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
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