Results for the Fourth Quarter and Year Ended December 31th TORONTO, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the fourth quarter and year ended December 31, 2021 and declared a $1.00 per share dividend payable on April 12, 2022 to all common shareholders of record at close of business on March 16, 2022. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.
The following press release should be read in conjunction with the Company’s annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual Management’s Discussion and Analysis for the year ended December 31, 2021, which can be found on SEDAR at www.sedar.com and on the Company’s website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.
Q4 2021 Headlines:
- Revenue grew 27% (4% organic growth, 5% after adjusting for changes in foreign exchange rates) to $1,383 million compared to $1,091 million in Q4 2020.
- Net income attributable to common shareholders decreased 17% to $124 million ($5.86 on a diluted per share basis) from $149 million ($7.02 on a diluted per share basis) in Q4 2020.
- A number of acquisitions were completed for aggregate cash consideration of $487 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $79 million resulting in total consideration of $566 million.
- Cash flows from operations (“CFO”) was $341 million, a decrease of 4%, or $14 million, compared to $355 million for the comparable period in 2020.
- Free cash flow available to shareholders (“FCFA2S”) decreased $63 million to $244 million compared to $307 million for the same period in 2020 representing a decrease of 21%.
- Subsequent to December 31, 2021, the Company completed or entered into agreements to acquire a number of businesses for aggregate cash consideration of $130 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $21 million resulting in total consideration of $150 million.
2021 Headlines:
- Revenue grew 29% (7% organic growth, 5% after adjusting for changes in foreign exchange rates) to $5,106 million compared to $3,969 million in 2020.
- Net income attributable to common shareholders decreased 29% to $310 million ($14.65 on a diluted per share basis) from $436 million ($20.59 on a diluted per share basis) in Q4 2020.
- A number of acquisitions were completed for total consideration of $1,517 million including holdbacks, contingent consideration and amounts related to Topicus.com B.V.
- Cash flows from operations (“CFO”) was $1,300 million, an increase of 10%, or $114 million, compared to $1,186 million for the comparable period in 2020.
- Free cash flow available to shareholders (“FCFA2S”) decreased $106 million to $883 million compared to $989 million for the same period in 2020 representing a decrease of 11%.
Total revenue for the quarter ended December 31, 2021 was $1,383 million, an increase of 27%, or $291 million, compared to $1,091 million for the comparable period in 2020. For the year ended December 31, 2021 total revenues were $5,106 million, an increase of 29%, or $1,137 million, compared to $3,969 million for the 2020 fiscal year. The increase for both the three and twelve month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% and 7%, respectively, 5% for both periods after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.
The net income attributable to common shareholders of the Company for the quarter ended December 31, 2021 was $124 million compared to net income of $149 million for the same period in 2020. On a per share basis, this translated into a net income per basic and diluted share of $5.86 in the quarter ended December 31, 2021 compared to net income per basic and diluted share of $7.02 for the same period in 2020. For the year ended December 31, 2021, net income attributable to common shareholders of the Company was $310 million or $14.65 per diluted share compared to $436 million or $20.59 per diluted share for the same period in 2020. There was no change in the number of shares outstanding.
For the quarter ended December 31, 2021, CFO decreased $14 million to $341 million compared to $355 million for the same period in 2020 representing a decrease of 4%. For the year ended December 31, 2021, CFO increased $114 million to $1,300 million compared to $1,186 million for the 2020 fiscal year, representing an increase of 10%.
For the quarter ended December 31, 2021, FCFA2S decreased $63 million to $244 million compared to $307 million for the same period in 2020 representing a decrease of 21%. For the year ended December 31, 2021, FCFA2S decreased $106 million to $883 million compared to $989 million for the 2020 fiscal year, representing an decrease of 11%. The increase in the IRGA / TSS membership liability revaluation charge as well as the non-controlling interests, both primarily related to the purchase of Topicus.com B.V., were the main reasons for the decrease.
https://www.globenewswire.com/news-release/2022/02/10/2383319/0/en/Constellation-Software-Inc-Announces-Results-for-the-Fourth-Quarter-and-Year-Ended-December-31-2021-and-Declares-Quarterly-Dividend.html