Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Information [Line Items] | |
Entity Registrant Name | FirstService Corp |
Trading Symbol | fsv |
Document Type | 40-F |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 1,637,810 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Smaller Reporting Company |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Multiple Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,325,694 |
Subordinate Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 34,613,317 |
Consolidated and Carve-Out Comb
Consolidated and Carve-Out Combined Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 1,264,077 | $ 1,132,002 | $ 1,038,087 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 883,963 | 800,046 | 731,204 |
Selling, general and administrative expenses | 279,235 | 258,678 | 229,829 |
Depreciation | 18,836 | 17,730 | 15,710 |
Amortization of intangible assets | 10,148 | 8,744 | 12,422 |
Accelerated amortization of intangible assets | 11,184 | ||
Acquisition-related items | 408 | 1,183 | 655 |
Spin-off transaction costs | 740 | ||
Operating earnings | 70,747 | 45,621 | 37,083 |
Interest expense, net | 9,077 | 6,932 | 12,826 |
Other expense, net | 60 | 255 | 20 |
Earnings before income tax | 61,610 | 38,434 | 24,237 |
Income tax (note 12) | 23,412 | 12,242 | 5,785 |
Net earnings | 38,198 | 26,192 | 18,452 |
Non-controlling interest share of earnings | 4,560 | 3,105 | 1,253 |
Non-controlling interest redemption increment (note 9) | 12,243 | 10,117 | 14,004 |
Net earnings attributable to Company | $ 21,395 | $ 12,970 | $ 3,195 |
Net earnings per common share (note 13) | |||
Basic (in Dollars per share) | $ 0.59 | $ 0.36 | $ 0.09 |
Diluted (in Dollars per share) | $ 0.59 | $ 0.36 | $ 0.09 |
Consolidated and Carve-Out Com3
Consolidated and Carve-Out Combined Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net earnings | $ 38,198 | $ 26,192 | $ 18,452 |
Foreign currency translation (loss) gain | (4,124) | 24 | 2,174 |
Comprehensive earnings | 34,074 | 26,216 | 20,626 |
Less: Comprehensive earnings attributable to non-controlling shareholders | 16,803 | 13,222 | 15,257 |
Comprehensive earnings attributable to Company | $ 17,271 | $ 12,994 | $ 5,369 |
Consolidated and Carve-Out Com4
Consolidated and Carve-Out Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 45,560 | $ 66,790 |
Restricted cash | 3,769 | 3,657 |
Accounts receivable, net of allowance of $7,182 (December 31, 2014 - $9,581) | 114,521 | 115,143 |
Income tax recoverable | 9,628 | 16,262 |
Inventories (note 4) | 16,155 | 9,489 |
Prepaid expenses and other current assets | 21,749 | 20,715 |
Deferred income tax (note 12) | 18,840 | 18,667 |
230,222 | 250,723 | |
Other receivables | 3,833 | 4,581 |
Other assets | 2,176 | 155 |
Fixed assets (note 5) | 57,575 | 55,203 |
Deferred income tax (note 12) | 6,553 | 4,572 |
Intangible assets (note 6) | 79,478 | 82,877 |
Goodwill (note 7) | 220,646 | 217,433 |
370,261 | 364,821 | |
600,483 | 615,544 | |
Current liabilities | ||
Accounts payable | 24,143 | 24,687 |
Accrued liabilities (note 4) | 77,900 | 55,563 |
Income tax payable | 1,553 | 5,650 |
Unearned revenues | 18,474 | 16,079 |
Long-term debt - current (note 8) | 4,041 | 17,725 |
Contingent acquisition consideration - current (note 15) | 2,206 | 4,586 |
Deferred income tax (note 12) | 1,782 | 1,804 |
130,099 | 126,094 | |
Long-term debt - non-current (note 8) | 197,158 | 221,632 |
Contingent acquisition consideration (note 15) | 1,110 | 1,509 |
Other liabilities | 13,560 | 12,398 |
Deferred income tax (note 12) | 13,971 | 14,236 |
225,799 | 249,775 | |
Redeemable non-controlling interests (note 9) | 77,559 | 80,926 |
Shareholders' equity | 167,026 | 158,749 |
$ 600,483 | $ 615,544 |
Consolidated and Carve-Out Com5
Consolidated and Carve-Out Combined Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance | $ 7,182 | $ 9,581 |
Consolidated and Carve-Out Com6
Consolidated and Carve-Out Combined Statements of Shareholders' Equity - USD ($) $ in Thousands | Owner's Net Investment [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 175,781 | $ (947) | $ 174,834 |
Net distributions to FirstService | (13,403) | (13,403) | |
Stock option expense | 1,860 | 1,860 | |
Net earnings attributable to New FSV | 3,195 | 3,195 | |
Other comprehensive earnings | 2,174 | 2,174 | |
Balance at Dec. 31, 2013 | 167,433 | 1,227 | 168,660 |
Net distributions to FirstService | (24,624) | (24,624) | |
Stock option expense | 1,719 | 1,719 | |
Net earnings attributable to New FSV | 12,970 | 12,970 | |
Other comprehensive earnings | 24 | 24 | |
Balance at Dec. 31, 2014 | 157,498 | 1,251 | 158,749 |
Net distributions to FirstService | (7,470) | (7,470) | |
Stock option expense | 1,191 | ||
Net earnings attributable to New FSV | $ 3,208 | 21,395 | |
Other comprehensive earnings | (4,124) | (4,124) | |
Balance at Dec. 31, 2015 | $ (2,873) | $ 167,026 |
Consolidated and Carve-Out Com7
Consolidated and Carve-Out Combined Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Owner's Net Investment [Member] | Total |
Balance at Dec. 31, 2012 | $ (947) | $ 175,781 | $ 174,834 | |||
Net distributions to Old FSV | (13,403) | (13,403) | ||||
Net earnings | 3,195 | 3,195 | ||||
Other comprehensive earnings | 2,174 | 2,174 | ||||
Subordinate Voting Shares: | ||||||
Stock option expense | 1,860 | 1,860 | ||||
Balance at Dec. 31, 2013 | 1,227 | 167,433 | 168,660 | |||
Net distributions to Old FSV | (24,624) | (24,624) | ||||
Net earnings | 12,970 | 12,970 | ||||
Other comprehensive earnings | 24 | 24 | ||||
Subordinate Voting Shares: | ||||||
Stock option expense | 1,719 | 1,719 | ||||
Balance at Dec. 31, 2014 | 1,251 | 157,498 | 158,749 | |||
Balance (in Shares) at Dec. 31, 2014 | 0 | |||||
Net distributions to Old FSV | (7,470) | (7,470) | ||||
Net earnings | $ 18,187 | 3,208 | 21,395 | |||
Issuance of common stock in connection with the Arrangement | $ 130,471 | (130,471) | ||||
Issuance of common stock in connection with the Arrangement (in Shares) | 35,970,605 | |||||
Settlement of owner's net investment to contributed surplus in connection with the Arrangement | $ 33,095 | (22,765) | 10,330 | |||
Other comprehensive earnings | (4,124) | (4,124) | ||||
Subsidiaries’ equity transactions | 421 | $ 421 | ||||
Subordinate Voting Shares: | ||||||
Stock option expense | 1,191 | 1,191 | ||||
Stock options exercised | $ 7,524 | (744) | 6,780 | |||
Stock options exercised (in Shares) | 480,000 | |||||
Tax benefit on options exercised | 10,017 | 10,017 | ||||
Dividends | (10,796) | (10,796) | ||||
Purchased for cancellation | $ (1,924) | (17,543) | (19,467) | |||
Purchased for cancellation (in Shares) | (511,594) | |||||
Balance at Dec. 31, 2015 | $ 136,071 | $ 43,980 | $ (10,152) | $ (2,873) | $ 167,026 | |
Balance (in Shares) at Dec. 31, 2015 | 35,939,011 |
Consolidated and Carve-Out Com8
Consolidated and Carve-Out Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net earnings | $ 38,198 | $ 26,192 | $ 18,452 |
Items not affecting cash: | |||
Depreciation and amortization | 28,984 | 26,474 | 39,316 |
Deferred income tax | (3,535) | (2,479) | (7,838) |
Other | 1,300 | 2,056 | 2,256 |
Incremental tax benefit on stock options exercised | (10,017) | ||
Changes in non-cash working capital: | |||
Accounts receivable | 2,892 | 3,231 | (12,134) |
Inventories | (6,108) | 72 | (1,124) |
Prepaid expenses and other current assets | (1,045) | (3,327) | (5,243) |
Accounts payable | (1,166) | (252) | 3,969 |
Accrued liabilities | 21,130 | (1,743) | 2,425 |
Income tax payable | 11,402 | (6,169) | (5,373) |
Unearned revenues | 2,395 | 741 | (809) |
Other liabilities | 3,239 | 660 | 528 |
Contingent acquisition consideration paid | (579) | (279) | |
Net cash provided by operating activities | 87,090 | 45,177 | 34,425 |
Investing activities | |||
Acquisitions of businesses, net of cash acquired (note 3) | (12,340) | (16,686) | (6,423) |
Purchases of fixed assets | (19,694) | (22,439) | (16,744) |
Changes in restricted cash | (112) | (776) | (1,464) |
Other investing activities | (132) | 72 | |
Net cash used in investing activities | (32,278) | (39,901) | (24,559) |
Financing activities | |||
Net increase (repayment) of long-term debt prior to spin-off | (220,953) | 13,492 | 9,055 |
Debt allocated under spin-off | 208,690 | ||
Repayment of long-term debt after spin-off | (25,899) | ||
Net contributions (distributions) from/to Old FSV | 1,995 | (21,272) | (8,495) |
Financing fees paid | (1,092) | ||
Purchases of non-controlling interests | (18,939) | (11,206) | (4,978) |
Sale of interests in subsidiaries to non-controlling interests | 1,122 | 142 | 365 |
Contingent acquisition consideration paid | (6,593) | (1,774) | (350) |
Proceeds received on exercise of stock options | 6,780 | ||
Incremental tax benefit on stock options exercised | 10,017 | ||
Dividends paid to common shareholders | (7,196) | ||
Distributions paid to non-controlling interests | (3,602) | (4,008) | (3,037) |
Repurchases of Subordinate Voting Shares | (19,467) | ||
Net cash used in financing activities | (75,137) | (24,626) | (7,440) |
Effect of exchange rate changes on cash | (905) | (226) | (530) |
(Decrease) increase in cash and cash equivalents | (21,230) | (19,576) | 1,896 |
Cash and cash equivalents, beginning of year | 66,790 | 86,366 | 84,470 |
Cash and cash equivalents, end of year | $ 45,560 | $ 66,790 | $ 86,366 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business FirstService Corporation (the “Company”) is a North American provider of residential property management and other essential property services to residential and commercial customers. The Company’s operations are conducted in two segments: FirstService Residential and FirstService Brands. The segments are grouped with reference to the nature of services provided and the types of clients that use those services. FirstService Residential is a full-service property manager and in many markets provides a full range of ancillary services primarily in the following areas: (i) on-site staffing, including building engineering and maintenance, full-service amenity management, security, concierge and front desk personnel, and landscaping; (ii) proprietary banking and insurance products; and (iii) energy conservation and management solutions. FirstService Brands provides a range of essential property services to residential and commercial customers in North America through franchise networks and company-owned locations. The principal brands in this division include Paul Davis Restoration, California Closets, Certa Pro Painters, Pillar to Post Home Inspectors, Floor Coverings International, College Pro Painters and Service America. Spin-off FirstService Corporation (formerly named New FSV Corporation) (the “Company”) was incorporated on October 6, 2014 and began independent operations on June 1, 2015, as a result of a plan of arrangement (the “spin-off”) involving former FirstService Corporation (“Old FSV”) whereby Old FSV was separated into two independent publicly traded companies – Colliers International Group Inc. (“Colliers”), a global commercial real estate services firm, and the Company, new FirstService Corporation, a North American provider of residential property management and other essential property services firm. Under the spin-off, Old FSV shareholders received one Colliers share and one Company share of the same class as each Old FSV share previously held. The Company’s Subordinate Voting Shares began trading on a “when issued” basis on the Toronto Stock Exchange on May 27, 2015. Regular trading of the Company’s Subordinate Voting Shares began on the Toronto Stock Exchange and The NASDAQ Stock Market on June 2, 2015. On June 1, 2015, the Company entered into a transitional services and separation agreement pursuant to which, on an interim basis, Colliers (formerly Old FSV) and the Company have agreed to provide each other with certain services and facilities in order to assist in the transition to separate public companies. The transitional services and facilities include, among other things, certain information technology, accounting and tax services and the lease of a portion of certain premises, and continue for a period of 12 months after the completion of the spin-off. The transitional services and separation agreement reflect terms negotiated in anticipation of each company being a stand-alone public company, each with independent directors and management teams. The financial statements include the carve-out combined results for the period from January 1 to May 31, 2015 prior to the spin-off with Old FSV, in addition to the