Constellation Software Inc. (TSX:CSU) (“Constellation” or the
“Company”) today announced its financial results for the fourth
quarter and year ended December 31, 2020 and declared a $1.00 per
share dividend payable on April 9, 2021 to all common shareholders
of record at close of business on March 16, 2021. 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, 2020, 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.
Our board continues to applaud the efforts of
our employees during the disruption caused by COVID-19. We’d like
to thank those who have gone beyond the call of duty in supporting
their colleagues and our customers.
Q4 2020 Headlines:
- Revenue grew 14% (1% organic
growth, negative 1% after adjusting for changes in foreign exchange
rates) to $1,091 million compared to $956 million in Q4
2019.
- Net income increased 62% to $149
million ($7.02 on a diluted per share basis) from $92 million
($4.34 on a diluted per share basis) in Q4 2019.
- A number of acquisitions were
completed for aggregate cash consideration of $179 million (which
includes acquired cash). Deferred payments associated with these
acquisitions have an estimated value of $60 million resulting in
total consideration of $239 million.
- Cash flows from operations (“CFO”)
was $355 million, an increase of 39%, or $100 million, compared to
$255 million for the comparable period in 2019.
- Free cash flow available to
shareholders (“FCFA2S”) increased $113 million to $307 million
compared to $193 million for the same period in 2019 representing
an increase of 59%.
- The Company determined that certain
of its subsidiaries qualified for an estimated aggregate amount of
$11 million of grants from various government authorities, and
recognized such amounts as a reduction to expenses in the
quarter.
- On January 5, 2021, the Company
completed its purchase of 100% of the shares of Topicus.com B.V.
("Topicus B.V."), a Netherlands-based diversified vertical market
software provider and in connection with the closing of the
acquisition, the TSS operating group has been spun out of
Constellation and now operates, together with Topicus, as a
separate public company.
2020 Headlines:
- Revenue grew 14% (negative 3%
organic growth, negative 3% after adjusting for changes in foreign
exchange rates) to $3,969 million compared to $3,490 million in
2019.
- Net income increased 31% to $436
million ($20.59 on a diluted per share basis) from $333 million
($15.73 on a diluted per share basis) in 2019.
- A number of acquisitions were
completed for aggregate cash consideration of $477 million (which
includes acquired cash). Deferred payments associated with these
acquisitions have an estimated value of $151 million resulting in
total consideration of $628 million.
- Cash flows from operations (“CFO”)
was $1,186 million, an increase of 55%, or $419 million, compared
to $767 million for the comparable period in 2019.
- Free cash flow available to
shareholders (“FCFA2S”) increased $399 million to $989 million
compared to $590 million for the same period in 2019 representing
an increase of 68%.
- The Company determined that certain
of its subsidiaries qualified for an estimated aggregate amount of
$41 million of grants from various government authorities, and
recognized such amounts as a reduction to expenses in the
year.
Total revenue for the quarter ended December 31,
2020 was $1,091 million, an increase of 14%, or $135 million,
compared to $956 million for the comparable period in 2019. For the
year ended December 31, 2020 total revenues were $3,969 million, an
increase of 14%, or $479 million, compared to $3,490 million for
the 2019 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 1% and negative 3% respectively,
negative 1% and negative 3% after adjusting for the impact of
changes in the valuation of the US dollar against most major
currencies in which the Company transacts business.
Net income for the quarter ended December 31,
2020 was $149 million compared to net income of $92 million for the
same period in 2019. On a per share basis, this translated into a
net income per diluted share of $7.02 in the quarter ended December
31, 2020 compared to net income per diluted share of $4.34 for the
same period in 2019. For the year ended December 31, 2020, net
income was $436 million or $20.59 per diluted share compared to
$333 million or $15.73 per diluted share for the 2019 fiscal
year.
For the quarter ended December 31, 2020, CFO
increased $100 million to $355 million compared to $255 million for
the same period in 2019 representing an increase of 39%. For the
year ended December 31, 2020, CFO increased $419 million to $1,186
million compared to $767 million for the 2019 fiscal year,
representing an increase of 55%.
For the quarter ended December 31, 2020, FCFA2S
increased $113 million to $307 million compared to $193 million for
the same period in 2019 representing an increase of 59%. For the
year ended December 31, 2020, FCFA2S increased $399 million to $989
million compared to $590 million for the 2019 fiscal year,
representing an increase of 68%.
Spin-Out of Topicus.com
Inc.
On January 5, 2021, the Company completed its
purchase of 100% of the shares of Topicus.com B.V. ("Topicus
B.V."), a Netherlands-based diversified vertical market software
provider and in connection with the closing of the acquisition, the
TSS operating group has been spun out of Constellation and now
operates, together with Topicus, as a separate public company.
(collectively, the “Spin-Out Transactions”).
