Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001637810 |
Entity Registrant Name | FirstService Corporation |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Entity File Number | 001-36897 |
Entity Incorporation, State or Country Code | A6 |
Entity Address, Address Line One | 1255 Bay Street, Suite 600 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5R 2A9 |
City Area Code | 416 |
Local Phone Number | 960-9566 |
Title of 12(b) Security | Common Shares |
Trading Symbol | FSV |
Security Exchange Name | NASDAQ |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 44,682,427 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 271 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Toronto, Canada |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 126 Prospect Street |
Entity Address, City or Town | Cambridge |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02139 |
City Area Code | 617 |
Local Phone Number | 868-5000 |
Contact Personnel Name | Mr. Santino Ferrante, Ferrante & Associates |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues (note 3) | $ 4,334,548 | $ 3,745,835 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 2,947,008 | 2,565,720 |
Selling, general and administrative expenses | 993,197 | 846,429 |
Depreciation | 73,696 | 61,415 |
Amortization of intangible assets | 54,238 | 48,725 |
Acquisition-related items (note 4) | 21,517 | 4,520 |
Operating earnings | 244,892 | 219,026 |
Interest expense, net | 47,364 | 25,191 |
Other income, net (note 6) | (5,810) | (146) |
Earnings before income tax | 203,338 | 193,981 |
Income tax (note 15) | 56,317 | 48,974 |
Net earnings | 147,021 | 145,007 |
Non-controlling interest share of earnings (note 12) | 14,140 | 9,381 |
Non-controlling interest redemption increment (note 12) | 32,490 | 14,552 |
Net earnings attributable to Company | $ 100,391 | $ 121,074 |
Net earnings per common share (note 16) | ||
Basic (in dollars per share) | $ 2.25 | $ 2.74 |
Diluted (in dollars per share) | $ 2.24 | $ 2.72 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net earnings | $ 147,021 | $ 145,007 |
Foreign currency translation gain (loss) | 1,546 | (7,882) |
Comprehensive earnings | 148,567 | 137,125 |
Less: Comprehensive earnings attributable to non-controlling shareholders | 46,630 | 23,933 |
Comprehensive earnings attributable to Company | $ 101,937 | $ 113,192 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 187,617 | $ 136,219 |
Restricted cash | 19,260 | 23,129 |
Accounts receivable, net of allowance of $19,563 (December 31, 2022 - $18,247) (note 2) | 842,236 | 635,942 |
Income tax recoverable | 8,809 | 20,894 |
Inventories, net (note 7) | 246,192 | 242,341 |
Prepaid expenses and other current assets | 56,888 | 50,347 |
Assets, Current | 1,361,002 | 1,108,872 |
Other receivables | 4,238 | 4,881 |
Other assets | 28,428 | 31,972 |
Deferred income tax (note 15) | 1,752 | 1,696 |
Fixed assets (note 8) | 204,188 | 167,012 |
Operating lease right-of-use assets (note 5) | 218,299 | 205,544 |
Intangible assets (note 9) | 628,011 | 368,451 |
Goodwill (note 10) | 1,179,825 | 886,086 |
Assets, Noncurrent | 2,264,741 | 1,665,642 |
Assets | 3,625,743 | 2,774,514 |
Current liabilities | ||
Accounts payable | 143,347 | 115,989 |
Accrued liabilities (note 7) | 327,736 | 282,324 |
Income tax payable | 1,470 | 2,787 |
Unearned revenues | 178,587 | 125,542 |
Operating lease liabilities - current (note 5) | 50,898 | 49,145 |
Long-term debt - current (note 11) | 37,132 | 35,665 |
Contingent acquisition consideration - current (note 18) | 31,604 | 25,537 |
Liabilities, Current | 770,774 | 636,989 |
Long-term debt - non-current (note 11) | 1,144,975 | 698,798 |
Operating lease liabilities - non-current (note 5) | 183,923 | 168,557 |
Contingent acquisition consideration (note 18) | 31,874 | 8,651 |
Unearned revenues | 21,380 | 17,864 |
Other liabilities | 62,684 | 51,663 |
Deferred income tax (note 15) | 53,024 | 51,097 |
Liabilities, Noncurrent | 1,497,860 | 996,630 |
Redeemable non-controlling interests (note 12) | 332,963 | 233,429 |
Shareholders' equity | 1,024,146 | 907,466 |
Liabilities and Equity | $ 3,625,743 | $ 2,774,514 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 19,563 | $ 18,247 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 44,013,031 | ||||
Balance at Dec. 31, 2021 | $ 797,428 | $ 68,249 | $ (67,920) | $ 1,965 | $ 799,722 |
Net earnings (loss) | 0 | 0 | 121,074 | 0 | 121,074 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | (7,882) | (7,882) |
Subsidiaries’ equity transactions | 0 | 17 | 0 | 0 | 17 |
Stock option expense | $ 0 | 18,046 | 0 | 0 | 18,046 |
Stock options exercised (in shares) | 213,462 | ||||
Stock options exercised | $ 15,601 | (3,305) | 0 | 0 | 12,296 |
Dividends | $ 0 | 0 | (35,807) | 0 | $ (35,807) |
Balance (in shares) at Dec. 31, 2022 | 44,226,493 | 44,013,031 | |||
Balance at Dec. 31, 2022 | $ 813,029 | 83,007 | 17,347 | (5,917) | $ 907,466 |
Net earnings (loss) | 0 | 0 | 100,391 | 0 | 100,391 |
Other comprehensive earnings (loss) | 0 | 0 | 0 | 1,546 | 1,546 |
Stock option expense | $ 0 | 21,385 | 0 | 0 | $ 21,385 |
Stock options exercised (in shares) | 455,934 | 455,934 | |||
Stock options exercised | $ 42,788 | (9,172) | 0 | 0 | $ 33,616 |
Dividends | $ 0 | 0 | (40,258) | 0 | $ (40,258) |
Balance (in shares) at Dec. 31, 2023 | 44,682,427 | 44,226,493 | |||
Balance at Dec. 31, 2023 | $ 855,817 | $ 95,220 | $ 77,480 | $ (4,371) | $ 1,024,146 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash provided by (used in) Operating activities | ||
Net earnings | $ 147,021 | $ 145,007 |
Items not affecting cash: | ||
Depreciation and amortization | 127,934 | 110,140 |
Deferred income tax | (19,049) | 7,436 |
Contingent acquisition consideration fair value adjustments | 16,366 | (594) |
Gain on sale of building asset | (4,351) | 0 |
Stock-based compensation and other | 22,401 | 18,965 |
Changes in non-cash working capital: | ||
Accounts receivable | (93,822) | (69,671) |
Inventories | 22,240 | (71,517) |
Prepaid expenses and other current assets | (4,840) | 266 |
Accounts payable | (17,063) | 11,545 |
Accrued liabilities | 25,910 | (8,844) |
Income tax payable | 10,815 | (13,819) |
Unearned revenues | 39,956 | 3,821 |
Other liabilities | 11,176 | (26,842) |
Contingent acquisition consideration paid | (4,334) | 0 |
Net cash provided by operating activities | 280,360 | 105,893 |
Investing activities | ||
Acquisitions of businesses, net of cash acquired (note 4) | (547,182) | (51,994) |
Disposal of building asset (note 6) | 7,350 | 0 |
Purchases of fixed assets | (92,734) | (77,609) |
Other investing activities | (13,763) | (31,197) |
Net cash used in investing activities | (646,329) | (160,800) |
Financing activities | ||
Increase in long-term debt | 587,847 | 150,156 |
Repayment of long-term debt | (141,000) | (70,000) |
Financing fees paid | 0 | (2,468) |
Purchases of non-controlling interests | (5,310) | (21,794) |
Sale of interests in subsidiaries to non-controlling interests | 1,025 | 343 |
Contingent acquisition consideration paid | (15,802) | (6,806) |
Proceeds received on exercise of stock options | 33,616 | 12,296 |
Dividends paid to common shareholders | (39,055) | (34,884) |
Distributions paid to non-controlling interests | (7,376) | (8,061) |
Net cash provided by financing activities | 413,945 | 18,782 |
Effect of exchange rate changes on cash | (447) | 1,202 |
Increase (decrease) in cash, cash equivalents and restricted cash | 47,529 | (34,923) |
Cash, cash equivalents and restricted cash, beginning of year | 159,348 | 194,271 |
Cash, cash equivalents and restricted cash, end of year | $ 206,877 | $ 159,348 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business FirstService Corporation (the “Company”) is a North American provider of residential property management and other essential property services to residential and commercial customers. The Company’s operations are conducted in two FirstService Residential is a full-service property manager and in many markets provides a full range of ancillary services primarily in the following areas: (i) on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel; (ii) proprietary banking and insurance products; and (iii) energy conservation and management solutions. FirstService Brands provides a range of essential property services to residential and commercial customers in North America through company-owned operations and franchise systems. The principal brands in this division include First Onsite Property Restoration, Paul Davis Restoration, Roofing Corp of America, Century Fire Protection, California Closets, CertaPro Painters, Floor Coverings International and Pillar to Post Home Inspectors. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the determination of fair values of assets acquired and liabilities assumed in business combinations, and recoverability of goodwill and intangible assets. Actual results could be materially different from these estimates. Significant accounting policies are summarized as follows: Basis of consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries where the Company is the primary beneficiary. Inter-company transactions and accounts are eliminated on consolidation. Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three Restricted cash Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees. The Company’s restricted cash balance consists primarily of cash related to our marketing funds in the FirstService Brands segment, cash held for certain employees’ benefit plans, and cash held for insurance broker commissions owed in our FirstService Residential segment. Accounts Receivable In the ordinary course of business the Company extends non-interest bearing trade credit to its customers. Accounts receivable are carried at amortized cost and reported on the face of the consolidated balance sheets, net of an allowance for credit losses. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not The allowance for credit losses is based on the Company’s assessment of the collectability of customer accounts. The measurement of expected credit losses is based on relevant information about past events, including historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may Inventories Finished goods and supplies and other inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average method. Work-in-progress inventory relates to construction contracts and real estate project management projects in process. Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years straight-line Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 no Financing fees Financing fees related to our second Leases The Company has lease agreements with lease and non-lease components, and has elected to account for each lease component (e.g., fixed rent payments) separately from the non-lease components (e.g., common-area maintenance costs). The Company has also elected not 12 At lease commencement, which is generally when the Company takes possession of the asset, the Company records a lease liability and a corresponding right-of-use asset. Lease liabilities represent the present value of minimum lease payments over the expected lease term, which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. The present value of the lease liability is determined using the Company’s incremental collateralized borrowing rate at the lease commencement. Minimum lease payments include base rent, fixed escalation of rental payments, and rental payments that are adjusted periodically depending on a rate or index. Right-of-use assets represent the right to control the use of the leased asset during the lease and are initially recognized in an amount equal to the lease liability. In addition, prepaid rent, initial direct costs, and adjustments for lease incentives are components of the right-of-use asset. Over the lease term the lease expense is amortized on a straight-line basis beginning on the lease commencement date. Right-of-use assets are assessed for impairment as part of the impairment of long-lived assets, which is performed whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not Intangible assets are recorded at fair value on the date they are acquired. They are amortized over their estimated useful lives as follows: Customer relationships straight-line over 4 to 20 years Franchise rights by pattern of use, currently estimated at 2.5% to 15% per year Trademarks and trade names straight-line over 1 to 35 years Management contracts and other straight-line over life of contract ranging from 2 to 20 years Backlog straight-line over 6 to 12 months The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not Goodwill is tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has seven first not not no not may Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. Revenue recognition and unearned revenues The Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s revenues are measured based on consideration specified in the contract of each customer and revenue is recognized as the performance obligations are satisfied by transferring the control of the service or product to a customer. (a) Revenues from property and amenity management services Property and amenity management services represent a series of distinct daily services, that in nature are substantially the same, rendered over time. The Company is compensated for these services through monthly management fees and fees associated with ancillary services. Revenue is recognized for the fees associated with the services performed. (b) Revenues from construction contracts and service operations other than franchisor operations Revenues are recognized at the time the service is rendered. Certain services including but not (c) Franchisor operations The Company operates several franchise systems within its FirstService Brands segment. Initial franchise fees are deferred and recognized over the term of the franchise agreement. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. The Company’s franchise systems operate marketing funds on behalf of franchisees. Advertising fund contributions from franchisees are reported as revenues and advertising fund expenditures are reported as expenses in our statements of earnings. To the extent that contributions received exceed advertising expenditures, the excess amount is accrued and offset as unearned revenue, whereas any expenditures in excess of contributions are expensed as incurred. As such, advertising fund contributions and the related revenues and expenses may Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. Notional value appreciation plans Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to fifteen five Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The determination of fair values of assets and liabilities assumed in business combinations requires the use of estimates and judgement by management, particularly in determining fair values of intangible assets acquired. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue from contracts with customers Disaggregated revenues are as follows: Year ended December 31 2023 2022 Revenues FirstService Residential $ 1,996,823 $ 1,772,258 FirstService Brands company-owned operations 2,122,691 1,773,446 FirstService Brands franchisor 208,704 195,299 FirstService Brands franchise fee 6,330 4,832 The Company disaggregates revenue by segment. Within the FirstService Brands segment, the Company further disaggregates its company-owned operations revenue; these businesses primarily recognize revenue over time as they perform because of continuous transfer of control to the customer. As such, revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the percentage of completion method. We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. The Company’s backlog represents remaining performance obligations and is defined as contracted work yet to be performed. As at December 31, 2023, 2022 Within the FirstService Brands segment, franchise fee revenue recognized during the twelve December 31, 2023 2022 The majority of current unearned revenues as at December 31, 2022 2023. External broker costs and employee sales commissions in obtaining new franchisees are capitalized in accordance with the revenue standard and are amortized over the life of the underlying franchise agreement. Costs amortized during the twelve December 31, 2023 2022 December 31, 2023 2022 |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisitions 2023 The Company completed twelve three nine three Within the FirstService Brands segment, the Company acquired three two December 18 th 11 Details of these acquisitions are as follows: Roofing Corp All other of America acquisitions Total Accounts receivable $ 83,943 $ 27,919 $ 111,862 Other current assets 26,362 5,089 31,451 Non-current assets 22,871 6,581 29,452 Accounts payable (30,531 ) (13,826 ) (44,357 ) Accrued liabilities (14,171 ) (4,592 ) (18,763 ) Other current liabilities (13,364 ) (5,507 ) (18,871 ) Non-current liabilities (5,491 ) (3,378 ) (8,869 ) Deferred tax liabilities (5,062 ) (14,243 ) (19,305 ) Redeemable non-controlling interest (46,255 ) (17,604 ) (63,859 ) $ 18,302 $ (19,561 ) $ (1,259 ) Cash consideration $ 445,160 $ 146,265 (1) $ 591,425 Less: cash acquired (19,883 ) (9,735 ) (29,618 ) Acquisition date fair value of contingent consideration 21,902 10,669 32,571 Total purchase consideration $ 447,179 $ 147,199 $ 594,378 Acquired intangible assets $ 234,770 (2) $ 71,121 $ 305,891 Goodwill $ 194,107 $ 95,639 $ 289,746 ( 1 December 31, 2022. ( 2 “Acquisition-related items” included both transaction costs and contingent acquisition consideration fair value adjustments. Acquisition-related transaction costs for the year ended December 31, 2023 2022 2022 The purchase price allocations for certain transactions completed in the last twelve not not no December 31, 2023. The amount of revenues and earnings contributed from the date of acquisition and included in the Company’s consolidated results for the year ended December 31, 2023, January 1, 2022, Revenues Net earnings Actual from acquired entities for 2023 $ 111,915 $ 6,820 Supplemental pro forma for 2023 (unaudited) 4,794,360 182,933 Supplemental pro forma for 2022 (unaudited) 4,450,194 198,381 Supplemental pro forma results were adjusted for non-recurring items. 2022 The Company completed seven 2022, one six three two Details of these acquisitions are as follows: Aggregate Acquisitions Accounts receivable $ 11,478 Other current assets 11,764 Non-current assets 7,848 Accounts payable (3,877 ) Accrued liabilities (3,305 ) Other current liabilities (7,114 ) Non-current liabilities (3,804 ) Deferred tax liabilities (2,008 ) Redeemable non-controlling interest (18,262 ) $ (7,280 ) Cash consideration, net of cash acquired of $ 8,318 $ 51,994 Acquisition date fair value of contingent consideration 8,933 Total purchase consideration $ 60,927 Acquired intangible assets $ 28,201 Goodwill $ 40,006 In all years presented, the fair values of non-controlling interests for all acquisitions were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration. The purchase price allocations of all acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For certain acquisitions completed during the year ended December 31, 2023, 2022 The determination of fair values of assets acquired and liabilities assumed in business combinations required the use of estimates and judgement by management, particularly in determining fair values of intangible assets acquired. Intangible assets acquired at fair value on the date of acquisition are recorded using the income approach on an individual asset basis. The assumptions used in estimating the fair values of intangible assets include future EBITDA margins, revenue growth rates, revenue attributable to returning customers, expected attrition rates of acquired customer relationships and the discount rates. The Company typically structures its business acquisitions to include contingent consideration. Vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one two not nil. The fair value of the contingent consideration liability recorded on the consolidated balance sheet as at December 31, 2023 18 November 2025. December 31, 2023, 2022 |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. Leases The Company has operating leases for corporate offices, copiers, and certain equipment. Its leases have remaining lease terms of 1 year to 15 years, some of which may may 1 twelve December 31, 2023 2022 Other information related to leases was as follows (in thousands, except lease term and discount rate): Supplemental Cash Flows Information, twelve months ended December 31 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 48,690 Right-of-use assets obtained in exchange for operating lease obligation $ 64,240 Weighted Average Remaining Operating Lease Term (years) 6 Weighted Average Discount Rate 5.4 % Future minimum operating lease payments under non-cancellable leases as of December 31, 2023 2024 $ 56,460 2025 55,997 2026 45,963 2027 32,554 2028 24,096 Thereafter 63,541 Total future minimum lease payments 278,611 Less imputed interest (43,790 ) Total 234,821 |
Note 6 - Other Income, Net
Note 6 - Other Income, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 6. Other income, net 2023 2022 Gain on sale of building asset (4,351 ) - Other income (1,459 ) (146 ) $ (5,810 ) $ (146 ) During the second |
Note 7 - Components of Working
Note 7 - Components of Working Capital Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 7. Components of working capital accounts December 31, December 31, 2023 2022 Inventories Work-in-progress $ 181,751 $ 177,134 Finished goods 26,350 32,340 Supplies and other 38,091 32,867 $ 246,192 $ 242,341 Accrued liabilities Accrued payroll and benefits $ 176,921 $ 146,852 Value appreciation plans (1) 4,874 9,403 Customer advances 7,149 6,397 Other 138,792 119,672 $ 327,736 $ 282,324 ( 1 |
