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WKN: A2PKR4 | ISIN: CA33767E2024 | Ticker-Symbol: 1GIA
Tradegate
04.11.24
19:34 Uhr
173,00 Euro
0,00
0,00 %
Branche
Immobilien
Aktienmarkt
S&P/TSX 60
1-Jahres-Chart
FIRSTSERVICE CORPORATION Chart 1 Jahr
5-Tage-Chart
FIRSTSERVICE CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
171,00175,0004.11.
172,00174,0004.11.
GlobeNewswire (Europe)
66 Leser
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FirstService Corporation: FirstService Reports Third Quarter 2024 Results

Operating highlights:

Three months ended Nine months ended
September 30 September 30
2024 2023 2024 2023
Revenues (millions)$1,396.0 $1,117.1 $3,851.5 $3,255.3
Adjusted EBITDA (millions) (note 1) 160.0 111.9 375.8 312.4
Adjusted EPS (note 2) 1.63 1.25 3.66 3.56
GAAP Operating Earnings 125.9 73.6 247.9 196.8
GAAP EPS 1.34 0.73 2.26 2.10

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported strong results for its third quarter ended September 30, 2024. All amounts are in US dollars.

Consolidated revenues for the third quarter were $1.40 billion, a 25% increase relative to the same quarter in the prior year. Adjusted EBITDA (note 1) increased 43% to $160.0 million, and Adjusted EPS (note 2) was $1.63, up 30% versus the prior year quarter. During the third quarter, FirstService reported Operating Earnings of $125.9 million, up from $73.6 million in the prior year period. Diluted earnings per share was $1.34 in the quarter, compared to $0.73 for the same quarter a year ago.

For the nine months ended September 30, 2024, consolidated revenues were $3.85 billion, an 18% increase relative to the comparable prior year period, Adjusted EBITDA was $375.8 million, up 20%, and Adjusted EPS was $3.66, versus $3.56 in the prior year period. FirstService's Operating Earnings were $247.9 million in the current year period, versus $196.8 million in the prior year. Diluted earnings per share for the nine months year-to-date was $2.26, compared to $2.10 in the prior year period.

"We are very pleased with our third quarter consolidated financial results which exceeded our internal expectations," said Scott Patterson, Chief Executive Officer of FirstService. "Our strong top and bottom line performance was buoyed by robust and broad-based activity within our restoration operations, and supported by healthy profitability across our other brands. Our continued momentum reinforces our outlook for a strong finish to the year," he concluded.

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 of essential property services delivered through individually branded company-owned operations and franchise systems.

FirstService generates more than US$4.9 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 under the symbol "FSV" and on the Toronto Stock Exchange under the symbol "FSV", and are included in the S&P/TSX 60 index. More information is available at www.?rstservice.com.

Segmented Quarterly Results
FirstService Residential revenues were $559.6 million for the third quarter, up 4% compared to the prior year quarter, including organic growth of 3%. Top-line growth moderated compared to recent quarters due to tempered fees and reduced service scope in the face of budgetary pressures impacting our community association clients in certain markets. Adjusted EBITDA for the quarter was $58.6 million, versus $56.6 million in the prior year period. Operating Earnings were $49.1 million, versus $49.0 million for the third quarter of last year. The operating margins for the division were relatively in-line with the prior year.

FirstService Brands revenues during the third quarter grew to $836.5 million, up 44% relative to the prior year period. Strong organic revenue growth of 10% was primarily due to robust activity levels at our restoration operations arising from local weather events and large-loss claims across North America. The recent addition of our Roofing Corp of America operations contributed to the balance of growth in the division. Adjusted EBITDA for the third quarter was $105.8 million, up from $60.7 million in the prior year period. Operating Earnings were $87.1 million, versus $33.9 million in the prior year quarter. Adjusted EBITDA margin expansion was driven by operating leverage from the strong top-line restoration growth, as well as improved margins at our home services brands which benefited from both reduced promotional initiatives and realized operating efficiencies. The further increase in the Operating Earnings margin performance resulted from fair value adjustments to contingent upside earn-out structures related to certain recently completed acquisitions.

