Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2022 and Declares Quarterly Dividend
May 04 2022 - 5:01PM
Constellation Software Inc. (TSX:CSU) (“Constellation” or the
“Company”) today announced its financial results for the first
quarter ended March 31, 2022 and declared a $1.00 per share
dividend payable on July 11, 2022 to all common shareholders of
record at close of business on June 20, 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 Unaudited Condensed Consolidated
Interim Financial Statements for the three months ended March 31,
2022 and the accompanying notes, our Management Discussion and
Analysis for the three months ended March 31, 2022 and with our
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
Q1 2022 Headlines:
- Revenue increased 22% (1% organic
growth, 3% after adjusting for changes in foreign exchange rates)
to $1,431 million compared to $1,176 million in Q1 2021.
- Net income attributable to common
shareholders was $98 million for Q1 2022 ($4.63 on a diluted per
share basis), compared to a net loss attributable to common
shareholders of $9 million ($0.41 on a diluted per share basis) in
Q1 2021.
- A number of acquisitions were
completed for aggregate cash consideration of $214 million (which
includes acquired cash). Deferred payments associated with these
acquisitions have an estimated value of $59 million resulting in
total consideration of $273 million.
- Cash flows from operations (“CFO”)
were $498 million, an increase of 1%, or $3 million, compared to
$495 million for the comparable period in 2021.
- Free cash flow available to
shareholders1 (“FCFA2S”) increased $55 million to $324 million
compared to $269 million for the same period in 2021.
- On May 2, 2022 the Company through
its wholly-owned subsidiary, N. Harris Computer Corporation,
completed the purchase from Allscripts Healthcare Solutions
(“Allscripts”) of Allscripts’ Hospitals and Large Physician
Practices business segment.
- Subsequent to March 31, 2022, the
Company completed or entered into agreements to acquire a number of
additional businesses for aggregate cash consideration of $79
million (which includes acquired cash). Deferred payments
associated with these acquisitions have an estimated value of $35
million resulting in total consideration of $113 million.
Total revenue for the quarter ended March 31,
2022 was $1,431 million, an increase of 22%, or $255 million,
compared to $1,176 million for the comparable period in 2021. The
increase is primarily attributable to growth from acquisitions as
the Company experienced organic growth of 1%, 3% after adjusting
for the impact of changes in the valuation of the US dollar against
most major currencies in which the Company transacts business. For
acquired companies, organic growth is calculated as the difference
between actual revenues achieved by each company in the financial
period following acquisition compared to the estimated revenues
they achieved in the corresponding financial period preceding the
date of acquisition by Constellation. 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 CSI for the quarter ended March 31, 2022 was $98
million compared to a net loss of $9 million for the same period in
2021. On a per share basis this translated into net income per
basic and diluted share of $4.63 in the quarter ended March 31,
2022 compared to a net loss per basic and diluted share of $0.41
for the same period in 2021.
For the quarter ended March 31, 2022, CFO
increased $3 million to $498 million compared to $495 million for
the same period in 2021 representing an increase of 1%.
For the quarter ended March 31, 2022, FCFA2S
increased $55 million to $324 million compared to $269 million for
the same period in 2021 representing an increase of 21%.