Note 8 - Fixed Assets
Note 8 - Fixed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Fixed assets December 31, 2023 Accumulated Cost depreciation Net Land $ 26 $ - $ 26 Buildings 4,554 589 3,965 Vehicles 156,900 94,937 61,963 Furniture and equipment 172,841 120,980 51,861 Computer equipment and software 213,309 152,607 60,702 Leasehold improvements 65,826 40,155 25,671 $ 613,456 $ 409,268 $ 204,188 December 31, 2022 Accumulated Cost depreciation Net Land $ 1,279 $ - $ 1,279 Buildings 9,277 3,620 5,657 Vehicles 128,047 84,041 44,006 Furniture and equipment 161,142 104,565 56,577 Computer equipment and software 175,544 130,542 45,002 Leasehold improvements 50,619 36,128 14,491 $ 525,908 $ 358,896 $ 167,012 Included in fixed assets are vehicles, office and computer equipment under finance lease at a cost of $36,915 ( 2022 2022 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9. Intangible assets December 31, 2023 Gross carrying Accumulated amount amortization Net Customer relationships $ 683,006 $ 198,911 $ 484,095 Franchise rights 58,363 42,972 15,391 Trademarks and trade names 51,412 18,674 32,738 Management contracts and other 176,322 80,535 95,787 $ 969,103 $ 341,092 $ 628,011 Gross December 31, 2022 carrying Accumulated amount amortization Net Customer relationships $ 451,970 $ 163,913 $ 288,057 Franchise rights 53,702 36,919 16,783 Trademarks and trade names 29,424 18,705 10,719 Management contracts and other 120,335 67,443 52,892 $ 655,431 $ 286,980 $ 368,451 During the year ended December 31, 2023, Estimated weighted average amortization Amount period (years) Customer relationships $ 224,940 19.5 Trademarks and trade names 21,880 15.0 Management Contracts and other 59,071 19.1 $ 305,891 19.1 The following is the estimated annual amortization expense for recorded intangible assets for each of the next five December 31: 2024 $ 61,092 2025 59,808 2026 58,134 2027 54,730 2028 51,969 |
Note 10 - Goodwill
Note 10 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10. Goodwill FirstService FirstService Residential Brands Consolidated Balance, December 31, 2021 $ 256,435 $ 586,927 $ 843,362 Goodwill acquired during the year 2,219 37,787 40,006 Other items 2,562 2,117 4,679 Foreign exchange (1,412 ) (549 ) (1,961 ) Balance, December 31, 2022 259,804 626,282 886,086 Goodwill acquired during the year 59,456 230,290 289,746 Other items 555 2,722 3,277 Foreign exchange 503 213 716 Balance, December 31, 2023 $ 320,318 $ 859,507 $ 1,179,825 Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, 2023, not no August. |
Note 11 - Long-term Debt
Note 11 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 11. Long-term debt December 31, December 31, 2023 2022 Credit Agreement $ 1,042,059 $ 568,672 3.84% Senior Notes 60,000 90,000 4.53% Notes 60,000 60,000 Capital leases maturing at various dates through 2028 20,048 15,334 Other long-term debt maturing at various dates up to 2023 - 457 1,182,107 734,463 Less: current portion 37,132 35,665 Long-term debt - non-current $ 1,144,975 $ 698,798 The Company has $60,000 of Senior Notes bearing interest at a rate of 3.84%. The Senior Notes are due on January 16, 2025, five January 16, 2021. In February 2022, second February 2027. 2023 December 31, 2023. December 31, 2023, December 31, 2022). January 2023 June 2024, December 2023, The indebtedness under the Credit Agreement and the Senior Notes rank equally in terms of seniority. The Company has granted the lenders under the Credit Agreement and the holders of the Senior Notes various security, including an interest in all of our assets. The Company is prohibited under the Credit Agreement and the Senior Notes from undertaking certain acquisitions and dispositions, and incurring certain indebtedness and encumbrances, without prior approval of the lenders under the Credit Agreement and the holders of the Senior Notes. In September 2022, two three September 29, 2025. September 29, 2032, In January 2024, January 30, 2029, January 30, 2031, January 2024, January 30, 2031, The effective interest rate on the Company’s long-term debt for the year ended December 31, 2023 2022 five December 31 2024 $ 37,132 2025 36,187 2026 3,578 2027 1,044,428 2028 and thereafter 60,782 |
Note 12 - Redeemable Non-contro
Note 12 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 12. Redeemable non-controlling interests The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The RNCI are considered to be redeemable securities. The following table provides a reconciliation of the beginning and ending RNCI amounts: 2023 2022 Balance, January 1 $ 233,429 $ 219,135 RNCI share of earnings 14,140 9,381 RNCI redemption increment 32,490 14,552 Distributions paid to RNCI (7,376 ) (8,061 ) Purchases of interests from RNCI, net (4,285 ) (21,451 ) RNCI recognized on business acquisitions 63,859 18,262 Other 706 1,611 Balance, December 31 $ 332,963 $ 233,429 The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the non-controlling interest at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before extraordinary items, income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may December 31, 2023 2022 December 31, 2023, December 31, 2023. |
Note 13 - Capital Stock
Note 13 - Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 13. Capital stock The authorized capital stock of the Company is as follows: An unlimited number of Common Shares having one The following table provides a summary of total capital stock issued and outstanding: Common Shares Number Amount Balance, December 31, 2023 44,682,427 $ 855,817 |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Stock-based compensation The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a four five one December 31, 2023, Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the year ended December 31, 2023 Weighted average Weighted remaining Number of average contractual life Aggregate options exercise price (years) intrinsic value Shares issuable under options - Beginning of period 2,337,573 $ 120.06 Granted 615,000 142.20 Exercised (455,934 ) 73.73 Forfeited (75,890 ) 144.43 Shares issuable under options - December 31, 2023 2,420,749 $ 133.65 2.5 $ 68,849 Options exercisable - End of period 1,044,891 $ 120.60 1.6 $ 43,351 The Company incurred stock-based compensation expense related to these awards of $21,385 during the year ended December 31, 2023 ( 2022 As at December 31, 2023, The following table summarizes information about option exercises during year ended December 31, 2023: 2023 Number of options exercised 455,934 Aggregate fair value $ 66,499 Intrinsic value 32,883 Amount of cash received 33,616 As at December 31, 2023, December 31, 2023, 2022 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions: 2023 Risk free rate 4.0 % Expected life in years 4.20 Expected volatility 33.5 % Dividend yield 0.6 % Weighted average fair value per option granted $ 44.19 The risk-free interest rate is based on the implied yield of a zero four |
Note 15 - Income Tax
Note 15 - Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income tax Income tax differs from the amounts that would be obtained by applying the statutory rate to the respective year’s earnings before tax. Differences result from the following items: 2023 2022 Income tax expense using combined statutory rate of 26.5% 26.5% $ 53,884 $ 51,405 Permanent differences 2,075 584 Adjustments to tax liabilities for prior periods 111 230 Non-deductible stock-based compensation 5,667 4,782 Foreign, state and provincial tax rate differential (5,420 ) (8,043 ) Other taxes - 16 Provision for income taxes as reported $ 56,317 $ 48,974 Earnings before income tax by jurisdiction comprise the following: 2023 2022 Canada $ 34,600 $ 32,125 United States 168,738 161,856 Total $ 203,338 $ 193,981 Income tax expense (recovery) comprises the following: 2023 2022 Current Canada $ 9,494 $ 8,401 United States 64,267 32,585 73,761 40,986 Deferred Canada 375 431 United States (17,819 ) 7,557 (17,444 ) 7,988 Total $ 56,317 $ 48,974 The significant components of deferred income tax are as follows: 2023 2022 Deferred income tax assets Loss carry-forwards $ 4,943 $ 2,251 Expenses not currently deductible 37,225 31,353 Allowance for credit losses 8,125 4,779 Inventory and other reserves 1,836 3,357 52,129 41,740 Deferred income tax liabilities Depreciation and amortization 97,896 86,175 Basis differences of partnerships and other entities 1,919 2,053 Prepaid and other expenses deducted for tax purposes 2,186 1,896 102,001 90,124 Net deferred income tax asset (liability) before valuation allowance (49,872 ) (48,384 ) Valuation allowance 1,400 1,017 Net deferred income tax asset (liability) $ (51,272 ) $ (49,401 ) The recoverability of deferred income tax assets is dependent on generating sufficient taxable income before the 20 year loss carry-forward limitation. Although realization is not not The Company has gross operating loss carry-forwards as follows: Loss carry forward Gross losses not recognized Net 2023 2022 2023 2022 2023 2022 Canada $ 2,048 $ 2,336 $ - $ - $ 2,048 $ 2,336 United States 53,295 24,102 20,360 18,324 32,935 5,778 These amounts above are available to reduce future federal, state, and provincial income taxes in their respective jurisdictions. Net operating loss carry-forward balances attributable to the United States and Canada expire over the next 9 to 20 years. Cumulative unremitted earnings of US and foreign subsidiaries approximated $950,864 as at December 31, 2023 ( 2022 not The gross unrecognized tax benefits are $148 ( 2022 2022 December 31, 2023, 2022 nil December 31, 2023, 2022 The Company’s significant tax jurisdictions include the United States and Canada. The number of years with open tax audits varies depending on the tax jurisdictions. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for three four three five The Company does not may may |
Note 16 - Net Earnings Per Comm
Note 16 - Net Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Net earnings per common share The following table reconciles the denominator used to calculate earnings per common share: 2023 2022 Shares issued and outstanding at beginning of period 44,226,493 44,013,031 Weighted average number of shares: Issued during the period 329,888 162,076 Weighted average number of shares used in computing basic earnings per share 44,556,381 44,175,107 Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method 238,593 318,900 Number of shares used in computing diluted earnings per share 44,794,974 44,494,007 |
Note 17 - Other Supplemental In
Note 17 - Other Supplemental Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 17. Other supplemental information 2023 2022 Cash payments made during the period Income taxes $ 64,647 $ 55,114 Interest 49,717 23,687 |