consolidated results for the period from June 1 to December 31, 2015 as described below. The financial results for the periods prior to June 1, 2015 represent the financial position, results of operations and cash flows of the businesses transferred to the Company on a carve-out basis. The historical financial information prior to June 1, 2015 has been derived from the accounting records of Old FSV using the historical results of operations and historical basis of assets and liabilities of the businesses transferred to the Company on a carve-out accounting basis. The operating results of the Company were specifically identified based on Old FSV’s divisional organization. Certain other expenses presented in the financial statements represent allocations and estimates of the costs of services incurred by Old FSV. Salaries, benefits and incentive compensation have been reflected in the carve-out period based on employee services that were specifically identifiable with New FSV, as well as Management’s best estimate to allocate shared employee costs. These costs are reflected in the Corporate segment (see note 18). Net interest has been calculated primarily using the debt balances allocated to the Company. Income Taxes have been recorded as if the Company and its subsidiaries had been separate tax paying legal entities, each filing a separate tax return in the jurisdictions that it currently operates in. The calculation of income taxes is based on a number of assumptions, allocations and estimates, including those used to prepare the Carve-out Combined Financial Statements. Management believes the assumptions underlying the Carve-out Combined Financial Statements are reasonable. However, the financial statements herein may not reflect the Company’s financial position, results of operations, and cash flows had the Company been a standalone company during the periods presented or what the Company’s operations, financial position, and cash flows will be in the future. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the determination of fair values of assets acquired and liabilities assumed in business combinations, recoverability of goodwill and intangible assets, estimated fair value of contingent consideration related to acquisitions, and the collectability of accounts receivable. Actual results could be materially different from these estimates. Significant accounting policies are summarized as follows: Basis of consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three months or less. Restricted cash Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees. Inventories Inventories are carried at the lower of cost and market. Cost is determined using the weighted average method. Work-in-progress inventory relates to real estate project management projects in process and are accounted for using the percentage of completion method. Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows: Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities Level 3 – Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions Financing fees Financing fees related to the revolving credit facility and Senior Notes are deferred and amortized to interest expense using the effective interest method. Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: Customer lists and relationships straight-line over 4 to 20 years Franchise rights by pattern of use, currently estimated at 2.5% to 15% per year Trademarks and trade names straight-line over 5 to 35 years Management contracts and other straight-line over life of contract ranging from 2 to 15 years The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using an income approach. Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value. Impairment of goodwill is tested at the reporting unit level. The Company has five reporting units determined with reference to business segment, customer type, service delivery model and geography. Impairment is tested by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than not that its fair value is greater than its carrying amount, then no further testing is required. Where the qualitative analysis is not sufficient to support that the fair value exceeds the carrying amount then a two-step goodwill impairment test is performed. In the first step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using an income approach. The fair value measurement is classified within Level 3 of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value. Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. Revenue recognition and unearned revenues (a) Franchisor operations The Company operates several franchise systems within its FirstService Brands segment. Initial franchise fees are recognized when all material services or conditions related to the sale of the franchise have been performed or satisfied. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. (b) Service operations other than franchisor operations Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management projects in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. Notional value appreciation plans Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to ten years and a vesting period of five years. The increase in notional value is calculated with reference to growth in earnings relative to a fixed threshold amount plus or minus changes in indebtedness relative to a fixed opening amount. If an award is subject to a vesting condition, then graded attribution is applied to the intrinsic value. The related compensation expense is recorded in selling, general and administrative expenses and the liability is recorded in accrued liabilities. Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Acquisitions 2015 acquisitions: The Company acquired controlling interests in nine businesses, seven in the FirstService Residential segment and two in the FirstService Brands segment. In the FirstService Residential segment, the Company acquired controlling interests in firms operating in Texas, California, New York, Florida, Nevada and British Columbia. In the FirstService Brands segment, the Company acquired a Paul Davis Restoration franchise in Pennsylvania, as well as a California Closets franchise in Colorado, both of which will be operated as Company-owned locations. Details of these acquisitions are as follows: Aggregate Acquisit Current assets $ 2,502 Non-current assets 2,000 Current liabilities (1,689 ) Long-term liabilities (64 ) Redeemable non-controlling interest (1,696 ) $ 1,053 Cash consideration, net of cash acquired of $175 $ (12,340 ) Acquisition date fair value of contingent consideration (4,544 ) Total purchase consideration $ (16,884 ) Acquired intangible assets $ 8,891 Goodwill $ 6,940 2014 acquisitions: The Company acquired controlling interests in eight businesses, five in the FirstService Residential segment and three in the FirstService Brands segment. In the FirstService Residential segment, the Company acquired regional firms operating in Minnesota, Texas, California and Arizona. In the FirstService Brands segment, the Company acquired a national franchisor providing restorations services in Canada, as well as two California Closets franchises in Florida and Chicago which will be operated as Company-owned locations. Details of these acquisitions are as follows: Aggregate Current assets $ 644 Long-term assets 1,452 Current liabilities (1,100 ) Long-term liabilities (216 ) Redeemable non-controlling interest (1,676 ) $ (896 ) Note consideration $ (440 ) Cash consideration, net of cash acquired of $797 (16,686 ) Acquisition date fair value of contingent consideration (4,499 ) Total purchase consideration $ (21,625 ) Acquired intangible assets $ 14,377 Goodwill $ 8,144 2013 acquisitions: The Company completed three acquisitions in the FirstService Residential segment, acquiring firms operating in Missouri, Florida and Alberta to expand its geographic presence in these markets. Details of these acquisitions are as follows: Aggregate Current assets $ 271 Long-term assets 142 Current liabilities (704 ) Long-term liabilities - $ (291 ) Note consideration $ (560 ) Cash consideration, net of cash acquired of $485 (6,423 ) Acquisition date fair value of contingent consideration (1,446 ) Total purchase consideration $ (8,429 ) Acquired intangible assets $ 5,427 Goodwill $ 3,293 Acquisition-related transaction costs for the year ended December 31, 2015 totaled $408 (2014 - $1,183; 2013 - $655) and were recorded as expense under the caption “acquisition-related items”. In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration. The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended December 31, 2015, goodwill in the amount of $6,753 is deductible for income tax purposes (2014 - $7,620; 2013 - $508). The Company typically structures its business acquisitions to include contingent consideration. Vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one- to three-year periods following the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil. The fair value of the contingent consideration liability recorded on the consolidated balance sheet as at December 31, 2015 was $3,316 (see note 15). The estimated range of outcomes (undiscounted) for these contingent consideration arrangements is determined based on the formula price and the likelihood of achieving specified earnings levels over the contingency period, and ranges from $3,005 to a maximum of $3,535. These contingencies will expire during the period extending to September 2017. During the year ended December 31, 2015, $7,172 was paid with reference to such contingent consideration (2014 - $2,053; 2013 - $350). The acquisitions referred to above were accounted for by the purchase method of accounting for business combinations. Accordingly, the accompanying consolidated statements of earnings do not include any revenues or expenses related to these acquisitions prior to their respective closing dates. The consideration for the acquisitions during the year ended December 31, 2015 was financed from borrowings on the Company’s revolving credit facility and cash on hand. The amounts of revenues and earnings contributed from the date of acquisition and included in the Company’s consolidated results for the year ended December 31, 2015, and the supplemental pro forma revenues and earnings of the combined entity had the acquisition date been January 1, 2014, are as follows: Revenues Net earnings Actual from acquired entities for 2015 $ 27,728 $ 567 Supplemental pro forma for 2015 (unaudited) 1,278,580 38,912 Supplemental pro forma for 2014 (unaudited) 1,188,771 28,999 Supplemental pro forma results were adjusted for non-recurring items. |
Note 4 - Components of Working
Note 4 - Components of Working Capital Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Components of working capital accounts December 31, December 31, Inventories Work-in-progress $ 6,465 $ 1,064 Finished goods 5,489 4,189 Supplies and other 4,201 4,236 $ 16,155 $ 9,489 Accrued liabilities Accrued payroll and benefits $ 45,690 $ 34,662 Value appreciation plans 7,110 5,082 Customer advances 243 376 Other 24,857 15,443 $ 77,900 $ 55,563 |
Note 5 - Fixed Assets
Note 5 - Fixed Assets | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Fixed assets December 31, 2015 Cost Accumulated Net Land $ 2,519 $ - $ 2,519 Buildings 10,231 4,028 6,203 Vehicles 35,983 26,031 9,952 Furniture and equipment 43,399 29,435 13,964 Computer equipment and software 69,405 48,628 20,777 Leasehold improvements 20,737 16,577 4,160 $ 182,274 $ 124,699 $ 57,575 December 31, 2014 Cost Accumulated Net Land $ 2,524 $ - $ 2,524 Buildings 10,126 3,724 6,402 Vehicles 32,253 23,564 8,689 Furniture and equipment 39,373 27,322 12,051 Computer equipment and software 62,451 44,605 17,846 Leasehold improvements 17,030 9,339 7,691 $ 163,757 $ 108,554 $ 55,203 Included in fixed assets are vehicles, office and computer equipment under capital lease at a cost of $4,662 (2014 - $3,941) and net book value of $2,877 (2014 - $2,651). |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | 6. Intangible assets December 31, 2015 Gross Accumulated Net Customer lists and relationships $ 75,279 $ 28,816 $ 46,463 Franchise rights 36,539 15,195 21,344 Trademarks and trade names: 22,002 11,147 10,855 Management contracts and other 16,648 15,832 816 $ 150,468 $ 70,990 $ 79,478 December 31, 2014 Gross Accumulated Net Customer lists and relationships $ 77,934 $ 30,684 $ 47,250 Franchise rights 36,785 13,706 23,079 Trademarks and trade names 22,847 10,588 12,259 Management contracts and other 12,613 12,324 289 $ 150,179 $ 67,302 $ 82,877 During the year ended December 31, 2015, the Company acquired the following intangible assets: Amount Estimated Customer lists and relationships $ 2,580 20.0 Franchise rights 1,300 10.0 Trademarks and trade names 710 5.6 Management Contracts and other 4,301 11.5 $ 8,891 11.5 The following is the estimated annual amortization expense for recorded intangible assets for each of the next five years ending December 31: 2016 $ 9,547 2017 8,515 2018 8,207 2019 7,900 2020 7,649 |
