Constellation Software Inc.

TSX-CSU

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	706	731	833	767	398	430
Net Income
Depreciation & Amortization	1,359	1,312	1,275	1,238	1,187	1,125
Depreciation
Amortization of Intangible Assets
Depreciation of Third Party Costs
Other Adjustments	837	962	703	697	655	918
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	-514	-499	-460	-447	-391
Income Taxes Paid
Changes in Other Operating Activities	-8	-33	-22	-45	-97	-32
Change in Non-Cash Operating Assets and Liabilities Exclusive of Effects of Business Combinations
Cash from Operating Activities	2,623	2,455	2,287	2,196	2,030	2,026
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-72	-75	-72	-67	-55	-46
Property and Equipment Purchased
Purchases of Investments	-228	-196	-182	-8	-8	-5
Purchases of Investments and Other Assets
Proceeds from Sale of Investments	14	16	3	7	—	—
Proceeds from Sales of Other Investments and Other Assets
Payments for Business Acquisitions	-1,409	-1,328	-1,354	-1,519	-1,372	-1,551
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	—	—	—	—	—	—
Receipt of Additional Subscription Amount from the Sellers of Topicus.com B.V.
Other Investing Activities	-234	50	43	19	12	3
Change in Restricted Cash
Interest, Dividends and Other Proceeds Received
Cash from Investing Activities	-1,925	-1,531	-1,561	-1,567	-1,416	-1,592
Net Cash Flows from Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	123	-123	-9	73	132	82
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	-123	-9	73	132	82
Issuance of Long-Term Debt	513	473	296	803	-216	-43
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	-340	-281	-289	-288	-301
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	133	15	514	-504	-344
Common Share Dividends Paid	-84	-84	-84	-85	-84	-84
Dividends Paid
Dividends Paid to Common Shareholders of the Company
Preferred Share Dividends Paid	—	—	—	—	—	—
Dividends Paid to Redeemable Preferred Security Holders
Other Financing Activities	-215	-218	-245	-386	-234	-203
Interest Paid on Lease Obligations
Interest Paid on Debt
Proceeds from Sale of Interest Rate Cap
Other Financing Activities
Dividends Paid to Non-Controlling Interests
Debt Transaction Costs
Distribution to TSS Minority Owners
Distribution to the Joday Group
Cash from Financing Activities	-37	-297	-328	114	342	483
Net Cash Flows from Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	2,551	2,380	2,215	2,129	1,975	1,980
NOPAT	1,258.9	1,185.3	1,147.6	1,109.9	854.5	861.2
Levered Free Cash Flow	1,723	1,430	1,521	2,020	612	822
Unlevered Free Cash Flow	2,010.9	1,875.3	1,829.6	1,775.9	1,442.5	1,517.2
Net Change in Cash	661	627	398	743	956	917