The following is a summary of the FirstService Corporation (FSV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FirstService reported Q1 2024 revenues of $1.16 billion, a 14% increase mainly driven by acquisitions.

• Adjusted EBITDA was $83.4 million, up by 2% year-over-year, with a 7.2% margin for the quarter, compared to a 8.1% margin in the previous year's quarter.

• There was an increase in the company's consolidated tax rate from 26% to 29%.

• Net debt stood at approximately $1.1 billion at the end of the quarter, resulting a leverage level of 2.3 times as measured by net debt to trailing 12 months EBITDA.

Business Progress:

• First Service residential revenues were up 11%, driven by net new contract wins.

• The company completed the acquisition of Florida-based Rizzetta & Company which has added a new service, CDD management.

• FirstService brands division witnessed a 16% revenue growth, largely due to the acquisition of Roofing Corp of America.

• Despite experiencing a 10% decrease in restoration revenues due to mild weather, the company expects opportunities to grow from its recent acquisition of Atlanta-based All Restoration Solutions.

• Century Fire posted strong quarterly results and future outlook anticipates continued strength with high-single-digit year-over-year growth.

• The company aims to maintain its strategic focus on acquisitions and transitioning its focus on amenities within lifestyle communities and high-rise buildings in the residential sector.

More details: Firstservice IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.