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FirstService(FSV) - 2023 Q3 - Quarterly Report
2023-10-25 16:00
EXHIBIT 99.1 FirstService Reports Third Quarter 2023 Results Strong Organic Top-Line Growth Drives Financial Performance Operating highlights: | | Three months ended | | | | Nine months ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | September 30 | | | | September 30 | | | | | | 2023 | | | 2022 | 2023 | | | 2022 | | Revenues (millions) | $ | 1,117.1 | $ | 960.5 | $ | 3,255.3 | $ | 2,725.7 | | Adjusted EBITDA (millions) (note 1) | | 111.9 | | 95.5 | | 312.4 | | 249.2 | | Adjusted EP ...
FirstService(FSV) - 2023 Q2 - Earnings Call Transcript
2023-07-27 20:48
FirstService Corporation (NASDAQ:FSV) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Scott Patterson - Chief Executive Officer Jeremy Rakusin - Chief Financial Officer Conference Call Participants Stephen MacLeod - BMO Capital Markets Michael Doumet - Scotiabank Tom Callaghan - RBC Matthew Filek - William Blair Operator Good day and thank you for standing by. Welcome to the Second Quarter Investors Conference Call. Today’s call is being recorded. Legal counsel requires us to ...
FirstService(FSV) - 2023 Q2 - Quarterly Report
2023-07-26 16:00
EXHIBIT 99.1 FirstService Reports Second Quarter 2023 Results Significant Earnings Growth Driven by Continued Top-Line Strength Operating highlights: 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 o ...
FirstService(FSV) - 2023 Q1 - Earnings Call Transcript
2023-04-27 00:12
FirstService Corporation (NASDAQ:FSV) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET Company Participants Scott Patterson - Chief Executive Officer Jeremy Rakusin - Chief Financial Officer Conference Call Participants Michael Doumet - Scotia Bank Daryl Young - TD Securities Stephen MacLeod - BMO Capital Markets Stephen Sheldon - William Blair Frederic Bastien - Raymond James Operator Welcome to the FirstService Corporation First Quarter Investors Conference Call. Today's call is being recorded. ...
FirstService(FSV) - 2023 Q1 - Quarterly Report
2023-04-25 16:00
EXHIBIT 99.1 FirstService Reports Very Strong First Quarter Results Robust Organic Top-Line Growth Drives Profitability Operating highlights: | | | | Three months | | | --- | --- | --- | --- | --- | | | | | ended March 31 | | | | | 2023 | | 2022 | | Revenues (millions) | $ | 1,018.4 | $ | 834.6 | | Adjusted EBITDA (millions) (note 1) | | 82.1 | | 62.3 | | Adjusted EPS (note 2) | | 0.85 | | 0.73 | | GAAP Operating Earnings (millions) | | 41.0 | | 29.0 | | GAAP EPS | | 0.36 | | 0.32 | Consolidated revenues fo ...
FirstService(FSV) - 2022 Q4 - Earnings Call Transcript
2023-02-07 20:06
FirstService Corporation (NASDAQ:FSV) Q4 2022 Results Conference Call February 7, 2023 11:00 AM ET Company Participants Scott Patterson - CEO Jeremy Rakusin - CFO Conference Call Participants Stephen MacLeod - BMO Capital Stephen Sheldon - William Blair Daryl Young - TD Securities Frederic Bastien - Raymond James Operator Good day, ladies and gentlemen, and thank you for standing-by. Welcome to the FirstService Corporation Fourth Quarter 2022, Earning Conference Call. Today’s call is being recorded. Legal c ...
FirstService(FSV) - 2022 Q4 - Annual Report
2023-02-06 16:00
EXHIBIT 99.1 FirstService Reports Strong Fourth Quarter and Full Year Results Performance Driven by Robust Organic Top-Line Growth Across Both Divisions Operating highlights: | | Three months ended | | | | Year ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31 | | | | December 31 | | | | | | 2022 | | | 2021 | 2022 | | | 2021 | | Revenues (millions) | $ | 1,020.1 | $ | 856.9 | $ | 3,745.8 | $ | 3,249.1 | | Adjusted EBITDA (millions) (note 1) | | 102.5 | | 83.5 | | 351.7 | ...