Note 7 - Goodwill
Note 7 - Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Goodwill Disclosure [Text Block] | 7. Goodwill FirstService FirstService Consolidated Balance, December 31, 2013 $ 162,903 $ 48,591 $ 211,494 Goodwill acquired during the year 4,288 3,856 8,144 Other items (406 ) - (406 ) Foreign exchange (1,395 ) (404 ) (1,799 ) Balance, December 31, 2014 165,390 52,043 217,433 Goodwill acquired during the year 4,794 2,146 6,940 Other items 157 - 157 Foreign exchange (2,892 ) (992 ) (3,884 ) Balance, December 31, 2015 $ 167,449 $ 53,197 $ 220,646 A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired. No goodwill impairments were identified in 2015, 2014 or 2013. |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 8. Long-term debt December 31, Revolving credit facility $ 49,453 3.84% Notes 150,000 Capital leases maturing at various dates through 2020 1,356 Other long-term debt maturing at various dates up to 2017 390 201,199 Less: current portion 4,041 Long-term debt - non-current $ 197,158 In conjunction with the spin-off, on June 1, 2015, the Company assumed from Old FSV $150 million of senior secured notes (the “Senior Notes”) bearing interest at a rate of 3.84% to 4.84%, depending on leverage ratios. The Senior Notes are due on January 16, 2025, with five annual equal repayments beginning on January 16, 2021. The Company has indemnified the holders of the Senior Notes from all withholding tax that is or may become applicable to any payments made by the Company on the Senior Notes. The Company believes this exposure is not material as of December 31, 2015. On June 1, 2015, the Company entered into a credit agreement with a syndicate of banks to provide a committed multi-currency revolving credit facility (the “Facility”) of $200 million. The Facility has a 5-year term ending June 1, 2020 and bears interest at 0.25% to 2.50% over floating reference rates, depending on certain leverage ratios. The weighted average interest rate for 2015 was 2.0%. The revolving credit facility had $144,628 of available un-drawn credit as at December 31, 2015. As of December 31, 2015, letters of credit in the amount of $5,918 were outstanding ($7,856 as at December 31, 2014). The Facility requires a commitment fee of 0.25% to 0.50% of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase the Facility by up to $50 million, on the same terms and conditions as the original Facility. The Facility is available to fund working capital requirements and other general corporate purposes. The Facility and the Senior Notes rank equally in terms of seniority. The Company has granted the lenders under the Facility and holders of the Senior Notes various collateral, including an interest in all of the assets of the Company. The covenants under the Facility and the Senior Notes require the Company to maintain certain ratios, including financial leverage, interest coverage and net worth. The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval. Long-term debt as at December 31, 2014 was prepared on a carve-out basis from Old FSV. Interest expense prior to June 1, 2015 was allocated on a carve-out basis and amounted to $3,626; interest expense from June 1, 2015 to December 31, 2015 was $5,451. The effective interest rate on the Company’s long-term debt for the year ended December 31, 2015 was 4.1%. The estimated aggregate amount of principal repayments on long-term debt required in each of the next five years ending December 31 and thereafter to meet the retirement provisions are as follows: 2016 $ 4,041 2017 359 2018 263 2019 76 2020 and thereafter 196,460 |
Note 9 - Redeemable Non-control
Note 9 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 9. Redeemable non-controlling interests The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The RNCI are considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation of the beginning and ending RNCI amounts: 2015 2014 Balance, January 1 $ 80,926 $ 81,407 RNCI share of earnings 4,560 3,105 RNCI redemption increment 12,243 10,117 Distributions paid to RNCI (3,602 ) (4,008 ) Purchases of interests from RNCI, net (17,817 ) (11,064 ) RNCI recognized on business acquisitions 1,696 1,676 Other (447 ) (307 ) Balance, December 31 $ 77,559 $ 80,926 The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the non-controlling interest at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before extraordinary items, income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may be paid in cash or in Subordinate Voting Shares. The redemption amount as of December 31, 2015 was $76,332 (2014 - $80,071). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at December 31, 2015, approximately 1,900,000 such shares would be issued, and would have resulted in an increase of $0.41 to diluted earnings per share for the year ended December 31, 2015. |
Note 10 - Capital Stock
Note 10 - Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Capital stock The authorized capital stock of the Company is as follows: An unlimited number of Preferred Shares; An unlimited number of Subordinate Voting Shares having one vote per share; and An unlimited number of Multiple Voting Shares having 20 votes per share, convertible at any time into Subordinate Voting Shares at a rate of one Subordinate Voting Share for each Multiple Voting Share outstanding. The following table provides a summary of total capital stock issued and outstanding: Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balance, December 31, 2015 34,613,317 $ 135,698 1,325,694 $ 373 35,939,011 $ 136,071 Pursuant to a restated management services agreement with the Company effective as of the 1st day of June, 2015, the Company agreed that it will make payments to a company (“FC Co”) indirectly owned by its Founder and Chairman that are contingent upon an arm’s length sale of control of the Company or upon a distribution of the Company’s assets to its shareholders. The payment amounts will be determined with reference to the consideration per Subordinate Voting Share received or deemed received by shareholders upon an arm’s length sale or upon a distribution of assets. The right to receive the payments may be transferred to person(s) who are not at arm’s length to FC Co. The agreement provides for FC Co to receive the following two payments. The first payment is an amount equal to 5% of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale or distribution; and (ii) the per share consideration received or deemed received by holders of Subordinate Voting Shares minus a base price of C$2.351. The second payment is an amount equal to 5% of the product of: (i) the total number of Subordinate and Multiple Voting Shares outstanding on a fully diluted basis at the time of the sale or distribution; and (ii) the per share consideration received or deemed received by holders of Subordinate Voting Shares minus a base price of C$4.578. Assuming an arm’s length sale of control of the Company took place on December 31, 2015, the aggregate amount required to be paid to FC Co, based on a market price of C$55.90 (being the closing price per Subordinate Voting Share on the Toronto Stock Exchange on December 31, 2015), would be $140,742. |
Note 11 - Stock-Based Compensat
Note 11 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Stock-based compensation The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a four-year term, expires five years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new shares. As at December 31, 2015, there were 572,250 options available for future grants. Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the year ended December 31, 2015 is follows: Number of Weighted Weighted average Aggregate Shares issuable under options - June 1, 2015 1,656,250 $ 16.90 Granted 35,000 38.55 Exercised (480,000 ) 14.39 Shares issuable under options - December 31, 2015 1,211,250 $ 18.51 2.8 $ 26,548 Options exercisable - End of period 268,400 $ 14.57 1.7 $ 6,941 The Company incurred stock-based compensation expense related to these awards of $2,159 during the year ended December 31, 2015 (2014 - $1,719; 2013 - $1,860). In the 2015 carve-out period, $968 of the 2015 stock-based compensation expense was an allocation from Old FSV. $1,191 was the expense from the period June 1, 2015 to December 31, 2015. As at December 31, 2015, the range of option exercise prices was $11.02 to $20.52 per share. Also as at December 31, 2015, the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were $26,548 and 2.8 years, respectively. The following table summarizes information about option exercises during year ended December 31, 2015: 2015 Number of options exercised 480,000 Aggregate fair value $ 27,314 Intrinsic value 17,369 Amount of cash received 9,945 Tax benefit recognized $ 5,905 As at December 31, 2015, there was $2,532 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the year ended December 31, 2015, the fair value of options vested was $1,576 (2014 - $1,564; 2013 - $1,752). The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions: 2015 Risk free rate 1.2 % Expected life in years 4.75 Expected volatility 31.6 % Dividend yield 0.8 % Weighted average fair value per option granted $ 10.27 The risk-free interest rate is based on the implied yield of a zero-coupon US Treasury bond with a term equal to the option’s expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company’s shares over the previous four years. |
Note 12 - Income Tax
Note 12 - Income Tax | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. Income tax Income tax differs from the amounts that would be obtained by applying the statutory rate to the respective year’s earnings before tax. Differences result from the following items: 2015 2014 2013 Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) $ 16,326 $ 10,185 $ 6,423 Permanent differences 488 583 446 Tax effect of flow through entities (230 ) (184 ) (555 ) Losses not previously recognized - - (358 ) Impact of changes in foreign exchange rates (10 ) (176 ) (471 ) Adjustments to tax liabilities for prior periods 1,393 432 (573 ) Effects of changes in enacted tax rates (42 ) (63 ) 265 Changes in liability for unrecognized tax benefits (130 ) (229 ) 222 Foreign, state and provincial tax rate differential 3,750 1,741 (406 ) Gain on disposition of preferred shares 1,246 - - Tax on preferred shares - - 518 Other taxes (161 ) (47 ) 274 Change in valuation allowances 782 - - Provision for income taxes as reported $ 23,412 $ 12,242 $ 5,785 Earnings before income tax by jurisdiction comprise the following: 2015 2014 2013 Canada $ 8,590 $ 14,967 $ 5,407 United States 53,020 23,467 18,830 Total $ 61,610 $ 38,434 $ 24,237 Income tax expense (recovery) comprises the following: 2015 2014 2013 Current Canada $ 829 $ 6,360 $ 3,864 United States 10,757 4,901 11,000 11,586 11,261 14,864 Deferred Canada 1,352 (372 ) (3,530 ) United States 10,474 1,353 (5,549 ) 11,826 981 (9,079 ) Total $ 23,412 $ 12,242 $ 5,785 The significant components of deferred income tax are as follows: 2015 2014 Deferred income tax assets Loss carry-forwards $ 6,071 $ 2,674 Expenses not currently deductible 13,245 11,839 Stock-based compensation 2,420 4,044 Basis differences of partnerships and other entities 925 1,251 Allowance for doubtful accounts 2,967 2,026 Inventory and other reserves 548 1,405 26,176 23,239 Deferred income tax liabilities Depreciation and amortization 13,971 14,236 Prepaid and other expenses deducted for tax purposes 1,782 1,804 15,753 16,040 Net deferred income tax asset before valuation allowance 10,423 7,199 Valuation allowance 783 - Net deferred income tax asset $ 9,640 $ 7,199 The recoverability of deferred income tax assets is dependent on generating sufficient taxable income before the 20 year loss carry-forward limitation. Although realization is not assured, the Company believes it is more likely than not that the deferred tax asset will be realized. