Earnings call transcript: FirstService Q2 2025 revenue up 9% amid market challenges

FirstService Corporation (FSV) reported strong financial results for the second quarter of 2025, with revenues reaching $1.4 billion, marking a 9% increase year-over-year. The company also posted an adjusted earnings per share (EPS) of $1.71, a significant 26% rise compared to the previous year. According to InvestingPro data, the company maintains a strong financial health score of 2.85 (rated as "GOOD") and has consistently raised its dividend for 10 consecutive years. Despite a challenging market environment, the company has maintained robust growth, although its stock experienced a slight decline, closing at $183 in pre-market trading, down 0.82%.

Key Takeaways

• Revenue increased by 9% year-over-year to $1.4 billion.
• Adjusted EPS rose by 26% to $1.71.
• Operating cash flow improved by 25% to $163 million.
• The stock price fell 0.82% in pre-market trading following the earnings release.
• Weak consumer sentiment and project deferrals impact home service brands.

Company Performance

FirstService demonstrated resilience in Q2 2025, with strong financial growth despite macroeconomic pressures. The company’s strategic acquisitions in the fire protection sector and continued optimization of its business processes contributed significantly to its performance. Based on InvestingPro analysis, the company’s revenue has grown at an impressive 5-year CAGR of 17%, while maintaining a healthy current ratio of 1.74. However, the company faced headwinds from weak consumer sentiment, which affected its home service brands, and project deferrals in the roofing segment. Investors seeking deeper insights can access 12 additional exclusive ProTips and comprehensive financial metrics through InvestingPro’s detailed research report.

Financial Highlights

• Revenue: $1.4 billion, up 9% year-over-year.
• Adjusted EBITDA: $157.1 million, a 19% increase.
• Adjusted EPS: $1.71, up 26%.
• Operating cash flow: $163 million, up 25%.
• Debt reduction: $70 million, reducing leverage to 1.8x.

Outlook & Guidance

FirstService is targeting high single-digit revenue growth for the remainder of 2025, with expectations for consolidated revenue growth to stabilize at mid-single digits. The company anticipates normalized margin performance in upcoming quarters, although Q3 restoration revenues are expected to decline by 5-10% compared to the previous year.

Executive Commentary

CEO D. Scott Patterson highlighted the company’s ability to adapt to challenging market conditions, stating, "We think about the leverage when we’re looking at opportunities, but it doesn’t influence us one way or the other." Financial Executive Jeremy Rakusin expressed satisfaction with the company’s performance, saying, "We’re pleased with our strong Q2 performance." The company’s strong execution is reflected in its financial metrics, with InvestingPro data showing a return on equity of 12% and a gross profit margin of 33.22% in the last twelve months.

Risks and Challenges

• Weak consumer sentiment could continue to affect demand in home service brands.
• Project deferrals in the roofing segment due to macroeconomic uncertainties.
• Potential impact of economic fluctuations on home improvement margins.
• Competitive pressures in the fire protection and restoration markets.
• Dependence on macroeconomic conditions for top-line growth.

Q&A

During the earnings call, analysts inquired about the expected recovery in the residential business and the factors driving success in the fire protection segment. Executives noted the importance of service and inspection revenue growth and anticipated a return to mid-single digit organic growth for the residential business as macro conditions improve.

Full transcript - FirstService Corp (FSV) Q2 2025:

Marvin, Conference Call Moderator, FirstService Corporation: Good day and thank you for standing by. Welcome to the FirstService Corporation second quarter 2025 investor conference call. At this time all participants are in listen only mode. After the speaker’s presentation there will be a question and answer session. To ask a question during the session you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Today’s call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward looking statements that involve known and unknown risks and uncertainties. Actual results may be materially different from any future results, performance or achievements contemplated in the forward looking statements.