Note 18 - Financial Instruments
Note 18 - Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 18. Financial instruments Concentration of credit risk The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable and other receivables. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to the receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many different service lines. During the year ended December 31, 2023, 2022 Interest rate risk The Company maintains an interest rate risk management strategy that uses interest rate hedging contracts from time to time. The Company’s specific goals are to: (i) manage interest rate sensitivity by modifying the characteristics of its debt and (ii) lower the long-term cost of its borrowed funds. Foreign currency risk Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than U.S. dollars. A portion of revenue is generated by the Company’s Canadian operations. The Company’s head office expenses are incurred in Canadian dollars which is economically hedged by Canadian dollar denominated revenue. Fair values of financial instruments The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2023: Carrying value at Fair value measurements December 31, 2023 Level 1 Level 2 Level 3 Contingent consideration liability $ 63,478 $ - $ - $ 63,478 Interest rate swap assets 2,127 - 2,127 - The Company has two 3 9%. not 2023 2022 Balance, January 1 $ 34,188 $ 32,346 Amounts recognized on acquisitions 32,571 8,933 Fair value adjustments 16,366 (594 ) Resolved and settled in cash (20,136 ) (6,806 ) Other 489 309 Balance, December 31 $ 63,478 $ 34,188 Less: current portion $ 31,604 $ 25,537 Non-current portion $ 31,874 $ 8,651 The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of long term debt are Level 2 2023 2022 Carrying Fair Carrying Fair amount value amount value Other receivables $ 4,238 $ 4,238 $ 4,881 $ 4,881 Long-term debt 1,182,107 1,183,854 734,463 736,818 Other receivables include notes receivable from non-controlling shareholders and other non-current receivables. |
Note 19 - Contingencies
Note 19 - Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. Contingencies In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. Related party transactions The Company has entered into office space rental arrangements and property management contracts with senior managers of certain subsidiaries. These senior managers are usually also minority shareholders of the subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the year ended December 31, $4,555 2022 As at December 31, 2023, December 31, 2022 |
Note 21 - Segmented Information
Note 21 - Segmented Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 21. Segmented information Operating segments The Company has two 2023 FirstService FirstService Residential Brands Corporate Consolidated Revenues $ 1,996,823 $ 2,337,725 $ - $ 4,334,548 Depreciation and amortization 33,114 94,729 91 127,934 Operating earnings (loss) 155,044 126,468 (36,620 ) 244,892 Other income, net 5,810 Interest expense, net (47,364 ) Income taxes (56,317 ) Net earnings $ 147,021 Total assets $ 939,586 $ 2,679,848 $ 6,309 $ 3,625,743 Total additions to long lived assets 139,174 588,768 - 727,942 2022 FirstService FirstService Residential Brands Corporate Consolidated Revenues $ 1,772,258 $ 1,973,577 $ - $ 3,745,835 Depreciation and amortization 28,611 81,439 90 110,140 Operating earnings (loss) 138,873 111,638 (31,485 ) 219,026 Other income, net 146 Interest expense, net (25,191 ) Income taxes (48,974 ) Net earnings $ 145,007 Total assets $ 836,691 $ 1,931,847 $ 5,976 $ 2,774,514 Total additions to long lived assets 56,354 152,960 1,848 211,162 Geographic information Revenues in each geographic region are reported by customer locations. 2023 2022 United States Revenues $ 3,771,219 $ 3,279,533 Total long-lived assets 1,827,117 1,290,619 Canada Revenues $ 563,329 $ 466,302 Total long-lived assets 403,206 336,474 Consolidated Revenues $ 4,334,548 $ 3,745,835 Total long-lived assets 2,230,323 1,627,093 |
Note 22 - Impact of recently is
Note 22 - Impact of recently issued accounting standards | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 22. Impact of recently issued accounting standards In November 2023, 2023 07 not 1 2 January 1, 2024 In December 2023, 2023 09 January 1, 2025. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries where the Company is the primary beneficiary. Inter-company transactions and accounts are eliminated on consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees. The Company’s restricted cash balance consists primarily of cash related to our marketing funds in the FirstService Brands segment, cash held for certain employees’ benefit plans, and cash held for insurance broker commissions owed in our FirstService Residential segment. |
Accounts Receivable [Policy Text Block] | Accounts Receivable In the ordinary course of business the Company extends non-interest bearing trade credit to its customers. Accounts receivable are carried at amortized cost and reported on the face of the consolidated balance sheets, net of an allowance for credit losses. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not The allowance for credit losses is based on the Company’s assessment of the collectability of customer accounts. The measurement of expected credit losses is based on relevant information about past events, including historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may |
Inventory, Policy [Policy Text Block] | Inventories Finished goods and supplies and other inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average method. Work-in-progress inventory relates to construction contracts and real estate project management projects in process. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years straight-line |
Fair Value Measurement, Policy [Policy Text Block] | Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 no |
Deferred Charges, Policy [Policy Text Block] | Financing fees Financing fees related to our second |
Lessee, Leases [Policy Text Block] | Leases The Company has lease agreements with lease and non-lease components, and has elected to account for each lease component (e.g., fixed rent payments) separately from the non-lease components (e.g., common-area maintenance costs). The Company has also elected not 12 At lease commencement, which is generally when the Company takes possession of the asset, the Company records a lease liability and a corresponding right-of-use asset. Lease liabilities represent the present value of minimum lease payments over the expected lease term, which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. The present value of the lease liability is determined using the Company’s incremental collateralized borrowing rate at the lease commencement. Minimum lease payments include base rent, fixed escalation of rental payments, and rental payments that are adjusted periodically depending on a rate or index. Right-of-use assets represent the right to control the use of the leased asset during the lease and are initially recognized in an amount equal to the lease liability. In addition, prepaid rent, initial direct costs, and adjustments for lease incentives are components of the right-of-use asset. Over the lease term the lease expense is amortized on a straight-line basis beginning on the lease commencement date. Right-of-use assets are assessed for impairment as part of the impairment of long-lived assets, which is performed whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not Intangible assets are recorded at fair value on the date they are acquired. They are amortized over their estimated useful lives as follows: Customer relationships straight-line over 4 to 20 years Franchise rights by pattern of use, currently estimated at 2.5% to 15% per year Trademarks and trade names straight-line over 1 to 35 years Management contracts and other straight-line over life of contract ranging from 2 to 20 years Backlog straight-line over 6 to 12 months The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not Goodwill is tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has seven first not not no not may |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. |
Revenue [Policy Text Block] | Revenue recognition and unearned revenues The Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s revenues are measured based on consideration specified in the contract of each customer and revenue is recognized as the performance obligations are satisfied by transferring the control of the service or product to a customer. (a) Revenues from property and amenity management services Property and amenity management services represent a series of distinct daily services, that in nature are substantially the same, rendered over time. The Company is compensated for these services through monthly management fees and fees associated with ancillary services. Revenue is recognized for the fees associated with the services performed. (b) Revenues from construction contracts and service operations other than franchisor operations Revenues are recognized at the time the service is rendered. Certain services including but not (c) Franchisor operations The Company operates several franchise systems within its FirstService Brands segment. Initial franchise fees are deferred and recognized over the term of the franchise agreement. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. The Company’s franchise systems operate marketing funds on behalf of franchisees. Advertising fund contributions from franchisees are reported as revenues and advertising fund expenditures are reported as expenses in our statements of earnings. To the extent that contributions received exceed advertising expenditures, the excess amount is accrued and offset as unearned revenue, whereas any expenditures in excess of contributions are expensed as incurred. As such, advertising fund contributions and the related revenues and expenses may |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. |
Notional Value Appreciation Plan [Policy Text Block] | Notional value appreciation plans Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to fifteen five |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. |
Income Tax, Policy [Policy Text Block] | Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. |
