The following is a summary of the FirstService Corporation (FSV) Q2 2024 Earnings Call Transcript:

Financial Performance:

• FirstService reported total revenues of $1.3 billion in Q2 2024, up 16%, driven mainly by acquisitions such as Roofing Corp of America.

• Adjusted EBITDA was $132.5 million, reflecting a 10.2% consolidated margin. A year-over-year debt increase due to higher interest rates and acquisitions resulted in a decrease in adjusted EPS from $1.46 in Q2 2023 to $1.36 in Q2 2024.

Business Progress:

• Announced the acquisition of CitiScape, enhancing FirstService Residential's presence in Northern California.

• Entered the Florida market with the addition of Crowther Roofing and Hamilton Roofing, boosting the company's roofing business.

• Century Fire demonstrated robust organic growth, aligning with the company's expectations.

Opportunities:

• Continued growth in Northern California through acquisitions like CitiScape, combined with stable conditions for high-rise and master-planned communities, offers revenue expansion potential.

Risks:

• Mild weather conditions in Q2 led to a reduced demand for restoration services, impacting organic revenue.

• Higher interest rates and general economic uncertainty affected Home Improvement revenues, which might continue into Q3.

More details: Firstservice IR

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