Growth Tempered By COVID-19 Pandemic
Operating highlights:
| Three months ended | Six months ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Revenues (millions) | $ | 621.6 | $ | 573.9 | $ | 1,255.4 | $ | 1,059.6 | |||||||
| Adjusted EBITDA (millions) (note 1) | 71.2 | 65.0 | 115.1 | 94.2 | |||||||||||
| Adjusted EPS (note 2) | 0.86 | 1.12 | 1.23 | 1.45 | |||||||||||
| GAAP Operating Earnings | 44.9 | (268.5 | ) | (1) | 60.9 | (255.5 | ) | (1) | |||||||
| GAAP EPS | 0.64 | (7.48 | ) | (1) | 0.77 | (7.69 | ) | (1) | |||||||
| (1) Includes $314.4 million settlement of long-term incentive arrangement with FirstService’s Founder and Chairman. | |||||||||||||||
TORONTO, July 23, 2020 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV; NASDAQ: FSV) today reported results for its second quarter ended June 30, 2020. All amounts are in US dollars.
Revenues for the second quarter were $621.6 million, an 8% increase relative to the same quarter in the prior year, Adjusted EBITDA (note 1) increased 10% to $71.2 million, and Adjusted EPS (note 2) was $0.86, versus $1.12 in the prior year quarter. During the second quarter, FirstService reported GAAP Operating Earnings of $44.9 million, versus an operating loss of $268.5 million in the prior year period, reflecting the 2019 settlement of the long-term incentive arrangement (âLTIAâ) with its Founder and Chairman in the amount of $314.4 million. The GAAP earnings per share was $0.64 in the quarter, compared to a loss per share of $7.48 for the same quarter a year ago.
For the six months ended June 30, 2020, revenues were $1.26 billion, an 18% increase relative to the comparable prior year period, Adjusted EBITDA was $115.1 million, up 22%, and Adjusted EPS was $1.23, versus $1.45 in the prior year period. FirstServiceâs GAAP Operating Earnings was $60.9 million in the current year period, versus an Operating Loss of $255.5 million in the prior year period. The GAAP earnings per share for the six months year-to-date was $0.77, compared to GAAP loss per share of $7.69 in the prior year period.
âWe are pleased to report a solid quarter in the face of significant COVID-19 headwinds. Our financial results exceeded expectations and highlight the resiliency and diversification of our business model,â said Scott Patterson, Chief Executive Officer of FirstService. âWe maintain a positive yet cautious outlook for the remainder of the year as we navigate around the ongoing pandemic uncertainty,â 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 Americaâs largest manager of residential communities; and FirstService Brands – one of North Americaâs largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.
FirstService generates US$2.4 billion in annual revenues and has approximately 24,000 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 âFSVâ and on the Toronto Stock Exchange under the symbol âFSVâ. More information is available at www.ï¬rstservice.com.
Segmented Quarterly Results
FirstService Residential revenues were $338.2 million for the second quarter, down 9% versus the prior year quarter. The revenue decline was primarily attributable to client facility closures that negatively impacted the delivery of our amenity management services, stemming from the COVID-19 pandemic. Adjusted EBITDA for the quarter was $37.2 million, versus $39.2 million in the prior year period. GAAP Operating Earnings were $32.0 million, versus $32.3 million for the second quarter of last year. Margins expanded during the quarter from a combination of aggressive cost reduction initiatives and lower than expected decline in higher margin ancillary revenue.
FirstService Brands revenues during the second quarter grew to $283.4 million, up 39% relative to the prior year period. The division recorded a 10% decline in revenues on an organic basis, which was more than offset by the contribution from the large Global Restoration transaction and other tuck-under acquisitions not reflected in last yearâs second quarter. The decrease in organic revenue resulted from the various government-mandated âstay at homeâ measures which negatively impacted activity levels in our service lines tied to home improvement. Adjusted EBITDA for the second quarter was $35.8 million, versus $28.4 million in the prior year period. The year-over-year margin decline was principally driven by acquisition mix, with the addition of Global Restoration yielding lower margins than the overall division. GAAP Operating Earnings were $17.4 million, versus $20.7 million in the prior year quarter, with the decrease due to increased amortization of intangible assets arising from the Global Restoration transaction.