Business Combinations Policy [Policy Text Block] | Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The determination of fair values of assets and liabilities assumed in business combinations requires the use of estimates and judgement by management, particularly in determining fair values of intangible assets acquired. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31 2023 2022 Revenues FirstService Residential $ 1,996,823 $ 1,772,258 FirstService Brands company-owned operations 2,122,691 1,773,446 FirstService Brands franchisor 208,704 195,299 FirstService Brands franchise fee 6,330 4,832 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Roofing Corp All other of America acquisitions Total Accounts receivable $ 83,943 $ 27,919 $ 111,862 Other current assets 26,362 5,089 31,451 Non-current assets 22,871 6,581 29,452 Accounts payable (30,531 ) (13,826 ) (44,357 ) Accrued liabilities (14,171 ) (4,592 ) (18,763 ) Other current liabilities (13,364 ) (5,507 ) (18,871 ) Non-current liabilities (5,491 ) (3,378 ) (8,869 ) Deferred tax liabilities (5,062 ) (14,243 ) (19,305 ) Redeemable non-controlling interest (46,255 ) (17,604 ) (63,859 ) $ 18,302 $ (19,561 ) $ (1,259 ) Cash consideration $ 445,160 $ 146,265 (1) $ 591,425 Less: cash acquired (19,883 ) (9,735 ) (29,618 ) Acquisition date fair value of contingent consideration 21,902 10,669 32,571 Total purchase consideration $ 447,179 $ 147,199 $ 594,378 Acquired intangible assets $ 234,770 (2) $ 71,121 $ 305,891 Goodwill $ 194,107 $ 95,639 $ 289,746 Aggregate Acquisitions Accounts receivable $ 11,478 Other current assets 11,764 Non-current assets 7,848 Accounts payable (3,877 ) Accrued liabilities (3,305 ) Other current liabilities (7,114 ) Non-current liabilities (3,804 ) Deferred tax liabilities (2,008 ) Redeemable non-controlling interest (18,262 ) $ (7,280 ) Cash consideration, net of cash acquired of $ 8,318 $ 51,994 Acquisition date fair value of contingent consideration 8,933 Total purchase consideration $ 60,927 Acquired intangible assets $ 28,201 Goodwill $ 40,006 |
Business Acquisition, Pro Forma Information [Table Text Block] | Revenues Net earnings Actual from acquired entities for 2023 $ 111,915 $ 6,820 Supplemental pro forma for 2023 (unaudited) 4,794,360 182,933 Supplemental pro forma for 2022 (unaudited) 4,450,194 198,381 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Supplemental Cash Flows Information [Table Text Block] | Supplemental Cash Flows Information, twelve months ended December 31 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 48,690 Right-of-use assets obtained in exchange for operating lease obligation $ 64,240 Weighted Average Remaining Operating Lease Term (years) 6 Weighted Average Discount Rate 5.4 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 56,460 2025 55,997 2026 45,963 2027 32,554 2028 24,096 Thereafter 63,541 Total future minimum lease payments 278,611 Less imputed interest (43,790 ) Total 234,821 |
Note 6 - Other Income, Net (Tab
Note 6 - Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 2023 2022 Gain on sale of building asset (4,351 ) - Other income (1,459 ) (146 ) $ (5,810 ) $ (146 ) |
Note 7 - Components of Workin_2
Note 7 - Components of Working Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2023 2022 Inventories Work-in-progress $ 181,751 $ 177,134 Finished goods 26,350 32,340 Supplies and other 38,091 32,867 $ 246,192 $ 242,341 Accrued liabilities Accrued payroll and benefits $ 176,921 $ 146,852 Value appreciation plans (1) 4,874 9,403 Customer advances 7,149 6,397 Other 138,792 119,672 $ 327,736 $ 282,324 |
Note 8 - Fixed Assets (Tables)
Note 8 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 Accumulated Cost depreciation Net Land $ 26 $ - $ 26 Buildings 4,554 589 3,965 Vehicles 156,900 94,937 61,963 Furniture and equipment 172,841 120,980 51,861 Computer equipment and software 213,309 152,607 60,702 Leasehold improvements 65,826 40,155 25,671 $ 613,456 $ 409,268 $ 204,188 December 31, 2022 Accumulated Cost depreciation Net Land $ 1,279 $ - $ 1,279 Buildings 9,277 3,620 5,657 Vehicles 128,047 84,041 44,006 Furniture and equipment 161,142 104,565 56,577 Computer equipment and software 175,544 130,542 45,002 Leasehold improvements 50,619 36,128 14,491 $ 525,908 $ 358,896 $ 167,012 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 Gross carrying Accumulated amount amortization Net Customer relationships $ 683,006 $ 198,911 $ 484,095 Franchise rights 58,363 42,972 15,391 Trademarks and trade names 51,412 18,674 32,738 Management contracts and other 176,322 80,535 95,787 $ 969,103 $ 341,092 $ 628,011 Gross December 31, 2022 carrying Accumulated amount amortization Net Customer relationships $ 451,970 $ 163,913 $ 288,057 Franchise rights 53,702 36,919 16,783 Trademarks and trade names 29,424 18,705 10,719 Management contracts and other 120,335 67,443 52,892 $ 655,431 $ 286,980 $ 368,451 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Estimated weighted average amortization Amount period (years) Customer relationships $ 224,940 19.5 Trademarks and trade names 21,880 15.0 Management Contracts and other 59,071 19.1 $ 305,891 19.1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 61,092 2025 59,808 2026 58,134 2027 54,730 2028 51,969 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | FirstService FirstService Residential Brands Consolidated Balance, December 31, 2021 $ 256,435 $ 586,927 $ 843,362 Goodwill acquired during the year 2,219 37,787 40,006 Other items 2,562 2,117 4,679 Foreign exchange (1,412 ) (549 ) (1,961 ) Balance, December 31, 2022 259,804 626,282 886,086 Goodwill acquired during the year 59,456 230,290 289,746 Other items 555 2,722 3,277 Foreign exchange 503 213 716 Balance, December 31, 2023 $ 320,318 $ 859,507 $ 1,179,825 |
Note 11 - Long-term Debt (Table
Note 11 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, December 31, 2023 2022 Credit Agreement $ 1,042,059 $ 568,672 3.84% Senior Notes 60,000 90,000 4.53% Notes 60,000 60,000 Capital leases maturing at various dates through 2028 20,048 15,334 Other long-term debt maturing at various dates up to 2023 - 457 1,182,107 734,463 Less: current portion 37,132 35,665 Long-term debt - non-current $ 1,144,975 $ 698,798 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 37,132 2025 36,187 2026 3,578 2027 1,044,428 2028 and thereafter 60,782 |
Note 12 - Redeemable Non-cont_2
Note 12 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2023 2022 Balance, January 1 $ 233,429 $ 219,135 RNCI share of earnings 14,140 9,381 RNCI redemption increment 32,490 14,552 Distributions paid to RNCI (7,376 ) (8,061 ) Purchases of interests from RNCI, net (4,285 ) (21,451 ) RNCI recognized on business acquisitions 63,859 18,262 Other 706 1,611 Balance, December 31 $ 332,963 $ 233,429 |
Note 13 - Capital Stock (Tables
Note 13 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Common Shares Number Amount Balance, December 31, 2023 44,682,427 $ 855,817 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted average Weighted remaining Number of average contractual life Aggregate options exercise price (years) intrinsic value Shares issuable under options - Beginning of period 2,337,573 $ 120.06 Granted 615,000 142.20 Exercised (455,934 ) 73.73 Forfeited (75,890 ) 144.43 Shares issuable under options - December 31, 2023 2,420,749 $ 133.65 2.5 $ 68,849 Options exercisable - End of period 1,044,891 $ 120.60 1.6 $ 43,351 |
Stock Options Exercised [Table Text Block] | 2023 Number of options exercised 455,934 Aggregate fair value $ 66,499 Intrinsic value 32,883 Amount of cash received 33,616 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 Risk free rate 4.0 % Expected life in years 4.20 Expected volatility 33.5 % Dividend yield 0.6 % Weighted average fair value per option granted $ 44.19 |
Note 15 - Income Tax (Tables)
Note 15 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Income tax expense using combined statutory rate of 26.5% 26.5% $ 53,884 $ 51,405 Permanent differences 2,075 584 Adjustments to tax liabilities for prior periods 111 230 Non-deductible stock-based compensation 5,667 4,782 Foreign, state and provincial tax rate differential (5,420 ) (8,043 ) Other taxes - 16 Provision for income taxes as reported $ 56,317 $ 48,974 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2023 2022 Canada $ 34,600 $ 32,125 United States 168,738 161,856 Total $ 203,338 $ 193,981 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Current Canada $ 9,494 $ 8,401 United States 64,267 32,585 73,761 40,986 Deferred Canada 375 431 United States (17,819 ) 7,557 (17,444 ) 7,988 Total $ 56,317 $ 48,974 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred income tax assets Loss carry-forwards $ 4,943 $ 2,251 Expenses not currently deductible 37,225 31,353 Allowance for credit losses 8,125 4,779 Inventory and other reserves 1,836 3,357 52,129 41,740 Deferred income tax liabilities Depreciation and amortization 97,896 86,175 Basis differences of partnerships and other entities 1,919 2,053 Prepaid and other expenses deducted for tax purposes 2,186 1,896 102,001 90,124 Net deferred income tax asset (liability) before valuation allowance (49,872 ) (48,384 ) Valuation allowance 1,400 1,017 Net deferred income tax asset (liability) $ (51,272 ) $ (49,401 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Loss carry forward Gross losses not recognized Net 2023 2022 2023 2022 2023 2022 Canada $ 2,048 $ 2,336 $ - $ - $ 2,048 $ 2,336 United States 53,295 24,102 20,360 18,324 32,935 5,778 |
Note 16 - Net Earnings Per Co_2
Note 16 - Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 Shares issued and outstanding at beginning of period 44,226,493 44,013,031 Weighted average number of shares: Issued during the period 329,888 162,076 Weighted average number of shares used in computing basic earnings per share 44,556,381 44,175,107 Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method 238,593 318,900 Number of shares used in computing diluted earnings per share 44,794,974 44,494,007 |
Note 17 - Other Supplemental _2
Note 17 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Supplement Information [Table Text Block] | 2023 2022 Cash payments made during the period Income taxes $ 64,647 $ 55,114 Interest 49,717 23,687 |
Note 18 - Financial Instrumen_2
Note 18 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at Fair value measurements December 31, 2023 Level 1 Level 2 Level 3 Contingent consideration liability $ 63,478 $ - $ - $ 63,478 Interest rate swap assets 2,127 - 2,127 - |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | 2023 2022 Balance, January 1 $ 34,188 $ 32,346 Amounts recognized on acquisitions 32,571 8,933 Fair value adjustments 16,366 (594 ) Resolved and settled in cash (20,136 ) (6,806 ) Other 489 309 Balance, December 31 $ 63,478 $ 34,188 Less: current portion $ 31,604 $ 25,537 Non-current portion $ 31,874 $ 8,651 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2023 2022 Carrying Fair Carrying Fair amount value amount value Other receivables $ 4,238 $ 4,238 $ 4,881 $ 4,881 Long-term debt 1,182,107 1,183,854 734,463 736,818 |
Note 21 - Segmented Informati_2
