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Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2012 and Declares Quarterly Dividend

(May 02, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 05/02/12 -- Constellation Software Inc. (TSX:CSU) ("Constellation" or the "Company") today announced its financial results for the first quarter ended March 31, 2012 and declared a $1.00 per share dividend payable on July 4, 2012 to all common shareholders of record at close of business on June 18, 2012. 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 Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2012 and the accompanying notes, and with our 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, 2011, 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.

Q1 2012 Highlights:

-- Revenue grew 10% to $195 million compared to $178 million in Q1 2011. Organic revenue growth was 3% in Q1 2012 compared to 5% in Q1 2011. -- Adjusted EBITDA increased $4 million or 12% to $39 million as compared to Q1 2011. -- Adjusted Net Income increased $5 million or 17% to $32 million ($1.50 on a diluted per share basis) from $27 million ($1.28 on a diluted per share basis) in Q1 2012. -- March 31, 2012 cash position (net of borrowings on our line of credit) increased to $38 million, from $33 million at December 31, 2011. -- The Company's $160 million credit facility was replaced with a $300 million credit facility on more favourable terms. -- Four acquisitions were completed in the quarter for net cash consideration of $8 million. -- Subsequent to March 31, 2012, the Company completed four acquisitions for aggregate cash consideration of $12 million plus holdbacks of $3 million and declared a quarterly dividend of $1.00 per share payable on July 4, 2012 to all shareholders of record as of June 18, 2012.


First quarter 2012 revenue was $195 million, an increase of 10%, or $17 million, compared to $178 million for the comparable period in 2011. The increase was mainly attributable to growth from acquisitions, as organic growth from our existing businesses increased by approximately $5 million or 3% for the quarter.

Adjusted EBITDA for the first quarter 2012 was $39 million, a 12% increase compared to the prior year's first quarter Adjusted EBITDA of $35 million. First quarter 2012 Adjusted EBITDA per share on a diluted basis increased 12% to $1.85, compared to $1.65 for the same period last year.

Adjusted Net Income for the first quarter 2012 was $32 million, compared to the prior year's first quarter Adjusted Net Income of $27 million, a 17% increase. First quarter 2012 Adjusted Net Income per share on a diluted basis increased 17% to $1.50 compared to $1.28 for the prior year's first quarter.

Net income for the first quarter 2012 was $14 million compared to the prior year's first quarter net income of $62 million. On a diluted per share basis, this translates into net income per share of $0.66 for the first quarter of 2012. This compares unfavorably to $2.95 for the same period of 2011, which included an unusual deferred income tax recovery. Excluding the deferred income tax recovery, net income increased by 46% to $12 million in the quarter ended March 31, 2012 from $8 million in the quarter ended March 31, 2011.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2012 compared to the same period in 2011:

----------------------------------------------------- Period-Over-Period Three months ended March 31, Change ----------------------------------------------------- 2012 2011 $ % ----------------------------------------------------- ($000, except percentages) Public Sector Licenses 9,790 10,545 (755) -7% Professional services 32,302 33,459 (1,157) -3% Hardware and other 22,289 21,257 1,032 5% Maintenance and other recurring 73,851 65,689 8,162 12% ----------------------------------------------------- 138,232 130,950 7,282 6% ----------------------------------------------------- ----------------------------------------------------- Private Sector Licenses 5,150 4,666 484 10% Professional services 9,825 8,330 1,495 18% Hardware and other 3,066 2,750 316 11% Maintenance and other recurring 39,005 30,936 8,069 26% ----------------------------------------------------- 57,046 46,682 10,364 22% -----------------------------------------------------

Public Sector

For the quarter ended March 31, 2012, total revenue in the public sector reportable segment increased 6% or $7 million, to $138 million, compared to $131 million for the quarter ended March 31, 2011. Revenue growth from acquired businesses was significant as we completed ten acquisitions since the beginning of 2011 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2011 contributed approximately $5 million to our Q1 2012 revenues. Revenues increased organically by 2% or $2 million in Q1 2012 compared to the same period in 2011.