Corporate costs, as presented in Adjusted EBITDA (note 1), were $4.4 million in the third quarter, relative to $5.3 million in the prior year period. Corporate costs for the quarter were $10.2 million, relative to $9.4 million in the prior year period.

Conference Call
FirstService will be holding a conference call on Thursday, October 24, 2024 at 11:00 a.m. Eastern Time to discuss the quarter's results. This call is being webcast live at the Company's website at www.firstservice.com. Participants may register for the call here https://register.vevent.com/register/BI4fa84b993e5545c3ad11aa7ddb7c3035 to receive the dial-in number and their unique PIN.

To join the webcast in listen only mode, use this link: https://edge.media-server.com/mmc/p/aecuddsv. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as "expect to," "expected," "will," "estimated" or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for FirstService's services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in FirstService's annual information form for the year ended December 31, 2023 under the heading "Risk factors" (a copy of which may be obtained at www.sedarplus.ca) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings (which factors are adopted herein). Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.

Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's consolidated financial statements and MD&A to be made available on SEDAR+ at www.sedarplus.ca.

Notes
1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense, net; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company's overall enterprise valuation and to evaluate acquisition targets. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company's service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

Three months ended Nine months ended
(in thousands of US$)September 30 September 30
2024 2023 2024 2023
Net earnings$77,761 $45,858 $137,595 $123,238
Income tax 26,372 16,447 50,971 44,266
Other income, net (381) (702) (2,376) (5,215)
Interest expense, net 22,150 11,956 61,707 34,541
Operating earnings 125,902 73,559 247,897 196,830
Depreciation and amortization 41,409 33,146 117,441 94,062
Acquisition-related items (13,036) 1,274 (9,130) 5,032
Stock-based compensation expense 5,699 3,957 19,626 16,461
Adjusted EBITDA$159,974 $111,936 $375,834 $312,385
A reconciliation of segment operating earnings to segment Adjusted EBITDA appears below.
(in thousands of US$)
Three months ended, September 30, 2024 FirstService FirstService
Residential Brands Corporate(1)
Operating earnings (loss) $49,059 $87,064 $(10,221)
Depreciation and amortization 8,871 32,516 22
Acquisition-related items 660 (13,814) 118
Stock-based compensation expense - - 5,699
Adjusted EBITDA $58,590 $105,766 $(4,382)
Three months ended, September 30, 2023 FirstService FirstService
Residential Brands Corporate(1)
Operating earnings (loss) $49,001 $33,935 $(9,377)
Depreciation and amortization 9,919 23,204 23
Acquisition-related items (2,345) 3,553 66
Stock-based compensation expense - - 3,957
Adjusted EBITDA $56,575 $60,692 $(5,331)
Nine months ended, September 30, 2024 FirstService FirstService
Residential Brands Corporate(1)
Operating earnings (loss) $124,824 $160,171 $(37,098)
Depreciation and amortization 27,067 90,306 68
Acquisition-related items 1,385 (11,685) 1,170
Stock-based compensation expense - - 19,626
Adjusted EBITDA $153,276 $238,792 $(16,234)
Nine months ended, September 30, 2023 FirstService FirstService
Residential Brands Corporate(1)
Operating earnings (loss) $120,908 $105,865 $(29,943)
Depreciation and amortization 24,741 69,252 69
Acquisition-related items (1,368) 6,167 233
Stock-based compensation expense - - 16,461
Adjusted EBITDA $144,281 $181,284 $(13,180)
(1) Corporate is not an operating segment, but rather represent corporate overhead expenses not directly attributable to reportable segments and are therefore unallocated within segment operating earnings (loss) and Adjusted EBITDA.