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, 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 ended March 31, |
|
|
|
2022 |
|
2021 |
|
|
|
($ in millions, except percentages) |
|
|
|
|
|
Net
cash flows from operating activities |
|
498 |
|
495 |
|
|
Adjusted for: |
|
|
|
|
Interest
paid on lease obligations |
|
(2 |
) |
(2 |
) |
|
Interest
paid on other facilities |
|
(10 |
) |
(9 |
) |
|
Credit
facility transaction costs |
|
(1 |
) |
(2 |
) |
|
Payments of
lease obligations |
|
(22 |
) |
(20 |
) |
|
IRGA / TSS
membership liability revaluation charge |
|
(27 |
) |
(61 |
) |
|
Property and
equipment purchased |
|
(8 |
) |
(4 |
) |
|
Interest and
dividends received |
|
0 |
|
1 |
|
|
|
|
|
|
|
|
|
429 |
|
397 |
|
|
Less amount
attributable to |
|
|
|
|
Non-controlling interests |
|
(105 |
) |
(128 |
) |
|
|
|
|
|
|
Free cash
flow available to shareholders |
|
324 |
|
269 |
|
|
|
|
|
|
|
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. |
|
Condensed Consolidated
Interim Statements of Financial Position |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
$ |
996 |
|
$ |
763 |
|
$ |
932 |
|
|
|
Accounts receivable |
|
|
|
|
|
|
660 |
|
|
600 |
|
|
518 |
|
|
|
Unbilled revenue |
|
|
|
|
|
|
164 |
|
|
140 |
|
|
128 |
|
|
|
Inventories |
|
|
|
|
|
|
|
41 |
|
|
35 |
|
|
27 |
|
|
|
Other assets |
|
|
|
|
|
|
443 |
|
|
296 |
|
|
288 |
|
|
|
|
|
|
|
|
|
|
|
|
2,305 |
|
|
1,835 |
|
|
1,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
Property and equipment |
|
|
|
|
|
98 |
|
|
93 |
|
|
92 |
|
|
|
Right of use assets |
|
|
|
|
|
|
278 |
|
|
245 |
|
|
266 |
|
|
|
Deferred income taxes |
|
|
|
|
|
66 |
|
|
66 |
|
|
57 |
|
|
|
Other assets |
|
|
|
|
|
|
107 |
|
|
99 |
|
|
80 |
|
|
|
Intangible assets |
|
3,644 |
|
|
3,428 |
|
|
2,759 |
|
|
|
|
|
|
|
|
|
|
|
|
4,193 |
|
|
3,931 |
|
|
3,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
$ |
6,499 |
|
$ |
5,766 |
|
$ |
5,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Debt with recourse to Constellation Software Inc. |
|
$ |
142 |
|
$ |
143 |
|
$ |
122 |
|
|
|
Debt without recourse to Constellation Software Inc. |
|
|
124 |
|
|
60 |
|
|
34 |
|
|
|
Redeemable preferred securities |
|
|
|
|
- |
|
|
7 |
|
|
390 |
|
|
|
Accounts payable and accrued liabilities |
|
|
|
|
772 |
|
|
832 |
|
|
637 |
|
|
|
Dividends payable |
|
|
|
|
|
|
21 |
|
|
22 |
|
|
21 |
|
|
|
Deferred revenue |
|
|
|
|
|
|
1,536 |
|
|
1,158 |
|
|
1,296 |
|
|
|
Provisions |
|
|
|
|
|
|
|
12 |
|
|
11 |
|
|
15 |
|
|
|
Acquisition holdback payables |
|
|
|
|
|
119 |
|
|
94 |
|
|
78 |
|
|
|
Lease obligations |
|
|
|
|
|
|
85 |
|
|
79 |
|
|
77 |
|
|
|
Income taxes payable |
|
|
|
|
|
119 |
|
|
56 |
|
|
91 |
|
|
|
|
|
|
|
|
|
|
|
|
2,931 |
|
|
2,461 |
|
|
2,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
Debt with recourse to Constellation Software Inc. |
|
|
560 |
|
|
561 |
|
|
527 |
|
|
|
Debt without recourse to Constellation Software Inc. |
|
|
443 |
|
|
354 |
|
|
271 |
|
|
|
Deferred income taxes |
|
|
|
|
|
448 |
|
|
436 |
|
|
371 |
|
|
|
Acquisition holdback payables |
|
|
|
|
|
60 |
|
|
68 |
|
|
31 |
|
|
|
Lease obligations |
|
|
|
|
|
|
218 |
|
|
190 |
|
|
214 |
|
|
|
Other liabilities |
|
|
|
|
|
|
200 |
|
|
175 |
|
|
139 |
|
|
|
|
|
|
|
|
|
|
|
|
1,930 |
|
|
1,784 |
|
|
1,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
|
|
4,860 |
|
|
4,245 |
|
|
4,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
Capital stock |
|
|
|
|
|
|
99 |
|
|
99 |
|
|
99 |
|
|
|
Other equity |
|
|
|
|
|
|
- |
|
|
(179 |
) |
|
(165 |
) |
|
|
Accumulated other comprehensive income (loss) |
|
|
(62 |
) |
|
(66 |