Additional information concerning factors that could cause actual results to materially differ from those in forward looking statements are contained in the company’s Annual Information Form as filed with the Canadian Securities Administrators and in the company’s annual report on Form 40F as filed with the U.S. Securities and Exchange Commission. As a reminder, today’s call is being recorded. Today is July 24, 2025. I would like to turn the call over to Chief Executive Officer Mr. D. Scott Patterson. Please go ahead sir.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Thank you, Marvin. Good morning, everyone. Thank you for joining our Q2 conference call. As usual, I’m on today with Jeremy Rakusin. I’ll kick us off with some high-level comments, and Jeremy will follow with more detail. I’ll start by saying we’re very pleased with the results we posted this morning. Solid performance in an environment with continuing uncertainty and weak consumer sentiment. The results were similar sequentially to our Q1. Total revenues were up 9% over the prior year, driven primarily by tuck-under acquisitions over the last 12 months. Organic growth was 2% this quarter, with gains at FirstService Residential, Century Fire Protection, and our restoration brands tempered by flat year-over-year results in our home service segment and declines in our roofing operations. EBITDA for the quarter was up 19% to $157 million, reflecting a consolidated margin of 11.1%, up 90 basis points over the prior year.

Across the board, our operating teams continue to grind out margin gains. Jeremy will spend time on the margin detail in a few minutes. Finally, our earnings per share were up an impressive 26% over the prior year. Looking at our divisional results, FirstService Residential revenues were up 6% with organic growth at 3%, similar to Q1 and generally right on expectation. Our net contract wins versus losses continues to improve, and we’re comfortable that organic growth will sequentially improve towards our historical mid-single-digit average. Moving to FirstService Brands, revenues for the quarter were up 11%, driven primarily by tuck-unders. Organic growth was low single digit for the division. Revenues for our two restoration brands, Paul Davis and First Onsite, were up by about 6%, 2% organically, modestly better than our expectation. We’re pleased with the momentum we have in our day-to-day branch level activity with both our U.S.

and Canadian operations. The number of claims are up and the number of jobs are up, which is a reflection on our efforts over the last few years in signing new national accounts and especially increasing our share of existing accounts both with national insurance carriers and commercial owners and managers. Storm-related revenues during the quarter were modest and at approximately the same level as the prior year. Looking forward to Q3 and restoration, we expect the momentum in day-to-day activity to continue, which together with a solid quarter-end backlog should lead to revenue that is up mid single digit sequentially from Q2. Relative to prior year, we’re up against a strong comparative quarter, particularly in Canada that included revenues from two flood events impacting Toronto and Montreal, significant activity related to the Jasper, Alberta wildfires, and a few unusually large claims.

At this stage, we expect Q3 revenues to be down 5% to 10% versus prior year. Of course, as we’ve seen over the last few years, a weather event between now and September 30 can drive the result up materially. Moving to our roofing segment, revenues for the quarter were up 25% driven by acquisitions, principally the acquisition of Crowther in South Florida that closed May 1 of last year. Organically, revenues declined by about 10% and were modestly lower than expectation. We continue to see some deferral of large commercial reroof and new construction projects. Two of our larger branches in particular were at capacity at this time of year. At this time last year, with several large industrial reroof projects underway, activity at those operations slowed in the first half of this year.

Our market position and relationships remain strong in those markets, and the demand drivers remain compelling. We see the slowdown as timing related only, and in recent weeks have seen a pickup. Our backlog at our larger operations and across our roofing platform is solid and building. We expect a stronger Q3 with revenues up over 10% versus the prior year and organic revenues approximately flat with prior year. Moving on to Century Fire Protection, we had a strong quarter with revenues up over 15% versus the prior year, including better than expected organic growth that hit double digits. Virtually all of the 30 plus branches performed well during the quarter, and again the results were enhanced by particularly strong growth in repair, service and inspection revenues.

During the quarter, we announced the acquisitions of TST Fire Protection and Alliance Fire and Safety, two related fire protection companies based in Utah. Operationally and culturally, the businesses are very similar to Century Fire Protection and provide us with an attractive growth platform in the western U.S. The TST Fire Protection and Alliance Fire and Safety teams will continue to operate the businesses, and we’re excited to add them as partners as we focus on driving growth in adjacent markets. Our backlog continues to build at Century Fire Protection, and we expect strong results for the balance of the year with the organic growth tempering back into the high single digit range. Now onto our home service brands, which as a group generated revenues that were flat with a year ago, better than our expectation.

