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Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2023 and Declares Quarterly Dividend

Constellation Software Inc.
Constellation Software Inc.

TORONTO, May 15, 2023 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the first quarter ended March 31, 2023 and declared a $1.00 per share dividend payable on July 11, 2023 to all common shareholders of record at close of business on June 20, 2023. 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, 2023 and the accompanying notes, our Management Discussion and Analysis for the three months ended March 31, 2023 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, 2022, 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 2023 Headlines:

  • Revenue increased 34% (2% organic growth, 5% after adjusting for changes in foreign exchange rates) to $1,919 million compared to $1,431 million in Q1 2022.

  • Net income attributable to common shareholders was $94 million for Q1 2023 ($4.44 on a diluted per share basis), compared to net income attributable to common shareholders of $98 million ($4.63 on a diluted per share basis) in Q1 2022.

  • A number of acquisitions were completed for aggregate cash consideration of $452 million (which includes acquired cash). In conjunction with the acquisition of WideOrbit Inc., the Company issued 10,204,294 Special Shares to the seller for an initial subscription price of $222. Deferred payments associated with these acquisitions have an estimated value of $44 million resulting in total consideration of $718 million.

  • Cash flows from operations (“CFO”) were $632 million, an increase of 27%, or $134 million, compared to $498 million for the comparable period in 2022.

  • Free cash flow available to shareholders1 (“FCFA2S”) increased $129 million to $453 million compared to $324 million for the same period in 2022.

ADVERTISEMENT

Total revenue for the quarter ended March 31, 2023 was $1,919 million, an increase of 34%, or $488 million, compared to $1,431 million for the comparable period in 2022. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 2% in the quarter, 5% 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, 2023 was $94 million compared to net income of $98 million for the same period in 2022. On a per share basis this translated into net income per basic and diluted share of $4.44 in the quarter ended March 31, 2023 compared to $4.63 for the same period in 2022. There was no change in the number of shares outstanding.

For the quarter ended March 31, 2023, CFO increased $134 million to $632 million compared to $498 million for the same period in 2022 representing an increase of 27%.

For the quarter ended March 31, 2023, FCFA2S increased $129 million to $453 million compared to $324 million for the same period in 2022 representing an increase of 40%.

  1. See Non-IFRS measures.

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,

 

 

 

2023

 

2022

 

 

 

($ in millions)

 

 

 

 

 

Net cash flows from operating activities

 

632

 

498

 

 

Adjusted for:

 

 

 

 

Interest paid on lease obligations

 

(3

)

(2

)

 

Interest paid on other facilities

 

(26

)

(10

)

 

Credit facility transaction costs

 

(2

)

(1

)

 

Payments of lease obligations

 

(25

)

(22

)

 

IRGA / TSS membership liability revaluation charge

 

(39

)

(27

)

 

Property and equipment purchased

 

(10

)

(8

)

 

Interest and dividends received

 

1

 

0

 

 

 

 

 

 

 

 

 

529

 

429

 

 

Less amount attributable to

 

 

 

 

Non-controlling interests

 

(76

)

(105

)

 

 

 

 

 

 

Free cash flow available to shareholders

 

453

 

324

 

 

 

 

 

 

 

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 Baksh
Chief Financial Officer
(416) 861-9677
info@csisoftware.com
www.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, 2023

December 31, 2022

March 31, 2022

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash

$

1,010

 

$

811

 

$

996

 

 

Accounts receivable

 

1,014

 

 

880

 

 

660

 

 

Unbilled revenue

 

287

 

 

231

 

 

164

 

 

Inventories

 

50

 

 

48

 

 

41

 

 

Other assets

 

448

 

 

497

 

 

443

 

 

 

 

2,808

 

 

2,467

 

 

2,305

 

 

 

 

 

 

Non-current assets:

 

 

 

 

Property and equipment

 

129

 

 

128

 

 

98

 

 

Right of use assets

 

285

 

 

283

 

 

278

 

 

Deferred income taxes

 

106

 

 

160

 

 

66

 

 

Other assets

 

182

 

 

172

 

 

107

 

 

Intangible assets

 

5,354

 

 

4,673

 

 

3,644

 

 

 

 

6,056

 

 

5,416

 

 

4,193

 

 

 

 

 

 

Total assets

$

8,864

 

$

7,883

 

$

6,499

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Debt with recourse to Constellation Software Inc.

$

480

 

$

505

 

$

142

 

 

Debt without recourse to Constellation Software Inc.

 

199

 

 

316

 

 

124

 

 

Redeemable preferred securities

 

409

 

 

-

 

 

-

 

 

Accounts payable and accrued liabilities

 

1,117

 

 

1,083

 

 

772

 

 

Dividends payable

 

21

 

 

21

 

 

21

 

 

Deferred revenue

 

1,994

 

 

1,485

 

 

1,536

 

 

Provisions

 

9

 

 

11

 

 

12

 

 

Acquisition holdback payables

 

140

 

 

161

 

 

119

 

 

Lease obligations

 

98

 

 

96

 

 

85

 

 

Income taxes payable

 

118

 

 

104

 

 

119

 

 

 

 

4,584

 

 

3,781

 

 

2,931

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

Debt with recourse to Constellation Software Inc.