The organic revenue change was primarily driven by the following:

-- Volaris operating group (increase of approximately $2 million for the three months ended March 31, 2012). The organic growth was primarily driven from strong revenue in its PTS and agriculture verticals.

Private Sector

For the quarter ended March 31, 2012, total revenue in the private sector reportable segment increased by 22%, or $10 million, to $57 million, compared to $47 million for the quarter ended March 31, 2011. Revenue growth from acquired businesses was significant for the three month period as we completed twelve acquisitions since the beginning of 2011 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2011 contributed approximately $7 million to our Q1 2012 revenues. Revenues increased organically by 6% or $3 million in Q1 2012 compared to the same period in 2011.

The organic revenue change was primarily driven by the following:

-- Jonas operating group (increase of approximately $3 million for the three months ended March 31, 2012). Jonas' organic growth was driven by strong sales to both existing and new customers primarily in its fitness, construction, and food service verticals.

During the quarter, Constellation completed four acquisitions for total net cash consideration of approximately $8 million, and made $1 million in acquisition holdback payments. At March 31, 2012, Constellation's cash position (net of borrowings on our line of credit) increased to $38 million, from $33 million at December 31, 2011. Subsequent to March 31, 2012, the Company completed four acquisitions for aggregate cash consideration of $12 million.

"Q1 was a respectable quarter across all metrics. Our businesses generated high rates of return while delivering modest organic growth." commented John Billowits, Chief Financial Officer of Constellation. "As previously noted, it was anticipated that our overall growth will slow in 2012 given the relatively small amount of capital deployed on acquisitions in 2011 and a moderation in the PTS organic revenue growth rate. However, we are optimistic about our acquisition prospects in the short term."

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 3, 2012 to answer questions regarding the results. The teleconference numbers are 416-340-8061 or 800-396-7098. The call will also be webcast live and archived on Constellation's website at www.csisoftware.com.

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on May 17, 2012. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 3771898.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term "Adjusted EBITDA" refers to net income before adjusting for finance income, finance costs, income taxes, equity in net loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange loss (gain). The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and the other items listed above. "Adjusted EBITDA margin" refers to the percentage that Adjusted EBITDA for any period represents as a portion of total revenue for that period.

"Adjusted net income" means net income plus non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred by the Company from time to time. "Adjusted net income margin" refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITDA and Adjusted net income are not recognized measures under IFRS and, accordingly, shareholders are cautioned that Adjusted EBITDA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating Adjusted EBITDA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITDA and Adjusted net income may not be comparable to similar measures presented by other issuers. See "Results of Operations -Adjusted EBITDA" and "- Adjusted net income" for a reconciliation of Adjusted EBITDA and Adjusted net income to net income.

The following table reconciles Adjusted EBITDA to net income:

-------------------------------------- Three months ended March 31, -------------------------------------- 2012 2011 -------------------------------------- ($000, except percentages) Total revenue $195,278 $ 177,632 -------------------------------------- -------------------------------------- Net income 13,924 62,488 Adusted for: Income tax expense (recovery) 3,311 (50,963) Foreign exchange loss 208 2,065 Equity in net loss of equity investees 882 0 Finance income (1,069) (368) Finance costs 1,018 1,161 Amortization of intangible assets 19,275 18,525 Depreciation 1,718 2,126 Adjusted EBITDA 39,267 35,034 Adjusted EBITDA margin 20% 20% --------------------------------------

The following table reconciles Adjusted net income to net income: ------------------------------------- Three months ended March 31, 2012 2011 ------------------------------------- ($000, except percentages) Total revenue $195,278 $ 177,632 ------------------------------------- ------------------------------------- Net income 13,924 62,488 Adusted for: Amortization of intangible assets 19,275 18,525 Deferred income tax recovery (1,492) (53,971) Adjusted net income 31,707 27,042 Adjusted net income margin 16% 15% -------------------------------------

