TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) ("FirstService") today announced that at its annual meeting of shareholders, held virtually earlier today, the eight director nominees listed in FirstService's management information circular dated February 23, 2024 (the "Circular") were elected as directors of FirstService. Directors have been elected to serve until the close of the next annual meeting of shareholders. The detailed results of the vote are set out be ...

Annual Meeting of Shareholders on April 3, 2024 Release of First Quarter 2024 Results on April 24, 2024 TORONTO, March 21, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (NASDAQ:FSV) ("FirstService") announced today that it will hold its Annual Meeting of Shareholders on Wednesday, April 3, 2024 at 11:00 a.m. ET. The meeting will be webcast live and can be either accessed via FirstService's website at www.firstservice.com in the "Investors" section under the "Newsroom" tab prior to the meeting or by acce ...

TORONTO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (NASDAQ:FSV) ("FirstService") announced today that FirstService Residential, the North American property management leader, has recently acquired a controlling interest in Rizzetta & Company ("Rizzetta" or the "Company"). William "Bill" Rizzetta, Founder and President, will retain a significant equity stake in the Company and will continue to lead its operations. Terms of the transaction were not disclosed. Based in Tampa, Florida and found ...

Financial Data and Key Metrics Changes - For the full year, revenues increased by 16% over 2022, with EBITDA up 18% and organic growth at 10% [67][92] - Adjusted EPS for the fourth quarter was $1.11, down from $1.22 in the previous year, while full-year adjusted EPS was $4.66, up 10% from $4.24 in 2022 [71][72] - The company reported consolidated revenues of $1.08 billion for Q4, up 6% year-over-year, with adjusted EBITDA of $103.3 million, reflecting a 1% increase [92] Business Line Data and Key Metrics Changes - FirstService Residential revenues were up 12% in Q4, with organic growth of 9%, driven by new contract wins across North America [88] - The Brands division saw revenues increase by 1% in Q4, but organic growth declined by 7% due to headwinds in restoration brands [104] - Century Fire reported strong organic growth near 20%, with performance across installation, service, and inspection [4] Market Data and Key Metrics Changes - The company expects continued strong results in 2024, with top-line growth projected in the low-teens percentage range, including approximately $400 million from the Roofing Corp acquisition [12][67] - The restoration operations faced challenges due to mild weather, leading to lower revenues compared to the previous year [3][8] Company Strategy and Development Direction - The company aims to leverage synergies between restoration and roofing businesses, focusing on repair, maintenance, and restoration of the built environment [5][90] - The Roofing Corp acquisition is seen as a strategic move to enhance market presence and capitalize on growth opportunities in a consolidating industry [31][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the roofing sector, emphasizing the importance of local market relationships and service delivery [47][70] - The company anticipates a shift to mid-single-digit organic growth in 2024, with expectations of modest gains despite macroeconomic headwinds [69][76] Other Important Information - The company incurred $25 million in capital expenditures during Q4, with full-year CapEx totaling $93 million, lower than the target of $100 million [10] - An 11% increase in dividends was approved, raising the annual dividend to $1 per share, marking a decade of consistent dividend growth [75] Q&A Session Summary Question: What are the expectations for organic growth in Q1? - Management indicated that Q1 organic growth is expected to be down about 10% from the prior year due to the absence of significant storm-related revenue [62][54] Question: How does the company view the roofing business in relation to restoration? - Management highlighted that roofing is complementary to restoration, with opportunities for collaboration and growth in both sectors [81][90] Question: What are the trends in the home improvement brand? - Lead activity remains sluggish, but management expects modest gains through continued investment in marketing and lead conversion strategies [102]

Financial Performance - Consolidated revenues for Q4 2023 were $1.08 billion, a 6% increase compared to Q4 2022[3] - Adjusted EBITDA for Q4 2023 was $103.3 million, up 1% year-over-year, while Adjusted EPS decreased to $1.11 from $1.22[3] - For the full year 2023, consolidated revenues reached $4.33 billion, a 16% increase from 2022, with 10% organic growth[5] - Adjusted EBITDA for the full year was $415.7 million, an 18% increase, and Adjusted EPS rose to $4.66 from $4.24[5] - FirstService Residential generated Q4 revenues of $496.3 million, a 12% increase, with 9% organic growth driven by new contract wins[9] - FirstService Brands recorded Q4 revenues of $583.0 million, a 1% increase, but a 7% decline on an organic basis due to milder weather[10] - For the full year, FirstService Residential reported revenues of $2.0 billion, a 13% increase, while FirstService Brands revenues were $2.34 billion, up 18%[12][13] - Adjusted net earnings for the twelve months ended December 31, 2023, increased to $208,842,000, up 10.7% from $188,588,000 in 2022[26] - Revenues for the twelve months ended December 31, 2023, reached $4,334,548,000, representing a 15.7% increase from $3,745,835,000 in 2022[28] Earnings and Profitability - Operating earnings for Q4 2023 were $48.1 million, down from $67.5 million in Q4 2022, primarily due to fair value adjustments on acquisitions[4] - Net earnings for Q4 2023 were $23,783,000, a decrease of 46.4% compared to $44,339,000 in Q4 2022[26] - Adjusted earnings per share for Q4 2023 were $1.11, down 9.0% from $1.22 in Q4 2022[28] - Yearly operating earnings for 2023 amounted to $244,892, an increase from $219,026 in 2022, demonstrating overall growth despite quarterly fluctuations[33] Costs and Expenses - Corporate costs for the full year were $36.6 million, an increase from $31.5 million in the prior year, mainly due to stock-based compensation[14] - The company incurred acquisition-related items totaling $16,485,000 in Q4 2023, significantly higher than $599,000 in Q4 2022[28] Cash Flow and Assets - Cash provided by operating activities for Q4 2023 was $110,446,000, compared to $54,018,000 in Q4 2022[32] - Total assets as of December 31, 2023, were $3,631,737,000, an increase of 31.0% from $2,774,514,000 in 2022[30] - Cash, cash equivalents, and restricted cash at the end of the period stood at $206,877, up from $159,348 year-over-year[33] Debt and Investments - Long-term debt increased to $1,144,975,000 as of December 31, 2023, from $698,798,000 in 2022[31] - The company reported a net cash used in investing activities of $465,604,000 for Q4 2023, compared to $81,815,000 in Q4 2022[32] Future Outlook - The company expects continued organic growth and profitability across its divisions, with a focus on market share gains[6] - The company continues to focus on expanding its market presence and enhancing its service offerings in both Residential and Brands segments[33] - Future outlook remains positive with ongoing investments in new product development and technology advancements[33] - The company is exploring strategic acquisitions to further bolster its market position and drive growth[33]

FirstService Corporation (NASDAQ:FSV) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET Company Participants Scott Patterson - Chief Executive Officer Jeremy Rakusin - Chief Financial Officer Conference Call Participants Faiza Alwy - Deutsche Bank Stephen MacLeod - BMO Capital Markets Stephen Sheldon - William Blair Michael Doumet - Scotiabank Tom Callaghan - RBC CM Frederic Bastien - Raymond James Operator Good day and thank you for standing by. Welcome to the Third Quarter Investors Conference ...

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 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 ...

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 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. ...