 

590

 

 

567

 

 

560

 

 

Debt without recourse to Constellation Software Inc.

 

793

 

 

586

 

 

443

 

 

Deferred income taxes

 

529

 

 

466

 

 

448

 

 

Acquisition holdback payables

 

68

 

 

76

 

 

60

 

 

Lease obligations

 

217

 

 

217

 

 

218

 

 

Other liabilities

 

237

 

 

257

 

 

200

 

 

 

 

2,434

 

 

2,170

 

 

1,930

 

 

 

 

 

 

Total liabilities

 

7,018

 

 

5,950

 

 

4,860

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

Capital stock

 

99

 

 

99

 

 

99

 

 

Other equity

 

-

 

 

-

 

 

-

 

 

Accumulated other comprehensive income (loss)

 

(128

)

 

(150

)

 

(62

)

 

Retained earnings

 

1,454

 

 

1,763

 

 

1,410

 

 

Non-controlling interests

 

419

 

 

221

 

 

191

 

 

 

 

1,845

 

 

1,933

 

 

1,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

8,864

 

$

7,883

 

$

6,499

 

 

 

 

 

 


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,

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

License

$

81

 

 

$

69

 

Professional services

 

411

 

 

 

270

 

Hardware and other

 

57

 

 

 

47

 

Maintenance and other recurring

 

1,369

 

 

 

1,045

 

 

 

 

1,919

 

 

 

1,431

 

 

 

 

 

 

Expenses

 

 

 

Staff

 

1,068

 

 

 

783

 

Hardware

 

35

 

 

 

27

 

Third party license, maintenance and professional services

 

185

 

 

 

122

 

Occupancy

 

13

 

 

 

11

 

Travel, telecommunications, supplies, software and equipment

 

89

 

 

 

56

 

Professional fees

 

36

 

 

 

24

 

Other, net

 

38

 

 

 

35

 

Depreciation

 

39

 

 

 

32

 

Amortization of intangible assets

 

193

 

 

 

146

 

 

 

 

1,695

 

 

 

1,236

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange loss (gain)

 

10

 

 

 

0

 

IRGA/TSS Membership liability revaluation charge

 

39

 

 

 

27

 

Finance and other expense (income)

 

(7

)

 

 

(2

)

Bargain purchase gain

 

(1

)

 

 

(1

)

Impairment of intangible and other non-financial assets

 

2

 

 

 

1

 

Redeemable preferred securities expense (income)

 

188

 

 

 

-

 

Finance costs

 

36

 

 

 

19

 

 

 

 

267

 

 

 

44

 

 

 

 

 

 

Income (loss) before income taxes

 

(43

)

 

 

151

 

 

 

 

 

 

Current income tax expense (recovery)

 

103

 

 

 

99

 

Deferred income tax expense (recovery)

 

(62

)

 

 

(58

)

Income tax expense (recovery)

 

40

 

 

 

40

 

 

 

 

 

 

Net income (loss)

 

(83

)

 

 

111

 

 

 

 

 

 

Net income (loss) attributable to:

 

 

 

Common shareholders of Constellation Software Inc.

 

94

 

 

 

98

 

Non-controlling interests

 

(177

)

 

 

13

 

Net income (loss)

 

(83

)

 

 

111

 

 

 

 

 

 

Earnings per common share of Constellation Software Inc.

 

 

 

 

Basic and diluted

$

4.44

 

 

$

4.63

 

 

 

 

 

 


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,

 

 

2023

 

 

 

2022

 

 

 

 

 

Net income (loss)

$

(83

)

 

$

111

 

 

 

 

 

Items that are or may be reclassified subsequently to net income (loss):

 

 

 

 

 

 

 

Foreign currency translation differences from foreign operations and other, net of tax

 

16

 

 

 

6

 

 

 

 

 

Other comprehensive income (loss), net of income tax

 

16

 

 

 

6

 

 

 

 

 

Total comprehensive income (loss)

$

(67

)

 

$

116

 

 

 

 

 

Total other comprehensive income (loss) attributable to:

 

 

 

Common shareholders of Constellation Software Inc.

 

10

 

 

 

9

 

Non-controlling interests

 

6

 

 

 

(3

)

Total other comprehensive income (loss)

$

16

 

 

$

6

 

 

 

 

 

Total comprehensive income (loss) attributable to:

 

 

 

Common shareholders of Constellation Software Inc.

