TORONTO, July 30, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) ("FirstService") announced today that its subsidiary, Century Fire Protection ("Century"), has recently acquired Citadel Fire Sprinkler, Inc. ("Citadel") and Sentry Fire Protection Co., Inc. ("Sentry"). The existing management teams of both businesses have retained minority equity interests and will continue to oversee their respective day-to-day operations. Terms of the two transactions were not disclosed. "These addi ...

FirstService generates more than US$4.6 billion in annual revenues and has approximately 30,000 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 and the Toronto Stock Exchange under the symbol "FSV", and are included in the S&P/TSX 60 index. Established in 2008 and based in Asheboro, North Carolina, Sent ...

Please note all $ figures in $USD, not $CAD, unless otherwise stated. Company Overview Adjusted EPS (note 2) FirstService Residential: Largest provider of residential community and amenity management · TTM Adjusted EBITDA(3): $431MM When looking at the recent results for FirstService, the company reported revenues of $1,298 million, which was up 15.9% compared to last year. On adjusted EBITDA, FirstService saw adjusted EBTIDA climbed 11.9% to $132.5 million. However, on earnings, EPS declined from $1.46 las ...

FirstService (FSV) came out with quarterly earnings of $1.36 per share, beating the Zacks Consensus Estimate of $1.26 per share. This compares to earnings of $1.46 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 7.94%. A quarter ago, it was expected that this property services provider would post earnings of $0.66 per share when it actually produced earnings of $0.67, delivering a surprise of 1.52%. Over the last four quarters ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) FirstService reported strong Q2 and H1 2024 revenue growth, driven by both segments, despite declines in Adjusted and GAAP EPS Financial Performance Overview | Metric | Q2 2024 | Q2 2023 | Change | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues (US$ millions) | $1,297.5 | $1,119.7 | +16% | $2,455.5 | $2,138.2 | +15% | | Adjusted EBITDA (US$ millions) | $132.5 | $118.4 | +12% | $215.9 | $200.4 | +8% | | Adjusted EPS | $1.36 | $1.46 | -6.8% | $2.03 | $2.31 | -12.1% | | GAAP Operating Earnings (US$ millions) | $83.9 | $82.3 | +1.9% | $122.0 | $123.3 | -1.1% | | GAAP EPS | $0.78 | $1.01 | -22.8% | $0.92 | $1.37 | -32.8% | - CEO Scott Patterson stated, "We are pleased with our second quarter financial results which were driven by strong revenue growth... we are optimistic we will hit our top and bottom line targets in the back half of the year"[7](index=7&type=chunk) [Segmented Quarterly Results](index=1&type=section&id=Segmented%20Quarterly%20Results) Q2 2024 saw FirstService Residential revenue grow 8%, while FirstService Brands surged 23% due to acquisition, despite organic decline - **FirstService Residential:** Q2 revenues rose **8% to $557.5 million**, with **7% organic growth** driven by new property management contracts Adjusted EBITDA increased to **$59.1 million** from $55.7 million year-over-year[10](index=10&type=chunk)[14](index=14&type=chunk) - **FirstService Brands:** Q2 revenues grew **23% to $740.0 million**, largely due to the Roofing Corp of America acquisition Organic revenue declined **6%** compared to a strong prior-year quarter with high weather-related claims Adjusted EBITDA rose to **$77.6 million** from $65.8 million[11](index=11&type=chunk) - **Corporate Costs:** Corporate costs for Q2 were **$11.5 million**, up from $8.6 million in the prior year, with the increase driven by foreign exchange impacts and higher stock-based compensation expense[27](index=27&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Consolidated financial statements show higher revenues but lower net earnings, increased assets from acquisitions, and cash used for investments [Condensed Consolidated Statements of Earnings](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q2 2024 revenues increased to $1.30 billion, but net earnings attributable to the company decreased to $35.1 million Condensed Consolidated Statements of Earnings (US$ thousands) | (in thousands of US$) | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$1,297,459** | **$1,119,734** | **$2,455,504** | **$2,138,179** | | Operating earnings | $83,937 | $82,321 | $121,995 | $123,271 | | Net earnings | $44,937 | $54,713 | $59,834 | $77,380 | | **Net earnings attributable to Company** | **$35,058** | **$45,360** | **$41,366** | **$61,478** | | **Diluted EPS** | **$0.78** | **$1.01** | **$0.92** | **$1.37** | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $4.05 billion by June 30, 2024, driven by acquisitions and increased goodwill and debt Condensed Consolidated Balance Sheets (US$ thousands) | (in thousands of US$) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Current assets** | **$1,481,515** | **$1,361,002** | | Goodwill and intangible assets | $2,065,169 | $1,807,836 | | **Total assets** | **$4,046,185** | **$3,625,743** | | **Current liabilities** | **$849,737** | **$770,774** | | Long-term debt - non-current | $1,289,151 | $1,144,975 | | Shareholders' equity | $1,081,470 | $1,024,146 | | **Total liabilities and equity** | **$4,046,185** | **$3,625,743** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2024 operating cash flow increased to $121.9 million, while investing activities used $210.0 million for acquisitions Consolidated Statements of Cash Flows (US$ thousands) | (in thousands of US$) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $121,944 | $85,949 | | Net cash used in investing activities | ($209,971) | ($136,398) | | Net cash provided by financing activities | $112,308 | $75,127 | | **Increase in cash** | **$24,632** | **$24,074** | [Non-GAAP Financial Measures Reconciliation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section reconciles GAAP to non-GAAP measures like Adjusted EBITDA and EPS, providing a supplemental view of performance [Reconciliation of Net Earnings to Adjusted EBITDA](index=2&type=section&id=Reconciliation%20of%20net%20earnings%20to%20adjusted%20EBITDA) Adjusted EBITDA is derived from net earnings by excluding specific items, reaching $132.5 million in Q2 2024 - Adjusted EBITDA is defined as net earnings adjusted to exclude income tax, other income/expense, interest, D&A, acquisition-related items, and stock-based compensation expense It is used to evaluate operating performance and ability to service debt[18](index=18&type=chunk) Reconciliation of Net Earnings to Adjusted EBITDA (US$ thousands) | (in thousands of US$) | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net earnings | $44,937 | $54,713 | $59,834 | $77,380 | | Adjustments... | | | | | | **Adjusted EBITDA** | **$132,487** | **$118,353** | **$215,860** | **$200,449** | [Reconciliation of Net Earnings to Adjusted Net Earnings and EPS](index=4&type=section&id=Reconciliation%20of%20net%20earnings%20to%20adjusted%20net%20earnings%20and%20adjusted%20net%20earnings%20per%20share) Adjusted EPS is derived from diluted EPS by excluding specific after-tax items, reaching $1.36 in Q2 2024 - Adjusted EPS is defined as diluted net earnings per share, adjusted for the after-tax effect of the non-controlling interest redemption increment, acquisition-related items, amortization of intangible assets, and stock-based compensation expense[33](index=33&type=chunk) Reconciliation of Net Earnings to Adjusted Net Earnings and EPS (US$) | (in US$) | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Diluted net earnings per share | $0.78 | $1.01 | $0.92 | $1.37 | | Adjustments... | | | | | | **Adjusted earnings per share** | **$1.36** | **$1.46** | **$2.03** | **$2.31** |

