Group 1 - First Onsite Property Restoration is co-hosting a Live Burn and Education Seminar on June 18, 2024, in Twin Lakes, Wisconsin, focusing on fire safety and prevention [1][2][4] - The event will feature a controlled burn demonstration and is aimed at educating claims adjusters, advocates, and representatives from the insurance industry [6][7] - First Onsite operates over 100 locations across the U.S. and Canada, emphasizing its growth and commitment to disaster recovery and restoration services [3][4] Group 2 - The seminar will include presentations from industry experts, including fire behavior and investigation techniques, to equip attendees with tools for subrogation and referrals [6][7] - First Onsite's partnership with FireTech Inc. and other experts highlights its dedication to providing comprehensive fire prevention and mitigation services [2][6] - The event is open to the general public and media, showcasing First Onsite's community engagement and educational initiatives [6][7]

Core Insights - First Onsite has expanded its operations by opening a new branch in Richmond, Virginia, to enhance service delivery in the region [4][5] - The new branch will provide essential commercial restoration services, including water, fire, storm, and mold mitigation and remediation [1][2] - First Onsite is recognized as one of the largest and fastest-growing emergency response and restoration service providers in North America, operating over 100 locations across the U.S. and Canada [3] Company Operations - The Richmond branch will complement existing locations in Manassa, Virginia Beach, and Rockville, Maryland, thereby strengthening First Onsite's presence in the Mid-Atlantic region [1] - The new location will also serve as a base for operations during area-wide events such as hurricanes, fires, or floods, aligning with the company's mission to help communities restore and rebuild after disasters [2] Leadership and Vision - Mark Cassarino has been appointed as the General Manager of the new Richmond branch, indicating a strategic leadership decision to ensure effective management [1] - Vince Catania, Regional Vice President, expressed excitement about the new branch, emphasizing its role in providing exceptional customer experience to clients in the region [5]

Core Points - FirstService Corporation's subsidiary, Roofing Corp of America, has acquired Crowther Roofing and Cooling and Hamilton Roofing, enhancing its presence in the Florida market and adding over $150 million in annual revenues [1][4]. Group 1: Company Overview - FirstService Corporation is a North American leader in essential outsourced property services, operating through two main platforms: FirstService Residential and FirstService Brands [4]. - The company generates more than US$4.4 billion in annual revenues and employs approximately 30,000 people across North America [5]. Group 2: Acquisition Details - Crowther, founded in 1974, is a leading roofing services provider in Southwest Florida, focusing on the commercial market and offering HVAC maintenance services [2]. - Hamilton, established in 1983, is a prominent provider of commercial roofing services in Eastern Florida, with strong relationships in government, aerospace, and education sectors [3]. - The management teams of Crowther and Hamilton will retain minority equity interests and continue overseeing daily operations post-acquisition [1]. Group 3: Strategic Importance - Florida is identified as one of the largest roofing markets in North America, making it a strategic growth priority for Roofing Corp of America [4].

Core Viewpoint - FirstService Corporation has announced the acquisition of Crowther Roofing and Cooling and Hamilton Roofing, enhancing its Roofing Corp of America (RCA) subsidiary's presence in the Florida market, which is a strategic growth priority for the company [4][8]. Company Overview - FirstService Corporation generates over US$4.4 billion in annual revenues and employs approximately 30,000 people across North America [2]. - The company is publicly traded on NASDAQ and the Toronto Stock Exchange under the symbol "FSV" and is included in the S&P/TSX 60 index [2]. - FirstService operates through two main service platforms: FirstService Residential and FirstService Brands, focusing on property services [11]. Acquisition Details - The acquisitions of Crowther and Hamilton are expected to collectively add more than $150 million in annual revenues to RCA [4]. - Both Crowther and Hamilton will maintain their existing management teams, who have retained minority equity interests and will oversee day-to-day operations [4][10]. - Crowther is recognized as the leading roofing services provider in Southwest Florida, with a focus on the commercial market and additional HVAC maintenance services [10]. Market Context - Florida is identified as one of the largest roofing markets in North America, making it a strategic growth area for FirstService [8].

TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV, NASDAQ:FSV) ("FirstService") announced today that its Board of Directors has declared a quarterly cash dividend on the outstanding Common Shares of US$0.25 per Common Share. The dividend is payable on July 5, 2024 to holders of Common Shares of record at the close of business on Friday, June 28, 2024. The dividend on Common Shares is an "eligible dividend" for Canadian income tax purposes. About FirstService CorporationFirstService ...