In connection with the completion of the
Spin-Out Transactions, on January 4, 2021, all of Constellation’s
common shareholders of record on December 28, 2020 received, by way
of a dividend-in-kind, 1.859817814 subordinate voting shares of
Topicus.com (the “Spin-Out Shares”) for each common share of
Constellation held.
Constellation’s equity interest in TSS prior to
the Spin-Out Transactions was 66.7%. Constellation’s equity
interest in Topicus.com after completion of the Spin-Out
Transactions on a fully diluted basis is approximately 30.4%. In
addition, Constellation as the holder of a super voting share is
entitled to that number of votes that equals 50.1% of the aggregate
number of votes attached to all of the outstanding voting shares at
such time. As a result of the super voting share Constellation will
consolidate Topicus.com.
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
Free cash flow available to shareholders
‘‘FCFA2S’’ refers to net cash flows from operating activities less
interest paid on lease obligations, interest paid on other
facilities, credit facility transaction costs, repayments of lease
obligations, the TSS membership liability revaluation charge, and
property and equipment purchased, and includes interest and
dividends received. Constellation believes that FCFA2S is useful
supplemental information as it provides an indication of the
uncommitted cash flow that is available to shareholders if
Constellation does not make any acquisitions, or investments, and
does not repay any debts. While Constellation could use the FCFA2S
to pay dividends or repurchase shares, Constellation’s objective is
to invest all of our FCFA2S in acquisitions which meet
Constellation’s hurdle rate.
FCFA2S is not a recognized measure under IFRS
and, accordingly, readers are cautioned that FCFA2S should not be
construed as an alternative to net cash flows from operating
activities.
The following table reconciles FCFA2S to net
cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
Year ended December 31, |
|
|
|
|
2020 |
2019 |
|
|
|
2020 |
2019 |
|
|
|
($ in millions, except percentages) |
|
($ in millions, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from
operating activities |
|
|
355 |
255 |
|
|
|
1,186 |
767 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
Interest paid on lease
obligations |
|
|
(2) |
(2) |
|
|
|
(8) |
(7) |
|
Interest paid on other
facilities |
|
|
(10) |
(8) |
|
|
|
(32) |
(31) |
|
Credit facility transaction
costs |
|
|
(1) |
(2) |
|
|
|
(2) |
(3) |
|
Payments of lease
obligations |
|
|
(19) |
(17) |
|
|
|
(66) |
(51) |
|
TSS membership
liability revaluation charge |
|
|
(10) |
(22) |
|
|
|
(65) |
(52) |
|
Property and equipment
purchased |
|
|
(6) |
(10) |
|
|
|
(25) |
(34) |
|
Interest and dividends
received |
|
|
0 |
0 |
|
|
|
1 |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow available to
shareholders |
|
|
307 |
193 |
|
|
|
989 |
590 |
|
|
|
|
|
|
|
|
|
|
|
|
Due to rounding, certain
totals may not foot. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Constellation Software
Inc.
Constellation's common shares are listed on the
Toronto Stock Exchange under the symbol "CSU". Constellation
acquires, manages and builds vertical market software
businesses.
For further information:
Jamal BakshChief Financial Officer (416)
861-9677 info@csisoftware.comwww.csisoftware.com
SOURCE: CONSTELLATION
SOFTWARE INC.
CONSTELLATION
SOFTWARE INC. |
|
Consolidated Statements of Financial Position |
|
|
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
$ |
758 |
|
$ |
316 |
|
|
Accounts receivable |
|
|
|
|
|
|
483 |
|
|
422 |
|
|
Unbilled revenue |
|
|
|
|
|
|
98 |
|
|
110 |
|
|
Inventories |
|
|
|
|
|
|
|
27 |
|
|
31 |
|
|
Other assets |
|
|
|
|
|
|
219 |
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
1,585 |
|
|
1,062 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property and equipment |
|
|
|
|
|
86 |
|
|
78 |
|
|
Right of use assets |
|
|
|
|
|
|
251 |
|
|
234 |
|
|
Deferred income taxes |
|
|
|
|
|
52 |
|
|
45 |
|
|
Other assets |
|
|
|
|
|
|
75 |
|
|
72 |
|
|
Intangible assets |
|
2,325 |
|
|
1,997 |
|
|
|
|
|
|
|
|
|
|
|
2,790 |
|
|
2,425 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
$ |
4,375 |
|
$ |
3,488 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
CSI facility |
|
|
|
|
|
|
$ |
- |
|
$ |
63 |
|
|
Debt without recourse to Constellation Software Inc. |
|
|
28 |
|
|
57 |
|
|
TSS membership liability |
|
|
|
|
|
113 |
|
|
86 |
|
|
Accounts payable and accrued liabilities |
|
|
|
|
666 |
|
|
529 |
|
|
Dividends payable |
|
|
|
|
|
|
21 |
|
|
21 |
|
|
Deferred revenue |
|
|
|
|
|
|
962 |
|
|
788 |
|
|
Provisions |
|
|
|
|
|
|
|
12 |
|
|
13 |
|
|
Acquisition holdback payables |
|
|
|
|
|
85 |
|
|
76 |
|
|
Lease obligations |
|
|
|
|
|
|
74 |
|
|
62 |
|
|
Income taxes payable |
|
|
|
|
|
78 |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
2,040 |
|
|
1,732 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Debt without recourse to Constellation Software Inc. |
|
|
199 |
|
|
153 |
|
|
TSS membership liability |
|
|
|
|
|
198 |
|
|
136 |
|
|
Debentures |
|
|
|
|
|
|
223 |
|
|
222 |
|
|