The following tables provide supplemental statement of operations and cash flow information for PTS: Supplemental financial information ---------------------------------------------------------------------------- For the three months ended March 31, 2012 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Constellation Software Inc. (Unaudited) (excluding PTS) PTS Consolidated ------------------------------------------------ Revenue $ 162,468 $ 32,810 $ 195,278 Adjusted EBITDA 32,611 6,656 39,267 EBITDA as % Total Revenue 20% 20% 20% ---------------------------------------------------------------------------- Net Income $ 8,178 $ 5,746 $ 13,924 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash flows from operating activities: Net income $ 8,178 $ 5,746 $ 13,924 Adjustments to reconcile net income to net cash flows from operations, including taxes paid: 21,780 861 22,641 Change in non-cash operating working capital (6,536) (17,808) (24,344) ---------------------------------------------------------------------------- Cash flows from operating activities $ 23,422 $ (11,201) $ 12,221 The following table reconciles Adjusted EBITDA to net income for PTS: Adjusted EBITDA to net income reconciliation --------------------------------------------------------------------------- For the three months ended March 31, 2012 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Constellation Software Inc. (excluding (Unaudited) PTS) PTS Consolidated -------------------------------------------------- Total revenue $ 162,468 $ 32,810 $ 195,278 -------------------------------------------------- -------------------------------------------------- Net income 8,178 5,746 13,924 Adjusted for: Income tax expense 2,914 397 3,311 Other expenses (income) 691 348 1,039 Amortization of intangible assets 19,275 - 19,275 Depreciation 1,553 165 1,718 Adjusted EBITDA 32,611 6,656 39,267 Adjusted EBITDA margin 20% 20% 20%

About Constellation Software Inc.

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. The Company acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.

CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Financial Position (In thousands of U.S. dollars) (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- March 31, December 31, 2012 2011 ---------------------------------------------------------------------------- Assets Current assets: Cash $ 48,813 $ 33,492 Equity securities available-for-sale 23,382 21,222 Accounts receivable 103,100 100,398 Work in progress 29,209 26,244 Inventories 15,205 13,539 Other assets 27,702 25,633 ---------------------------------------------------------------------------- 247,411 220,528 Non-current assets: Property and equipment 14,401 14,591 Deferred income taxes 101,636 99,659 Other assets 26,205 28,005 Intangible assets 262,756 267,792 ---------------------------------------------------------------------------- 404,998 410,047 ---------------------------------------------------------------------------- Total assets $ 652,409 $ 630,575 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Bank indebtedness $ 11,198 $ - Accounts payable and accrued liabilities 80,158 114,952 Dividends payable 21,192 - Deferred revenue 207,032 181,450 Provisions 3,162 3,555 Acquired contract liabilities 1,438 4,750 Acquisition holdback payments 13,254 11,378 Income taxes payable 7,058 4,751 ---------------------------------------------------------------------------- 344,492 320,836 Non-current liabilities: Deferred income taxes 12,423 11,259 Acquired contract liabilities 29,365 28,051 Acquisition holdback payments 2,723 2,474 Other liabilities 10,725 11,675 ---------------------------------------------------------------------------- 55,236 53,459 ---------------------------------------------------------------------------- Total liabilities 399,728 374,295 ---------------------------------------------------------------------------- Shareholders' equity: Capital stock 99,283 99,283 Accumulated other comprehensive income 10,630 6,961 Retained earnings 142,768 150,036 ---------------------------------------------------------------------------- 252,681 256,280 ---------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 652,409 $ 630,575 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Comprehensive Income (In thousands of U.S. dollars, except per share amounts) Three months ended March 31, 2012 and 2011 (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 2012 2011 ---------------------------------------------------------------------------- (Recast) Revenue $ 195,278 $ 177,632 Expenses Staff 105,631 95,919 Hardware 12,227 12,121 Third party license, maintenance and professional services 14,246 12,663 Occupancy 4,625 4,588 Travel 8,246 6,268 Telecommunications 2,497 2,537 Supplies 3,432 4,163 Professional fees 1,845 2,136 Other 3,262 2,203 Depreciation 1,718 2,126 Amortization of intangible assets 19,275 18,525 ---------------------------------------------------------------------------- 177,004 163,249 Foreign exchange loss 208 2,065 Equity in net loss of equity investees 882 - Finance income (1,069) (368) Finance costs 1,018 1,161 ---------------------------------------------------------------------------- 1,039 2,858 Profit before income tax 17,235 11,525 Current income tax expense 4,803 3,008 Deferred income tax recovery (1,492) (53,971) ---------------------------------------------------------------------------- Income tax expense (recovery) 3,311 (50,963) ---------------------------------------------------------------------------- Net income 13,924 62,488 ---------------------------------------------------------------------------- Net change in fair value on available-for-sale financial assets during the period 3,848 3,325 Net unrealized foreign exchange adjustment gain on available-for-sale financial assets during the period 121 209 Amounts reclassified to profit during the period related to realized gains on available-for-sale investments (1,032) (334) Foreign currency translation differences from foreign operations 1,141 1,103 Current tax expense (78) - Deferred tax expense (331) (480) ---------------------------------------------------------------------------- Other comprehensive income for the period, net of income tax 3,669 3,823 ---------------------------------------------------------------------------- Total comprehensive income for the period $ 17,593 $ 66,311 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Earnings per share Basic and diluted $ 0.66 $ 2.95 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Changes in Equity (In thousands of U.S. dollars) Three months ended March 31, 2012 (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CapitalAccumulated other comprehensive stock income/(loss) Amounts related to gains/losses on available- Cumulative for-sale translation financial account assets Balance at January 1, 2012 $ 99,283 $ 182 $ 6,779 Total comprehensive income for the period Net income Other comprehensive income (loss) Net change in fair value on available-for-sale financial assets during the period 3,848 Net unrealized foreign exchange adjustment gain (loss) on available-for- sale financial assets during the period 121 Amounts reclassified to profit during the period related to realized gains on available-for-sale investments (1,032) Foreign currency translation differences from foreign operations 1,141 Current tax expense (78) Deferred tax expense (11) (320) ---------------------------------------------------------------------------- Total other comprehensive income for the period 1,052 2,617 ---------------------------------------------------------------------------- Total comprehensive income for the period 1,052 2,617 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Transactions with owners, recorded directly in equity Dividends to owners of the Company ---------------------------------------------------------------------------- Balance at March 31, 2012 $ 99,283 $ 1,234 $ 9,396 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Changes in Equity (In thousands of U.S. dollars) Three months ended March 31, 2012 (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total accumulated other comprehensive Retained income/(loss) earnings Total Balance at January 1, 2012 $ 6,961 $ 150,036 $ 256,280 Total comprehensive income for the period Net income 13,924 13,924 Other comprehensive income (loss) Net change in fair value on available-for-sale financial assets during the period 