Note 21 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 FirstService FirstService Residential Brands Corporate Consolidated Revenues $ 1,996,823 $ 2,337,725 $ - $ 4,334,548 Depreciation and amortization 33,114 94,729 91 127,934 Operating earnings (loss) 155,044 126,468 (36,620 ) 244,892 Other income, net 5,810 Interest expense, net (47,364 ) Income taxes (56,317 ) Net earnings $ 147,021 Total assets $ 939,586 $ 2,679,848 $ 6,309 $ 3,625,743 Total additions to long lived assets 139,174 588,768 - 727,942 2022 FirstService FirstService Residential Brands Corporate Consolidated Revenues $ 1,772,258 $ 1,973,577 $ - $ 3,745,835 Depreciation and amortization 28,611 81,439 90 110,140 Operating earnings (loss) 138,873 111,638 (31,485 ) 219,026 Other income, net 146 Interest expense, net (25,191 ) Income taxes (48,974 ) Net earnings $ 145,007 Total assets $ 836,691 $ 1,931,847 $ 5,976 $ 2,774,514 Total additions to long lived assets 56,354 152,960 1,848 211,162 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2023 2022 United States Revenues $ 3,771,219 $ 3,279,533 Total long-lived assets 1,827,117 1,290,619 Canada Revenues $ 563,329 $ 466,302 Total long-lived assets 403,206 336,474 Consolidated Revenues $ 4,334,548 $ 3,745,835 Total long-lived assets 2,230,323 1,627,093 |
Note 1 - Description of the B_2
Note 1 - Description of the Business (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Senior Notes | $ 60 | $ 60 | $ 90 |
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years 1 month 6 days | 19 years 1 month 6 days | |
Number of Reporting Units | 7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 years | |
Senior Secured Notes [Member] | |||
Senior Notes | $ 60 | $ 60 | |
Senior Unsecured Notes [Member] | |||
Senior Notes | $ 60 | $ 60 | |
Minimum [Member] | |||
Finite Lived Intangible Asset Useful Life Franchise Rights | 2.50% | ||
Minimum [Member] | Customer Lists and Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | 4 years | |
Minimum [Member] | Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | 1 year | |
Minimum [Member] | Management Contracts and Other [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | 2 years | |
Minimum [Member] | Order or Production Backlog [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 months | 6 months | |
Maximum [Member] | |||
Finite Lived Intangible Asset Useful Life Franchise Rights | 15% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 15 years | ||
Maximum [Member] | Customer Lists and Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | 20 years | |
Maximum [Member] | Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 35 years | 35 years | |
Maximum [Member] | Management Contracts and Other [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | 20 years | |
Maximum [Member] | Order or Production Backlog [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 months | 12 months | |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | 20 years | |
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 40 years | 40 years | |
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years | |
Computer Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |
Computer Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
External Broker Costs and Employee Sales Commissions [Member] | ||
Capitalized Contract Cost, Amortization | $ 2,817 | $ 2,014 |
Capitalized Contract Cost, Net | 11,610 | 8,802 |
Capitalized Contract Cost, Impairment Loss | 0 | |
FirstService Brands Segment [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 5,752 | $ 4,649 |
FirstService Brands Segment [Member] | Franchise [Member] | Minimum [Member] | ||
Revenue Recognized Period (Year) | 5 years | |
FirstService Brands Segment [Member] | Franchise [Member] | Maximum [Member] | ||
Revenue Recognized Period (Year) | 10 years |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers 2 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 631,660 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 838,335 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,334,548 | $ 3,745,835 |
FirstService Residential Segment [Member] | ||
Revenues | 1,996,823 | 1,772,258 |
FirstService Brands Segment [Member] | ||
Revenues | 2,337,725 | 1,973,577 |
FirstService Brands Segment [Member] | Franchisor Owned Outlet [Member] | ||
Revenues | 2,122,691 | 1,773,446 |
FirstService Brands Segment [Member] | Franchisor [Member] | ||
Revenues | 208,704 | 195,299 |
FirstService Brands Segment [Member] | Franchise [Member] | ||
Revenues | $ 6,330 | $ 4,832 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Business Combination, Acquisition Related Costs | $ 5,151 | $ 5,114 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 16,366 | (594) | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 160,831 | 15,797 | ||
Business Combination, Contingent Consideration, Liability | 63,478 | |||
Contingent Consideration Paid | 20,136 | 6,806 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 16,366 | (594) | ||
Business Combination, Contingent Consideration, Liability | $ 63,478 | 34,188 | $ 32,346 | |
First Service Property Management Segment [Member] | ||||
Number of Businesses Acquired | 3 | |||
Acquisition 2023 [Member] | ||||
Number of Businesses Acquired | 12 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 18,871 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 305,891 | |||
Acquisition 2023 [Member] | FirstService Residential Segment [Member] | ||||
Number of Businesses Acquired | 3 | |||
Acquisition 2023 [Member] | FirstService Brands Segment [Member] | ||||
Number of Businesses Acquired | 9 | |||
Acquisition 2023 [Member] | FirstService Brands Segment [Member] | Independent Restoration [Member] | ||||
Number of Businesses Acquired | 2 | |||
Acquisition 2023 [Member] | Paul Davis Restoration [Member] | ||||
Number of Businesses Acquired | 3 | |||
All Other Acquisitions [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 5,507 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 71,121 | |||
All Other Acquisitions [Member] | Paid in Escrow [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 14,625 | |||
Roofing Corp of America [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 13,364 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 234,770 | ||
Roofing Corp of America [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 212,890 | |||
Roofing Corp of America [Member] | Trademarks [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 21,880 | |||
Acquisitions 2022 [Member] | ||||
Number of Businesses Acquired | 7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 7,114 | |||
Acquisitions 2022 [Member] | FirstService Residential Segment [Member] | ||||
Number of Businesses Acquired | 1 | |||
Acquisitions 2022 [Member] | FirstService Brands Segment [Member] | ||||
Number of Businesses Acquired | 6 | |||
Acquisitions 2022 [Member] | FirstService Brands Segment [Member] | Independent Restoration [Member] | ||||
Number of Businesses Acquired | 3 | |||
Acquisitions 2022 [Member] | Paul Davis Restoration [Member] | ||||
Number of Businesses Acquired | 2 | |||
Acquisitions 2023 and 2022 [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 54,721 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 64,378 | |||
[1]Intangible assets for Roofing Corp include $212,890 of customer relationships and $21,880 of trademarks. |
Note 4 - Acquisitions - Assets
Note 4 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash consideration | $ 547,182 | $ 51,994 | ||
Goodwill | 289,746 | 40,006 | ||
Goodwill | 1,179,825 | 886,086 | $ 843,362 | |
Roofing Corp of America [Member] | ||||
Accounts receivable | 83,943 | |||
Other current assets | 26,362 | |||
Non-current assets | 22,871 | |||
Accounts payable | (30,531) | |||
Accrued liabilities | (14,171) | |||
Other current liabilities | (13,364) | |||
Non-current liabilities | (5,491) | |||
Deferred tax liabilities | (5,062) | |||
Redeemable non-controlling interest | (46,255) | |||
Business acquisition total | 18,302 | |||
Cash consideration | 445,160 | |||
Less: cash acquired | (19,883) | |||
Acquisition date fair value of contingent consideration | 21,902 | |||
Total purchase consideration | 447,179 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 234,770 | ||
Goodwill | 194,107 | |||
All Other Acquisitions [Member] | ||||
Accounts receivable | 27,919 | |||
Other current assets | 5,089 | |||
Non-current assets | 6,581 | |||
Accounts payable | (13,826) | |||
Accrued liabilities | (4,592) | |||
Other current liabilities | (5,507) | |||
Non-current liabilities | (3,378) | |||
Deferred tax liabilities | (14,243) | |||
Redeemable non-controlling interest | (17,604) | |||
Business acquisition total | (19,561) | |||
Cash consideration | [2] | 146,265 | ||
Less: cash acquired | (9,735) | |||
Acquisition date fair value of contingent consideration | 10,669 | |||
Total purchase consideration | 147,199 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 71,121 | |||
Goodwill | 95,639 | |||
Acquisition 2023 [Member] | ||||
Accounts receivable | 111,862 | |||
Other current assets | 31,451 | |||
Non-current assets | 29,452 | |||
Accounts payable | (44,357) | |||
Accrued liabilities | (18,763) | |||
Other current liabilities | (18,871) | |||
Non-current liabilities | (8,869) | |||
Deferred tax liabilities | (19,305) | |||
Redeemable non-controlling interest | (63,859) | |||
Business acquisition total | (1,259) | |||
Cash consideration | 591,425 | |||
Less: cash acquired | (29,618) | |||
Acquisition date fair value of contingent consideration | 32,571 | |||
Total purchase consideration | 594,378 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 305,891 | |||
Goodwill | $ 289,746 | |||
Acquisitions 2022 [Member] | ||||
Accounts receivable | 11,478 | |||
Other current assets | 11,764 | |||
Non-current assets | 7,848 | |||
Accounts payable | (3,877) | |||
Accrued liabilities | (3,305) | |||
Other current liabilities | (7,114) | |||
Non-current liabilities | (3,804) | |||
Deferred tax liabilities | (2,008) | |||
Redeemable non-controlling interest | (18,262) | |||
Business acquisition total | (7,280) | |||
Cash consideration | 51,994 | |||
Less: cash acquired | (8,318) | |||
Acquisition date fair value of contingent consideration | 8,933 | |||
Total purchase consideration | 60,927 | |||
Acquired intangible assets | 28,201 | |||
Goodwill | $ 40,006 | |||
[1]Intangible assets for Roofing Corp include $212,890 of customer relationships and $21,880 of trademarks.[2]Included in the other amount is $14,625 paid in escrow just prior to December 31, 2022. |
Note 4 - Acquisitions - Asset_2
Note 4 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Acquisitions 2022 [Member] | |
Cash acquired | $ 8,318 |
Note 4 - Acquisitions - Busines
Note 4 - Acquisitions - Business Acquisitions, Pro Forma Revenue and Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Actual, revenues | $ 111,915 | |
Actual, net earnings | 6,820 | |
Supplemental pro forma (unaudited), revenues | 4,794,360 | $ 4,450,194 |