Corporate costs, as presented in Adjusted EBITDA, were $1.9 million in the second quarter, relative to $2.6 million in the prior year period. On a GAAP basis, corporate costs for the quarter were $4.4 million, relative to $321.5 million in the prior year period, with the decrease primarily attributable to the settlement of the LTIA.
Conference Call
FirstService will be holding a conference call on Thursday, July 23, 2020 at 11:00 a.m. Eastern Time to discuss the quarterâs results. The numbers to use for this call are 1) toll-free 1-888-241-0551; or 2) for international callers, 647-427-3415. The call will be simultaneously webcast and can be accessed live or after the call at www.firstservice.com in the âInvestors / Newsroomâ section.
Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as âexpect to,â âexpected,â âwill,â âestimatedâ 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 FirstServiceâs services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstServiceâs 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 FirstServiceâs annual information form for the year ended December 31, 2019 under the heading âRisk factorsâ (a copy of which may be obtained at www.sedar.com) 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.sedar.com.
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; (vi) stock-based compensation expense; and (vii) settlement of the LTIA. 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 Companyâs 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 Companyâs 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 | Six months ended | |||||||||||||||
| (in thousands of US$) | June 30 | June 30 | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Net earnings (loss) | $ | 29,917 | $ | (275,680 | ) | $ | 35,697 | $ | (267,535 | ) | ||||||
| Income tax | 9,603 | 8,569 | 11,149 | 9,778 | ||||||||||||
| Other income, net | (147 | ) | (6,131 | ) | (376 | ) | (6,124 | ) | ||||||||
| Interest expense, net | 5,530 | 4,772 | 14,417 | 8,341 | ||||||||||||
| Operating earnings (loss) | 44,903 | (268,470 | ) | 60,887 | (255,540 | ) | ||||||||||
| Depreciation and amortization | 23,488 | 14,165 | 46,995 | 26,852 | ||||||||||||
| Settlement of long-term incentive arrangement | – | 314,379 | – | 314,379 | ||||||||||||
| Acquisition-related items | 397 | 3,202 | 802 | 3,880 | ||||||||||||
| Stock-based compensation expense | 2,443 | 1,755 | 6,412 | 4,610 | ||||||||||||
| Adjusted EBITDA | $ | 71,231 | $ | 65,031 | $ | 115,096 | $ | 94,181 | ||||||||
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; (iv) stock-based compensation expense; (v) a stock-based compensation tax adjustment related to a US GAAP change; and (vi) settlement of the LTIA. 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 | Six months ended | |||||||||||||||
| (in thousands of US$) | June 30 | June 30 | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Net earnings (loss) | $ | 29,917 | $ | (275,680 | ) | $ | 35,697 | $ | (267,535 | ) | ||||||
| Non-controlling interest share of earnings | (3,326 | ) | (2,409 | ) | (5,081 | ) | (4,205 | ) | ||||||||
| Settlement of long-term incentive arrangement | – | 314,379 | – | 314,379 | ||||||||||||
| Acquisition-related items | 397 | 3,202 | 802 | 3,880 | ||||||||||||
| Amortization of intangible assets | 10,864 | 4,899 | 22,225 | 9,206 | ||||||||||||
| Stock-based compensation expense | 2,443 | 1,755 | 6,412 | 4,610 | ||||||||||||
| Stock-based compensation tax adjustment for US GAAP change | – | (1,510 | ) | – | (2,854 | ) | ||||||||||
| Income tax on adjustments | (3,460 | ) | (2,439 | ) | (7,446 | ) | (4,301 | ) | ||||||||