2. Reconciliation of net earnings and diluted net earnings per share to adjusted net earnings and adjusted net earnings per share:

Adjusted earnings per share is defined as diluted net earnings per share, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) acquisition-related items; (iii) amortization expense related to intangible assets recognized in connection with acquisitions; and (iv) stock-based compensation expense. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted earnings per share is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted earnings per share appears below.

Three months ended Nine months ended
(in thousands of US$)September 30 September 30
2024 2023 2024 2023
Net earnings$77,761 $45,858 $137,595 $123,238
Non-controlling interest share of earnings (7,756) (4,406) (11,985) (10,215)
Acquisition-related items (13,036) 1,274 (9,130) 5,032
Amortization of intangible assets 17,825 14,454 50,065 40,296
Stock-based compensation expense 5,699 3,957 19,626 16,461
Income tax on adjustments (6,821) (4,787) (20,210) (14,757)
Non-controlling interest on adjustments 97 (321) (487) (852)
Adjusted net earnings$73,769 $56,029 $165,474 $159,203
Three months ended Nine months ended
(in US$)September 30 September 30
2024 2023 2024 2023
Diluted net earnings per share$1.34 $0.73 $2.26 $2.10
Non-controlling interest redemption increment 0.21 0.20 0.52 0.42
Acquisition-related items (0.28) 0.03 (0.20) 0.11
Amortization of intangible assets, net of tax 0.27 0.23 0.77 0.66
Stock-based compensation expense, net of tax 0.09 0.06 0.31 0.27
Adjusted earnings per share$1.63 $1.25 $3.66 $3.56
FIRSTSERVICE CORPORATION
Condensed Consolidated Statements of Earnings
(in thousands of US dollars, except per share amounts)
Three months Nine months
ended September 30 ended September 30
2024 2023 2024 2023
Revenues $1,396,041 $1,117,109 $3,851,545 $3,255,288
Cost of revenues 936,573 756,561 2,587,613 2,211,088
Selling, general and administrative expenses 305,193 252,569 907,724 748,276
Depreciation 23,584 18,692 67,376 53,766
Amortization of intangible assets 17,825 14,454 50,065 40,296
Acquisition-related items (1) (13,036) 1,274 (9,130) 5,032
Operating earnings 125,902 73,559 247,897 196,830
Interest expense, net 22,150 11,956 61,707 34,541
Other income, net (381) (702) (2,376) (5,215)
Earnings before income tax 104,133 62,305 188,566 167,504
Income tax 26,372 16,447 50,971 44,266
Net earnings 77,761 45,858 137,595 123,238
Non-controlling interest share of earnings 7,756 4,406 11,985 10,215
Non-controlling interest redemption increment 9,472 8,801 23,711 18,894
Net earnings attributable to Company $60,533 $32,651 $101,899 $94,129
Net earnings per common share
Basic $1.34 $0.73 $2.27 $2.11
Diluted 1.34 0.73 2.26 2.10
Adjusted earnings per share (2) $1.63 $1.25 $3.66 $3.56
Weighted average common shares (thousands)
Basic 45,047 44,613 44,961 44,529
Diluted 45,336 44,853 45,163 44,772

Notes to Condensed Consolidated Statements of Earnings
(1) Acquisition-related items include transaction costs, and contingent acquisition consideration fair value adjustments.
(2) See definition and reconciliation above.