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. The Company has gross operating loss carry-forwards as follows: Loss carry forward Gross losses not recognized Net 2015 2014 2015 2014 2015 2014 Canada $ 3,234 $ 6,963 $ - $ - $ 3,234 $ 6,963 United States 21,472 8,874 6,470 - 15,002 8,874 The Company has gross capital loss carry-forwards as follows: Loss carry forward Gross losses not recognized Net 2015 2014 2015 2014 2015 2014 Canada $ - $ - $ - $ - $ - $ - United States - - - - - - These amounts above are available to reduce future federal and provincial income taxes in their respective jurisdictions. Net operating loss carry-forward balances attributable to the United States and Canada expire over the next 14 to 20 years. Capital losses attributable to Canada and the United States are carried forward indefinitely. Cumulative unremitted earnings of US and foreign subsidiaries approximated $267,899 as at December 31, 2015 (2014 - $227,061). Income tax is not provided on the unremitted earnings of US and foreign subsidiaries because it has been the practice and is the intention of the Company to reinvest these earnings indefinitely in these subsidiaries. A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: Balance, December 31, 2013 $ 696 Reduction for lapses in applicable statutes of limitations (202 ) Balance, December 31, 2014 494 Increases based on tax positions related to 2015 (202 ) Balance, December 31, 2015 $ 292 Of the $292 (2014 - $494) in gross unrecognized tax benefits, $292, (2014 - $494) would affect the Company’s effective tax rate if recognized. For the year ended December 31, 2015, a recovery of $34 in interest and penalties related to provisions for income tax was recorded in income tax expense (2014 - recovery of $27; 2013 - recovery of $19). As at December 31, 2015, the Company had accrued $50 (2014 - $84) for potential income tax related interest and penalties. Within the next twelve months, the Company believes it is reasonably possible that $164 of unrecognized tax benefits associated with uncertain tax positions may be reduced due to lapses in statutes of limitations. The Company’s significant tax jurisdictions include the United States and Canada. The number of years with open tax audits varies depending on the tax jurisdictions. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for three to four years and income tax returns filed with the U.S. Internal Revenue Service and related states are open for three to five years. The Company does not currently expect any other material impact on earnings to result from the resolution of matters related to open taxation years, other than noted above. Actual settlements may differ from the amounts accrued. The Company has, as part of its analysis, made its current estimates based on facts and circumstances known to date and cannot predict changes in facts and circumstances that may affect its current estimates. |
Note 13 - Net Earnings Per Comm
Note 13 - Net Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 13. Net earnings per common share Earnings per share calculations cannot be anti-dilutive, therefore diluted shares are not used in the denominator when the numerator is in a loss position. The following table reconciles the denominator used to calculate earnings per common share: 2015 2014 2013 Shares issued and outstanding at beginning of period 35,970,605 35,970,605 35,970,605 Weighted average number of shares: Issued during the period 129,867 - - Repurchased during the period (87,214 ) - - Weighted average number of shares used in computing basic earnings per share 36,013,258 35,970,605 35,970,605 Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method 411,769 392,326 334,586 Number of shares used in computing diluted earnings per share 36,425,027 36,362,931 36,305,191 |
Note 14 - Other Supplemental In
Note 14 - Other Supplemental Information | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Additional Financial Information Disclosure [Text Block] | 14. Other supplemental information 2015 2014 2013 Franchisor operations Revenues $ 98,376 $ 90,684 $ 80,450 Operating earnings 27,707 22,071 19,435 Initial franchise fee revenues 5,474 5,042 5,817 Depreciation and amortization 3,533 3,252 6,641 Total assets 86,982 94,843 118,847 Cash payments made during the period Income taxes $ 3,358 $ 21,432 $ 16,522 Interest 4,366 n/a n/a Non-cash financing activities Increases in capital lease obligations $ 1,217 $ 1,133 $ 1,150 Other expenses Rent expense $ 20,229 $ 19,408 $ 18,976 |
Note 15 - Financial Instruments
Note 15 - Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | 15. Financial instruments Concentration of credit risk The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable and other receivables. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to the receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many different service lines in various countries. Interest rate risk The Company maintains an interest rate risk management strategy that uses interest rate hedging contracts from time to time. The Company’s specific goals are to: (i) manage interest rate sensitivity by modifying the characteristics of its debt and (ii) lower the long-term cost of its borrowed funds. Fluctuations in interest rates affect the fair value of the hedging contracts as their value depends on the prevailing market interest rate. Hedging contracts are monitored on a monthly basis. Foreign currency risk Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than U.S. dollars. A portion of revenue is generated by the Company’s Canadian operations. The Company’s head office expenses are incurred in Canadian dollars which is hedged by Canadian dollar denominated revenue. Fair values of financial instruments The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2015: Carrying value at Fair value measurements December 31, 2015 Level 1 Level 2 Level 3 Contingent consideration liability $ 3,316 $ - $ - $ 3,316 The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business) and discount rates (which range from 8% to 10%). The range of discount rates is attributable to level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. Within the range of discount rates, there is a data point concentration at 9%. A 2% increase in the weighted average discount rate would reduce the fair value of contingent consideration by $28. Balance, December 31, 2014 $ 6,095 Amounts recognized on acquisitions 4,544 Fair value adjustments 39 Resolved and settled in cash (7,172 ) Other (190 ) Balance, December 31, 2015 $ 3,316 Less: current portion $ 2,206 Non-current portion $ 1,110 The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short maturity of these instruments, unless otherwise indicated. The inputs to the measurement of the fair value of long term debt are Level 3 inputs. The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows and discount rates (which range from 2.0% to 2.5%). The following are estimates of the fair values for other financial instruments: 2015 2014 Carrying Fair Carrying Fair Other receivables $ 3,833 $ 3,833 $ 4,581 $ 4,581 Long-term debt 201,199 216,788 n/a n/a Other receivables include notes receivable from non-controlling shareholders and other non-current receivables. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and contingencies (a) Lease commitments Minimum operating lease payments are as follows: Year ended December 31 2016 $ 19,091 2017 15,152 2018 12,423 2019 10,913 2020 9,226 Thereafter 23,305 (b) Contingencies In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company’s financial condition or the results of operations. |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17. Related party transactions The Company has entered into office space rental arrangements and property management contracts with senior managers of certain subsidiaries. These senior managers are usually also minority shareholders of the subsidiaries. The business purpose of the transactions is to rent office space for the Company and to generate property management revenues for the Company. The recorded amount of the rent expense for the year ended December 31, 2015 was $0.4 million (2014 - $0.4 million). These amounts are settled monthly in cash, and are priced at market rates. The rental arrangements have fixed terms of up to 10 years. As at December 31, 2015, the Company had $2.3 million of loans receivable from minority shareholders (December 31, 2014 - $2.5 million). The business purpose of the loans receivable was to finance the sale of non-controlling interests in subsidiaries to senior managers. The loan amounts are measured based on the formula price of the underlying non-controlling interests, and interest rates are determined based on the Company’s cost of borrowing plus a spread. The loans generally have terms of 5 to 10 years, but are open for repayment without penalty at any time. In conjunction with the spin-off transaction on June 1, 2015, the Company entered into transition services agreement with Colliers which set out the terms under which certain administrative services, rent and other expenses would be allocated. During the period from the spin-off date to December 31, 2015, the Company paid $0.2 million in rent to Colliers. |
Note 18 - Segmented Information
Note 18 - Segmented Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 18. Segmented information Operating segments The Company has two reportable operating segments. The segments are grouped with reference to the nature of services provided and the types of clients that use those services. The Company assesses each segment’s performance based on operating earnings or operating earnings before depreciation and amortization. FirstService Residential provides property management and related property services to residential communities in North America. FirstService Brands provides franchised and Company-owned property services to customers in North America. Corporate includes the costs of operating the Company’s corporate head office. The reportable segment information excludes intersegment transactions. 2015 FirstService Residential FirstService Corporate Consolidated Revenues $ 1,017,506 $ 246,571 $ - $ 1,264,077 Depreciation and amortization 21,041 7,840 103 28,984 Operating earnings (loss) 47,550 35,079 (11,882 ) 70,747 Other income, net (60 ) Interest expense, net (9,077 ) Income taxes (23,412 ) Net earnings $ 38,198 Total assets $ 349,507 $ 239,394 $ 11,582 $ 600,483 Total additions to long lived assets 22,006 8,541 53 30,600 2014 FirstService Residential FirstService Corporate Consolidated Revenues $ 919,545 $ 212,457 $ - $ 1,132,002 Depreciation and amortization 19,644 6,734 96 26,474 Operating earnings (loss) 25,712 30,559 (10,650 ) 45,621 Other expense, net (255 ) Interest expense, net (6,932 ) Income taxes (12,242 ) Net earnings $ 26,192 Total assets $ 405,150 $ 253,225 $ (42,831 ) $ 615,544 Total additions to long lived assets 23,208 16,423 - 39,631 2013 FirstService Residential FirstService Corporate Consolidated Revenues $ 844,952 $ 193,135 $ - $ 1,038,087 Depreciation and amortization 30,655 8,557 104 39,316 Operating earnings (loss) 23,110 23,201 (9,228 ) 37,083 Other expense, net (20 ) Interest expense, net (12,826 ) Income taxes (5,785 ) Net earnings $ 18,452 Total assets $ 430,994 $ 226,649 $ (47,346 ) $ 610,297 Total additions to long lived assets 22,386 291 - 22,677 Geographic information Revenues in each geographic region are reported by customer locations. 2015 2014 2013 United States Revenues $ 1,181,435 $ 1,040,356 $ 950,046 Total long-lived assets 321,279 310,825 298,221 Canada Revenues $ 82,642 $ 91,646 $ 88,041 Total long-lived assets 36,420 44,688 39,942 Consolidated Revenues $ 1,264,077 $ 1,132,002 $ 1,038,087 Total long-lived assets 357,699 355,513 338,163 |
Note 19 - Impact of Recently Is
Note 19 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 19. Impact of recently issued accounting standards In May 2014, FASB the issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and is effective for the Company on January 1, 2017. The Company is currently assessing the impact of this ASU on its financial position and results of operations. In April 2015, FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not have a controlling interest but has the ability to exert significant influence, the equity method is used. Inter-company transactions and accounts are eliminated on consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities, which are readily convertible into cash and have original maturities at the date of purchase of three months or less. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash consists of cash over which the Company has legal ownership but is restricted as to its availability or intended use, including funds held on behalf of clients and franchisees. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are carried at the lower of cost and market. Cost is determined using the weighted average method. Work-in-progress inventory relates to real estate project management projects in process and are accounted for using the percentage of completion method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. An impairment loss is recorded to the extent the carrying amount exceeds the estimated fair value of an asset group. Fixed assets are depreciated over their estimated useful lives as follows: Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years |