3,848 - 3,848 Net unrealized foreign exchange adjustment gain (loss) on available-for- sale financial assets during the period 121 - 121 Amounts reclassified to profit during the period related to realized gains on available-for-sale investments (1,032) - (1,032) Foreign currency translation differences from foreign operations 1,141 - 1,141 Current tax expense (78) (78) Deferred tax expense (331) - (331) ---------------------------------------------------------------------------- Total other comprehensive income for the period 3,669 - 3,669 ---------------------------------------------------------------------------- Total comprehensive income for the period 3,669 13,924 17,593 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Transactions with owners, recorded directly in equity Dividends to owners of the Company (21,192) (21,192) ---------------------------------------------------------------------------- Balance at March 31, 2012 $ 10,630 $ 142,768 $ 252,681 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Changes in Equity (In thousands of U.S. dollars) Three months ended March 31, 2011 (Unaudited) --------------------------------------------------------------------------- --------------------------------------------------------------------------- Accumulated other comprehensive Capital stock income/(loss) Amounts related to gains/losses Cumulative on available- translation for-sale account financial assets Balance at January 1, 2011 $ 99,283 $ 432 $ 7,143 Total comprehensive income for the period Net income Other comprehensive income (loss) Net change in fair value on available-for-sale financial assets during the period 3,325 Net unrealized foreign exchange adjustment gain (loss) on available- for-sale financial assets during the period 209 Amounts reclassified to profit during the period related to realized gains on available-for-sale investments (334) Foreign currency translation differences from foreign operations 1,103 - Deferred tax expense (480) --------------------------------------------------------------------------- Total other comprehensive income (loss) for the period 1,103 2,720 --------------------------------------------------------------------------- Total comprehensive income for the period 1,103 2,720 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Transactions with owners, recorded directly in equity Dividends to owners of the Company --------------------------------------------------------------------------- Balance at March 31, 2011 $ 99,283 $ 1,535 $ 9,863 --------------------------------------------------------------------------- --------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Changes in Equity (In thousands of U.S. dollars) Three months ended March 31, 2011 (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total accumulated other Retained comprehensive earnings income/(loss) (Recast) Total Balance at January 1, 2011 $ 7,575 $ 36,193 $ 143,051 Total comprehensive income for the period Net income 62,488 62,488 Other comprehensive income (loss) Net change in fair value on available-for-sale financial assets during the period 3,325 - 3,325 Net unrealized foreign exchange adjustment gain (loss) on available- for-sale financial assets during the period 209 - 209 Amounts reclassified to profit during the period related to realized gains on available-for-sale investments (334) - (334) Foreign currency translation differences from foreign operations 1,103 - 1,103 Deferred tax expense (480) - (480) ---------------------------------------------------------------------------- Total other comprehensive income (loss) for the period 3,823 - 3,823 ---------------------------------------------------------------------------- Total comprehensive income for the period 3,823 62,488 66,311 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Transactions with owners, recorded directly in equity Dividends to owners of the Company (42,384) (42,384) ---------------------------------------------------------------------------- Balance at March 31, 2011 $ 11,398 $ 56,297 $ 166,978 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Cash Flows (In thousands of U.S. dollars) Three months ended March 31, 2012 and 2011 (Unaudited) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 2012 2011 ---------------------------------------------------------------------------- (Recast) Cash flows from operating activities: Net income $ 13,924 $ 62,488 Adjustments for: Depreciation 1,718 2,126 Amortization of intangible assets 19,275 18,525 Equity in net earnings of equity investees 882 - Finance income (1,069) (368) Finance costs 1,018 1,161 Income tax expense (recovery) 3,311 (50,963) Foreign exchange loss 208 2,065 Change in non-cash operating working capital (24,344) (13,376) Income taxes paid (2,702) (2,379) -------------------------------------------------------------------------- Net cash flows from operating activities 12,221 19,279 Cash flows from financing activities: Interest paid (336) (887) Increase in other non current liabilities (200) 87 Increase in bank indebtedness, net 13,000 38,644 Credit facility financing fees (1,840) - Dividends paid - (42,384) -------------------------------------------------------------------------- Net cash flows from financing activities 10,624 (4,540) Cash flows from investing activities: Acquisition of businesses, net of cash acquired (7,807) (10,391) Post-acquisition settlement payments, net of receipts (501) (1,052) Purchases of available-for-sale equity securities - (1,249) Proceeds from sale of available-for- sale equity securities 1,808 643 Increase in restricted cash - 450 Interest received 38 37 Property and equipment purchased (1,290) (2,599) -------------------------------------------------------------------------- Cash flows provided for (used in) investing activities (7,752) (14,161) Effect of currency translation adjustment on cash and cash equivalents 228 (1,346) Increase (decrease) in cash and cash equivalents 15,321 (768) Cash, beginning of period 33,492 30,911 ---------------------------------------------------------------------------- Cash, end of period $ 48,813 $ 30,143 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------

Contacts:
Constellation Software Inc.
John Billowits
Chief Financial Officer
(416) 861-2279
info@csisoftware.com
www.csisoftware.com


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