 

105

 

 

 

107

 

Non-controlling interests

 

(171

)

 

 

9

 

Total comprehensive income (loss)

$

(67

)

 

$

116

 

 

 

 

 


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, 2023

 

 

 

 

 

 

 

 

 

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, 2023

$

99

$

-

 

$

(150

)

$

1,763

 

$

1,713

 

 

221

 

$

1,933

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

-

 

-

 

 

-

 

 

94

 

 

94

 

 

(177

)

 

(83

)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences from

 

 

 

 

 

 

 

 

foreign operations and other, net of tax

 

-

 

-

 

 

10

 

 

-

 

 

10

 

 

6

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

-

 

-

 

 

10

 

 

-

 

 

10

 

 

6

 

 

16

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

-

 

-

 

 

10

 

 

94

 

 

105

 

 

(171

)

 

(67

)

 

 

 

 

 

 

 

 

 

Transactions with owners, recorded directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special dividend of Lumine Subordinate Voting Shares

 

-

 

-

 

 

12

 

 

(378

)

 

(366

)

 

366

 

 

-

 

 

 

 

 

 

 

 

 

 

Acquisition of non-controlling interests

 

-

 

-

 

 

-

 

 

-

 

 

-

 

 

(1

)

 

(1

)

 

 

 

 

 

 

 

 

 

Conversion of Lumine Special Shares to subordinate voting shares of Lumine

 

-

 

-

 

 

-

 

 

-

 

 

-

 

 

1

 

 

1

 

 

 

 

 

 

 

 

 

 

Other movements in non-controlling interests

 

-

 

-

 

 

0

 

 

(4

)

 

(4

)

 

4

 

 

(0

)

 

 

 

 

 

 

 

 

 

Dividends to shareholders of the Company

 

-

 

-

 

 

-

 

 

(21

)

 

(21

)

 

-

 

 

(21

)

 

 

 

 

 

 

 

 

 

Balance at March 31, 2023

$

99

$

-

 

$

(128

)

$

1,454

 

$

1,426

 

$

419

 

$

1,845

 

 

 

 

 

 

 

 

 

 


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):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

-

 

-

 

 

9

 

 

-

 

 

9

 

 

(3

)

 

6

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

-

 

-

 

 

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 (note 12)

 

-

 

-

 

 

-

 

 

(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 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,

 

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

Cash flows from (used in) operating activities:

 

 

 

 

Net income (loss)

$

(83

)

 

$

111

 

 

Adjustments for:

 

 

 

 

 

Depreciation

 

39

 

 

 

32

 

 

 

Amortization of intangible assets

 

193

 

 

 

146

 

 

 

IRGA/TSS Membership liability revaluation charge

 

39

 

 

 

27

 

 

 

Finance and other expense (income)

 

(7

)

 

 

(2

)

 

 

Bargain purchase (gain)

 

(1

)

 

 

(1

)

 

 

Impairment of intangible and other non-financial assets

 

2

 

 

 

1

 

 

 

Redeemable preferred securities expense (income)

 

188

 

 

 

-

 

 

 

Finance costs

 

36

 

 

 

19

 

 

 

Income tax expense (recovery)

 

40

 

 

 

40

 

 

 

Foreign exchange loss (gain)

 

10

 

 

 

0

 

 

Change in non-cash operating assets and liabilities

 

 

 

 

 

exclusive of effects of business combinations

 

268

 

 

 

169

 

 

Income taxes paid

 

(91

)

 

 

(44

)

 

Net cash flows from (used in) operating activities

 

632

 

 

 

498

 

 

 

 

 

 

 

Cash flows from (used in) financing activities:

 

 

 

 

Interest paid on lease obligations

 

(3

)

 

 

(2

)

 

Interest paid on debt

 

(26

)

 

 

(10

)

 

Increase (decrease) in CSI facility

 

(51

)

 

 

-

 

 

Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI

 

(11

)

 

 

57

 

 

Proceeds from issuance of debt facilities without recourse to CSI

 

180

 

 

 

83

 

 

Repayments of debt facilities without recourse to CSI

 

(86

)

 

 

(7

)

 

Other financing activities

 

2

 

 

 

-

 

 

Credit facility transaction costs

 

(2

)

 

 

(1

)

 

Payments of lease obligations

 

(25

)

 

 

(22

)

 

Distribution to the Joday Group

 

-

 

 

 

(23

)

 

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

 

(43

)

 

 

47

 

 

 

 

 

 

 

Cash flows from (used in) investing activities:

 

 

 

 

Acquisition of businesses

 

(452

)

 

 

(214

)

 

Cash obtained with acquired businesses

 

45

 

 

 

38

 

 

Post-acquisition settlement payments, net of receipts

 

(72

)

 

 

(33

)

 

Purchases of investments and other assets

 

(31

)

 

 

(96

)

 

Proceeds from sales of other investments

 

119

 

 

 

3

 

 

Interest, dividends and other proceeds received

 

3

 

 

 

0

 

 

Property and equipment purchased

 

(10

)

 

 

(8

)

 

Net cash flows from (used in) investing activities

 

(398

)

 

 

(309

)

 

 

 

 

 

 

Effect of foreign currency on

 

 

 

 

cash

 

7

 

 

 

(2

)

 

 

 

 

 

 

Increase (decrease) in cash

 

199

 

 

 

233

 

 

 

 

 

 

 

Cash, beginning of period

$

811

 

 

$

763

 

 

 

 

 

 

 

Cash, end of period

$

1,010

 

 

$

996