Consumer sentiment is down significantly since the beginning of the year, which resulted in our lead flow for the quarter being off almost 10% versus prior year. Our teams across the home service brands have successfully increased our close ratio, and we’ve experienced an increase in average job size, which together drove solid revenues that were flat with a year ago. We believe we continue to take share in our markets. Looking forward, we expect a similar result in Q3 with revenues flat, perhaps slightly down versus the prior year. As I indicated on our last call, we remain optimistic that pent up demand is building, and we’ll see an increase in activity with interest rate reductions if they occur later this year or early next. Let me now hand it over to Jeremy.

Jeremy Rakusin, Financial Executive, FirstService Corporation: Thank you, Scott. Good morning, everyone. We are pleased with our strong Q2 performance, reflecting year-over-year growth in profitability on the back of the same margin expansion drivers we saw in this year’s first quarter. I will provide more details in a moment. First, a walkthrough of our consolidated financial results. Revenues for the second quarter were $1.4 billion, up 9% year over year, and we reported adjusted EBITDA of $157.1 million, up 19% versus the prior year. Adjusted EPS came in at $1.71, a 26% increase over Q2 2024. Our six months year to date consolidated financial performance tracks closely to the strong growth metrics in the second quarter, aggregating to revenues of $2.7 billion, an increase of 9% over the $2.5 billion last year.

Adjusted EBITDA of $260 million, representing 21% growth over the $216 million last year, with a margin of 9.8% year to date, up 100 basis points year over year, and adjusted EPS for the first half of the year sits at $2.63, a 30% increase over the prior year period. Adjustments to operating earnings and GAAP EPS to calculate our adjusted EBITDA and adjusted EPS, respectively, have been summarized in this morning’s release and remain consistent with our disclosure in prior periods. Shifting to our operating financial performance for the second quarter, I’ll start with our FirstService Residential division. Quarterly revenues came in at $593 million, up 6% over the prior year. EBITDA for the quarter was $65 million, an 11% year-over-year increase, with an 11% margin, up 40 basis points over the 10.6% margin in Q2 of last year.

The margin improvement during the second quarter was driven by the same operating efficiencies noted in our first quarter, principally in areas around client accounting and community resident communications. For the six months year to date, our division EBITDA margin sits at 9.6%, up 60 basis points compared to the equivalent prior year period. Consistent with what we said on our Q1 call, we expect the margin improvement from these efficiencies to moderate in the remainder of the year. Within our FirstService Brands division, we reported second quarter revenues of $823 million, an 11% increase over the prior year period. EBITDA for the quarter came in at $95 million, up 23% year over year. Our margin during the quarter was 11.6%, up 110 basis points versus the 10.5% during last year’s Q2. The margin expansion within the division saw contribution from the same themes as the first quarter.

Our restoration businesses continue to benefit from the optimization of their resources and operating processes, driving superior year over year profitability in the face of modest organic growth. In our home improvement segment, California Closets captured additional margin improvement carry through from labor cost efficiencies and reduced promotional activities. Turning to our cash flow profile, we generated $163 million in operating cash flow during the second quarter, exceeding our consolidated EBITDA for the period with a contribution of positive working capital trends. Our cash flow was up 25% over the prior year quarter and currently sits at over $200 million year to date, an increase of 67% over the same period in 2024.

Our capital expenditures during the quarter were a little over $30 million, and our year to date total of $63 million is right on pace with the annual CapEx target of $125 million we provided at the beginning of the year. Acquisition spending during the quarter was approximately $40 million, largely tied to the fire protection tuck-unders which Scott summarized in his commentary. With the free cash flow surge in the second quarter, we were able to pay down almost $70 million of debt during the period. As a result, our leverage as measured by net debt to EBITDA declined to 1.8 times from the 2 times level at the end of Q1. With our cash on hand and undrawn bank credit facility balances, our liquidity exceeds $860 million. We are well positioned with this balance sheet strength to deploy capital when we see the right opportunities.

