Constellation Software Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2021 and Declares Quarterly Dividend
February 10 2022 - 5:01PM
Constellation Software Inc. (TSX:CSU) (“Constellation” or the
“Company”) today announced its financial results for the fourth
quarter and year ended December 31, 2021 and declared a $1.00 per
share dividend payable on April 12, 2022 to all common shareholders
of record at close of business on March 16, 2022. This dividend has
been designated as an eligible dividend for the purposes of the
Income Tax Act (Canada). Please note that all dollar amounts
referred to in this press release are in U.S. Dollars unless
otherwise stated.
The following press release should be read in
conjunction with the Company’s annual Consolidated Financial
Statements, prepared in accordance with International Financial
Reporting Standards (“IFRS”) and our annual Management’s Discussion
and Analysis for the year ended December 31, 2021, which can be
found on SEDAR at www.sedar.com and on the Company’s website
www.csisoftware.com. Additional information about the Company is
also available on SEDAR at www.sedar.com.
Q4 2021 Headlines:
- Revenue grew 27% (4% organic
growth, 5% after adjusting for changes in foreign exchange rates)
to $1,383 million compared to $1,091 million in Q4
2020.
- Net income attributable to common
shareholders decreased 17% to $124 million ($5.86 on a diluted per
share basis) from $149 million ($7.02 on a diluted per share basis)
in Q4 2020.
- A number of acquisitions were
completed for aggregate cash consideration of $487 million (which
includes acquired cash). Deferred payments associated with these
acquisitions have an estimated value of $79 million resulting in
total consideration of $566 million.
- Cash flows from operations (“CFO”)
was $341 million, a decrease of 4%, or $14 million, compared to
$355 million for the comparable period in 2020.
- Free cash flow available to
shareholders (“FCFA2S”) decreased $63 million to $244 million
compared to $307 million for the same period in 2020 representing a
decrease of 21%.
- Subsequent to December 31, 2021,
the Company completed or entered into agreements to acquire a
number of businesses for aggregate cash consideration of $130
million (which includes acquired cash). Deferred payments
associated with these acquisitions have an estimated value of $21
million resulting in total consideration of $150 million.
2021 Headlines:
- Revenue grew 29% (7% organic
growth, 5% after adjusting for changes in foreign exchange rates)
to $5,106 million compared to $3,969 million in 2020.
- Net income attributable to common
shareholders decreased 29% to $310 million ($14.65 on a diluted per
share basis) from $436 million ($20.59 on a diluted per share
basis) in Q4 2020.
- A number of acquisitions were
completed for total consideration of $1,517 million including
holdbacks, contingent consideration and amounts related to
Topicus.com B.V.
- Cash flows from operations (“CFO”)
was $1,300 million, an increase of 10%, or $114 million, compared
to $1,186 million for the comparable period in 2020.
- Free cash flow available to
shareholders (“FCFA2S”) decreased $106 million to $883 million
compared to $989 million for the same period in 2020 representing a
decrease of 11%.
Total revenue for the quarter ended December 31,
2021 was $1,383 million, an increase of 27%, or $291 million,
compared to $1,091 million for the comparable period in 2020. For
the year ended December 31, 2021 total revenues were $5,106
million, an increase of 29%, or $1,137 million, compared to $3,969
million for the 2020 fiscal year. The increase for both the three
and twelve month periods compared to the same periods in the prior
year is primarily attributable to growth from acquisitions as the
Company experienced organic growth of 4% and 7%, respectively, 5%
for both periods after adjusting for the impact of changes in the
valuation of the US dollar against most major currencies in which
the Company transacts business. Organic growth is not a
standardized financial measure and might not be comparable to
measures disclosed by other issuers.
The net income attributable to common
shareholders of the Company for the quarter ended December 31, 2021
was $124 million compared to net income of $149 million for the
same period in 2020. On a per share basis, this translated into a
net income per basic and diluted share of $5.86 in the quarter
ended December 31, 2021 compared to net income per basic and
diluted share of $7.02 for the same period in 2020. For the year
ended December 31, 2021, net income attributable to common
shareholders of the Company was $310 million or $14.65 per diluted
share compared to $436 million or $20.59 per diluted share for the
same period in 2020. There was no change in the number of shares
outstanding.
For the quarter ended December 31, 2021, CFO
decreased $14 million to $341 million compared to $355 million for
the same period in 2020 representing a decrease of 4%. For the year
ended December 31, 2021, CFO increased $114 million to $1,300
million compared to $1,186 million for the 2020 fiscal year,
representing an increase of 10%.
