FirstService Corporation (NASDAQ:FSV) Q1 2022 Earnings Conference Call April 27, 2022 11:00 AM ET
Company Participants
Scott Patterson - CEO
Jeremy Rakusin - CFO
Conference Call Participants
George Doumet - Scotiabank
Stephen MacLeod - BMO Capital Markets
Faiza Alwy - Deutsche Bank
Scott Fromson - CIBC
Stephen Sheldon - William Blair
Daryl Young - TD Securities
Operator
Welcome to the First Quarter Investors' Conference Call. 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 differ 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 the forward-looking statements is contained in the company's Annual Information Form as filed with the Canadian Securities Administrators and in the company's Annual Report on Form 40-F as filed with the US Securities and Exchange Commission. As a reminder, today's call is being recorded, and today is April 27, 2022.
I would like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead, sir.
Scott Patterson
Thank you, Chris. Good morning and welcome, everyone. Thank you for joining our Q1 conference call. I'm on the line today with Jeremy Rakusin and together, we will walk you through the results we released this morning, results that reflected very strong top line growth across both divisions.
Total revenues for the quarter were up 17% over the prior year, with organic revenue growth at an impressive 10%. EBITDA was up 4%, reflecting a margin of 7.5% compared to 8.4% in the prior year and earnings per share were up 11%. We're very pleased with the way the quarter played out.
We continue to be challenged by a tight labor market, supply chain issues, and inflationary pressures. Our strong top line for the quarter enabled us to overcome the operating challenges and deliver a solid bottom line that was modestly ahead of our expectations. I'll summarize our results for each division and then pass it over to Jeremy to provide more financial detail.
At FirstService Residential, revenues were up 12%, with organic growth at a strong 7% and the balance from tuck-unders made during 2021. The organic growth primarily reflects net new contract wins. We experienced a modest boost from the reopening of amenity of facilities during the non-seasonal first quarter.