Fair Value Measurement, Policy [Policy Text Block] | Fair value The Company uses the fair value measurements framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three-level hierarchy for observable and unobservable inputs used to measure fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities Level 3 – Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions |
Deferred Charges, Policy [Policy Text Block] | Financing fees Financing fees related to the revolving credit facility and Senior Notes are deferred and amortized to interest expense using the effective interest method. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not subject to amortization. Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not subject to amortization. Where lives are finite, they are amortized over their estimated useful lives as follows: Customer lists and relationships straight-line over 4 to 20 years Franchise rights by pattern of use, currently estimated at 2.5% to 15% per year Trademarks and trade names straight-line over 5 to 35 years Management contracts and other straight-line over life of contract ranging from 2 to 15 years The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable from the estimated future cash flows expected to result from their use and eventual disposition. If the sum of the undiscounted expected future cash flows is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of the impairment loss is based on the excess of the carrying amount of the asset group over the fair value calculated using an income approach. Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, or more frequently if events or changes in circumstances indicate the asset might be impaired, in which case the carrying amount of the asset is written down to fair value. Impairment of goodwill is tested at the reporting unit level. The Company has five reporting units determined with reference to business segment, customer type, service delivery model and geography. Impairment is tested by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Where it is determined to be more likely than not that its fair value is greater than its carrying amount, then no further testing is required. Where the qualitative analysis is not sufficient to support that the fair value exceeds the carrying amount then a two-step goodwill impairment test is performed. In the first step, the reporting unit’s carrying amount, including goodwill, is compared to the estimated fair value of the reporting unit. The fair values of the reporting units are estimated using an income approach. The fair value measurement is classified within Level 3 of the fair value hierarchy. If the carrying amount of the reporting unit exceeds its fair value, then a second step is performed to measure the amount of impairment loss, if any. Certain assumptions are used to determine the fair value of the reporting units, the most sensitive of which are estimated future cash flows and the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value. Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition and unearned revenues (a) Franchisor operations The Company operates several franchise systems within its FirstService Brands segment. Initial franchise fees are recognized when all material services or conditions related to the sale of the franchise have been performed or satisfied. Royalty revenues are recognized based on a contracted percentage of franchisee revenues, as reported by the franchisees. Revenues from administrative and other support services, as applicable, are recognized as the services are provided. (b) Service operations other than franchisor operations Revenues are recognized at the time the service is rendered. Certain services including but not limited to real estate project management projects in process, are recognized on the percentage of completion method, in the ratio of actual costs to total estimated contract costs. In cases where anticipated costs to complete a project exceed the revenue to be recognized, a provision for the additional estimated losses is recorded in the period when the loss becomes apparent. Amounts received from customers in advance of services being provided are recorded as unearned revenues when received. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award. The related stock option compensation expense is allocated using the graded attribution method. |
Notional Value Appreciation Plan [Policy Text Block] | Notional value appreciation plans Under these plans, subsidiary employees are compensated if the notional value of the subsidiary increases. Awards under these plans generally have a term of up to ten years and a vesting period of five years. The increase in notional value is calculated with reference to growth in earnings relative to a fixed threshold amount plus or minus changes in indebtedness relative to a fixed opening amount. If an award is subject to a vesting condition, then graded attribution is applied to the intrinsic value. The related compensation expense is recorded in selling, general and administrative expenses and the liability is recorded in accrued liabilities. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. |
Income Tax, Policy [Policy Text Block] | Income tax Income tax has been provided using the asset and liability method whereby deferred income tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred income tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not that realization of a deferred income tax asset will occur based on available evidence. The Company recognizes uncertainty in tax positions taken or expected to be taken in a tax return by recording a liability for unrecognized tax benefits on its balance sheet. Uncertainties are quantified by applying a prescribed recognition threshold and measurement attribute. The Company classifies interest and penalties associated with income tax positions in income tax expense. |
Business Combinations Policy [Policy Text Block] | Business combinations All business combinations are accounted for using the purchase method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not linked to the business valuation), then the portion of contingent consideration related to such element is treated as compensation expense over the expected employment period. |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate Acquisit Current assets $ 2,502 Non-current assets 2,000 Current liabilities (1,689 ) Long-term liabilities (64 ) Redeemable non-controlling interest (1,696 ) $ 1,053 Cash consideration, net of cash acquired of $175 $ (12,340 ) Acquisition date fair value of contingent consideration (4,544 ) Total purchase consideration $ (16,884 ) Acquired intangible assets $ 8,891 Goodwill $ 6,940 Aggregate Current assets $ 644 Long-term assets 1,452 Current liabilities (1,100 ) Long-term liabilities (216 ) Redeemable non-controlling interest (1,676 ) $ (896 ) Note consideration $ (440 ) Cash consideration, net of cash acquired of $797 (16,686 ) Acquisition date fair value of contingent consideration (4,499 ) Total purchase consideration $ (21,625 ) Acquired intangible assets $ 14,377 Goodwill $ 8,144 Aggregate Current assets $ 271 Long-term assets 142 Current liabilities (704 ) Long-term liabilities - $ (291 ) Note consideration $ (560 ) Cash consideration, net of cash acquired of $485 (6,423 ) Acquisition date fair value of contingent consideration (1,446 ) Total purchase consideration $ (8,429 ) Acquired intangible assets $ 5,427 Goodwill $ 3,293 |
Business Acquisition, Pro Forma Information [Table Text Block] | Revenues Net earnings Actual from acquired entities for 2015 $ 27,728 $ 567 Supplemental pro forma for 2015 (unaudited) 1,278,580 38,912 Supplemental pro forma for 2014 (unaudited) 1,188,771 28,999 |
Note 4 - Components of Workin30
Note 4 - Components of Working Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, Inventories Work-in-progress $ 6,465 $ 1,064 Finished goods 5,489 4,189 Supplies and other 4,201 4,236 $ 16,155 $ 9,489 Accrued liabilities Accrued payroll and benefits $ 45,690 $ 34,662 Value appreciation plans 7,110 5,082 Customer advances 243 376 Other 24,857 15,443 $ 77,900 $ 55,563 |
Note 5 - Fixed Assets (Tables)
Note 5 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Net Land $ 2,519 $ - $ 2,519 Buildings 10,231 4,028 6,203 Vehicles 35,983 26,031 9,952 Furniture and equipment 43,399 29,435 13,964 Computer equipment and software 69,405 48,628 20,777 Leasehold improvements 20,737 16,577 4,160 $ 182,274 $ 124,699 $ 57,575 Cost Accumulated Net Land $ 2,524 $ - $ 2,524 Buildings 10,126 3,724 6,402 Vehicles 32,253 23,564 8,689 Furniture and equipment 39,373 27,322 12,051 Computer equipment and software 62,451 44,605 17,846 Leasehold improvements 17,030 9,339 7,691 $ 163,757 $ 108,554 $ 55,203 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Accumulated Net Customer lists and relationships $ 75,279 $ 28,816 $ 46,463 Franchise rights 36,539 15,195 21,344 Trademarks and trade names: 22,002 11,147 10,855 Management contracts and other 16,648 15,832 816 $ 150,468 $ 70,990 $ 79,478 Gross Accumulated Net Customer lists and relationships $ 77,934 $ 30,684 $ 47,250 Franchise rights 36,785 13,706 23,079 Trademarks and trade names 22,847 10,588 12,259 Management contracts and other 12,613 12,324 289 $ 150,179 $ 67,302 $ 82,877 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amount Estimated Customer lists and relationships $ 2,580 20.0 Franchise rights 1,300 10.0 Trademarks and trade names 710 5.6 Management Contracts and other 4,301 11.5 $ 8,891 11.5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 9,547 2017 8,515 2018 8,207 2019 7,900 2020 7,649 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Goodwill [Table Text Block] | FirstService FirstService Consolidated Balance, December 31, 2013 $ 162,903 $ 48,591 $ 211,494 Goodwill acquired during the year 4,288 3,856 8,144 Other items (406 ) - (406 ) Foreign exchange (1,395 ) (404 ) (1,799 ) Balance, December 31, 2014 165,390 52,043 217,433 Goodwill acquired during the year 4,794 2,146 6,940 Other items 157 - 157 Foreign exchange (2,892 ) (992 ) (3,884 ) Balance, December 31, 2015 $ 167,449 $ 53,197 $ 220,646 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Debt [Table Text Block] | December 31, Revolving credit facility $ 49,453 3.84% Notes 150,000 Capital leases maturing at various dates through 2020 1,356 Other long-term debt maturing at various dates up to 2017 390 201,199 Less: current portion 4,041 Long-term debt - non-current $ 197,158 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 4,041 2017 359 2018 263 2019 76 2020 and thereafter 196,460 |
Note 9 - Redeemable Non-contr35
Note 9 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | 2015 2014 Balance, January 1 $ 80,926 $ 81,407 RNCI share of earnings 4,560 3,105 RNCI redemption increment 12,243 10,117 Distributions paid to RNCI (3,602 ) (4,008 ) Purchases of interests from RNCI, net (17,817 ) (11,064 ) RNCI recognized on business acquisitions 1,696 1,676 Other (447 ) (307 ) Balance, December 31 $ 77,559 $ 80,926 |
Note 10 - Capital Stock (Tables
Note 10 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balance, December 31, 2015 34,613,317 $ 135,698 1,325,694 $ 373 35,939,011 $ 136,071 |
Note 11 - Stock-Based Compens37
Note 11 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted Weighted average Aggregate Shares issuable under options - June 1, 2015 1,656,250 $ 16.90 Granted 35,000 38.55 Exercised (480,000 ) 14.39 Shares issuable under options - December 31, 2015 1,211,250 $ 18.51 2.8 $ 26,548 Options exercisable - End of period 268,400 $ 14.57 1.7 $ 6,941 |
Stock Options Exercised [Table Text Block] | 2015 Number of options exercised 480,000 Aggregate fair value $ 27,314 Intrinsic value 17,369 Amount of cash received 9,945 Tax benefit recognized $ 5,905 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 Risk free rate 1.2 % Expected life in years 4.75 Expected volatility 31.6 % Dividend yield 0.8 % Weighted average fair value per option granted $ 10.27 |