For the quarter ended December 31, 2021, FCFA2S
decreased $63 million to $244 million compared to $307 million for
the same period in 2020 representing a decrease of 21%. For the
year ended December 31, 2021, FCFA2S decreased $106 million to $883
million compared to $989 million for the 2020 fiscal year,
representing an decrease of 11%. The increase in the IRGA / TSS
membership liability revaluation charge as well as the
non-controlling interests, both primarily related to the purchase
of Topicus.com B.V., were the main reasons for the decrease.
Forward Looking Statements
Certain statements herein may be “forward
looking” statements that involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Constellation or the industry to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward looking statements involve significant risks
and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to vary significantly
from the results discussed in the forward looking statements. These
forward looking statements reflect current assumptions and
expectations regarding future events and operating performance and
are made as of the date hereof and Constellation assumes no
obligation, except as required by law, to update any forward
looking statements to reflect new events or circumstances.
Non-IFRS Measures
Free cash flow available to shareholders
‘‘FCFA2S’’ refers to net cash flows from operating activities less
interest paid on lease obligations, interest paid on other
facilities, credit facility transaction costs, repayments of lease
obligations, the IRGA / TSS membership liability revaluation
charge, and property and equipment purchased, and includes interest
and dividends received. The portion of this amount applicable to
non-controlling interests is then deducted. We believe that FCFA2S
is useful supplemental information as it provides an indication of
the uncommitted cash flow that is available to shareholders if we
do not make any acquisitions, or investments, and do not repay any
debts. While we could use the FCFA2S to pay dividends or repurchase
shares, our objective is to invest all of our FCFA2S in
acquisitions which meet our hurdle rate.
FCFA2S is not a recognized measure under IFRS
and may not be comparable to similar financial measures disclosed
by other issuers. Accordingly, readers are cautioned that FCFA2S
should not be construed as an alternative to net cash flows from
operating activities.
The following table reconciles FCFA2S to net
cash flows from operating activities:
|
|
|
Three months endedDecember 31, |
|
|
|
Year endedDecember 31, |
|
|
|
|
2021 |
2020 |
|
|
|
2021 |
2020 |
|
|
|
($ in millions, except percentages) |
|
($ in millions, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
|
341 |
|
355 |
|
|
|
|
1,300 |
|
1,186 |
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
Interest paid on lease obligations |
|
|
(2 |
) |
(2 |
) |
|
|
|
(9 |
) |
(8 |
) |
|
Interest paid on other facilities |
|
|
(10 |
) |
(10 |
) |
|
|
|
(40 |
) |
(32 |
) |
|
Credit facility transaction costs |
|
|
(2 |
) |
(1 |
) |
|
|
|
(6 |
) |
(2 |
) |
|
Payments of lease obligations |
|
|
(22 |
) |
(19 |
) |
|
|
|
(83 |
) |
(66 |
) |
|
IRGA / TSS membership liability revaluation charge |
|
|
(25 |
) |
(10 |
) |
|
|
|
(132 |
) |
(65 |
) |
|
Property and equipment purchased |
|
|
(10 |
) |
(6 |
) |
|
|
|
(29 |
) |
(25 |
) |
|
Interest and dividends received |
|
|
0 |
|
0 |
|
|
|
|
2 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
271 |
|
307 |
|
|
|
|
1,003 |
|
989 |
|
|
Less amount attributable to |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
(27 |
) |
- |
|
|
|
|
(120 |
) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow available to shareholders |
|
|
244 |
|
307 |
|
|
|
|
883 |
|
989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to
rounding, certain totals may not foot. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Constellation Software
Inc.
Constellation's common shares are listed on the
Toronto Stock Exchange under the symbol "CSU". Constellation
acquires, manages and builds vertical market software
businesses.
For further information:
Jamal BakshChief Financial Officer (416)
861-9677 info@csisoftware.comwww.csisoftware.com
SOURCE: CONSTELLATION
SOFTWARE INC.
