Latest news with #FirstServiceResidential
Cision Canada
08-05-2025
- Business
- Cision Canada
FirstService Residential Acquires Core Real Estate Group
Acquisition expands FirstService Residential's footprint in Edmonton, Alberta, and Western Canada EDMONTON, AB, May 8, 2025 /CNW/ - FirstService Residential announced the acquisition of Edmonton-based Core Real Estate Group. Core Real Estate Group, serving residential properties in Edmonton since 2011, manages more than 15,000 residential units. The acquisition brings the number of residential units under FirstService management in Canada to more than 250,000, reinforcing FirstService's leadership position in property management in Canada. "We are proud to welcome Core Real Estate Group to our organization," said David Diestel, chief executive officer of FirstService Residential. "This partnership with David Brown and his team is key for us as we continue to invest and expand our presence in Western Canada. Together, we will bring new local expertise and our scale to benefit the communities that we serve." "Our shared commitment to customer-focused service and innovation will help us better serve these residential communities," said Glenne Manlig, president of FirstService's operations in Alberta. "As one example, our new communities will leverage our Resident Support Services team and technology to respond quickly to questions from residents, allowing community managers to focus on projects that are important for our managed communities in Edmonton." "We are excited to partner with FirstService," said David Brown, founder of Core Real Estate Group. "Our team will be joining a Great Place To Work® and a company listed as one of Canada's Best Workplaces™. Our customers will benefit from combined expertise, industry-leading best practices, and property management resources, further enhancing the level of service they receive. About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across the United States and Canada. The organization partners with boards, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial, FirstService Energy, and special districts teams deliver additional levels of support. Boards and developers select FirstService Residential to realize their vision and drive positive change for residents in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ andTSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Globe and Mail
06-05-2025
- Business
- Globe and Mail
FirstService Residential British Columbia Announces Promotions of Edward Lee and Nagry Ngauv
VANCOUVER, BC , May 6, 2025 /CNW/ - FirstService Residential, Metro Vancouver's leading property management company has promoted Edward Lee and Nagry Ngauv to Regional Director, Strata Operations. In their new roles, Lee and Ngauv will oversee the performance and development of strata managers, ensuring continued service excellence for our communities. As supervisors, they will also serve as a point of contact for strata councils, strengthening the connection between clients and FirstService Residential. Lee first joined FirstService Residential in 2016 as an Administrative Assistant and quickly advanced through positions as Strata Manager and Senior Strata Manager. Ngauv joined the organization as a Strata Manager in 2014 and then moved into Community Development in 2018 and was promoted to Senior Strata Manager in 2020. "At FirstService Residential we are dedicated to the professional growth and development of our associates," said Chris Churchill , President at FirstService Residential. "The promotions of Edward and Nagry to Regional Directors are such great examples of this. In all the positions they've held throughout their time with the organization they've exemplified our core values, and I look forward to watching them succeed in their new roles." About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across Canada and the United States . The organization partners with strata councils, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial and FirstService Energy deliver additional levels of support. Strata councils and developers select FirstService Residential to realize their vision and drive positive change in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ and TSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Cision Canada
06-05-2025
- Business
- Cision Canada
FirstService Residential British Columbia Announces Promotions of Edward Lee and Nagry Ngauv