Supplemental pro forma (unaudited), net earnings | $ 182,933 | $ 198,381 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 15 years | |
Operating Lease, Expense | $ 53,906 | $ 49,544 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 15 years |
Note 5 - Leases - Supplemental
Note 5 - Leases - Supplemental Cash Flows Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 48,690 |
Right-of-use assets obtained in exchange for operating lease obligation | $ 64,240 |
Weighted Average Remaining Operating Lease Term (years) (Year) | 6 years |
Weighted Average Discount Rate | 5.40% |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 56,460 |
2025 | 55,997 |
2026 | 45,963 |
2027 | 32,554 |
2028 | 24,096 |
Thereafter | 63,541 |
Total future minimum lease payments | 278,611 |
Less imputed interest | (43,790) |
Total | $ 234,821 |
Note 6 - Other Income, Net (Det
Note 6 - Other Income, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 7,350 | $ 0 | |
Gain (Loss) on Disposition of Property Plant Equipment | 4,351 | 0 | |
Building [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,350 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 4,351 | $ 4,351 | $ 0 |
Note 6 - Other Income, Net - Ot
Note 6 - Other Income, Net - Other (Income) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Gain on sale of building asset | $ (4,351) | $ 0 | |
Other income | (1,459) | (146) | |
Other Nonoperating Income (Expense) | (5,810) | (146) | |
Building [Member] | |||
Gain on sale of building asset | $ (4,351) | $ (4,351) | $ 0 |
Note 7 - Components of Workin_3
Note 7 - Components of Working Capital Accounts (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
Other Liabilities [Member] | |
Value Appreciation Plans | $ 62,268 |
Note 7 - Components of Workin_4
Note 7 - Components of Working Capital Accounts - Components of Working Capital Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Work-in-progress | $ 181,751 | $ 177,134 | |
Finished goods | 26,350 | 32,340 | |
Supplies and other | 38,091 | 32,867 | |
Inventory, Net | 246,192 | 242,341 | |
Accrued payroll and benefits | 176,921 | 146,852 | |
Value appreciation plans(1) | [1] | 4,874 | 9,403 |
Customer advances | 7,149 | 6,397 | |
Other | 138,792 | 119,672 | |
Accrued Liabilities, Current | $ 327,736 | $ 282,324 | |
[1]Non-current portion of value appreciation plans of $62,268 is included in Other Liabilities |
Note 8 - Fixed Assets (Details
Note 8 - Fixed Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 36,915 | $ 32,207 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 21,298 | $ 12,712 |
Note 8 - Fixed Assets - Compone
Note 8 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cost | $ 613,456 | $ 525,908 |
Accumulated depreciation | 409,268 | 358,896 |
Net | 204,188 | 167,012 |
Land [Member] | ||
Cost | 26 | 1,279 |
Accumulated depreciation | 0 | 0 |
Net | 26 | 1,279 |
Building [Member] | ||
Cost | 4,554 | 9,277 |
Accumulated depreciation | 589 | 3,620 |
Net | 3,965 | 5,657 |
Vehicles [Member] | ||
Cost | 156,900 | 128,047 |
Accumulated depreciation | 94,937 | 84,041 |
Net | 61,963 | 44,006 |
Furniture and Fixtures [Member] | ||
Cost | 172,841 | 161,142 |
Accumulated depreciation | 120,980 | 104,565 |
Net | 51,861 | 56,577 |
Computer Equipment [Member] | ||
Cost | 213,309 | 175,544 |
Accumulated depreciation | 152,607 | 130,542 |
Net | 60,702 | 45,002 |
Leasehold Improvements [Member] | ||
Cost | 65,826 | 50,619 |
Accumulated depreciation | 40,155 | 36,128 |
Net | $ 25,671 | $ 14,491 |
Note 9 - Intangible Assets - Co
Note 9 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 969,103 | $ 655,431 |
Accumulated amortization | 341,092 | 286,980 |
Net | 628,011 | 368,451 |
Customer Relationships [Member] | ||
Gross carrying amount | 683,006 | 451,970 |
Accumulated amortization | 198,911 | 163,913 |
Net | 484,095 | 288,057 |
Franchise Rights [Member] | ||
Gross carrying amount | 58,363 | 53,702 |
Accumulated amortization | 42,972 | 36,919 |
Net | 15,391 | 16,783 |
Trademarks and Trade Names [Member] | ||
Gross carrying amount | 51,412 | 29,424 |
Accumulated amortization | 18,674 | 18,705 |
Net | 32,738 | 10,719 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 176,322 | 120,335 |
Accumulated amortization | 80,535 | 67,443 |
Net | $ 95,787 | $ 52,892 |
Note 9 - Intangible Assets - Ac
Note 9 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Amount | $ 305,891 |
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years 1 month 6 days |
Customer Relationships [Member] | |
Amount | $ 224,940 |
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years 6 months |
Trademarks and Trade Names [Member] | |
Amount | $ 21,880 |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Other Intangible Assets [Member] | |
Amount | $ 59,071 |
Finite-Lived Intangible Asset, Useful Life (Year) | 19 years 1 month 6 days |
Note 9 - Intangible Assets - Es
Note 9 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 61,092 |
2025 | 59,808 |
2026 | 58,134 |
2027 | 54,730 |
2028 | $ 51,969 |
Note 10 - Goodwill (Details Tex
Note 10 - Goodwill (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 10 - Goodwill - Components
Note 10 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 886,086 | $ 843,362 |
Goodwill | 289,746 | 40,006 |
Other items | 3,277 | 4,679 |
Foreign exchange | 716 | (1,961) |
Balance | 1,179,825 | 886,086 |
FirstService Residential Segment [Member] | ||
Balance | 259,804 | 256,435 |
Goodwill | 59,456 | 2,219 |
Other items | 555 | 2,562 |
Foreign exchange | 503 | (1,412) |
Balance | 320,318 | 259,804 |
FirstService Brands Segment [Member] | ||
Balance | 626,282 | 586,927 |
Goodwill | 230,290 | 37,787 |
Other items | 2,722 | 2,117 |
Foreign exchange | 213 | (549) |
Balance | $ 859,507 | $ 626,282 |
Note 11 - Long-term Debt (Detai
Note 11 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Jan. 31, 2024 | Dec. 31, 2022 | Dec. 31, 2021 | |
Senior Notes | $ 60,000,000 | $ 90,000,000 | ||||
The Term Loan [Member] | ||||||
Long-Term Debt, Total | $ 407,000,000 | $ 440,000,000 | ||||
Senior Unsecured Notes [Member] | ||||||
Senior Notes | $ 60,000,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000,000 | |||||
Debt Instrument, Term (Year) | 3 years | |||||
Senior Unsecured Notes [Member] | NYL Investors LLC [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||||
Senior Unsecured Notes [Member] | PGIM Private Capital [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |||||
Private Placement 4.53% Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.53% | |||||
Debt Instrument, Face Amount | $ 60,000,000 | |||||
Private Placement 5.48 Notes% [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.48% | |||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||
Private Placement 5.60% Notes [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||||
Debt Instrument, Face Amount | $ 25,000,000 | |||||
Private Placement 5.64% Notes [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.64% | |||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||
Credit Agreement and Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.97% | 3.78% | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 450,000,000 | ||||
Debt, Weighted Average Interest Rate | 6.29% | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 155,450,000 | |||||
Letters of Credit Outstanding, Amount | 19,050,000 | $ 15,655,000 | ||||
Revolving Credit Facility [Member] | Credit Agreement Accordion [Member] | ||||||
Proceeds from Lines of Credit | $ 250,000,000 | |||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.20% | |||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
Senior Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% |
Note 11 - Long-term Debt - Long
Note 11 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
3.84% Senior Notes | $ 60,000 | $ 90,000 |
Capital leases maturing at various dates through 2028 | 20,048 | 15,334 |
Other long-term debt maturing at various dates up to 2023 | 0 | 457 |
Long-Term Debt and Lease Obligation, Including Current Maturities | 1,182,107 | 734,463 |
Less: current portion | 37,132 | 35,665 |
Long-term debt - non-current | 1,144,975 | 698,798 |
Private Placement 4.53% Notes [Member] | ||
Debt instrument, carrying amount | 60,000 | 60,000 |
Revolving Credit Facility [Member] | ||
Debt instrument, carrying amount | $ 1,042,059 | $ 568,672 |
Note 11 - Long-term Debt - Prin
Note 11 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 37,132 |
2025 | 36,187 |
2026 | 3,578 |
2027 | 1,044,428 |
2028 and thereafter | $ 60,782 |
Note 12 - Redeemable Non-cont_3
Note 12 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 332,963 | $ 233,429 | $ 219,135 |
Common Shares to Be Issued Upon Settlement of All Put or Call Options (in shares) | 1,800,000 | ||
Potential Increase Decrease to Dilutive Earnings Per Share Put or Call Options Settled with Common Shares (in dollars per share) | $ 0.75 | ||
Redemption Amount [Member] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 293,911 | $ 208,946 |
Note 12 - Redeemable Non-cont_4
Note 12 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 233,429 | $ 219,135 |
RNCI share of earnings | 14,140 | 9,381 |
RNCI redemption increment | 32,490 | 14,552 |
Distributions paid to RNCI | (7,376) | (8,061) |
Purchases of interests from RNCI, net | (4,285) | (21,451) |
RNCI recognized on business acquisitions | 63,859 | 18,262 |
Other | 706 | 1,611 |
Balance | $ 332,963 | $ 233,429 |
Note 13 - Capital Stock - Capit
Note 13 - Capital Stock - Capital Stock Issued and Outstanding (Details) $ in Thousands | Dec. 31, 2023 USD ($) shares |
Capital stock issued and outstanding, shares (in shares) | shares | 44,682,427 |
Capital stock issued and outstanding, amount | $ | $ 855,817 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 83.89 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 162.25 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,024 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 16,204 | $ 12,623 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,918,740 | |
Share-Based Payment Arrangement, Expense | $ 21,385 | $ 18,046 |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Balance (in shares) | shares | 2,337,573 |
Balance (in dollars per share) | $ / shares | $ 120.06 |
Granted, number of options (in shares) | shares | 615,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 142.2 |
Exercised, number of options (in shares) | shares | (455,934) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 73.73 |
Forfeited, number of options (in shares) | shares | (75,890) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 144.43 |
Balance (in shares) | shares | 2,420,749 |
Balance (in dollars per share) | $ / shares | $ 133.65 |
Shares issuable under options - end of period, weighted average remaining contractual life (Year) | 2 years 6 months |
Shares issuable under options - end of period, aggregate intrinsic value | $ | $ 68,849 |