Condensed Consolidated Balance Sheets
(in thousands of US dollars)
September 30, 2024 December 31, 2023
Assets
Cash and cash equivalents$217,679 $187,617
Restricted cash 18,369 19,260
Accounts receivable 913,451 842,236
Prepaid and other current assets 373,265 311,889
Current assets 1,522,764 1,361,002
Other non-current assets 28,801 34,418
Fixed assets 246,314 204,188
Operating lease right-of-use assets 249,470 218,299
Goodwill and intangible assets 2,070,215 1,807,836
Total assets$4,117,564 $3,625,743
Liabilities and shareholders' equity
Accounts payable and accrued liabilities$522,003 $471,083
Other current liabilities 224,625 211,661
Operating lease liabilities - current 52,298 50,898
Long-term debt - current 41,983 37,132
Current liabilities 840,909 770,774
Long-term debt - non-current 1,252,670 1,144,975
Operating lease liabilities - non-current 221,328 183,923
Other liabilities 133,544 115,938
Deferred income tax 93,567 53,024
Redeemable non-controlling interests 426,998 332,963
Shareholders' equity 1,148,548 1,024,146
Total liabilities and equity$4,117,564 $3,625,743
Supplemental balance sheet information
Total debt$1,294,653 $1,182,107
Total debt, net of cash 1,076,974 994,490
Consolidated Statements of Cash Flows
(in thousands of US dollars)
Three months ended Nine months ended
September 30 September 30
2024 2023 2024 2023
Cash provided by (used in)
Operating activities
Net earnings $77,761 $45,858 $137,595 $123,238
Items not affecting cash:
Depreciation and amortization 41,409 33,146 117,441 94,062
Deferred income tax (2,265) 55 (6,814) (636)
Stock-based compensation 5,699 3,957 19,626 16,461
Other (12,854) 1,077 (12,397) (429)
109,750 84,093 255,451 232,696
Changes in non-cash working capital
Accounts receivable (17,343) 45,576 (19,983) (76,777)
Payables and accruals 30,635 (29,489) 7,353 (18,497)
Other (46,031) (16,215) (43,866) 32,492
Net cash provided by operating activities 77,011 83,965 198,955 169,914
Investing activities
Acquisition of businesses, net of cash acquired (4,016) (19,366) (158,665) (112,816)
Purchases of fixed assets (26,560) (23,465) (80,882) (67,669)
Other investing activities 3,715 (1,496) 2,715 (240)
Net cash used in investing activities (26,861) (44,327) (236,832) (180,725)
Financing activities
Increase (decrease) in long-term debt, net (36,764) (29,196) 99,964 55,849
Purchases of non-controlling interests, net (3,963) (564) (25,405) (4,174)
Dividends paid to common shareholders (11,253) (10,033) (32,551) (29,013)
Distributions paid to non-controlling interests (3,267) (2,450) (7,737) (6,922)
Other financing activities 9,787 (3,508) 32,577 13,636
Net cash provided by (used in) financing activities (45,460) (45,751) 66,848 29,376
Effect of exchange rate changes on cash (151) 577 200 (27)
Increase in cash, cash equivalents and restricted cash 4,539 (5,536) 29,171 18,538
Cash, cash equivalents and restricted cash, beginning of period 231,509 183,422 206,877 159,348
Cash, cash equivalents and restricted cash, end of period $236,048 $177,886 $236,048 $177,886
Segmented Results
(in thousands of US dollars)
FirstService FirstService
Residential Brands Corporate Consolidated
Three months ended September 30
2024
Revenues$559,585 $836,456 $- $1,396,041
Adjusted EBITDA 58,590 105,766 (4,382) 159,974
Operating earnings 49,059 87,064 (10,221) 125,902
2023
Revenues$537,828 $579,281 $- $1,117,109
Adjusted EBITDA 56,575 60,692 (5,331) 111,936
Operating earnings 49,001 33,935 (9,377) 73,559
FirstService FirstService
Residential Brands Corporate Consolidated
Nine months ended September 30
2024
Revenues$1,613,213 $2,238,332 $- $3,851,545
Adjusted EBITDA 153,276 238,792 (16,234) 375,834
Operating earnings 124,824 160,171 (37,098) 247,897
2023
Revenues$1,500,542 $1,754,746 $- $3,255,288
Adjusted EBITDA 144,281 181,284 (13,180) 312,385
Operating earnings 120,908 105,865 (29,943) 196,830

COMPANY CONTACTS:

D. Scott Patterson
Chief Executive Officer

Jeremy Rakusin
Chief Financial Officer

(416) 960-9566


© 2024 GlobeNewswire (Europe)
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