|
|
CONSTELLATION SOFTWARE INC. |
|
Consolidated Statements of Financial Position |
|
|
|
(In millions of U.S. dollars, except per share amounts. Due to
rounding, numbers presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
763 |
|
$ |
758 |
|
|
Accounts
receivable |
|
|
600 |
|
|
483 |
|
|
Unbilled
revenue |
|
|
140 |
|
|
98 |
|
|
Inventories |
|
|
35 |
|
|
27 |
|
|
Other assets |
|
|
296 |
|
|
219 |
|
|
|
|
|
1,835 |
|
|
1,585 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
Property and
equipment |
|
|
93 |
|
|
86 |
|
|
Right of use
assets |
|
|
245 |
|
|
251 |
|
|
Deferred income
taxes |
|
|
66 |
|
|
52 |
|
|
Other assets |
|
|
99 |
|
|
75 |
|
|
Intangible assets |
|
|
3,428 |
|
|
2,325 |
|
|
|
|
|
3,931 |
|
|
2,790 |
|
|
|
|
|
|
Total assets |
|
$ |
5,766 |
|
$ |
4,375 |
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Debt with recourse
to Constellation Software Inc. |
|
$ |
143 |
|
$ |
113 |
|
|
Debt without
recourse to Constellation Software Inc. |
|
|
60 |
|
|
28 |
|
|
Redeemable
preferred securities |
|
|
7 |
|
|
- |
|
|
Accounts payable
and accrued liabilities |
|
|
832 |
|
|
666 |
|
|
Dividends
payable |
|
|
22 |
|
|
21 |
|
|
Deferred
revenue |
|
|
1,158 |
|
|
962 |
|
|
Provisions |
|
|
11 |
|
|
12 |
|
|
Acquisition
holdback payables |
|
|
94 |
|
|
85 |
|
|
Lease
obligations |
|
|
79 |
|
|
74 |
|
|
Income taxes
payable |
|
|
56 |
|
|
78 |
|
|
|
|
|
2,461 |
|
|
2,040 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
Debt with recourse
to Constellation Software Inc. |
|
|
561 |
|
|
421 |
|
|
Debt without
recourse to Constellation Software Inc. |
|
|
354 |
|
|
199 |
|
|
Deferred income
taxes |
|
|
436 |
|
|
285 |
|
|
Acquisition
holdback payables |
|
|
68 |
|
|
37 |
|
|
Lease
obligations |
|
|
190 |
|
|
201 |
|
|
Other
liabilities |
|
|
175 |
|
|
146 |
|
|
|
|
|
1,784 |
|
|
1,288 |
|
|
|
|
|
|
Total liabilities |
|
|
4,245 |
|
|
3,328 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Capital stock |
|
|
99 |
|
|
99 |
|
|
Other equity |
|
|
(179 |
) |
|
- |
|
|
Accumulated other
comprehensive income (loss) |
|
|
(66 |
) |
|
(31 |
) |
|
Retained
earnings |
|
|
1,206 |
|
|
980 |
|
|
Non-controlling
interests |
|
|
460 |
|
|
- |
|
|
|
|
|
1,521 |
|
|
1,048 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
5,766 |
|
$ |
4,375 |
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
Consolidated Statements of Income (loss) |
|
|
|
(In millions of U.S. dollars, except per share amounts. Due to
rounding, numbers presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
License |
|
$ |
287 |
|
|
$ |
234 |
|
Professional services |
|
1,033 |
|
|
|
751 |
|
Hardware and other |
|
176 |
|
|
|
169 |
|
Maintenance and other recurring |
|
3,611 |
|
|
|
2,815 |
|
|
|
|
5,106 |
|
|
|
3,969 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Staff |
|
|
2,695 |
|
|
|
2,050 |
|
Hardware |
|
|
99 |
|
|
|
97 |
|
Third party license, maintenance and professional services |
|
433 |
|
|
|
330 |
|
Occupancy |
|
|
40 |
|
|
|
35 |
|
Travel, telecommunications, supplies, software and equipment |
|
186 |
|
|
|
152 |
|
Professional fees |
|
79 |
|
|
|
60 |
|
Other, net |
|
|
62 |
|
|
|
13 |
|
Depreciation |
|
|
121 |
|
|
|
105 |
|
Amortization of intangible assets |
|
518 |
|
|
|
403 |
|
|
|
|
4,233 |
|
|
|
3,246 |
|
|
|
|
|
|
Foreign exchange loss (gain) |
|
1 |
|
|
|
2 |
|
IRGA/TSS Membership liability revaluation charge |
|
132 |
|
|
|
65 |
|
Finance and other expense (income) |
|
(7 |
) |
|
|
(4 |
) |
Bargain purchase gain |
|
(2 |
) |
|
|
(2 |
) |
Impairment of intangible and other non-financial assets |
|
12 |
|
|
|
12 |
|
Redeemable preferred securities expense (income) |
|
295 |
|
|
|
- |
|
Finance costs |
|
|
68 |
|
|
|
46 |
|
|
|
|
499 |
|
|
|
120 |
|
|
|
|
|
|
Income (loss) before income taxes |
|
374 |
|
|
|
603 |
|
|
|
|
|
|
Current income tax expense (recovery) |
|
257 |
|
|
|
221 |
|
Deferred income tax expense (recovery) |
|
(51 |
) |
|
|
(55 |
) |
