Constellation Software Inc. Corrects Supplemental Information Error

·2 min read
Constellation Software Inc.
Constellation Software Inc.

TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced a correction to the supplemental cashflow information provided on its Altera business unit included in the Company’s Management Discussion and Analysis for the first quarter ended March 31, 2023. The correct information as well as the previously disclosed information is summarized below.



 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2023

(Unaudited)

 

Constellation
Software Inc.
(excluding
Altera)

 

Altera

 

Consolidated

 

 

 

 

 

 

 

CORRECT INFORMATION

 

 

 

 

 

Net cash flows from operating activities

 

592

 

40

 

632

Free cash flow available to shareholders

1

420

 

33

 

453

 

 

 

 

 

 

 

PREVIOUSLY REPORTED

 

 

 

 

 

Net cash flows from operating activities

 

536

 

96

 

632

Free cash flow available to shareholders

1

393

 

60

 

453

 

 

 

 

 

 

 

1. See Non-IFRS measures.

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.