VANCOUVER, BC, May 6, 2025 /CNW/ - FirstService Residential, Metro Vancouver's leading property management company has promoted Edward Lee and Nagry Ngauv to Regional Director, Strata Operations. In their new roles, Lee and Ngauv will oversee the performance and development of strata managers, ensuring continued service excellence for our communities. As supervisors, they will also serve as a point of contact for strata councils, strengthening the connection between clients and FirstService Residential. Lee first joined FirstService Residential in 2016 as an Administrative Assistant and quickly advanced through positions as Strata Manager and Senior Strata Manager. Ngauv joined the organization as a Strata Manager in 2014 and then moved into Community Development in 2018 and was promoted to Senior Strata Manager in 2020. "At FirstService Residential we are dedicated to the professional growth and development of our associates," said Chris Churchill, President at FirstService Residential. "The promotions of Edward and Nagry to Regional Directors are such great examples of this. In all the positions they've held throughout their time with the organization they've exemplified our core values, and I look forward to watching them succeed in their new roles." About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across Canada and the United States. The organization partners with strata councils, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial and FirstService Energy deliver additional levels of support. Strata councils and developers select FirstService Residential to realize their vision and drive positive change in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ andTSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Yahoo
18-02-2025
- Business
- Yahoo
FirstService Residential recognized as top homeowners association management company
FirstService Residential retains its title as South Florida's top property management company DANIA BEACH, Fla., Feb. 18, 2025 /PRNewswire-PRWeb/ -- FirstService Residential has once again been named the top homeowners association management company in South Florida by the South Florida Business Journal. Headquartered in Dania Beach, Florida, the company manages 1,370 associations in the Florida tri-county area alone, and continues to set the standard for excellence in residential property management. "We are humbled that so many associations have chosen us to manage their communities," said Robert G. Smith, president of the company's South Region. "We believe that what truly distinguishes FirstService Residential is our unwavering commitment to service and value. Our local expertise, paired with the unmatched resources of North America's leading residential management company, enables us to deliver unparalleled service and solutions that enhance the lives of the residents we serve." Established in 1990, FirstService Residential manages every type of residential community, from single-family homes, townhomes, and active-adult communities to condos, luxury high-rises, and highly amenitized master-planned communities. "The boards we serve entrust their communities to us for our exceptional property management services, and because we offer a customized approach to support them on initiatives that other management companies simply cannot do," continued Smith. "We provide financial solutions designed to maximize revenue, aiming to secure the right loans and insurance coverage. Our energy management strategies drive cost savings. Our lifestyle programs help make the most of community amenities, fostering engagement and connection among residents. And, most importantly, our customer care team is available 24 x 7 – not only during office hours – to assist our residents." With a legacy of excellence and a service-first philosophy, FirstService Residential remains the trusted choice for homeowners associations throughout South Florida and beyond. Learn more at To see the full list of rankings, click here. About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across the United States and Canada. The organization partners with boards, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial, FirstService Energy, and special districts teams deliver additional levels of support. Boards and developers select FirstService Residential to realize their vision and drive positive change for residents in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ and TSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients. Media Contact Lillian Guerrero, FirstService Residential, 305.951.6817, View original content to download multimedia: SOURCE FirstService Residential
Associated Press
05-02-2025
- Business
- Associated Press
FirstService Reports Fourth Quarter and Full Year Results
Operating highlights: Three months ended Year ended December 31 December 31 2024 2023 2024 2023 Revenues (millions) $ 1,365.3 $ 1,079.3 $ 5,216.9 $ 4,334.5 Adjusted EBITDA (millions) (note 1) 137.9 103.3 513.7 415.7 Adjusted EPS (note 2) 1.34 1.11 5.00 4.66 GAAP Operating Earnings 89.6 48.1 337.5 244.9 GAAP EPS 0.71 0.14 2.97 2.24 TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX: FSV; NASDAQ: FSV) today announced strong fourth quarter and full year results for the year ended December 31, 2024. All amounts are in US dollars. Consolidated revenues for the fourth quarter were $1.37 billion, a 27% increase relative to the same quarter in the prior year, including 10% organic growth. Adjusted EBITDA (note 1) was $137.9 million, up 33%, and Adjusted EPS (note 2) was $1.34, a 21% increase over the prior year quarter. Operating Earnings for the quarter were $89.6 million, relative to $48.1 million in the prior year period. Diluted EPS was $0.71 per share in the quarter, compared to $0.14 for the same quarter a year ago. For the year ended December 31, 2024, consolidated revenues were $5.22 billion, a 20% increase relative to the prior year. Adjusted EBITDA was $513.7 million, up 24%, and Adjusted EPS was $5.00, an increase of 7% versus the prior year. Operating Earnings were $337.5 million, versus $244.9 million in the prior year period. Diluted earnings per share was $2.97, compared to $2.24 in the prior year. 