Note 12 - Income Tax (Tables)
Note 12 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) $ 16,326 $ 10,185 $ 6,423 Permanent differences 488 583 446 Tax effect of flow through entities (230 ) (184 ) (555 ) Losses not previously recognized - - (358 ) Impact of changes in foreign exchange rates (10 ) (176 ) (471 ) Adjustments to tax liabilities for prior periods 1,393 432 (573 ) Effects of changes in enacted tax rates (42 ) (63 ) 265 Changes in liability for unrecognized tax benefits (130 ) (229 ) 222 Foreign, state and provincial tax rate differential 3,750 1,741 (406 ) Gain on disposition of preferred shares 1,246 - - Tax on preferred shares - - 518 Other taxes (161 ) (47 ) 274 Change in valuation allowances 782 - - Provision for income taxes as reported $ 23,412 $ 12,242 $ 5,785 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 Canada $ 8,590 $ 14,967 $ 5,407 United States 53,020 23,467 18,830 Total $ 61,610 $ 38,434 $ 24,237 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current Canada $ 829 $ 6,360 $ 3,864 United States 10,757 4,901 11,000 11,586 11,261 14,864 Deferred Canada 1,352 (372 ) (3,530 ) United States 10,474 1,353 (5,549 ) 11,826 981 (9,079 ) Total $ 23,412 $ 12,242 $ 5,785 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred income tax assets Loss carry-forwards $ 6,071 $ 2,674 Expenses not currently deductible 13,245 11,839 Stock-based compensation 2,420 4,044 Basis differences of partnerships and other entities 925 1,251 Allowance for doubtful accounts 2,967 2,026 Inventory and other reserves 548 1,405 26,176 23,239 Deferred income tax liabilities Depreciation and amortization 13,971 14,236 Prepaid and other expenses deducted for tax purposes 1,782 1,804 15,753 16,040 Net deferred income tax asset before valuation allowance 10,423 7,199 Valuation allowance 783 - Net deferred income tax asset $ 9,640 $ 7,199 |
Summary of Operating Loss Carryforwards [Table Text Block] | Loss carry forward Gross losses not recognized Net 2015 2014 2015 2014 2015 2014 Canada $ 3,234 $ 6,963 $ - $ - $ 3,234 $ 6,963 United States 21,472 8,874 6,470 - 15,002 8,874 Loss carry forward Gross losses not recognized Net 2015 2014 2015 2014 2015 2014 Canada $ - $ - $ - $ - $ - $ - United States - - - - - - |
Summary of Income Tax Contingencies [Table Text Block] | Balance, December 31, 2013 $ 696 Reduction for lapses in applicable statutes of limitations (202 ) Balance, December 31, 2014 494 Increases based on tax positions related to 2015 (202 ) Balance, December 31, 2015 $ 292 |
Note 13 - Net Earnings Per Co39
Note 13 - Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Shares issued and outstanding at beginning of period 35,970,605 35,970,605 35,970,605 Weighted average number of shares: Issued during the period 129,867 - - Repurchased during the period (87,214 ) - - Weighted average number of shares used in computing basic earnings per share 36,013,258 35,970,605 35,970,605 Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method 411,769 392,326 334,586 Number of shares used in computing diluted earnings per share 36,425,027 36,362,931 36,305,191 |
Note 14 - Other Supplemental 40
Note 14 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Supplement Information [Table Text Block] | 2015 2014 2013 Franchisor operations Revenues $ 98,376 $ 90,684 $ 80,450 Operating earnings 27,707 22,071 19,435 Initial franchise fee revenues 5,474 5,042 5,817 Depreciation and amortization 3,533 3,252 6,641 Total assets 86,982 94,843 118,847 Cash payments made during the period Income taxes $ 3,358 $ 21,432 $ 16,522 Interest 4,366 n/a n/a Non-cash financing activities Increases in capital lease obligations $ 1,217 $ 1,133 $ 1,150 Other expenses Rent expense $ 20,229 $ 19,408 $ 18,976 |
Note 15 - Financial Instrumen41
Note 15 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at Fair value measurements December 31, 2015 Level 1 Level 2 Level 3 Contingent consideration liability $ 3,316 $ - $ - $ 3,316 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Balance, December 31, 2014 $ 6,095 Amounts recognized on acquisitions 4,544 Fair value adjustments 39 Resolved and settled in cash (7,172 ) Other (190 ) Balance, December 31, 2015 $ 3,316 Less: current portion $ 2,206 Non-current portion $ 1,110 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2015 2014 Carrying Fair Carrying Fair Other receivables $ 3,833 $ 3,833 $ 4,581 $ 4,581 Long-term debt 201,199 216,788 n/a n/a |
Note 16 - Commitments and Con42
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ended December 31 2016 $ 19,091 2017 15,152 2018 12,423 2019 10,913 2020 9,226 Thereafter 23,305 |
Note 18 - Segmented Informati43
Note 18 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2015 FirstService Residential FirstService Corporate Consolidated Revenues $ 1,017,506 $ 246,571 $ - $ 1,264,077 Depreciation and amortization 21,041 7,840 103 28,984 Operating earnings (loss) 47,550 35,079 (11,882 ) 70,747 Other income, net (60 ) Interest expense, net (9,077 ) Income taxes (23,412 ) Net earnings $ 38,198 Total assets $ 349,507 $ 239,394 $ 11,582 $ 600,483 Total additions to long lived assets 22,006 8,541 53 30,600 2014 FirstService Residential FirstService Corporate Consolidated Revenues $ 919,545 $ 212,457 $ - $ 1,132,002 Depreciation and amortization 19,644 6,734 96 26,474 Operating earnings (loss) 25,712 30,559 (10,650 ) 45,621 Other expense, net (255 ) Interest expense, net (6,932 ) Income taxes (12,242 ) Net earnings $ 26,192 Total assets $ 405,150 $ 253,225 $ (42,831 ) $ 615,544 Total additions to long lived assets 23,208 16,423 - 39,631 2013 FirstService Residential FirstService Corporate Consolidated Revenues $ 844,952 $ 193,135 $ - $ 1,038,087 Depreciation and amortization 30,655 8,557 104 39,316 Operating earnings (loss) 23,110 23,201 (9,228 ) 37,083 Other expense, net (20 ) Interest expense, net (12,826 ) Income taxes (5,785 ) Net earnings $ 18,452 Total assets $ 430,994 $ 226,649 $ (47,346 ) $ 610,297 Total additions to long lived assets 22,386 291 - 22,677 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2015 2014 2013 United States Revenues $ 1,181,435 $ 1,040,356 $ 950,046 Total long-lived assets 321,279 310,825 298,221 Canada Revenues $ 82,642 $ 91,646 $ 88,041 Total long-lived assets 36,420 44,688 39,942 Consolidated Revenues $ 1,264,077 $ 1,132,002 $ 1,038,087 Total long-lived assets 357,699 355,513 338,163 |
Note 1 - Description of the B44
Note 1 - Description of the Business (Details) | Jun. 01, 2015shares | Dec. 31, 2015 |
Note 1 - Description of the Business (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
Conversion from Old FSV Shares to Colliers Shares [Member] | ||
Note 1 - Description of the Business (Details) [Line Items] | ||
Spin-off Arrangement, Stock Conversion Ratio | 1 | |
Conversion from Old FSV Shares to FirstService Shares [Member] | ||
Note 1 - Description of the Business (Details) [Line Items] | ||
Spin-off Arrangement, Stock Conversion Ratio | 1 |
Note 2 - Summary of Significa45
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 11 years 6 months |
Number of Reporting Units | 5 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Customer Lists and Relationships [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Trademarks and Trade Names [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years 219 days |
Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset Useful Life Franchise Rights | 2.50% |
Minimum [Member] | Building [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum [Member] | Vehicles [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Computer Equipment [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Customer Lists and Relationships [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years |
Minimum [Member] | Trademarks and Trade Names [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Minimum [Member] | Management Contracts and Other [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset Useful Life Franchise Rights | 15.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Maximum [Member] | Building [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Vehicles [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Computer Equipment [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum [Member] | Customer Lists and Relationships [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Maximum [Member] | Trademarks and Trade Names [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 35 years |
Maximum [Member] | Management Contracts and Other [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 3 - Acquisitions (Details)
Note 3 - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 9 | 8 | |
Business Combination, Acquisition Related Costs | $ 408 | $ 1,183 | $ 655 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 6,753 | 7,620 | 508 |
Business Combination, Contingent Consideration, Liability | 3,316 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 3,005 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,535 | ||
Contingent Consideration Paid | $ 7,172 | $ 2,053 | $ 350 |
FirstService Residential Segment [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 7 | 5 | 3 |
FirstService Brands Segment [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 2 | 3 | |
FirstService Brands Segment [Member] | Florida and Chicago [Member] | |||
Note 3 - Acquisitions (Details) [Line Items] | |||
Number of Businesses Acquired | 2 |
Note 3 - Acquisitions (Detail47
Note 3 - Acquisitions (Details) - Acquisition Details $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquisitions 2015 [Member] | |
Business Acquisition [Line Items] | |
Current assets | $ 2,502 |
Non-current assets | 2,000 |
Current liabilities | (1,689) |
Long-term liabilities | (64) |
Redeemable non-controlling interest | (1,696) |
Business acquisition total | 1,053 |
Cash consideration, net of cash acquired | (12,340) |
Acquisition date fair value of contingent consideration | (4,544) |
Total purchase consideration | (16,884) |
Acquired intangible assets | 8,891 |
Goodwill | 6,940 |
Acquistitions 2014 [Member] | |
Business Acquisition [Line Items] | |
Current assets | 644 |
Non-current assets | 1,452 |
Current liabilities | (1,100) |
Long-term liabilities | (216) |
Redeemable non-controlling interest | (1,676) |
Business acquisition total | (896) |
Note consideration | (440) |
Cash consideration, net of cash acquired | (16,686) |
Acquisition date fair value of contingent consideration | (4,499) |
Total purchase consideration | (21,625) |
Acquired intangible assets | 14,377 |
Goodwill | 8,144 |
Acquisitions 2013 [Member] | |
Business Acquisition [Line Items] | |
Current assets | 271 |
Non-current assets | 142 |
Current liabilities | (704) |
Business acquisition total | (291) |
Note consideration | (560) |
Cash consideration, net of cash acquired | (6,423) |
Acquisition date fair value of contingent consideration | (1,446) |
Total purchase consideration | (8,429) |
Acquired intangible assets | 5,427 |
Goodwill | $ 3,293 |
Note 3 - Acquisitions (Detail48
Note 3 - Acquisitions (Details) - Acquisition Details (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquisitions 2015 [Member] | |
Business Acquisition [Line Items] | |
Cash consideration, net of cash acquired | $ 175 |
Acquistitions 2014 [Member] | |
Business Acquisition [Line Items] | |
Cash consideration, net of cash acquired | 797 |
Acquisitions 2013 [Member] | |
Business Acquisition [Line Items] | |
Cash consideration, net of cash acquired | $ 485 |
Note 3 - Acquisitions (Detail49
Note 3 - Acquisitions (Details) - Business Acquisitions, Pro Forma Revenue and Earnings: - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisitions, Pro Forma Revenue and Earnings: [Abstract] | ||
Actual from acquired entities for 2015 | $ 27,728 | |
Actual from acquired entities for 2015 | 567 | |
Supplemental pro forma revenues (unaudited) | 1,278,580 | $ 1,188,771 |
Supplemental pro forma net earnings (unaudited) | $ 38,912 | $ 28,999 |
Note 4 - Components of Workin50
Note 4 - Components of Working Capital Accounts (Details) - Components of Working Capital Accounts - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories | ||
Work-in-progress | $ 6,465 | $ 1,064 |
Finished goods | 5,489 | 4,189 |
Supplies and other | 4,201 | 4,236 |
16,155 | 9,489 | |
Accrued liabilities | ||
Accrued payroll and benefits | 45,690 | 34,662 |
Value appreciation plans | 7,110 | 5,082 |
Customer advances | 243 | 376 |
Other | 24,857 | 15,443 |
$ 77,900 | $ 55,563 |