Concluding with our outlook for the year, we remain firmly on track to hit our annual consolidated growth targets we set out at the beginning of the year, which included high single digit revenue growth and margin expansion driving to double digit EBITDA growth for the remainder of 2025. Our current line of sight is that the year over year growth profiles for Q3 and Q4 will be relatively similar to each other. As Scott noted, our FirstService Residential division will revert back towards its mid single digit organic revenue growth rate and high single digit overall growth when accounting for recent tuck-under acquisitions. Our FirstService Brands division revenues are expected to be slightly up versus prior year, with restoration facing the headwinds of a strong back half of 2024 without assuming any significant weather activity that could materialize in the remainder of 2025.

Consolidated revenue growth will settle in at mid single digits absent the closing of any meaningful tuck-under acquisitions during the balance of the year. From an operating profitability perspective, I mentioned the tapering of FirstService Residential margin expansion for the remaining quarters down to levels modestly higher than prior year margins. Within the FirstService Brands division, margin will also aggregate to be roughly in line with prior year margin. As a result, our consolidated EBITDA should increase slightly more than our revenue growth during the balance of the year. That concludes our prepared comments. Marvin, you may now open up the call to questions. Thank you.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you. At this time, we’ll close the question and answer session. As a reminder, to ask a question, you will need to press Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press Star 11 again. Please stand by while we compile the Q and A roster, and our first question comes from the line of Stephen MacLeod of BMO Capital Markets. Your line is now open.

Jeremy Rakusin, Financial Executive, FirstService Corporation: Thank you.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you.

Good morning, guys. Just had a couple of questions with respect to the outlook, starting with the residential business. Can you just talk about your confidence in the return to mid single digit organic growth in the back half of the year with respect to some of the community budgetary pressures we’ve seen? Are you seeing those already beginning to reverse?

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: I wouldn’t say reverse, Stephen, but they’re starting to normalize. It was most acute last year. We started to see it normalize, I guess, towards the end of last year and through the first six months. It’s really playing out. As we’ve described in our last few calls, we expected Q4, Q1, and Q2 to be tougher organic growth quarters. There is still some disruption as many communities in Florida are still underfunded and work towards increasing monthly maintenance fees or implementing a special assessment. We’re working closely with our boards, so there will continue to be some disruption, but we don’t expect it to significantly impact our organic growth going forward. As I said in my prepared comments, we expect to sequentially improve and move towards that mid single digit number, and we’ll start to see that in Q3. Okay, that’s great, thank you.

Moving to the FirstService Brands business, you gave some color on the outlook which is very helpful. The margin in the quarter was quite strong even despite organic sales growth being more modest in that business. Obviously, you’re getting some margin improvement based on the efficiencies that.

You’ve put in place.

When we see organic growth beginning to accelerate at some point in time.

Marvin, Conference Call Moderator, FirstService Corporation: Do.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: The plans you put in place lead.

To a higher margin profile for the.

Business overall over the long term?

Jeremy Rakusin, Financial Executive, FirstService Corporation: Yes, Stephen, I’ll take that as Jeremy for sure. I mean both those businesses would benefit from traditional or natural operating leverage. If we get accelerating top line growth, home improvement, we’ve been in a sort of flat to slightly down realm and an acceleration there would help. In the case of restoration, which is the other area where we’ve seen significant margin improvement, that again is a function of top line performance, and we’ve spoken it many times around the weather driven activity levels that can create a more volatile quarterly performance. It really depends on activity levels there. That’s why in the back half of this year, with the strong prior year comparable, we’re not expecting margin improvement unless we get a matching or better level of weather driven activity.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Okay, that’s great.

Maybe just finally on the FirstService Brands business with the roofing, on the roofing side of things, Scott, you mentioned in your prepared remarks that over the last few weeks you’ve seen some improvement. Just wondering, what is the backdrop you need to see? Is it more macro driven or is it just people getting.