Financial Data and Key Metrics Changes - Total revenues increased by 14% year-over-year, reaching $1.16 billion, driven entirely by acquisitions, particularly the acquisition of Roofing Corp of America [6][28] - Adjusted EBITDA was $83.4 million, a modest increase of 2% year-over-year, with a margin of 7.2%, down from 8.1% in the prior year [28][31] - Adjusted EPS decreased to $0.67 from $0.85 in the prior year [28] Business Line Data and Key Metrics Changes - First Service residential revenues rose by 11%, with 8% organic growth, driven by net new contract wins [9][14] - First Service brands reported a 16% increase in revenues, but organic revenues declined by 6% compared to the prior year [10][29] - Restoration revenues decreased by almost 10%, with organic revenues down 15% due to mild weather patterns affecting claim activity [23] Market Data and Key Metrics Changes - The residential market is experiencing pressure from rising insurance premiums and new legislation requiring cash reserves for maintenance, impacting organic growth [36][51] - The home improvement market is facing headwinds with spending down across North America, leading to flat organic growth [25][60] Company Strategy and Development Direction - The company is focusing on expanding its service offerings in community development districts (CDDs) and enhancing its operational platform in the U.S. and Canada [7][39] - The strategy includes balancing margin and organic growth, with a cautious approach to new community contracts due to external pressures [51][52] Management's Comments on Operating Environment and Future Outlook - Management expects organic growth to ease back to mid-single-digit levels in the residential business due to external pressures [7][58] - The outlook for the second quarter includes low-teens revenue growth and mid-single-digit EBITDA growth, with expectations for continued margin pressure in the brands division [18][30] Other Important Information - The company reported $56 million in cash flow from operations before working capital changes, with capital expenditures of $25 million for the quarter [16][17] - The balance sheet shows net debt of just under $1.1 billion, with a leverage ratio of 2.3 times [32][33] Q&A Session Summary Question: What is the outlook for organic growth in the residential business? - Management indicated that organic growth is expected to normalize back to historical mid-single-digit levels due to pressures from insurance costs and legislation [36][51] Question: What is driving the strong performance in Century Fire? - Century Fire has seen low-double-digit organic growth due to a focus on adding services and maintaining a solid backlog [43][58] Question: How is the restoration technology platform progressing? - The platform is in the planning phase for migration into Canadian operations, with tangible benefits already being observed [39] Question: What are the expectations for the home improvement segment? - The home improvement segment is facing a tough macro environment, with flat year-over-year performance expected to continue [60] Question: How competitive is the M&A landscape currently? - The M&A environment remains competitive, with attractive valuations and active interest from private equity firms [75][76]

FirstService (FSV) came out with quarterly earnings of $0.67 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.52%. A quarter ago, it was expected that this property services provider would post earnings of $1.14 per share when it actually produced earnings of $1.11, delivering a surprise of -2.63%.Over the last four quarters ...

