U.S. homebuilders like Lennar Corp., PulteGroup, and D.R. Horton, as well as certain U.K. property companies [3] Fund Management Strategy - The Fund Management emphasizes long-term results and has refined its investment strategy to focus on well-capitalized enterprises with discounted securities [8][9] - The Firm's approach to value investing has remained consistent, targeting opportunities for resource conversion, including privatizations and mergers [10][11] Recent Additions and Changes - The Fund initiated a position in FirstService Corporation, a Canadian real estate services company, which meets the Fund's investment criteria due to its conservative capitalization and strong management [12][13] - Other changes included adding to positions where the price-to-value gap widened, such as Unite Group and Fidelity National Financial, while trimming back on CBRE Group and JLL Inc. [16] Sector Allocations - 40.3% of the Fund's capital is invested in U.S. residential real estate companies, supported by strong demand and low inventory levels [18] - 27.5% is allocated to North American commercial real estate companies, which are expected to benefit from structural demand drivers [19] - 27.6% is invested in international real estate companies, focusing on similar activities as domestic holdings [20] - The remaining 4.6% is in cash, debt, and options, including U.S. Dollar cash and short-term U.S. Treasuries [21] Market Insights - The Fund Management believes that the next five years could mirror the early 2000s, with compelling valuations for listed real estate leading to net inflows and differentiated returns [29][30] - The report highlights the significant size of the publicly traded real estate market, with over $6 trillion accessible to investors globally [28]

Core Viewpoint - The article discusses the investment potential of the Liberty All-Star Growth Fund (ASG), highlighting its current discount to net asset value (NAV) and the strong performance of its underlying portfolio, suggesting it is a compelling buy opportunity in the current market environment [1]. Group 1: Market Performance and Economic Indicators - The S&P 500 is expected to yield around 12% returns in 2026, with a notable 13.4% return over the past 12 months, outperforming its long-term average of 10.6% [1]. - The US GDP rose by 4.4% in the third quarter, with projections indicating over 5% growth for Q4, significantly above the average annual growth rate of 3% [1]. - The influence of AI on productivity is noted as a contributing factor to the market's performance, suggesting that the current market conditions do not support the notion of a bubble [1]. Group 2: Liberty All-Star Growth Fund (ASG) Analysis - ASG is currently trading at a 9.8% discount to its NAV, which is the largest discount in three years, making it an attractive investment opportunity [1]. - The fund's NAV has appreciated by 11.5% annually over the past decade, indicating strong long-term performance [1]. - ASG's management aims to pay dividends based on NAV, targeting an annual payout of 8% of NAV, which has remained stable due to the fund's strong performance [1]. Group 3: Investment Strategy and Outlook - The article suggests that the persistent strong gains in ASG's NAV over the last three years, which totaled about 12%, indicate that the current discount is likely to narrow, presenting a buying opportunity [1]. - The fund's portfolio includes high-quality US blue chips such as NVIDIA, Microsoft, and Apple, as well as midcap stocks, enhancing its attractiveness [1]. - The article emphasizes that the current market conditions and ASG's performance metrics suggest a favorable environment for investment in the fund [1].

FirstService provides property management and home services across North America, with revenue anchored by recurring management contracts.On January 20, Jacobson & Schmitt Advisors reported buying 49,829 shares of FirstService (FSV 0.52%) for an estimated $8.11 million based on quarterly average pricing.What happenedIn a SEC filing dated January 20, Jacobson & Schmitt Advisors disclosed purchasing 49,829 additional shares of FirstService (FSV 0.52%), bringing its total position to 144,994 shares. The estima ...

Group 1 - The Alger Weatherbie Specialized Fund focuses on investing in a portfolio of 50 small and mid-cap companies with promising growth potential [1] - The US equity market ended Q4 2025 positively, with the S&P 500 increasing by 2.7%, driven by better-than-expected corporate earnings and a supportive macroeconomic environment [1] - The Fund's Class A shares underperformed the Russell 2500 Growth Index in Q4 2025, with Real Estate and Consumer Staples contributing positively while Information Technology and Health Care sectors detracted from performance [1] Group 2 - FirstService Corporation (NASDAQ:FSV) is highlighted as a key stock in the Fund's portfolio, providing residential property management and other essential property services [2] - As of January 16, 2026, FirstService Corporation's stock closed at $162.23, with a one-month return of 6.04% but a 52-week loss of 11.04% [2] - The company operates through two segments: FirstService Residential and FirstService Brands, with recent performance impacted by weakness in the cyclical Brands businesses, particularly in restoration and roofing [3]