People who are making these large investments.

Decisions, getting more comfortable tariff situation. What exactly do you.

Need to see in order to kind.

Of get that backlog moving, get those deferrals moving?

I think it’s all the above. I mean the tariff uncertainty, I think the expectation that interest rates would start moving down and that’s not happened, and it’s pushed out to later this year or next. I think all of that is causing hesitation, prospect for perhaps some inflation. A number of large commercial customers continue to sit on contracts.

Jeremy Rakusin, Financial Executive, FirstService Corporation: But.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Even with that slowness, we have started to book work, as I said, and it’s picking up for us. The bidding activities remain strong throughout, and we’re seeing more commitment. There still is some deferral, but we expect to see some improvement in Q3. Okay, that’s great. Thanks guys. Appreciate it.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you. One moment for our next question. Our next question comes from the line of Stephen Hardy Sheldon of William Blair & Company. Your line is now open.

Jeremy Rakusin, Financial Executive, FirstService Corporation: Hey, thanks.

Stephen Hardy Sheldon, Analyst, William Blair & Company: Congrats on the great results here. Starting in restoration, I guess you talked about some of the progress with national accounts and gaining share with more day-to-day work. As that continues, do you think restoration will become less reliant on large storm activity, which I think you talked about potentially being a swing factor of 20%, give or take in any given year, and potentially make this a business with slightly less volatility quarter to quarter, year to year than at least you’ve seen historically. Is that continuous, could it change the profile of the business?

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: I’m not sure that’s true, Stephen, because as we gain ground with national accounts and as we improve our positioning and gain more wallet share, that will translate during CAT events. Also, we will take on more work. I think it just improves our ability to drive more revenue in moderate weather conditions and sets us up to win more during CAT events also.

Stephen Hardy Sheldon, Analyst, William Blair & Company: Okay, got it. That makes sense. On brands, just following up on the margins, just I guess high level, as you think about the individual segments and businesses within brands, can you just remind us where you still see the biggest room for margin improvement over the coming years? Within restoration, do you think there are multiple years of margin expansion just from the better resource optimization using the tech platform that you guys have built out there?

Jeremy Rakusin, Financial Executive, FirstService Corporation: Yes, Stephen. Home improvement would really be dependent on, again, that re-acceleration, remodeling spend, the macro factors that drive the top line. We’ve been at it in terms of the labor efficiencies and reduced promotion activity for a year now. We’re always tweaking and trying to get more efficient and reducing overtime hours and return visits, optimizing our labor, all that. I really think it’ll be a function of improved top line growth when the macro conditions improve, and then restoration. It’s a multi-year effort. The teams have made major strides. We’ve cemented a lot of the labor-driven efficiencies there, and there will be more opportunities. It’s just not going to be in a straight line game because it is dependent on activity levels and revenue performance in that business as well.

Stephen Hardy Sheldon, Analyst, William Blair & Company: All right, great. Thank you.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you. One moment for our next question. Our next question comes from the line of Scott Fletcher of CIBC Capital Markets. Your line is now open.

Scott Fletcher, Analyst, CIBC Capital Markets: Good morning. I wanted to ask on the fire protection business, it seems to be outperforming now a few quarters in a row.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Could you just dig into why?

Scott Fletcher, Analyst, CIBC Capital Markets: What are some of the dynamics that lets that business outperform relative to some of the other brands given they’re facing the same macro? Just curious if it’s something to do with the mix of commercial or some idiosyncratic factors in the fire.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Yeah, I think primarily the growth in repair, service and inspection part of their business was a big driver in Q1 and particularly in Q2. It’s been a multi-year effort around the service side of the business. We made it a priority when we partnered with the Century team to balance the business and drive up the service work to create more of a 50/50 installation versus service. It’s definitely been a strategic priority, and the investment has followed that. Investing in sales and service tech, there’s been a particular focus on collaborating with the installation teams to convert new installs into ongoing service work. In the last, I’d say, 12 to 18 months, a big push on driving inspection sales, inspection work that drives service work.

