FirstService Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	162.23	145.05	134.38	100.39	121.07	135.21
Depreciation & Amortization	189.1	185.21	165.27	127.93	110.14	98.97
Loss (Gain) From Sale of Assets	-	-	-	-4.35	-	-19.81
Stock-Based Compensation	29.27	27.39	25.31	21.39	18.97	15.76
Other Operating Activities	14.34	33.97	0.55	44.96	30.78	28.54
Change in Accounts Receivable	91.56	59.59	-42.31	-93.82	-69.67	-86.94
Change in Inventory	-22.06	18.13	-19.41	22.24	-71.52	-15.51
Change in Accounts Payable	23.6	-32.4	14.22	-17.06	11.55	-10.36
Change in Unearned Revenue	-4.17	12.39	-9.13	39.96	3.82	18.08
Change in Income Taxes	-8.34	-8.34	6.29	10.82	-13.82	-4.78
Change in Other Net Operating Assets	17.39	4.96	10.51	27.91	-35.42	8.13
Operating Cash Flow	492.91	445.94	285.67	280.36	105.89	167.27
Operating Cash Flow Growth	46.82%	56.10%	1.90%	164.76%	-36.69%	-42.67%
Capital Expenditures	-126.58	-127.71	-112.8	-92.73	-77.61	-58.2
Sale of Property, Plant & Equipment	-	-	-	7.35	-	-
Cash Acquisitions	-104.91	-107.16	-212.25	-547.18	-51.99	-163.22
Divestitures	-	-	-	-	-	15.78
Other Investing Activities	-2.53	-10.33	1.34	-13.76	-31.2	-0.68
Investing Cash Flow	-234.01	-245.2	-323.7	-646.33	-160.8	-206.32
Long-Term Debt Issued	-	135.96	367	587.85	150.16	130.48
Long-Term Debt Repaid	-	-350.69	-263.42	-141	-70	-68.42
Net Debt Issued (Repaid)	-254.62	-214.73	103.58	446.85	80.16	62.06
Issuance of Common Stock	81.99	62.04	58.35	33.62	12.3	21.58
Common Dividends Paid	-50.14	-48.89	-43.83	-39.06	-34.88	-31.21
Other Financing Activities	-62.32	-61.75	-43.7	-27.46	-38.79	-28
Financing Cash Flow	-285.08	-263.33	74.41	413.95	18.78	24.43
Foreign Exchange Rate Adjustments	-0.82	-1.01	0.43	-0.45	1.2	-0.05
Net Cash Flow	-27	-63.6	36.81	47.53	-34.92	-14.67
Free Cash Flow	366.33	318.24	172.88	187.63	28.28	109.07
Free Cash Flow Growth	67.75%	84.08%	-7.86%	563.36%	-74.07%	-56.78%
Free Cash Flow Margin	6.58%	5.79%	3.31%	4.33%	0.76%	3.36%
Free Cash Flow Per Share	7.99	6.96	3.82	4.19	0.64	2.46
Cash Interest Paid	73.31	73.31	77.39	49.72	23.69	14.63
Cash Income Tax Paid	82.39	82.39	82.31	64.65	55.11	60.09
Levered Free Cash Flow	345.58	293.41	142.91	123.32	40.08	76.08
Unlevered Free Cash Flow	389.15	339.47	194.7	152.92	55.83	86.1
Change in Working Capital	97.98	54.33	-39.83	-9.96	-175.06	-91.39