<SEC-DOCUMENT>0001171843-20-005134.txt : 20200723
<SEC-HEADER>0001171843-20-005134.hdr.sgml : 20200723
<ACCEPTANCE-DATETIME>20200723080013
ACCESSION NUMBER:		0001171843-20-005134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200723
FILED AS OF DATE:		20200723
DATE AS OF CHANGE:		20200723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FirstService Corp
		CENTRAL INDEX KEY:			0001637810
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36897
		FILM NUMBER:		201042766

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY STREET, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
		BUSINESS PHONE:		(416) 960-9500

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New FSV Corp
		DATE OF NAME CHANGE:	20150326
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_072320.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER </strong></p><p style="text-align: center;"><strong>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER <br />THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong><strong>For the month of: July 2020<br /></strong></strong><strong>Commission File Number: <strong>001-36897</strong></strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>FIRSTSERVICE CORPORATION</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>1255 Bay Street, Suite 600<br />Toronto, Ontario, Canada<br />M5R 2A9</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160;&#160;]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160;&#160;]</p><p>Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:<br />Yes [&#160; ]&#160;&#160;&#160;&#160;&#160; No [X]</p><p>If &ldquo;Yes&rdquo; is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):&#160; N/A</p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;FIRSTSERVICE CORPORATION&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: July 23, 2020</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Jeremy Rakusin&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Jeremy Rakusin</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Chief Financial Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><hr style="page-break-after: always;" noshade="noshade" /><p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>FirstService Reports Solid Second Quarter Operating Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
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NASDAQ: FSV) today reported results for its second quarter ended June 30, 2020. All amounts are in US dollars.<br ></p>  <p align="justify">Revenues for the second quarter were $621.6&#160;million, an 8% increase relative to the same quarter in the prior year, Adjusted EBITDA (note 1) increased 10% to $71.2&#160;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&#160;million, versus an operating loss of $268.5&#160;million in the prior year period, reflecting the 2019 settlement of the long-term incentive arrangement (&#8220;LTIA&#8221;) with its Founder and Chairman in the amount of $314.4&#160;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.</p>  <p align="justify">For the six months ended June 30, 2020, revenues were $1.26&#160;billion, an 18% increase relative to the comparable prior year period, Adjusted EBITDA was $115.1&#160;million, up 22%, and Adjusted EPS was $1.23, versus $1.45 in the prior year period. FirstService&#8217;s GAAP Operating Earnings was $60.9&#160;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.</p>  <p align="justify">&#8220;We 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,&#8221; said Scott Patterson, Chief Executive Officer of FirstService. &#8220;We maintain a positive yet cautious outlook for the remainder of the year as we navigate around the ongoing pandemic uncertainty,&#8221; he concluded.</p>  <p align="justify"><strong><u>About FirstService Corporation<br ></u></strong><strong>FirstService Corporation</strong> is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: <strong>FirstService Residential</strong> - North America&#8217;s largest manager of residential communities; and <strong>FirstService Brands</strong> - one of North America&#8217;s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.</p>  <p align="justify">FirstService generates US$2.4&#160;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 &#8220;FSV&#8221; and on the Toronto Stock Exchange under the symbol &#8220;FSV&#8221;. More information is available at <u>www.&#64257;rstservice.com</u>.</p>  <p align="justify"><strong><u>Segmented Quarterly Results</u></strong><br >FirstService Residential revenues were $338.2&#160;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&#160;million, versus $39.2&#160;million in the prior year period. GAAP Operating Earnings were $32.0&#160;million, versus $32.3&#160;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.</p>  <p align="justify">FirstService Brands revenues during the second quarter grew to $283.4&#160;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 year&#8217;s second quarter. The decrease in organic revenue resulted from the various government-mandated &#8220;stay at home&#8221; measures which negatively impacted activity levels in our service lines tied to home improvement. Adjusted EBITDA for the second quarter was $35.8&#160;million, versus $28.4&#160;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&#160;million, versus $20.7&#160;million in the prior year quarter, with the decrease due to increased amortization of intangible assets arising from the Global Restoration transaction.</p>  <p align="justify">Corporate costs, as presented in Adjusted EBITDA, were $1.9&#160;million in the second quarter, relative to $2.6&#160;million in the prior year period. On a GAAP basis, corporate costs for the quarter were $4.4&#160;million, relative to $321.5&#160;million in the prior year period, with the decrease primarily attributable to the settlement of the LTIA.</p>  <p align="justify"><strong><u>Conference Call</u></strong><br >FirstService will be holding a conference call on Thursday, July 23, 2020 at 11:00 a.m. Eastern Time to discuss the quarter&#8217;s 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 <u>www.firstservice.com</u> in the &#8220;Investors / Newsroom&#8221; section.</p>  <p align="justify"><strong><u>Forward-looking Statements</u></strong><br >This press release includes or may include forward-looking statements. Much of this information can be identified by words such as &#8220;expect to,&#8221; &#8220;expected,&#8221; &#8220;will,&#8221; &#8220;estimated&#8221; 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&#8217;s services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService&#8217;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&#8217;s annual information form for the year ended December&#160;31, 2019 under the heading &#8220;Risk factors&#8221; (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.</p>  <p align="justify">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&amp;A to be made available on SEDAR at <u>www.sedar.com</u>.</p>  <p align="justify"><strong><u>Notes</u></strong><br ><em>1. </em><em>Reconciliation of net earnings to adjusted EBITDA:</em></p>  <p align="justify">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 Company&#8217;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&#8217;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. 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Reconciliation of net earnings and diluted net earnings per share to adjusted net earnings and adjusted net earnings per share: </em></p>  <p align="justify">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. 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Scott Patterson</strong><br ><strong>President &amp; CEO</strong><br ><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </strong><br ><strong>Jeremy Rakusin</strong><br ><strong>Chief Financial Officer</strong></p>  <p align="justify"><strong>(416) 960-9566</strong></p> </p><p ></p></body></html>
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