FirstService Corporation (NASDAQ:FSV) Q1 2024 Earnings Conference Call April 24, 2024 11:00 AM ET
Company Participants
Scott Patterson - Chief Executive Officer
Jeremy Rakusin - Chief Financial Officer
Conference Call Participants
Stephen MacLeod - BMO Capital Markets
Stephen Sheldon - William Blair
Himanshu Gupta - Scotiabank
Daryl Young - Stifel
Tom Callaghan - RBC Capital Markets
Tim James - TD Securities
Operator
Welcome to the First Quarter Investor’s 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 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 the forward-looking statements is contained in the company's annual information form as filed with the Canadian Securities Administrator’s and in the company's annual report on the Form 40-F as filed with the U.S. Securities and Exchange Commission. As a reminder, today's call is being recorded. Today is April 24, 2024.
I would like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead.
Scott Patterson
Thank you, Justin. Good morning, everyone, and thank you for joining our Q1 conference call. Jeremy Rakusin is on with me, and together we'll walk you through the results we released this morning that were generally right in line with our internal expectations.
Total revenues were up 14% over the prior year, driven entirely by acquisitions, primarily our acquisition of Roofing Corp of America in December. Similar to our Q4, organic growth in the first quarter was nil, due to very strong revenues in last year's Q1 from hurricanes Ian and Fiona. EBITDA of the quarter was up incrementally to $83 million from $82 million in the prior year. The results reflect trends and themes that we saw in our Q4 results and discussed in our year-end call. Jeremy will take you through margin detail and the balance sheet in his comments.
Looking at our division of results, First Service residential revenues were up 11%, 8% organically and generally consistent with what we've seen from this division over the last year. Organic revenue growth was driven from net new contract wins. During the quarter, we announced the acquisition of Florida-based Rizzetta & Company. Rizzetta provides consulting and management services to HOAs in Florida and also to community development districts, which are known as CDDs.