FirstService Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	138.55	134.38	100.39	121.07	135.21	87.26
Depreciation & Amortization	184.27	165.27	127.93	110.14	98.97	98.38
Loss (Gain) From Sale of Assets	-	-	-4.35	-	-19.81	-
Stock-Based Compensation	26.46	25.31	21.39	18.97	15.76	-
Other Operating Activities	44.43	19.91	44.96	30.78	28.54	16.58
Change in Accounts Receivable	-2.5	-42.31	-93.82	-69.67	-86.94	8.91
Change in Inventory	10.31	-19.41	22.24	-71.52	-15.51	-44.24
Change in Accounts Payable	-19.61	14.22	-17.06	11.55	-10.36	13.71
Change in Unearned Revenue	16.54	-9.13	39.96	3.82	18.08	13.06
Change in Income Taxes	6.29	6.29	10.82	-13.82	-4.78	4.64
Change in Other Net Operating Assets	12.43	-8.85	27.91	-35.42	8.13	93.46
Operating Cash Flow	417.17	285.67	280.36	105.89	167.27	291.77
Operating Cash Flow Growth	34.83%	1.90%	164.76%	-36.69%	-42.67%	170.63%
Capital Expenditures	-128.52	-112.8	-92.73	-77.61	-58.2	-39.42
Sale of Property, Plant & Equipment	-	-	7.35	-	-	-
Cash Acquisitions	-149.97	-212.25	-547.18	-51.99	-163.22	-98.56
Divestitures	-	-	-	-	15.78	-
Other Investing Activities	-11.42	1.34	-13.76	-31.2	-0.68	-4.29
Investing Cash Flow	-289.9	-323.7	-646.33	-160.8	-206.32	-142.26
Long-Term Debt Issued	-	367	587.85	150.16	130.48	25.28
Long-Term Debt Repaid	-	-263.42	-141	-70	-68.42	-204.57
Net Debt Issued (Repaid)	-88.16	103.58	446.85	80.16	62.06	-179.29
Issuance of Common Stock	76.11	58.35	33.62	12.3	21.58	161.52
Common Dividends Paid	-47.59	-43.83	-39.06	-34.88	-31.21	-27.45
Other Financing Activities	-58.49	-43.7	-27.46	-38.79	-28	-29.98
Financing Cash Flow	-118.12	74.41	413.95	18.78	24.43	-75.2
Foreign Exchange Rate Adjustments	0.32	0.43	-0.45	1.2	-0.05	0.34
Net Cash Flow	9.46	36.81	47.53	-34.92	-14.67	74.65
Free Cash Flow	288.65	172.88	187.63	28.28	109.07	252.35
Free Cash Flow Growth	41.87%	-7.86%	563.36%	-74.07%	-56.78%	312.47%
Free Cash Flow Margin	5.27%	3.31%	4.33%	0.76%	3.36%	9.10%
Free Cash Flow Per Share	6.32	3.82	4.19	0.64	2.46	5.84
Cash Interest Paid	77.39	77.39	49.72	23.69	14.63	22.31
Cash Income Tax Paid	82.31	82.31	64.65	55.11	60.09	49.03
Levered Free Cash Flow	266.93	142.91	123.32	40.08	76.08	205.8
Unlevered Free Cash Flow	315.53	194.7	152.92	55.83	86.1	221
Change in Working Capital	23.46	-59.19	-9.96	-175.06	-91.39	89.54

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.