Note 5 - Fixed Assets (Details)
Note 5 - Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Capital Leased Assets, Gross | $ 4,662 | $ 3,941 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 2,877 | $ 2,651 |
Note 5 - Fixed Assets (Detail52
Note 5 - Fixed Assets (Details) - Components of Fixed Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 182,274 | $ 163,757 |
Accumulated depreciation | 124,699 | 108,554 |
Net | 57,575 | 55,203 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,519 | 2,524 |
Net | 2,519 | 2,524 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 10,231 | 10,126 |
Accumulated depreciation | 4,028 | 3,724 |
Net | 6,203 | 6,402 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 35,983 | 32,253 |
Accumulated depreciation | 26,031 | 23,564 |
Net | 9,952 | 8,689 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 43,399 | 39,373 |
Accumulated depreciation | 29,435 | 27,322 |
Net | 13,964 | 12,051 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 69,405 | 62,451 |
Accumulated depreciation | 48,628 | 44,605 |
Net | 20,777 | 17,846 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 20,737 | 17,030 |
Accumulated depreciation | 16,577 | 9,339 |
Net | $ 4,160 | $ 7,691 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details) - Components of Intangible Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 150,468 | $ 150,179 |
Accumulated amortization | 70,990 | 67,302 |
Net | 79,478 | 82,877 |
Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 75,279 | 77,934 |
Accumulated amortization | 28,816 | 30,684 |
Net | 46,463 | 47,250 |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 36,539 | 36,785 |
Accumulated amortization | 15,195 | 13,706 |
Net | 21,344 | 23,079 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 22,002 | 22,847 |
Accumulated amortization | 11,147 | 10,588 |
Net | 10,855 | 12,259 |
Management Contracts and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 16,648 | 12,613 |
Accumulated amortization | 15,832 | 12,324 |
Net | $ 816 | $ 289 |
Note 6 - Intangible Assets (D54
Note 6 - Intangible Assets (Details) - Acquired Intangible Assets $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 8,891 |
Estimated weighted average amortization period (years) | 11 years 6 months |
Customer Lists and Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 2,580 |
Estimated weighted average amortization period (years) | 20 years |
Franchise Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 1,300 |
Estimated weighted average amortization period (years) | 10 years |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 710 |
Estimated weighted average amortization period (years) | 5 years 219 days |
Other Intangible Assets [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 4,301 |
Estimated weighted average amortization period (years) | 11 years 6 months |
Note 6 - Intangible Assets (D55
Note 6 - Intangible Assets (Details) - Estimated Annual Amortization Expense for Recorded Intangible Assets $ in Thousands | Dec. 31, 2015USD ($) |
Estimated Annual Amortization Expense for Recorded Intangible Assets [Abstract] | |
2,016 | $ 9,547 |
2,017 | 8,515 |
2,018 | 8,207 |
2,019 | 7,900 |
2,020 | $ 7,649 |
Note 7 - Goodwill (Details)
Note 7 - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Note 7 - Goodwill (Details) - C
Note 7 - Goodwill (Details) - Components of Goodwill - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Balance | $ 220,646 | $ 217,433 | |
Americas [Member] | |||
Goodwill [Line Items] | |||
Balance | 167,449 | 165,390 | $ 162,903 |
Goodwill disposed during the year | 4,794 | 4,288 | |
Other items | 157 | (406) | |
Foreign exchange | (2,892) | (1,395) | |
EMEA [Member] | |||
Goodwill [Line Items] | |||
Balance | 53,197 | 52,043 | 48,591 |
Goodwill disposed during the year | 2,146 | 3,856 | |
Foreign exchange | (992) | (404) | |
Asia Pacific [Member] | |||
Goodwill [Line Items] | |||
Balance | 220,646 | 217,433 | $ 211,494 |
Goodwill disposed during the year | 6,940 | 8,144 | |
Other items | 157 | (406) | |
Foreign exchange | $ (3,884) | $ (1,799) |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
May. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Senior Notes (in Dollars) | $ 150,000,000 | $ 150,000,000 | ||
Interest Expense, Long-term Debt (in Dollars) | $ 3,626 | $ 5,451 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.10% | 4.10% | ||
Senior Notes [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Number Of Annual Principal Payments | 5 | |||
Revolving Credit Facility [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 200,000,000 | $ 200,000,000 | ||
Debt Instrument, Term | 5 years | |||
Debt, Weighted Average Interest Rate | 2.00% | 2.00% | ||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | $ 144,628,000 | $ 144,628,000 | ||
Letters of Credit Outstanding, Amount (in Dollars) | 5,918,000 | 5,918,000 | $ 7,856,000 | |
Line of Credit Facility, Additional Borrowing Capacity (in Dollars) | $ 50,000,000 | $ 50,000,000 | ||
Minimum [Member] | Senior Notes [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | 3.84% | ||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Maximum [Member] | Senior Notes [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.84% | 4.84% | ||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Note 8 - Long-term Debt (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% |
Note 8 - Long-term Debt (Deta59
Note 8 - Long-term Debt (Details) - Long-term Debt and Convertible Debentures - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Debt and Convertible Debentures [Abstract] | ||
Revolving credit facility | $ 49,453 | |
3.84% Notes | 150,000 | |
Capital leases maturing at various dates through 2020 | 1,356 | |
Other long-term debt maturing at various dates up to 2017 | 390 | |
201,199 | ||
Less: current portion | 4,041 | $ 17,725 |
Long-term debt - non-current | $ 197,158 | $ 221,632 |
Note 8 - Long-term Debt (Deta60
Note 8 - Long-term Debt (Details) - Principal Repayments on Long-term Debt $ in Thousands | Dec. 31, 2015USD ($) |
Principal Repayments on Long-term Debt [Abstract] | |
2,016 | $ 4,041 |
2,017 | 359 |
2,018 | 263 |
2,019 | 76 |
2020 and thereafter | $ 196,460 |
Note 9 - Redeemable Non-contr61
Note 9 - Redeemable Non-controlling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 9 - Redeemable Non-controlling Interests (Details) [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 77,559 | $ 80,926 | $ 81,407 |
Subordinate Noncontrolling Interest Shares (in Shares) | 1,900,000 | ||
Potential Increase (Decrease) to Dilutive Earnings Per Share, Put or Call Options Settled with Subordinate Voting Shares (in Dollars per share) | $ 0.41 | ||
Redemption Amount [Member] | |||
Note 9 - Redeemable Non-controlling Interests (Details) [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 76,332 | $ 80,071 |
Note 9 - Redeemable Non-contr62
Note 9 - Redeemable Non-controlling Interests (Details) - Reconciliation of the Beginning and Ending NCI Amounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Balance, January 1 | $ 80,926 | $ 81,407 | |
RNCI share of earnings | 4,560 | 3,105 | $ 1,253 |
RNCI redemption increment | 12,243 | 10,117 | 14,004 |
Distributions paid to RNCI | (3,602) | (4,008) | (3,037) |
Other | 16,803 | 13,222 | 15,257 |
Balance, December 31 | 77,559 | 80,926 | $ 81,407 |
Noncontrolling Interest Share Of Earnings [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI share of earnings | 4,560 | 3,105 | |
Noncontrolling Interest Redemption Increment [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI redemption increment | 12,243 | 10,117 | |
Noncontrolling Interest Distributions Paid To NCI [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Distributions paid to RNCI | (3,602) | (4,008) | |
Noncontrolling Interest Purchase Of Interests From NCI Net [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Purchases of interests from RNCI, net | (17,817) | (11,064) | |
Noncontrolling Interest Recognized On Business Acquisitions [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
RNCI recognized on business acquisitions | 1,696 | 1,676 | |
Noncontrolling Interest Share Of Other Comprehensive Earnings [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Other | $ (447) | $ (307) |
Note 10 - Capital Stock (Detail
Note 10 - Capital Stock (Details) CAD / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015CADCAD / shares | |
Multiple Voting Shares [Member] | |||
Note 10 - Capital Stock (Details) [Line Items] | |||
Number of Votes for Multiple Voting Shares | 20 | ||
Subordinate Voting Shares [Member] | |||
Note 10 - Capital Stock (Details) [Line Items] | |||
Share Price (in Dollars per share) | CAD / shares | CAD 55.90 | ||
FC Co [Member] | |||
Note 10 - Capital Stock (Details) [Line Items] | |||
Contingent Liabiilty Upon Sale of Control (in Dollars) | $ | $ 140,742 | $ 140,742 | |
FC Co [Member] | First Payment [Member] | |||
Note 10 - Capital Stock (Details) [Line Items] | |||
Percentage Payment of Shares Outstanding | 5.00% | ||
Payment Formula Base Price (in Dollars) | CAD 2.351 | ||
FC Co [Member] | Second Payment [Member] | |||
Note 10 - Capital Stock (Details) [Line Items] | |||
Percentage Payment of Shares Outstanding | 5.00% | ||
Payment Formula Base Price (in Dollars) | CAD 4.578 |
Note 10 - Capital Stock (Deta64
Note 10 - Capital Stock (Details) - Capital Stock Issued and Outstanding $ in Thousands | Dec. 31, 2015USD ($)shares |
Class of Stock [Line Items] | |
Balance, December 31, 2015 | shares | 35,939,011 |
Balance, December 31, 2015 | $ | $ 136,071 |
Subordinate Voting Shares [Member] | |
Class of Stock [Line Items] | |
Balance, December 31, 2015 | shares | 34,613,317 |
Balance, December 31, 2015 | $ | $ 135,698 |
Multiple Voting Shares [Member] | |
Class of Stock [Line Items] | |
Balance, December 31, 2015 | shares | 1,325,694 |
Balance, December 31, 2015 | $ | $ 373 |
Note 11 - Stock-Based Compens65
Note 11 - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
May. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Allocated Share-based Compensation Expense | $ 968 | $ 1,191 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | $ 11.02 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | $ 20.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 26,548 | $ 26,548 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 292 days | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,532 | $ 2,532 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,576 | $ 1,564 | $ 1,752 | ||
Employee Stock Option [Member] | |||||
Note 11 - Stock-Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 572,250 | 572,250 | |||
Allocated Share-based Compensation Expense | $ 2,159 | $ 1,719 | $ 1,860 |
Note 11 - Stock-Based Compens66
Note 11 - Stock-Based Compensation (Details) - Stock Option Activity - USD ($) $ / shares in Units, $ in Thousands | 7 Months Ended |
Dec. 31, 2015 | |
Stock Option Activity [Abstract] | |
Shares issuable under options - June 1, 2015 | 1,656,250 |
Shares issuable under options - June 1, 2015 | $ 16.90 |
Granted | 35,000 |
Granted | $ 38.55 |
Exercised | (480,000) |
Exercised | $ 14.39 |
Shares issuable under options - December 31, 2015 | 1,211,250 |
Shares issuable under options - December 31, 2015 | $ 18.51 |
Shares issuable under options - December 31, 2015 | 2 years 292 days |
Shares issuable under options - December 31, 2015 | $ 26,548 |
Options exercisable - End of period | 268,400 |
Options exercisable - End of period | $ 14.57 |
Options exercisable - End of period | 1 year 255 days |
Options exercisable - End of period | $ 6,941 |
Note 11 - Stock-Based Compens67
Note 11 - Stock-Based Compensation (Details) - Options Exercised - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Note 11 - Stock-Based Compensation (Details) - Options Exercised [Line Items] | ||
Number of options exercised (in Shares) | 480,000 | |
Aggregate fair value | $ 6,780 | |
Employee Stock Option [Member] | ||
Note 11 - Stock-Based Compensation (Details) - Options Exercised [Line Items] | ||
Number of options exercised (in Shares) | 480,000 | |
Aggregate fair value | $ 27,314 | |
Intrinsic value | 17,369 | |
Amount of cash received | 9,945 | |
Tax benefit recognized | $ 5,905 |
Note 11 - Stock-Based Compens68
Note 11 - Stock-Based Compensation (Details) - Fair Value of Each Option Grant Assumptions Used | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Fair Value of Each Option Grant Assumptions Used [Abstract] | |
Risk free rate | 1.20% |
Expected life in years | 4 years 9 months |
Expected volatility | 31.60% |
Dividend yield | 0.80% |
