Constellation Software Inc.

TSX-CSU

OverviewFinancialsInvestor RelationsResearchEstimatesNewsOwnershipIndustryDividendsModelingFilings

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	162	85	140	319	187	187
Net Income
Depreciation & Amortization	364	340	323	332	317	303
Depreciation
Amortization of Intangible Assets
Depreciation of Third Party Costs
Other Adjustments	338	386	242	-130	203	127
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
Revaluation of Investment Accounted for Using the Equity Method to Cost
Changes in Income Taxes Payable	-131	-192	-107	-97	-118	-177
Income Taxes Paid
Changes in Other Operating Activities	-47	-185	229	-7	-72	-174
Change in Non-Cash Operating Assets and Liabilities Exclusive of Effects of Business Combinations
Transaction Costs Associated with Equity Securities Classified as FVOCI
Cash from Operating Activities	685	433	827	678	517	265
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-16	-16	-15	-25	-19	-13
Property and Equipment Purchased
Purchases of Investments	-36	-14	-175	-3	-4	—
Purchases of Investments and Other Assets
Proceeds from Sale of Investments	—	15	—	-1	2	2
Proceeds from Sales of Other Investments and Other Assets
Payments for Business Acquisitions	-307	-449	-99	-554	-226	-475
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	-276	17	18	7	8	10
Change in Restricted Cash
Interest, Dividends and Other Proceeds Received
Cash from Investing Activities	-634	-446	-271	-574	-240	-476
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	301	-135	31	-74	55	-21
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	301	-135	31	-74	55	-21
Issuance of Long-Term Debt	77	341	27	68	37	164
Change in New CNH Facility, Net
Proceeds from Issuance of Acceo Facility
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	-142	-102	-61	-65	-112	-43
Repayments of CNH Facility and TSS Acquisition Facility
Repayments of Acceo 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	-65	239	-34	3	-75	121
Common Share Dividends Paid	-21	-21	-21	-21	-21	-21
Dividends Paid
Dividends Paid to Common Shareholders of the Company
Preferred Share Dividends Paid	—	—	—	—	—	—
Dividends Paid to Redeemable Preferred Security Holders
Other Financing Activities	-68	-39	-67	-41	-71	-66
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	147	43	-91	-136	-113	12
Net Cash Flows from Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	669	417	812	653	498	252
NOPAT	341	219.6	235.6	693	325.4	232.3
Levered Free Cash Flow	569	135	567	691	315	226
Unlevered Free Cash Flow	511	166.6	665.6	896	433.4	171.3
Net Change in Cash	198	30	465	-32	164	-199