Mr. Scott Patterson reports

FIRSTSERVICE REPORTS SECOND QUARTER 2023 RESULTS

FirstService Corp. has released its results for its second quarter ended June 30, 2023. All amounts are in United States dollars.

Consolidated revenues for the second quarter were $1.12-billion, a 20-per-cent increase relative to the same quarter in the prior year, including 15-per-cent organic growth. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 30 per cent to $118.4-million and adjusted EPS (earnings per share) was $1.46, up 30 per cent versus the prior year quarter. During the second quarter, FirstService reported GAAP (generally accepted accounting principle) operating earnings of $82.3-million, up from $59.8-million in the prior year period. The GAAP diluted earnings per share was $1.01 in the quarter, compared with $0.78 for the same quarter a year ago.

For the six months ended June 30, 2023, consolidated revenues were $2.14-billion, a 21-per-cent increase relative to the comparable prior year period, Adjusted EBITDA was $200.4-million, up 30 per cent, and adjusted EPS was $2.31, compared with $1.85 in the prior year period. FirstService's GAAP operating earnings were $123.3-million in the current year period, versus $88.9-million in the prior year. The GAAP diluted earnings per share for the six months year to date was $1.37, compared with $1.09 in the prior year period.

"We are pleased to have delivered another strong quarter, with our year-over-year growth largely mirroring our prior Q1," said Scott Patterson, chief executive officer of FirstService. "Our organic top-line growth showed momentum across the board and continues to be the main driver of our performance. Our results year to date put us well on track with our expectations for a strong 2023," he concluded.

About FirstService Corp.

FirstService is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential -- North America's largest manager of residential communities; and FirstService Brands -- one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

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