) |
|
(67 |
) |
|
|
Retained earnings |
|
|
|
|
|
|
1,410 |
|
|
1,206 |
|
|
950 |
|
|
|
Non-controlling interests |
|
|
|
|
|
191 |
|
|
460 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
1,638 |
|
|
1,521 |
|
|
832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
|
|
$ |
6,499 |
|
$ |
5,766 |
|
$ |
5,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION
SOFTWARE INC. |
|
Condensed Consolidated
Interim Statements of Income (loss) |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
License |
|
|
|
|
$ |
69 |
|
|
$ |
66 |
|
|
Professional services |
|
|
|
|
270 |
|
|
|
237 |
|
|
Hardware and other |
|
|
|
|
47 |
|
|
|
39 |
|
|
Maintenance and other recurring |
|
|
|
1,045 |
|
|
|
834 |
|
|
|
|
|
|
|
|
|
|
1,431 |
|
|
|
1,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Staff |
|
|
|
|
|
783 |
|
|
|
641 |
|
|
Hardware |
|
|
|
|
|
27 |
|
|
|
22 |
|
|
Third party license, maintenance and professional services |
|
122 |
|
|
|
96 |
|
|
Occupancy |
|
|
|
|
|
11 |
|
|
|
9 |
|
|
Travel, telecommunications, supplies, software and equipment |
|
56 |
|
|
|
39 |
|
|
Professional fees |
|
|
|
|
24 |
|
|
|
15 |
|
|
Other, net |
|
|
|
|
|
35 |
|
|
|
5 |
|
|
Depreciation |
|
|
|
|
|
32 |
|
|
|
29 |
|
|
Amortization of intangible assets |
|
|
|
146 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
1,236 |
|
|
|
975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange loss (gain) |
|
|
|
0 |
|
|
|
(13 |
) |
|
IRGA/TSS Membership liability revaluation charge |
|
27 |
|
|
|
61 |
|
|
Finance and other expense (income) |
|
|
(2 |
) |
|
|
(2 |
) |
|
Bargain purchase gain |
|
|
|
|
(1 |
) |
|
|
- |
|
|
Impairment of intangible and other non-financial assets |
|
1 |
|
|
|
3 |
|
|
Redeemable preferred securities expense (income) |
|
- |
|
|
|
263 |
|
|
Finance costs |
|
|
|
|
|
19 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
44 |
|
|
|
327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
|
151 |
|
|
|
(126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax expense (recovery) |
|
|
99 |
|
|
|
64 |
|
|
Deferred income tax expense (recovery) |
|
|
(58 |
) |
|
|
(14 |
) |
|
Income tax expense (recovery) |
|
|
|
40 |
|
|
|
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
111 |
|
|
|
(175 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to: |
|
|
|
|
|
|
Common shareholders of Constellation Software Inc. |
|
98 |
|
|
|
(9 |
) |
|
Non-controlling interests |
|
|
|
|
13 |
|
|
|
(166 |
) |
|
Net income (loss) |
|
|
|
|
111 |
|
|
|
(175 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share of Constellation Software Inc. |
|
|
|
|
Basic and diluted |
|
|
|
|
$ |
4.63 |
|
|
$ |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION
SOFTWARE INC. |
|
Condensed Consolidated
Interim Statements of Comprehensive Income (loss) |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
$ |
111 |
|
|
$ |
(175 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to net income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from foreign operations
and other, net of tax |
|
6 |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) for the period, net of income
tax |
|
6 |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period |
$ |
116 |
|
|
$ |
(198 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) attributable to: |
|
|
|
|
Common shareholders of Constellation Software Inc. |
|
9 |
|
|
|
(17 |
) |
|
Non-controlling interests |
|
|
|
|
(3 |
) |
|
|
(6 |
) |
|
Total other comprehensive income (loss) |
$ |
6 |
|
|
$ |
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) attributable to: |
|
|
|
|