Weighted average fair value per option granted (in Dollars per share) | $ 10.27 |
Note 12 - Income Tax (Details)
Note 12 - Income Tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 20 years | ||
Undistributed Earnings of Foreign Subsidiaries | $ 267,899,000 | $ 227,061 | |
Unrecognized Tax Benefits | 292,000 | 494,000 | $ 696,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 292,000 | 494,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 34,000 | $ 27,000 | $ 19 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (164,000) | ||
Minimum [Member] | Canada and United States [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 14 years | ||
Minimum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 3 years | ||
Minimum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 3 years | ||
Maximum [Member] | Canada and United States [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Tax Credit Carryforward, Duration Limit | 20 years | ||
Maximum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 4 years | ||
Maximum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Note 12 - Income Tax (Details) [Line Items] | |||
Income Tax Return Examination Period | 5 years |
Note 12 - Income Tax (Details)
Note 12 - Income Tax (Details) - Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Income tax expense using combined statutory rate of 26.5% (2013 - 26.5%, 2012 - 26.5%) | $ 16,326 | $ 10,185 | $ 6,423 |
Permanent differences | 488 | 583 | 446 |
Tax effect of flow through entities | (230) | (184) | (555) |
Losses not previously recognized | (358) | ||
Impact of changes in foreign exchange rates | (10) | (176) | (471) |
Adjustments to tax liabilities for prior periods | 1,393 | 432 | (573) |
Effects of changes in enacted tax rates | (42) | (63) | 265 |
Changes in liability for unrecognized tax benefits | (130) | (229) | 222 |
Foreign, state and provincial tax rate differential | 3,750 | 1,741 | (406) |
Gain on disposition of preferred shares | 1,246 | ||
Tax on preferred shares | 518 | ||
Other taxes | (161) | (47) | 274 |
Change in valuation allowances | 782 | ||
Provision for income taxes as reported | $ 23,412 | $ 12,242 | $ 5,785 |
Note 12 - Income Tax (Details71
Note 12 - Income Tax (Details) - Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Income tax expense using combined statutory rate, statutory rate | 26.50% | 26.50% | 26.50% |
Note 12 - Income Tax (Details72
Note 12 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | $ 61,610 | $ 38,434 | $ 24,237 |
Canada Revenue Agency [Member] | Domestic Tax Authority [Member] | |||
Note 12 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | 8,590 | 14,967 | 5,407 |
Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | |||
Note 12 - Income Tax (Details) - Earnings Before Income Tax by Jurisdiction [Line Items] | |||
Earnings before income tax | $ 53,020 | $ 23,467 | $ 18,830 |
Note 12 - Income Tax (Details73
Note 12 - Income Tax (Details) - Provision for (Recovery of) Income Tax - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
$ 11,586 | $ 11,261 | $ 14,864 | |
Deferred | |||
11,826 | 981 | (9,079) | |
Total | 23,412 | 12,242 | 5,785 |
Canada Revenue Agency [Member] | |||
Current | |||
Canada | 829 | 6,360 | 3,864 |
Deferred | |||
Canada | 1,352 | (372) | (3,530) |
Internal Revenue Service (IRS) [Member] | |||
Current | |||
United States | 10,757 | 4,901 | 11,000 |
Deferred | |||
United States | $ 10,474 | $ 1,353 | $ (5,549) |
Note 12 - Income Tax (Details74
Note 12 - Income Tax (Details) - Deferred Income Tax Components - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets | ||
Loss carry-forwards | $ 6,071 | $ 2,674 |
Expenses not currently deductible | 13,245 | 11,839 |
Stock-based compensation | 2,420 | 4,044 |
Basis differences of partnerships and other entities | 925 | 1,251 |
Allowance for doubtful accounts | 2,967 | 2,026 |
Inventory and other reserves | 548 | 1,405 |
26,176 | 23,239 | |
Deferred income tax liabilities | ||
Depreciation and amortization | 13,971 | 14,236 |
Prepaid and other expenses deducted for tax purposes | 1,782 | 1,804 |
15,753 | 16,040 | |
Net deferred income tax asset before valuation allowance | 10,423 | 7,199 |
Valuation allowance | 783 | |
Net deferred income tax asset | $ 9,640 | $ 7,199 |
Note 12 - Income Tax (Details75
Note 12 - Income Tax (Details) - Gross Operating Loss Carryforwards - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | $ 6,071 | $ 2,674 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 3,234 | 6,963 |
Net | 3,234 | 6,963 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carry Forward | 21,472 | 8,874 |
Valuation Allowance | 6,470 | |
Net | $ 15,002 | $ 8,874 |
Note 12 - Income Tax (Details76
Note 12 - Income Tax (Details) - Unrecognized Tax Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits [Abstract] | |||
Balance | $ 292 | $ 494 | $ 696 |
Increases based on tax positions related to 2015 | $ (202) | ||
Reduction for lapses in applicable statutes of limitations | $ (202) |
Note 13 - Net Earnings Per Co77
Note 13 - Net Earnings Per Common Share (Details) - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the Denominator Used to Calculate Earnings Per Common Share [Abstract] | |||
Shares issued and outstanding at beginning of period | 35,970,605 | 35,970,605 | 35,970,605 |
Weighted average number of shares: | |||
Issued during the period | 129,867 | ||
Repurchased during the period | (87,214) | ||
Weighted average number of shares used in computing basic earnings per share | 36,013,258 | 35,970,605 | 35,970,605 |
Assumed exercise of stock options, net of shares assumed acquired under the Treasury Stock Method | 411,769 | 392,326 | 334,586 |
Number of shares used in computing diluted earnings per share | 36,425,027 | 36,362,931 | 36,305,191 |
Note 14 - Other Supplemental 78
Note 14 - Other Supplemental Information (Details) - Summary of Other Supplemental Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 14 - Other Supplemental Information (Details) - Summary of Other Supplemental Information [Line Items] | |||
Revenues | $ 1,264,077 | $ 1,132,002 | $ 1,038,087 |
Operating earnings | 70,747 | 45,621 | 37,083 |
Total assets | 600,483 | 615,544 | 610,297 |
Cash payments made during the period | |||
Income taxes | 3,358 | $ 21,432 | $ 16,522 |
Interest | 4,366 | ||
Non-cash financing activities | |||
Increases in capital lease obligations | 1,217 | $ 1,133 | $ 1,150 |
Other expenses | |||
Rent expense | 20,229 | 19,408 | 18,976 |
Franchisor Operations [Member] | |||
Note 14 - Other Supplemental Information (Details) - Summary of Other Supplemental Information [Line Items] | |||
Revenues | 98,376 | 90,684 | 80,450 |
Operating earnings | 27,707 | 22,071 | 19,435 |
Initial franchise fee revenues | 5,474 | 5,042 | 5,817 |
Depreciation and amortization | 3,533 | 3,252 | 6,641 |
Total assets | $ 86,982 | $ 94,843 | $ 118,847 |
Note 15 - Financial Instrumen79
Note 15 - Financial Instruments (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contingent Consideration Liability [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate, Data Point Concentration | 9.00% | |
Fair Value Inputs, Weighted Average Discount Rate, Increase | 2.00% | |
Reduction in Fair Value of Contingent Consideration Liability (in Dollars) | $ 28 | |
Minimum [Member] | Contingent Consideration Liability [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | |
Minimum [Member] | Fair Values For Other Financial Instruments [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.00% | |
Maximum [Member] | Contingent Consideration Liability [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.00% | |
Maximum [Member] | Fair Values For Other Financial Instruments [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.50% |
Note 15 - Financial Instrumen80
Note 15 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 15 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | $ 3,316 | |
Fair Value, Inputs, Level 1 [Member] | ||
Note 15 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | ||
Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | ||
Fair Value, Inputs, Level 3 [Member] | ||
Note 15 - Financial Instruments (Details) - Financial Assets and Liabilities Carried at Fair Value [Line Items] | ||
Contingent consideration liability | $ 3,316 | $ 6,095 |
Note 15 - Financial Instrumen81
Note 15 - Financial Instruments (Details) - Change in Fair Value of Contingent Consideration Liability - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Fair value adjustments | $ (579) | $ (279) |
Balance, December 31, 2015 | 3,316 | |
Less: current portion | 2,206 | 4,586 |
Non-current portion | 1,110 | 1,509 |
Fair Value, Inputs, Level 3 [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Balance, December 31, 2014 | 6,095 | |
Amounts recognized on acquisitions | 4,544 | |
Fair value adjustments | 39 | |
Resolved and settled in cash | (7,172) | |
Other | (190) | |
Balance, December 31, 2015 | 3,316 | $ 6,095 |
Less: current portion | 2,206 | |
Non-current portion | $ 1,110 |
Note 15 - Financial Instrumen82
Note 15 - Financial Instruments (Details) - Estimated of Fair Values for Other Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Estimated of Fair Values for Other Financial Instruments [Abstract] | ||
Other receivables | $ 3,833 | $ 4,581 |
Other receivables | 3,833 | $ 4,581 |
Long-term debt | 201,199 | |
Long-term debt | $ 216,788 |
Note 16 - Commitments and Con83
Note 16 - Commitments and Contingencies (Details) - Minimum Operating Lease Payments $ in Thousands | Dec. 31, 2015USD ($) |
Minimum Operating Lease Payments [Abstract] | |
2,016 | $ 19,091 |
2,017 | 15,152 |
2,018 | 12,423 |
2,019 | 10,913 |
2,020 | 9,226 |
Thereafter | $ 23,305 |
Note 17 - Related Party Trans84
Note 17 - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Operating Leases, Rent Expense | $ 20,229 | $ 19,408 | $ 18,976 |
Due from Related Parties | 2,300 | 2,500 | |
Minority Shareholders of Subsidiaries [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Operating Leases, Rent Expense | $ 400 | $ 400 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
Colliers [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Operating Leases, Rent Expense | $ 200 | ||
Minimum [Member] | Minority Shareholders of Subsidiaries [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Maximum [Member] | Minority Shareholders of Subsidiaries [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Debt Instrument, Term | 10 years |
Note 18 - Segmented Informati85
Note 18 - Segmented Information (Details) | 7 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Note 18 - Segmented Informati86
Note 18 - Segmented Information (Details) - Operating Segments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,264,077 | $ 1,132,002 | $ 1,038,087 |
Depreciation and amortization | 28,984 | 26,474 | 39,316 |
Operating earnings (loss) | 70,747 | 45,621 | 37,083 |
Other income (expense), net | (60) | (255) | (20) |
Interest expense, net | (9,077) | (6,932) | (12,826) |
Income taxes | (23,412) | (12,242) | (5,785) |
Net earnings | 38,198 | 26,192 | 18,452 |
Total assets | 600,483 | 615,544 | 610,297 |
Total additions to long lived assets | 30,600 | 39,631 | 22,677 |
FirstService Residential Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,017,506 | 919,545 | 844,952 |
Depreciation and amortization | 21,041 | 19,644 | 30,655 |
Operating earnings (loss) | 47,550 | 25,712 | 23,110 |
Total assets | 349,507 | 405,150 | 430,994 |
Total additions to long lived assets | 22,006 | 23,208 | 22,386 |
FirstService Brands Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 246,571 | 212,457 | 193,135 |
Depreciation and amortization | 7,840 | 6,734 | 8,557 |
Operating earnings (loss) | 35,079 | 30,559 | 23,201 |
Total assets | 239,394 | 253,225 | 226,649 |
Total additions to long lived assets | 8,541 | 16,423 | 291 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 103 | 96 | 104 |
Operating earnings (loss) | (11,882) | (10,650) | (9,228) |
Total assets | 11,582 | $ (42,831) | $ (47,346) |
Total additions to long lived assets | $ 53 |
Note 18 - Segmented Informati87
Note 18 - Segmented Information (Details) - Revenues and Long-lived Assets by Geographic Location - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 1,264,077 | $ 1,132,002 | $ 1,038,087 |
Total long-lived assets | 357,699 | 355,513 | 338,163 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,181,435 | 1,040,356 | 950,046 |
Total long-lived assets | 321,279 | 310,825 | 298,221 |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 82,642 | 91,646 | 88,041 |
Total long-lived assets | $ 36,420 | $ 44,688 | $ 39,942 |