Income tax expense (recovery) |
|
206 |
|
|
|
167 |
|
|
|
|
|
|
Net income (loss) |
|
169 |
|
|
|
436 |
|
|
|
|
|
|
Net income (loss) attributable to: |
|
|
|
Common shareholders of Constellation Software Inc. |
|
310 |
|
|
|
436 |
|
Non-controlling interests |
|
(142 |
) |
|
|
- |
|
Net income (loss) |
|
169 |
|
|
|
436 |
|
|
|
|
|
|
Earnings per common share of Constellation Software Inc. |
|
|
|
Basic and diluted |
|
$ |
14.65 |
|
|
$ |
20.59 |
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
Consolidated Statements of Comprehensive Income (Loss) |
|
|
|
(In millions of U.S. dollars, except per share amounts. Due to
rounding, numbers presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
169 |
|
|
$ |
436 |
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to net income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from foreign operations
and other, net of tax |
|
|
(41 |
) |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) for the year, net of income
tax |
|
|
(41 |
) |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the year |
|
$ |
128 |
|
|
$ |
445 |
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
Common shareholders of Constellation Software Inc. |
|
|
(16 |
) |
|
|
9 |
|
Non-controlling interests |
|
|
(25 |
) |
|
|
- |
|
Total other comprehensive income (loss) |
|
$ |
(41 |
) |
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
Common shareholders of Constellation Software Inc. |
|
|
294 |
|
|
|
445 |
|
Non-controlling interests |
|
|
(167 |
) |
|
|
- |
|
Total comprehensive income (loss) |
|
$ |
128 |
|
|
$ |
445 |
|
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
|
|
Consolidated Statement of Changes in Equity |
|
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2021 |
|
|
|
|
|
|
|
|
Equity Attributable to Common Shareholders of
CSI |
|
|
|
Capitalstock |
Other equity |
Accumulatedothercomprehensiveincome (loss) |
Retainedearnings |
Total |
Non-controllinginterests |
Total equity |
|
|
|
|
|
|
|
|
Balance at January 1, 2021 |
$ |
99 |
$ |
- |
|
$ |
(31 |
) |
$ |
980 |
|
$ |
1,048 |
|
|
- |
|
$ |
1,048 |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
- |
|
- |
|
|
- |
|
|
310 |
|
|
310 |
|
|
(142 |
) |
|
169 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from foreign operations
and other, net of tax |
|
- |
|
- |
|
|
(16 |
) |
|
- |
|
|
(16 |
) |
|
(25 |
) |
|
(41 |
) |
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the
year |
|
- |
|
- |
|
|
(16 |
) |
|
- |
|
|
(16 |
) |
|
(25 |
) |
|
(41 |
) |
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
year |
|
- |
|
- |
|
|
(16 |
) |
|
310 |
|
|
294 |
|
|
(167 |
) |
|
128 |
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special dividend of Topicus Subordinate Voting Shares |
|
- |
|
(141 |
) |
|
(16 |
) |
|
- |
|
|
(157 |
) |
|
157 |
|
|
- |
|
|
|
|
|
|
|
|
|
Issuance of Topicus Coop Ordinary Units to non-controlling
interests (note 4) |
|
- |
|
(21 |
) |
|
(2 |
) |
|
- |
|
|
(23 |
) |
|
23 |
|
|
- |
|
|
|
|
|
|
|
|
|
Net acquisition of non-controlling interest associated with
acquisitions and other movements |
|
- |
|
(16 |
) |
|
(0 |
) |
|
0 |
|
|
(16 |
) |
|
17 |
|
|
1 |
|
|
|
|
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
|
- |
|
|
(85 |
) |
|
(85 |
) |
|
- |
|
|
(85 |
) |
|
|
|
|
|
|
|
|
Reclassification of redeemable preferred securities of Topicus Coop
from liabilities to non-controlling interest |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
434 |
|
|
434 |
|
|
|
|
|
|
|
|
|
Accrued dividends to preference unit holders of Topicus Coop |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(5 |
) |
|
(5 |
) |
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
$ |
99 |
$ |
(179 |
) |
|
(66 |
) |
$ |
1,206 |
|
$ |
1,061 |
|
$ |
460 |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
|
|
Consolidated Statement of Changes in Equity |
|
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Attributable to Common Shareholders of