Common shareholders of Constellation Software Inc. |
|
107 |
|
|
|
(26 |
) |
|
Non-controlling interests |
|
|
|
|
9 |
|
|
|
(172 |
) |
|
Total comprehensive income (loss) |
|
|
$ |
116 |
|
|
$ |
(198 |
) |
|
CONSTELLATION
SOFTWARE INC. |
|
Condensed Consolidated
Interim Statement of Changes in Equity |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
Equity Attributable to Common Shareholders of
CSI |
|
|
|
|
|
|
Capital stock |
Other equity |
|
Accumulated other comprehensive income (loss) |
|
Retained earnings |
Total |
|
Non-controlling interests |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
$ |
99 |
$ |
(179 |
) |
$ |
(66 |
) |
$ |
1,206 |
|
$ |
1,061 |
|
|
460 |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
- |
|
- |
|
|
- |
|
|
98 |
|
|
98 |
|
|
13 |
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from
foreign operations and other, net of tax |
|
- |
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
(3 |
) |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for
the period |
|
- |
|
- |
|
|
9 |
|
|
- |
|
|
9 |
|
|
(3 |
) |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
period |
|
- |
|
- |
|
|
9 |
|
|
98 |
|
|
107 |
|
|
9 |
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of redeemable preferred securities to subordinate voting
shares of Topicus.com Inc. and ordinary units of Topicus Coop and
other movements |
|
- |
|
305 |
|
|
(5 |
) |
|
- |
|
|
301 |
|
|
(301 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests arising from business combinations |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
23 |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other movements in non-controlling interests |
|
- |
|
- |
|
|
- |
|
|
(0 |
) |
|
(0 |
) |
|
(0 |
) |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
- |
|
|
- |
|
|
(21 |
) |
|
(21 |
) |
|
- |
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification of other equity to retained earnings |
|
- |
|
(127 |
) |
|
|
127 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022 |
$ |
99 |
$ |
- |
|
$ |
(62 |
) |
$ |
1,410 |
|
$ |
1,447 |
|
$ |
191 |
|
$ |
1,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION
SOFTWARE INC. |
|
Condensed Consolidated
Interim Statement of Changes in Equity |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Attributable to Common Shareholders of
CSI |
|
|
|
|
|
|
Capital stock |
Other equity |
|
Accumulated other comprehensive income (loss) |
|
Retained earnings |
|
Total |
|
Non-controlling interests |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2021 |
$ |
99 |
$ |
- |
|
$ |
(31 |
) |
$ |
980 |
|
$ |
1,048 |
|
$ |
- |
|
$ |
1,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
- |
|
- |
|
|
- |
|
|
(9 |
) |
|
(9 |
) |
|
(166 |
) |
|
(175 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation differences from foreign operations and other,
net of tax |
|
- |
|
- |
|
|
(17 |
) |
|
- |
|
|
(17 |
) |
|
(6 |
) |
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the
period |
|
- |
|
- |
|
|
(17 |
) |
|
- |
|
|
(17 |
) |
|
(6 |
) |
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
period |
|
- |
|
- |
|
|
(17 |
) |
|
(9 |
) |
|
(26 |
) |
|
(172 |
) |
|
(198 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special dividend of Topicus Subordinated Voting Shares |
|
|
(141 |
) |
|
(16 |
) |
|
- |
|
|
(157 |
) |
|
157 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Topicus Coop Ordinary Units to non-controlling
interests |
|
|
(21 |
) |
|
(2 |
) |
|
- |
|
|
(23 |
) |
|
23 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net acquisition of non-controlling interest associated with