[First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) [Overall Performance](index=1&type=section&id=Overall%20Performance) FirstService Corporation reported a 14% increase in Q1 2024 consolidated revenues to $1.16 billion, while Adjusted EBITDA rose 2% to $83.4 million, and Adjusted EPS declined to $0.67 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues (millions) | $1,158.0 | $1,018.4 | +14% | | Adjusted EBITDA (millions) | $83.4 | $82.1 | +2% | | Adjusted EPS | $0.67 | $0.85 | -21% | | GAAP Operating Earnings (millions) | $38.1 | $41.0 | -7% | | GAAP EPS | $0.14 | $0.36 | -61% | - Management expressed satisfaction with the first quarter results, stating they were in line with expectations and reaffirming confidence in achieving full-year performance targets[4](index=4&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Both FirstService Residential and FirstService Brands achieved double-digit revenue growth, driven by new contracts and acquisitions, despite organic decline in restoration services due to milder weather [FirstService Residential](index=1&type=section&id=FirstService%20Residential) FirstService Residential's revenue increased 11% to $496.1 million, driven by 8% organic growth from new contracts, with Adjusted EBITDA rising to $35.6 million | Metric (in millions) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $496.1 | $445.6 | +11% | | Adjusted EBITDA | $35.6 | $32.0 | +11% | | Operating Earnings | $26.7 | $22.7 | +18% | - The top-line growth was primarily driven by **8% organic growth**, stemming from new property management contract wins[7](index=7&type=chunk) [FirstService Brands](index=1&type=section&id=FirstService%20Brands) FirstService Brands' revenue grew 16% to $661.9 million, boosted by acquisitions, but organic revenue declined 6% due to milder weather and increased marketing costs impacting margins | Metric (in millions) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $661.9 | $572.9 | +16% | | Adjusted EBITDA | $55.5 | $54.8 | +1% | | Operating Earnings | $26.8 | $30.2 | -11% | - Organic revenue for the division was down **6% YoY**, as the prior year period saw significant activity from weather-related claims at restoration operations[8](index=8&type=chunk)[9](index=9&type=chunk) - Operating margins declined due to lower profitability at restoration brands from milder weather and increased promotional and marketing activity at home services brands[9](index=9&type=chunk) [Corporate Costs](index=2&type=section&id=Corporate%20Costs) Corporate costs, on an Adjusted EBITDA basis, increased to $7.7 million from $4.7 million, with total corporate costs rising to $15.4 million primarily due to foreign exchange movements | Metric (in millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Corporate Costs (Adjusted EBITDA basis) | $7.7 | $4.7 | | Total Corporate Costs | $15.4 | $11.9 | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show revenue growth offset by increased costs, with total assets and debt rising, and cash primarily used in operating and investing activities [Operating Results (Income Statement)](index=4&type=section&id=Operating%20Results%20(Income%20Statement)) Q1 2024 revenues increased to $1.16 billion, but higher costs led to a decrease in operating earnings to $38.1 million and net earnings attributable to the company falling to $6.3 million | (in thousands of US dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues | $1,158,045 | $1,018,445 | | Operating earnings | $38,058 | $40,950 | | Net earnings | $14,897 | $22,667 | | Net earnings attributable to Company | $6,308 | $16,118 | | Diluted EPS | $0.14 | $0.36 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased slightly to $3.64 billion, while total debt rose to $1.24 billion, resulting in net debt of $1.08 billion | (in thousands of US dollars) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total assets | $3,644,160 | $3,625,743 | | Total liabilities and equity | $3,644,160 | $3,625,743 | | Total debt | $1,240,265 | $1,182,107 | | Total debt, net of cash | $1,075,419 | $994,490 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw $8.8 million cash used in operating activities and $57.3 million in investing activities, partially offset by $43.1 million from financing, leading to an overall cash decrease | (in thousands of US dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($8,800) | ($303) | | Net cash used in investing activities | ($57,340) | ($109,136) | | Net cash provided by financing activities | $43,130 | $107,347 | | Decrease in cash | ($22,782) | ($2,105) | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) Reconciliations for non-GAAP measures show Adjusted EBITDA increased slightly to $83.4 million, while Adjusted EPS decreased to $0.67 due to lower net earnings and various adjustments [Reconciliation of Net Earnings to Adjusted EBITDA](index=2&type=section&id=Reconciliation%20of%20Net%20Earnings%20to%20Adjusted%20EBITDA) Adjusted EBITDA, derived from net earnings by adjusting for non-cash and non-recurring items, increased slightly to $83.4 million in Q1 2024 from $82.1 million | (in thousands of US dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net earnings | $14,897 | $22,667 | | Operating earnings | $38,058 | $40,950 | | Depreciation and amortization | $36,807 | $31,882 | | Stock-based compensation expense | $6,908 | $7,157 | | **Adjusted EBITDA** | **$83,373** | **$82,096** | [Reconciliation of Net Earnings to Adjusted EPS](index=3&type=section&id=Reconciliation%20of%20Net%20Earnings%20to%20Adjusted%20EPS) Adjusted EPS, which accounts for non-controlling interest, acquisition items, and stock-based compensation, decreased to $0.67 in Q1 2024 from $0.85 | (in US dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Diluted net earnings per share | $0.14 | $0.36 | | Adjustments (net) | $0.53 | $0.49 | | **Adjusted EPS** | **$0.67** | **$0.85** | Reconciliation of Net Earnings to Adjusted Net Earnings | (in thousands of US dollars) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net earnings | $14,897 | $22,667 | | **Adjusted net earnings** | **$30,418** | **$37,927** |

Operating highlights:   Three months  ended March 31  2024 2023       Revenues (millions)$1,158.0 $1,018.4Adjusted EBITDA (millions) (note 1) 83.4  82.1Adjusted EPS (note 2) 0.67  0.85       GAAP Operating Earnings (millions) 38.1  41.0GAAP EPS 0.14  0.36       TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV, NASDAQ:FSV) today reported operating and financial results for its first quarter ended March 31, 2024. All amounts are in US dollars. Consolidated revenues for the first q ...

TORONTO, April 10, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (NASDAQ:FSV) ("FirstService") announced today that its subsidiary, First Onsite Property Restoration ("First Onsite"), has recently acquired All Restoration Solutions, LLC ("ARS" or the "Company"). The executive leaders of ARS will continue to hold a minority equity stake and oversee day-to-day operations. Terms of the transaction were not disclosed. Established in 2006 and based in Atlanta, Georgia, ARS is a leading provider of commercial ...