Constellation Software Inc.

TSX-CSU

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	706	767	62	551	169	436	333	379	221.9	206.8	177.2
Net Income
Depreciation & Amortization	1,359	1,238	1,021	819	639	508	423	306	253.1	213	197.5
Depreciation
Amortization of Intangible Assets
Depreciation of Third Party Costs
Other Adjustments	837	697	1,126	332	705	286	179	98	168.8	132.7	87.8
Write Off of Capital Assets
Appreciation in Common Shares Eligible for Redemption
Deferred Compensation
Non-Cash Interest
Future Income Taxes
Gain on Sale of Short-Term Investments, Marketable Securities and Other Assets
Other
IRGA/TSS Membership Liability Revaluation Charge
Equity in Net Income of Equity Investees
Finance and Other Expense
Bargain Purchase (Gain)
Impairment of Intangible and Other Non-Financial Assets
Redeemable Preferred Securities Expense
Finance Costs
Income Tax Expense
Foreign Exchange Loss
Changes in Income Taxes Payable	-527	-460	-394	-343	-257	-162	-140	-135	-100.8	-45	-69.7
Income Taxes Paid
Changes in Other Operating Activities	-8	-45	-36	-60	45	117	-28	14	-15.1	-16.5	3.1
Change in Non-Cash Operating Assets and Liabilities Exclusive of Effects of Business Combinations
Cash from Operating Activities	2,623	2,196	1,779	1,297	1,300	1,186	767	662	527.9	490.9	395.9
Net Cash Flows from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-72	-67	-42	-41	-29	-25	-34	-25	-19.7	-19.1	-12.9
Property and Equipment Purchased
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Assets
Proceeds from Sale of Intangible Assets	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Intangible Assets
Purchases of Investments	-228	-8	-23	-97	-44	-4	-11	-3	—	-27.7	—
Investment in VCG Inc.
Investment in VCG LLC
Purchases of Investments and Other Assets
Proceeds from Sale of Investments	14	7	119	6	13	—	—	—	2.8	28.5	—
Proceeds from Sales of Other Investments and Other Assets
Payments for Business Acquisitions	-1,409	-1,519	-1,695	-1,566	-1,216	-485	-505	-485	-256	-178.1	-248.8
Acquisition of Businesses, Net of Cash Acquired
Acquisition of Businesses
Cash Obtained with Acquired Businesses
Post-Acquisition Settlement Payments, Net of Receipts
Proceeds from Business Divestments	—	—	—	—	33	—	—	—	—	—	—
Receipt of Additional Subscription Amount from the Sellers of Topicus.com B.V.
Other Investing Activities	-234	19	2	5	5	2	6	5	23	1.7	0.6
Repayment of Notes Receivable
Change in Restricted Cash
Decrease in Other Assets
Change in Other Assets
Interest, Dividends and Other Proceeds Received
Cash from Investing Activities	-1,925	-1,567	-1,639	-1,694	-1,238	-512	-544	-508	-249.9	-194.7	-261.1
Net Cash Flows from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	123	73	27	91	30	-31	5	—	—	—	-64.5
Change in Bank Indebtedness, Net
Change in Revolving Credit Facility, Net
Change in Revolving Credit Under Debt Facilities Without Recourse to CSI
Change in Topicus Revolving Credit Debt Facility Without Recourse to CSI
Net Issuance / (Repayments) of Short-Term Debt	123	73	27	91	30	-31	5	—	—	—	-64.5
Issuance of Long-Term Debt	513	803	912	798	176	-17	114	64	94.8	—	159.7
Proceeds from Issuance of CNH Facility
Change in New CNH Facility, Net
Change in CSI Facility
Proceeds from Issuance of Debentures
Proceeds from Issuance of Senior Notes
Proceeds from Issuance of Debt Facilities Without Recourse to CSI
Repayments of Long-Term Debt	-370	-289	-391	-196	-89	-72	-53	-1	-138.2	-8.7	-2.2
Repayments of CNH Facility and TSS Acquisition Facility
Repayments of CNH Facility
Repayments of Debt Facilities Without Recourse to CSI
Payments of Lease Obligations, Net of Sublease Receipts
Principal Repayments to the Joday Group Pursuant to the Call Notice
Net Issuance / (Repayments) of Long-Term Debt	143	514	521	602	87	-89	61	63	-43.4	-8.7	157.5
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Issue of Common Shares Eligible for Redemption, Net of Shareholder Loans
Repurchases of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Redemption of Common Shares Eligible for Redemption
Repurchase of Phantom Shares
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Common Share Dividends Paid	-84	-85	-85	-85	-85	-85	-509	-85	-84.8	-84.8	-84.8
Dividends Paid
Distributions to Common Shares Eligible for Redemption
Dividends Paid to Common Shareholders of the Company
Preferred Share Dividends Paid	—	—	—	-7	—	—	—	—	—	—	—
Dividends Paid to Redeemable Preferred Security Holders
Other Financing Activities	-215	-386	-145	-118	-74	-42	-52	-28	-24.6	-24.1	-28.4
Interest Paid on Lease Obligations
Interest Paid on Debt
Change in Other Non Current Liabilities
Proceeds from Sale of Interest Rate Cap
Proceeds from Issuance of TSS Membership Liability
Other Financing Activities
Dividends Paid to Non-Controlling Interests
Debt Transaction Costs
Distribution to TSS Minority Owners
Distribution to the Joday Group
Issuance of Shareholder Loans
Repayment of Shareholder Loans
Return of Capital
Cash from Financing Activities	-37	114	316	483	-41	-247	-496	-49	-152.8	-117.6	-20.2
Net Cash Flows from Financing Activities
Cash Flows from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,551	2,129	1,737	1,256	1,271	1,161	733	637	508.2	471.8	383.1
NOPAT	1,258.9	1,109.9	273.2	667.6	392.1	523.5	373.2	373.7	270.3	245.1	192.3
Levered Free Cash Flow	1,723	2,020	1,158	1,618	683	754	620	603	296	330.4	388.2
Unlevered Free Cash Flow	2,010.9	1,775.9	822.2	1,042.6	790.1	961.5	594.2	533.7	387.8	377.4	310.3
Net Change in Cash	661	743	456	86	21	427	-273	105	125.2	178.6	114.7