'We are very pleased with how we closed out the year,' said Scott Patterson, Chief Executive Officer of FirstService. 'Our teams were focused on driving healthy profitable growth which is reflected in the strong top-line and improved margins. This momentum and continued operational execution reinforces our expectations for a strong 2025,' he concluded. About FirstService Corporation FirstService Corporation is a North American leader in the property services sector serving its customers through two industry leading 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$5.2 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 Segmented Fourth Quarter Results FirstService Residential generated revenues of $521.3 million for the fourth quarter, up 5% relative to the prior year quarter, including 3% organic growth. The top-line performance was underpinned by contract wins in high-rise markets including Texas, Toronto and Chicago, with growth tempered by the ongoing community budgetary pressures referenced in our prior third quarter. Adjusted EBITDA was $46.0 million, an increase of 6% compared to $43.5 million reported in the prior year period. Operating Earnings were $34.4 million, versus $34.1 million for the fourth quarter of last year. Operating margins were relatively in-line with the prior year quarter. FirstService Brands recorded revenues of $844.1 million, up 45% versus the prior year period. Revenues increased 16% on an organic basis primarily due to increased weather events and large-loss claims activity at our restoration operations, compared to the prior year quarter. The division top-line performance also included contribution from our Roofing Corp of America acquisition which was acquired in December 2023. Adjusted EBITDA for the quarter was $100.7 million, compared to $61.1 million in the prior year quarter. Operating Earnings were $69.9 million, versus $20.6 million in the prior year quarter. The segment Adjusted EBITDA margin increase was mainly due to operating leverage at our restoration operations, as well as continued realization of cost efficiencies within our home services brands. The Operating Earnings margin was further buoyed by the same acquisition-related fair value adjustments to contingent upside earn-out structures noted in the prior third quarter. Corporate costs, as presented in Adjusted EBITDA, were $8.9 million in the fourth quarter, relative to $1.2 million in the prior year period. Corporate costs for the quarter were $14.7 million, relative to $6.7 million in the prior year period. The increase was primarily due to non-cash foreign exchange adjustments. Segmented Full Year Results FirstService Residential reported revenues of $2.13 billion, up 7% relative to 2023, including 5% organic growth and the balance from tuck-under acquisitions. Organic growth was driven by new property management contract wins across most markets. Adjusted EBITDA was $199.3 million, up 6% versus the prior year. Operating Earnings were $159.2 million, compared to $155.0 million in the prior year. Operating margins were in-line with the prior year. FirstService Brands revenues were $3.08 billion, up 32% versus the prior year, including 3% organic growth. Growth in the division was driven primarily by our Roofing Corp of America acquisition, together with solid organic growth at our Century Fire Protection operations. Adjusted EBITDA for the year was $339.5 million, up 40% relative to the prior year. Operating Earnings were $230.1 million, versus $126.5 million a year ago. The segment Adjusted EBITDA margin was positively impacted primarily by margin improvement within our home services brands. The Operating Earnings margin was further positively impacted from contingent acquisition consideration fair value adjustments. Corporate costs, as presented in Adjusted EBITDA, were $25.1 million for the full year, relative to $14.4 million in the prior year. Corporate costs were $51.8 million, relative to $36.6 million in 2023, with the increase driven primarily by the impact of non-cash foreign exchange adjustments, as well as stock-based compensation expense. Conference Call & Presentation FirstService will be holding a conference call on Wednesday, February 5, 2025 at 11:00 a.m. Eastern Time to discuss the results for the fourth quarter and full year. This call is being webcast live at the Company's website at Participants may register for the call here to receive the dial-in number and their unique PIN. To join the webcast in listen only mode, use this link: 