Constellation Software Inc.

TSX-CSU

OverviewFinancialsInvestor RelationsResearchEstimatesNewsOwnershipIndustryDividendsModelingFilings

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	258	506	261	119	-57	306
Net Income
Depreciation & Amortization	663	649	589	536	485	438
Depreciation
Amortization of Intangible Assets
Depreciation of Third Party Costs
Other Adjustments	593	72	364	581	545	176
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	-299	-215	-245	-145	-249	-153
Income Taxes Paid
Changes in Other Operating Activities	44	-79	34	-66	30	-42
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	1,260	1,194	1,002	1,024	755	721
Net Cash Flows from Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-31	-44	-23	-23	-19	-22
Property and Equipment Purchased
Purchases of Investments	-189	-7	-1	-5	-18	-1
Purchases of Investments and Other Assets
Proceeds from Sale of Investments	15	2	5	—	119	3
Proceeds from Sales of Other Investments and Other Assets
Payments for Business Acquisitions	-548	-780	-739	-810	-885	-441
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	37	15	4	-1	3	1
Change in Restricted Cash
Interest, Dividends and Other Proceeds Received
Cash from Investing Activities	-717	-814	-753	-839	-800	-461
Net Cash Flows from Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	-104	-19	92	-11	38	-14
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	-104	-19	92	-11	38	-14
Issuance of Long-Term Debt	368	105	698	469	443	136
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	-162	-177	-112	-210	-181	-138
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	206	-72	586	259	262	-2
Common Share Dividends Paid	-42	-43	-42	-43	-42	-43
Dividends Paid
Dividends Paid to Common Shareholders of the Company
Preferred Share Dividends Paid	—	—	—	—	—	—
Dividends Paid to Redeemable Preferred Security Holders
Other Financing Activities	-106	-111	-275	-82	-63	-63
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	-48	-249	363	121	195	-122
Net Cash Flows from Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	1,229	1,150	979	1,001	736	699
NOPAT	497.9	1,041.8	430.9	359.2	-775.8	366.5
Levered Free Cash Flow	737	1,006	1,294	668	490	510
Unlevered Free Cash Flow	874.9	1,352.8	785.9	661.2	-528.8	587.5
Net Change in Cash	495	131	612	306	150	138