Deferred income taxes |
|
|
|
|
|
285 |
|
|
246 |
|
|
Acquisition holdback payables |
|
|
|
|
|
37 |
|
|
25 |
|
|
Lease obligations |
|
|
|
|
|
|
201 |
|
|
187 |
|
|
Other liabilities |
|
|
|
|
|
|
146 |
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
1,288 |
|
|
1,069 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
|
|
3,328 |
|
|
2,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Capital stock |
|
|
|
|
|
|
99 |
|
|
99 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(31 |
) |
|
(40 |
) |
|
Retained earnings |
|
|
|
|
|
|
980 |
|
|
628 |
|
|
|
|
|
|
|
|
|
|
|
1,048 |
|
|
687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
|
|
$ |
4,375 |
|
$ |
3,488 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
License |
|
|
|
|
$ |
234 |
|
|
$ |
226 |
|
|
Professional services |
|
|
|
|
751 |
|
|
|
673 |
|
|
Hardware and other |
|
|
|
|
169 |
|
|
|
173 |
|
|
Maintenance and other recurring |
|
|
|
2,815 |
|
|
|
2,417 |
|
|
|
|
|
|
|
|
|
|
3,969 |
|
|
|
3,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Staff |
|
|
|
|
|
2,050 |
|
|
|
1,797 |
|
|
Hardware |
|
|
|
|
|
97 |
|
|
|
101 |
|
|
Third party license, maintenance and professional services |
|
|
|
|
|
|
|
330 |
|
|
|
300 |
|
|
Occupancy |
|
|
|
|
|
35 |
|
|
|
35 |
|
|
Travel, telecommunications, supplies, software and equipment |
|
|
|
|
|
|
|
152 |
|
|
|
201 |
|
|
Professional fees |
|
|
|
|
60 |
|
|
|
49 |
|
|
Other, net |
|
|
|
|
|
13 |
|
|
|
73 |
|
|
Depreciation |
|
|
|
|
|
105 |
|
|
|
92 |
|
|
Amortization of intangible assets |
|
|
|
403 |
|
|
|
331 |
|
|
|
|
|
|
|
|
|
|
3,246 |
|
|
|
2,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange loss (gain) |
|
|
|
2 |
|
|
|
11 |
|
|
TSS membership liability revaluation charge |
|
65 |
|
|
|
52 |
|
|
Finance and other expense (income) |
|
|
(4 |
) |
|
|
(4 |
) |
|
Bargain purchase gain |
|
|
|
|
(2 |
) |
|
|
(45 |
) |
|
Impairment of intangible and other non-financial assets |
|
12 |
|
|
|
- |
|
|
Finance costs |
|
|
|
|
|
46 |
|
|
|
42 |
|
|
|
|
|
|
|
|
|
|
120 |
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
|
603 |
|
|
|
456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax expense (recovery) |
|
|
221 |
|
|
|
164 |
|
|
Deferred income tax expense (recovery) |
|
|
(55 |
) |
|
|
(41 |
) |
|
Income tax expense (recovery) |
|
|
|
167 |
|
|
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
436 |
|
|
|
333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
$ |
20.59 |
|
|
$ |
15.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
Consolidated Statements of Comprehensive Income |
|
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
$ |
436 |
|
$ |
333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to net
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from foreign
operations and other |
|
9 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) for the period, net of income
tax |
|
9 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period |
$ |
445 |
|
$ |
330 |
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
Consolidated Statement of Changes in Equity |
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2020 |
|
|
|
|
|
|
|
|
Capital
stock |
Accumulated
other comprehensive income (loss) |
Retained
earnings |
Total |
|
|
|
|
|
Cumulative
translation account and other |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2020 |
$ |
99 |
$ |
(40 |
) |
$ |
628 |
|
$ |
687 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
- |
|
|
436 |
|
|
436 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from |
|
|
|
|
|
|
foreign operations and other |
|
- |
|
9 |
|
|
- |
|
|
9 |
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) |
|
|
|
|
|
|
for the period |
|
- |
|
9 |
|
|
- |
|
|
9 |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
period |
|
- |
|
9 |
|
|
436 |
|
|
445 |
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
- |
|
|
(85 |
) |
|
(85) |
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
$ |
99 |
$ |
(31 |
) |
$ |
980 |
|
$ |
1,048 |
|
CONSTELLATION SOFTWARE INC. |
|
|
|
|
Consolidated Statement of Changes in Equity |
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
stock |
Accumulated
other comprehensive income (loss) |
Retained
earnings |
Total |
|
|
|
|
|
Cumulative
translation account and other |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019 |
$ |
99 |
$ |
(37 |
) |
$ |
804 |
|
$ |
866 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
- |
|
- |
|
|
333 |
|
|
333 |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences from |
|
|
|
|
|
|
foreign operations and other |
|
- |
|
(4 |
) |
|
- |
|
|
(4) |
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the
period |
|
- |
|
(4 |
) |
|
- |
|
|
(4) |
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
period |
|
- |
|
(4 |
) |
|
333 |
|
|
330 |
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
Dividends to shareholders of the Company |
|
- |
|
- |
|
|
(509 |
) |
|
(509) |
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
$ |
99 |
$ |
(40 |
) |
$ |
628 |
|
$ |
687 |
|
|
|
|
|
|
|
|
|
CONSTELLATION SOFTWARE INC. |
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
(In millions of U.S.