About FirstService Corporation FirstService Corporation is a North American leader in the 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 company-owned operations and franchise systems. FirstService generates more than US$4.4 billion in annua ...

TORONTO, July 09, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) ("FirstService") announced today that it will release its financial results for the second quarter ended June 30, 2024 by press release on Thursday, July 25, 2024 at approximately 7:30 am ET. A webcast replay of the call will be available on the Company's website following the call, in the "Investors" section under the tab "Newsroom". FirstService Corporation is a North American leader in the property services sector, ...

For the latest news from FirstService Corporation, visit www.firstservice.com. ABOUT FIRSTSERVICE CORPORATION Founded in 1999, CitiScape is a leading full-service community association management firm in the San Francisco metropolitan market, providing a range of property management and project management services to high-rise condominium and homeowner association clients. The acquisition solidifies FirstService Residential's market leadership in the Bay Area of Northern California. FirstService Corporation ...

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) ("FirstService") announced today that FirstService Residential, the North American residential property management leader, has acquired San Francisco-based CitiScape Property Management Group, LLC ("CitiScape"). CitiScape's existing executive team will continue to lead day-to-day operations. Terms of the transaction were not disclosed. Founded in 1999, CitiScape is a leading full-service community association managemen ...

Core Insights - First Onsite Property Restoration has expanded its operations by opening a new branch in Roanoke, Virginia, marking its second new branch in the state within a week [1][2]. Company Expansion - The new Roanoke branch aims to serve the growing healthcare sector in the Mid-Atlantic region, driven by a strong relationship with a longstanding client [2][3]. - This branch will provide core commercial restoration services, including water, fire, storm, and mold mitigation, with a specific focus on the healthcare industry [3]. Operational Strategy - The Roanoke location will also function as a base for operations during widespread events such as hurricanes, fires, and floods, aligning with the company's mission to help communities restore and rebuild after disasters [4]. Company Overview - First Onsite is recognized as one of the largest and fastest-growing emergency response planning, mitigation, and reconstruction service providers for commercial enterprises in North America, operating over 100 locations across the U.S. and Canada [5].