Options exercisable - End of period, number of options (in shares) | shares | 1,044,891 |
Options exercisable - End of period, weighted average exercise price (in dollars per share) | $ / shares | $ 120.6 |
Options exercisable - End of period, weighted average remaining contractual life (Year) | 1 year 7 months 6 days |
Options exercisable - End of period, aggregate instrinsic value | $ | $ 43,351 |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of options exercised (in shares) | 455,934 | |
Aggregate fair value | $ 33,616 | $ 12,296 |
Share-Based Payment Arrangement, Option [Member] | ||
Number of options exercised (in shares) | 455,934 | |
Aggregate fair value | $ 66,499 | |
Intrinsic value | 32,883 | |
Amount of cash received | $ 33,616 |
Note 14 - Stock-based Compens_6
Note 14 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Risk free rate | 4% |
Expected life in years (Year) | 4 years 2 months 12 days |
Expected volatility | 33.50% |
Dividend yield | 0.60% |
Weighted average fair value per option granted (in dollars per share) | $ 44.19 |
Note 15 - Income Tax (Details T
Note 15 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax Credit Carryforward Duration Limit (Year) | 20 years | |
Undistributed Earnings of Foreign Subsidiaries | $ 950,864 | $ 842,671 |
Unrecognized Tax Benefits, Ending Balance | 148 | 148 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 148 | 148 |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 38 | $ 38 |
Minimum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Income Tax Return Examination Period (Year) | 3 years | |
Minimum [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Return Examination Period (Year) | 3 years | |
Maximum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Income Tax Return Examination Period (Year) | 4 years | |
Maximum [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Return Examination Period (Year) | 5 years | |
Canada and United States [Member] | Minimum [Member] | ||
Tax Credit Carryforward Duration Limit (Year) | 9 years | |
Canada and United States [Member] | Maximum [Member] | ||
Tax Credit Carryforward Duration Limit (Year) | 20 years |
Note 15 - Income Tax - Effectiv
Note 15 - Income Tax - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax expense using combined statutory rate of 26.5% (2022 - 26.5%) | $ 53,884 | $ 51,405 |
Permanent differences | 2,075 | 584 |
Adjustments to tax liabilities for prior periods | 111 | 230 |
Non-deductible stock-based compensation | 5,667 | 4,782 |
Foreign, state and provincial tax rate differential | (5,420) | (8,043) |
Other taxes | 0 | 16 |
Total | $ 56,317 | $ 48,974 |
Note 15 - Income Tax - Effect_2
Note 15 - Income Tax - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax expense using combined statutory rate, statutory rate | 26.50% | 26.50% |
Note 15 - Income Tax - Earning
Note 15 - Income Tax - Earning Before Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings before income tax | $ 203,338 | $ 193,981 |
Canada Revenue Agency [Member] | Foreign Tax Authority [Member] | ||
Earnings before income tax | 34,600 | 32,125 |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||
Earnings before income tax | $ 168,738 | $ 161,856 |
Note 15 - Income Tax - Provisio
Note 15 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current | ||
Current income tax expense (recovery) | $ 73,761 | $ 40,986 |
Deferred | ||
Deferred income tax expense (recovery) | (17,444) | 7,988 |
Total | 56,317 | 48,974 |
Canada Revenue Agency [Member] | ||
Current | ||
Canada, current income tax expense (recovery) | 9,494 | 8,401 |
Deferred | ||
Canada, deferred income tax expense (recovery) | 375 | 431 |
Internal Revenue Service (IRS) [Member] | ||
Current | ||
United States, current income tax expense (recovery) | 64,267 | 32,585 |
Deferred | ||
United States, deferred income tax expense (recovery) | $ (17,819) | $ 7,557 |
Note 15 - Income Tax - Deferred
Note 15 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss carry-forwards | $ 4,943 | $ 2,251 |
Expenses not currently deductible | 37,225 | 31,353 |
Allowance for credit losses | 8,125 | 4,779 |
Inventory and other reserves | 1,836 | 3,357 |
Deferred Tax Assets, Gross | 52,129 | 41,740 |
Depreciation and amortization | 97,896 | 86,175 |
Basis differences of partnerships and other entities | 1,919 | 2,053 |
Prepaid and other expenses deducted for tax purposes | 2,186 | 1,896 |
Deferred Tax Liabilities, Gross | 102,001 | 90,124 |
Net deferred income tax asset (liability) before valuation allowance | (49,872) | (48,384) |
Valuation allowance | 1,400 | 1,017 |
Net deferred income tax asset (liability) | $ (51,272) | $ (49,401) |
Note 15 - Income Tax - Gross Op
Note 15 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss carry forward | $ 4,943 | $ 2,251 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Loss carry forward | 2,048 | 2,336 |
Valuation allowance | 0 | 0 |
Net | 2,048 | 2,336 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Loss carry forward | 53,295 | 24,102 |
Valuation allowance | 20,360 | 18,324 |
Net | $ 32,935 | $ 5,778 |
Note 16 - Net Earnings Per Co_3
Note 16 - Net Earnings Per Common Share - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Shares issued and outstanding at beginning of period (in shares) | 44,226,493 | 44,013,031 |
Issued during the period (in shares) | 329,888 | 162,076 |
Weighted average number of shares used in computing basic earnings per share (in shares) | 44,556,381 | 44,175,107 |
Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method (in shares) | 238,593 | 318,900 |
Number of shares used in computing diluted earnings per share (in shares) | 44,794,974 | 44,494,007 |
Note 17 - Other Supplemental _3
Note 17 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income taxes | $ 64,647 | $ 55,114 |
Interest | $ 49,717 | $ 23,687 |
Note 18 - Financial Instrumen_3
Note 18 - Financial Instruments (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 8,102 | $ 2,172 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Long-Term Debt, Measurement Input | 4.5 | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Long-Term Debt, Measurement Input | 5 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability [Member] | ||
Fair Value Inputs Discount Rate Data Point Concentration | 9% | |
Fair Value Inputs Weighted Average Discount Rate Increase | 2% | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.08 | |
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.10 | |
Interest Rate Swap [Member] | ||
Derivative, Number of Instruments Held | 2 | |
Derivative, Notional Amount | $ 182,500 |
Note 18 - Financial Instrumen_4
Note 18 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Combination, Contingent Consideration, Liability | $ 63,478 | ||
Interest rate swap assets | 2,127 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Business Combination, Contingent Consideration, Liability | 0 | ||
Interest rate swap assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Business Combination, Contingent Consideration, Liability | 0 | ||
Interest rate swap assets | 2,127 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Business Combination, Contingent Consideration, Liability | 63,478 | $ 34,188 | $ 32,346 |
Interest rate swap assets | $ 0 |
Note 18 - Financial Instrumen_5
Note 18 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 16,366 | $ (594) |
Balance | 63,478 | |
Less: current portion | 31,604 | 25,537 |
Non-current portion | 31,874 | 8,651 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 34,188 | 32,346 |
Amounts recognized on acquisitions | 32,571 | 8,933 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 16,366 | (594) |
Resolved and settled in cash | (20,136) | (6,806) |
Other | 489 | 309 |
Balance | 63,478 | 34,188 |
Less: current portion | 31,604 | 25,537 |
Non-current portion | $ 31,874 | $ 8,651 |
Note 18 - Financial Instrumen_6
Note 18 - Financial Instruments - Estimated of Fair Values of Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Other receivables, fair value | $ 4,238 | $ 4,881 |
Long-term debt, fair value | 1,182,107 | 734,463 |
Estimate of Fair Value Measurement [Member] | ||
Other receivables, fair value | 4,238 | 4,881 |
Long-term debt, fair value | $ 1,183,854 | $ 736,818 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Expense | $ 53,906 | $ 49,544 |
Minority Shareholders of Subsidiaries [Member] | ||
Operating Lease, Expense | $ 2,023 | 4,350 |
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Financing Receivable, after Allowance for Credit Loss | $ 6,554 | $ 2,374 |
Minority Shareholders of Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Minority Shareholders of Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument, Term (Year) | 10 years |
Note 21 - Segmented Informati_3
Note 21 - Segmented Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Operating Segments | 2 |
Note 21 - Segmented Informati_4
Note 21 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,334,548 | $ 3,745,835 |
Depreciation and amortization | 127,934 | 110,140 |
Operating earnings (loss) | 244,892 | 219,026 |
Other income, net | 5,810 | 146 |
Interest expense, net | (47,364) | (25,191) |
Income taxes | 56,317 | 48,974 |
Net earnings | 147,021 | 145,007 |
Total assets | 3,625,743 | 2,774,514 |
Total additions to long lived assets | 727,942 | 211,162 |
Income taxes | (56,317) | (48,974) |
FirstService Residential Segment [Member] | ||
Revenues | 1,996,823 | 1,772,258 |
Depreciation and amortization | 33,114 | 28,611 |
Operating earnings (loss) | 155,044 | 138,873 |
Other income, net | ||
Interest expense, net | ||
Income taxes | ||
Net earnings | ||
Total assets | 939,586 | 836,691 |
Total additions to long lived assets | 139,174 | 56,354 |
Income taxes | ||
FirstService Brands Segment [Member] | ||
Revenues | 2,337,725 | 1,973,577 |
Depreciation and amortization | 94,729 | 81,439 |
Operating earnings (loss) | 126,468 | 111,638 |
Other income, net | ||
Interest expense, net | ||
Income taxes | ||
Net earnings | ||
Total assets | 2,679,848 | 1,931,847 |
Total additions to long lived assets | 588,768 | 152,960 |
Income taxes | ||
Corporate Segment [Member] | ||
Revenues | 0 | 0 |
Depreciation and amortization | 91 | 90 |
Operating earnings (loss) | (36,620) | (31,485) |
Other income, net | ||
Interest expense, net | ||
Income taxes | ||
Net earnings | ||
Total assets | 6,309 | 5,976 |
Total additions to long lived assets | 0 | 1,848 |
Income taxes |
Note 21 - Segmented Informati_5
Note 21 - Segmented Information - Revenues and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,334,548 | $ 3,745,835 |
Total long-lived assets | 2,230,323 | 1,627,093 |
UNITED STATES | ||
Revenues | 3,771,219 | 3,279,533 |
Total long-lived assets | 1,827,117 | 1,290,619 |
CANADA | ||
Revenues | 563,329 | 466,302 |
Total long-lived assets | $ 403,206 | $ 336,474 |