dollars, except per share amounts. Due to rounding, numbers
presented may not foot.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net income |
|
|
$ |
436 |
|
|
$ |
333 |
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation |
|
|
105 |
|
|
|
92 |
|
|
|
Amortization of intangible assets |
|
403 |
|
|
|
331 |
|
|
|
TSS membership liability revaluation charge |
|
65 |
|
|
|
52 |
|
|
|
Finance and other expense (income) |
|
(4 |
) |
|
|
(4 |
) |
|
|
Bargain purchase (gain) |
|
(2 |
) |
|
|
(45 |
) |
|
|
Impairment of intangible and other non-financial assets |
|
12 |
|
|
|
- |
|
|
|
Finance costs |
|
|
46 |
|
|
|
42 |
|
|
|
Income tax expense (recovery) |
|
167 |
|
|
|
123 |
|
|
|
Foreign exchange loss (gain) |
|
2 |
|
|
|
11 |
|
|
Change in non-cash operating assets and liabilities |
|
|
|
|
|
exclusive of effects of business combinations |
|
117 |
|
|
|
(28 |
) |
|
Income taxes paid |
|
(162 |
) |
|
|
(140 |
) |
|
Net cash flows from (used in) operating activities |
|
1,186 |
|
|
|
767 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities: |
|
|
|
|
Interest paid on lease obligations |
|
(8 |
) |
|
|
(7 |
) |
|
Interest paid on other facilities |
|
(32 |
) |
|
|
(31 |
) |
|
Increase (decrease) in CSI facility |
|
(65 |
) |
|
|
65 |
|
|
Increase (decrease) in revolving credit under debt facilities
without recourse to CSI |
|
(31 |
) |
|
|
5 |
|
|
Proceeds from issuance of term debt under facilities without
recourse to CSI |
|
48 |
|
|
|
49 |
|
|
Repayments of term debt under facilities without recourse to
CSI |
|
(6 |
) |
|
|
(2 |
) |
|
Credit facility transaction costs |
|
(2 |
) |
|
|
(3 |
) |
|
Payments of lease obligations |
|
(66 |
) |
|
|
(51 |
) |
|
Distribution to TSS minority owners |
|
- |
|
|
|
(11 |
) |
|
Dividends paid |
|
(85 |
) |
|
|
(509 |
) |
|
Net cash flows from (used in) in financing activities |
|
(247 |
) |
|
|
(496 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing activities: |
|
|
|
|
Acquisition of businesses |
|
(477 |
) |
|
|
(549 |
) |
|
Cash obtained with acquired businesses |
|
97 |
|
|
|
118 |
|
|
Post-acquisition settlement payments, net of receipts |
|
(105 |
) |
|
|
(74 |
) |
|
Purchases of other investments |
|
(4 |
) |
|
|
(11 |
) |
|
Interest, dividends and other proceeds received |
|
2 |
|
|
|
6 |
|
|
Property and equipment purchased |
|
(25 |
) |
|
|
(34 |
) |
|
Net cash flows from (used in) investing activities |
|
(512 |
) |
|
|
(544 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency on |
|
|
|
|
cash and cash equivalents |
|
15 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash |
|
442 |
|
|
|
(273 |
) |
|
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
316 |
|
|
|
589 |
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
$ |
758 |
|
|
$ |
316 |
|
|
|
|
|
|
|
|
|
|
|
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