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 and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at 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 COMPANY CONTACTS: D. Scott Patterson Chief Executive Officer Jeremy Rakusin Chief Financial Officer (416) 960-9566 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; (iv) depreciation and amortization; (v) acquisition-related items; and (vi) stock-based compensation expense. The Company uses Adjusted EBITDA to evaluate its own operating performance and its ability to service debt, as well as an integral part of its planning and reporting systems. Additionally, this measure is used in conjunction with discounted cash flow models to determine the Company's overall enterprise valuation and to evaluate acquisition targets. Adjusted EBITDA is presented as a supplemental measure because the Company believes such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of its service operations. The Company believes 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. The Company's 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 Twelve months ended (in thousands of US$) December 31 December 31 2024 2023 2024 2023 Net earnings $ 50,179 $ 23,783 $ 187,774 $ 147,021 Income tax 19,153 12,051 70,124 56,317 Other income, net (863) (595) (3,239) (5,810) Interest expense, net 21,146 12,823 82,853 47,364 Operating earnings 89,615 48,062 337,512 244,892 Depreciation and amortization 47,828 33,872 165,269 127,934 Acquisition-related items (5,272) 16,485 (14,402) 21,517 Stock-based compensation expense 5,685 4,924 25,311 21,385 Adjusted EBITDA $ 137,856 $ 103,343 $ 513,690 $ 415,728 A reconciliation of segment operating earnings to segment Adjusted EBITDA appears below. (in thousands of US$) Three months ended December 31, 2024 FirstService FirstService Residential Brands Corporate (1) Operating earnings (loss) $ 34,382 $ 69,909 $ (14,676) Depreciation and amortization 10,439 37,366 23 Acquisition-related items 1,191 (6,578) 115 Stock-based compensation expense - - 5,685 Adjusted EBITDA $ 46,012 $ 100,697 $ (8,853) Three months ended December 31, 2023 FirstService FirstService Residential Brands Corporate (1) Operating earnings (loss) $ 34,136 $ 20,603 $ (6,677) Depreciation and amortization 8,373 25,477 22 Acquisition-related items 1,002 14,992 491 Stock-based compensation expense - - 4,924 Adjusted EBITDA $ 43,511 $ 61,072 $ (1,240) Year ended December 31, 2024 FirstService FirstService Residential Brands Corporate (1) Operating earnings (loss) $ 159,206 $ 230,080 $ (51,774) Depreciation and amortization 37,506 127,672 91 Acquisition-related items 2,576 (18,263) 1,285 Stock-based compensation expense - - 25,311 Adjusted EBITDA $ 199,288 $ 339,489 $ (25,087) Year ended December 31, 2023 FirstService FirstService Residential Brands Corporate (1) Operating earnings (loss) $ 155,044 $ 126,468 $ (36,620) Depreciation and amortization 33,114 94,729 91 Acquisition-related items (366) 21,159 724 Stock-based compensation expense - - 21,385 Adjusted EBITDA $ 187,792 $ 242,356 $ (14,420) Segment Adjusted EBITDA margin is defined as segment Adjusted EBITDA divided by segment revenues. (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 Segment Adjusted EBITDA. 2. Reconciliation of net earnings and net earnings (loss) per common share to adjusted net earnings and adjusted net earnings per share: Adjusted EPS 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 of intangible assets recognized in connection with acquisitions; and (iv) stock-based compensation expense. The Company believes 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 EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per common share, as determined in accordance with GAAP. The Company's 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 diluted net earnings per common share to Adjusted EPS appears below. Three months ended Twelve months ended (in thousands of US$) December 31 December 31 2024 2023 2024 2023 Net earnings $ 50,179 $ 23,783 $ 187,774 $ 147,021 Non-controlling interest share of earnings (3,639) (3,925) (15,624) (14,140) Acquisition-related items (5,272) 16,485 (14,402) 21,517 Amortization of intangible assets 22,331 13,942 72,396 54,238 Stock-based compensation expense 5,685 4,924 25,311 21,385 Income tax on adjustments (8,125) (4,905) (28,335) (19,662) Non-controlling interest on adjustments (206) (665) (693) (1,517) Adjusted net earnings $ 60,953 $ 49,639 $ 226,427 $ 208,842 Three months ended Twelve months ended (in US$) December 31 December 31 2024 2023 2024 2023 Diluted net earnings per share $ 0.71 $ 0.14 $ 2.97 $ 2.24 Non-controlling interest redemption increment 0.31 0.30 0.83 0.72 Acquisition-related items (0.11) 0.36 (0.31) 0.47 Amortization of intangible assets, net of tax 0.34 0.23 1.11 0.88 Stock-based compensation expense, net of tax 0.09 0.08 0.40 0.35 Adjusted earnings per share $ 1.34 $ 1.11 $ 5.00 $ 4.66 FIRSTSERVICE CORPORATION Operating Results (in thousands of US$, except per share amounts) Three months Twelve months ended December 31 ended December 31 