| Non-controlling interest on adjustments | (298 | ) | (80 | ) | (520 | ) | (168 | ) | ||||||||
| Adjusted net earnings | $ | 36,537 | $ | 42,117 | $ | 52,089 | $ | 53,012 | ||||||||
| Three months ended | Six months ended | |||||||||||||||
| (in US$) | June 30 | June 30 | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Diluted net earnings (loss) per share | $ | 0.64 | $ | (7.40 | ) | $ | 0.77 | $ | (7.59 | ) | ||||||
| Non-controlling interest redemption increment (decrement) | (0.01 | ) | 0.03 | (0.04 | ) | 0.14 | ||||||||||
| Settlement of long-term incentive arrangement | – | 8.34 | – | 8.62 | ||||||||||||
| Acquisition-related items | 0.01 | 0.07 | 0.02 | 0.09 | ||||||||||||
| Amortization of intangible assets, net of tax | 0.18 | 0.09 | 0.37 | 0.18 | ||||||||||||
| Stock-based compensation expense, net of tax | 0.04 | 0.03 | 0.11 | 0.09 | ||||||||||||
| Stock-based compensation tax adjustment for US GAAP change | – | (0.04 | ) | – | (0.08 | ) | ||||||||||
| Adjusted earnings per share | $ | 0.86 | $ | 1.12 | $ | 1.23 | $ | 1.45 | ||||||||
| FIRSTSERVICE CORPORATION | ||||||||||||||||||
| Condensed Consolidated Statements of Earnings | ||||||||||||||||||
| (in thousands of US dollars, except per share amounts) | ||||||||||||||||||
| Three months | Six months | |||||||||||||||||
| ended June 30 | ended June 30 | |||||||||||||||||
| (unaudited) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Revenues | $ | 621,597 | $ | 573,908 | $ | 1,255,428 | $ | 1,059,563 | ||||||||||
| Cost of revenues | 412,010 | 388,656 | 847,159 | 729,354 | ||||||||||||||
| Selling, general and administrative expenses | 140,799 | 121,976 | 299,585 | 240,638 | ||||||||||||||
| Depreciation | 12,624 | 9,266 | 24,770 | 17,646 | ||||||||||||||
| Amortization of intangible assets | 10,864 | 4,899 | 22,225 | 9,206 | ||||||||||||||
| Settlement of long-term incentive arrangement | – | 314,379 | – | 314,379 | ||||||||||||||
| Acquisition-related items (1) | 397 | 3,202 | 802 | 3,880 | ||||||||||||||
| Operating earnings (loss) | 44,903 | (268,470 | ) | 60,887 | (255,540 | ) | ||||||||||||
| Interest expense, net | 5,530 | 4,772 | 14,417 | 8,341 | ||||||||||||||
| Other expense (income) | (147 | ) | (6,131 | ) | (376 | ) | (6,124 | ) | ||||||||||
| Earnings (loss) before income tax | 39,520 | (267,111 | ) | 46,846 | (257,757 | ) | ||||||||||||
| Income tax | 9,603 | 8,569 | 11,149 | 9,778 | ||||||||||||||
| Net earnings (loss) | 29,917 | (275,680 | ) | 35,697 | (267,535 | ) | ||||||||||||
| Non-controlling interest share of earnings | 3,326 | 2,409 | 5,081 | 4,205 | ||||||||||||||
| Non-controlling interest redemption increment (decrement) | (531 | ) | 947 | (1,791 | ) | 4,967 | ||||||||||||
| Net earnings (loss) attributable to Company | $ | 27,122 | $ | (279,036 | ) | $ | 32,407 | $ | (276,707 | ) | ||||||||
| Net earnings (loss) per common share | ||||||||||||||||||
| Basic | $ | 0.64 | $ | (7.48 | ) | $ | 0.77 | $ | (7.69 | ) | ||||||||
| Diluted | 0.64 | (7.48 | ) | 0.77 | (7.69 | ) | ||||||||||||
| Adjusted earnings per share (2) | $ | 0.86 | $ | 1.12 | $ | 1.23 | $ | 1.45 | ||||||||||
| Weighted average common shares (thousands) | ||||||||||||||||||
| Basic | 42,397 | 37,284 | 41,977 | 36,002 | ||||||||||||||
| Diluted | 42,710 | 37,715 | 42,322 | 36,452 | ||||||||||||||
Notes to Condensed Consolidated Statements of Earnings (Loss)
(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) | |||||||||||||||||||||||||||||||||||
| (unaudited) | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 245,257 | $ | 121,198 | |||||||||||||||||||||||||||||||
| Restricted cash | 20,028 | 13,093 | |||||||||||||||||||||||||||||||||