acquisitions and other movements |
|
|
(3 |
) |
|
- |
|
|
0 |
|
|
(3 |
) |
|
6 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
|
- |
|
|
(21 |
) |
|
(21 |
) |
|
- |
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2021 |
$ |
99 |
$ |
(165 |
) |
$ |
(67 |
) |
$ |
950 |
|
$ |
817 |
|
$ |
15 |
|
$ |
832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION
SOFTWARE INC. |
|
Condensed Consolidated
Interim Statements of Cash Flows |
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities: |
|
|
|
|
|
Net income (loss) |
|
$ |
111 |
|
|
$ |
(175 |
) |
|
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation |
|
|
32 |
|
|
|
29 |
|
|
|
|
Amortization of intangible assets |
|
146 |
|
|
|
118 |
|
|
|
|
IRGA/TSS Membership liability revaluation charge |
|
27 |
|
|
|
61 |
|
|
|
|
Finance and other expense (income) |
|
(2 |
) |
|
|
(2 |
) |
|
|
|
Bargain purchase (gain) |
|
(1 |
) |
|
|
- |
|
|
|
|
Impairment of intangible and other non-financial assets |
|
1 |
|
|
|
3 |
|
|
|
|
Redeemable preferred securities expense (income) |
|
- |
|
|
|
263 |
|
|
|
|
Finance costs |
|
|
19 |
|
|
|
15 |
|
|
|
|
Income tax expense (recovery) |
|
40 |
|
|
|
49 |
|
|
|
|
Foreign exchange loss (gain) |
|
0 |
|
|
|
(13 |
) |
|
|
Change in non-cash operating assets and liabilities |
|
|
|
|
|
|
exclusive of effects of business combinations |
|
169 |
|
|
|
198 |
|
|
|
Income taxes paid |
|
(44 |
) |
|
|
(51 |
) |
|
|
Net cash flows from (used in) operating activities |
|
498 |
|
|
|
495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities: |
|
|
|
|
|
Interest paid on lease obligations |
|
(2 |
) |
|
|
(2 |
) |
|
|
Interest paid on debt |
|
|
(10 |
) |
|
|
(9 |
) |
|
|
Increase (decrease) in revolving credit debt facilities without
recourse to CSI |
|
57 |
|
|
|
6 |
|
|
|
Proceeds from issuance of term debt facilities without recourse to
CSI |
|
83 |
|
|
|
79 |
|
|
|
Repayments of term debt facilities without recourse to CSI |
|
(7 |
) |
|
|
(1 |
) |
|
|
Credit facility transaction costs |
|
(1 |
) |
|
|
(2 |
) |
|
|
Payments of lease obligations |
|
(22 |
) |
|
|
(20 |
) |
|
|
Distribution to the Joday Group |
|
(23 |
) |
|
|
(22 |
) |
|
|
Dividends paid to redeemable preferred security holders |
|
(7 |
) |
|
|
- |
|
|
|
Dividends paid to common shareholders of the Company |
|
(21 |
) |
|
|
(21 |
) |
|
|
Net cash flows from (used in) in financing activities |
|
47 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing activities: |
|
|
|
|
|
Acquisition of businesses |
|
(214 |
) |
|
|
(314 |
) |
|
|
Cash obtained with acquired businesses |
|
38 |
|
|
|
44 |
|
|
|
Post-acquisition settlement payments, net of receipts |
|
(33 |
) |
|
|
(46 |
) |
|
|
Purchases of other investments |
|
(96 |
) |
|
|
(0 |
) |
|
|
Proceeds from sales of other investments |
|
3 |
|
|
|
- |
|
|
|
Interest, dividends and other proceeds received |
|
0 |
|
|
|
3 |
|
|
|
Property and equipment purchased |
|
(8 |
) |
|
|
(4 |
) |
|
|
Net cash flows from (used in) investing activities |
|
(309 |
) |
|
|
(319 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency on |
|
|
|
|
|
cash and cash equivalents |
|
(2 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash |
|
233 |
|
|
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
$ |
763 |
|
|
$ |
758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
$ |
996 |
|
|
$ |
932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Constellation Software (TSX:CSU)
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From Mar 2024 to Apr 2024
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From Apr 2023 to Apr 2024