Annual Report  2013  Management Discussion & Analysis  11  OVERVIEW  RESULTS OF OPERATIONS  The Corporation earns its revenues by providing capital to private businesses (individually, a “Private Company Partner” and  collectively the “Partners”). The Corporation’s revenue consists of royalties and preferred distributions (“Distributions”) received in  regular monthly payments that are contractually agreed to between the Corporation and each Private Company Partner. These  payments are set for twelve months at a time and adjusted annually based on the audited performance of each Private Company  Partner’s gross revenue, gross margin, same store sales, or other similar “top-line” performance measure. The Corporation has limited  general and administrative expenses with only ten employees. 2013 was another year of significant accretive growth for the Corporation as demonstrated in the table above. The Corporation  deployed $173 million of capital in 2013 while continuing to focus on its investment pillars of: (i) growing cash flow on a per share  basis; (ii) reducing volatility of cash flow; (iii) diversifying our revenue base; (iv) increasing visibility of our cash flows and; (v) providing  liquidity to shareholders. Management believes that by applying these pillars, the Corporation can provide a more secure and growing  dividend to its shareholders. Examples of the implementation of the pillars are:  Year Ended December 31, 2013 Compared to Year Ended December 31, 2012  Diversification:  Growth:  Visibility:  Reducing Volatility:  Liquidity:  Year ending Dec 31  2013  2012  % Change  Revenue per share  $1.97  $1.53  +28.8%  Normalized EBITDA per share  $1.65  $1.25  +32.0%  Net cash from operating activities per share  $1.64  $1.26  +30.2%  Dividends per share  $1.36  $1.18  +15.3%  Weighted average basic shares outstanding (000’s)  28,696  20,935  +27.5%   The Corporation’s float increased throughout 2013 as a  result of equity offerings in January and July and  average daily trading volumes continue to provide  adequate trading liquidity.   Revenues from the Corporation’s twelve Partners  for 2014 are largely determined at this time and the  Corporation expects to continue to have predictable  and relatively low general and administrative  expenses in 2014.   Negotiated collars on the maximum increase or  decrease of the annual distributions from SCR, Sequel  & SMi.   Nine out of the twelve current revenue streams from  Partners are dictated by a volatility reducing collar.   Negotiated a distribution reset for SCR which will be  based on the rolling averages of 2015/2014 financial  performance vs the financial performance of 2014/2013  and will not take place until January 1, 2016.   Estimated net organic growth in annual distributions  from Partners of +1.0% for 2014.   Due to the increase in net cash from operating activities  in 2013, Alaris increased its monthly dividend twice to  an annualized rate of $1.44 per share, a total increase  of 20%.  Follow on investments into Agility Health LLC (“Agility”),  Killick Aerospace Limited Partnership (“Killick”) and  LMS Reinforcing Steel, LP (“LMS”).   Contributed capital to four new partners in 2013: SHS  Services Management, LP (“SHS”), SCR Mining and  Tunneling, LP (“SCR”), Sequel Youth and Family  Services, LLC (“Sequel”) and SM Group International,  LP (“SMi”).  Continued diversification ensured that the failure of  SHS did not impact Alaris’ monthly dividend and had a  minimal impact on the Corporation’s payout ratio.   Alaris’ single largest annualized revenue source is now  only 17% and now has only four annualized revenue  streams accounting for more than 10% of total revenue. 