All those factors continue to sort of drive the service side of the business, which has been pulling along the installation side the last few quarters.

Scott Fletcher, Analyst, CIBC Capital Markets: Okay, great. That’s interesting.

Marvin, Conference Call Moderator, FirstService Corporation: Color.

Scott Fletcher, Analyst, CIBC Capital Markets: I wanted to ask on the M&A front, at the end of the year, given where leverage is now, you’re tracking to sort of get leverage back down to the levels that it was when you did that with the Roofing Corp. of America deal. Are you, given the current macro, is it still an, are there opportunities for platform deals as leverage takes down, or is tuck-unders maybe more of the focus given the uncertainty?

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Yeah, our leverage is always at a modest level. I don’t know that we’ve very often been in a position where we haven’t been able to be opportunistic around a large deal. We think about the leverage when we’re looking at opportunities, but it doesn’t influence us one way or the other. If there’s a strategic fit, larger opportunity, we’ll figure out the balance sheet side of it. I think there’s certainly an opportunity for larger acquisitions. The definition of new platform, it’s not something we’re seeking out. We have opportunities across the platforms we have. I would expect that our activity will be focused on the areas that we service, areas we have today.

Scott Fletcher, Analyst, CIBC Capital Markets: Okay, thank you for the caller.

Stephen Hardy Sheldon, Analyst, William Blair & Company: I’ll pass along.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you. One moment for next question. Again, as a reminder to ask a question, you’ll need to press star 1 1 on your telephone. Our next question comes from the line of Daryl Young. The line is now open.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Hey, good morning everyone.

Daryl Young, Analyst: First question is on home improvement. The environment’s obviously been very tepid, but there does seem to be a big divergence between the high income and the low income consumer. I’m just curious if you can.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Give us a bit of color on.

Daryl Young, Analyst: Where your market positioning is in terms of your products, and if you’re seeing any indication that that may be true and holding your business in better than maybe some of the broader economic indicators might.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: I think there’s something there. You know, our largest brand within our home service group is California Closets, which caters to, you know, the broad spectrum of consumer. It does have, it does a big part of their growth and history. The brand has been around more affluent customer and that has been helpful. You know, I mentioned that we’ve seen our average job size increase.

Marvin, Conference Call Moderator, FirstService Corporation: And I.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: think that has been weighted towards the affluent consumer, which has influenced our group. I do believe that’s true.

Scott Fletcher, Analyst, CIBC Capital Markets: Got it.

Jeremy Rakusin, Financial Executive, FirstService Corporation: Okay.

Daryl Young, Analyst: On the roofing business, wondering if the sort of quarterly volatility in results that you’re seeing stacks up with what you would have seen in your due diligence on the asset.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: I’m just trying to figure out if we’re going through a.

Daryl Young, Analyst: Unique period of time for roofing today, or if weather and starts and stops on projects is something that was part of the expectation when we got into this business.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: No, I think that we’re in an environment that has influenced roofing. We’re certainly not alone. I think we’re holding our own in roofing and perhaps doing better than the market. We have operations that have historically relied on large industrial reroof work and some new construction, and that has been slower. As I said, we’re starting to see it pick up. No, I’m not sure we identified any volatility. In fact, the demand drivers in roofing are very compelling, influenced by weather but also the aging built environment. It’s going to be a big driver in this market. We think we’re very well positioned. We’ve got a strong team, great partners, and a solid footprint. I think we’re in an environment that’s sort of macro driven but feel very good about where we’re at and where we’re going.

Daryl Young, Analyst: Okay, that’s great color.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Thank you.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you. I’m showing no further questions at this time. Now I turn it back to Mr. D. Scott Patterson for closing remarks.

D. Scott Patterson, Chief Executive Officer, FirstService Corporation: Thank you, Marvin. Thank you everyone for joining us today. At end of October, we’ll be on our Q3 call. Enjoy the rest of your day.

Marvin, Conference Call Moderator, FirstService Corporation: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

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