FirstService Corporation, a leading North American property services provider, showcased its resilience and strategic acumen through a year of significant achievements and challenges, as detailed in their Q4 and Full-Year 2023 Earnings Release. This blog post highlights the key takeaways from their latest financial results, reflecting a company adept at navigating market fluctuations and capitalizing on growth opportunities.

Revenue Growth

FirstService Brands Q4 2023 Results

FirstService Brands Q4 2023 Results

In 2023, FirstService reported substantial growth, with annual revenues rising to $4.33 billion, a 16% increase from the previous year. This growth included a notable 10% organic expansion, underscoring the company’s ability to grow its core operations amidst a dynamic economic landscape.

Segment Performance
FirstService operates through two primary divisions: FirstService Residential and FirstService Brands. Both segments demonstrated impressive performance:
FirstService Residential: Revenue for this segment was $2 billion for the year, up 13% from 2022, driven by new contract wins and enhanced services provided to existing clients. The segment’s Adjusted EBITDA increased by 11%, reaching $187.8 million.
FirstService Brands: This division saw a revenue increase of 18% to $2.34 billion. The growth was propelled by strong performance across all service lines, particularly at Century Fire Protection, despite some headwinds from milder weather impacting restoration services.

Operational Efficiencies and Challenges

While the company experienced revenue growth, there were operational challenges that impacted profitability:
Adjusted EBITDA and EPS: For the year, Adjusted EBITDA was $415.7 million, an 18% increase. However, Adjusted Earnings Per Share (EPS) saw a slight decrease to $4.66 from $4.24 the previous year, primarily due to dilutive effects and some operational costs.
GAAP Operating Earnings: These decreased to $244.9 million from $219.0 million, influenced by factors such as contingent acquisition consideration and fair value adjustments.

Strategic Acquisitions and Market Position

FirstService continued its strategic expansion through targeted acquisitions, enhancing its service offerings and market position. The company’s approach to integrating these new operations effectively contributed significantly to its revenue streams, although it also brought some short-term costs that impacted margins.

Future Outlook

Looking ahead, FirstService is optimistic about its growth trajectory. The company’s leadership emphasized their commitment to leveraging both organic and inorganic growth avenues to enhance shareholder value and maintain market leadership. Their ongoing investment in technology and service expansion, particularly in residential and essential property services, positions them well for sustained growth.

Corporate Governance and Shareholder Value

With significant insider ownership and a seasoned management team, FirstService remains focused on long-term value creation. This governance structure ensures alignment with shareholder interests and supports transparent and effective management practices.


FirstService Corporation’s performance in 2023 exemplifies a robust business model capable of navigating market volatility while pursuing growth. As the company continues to expand its footprint in North American property services, it remains a compelling narrative of resilience and strategic growth within the industry. Shareholders and market watchers alike may find FirstService’s journey indicative of the potential and challenges in the broader property services sector.