| Accounts receivable | 361,046 | 393,730 | |||||||||||||||||||||||||||||||||
| Prepaid and other current assets | 138,197 | 140,115 | |||||||||||||||||||||||||||||||||
| Current assets | 764,528 | 668,136 | |||||||||||||||||||||||||||||||||
| Other non-current assets | 11,884 | 11,824 | |||||||||||||||||||||||||||||||||
| Fixed assets | 128,684 | 131,545 | |||||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | 139,580 | 132,893 | |||||||||||||||||||||||||||||||||
| Goodwill and intangible assets | 989,339 | 1,011,071 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 2,034,015 | $ | 1,955,469 | |||||||||||||||||||||||||||||||
| Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 250,515 | $ | 241,670 | |||||||||||||||||||||||||||||||
| Other current liabilities | 100,346 | 80,369 | |||||||||||||||||||||||||||||||||
| Operating lease liabilities – current | 33,045 | 30,622 | |||||||||||||||||||||||||||||||||
| Long-term debt – current | 56,669 | 5,545 | |||||||||||||||||||||||||||||||||
| Current liabilities | 440,575 | 358,206 | |||||||||||||||||||||||||||||||||
| Long-term debt – non-current | 588,525 | 761,078 | |||||||||||||||||||||||||||||||||
| Operating lease liabilities – non-current | 117,024 | 111,247 | |||||||||||||||||||||||||||||||||
| Other liabilities | 68,898 | 66,150 | |||||||||||||||||||||||||||||||||
| Deferred income tax | 54,063 | 58,239 | |||||||||||||||||||||||||||||||||
| Redeemable non-controlling interests | 162,613 | 174,662 | |||||||||||||||||||||||||||||||||
| Shareholders’ equity | 602,317 | 425,887 | |||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 2,034,015 | $ | 1,955,469 | |||||||||||||||||||||||||||||||
| Supplemental balance sheet information | |||||||||||||||||||||||||||||||||||
| Total debt | $ | 645,194 | $ | 766,623 | |||||||||||||||||||||||||||||||
| Total debt, net of cash | 399,937 | 645,425 | |||||||||||||||||||||||||||||||||
| Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||||||
| (in thousands of US dollars) | |||||||||||||||||||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
| June 30 | June 30 | ||||||||||||||||||||||||||||||||||
| (unaudited) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
| Cash provided by (used in) | |||||||||||||||||||||||||||||||||||
| Operating activities | |||||||||||||||||||||||||||||||||||
| Net earnings (loss) | $ | 29,917 | $ | (275,680 | ) | $ | 35,697 | $ | (267,535 | ) | |||||||||||||||||||||||||
| Items not affecting cash: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 23,488 | 14,164 | 46,995 | 26,851 | |||||||||||||||||||||||||||||||
| Non-cash settlement of long-term incentive arrangement | – | 289,721 | – | 289,721 | |||||||||||||||||||||||||||||||
| Deferred income tax | (2,149 | ) | 992 | (4,205 | ) | 1,465 | |||||||||||||||||||||||||||||
| Other | 1,845 | (4,192 | ) | 5,669 | (1,058 | ) | |||||||||||||||||||||||||||||
| 53,101 | 25,005 | 84,156 | 49,444 | ||||||||||||||||||||||||||||||||
| Changes in non-cash working capital | |||||||||||||||||||||||||||||||||||
| Accounts receivable | 11,911 | (27,828 | ) | 32,893 | (19,228 | ) | |||||||||||||||||||||||||||||
| Payables and accruals | 28,814 | 11,439 | 18,335 | (4,922 | ) | ||||||||||||||||||||||||||||||
| Other | 19,396 | 10,212 | 17,657 | 19,092 | |||||||||||||||||||||||||||||||
| Net cash provided by operating activities | 113,222 | 18,828 | 153,041 | 44,386 | |||||||||||||||||||||||||||||||
| Investing activities | |||||||||||||||||||||||||||||||||||
| Acquisition of businesses, net of cash acquired | – | (519,758 | ) | – | (545,531 | ) | |||||||||||||||||||||||||||||
| Disposition of business, net of cash disposed | – | 13,030 | – | 13,030 | |||||||||||||||||||||||||||||||
