Financial Highlights

(US$ thousands, except per share amounts)
Year Ended December 31  
   
2015
2014
2013
2012
2011
       
Operations
     
Revenues
$
1,264,077
$
1,132,002
$
1,038,087
$
939,821
$
857,201
Operating earnings
70,747
45,621
37,083
53,478
38,674
Net earnings
38,198
26,192
18,452
30,765
24,157
       
Financial Position
     
Total assets
$
600,483
$
615,544
$
610,297
$
591,438
$
566,972
Long-term debt
 
201,199
239,357
225,425
216,370
174,150
Redeemable non-controlling interests
77,559
80,926
81,407
74,158
76,216
Shareholders' equity  
167,026
158,749
168,660
174,834
203,165
       
Other Data
     
Adjusted EBITDA1
$
103,038
$
74,997
$
78,913
$
78,932
$
70,565
 
Notes
  1. Adjusted EBITDA is defined as net earnings before income tax, interest, depreciation, amortization, other (income) expense, acquisition-related items and stock-based compensation expense.

FirstService Unaudited Historical Quarterly Earnings

The unaudited historical quarterly earnings summary reflects the operations of FirstService Corporation on a consolidated and carve-out combined basis for Q2 2015, and on a carve-out combined basis for the periods prior to the spin-off which occurred on June 1, 2015.