FirstService(FSV) - 2022 Q3 - Quarterly Report
2022-10-25 16:00
For the nine months ended September 30, 2022, consolidated revenues were $2.73 billion, a 14% increase relative to the comparable prior year period, Adjusted EBITDA was $249.2 million, up 2%, and Adjusted EPS was $3.02, compared to $3.36 in the prior year period. FirstService's GAAP Operating Earnings were $151.6 million in the current year period, versus $156.8 million in the prior year. The GAAP diluted earnings per share for the nine months year-to-date was $1.86, compared to $2.35 in the prior year peri ...
FirstService(FSV) - 2022 Q2 - Earnings Call Transcript
2022-07-27 20:24
Financial Data and Key Metrics Changes - Total revenues for Q2 2022 increased by 12% year-over-year, with organic revenue growth at 6% [5] - EBITDA for the quarter was $91.3 million, slightly up from Q2 2021, reflecting a margin of 9.8%, down from 10.8% in the prior year [5][12] - Adjusted EPS was $1.12, down from $1.21 in the prior year quarter [12] Business Line Data and Key Metrics Changes - **FirstService Residential**: Revenues increased by 13% year-over-year with organic growth at 7%, driven by new contract wins [6][14] - **FirstService Brands**: Revenues were up 11%, with organic growth at 4%. Home improvement brands led with 25% growth, almost all organic [7][15] - **Restoration Brands**: Revenues were down slightly year-over-year, with a 10% organic decline when adjusted for acquisitions [9][18] - **Century Fire**: Achieved over 20% organic growth compared to the previous year, driven by strong commercial construction activity [11] Market Data and Key Metrics Changes - Strong growth was noted in the Southeast and Texas markets for FirstService Residential [6] - The home improvement market remains robust, supported by rising home prices and high home equity values [7] - Restoration revenues were affected by the absence of significant weather events compared to the previous year [10] Company Strategy and Development Direction - The company aims to close the margin gap in the FirstService Residential division by year-end [24] - Investments are being made in the restoration operating platform to capitalize on market opportunities and drive towards a $2 billion revenue service line [19][88] - The company is focused on building capacity to meet demand while navigating a challenging labor market [6][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong organic growth indicators across service lines, supporting double-digit revenue growth for the remainder of the year [24] - The company anticipates that any significant uptick in weather-related activity in the latter half of the year will enhance profitability [26] - Management acknowledged ongoing inflationary pressures impacting margins but expects to improve efficiencies and close the margin gap [34][63] Other Important Information - Operating cash flow was approximately $62 million after working capital requirements, with a year-to-date CapEx of $36 million [21] - The company has a net debt position of $512 million, with a leverage ratio of 1.5 times [23] - Liquidity remains strong at approximately $550 million, positioning the company well for potential market opportunities [23] Q&A Session Summary Question: Capacity to service current demand levels - Management indicated that leads are down less than 10% year-over-year but are still at a healthy level, with a focus on converting leads into business [30] Question: Margin expectations in brands and residential - Management noted that weather activity will influence margins, with expectations for restoration margins to improve with increased weather events [32][34] Question: Organic growth expectations in residential - Management expects high-single digit organic growth, primarily from new contract wins and some price increases [39] Question: M&A activity and competitive dynamics - Management confirmed ongoing discussions for acquisitions across both divisions, with a balanced focus on restoration and residential [45][46] Question: Free cash flow trends - Management anticipates improved free cash flow conversion for the remainder of the year, aiming for 50% conversion as a percentage of EBITDA [53] Question: Backlog and pricing dynamics - Management clarified that backlog is primarily relevant to restoration brands, with expectations for continued healthy performance into early 2023 [73][75] Question: Impact of inflation on pricing - Management believes that the inflationary environment may ease price competition, allowing for continued price pass-throughs [85]
FirstService(FSV) - 2022 Q2 - Quarterly Report
2022-07-26 16:00
EXHIBIT 99.1 FirstService Reports Second Quarter 2022 Results 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 | ...