| Purchases of fixed assets | (6,733 | ) | (11,551 | ) | (22,081 | ) | (22,287 | ) | |||||||||||||||||||||||||||
| Other investing activities | (603 | ) | 3,188 | (786 | ) | 859 | |||||||||||||||||||||||||||||
| Net cash used in investing activities | (7,336 | ) | (515,091 | ) | (22,867 | ) | (553,929 | ) | |||||||||||||||||||||||||||
| Financing activities | |||||||||||||||||||||||||||||||||||
| Increase in long-term debt, net | (105,072 | ) | 543,216 | (121,924 | ) | 588,879 | |||||||||||||||||||||||||||||
| Proceeds received on common share issuance | 150,008 | – | 150,008 | – | |||||||||||||||||||||||||||||||
| Purchases of non-controlling interests, net | (11,316 | ) | (14,223 | ) | (15,067 | ) | (33,210 | ) | |||||||||||||||||||||||||||
| Financing fees paid | – | (3,428 | ) | – | (3,696 | ) | |||||||||||||||||||||||||||||
| Dividends paid to common shareholders | (6,867 | ) | (5,418 | ) | (13,091 | ) | (10,275 | ) | |||||||||||||||||||||||||||
| Distributions paid to non-controlling interests | – | (3,075 | ) | (50 | ) | (4,269 | ) | ||||||||||||||||||||||||||||
| Other financing activities | (1,164 | ) | 2,260 | 1,228 | 411 | ||||||||||||||||||||||||||||||
| Net cash provided by financing activities | 25,589 | 519,332 | 1,104 | 537,840 | |||||||||||||||||||||||||||||||
| Effect of exchange rate changes on cash | 626 | (508 | ) | (284 | ) | (311 | ) | ||||||||||||||||||||||||||||
| Increase in cash, cash equivalents and restricted cash | 132,101 | 22,561 | 130,994 | 27,986 | |||||||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 133,184 | 85,269 | 134,291 | 79,844 | |||||||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 265,285 | $ | 107,830 | $ | 265,285 | $ | 107,830 | |||||||||||||||||||||||||||
| Segmented Results | |||||||||||||||||||||||||||||||||||
| (in thousands of US dollars) | |||||||||||||||||||||||||||||||||||
| FirstService | FirstService | ||||||||||||||||||||||||||||||||||
| (unaudited) | Residential | Brands | Corporate | Consolidated | |||||||||||||||||||||||||||||||
| Three months ended June 30 | |||||||||||||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 338,153 | $ | 283,444 | $ | – | $ | 621,597 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 37,245 | 35,844 | (1,858 | ) | 71,231 | ||||||||||||||||||||||||||||||
| Operating earnings | 31,980 | 17,364 | (4,441 | ) | 44,903 | ||||||||||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 370,405 | $ | 203,503 | $ | – | $ | 573,908 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 39,177 | 28,431 | (2,577 | ) | 65,031 | ||||||||||||||||||||||||||||||
| Operating earnings | 32,278 | 20,705 | (321,453 | ) | (268,470 | ) | |||||||||||||||||||||||||||||
| FirstService | FirstService | ||||||||||||||||||||||||||||||||||
| Residential | Brands | Corporate | Consolidated | ||||||||||||||||||||||||||||||||
| Six months ended June 30 | |||||||||||||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 677,816 | $ | 577,612 | $ | – | $ | 1,255,428 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 61,135 | 57,790 | (3,829 | ) | 115,096 | ||||||||||||||||||||||||||||||
| Operating earnings | 49,404 | 22,271 | (10,788 | ) | 60,887 | ||||||||||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 689,715 | $ | 369,848 | $ | – | $ | 1,059,563 | |||||||||||||||||||||||||||
| Adjusted EBITDA | 60,996 | 39,459 | (6,274 | ) | 94,181 | ||||||||||||||||||||||||||||||
| Operating earnings | 47,926 | 24,597 | (328,063 | ) | (255,540 | ) | |||||||||||||||||||||||||||||
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
Jeremy Rakusin
Chief Financial Officer
(416) 960-9566