CSI |
|
|
|
Capitalstock |
Other equity |
Accumulatedothercomprehensiveincome (loss) |
Retainedearnings |
Total |
Non-controllinginterests |
Total equity |
|
|
|
|
|
|
|
|
Balance at January 1, 2020 |
$ |
99 |
$ |
- |
|
$ |
(40 |
) |
$ |
628 |
|
$ |
687 |
|
$ |
- |
|
$ |
687 |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
- |
|
- |
|
|
- |
|
|
436 |
|
|
436 |
|
|
- |
|
|
436 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from foreign operations
and other, net of tax |
|
- |
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the
year |
|
- |
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
year |
|
- |
|
- |
|
|
9 |
|
|
436 |
|
|
445 |
|
|
- |
|
|
445 |
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
|
- |
|
|
(85 |
) |
|
(85 |
) |
|
- |
|
|
(85 |
) |
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
$ |
99 |
$ |
- |
|
$ |
(31 |
) |
$ |
980 |
|
$ |
1,048 |
|
$ |
- |
|
$ |
1,048 |
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities: |
|
|
|
|
Net income (loss) |
|
$ |
169 |
|
|
$ |
436 |
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation |
|
|
121 |
|
|
|
105 |
|
|
|
Amortization of intangible assets |
|
518 |
|
|
|
403 |
|
|
|
IRGA/TSS Membership liability revaluation
charge |
|
132 |
|
|
|
65 |
|
|
|
Finance and other expense (income) |
|
(7 |
) |
|
|
(4 |
) |
|
|
Bargain purchase (gain) |
|
(2 |
) |
|
|
(2 |
) |
|
|
Impairment of intangible and other non-financial
assets |
|
12 |
|
|
|
12 |
|
|
|
Redeemable preferred securities expense
(income) |
|
295 |
|
|
|
- |
|
|
|
Finance costs |
|
|
68 |
|
|
|
46 |
|
|
|
Income tax expense (recovery) |
|
206 |
|
|
|
167 |
|
|
|
Foreign exchange loss (gain) |
|
1 |
|
|
|
2 |
|
|
Change in non-cash operating assets and liabilities
exclusive of effects of business combinations |
|
45 |
|
|
|
117 |
|
|
Income taxes paid |
|
(257 |
) |
|
|
(162 |
) |
|
Net cash flows from (used in) operating activities |
|
1,300 |
|
|
|
1,186 |
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities: |
|
|
|
|
Interest paid on lease obligations |
|
(9 |
) |
|
|
(8 |
) |
|
Interest paid on debt |
|
|
(40 |
) |
|
|
(32 |
) |
|
Increase (decrease) in CSI facility |
|
- |
|
|
|
(65 |
) |
|
Increase (decrease) in revolving credit debt facilities without
recourse to CSI |
|
30 |
|
|
|
(31 |
) |
|
Proceeds from issuance of term debt facilities without recourse to
CSI |
|
176 |
|
|
|
48 |
|
|
Repayments of term debt facilities without recourse to CSI |
|
(6 |
) |
|
|
(6 |
) |
|
Other financing activities |
|
3 |
|
|
|
- |
|
|
Credit facility transaction costs |
|
(6 |
) |
|
|
(2 |
) |
|
Payments of lease obligations |
|
(83 |
) |
|
|
(66 |
) |
|
Distribution to the Joday Group |
|
(22 |
) |
|
|
- |
|
|
Dividends paid |
|
(85 |
) |
|
|
(85 |
) |
|
Net cash flows from (used in) in financing activities |
|
(41 |
) |
|
|
(247 |
) |
|
|
|
|
|
|
|
Cash flows from (used in) investing activities: |
|
|
|
|
Acquisition of businesses |
|
(1,224 |
) |
|
|
(477 |
) |
|
Cash obtained with acquired businesses |
|
153 |
|
|
|
97 |
|
|
Post-acquisition settlement payments, net of receipts |
|
(145 |
) |
|
|
(105 |
) |
|
Receipt of additional subscription amount from the sellers of
Topicus.com B.V. |
|
33 |
|
|
|
- |
|
|
Purchases of other investments |
|
(44 |
) |
|
|
(4 |
) |
|
Proceeds from sales of other investments |
|
13 |
|
|
|
- |
|
|
Interest, dividends and other proceeds received |
|
5 |
|
|
|
2 |
|
|
Property and equipment purchased |
|
(29 |
) |
|
|
(25 |
) |
|
Net cash flows from (used in) investing activities |
|
(1,238 |
) |
|
|
(512 |
) |
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency on cash and cash
equivalents |
|
(16 |
) |
|
|
15 |
|
|
|
|
|
|
|
|
Increase (decrease) in cash |
|
5 |
|
|
|
442 |
|
|
|
|
|
|
|
|
Cash, beginning of year |
$ |
758 |
|
|
$ |
316 |
|
|
|
|
|
|
|
|
Cash, end of year |
$ |
763 |
|
|
$ |
758 |
|
|
|
|
|
|
|
|
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