2024 2023 2024 2023 Revenues $ 1,365,349 $ 1,079,260 $ 5,216,894 $ 4,334,548 Cost of revenues 911,361 735,920 3,498,974 2,947,008 Selling, general and administrative expenses 321,817 244,921 1,229,541 993,197 Depreciation 25,497 19,930 92,873 73,696 Amortization of intangible assets 22,331 13,942 72,396 54,238 Acquisition-related items (1) (5,272) 16,485 (14,402) 21,517 Operating earnings 89,615 48,062 337,512 244,892 Interest expense, net 21,146 12,823 82,853 47,364 Other income, net (863) (595) (3,239) (5,810) Earnings before income tax 69,332 35,834 257,898 203,338 Income tax 19,153 12,051 70,124 56,317 Net earnings 50,179 23,783 187,774 147,021 Non-controlling interest share of earnings 3,639 3,925 15,624 14,140 Non-controlling interest redemption increment 14,064 13,596 37,775 32,490 Net earnings attributable to Company $ 32,476 $ 6,262 $ 134,375 $ 100,391 Net earnings per common share Basic $ 0.72 $ 0.14 $ 2.98 $ 2.25 Diluted 0.71 0.14 2.97 2.24 Adjusted earnings per share (2) $ 1.34 $ 1.11 $ 5.00 $ 4.66 Weighted average common shares (thousands) Basic 45,194 44,639 45,019 44,556 Diluted 45,583 44,874 45,280 44,795 (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$) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 227,598 $ 187,617 Restricted cash 16,088 19,260 Accounts receivable 947,517 842,236 Other current assets 368,150 311,889 Current assets 1,559,353 1,361,002 Other non-current assets 30,121 34,418 Fixed assets 253,994 204,188 Operating lease right-of-use assets 240,518 218,299 Goodwill and intangible assets 2,110,866 1,807,836 Total assets $ 4,194,852 $ 3,625,743 Liabilities and shareholders' equity Accounts payable and accrued liabilities $ 541,509 $ 471,083 Other current liabilities 214,575 211,661 Operating lease liabilities - current 53,115 50,898 Long-term debt - current 41,567 37,132 Current liabilities 850,766 770,774 Long-term debt - non-current 1,257,143 1,144,975 Operating lease liabilities - non-current 214,423 183,923 Other liabilities 150,542 115,938 Deferred income tax 84,895 53,024 Redeemable non-controlling interests 449,337 332,963 Shareholders' equity 1,187,746 1,024,146 Total liabilities and equity $ 4,194,852 $ 3,625,743 Supplemental balance sheet information Total debt $ 1,298,710 $ 1,182,107 Total debt, net of cash 1,071,112 994,490 Condensed Consolidated Statements of Cash Flows (in thousands of US$) Three months ended Twelve months ended December 31 December 31 2024 2023 2024 2023 Cash provided by (used in) Operating activities Net earnings $ 50,179 $ 23,783 $ 187,774 $ 147,021 Items not affecting cash: Depreciation and amortization 47,828 33,872 165,269 127,934 Deferred income tax (7,172) (18,413) (13,986) (19,049) Other (1,424) 18,384 5,805 34,416 89,411 57,626 344,862 290,322 Changes in non-cash working capital Accounts receivable (22,323) (17,045) (42,306) (93,822) Payables and accruals 15,249 38,159 22,602 19,662 Other 4,382 36,040 (20,129) 68,532 Contingent acquisition consideration paid - (4,334) (19,355) (4,334) Net cash provided by operating activities 86,719 110,446 285,674 280,360 Investing activities Acquisition of businesses, net of cash acquired (53,581) (434,366) (212,246) (547,182) Purchases of fixed assets (31,916) (25,065) (112,798) (92,734) Other investing activities (1,373) (6,173) 1,342 (6,413) Net cash used in investing activities (86,870) (465,604) (323,702) (646,329) Financing activities Increase in long-term debt, net 3,613 390,998 103,577 446,847 Purchases of non-controlling interests, net 1,051 (111) (24,354) (4,285) Dividends paid to common shareholders (11,277) (10,042) (43,828) (39,055) Distributions paid to non-controlling interests (1,555) (454) (9,292) (7,376) Other financing activities 15,728 4,178 48,305 17,814 Net cash provided by financing activities 7,560 384,569 74,408 413,945 Effect of exchange rate changes on cash 229 (420) 429 (447) Increase in cash, cash equivalents and restricted cash 7,638 28,991 36,809 47,529 Cash, cash equivalents and restricted cash, start of period 236,048 177,886 206,877 159,348 Cash, cash equivalents and restricted cash, end of period $ 243,686 $ 206,877 $ 243,686 $ 206,877 Segmented Results (in thousands of US$) FirstService FirstService Residential Brands Corporate (2) Consolidated Three months ended December 31 2024 Revenues $ 521,256 $ 844,093 $ - $ 1,365,349 Adjusted EBITDA (1) 46,012 100,697 (8,853) 137,856 Operating earnings 34,382 69,909 (14,676) 89,615 2023 Revenues $ 496,281 $ 582,979 $ - $ 1,079,260 Adjusted EBITDA 43,511 61,072 (1,240) 103,343 Operating earnings 34,136 20,603 (6,677) 48,062 FirstService FirstService Residential Brands Corporate Consolidated Year ended December 31 2024 Revenues $ 2,134,469 $ 3,082,425 $ - $ 5,216,894 Adjusted EBITDA 199,288 339,489 (25,087) 513,690 Operating earnings 159,206 230,080 (51,774) 337,512 2023 Revenues $ 1,996,823 $ 2,337,725 $ - $ 4,334,548 Adjusted EBITDA 187,792 242,356 (14,420) 415,728 Operating earnings 155,044 126,468 (36,620) 244,892 (1) See definition and reconciliation on pages 5 and 6. (2) See definition on page 6.
