Summary

• Page properties (2 modified, 0 added, 0 removed)

Details

Page properties

Tags

...	...	@@ -1,1 +1,1 @@
1		-US:FSV|CA:FSV
	1	+US:FSV|CA:FSV|Canada

Content

...	...	@@ -28,8 +28,6 @@
28	28
29	29	[[image:FSV1.jpg]]
30	30
31		-{{putFootnotes/}}
32		-
33	33	= Company History =
34	34
35	35	The company history began when its Founder and Chairman, Jay Hennick, launched a commercial swimming pool and recreational facility management business as a teenager in 1972. His early success led him to acquire other property services companies, which formed the basis for FirstService Corporation.{{footnote}}https://www.firstservice.com/about_us/company_history.html{{/footnote}}
...	...	@@ -57,8 +57,6 @@
57	57
58	58	[[image:FSV2.jpg]]
59	59
60		-{{putFootnotes/}}
61		-
62	62	= Brands =
63	63
64	64	The company's Brands both rely on the same operational foundations for success - a core competency in managing and growing market-leading, value-added outsourced property services businesses; significant scale advantages that are leveraged to create more value for clients; a culture focused around customer service excellence; and strong brand recognition.{{footnote}}https://www.firstservice.com/brands/{{/footnote}}
...	...	@@ -71,7 +71,7 @@
71	71
72	72	**First Onsite**
73	73
74		-First OnsiteWhat started with the acquisition of Global Restoration Holdings in 2019 has emerged through a rebrand as one of the fastest growing and largest commercial property restoration firms in North America - FIRST ONSITE.
	70	+First Onsite was started with the acquisition of Global Restoration Holdings in 2019 has emerged through a rebrand as one of the fastest growing and largest commercial property restoration firms in North America - FIRST ONSITE.
75	75
76	76
77	77	**California Closets**
...	...	@@ -128,13 +128,13 @@
128	128	Net earnings for the period were $156.1 million versus $109.6 million a year ago. The increase was attributable to earnings growth in both of its segments, as well as lower interest expense and the significant increase in other income.
129	129
130	130
131		-At FirstService Residential, revenues were $1.59 billion in 2021, up 12% versus the prior year, with the increase comprised of 8% organic growth and the balance from acquisitions. Organic growth was primarily driven by labourrelated services compared to the prior year. Adjusted EBITDA for this segment was $156.7 million or 9.9% of revenues, relative to $138.2 million or 9.8% of revenues in the prior year. Operating earnings for 2021 were $127.3 million or 8.0% of revenues, relative to $112.6 million or 8.0% of revenues a year ago. Operating margins remained relatively flat versus the prior year.
	127	+At FirstService Residential, revenues were $1.59 billion in 2021, up 12% versus the prior year, with the increase comprised of 8% organic growth and the balance from acquisitions. Organic growth was primarily driven by labor related services compared to the prior year. Adjusted EBITDA for this segment was $156.7 million or 9.9% of revenues, relative to $138.2 million or 9.8% of revenues in the prior year. Operating earnings for 2021 were $127.3 million or 8.0% of revenues, relative to $112.6 million or 8.0% of revenues a year ago. Operating margins remained relatively flat versus the prior year.
132	132
133	133
134	134	The company's FirstService Brands operations reported revenues of $1.66 billion in 2021, an increase of 23% versus the prior year, comprised of 13% organic growth and the balance from tuck-under acquisitions. Organic revenue growth was broad-based across the division and included double-digit organic growth in its restoration and home improvement operations. Adjusted EBITDA for this segment was $187.9 million in 2021 or 11.3% of revenues, relative to $155.1 million or 11.4% of revenues in the prior year. Operating earnings were $106.6 million or 6.4% of revenues, versus $78.8 million or 5.8% of revenues a year ago, with the prior year having increased amortization expense in connection with recently completed acquisitions.
135	135
136	136
137		-Corporate costs, as presented in Adjusted EBITDA, were $17.2 million in 2021 relative to $9.8 million in the prior year. On a GAAP basis, corporate costs were $32.2 million versus $21.9 million in the prior year. The year-overyear increase is primarily due to increased compensation expense relative to the prior year when significant COVIDrelated cost reductions were incurred, as well as the impact of foreign exchange.
	133	+Corporate costs, as presented in Adjusted EBITDA, were $17.2 million in 2021 relative to $9.8 million in the prior year. On a GAAP basis, corporate costs were $32.2 million versus $21.9 million in the prior year. The year-over-year increase is primarily due to increased compensation expense relative to the prior year when significant COVID related cost reductions were incurred, as well as the impact of foreign exchange.
138	138
139	139
140	140	The Company generated cash flow from operating activities of $167.3 million for the year ended December 31, 2021, relative to $291.8 million in the prior year. Operating cash flow, before the impact of working capital, was favourably impacted by strong profitability at both of its segments. Increases in non-cash working capital to support growth across its operations, particularly in its FirstService Brands segment, resulted in a year-over-year decline in operating cash flow after working capital. The prior year operating cash flow also benefited from COVID-related payroll tax deferrals which were paid in the current year, and therefore resulted in a negative impact to operating cash flow in 2021. The company believe that cash from operations and other existing resources, including its revolving credit facility described below, will continue to be adequate to satisfy the ongoing working capital needs of the Company.
...	...	@@ -151,7 +151,7 @@
151	151	April 27, 2022; FirstService Corporation reported operating and financial results for its first quarter ended March 31, 2022. All amounts are in US dollars.{{footnote}}https://www.firstservice.com/investors/newsroom/pdf/Q1_2022_Earnings_Release.pdf{{/footnote}}
152	152
153	153
154		-Consolidated revenues for the first quarter were $834.6 million, up 17% relative to the same quarter in the prior year, including 10% from organic growth. Adjusted EBITDA (note 1) increased 4% to $62.3 million, and Adjusted EPS (note 2) was $0.73, representing 11% growth over the prior year quarter. GAAP Operating Earnings were $29.0 million, relative to $33.9 million in the prior year period. GAAP diluted earnings per share was $0.32 per share in the quarter, versus $0.50 in the same quarter a year ago.
	150	+Consolidated revenues for the first quarter were $834.6 million, up 17% relative to the same quarter in the prior year, including 10% from organic growth. Adjusted EBITDA increased 4% to $62.3 million, and Adjusted EPS was $0.73, representing 11% growth over the prior year quarter. GAAP Operating Earnings were $29.0 million, relative to $33.9 million in the prior year period. GAAP diluted earnings per share was $0.32 per share in the quarter, versus $0.50 in the same quarter a year ago.
155	155
156	156
157	157	“FirstService is pleased to have opened the year with strong results, driven by top-line growth that exceeded its expectations,” said Scott Patterson, Chief Executive Officer of FirstService. “The company's operations delivered very strong organic growth across the board reflecting market share gains and continued momentum with all of its brands,” he concluded.