<SEC-DOCUMENT>0001171843-25-002466.txt : 20250424
<SEC-HEADER>0001171843-25-002466.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250424083032
ACCESSION NUMBER:		0001171843-25-002466
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250424
FILED AS OF DATE:		20250424
DATE AS OF CHANGE:		20250424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FirstService Corp
		CENTRAL INDEX KEY:			0001637810
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				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:		25863716

	BUSINESS ADDRESS:	
		STREET 1:		1255 BAY STREET, SUITE 600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5R 2A9
		BUSINESS PHONE:		(416) 960-9566

	MAIL ADDRESS:	
		STREET 1:		1255 BAY STREET, SUITE 600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5R 2A9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New FSV Corp
		DATE OF NAME CHANGE:	20150326
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_042425.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 PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of April 2025</strong></p><p style="text-align: center;">Commission File Number: <strong>001-36897</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>&#160;</p><p>&#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)(1): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</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): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.&#160;</p><hr style="page-break-after: always;" noshade="noshade" /><p> On April 24, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. <br /><br />(c) Exhibit 99.1. Press release dated April 24, 2025</p><p></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: April 24, 2025</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><p><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description of Exhibit</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160; &#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">Earnings press release for the three months ended March 31, 2025, dated April 24, 2025.</a> </font></td></tr></table></p></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
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<!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 First Quarter Results</strong></font></p><p style="text-align: center;"><strong>Solid Top-Line Growth Across Both Divisions</strong></p><p>
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All amounts are in US dollars.</p>            <p align="justify">Consolidated revenues for the first quarter were $1.25 billion, up 8% relative to the same quarter in the prior year. Adjusted EBITDA (note 1) increased 24% to $103.3 million, and Adjusted EPS (note 2) was $0.92, reflecting 37% growth over the prior year quarter. GAAP Operating Earnings were $39.3 million, relative to $38.1 million in the prior year period. GAAP diluted earnings per share was $0.06 per share in the quarter, versus $0.14 in the same quarter a year ago.</p>            <p align="justify">&#8220;We are pleased with our reported financial results, which were buoyed by strong margins and earnings growth,&#8221; said Scott Patterson, Chief Executive Officer of FirstService. &#8220;Despite the uncertain macroeconomic environment, our operating leaders and teams continued to drive disciplined execution and healthy profitability. Our performance during the quarter keeps us on track to hit our targets for the year,&#8221; he concluded.</p>            <p align="justify"><strong><u>About FirstService Corporation</u></strong><br ><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 company-owned operations and franchised systems.</p>            <p align="justify">FirstService generates more than US$5.3 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 and the Toronto Stock Exchange under the symbol &#8220;FSV&#8221;, and are included in the S&amp;P/TSX 60 Index. 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 $525.1 million for the first quarter, an increase of 6% versus the prior year, including 3% organic growth. Adjusted EBITDA for the quarter was $41.6 million, an increase of 17% compared to the prior year period. Operating Earnings were $29.3 million, versus $26.7 million in the first quarter of last year. The year-over-year division margin improvement was due to realized operating efficiencies in our property management client service delivery model.</p>            <p align="justify">FirstService Brands revenues for the first quarter totalled $725.7 million, up 10% relative to the prior year period. On an organic basis, division revenues declined 2%, with solid organic growth at Century Fire Protection, offset by flat or modestly lower year-over-year results in our other service lines. Reported revenue growth also reflected the contribution from recent tuck-under acquisitions within Roofing Corp of America. Adjusted EBITDA was $67.8 million, up 22% versus the first quarter of 2024. The Adjusted EBITDA margin expansion was largely driven by continued improvements in our operating processes and cost structure at our restoration and home services brands. Operating Earnings were $24.5 million, compared to $26.8 million in the prior year quarter. The Operating Earnings margin decline resulted from increased contingent upside earn-out adjustments tied to certain recently completed acquisitions.</p>            <p align="justify">Corporate costs, as presented in Adjusted EBITDA (note 1), were $6.1 million in the first quarter, relative to $7.7 million in the prior year period. Corporate costs for the quarter were $14.5 million, relative to $15.4 million in the prior year period.</p>            <p align="justify"><strong><u>Conference Call</u></strong><br >FirstService will be holding a conference call on Thursday, April 24, 2025 at 11:00 a.m. ET to discuss results for the first quarter of 2025. This call is being webcast live at the Company&#8217;s website at <u>www.firstservice.com</u>. Participants may register for the call here&#160;<u>https://register.vevent.com/register/BI35805f23ec814a5088dcde8f166eb24f</u> to receive the dial-in number and their unique PIN.</p>            <p align="justify">To join the webcast in listen only mode, use this link: <u>https://edge.media-server.com/mmc/p/6tn3nf33</u>.</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 31, 2024 under the heading &#8220;Risk factors&#8221; (a copy of which may be obtained at www.sedarplus.ca) 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. Our interim consolidated financial statements and related management&#8217;s discussion and analysis will be made available on SEDAR+ at www.sedarplus.ca.</p>            <p align="justify"><strong><u>Notes</u></strong><br ><em>1. 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 (income) expense; (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, its ability to service debt, and 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&#8217;s overall enterprise valuation and to evaluate acquisition targets. Adjusted EBITDA is presented as a supplemental measure because the Company believes such a measure is useful to investors as a reasonable indicator of operating performance, due to the low capital intensity of the Company&#8217;s 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&#8217;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. 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Reconciliation of net earnings and net earnings per share to adjusted net earnings and adjusted EPS:</em></p>            <p align="justify">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 expense related to 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 share, as determined in accordance with GAAP. 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">&#160;</td></tr></table>      <p><strong>COMPANY CONTACTS:</strong></p>            <p><strong>D. Scott Patterson</strong><br ><strong>Chief Executive Officer</strong></p>          <p><strong>Jeremy Rakusin</strong><br ><strong>Chief Financial Officer</strong></p>            <p><strong>(416) 960-9566</strong></p> </p><p ></p></body></html>
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</SEC-DOCUMENT>
