Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2013 and Declares Quarterly Dividend

Actualizado el 1 de mayo, 2013 - 22.30hs.

TORONTO, ONTARIO -- (Marketwired) -- 05/01/13 -- Constellation Software Inc. (TSX: CSU) ("Constellation" or the "Company") today announced its financial results for the first quarter ended March 31, 2013 and declared a $1.00 per share dividend payable on July 3, 2013 to all common shareholders of record at close of business on June 17, 2013. 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, 2013 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, 2012, 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 2013 Highlights:


--  Revenue grew 31% to $256 million compared to $195 million in Q1 2012.
--  Adjusted EBITDA increased $4 million or 8% to $43 million as compared to
    Q1 2012.
--  Adjusted Net Income increased 5% to $33 million ($1.57 on a diluted per
    share basis) from $32 million ($1.50 on a diluted per share basis) in Q1
    2012.
--  Seven acquisitions were completed for aggregate cash consideration of
    $73 million (which includes acquired cash) plus cash holdbacks of $3
    million and estimated value of contingent consideration of $2 million.
--  Cash flows from operations increased $22 million or 178% to $34 million
    from $12 million in Q1 2012.

First quarter 2013 revenue was $256 million, an increase of 31%, or $61 million, compared to $195 million for the comparable period in 2012. The increase is solely attributed to growth from acquisitions as there was no organic growth. Excluding the decline in total revenue related to the Public Transit Solutions business the organic growth for the quarter would have been 4%.

Adjusted EBITDA for the first quarter 2013 was $43 million, an 8% increase compared to the prior year's first quarter Adjusted EBITDA of $39 million. First quarter 2013 Adjusted EBITDA per share on a diluted basis increased 8% to $2.01, compared to $1.85 for the same period last year.

Adjusted Net Income for the first quarter 2013 was $33 million, compared to the prior year's first quarter Adjusted Net Income of $32 million, a 5% increase. First quarter 2013 Adjusted Net Income per share on a diluted basis increased 5% to $1.57 compared to $1.50 for the prior year's first quarter.

Net income for the first quarter 2013 was $9 million compared to the prior year's first quarter net income of $14 million. On a diluted per share basis, this translates into net income per share of $0.43 for the first quarter of 2013 compared to $0.66 for the same period of 2012. The decrease in net income for the quarter ended March 31, 2013 was primarily due to an increase in the amortization expense attributable to intangible assets as a result of acquisitions completed during 2012 and Q1 2013.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2013 compared to the same period in 2012:


                                  ------------------------------------------
                                   Three months ended   Period-Over-Period
                                        March 31,             Change
                                  ------------------------------------------
                                        2013      2012         $          %
                                          ($000, except percentages)
Public Sector
Licenses                              13,175     9,790     3,385         35%
Professional services                 43,179    32,302    10,877         34%
Hardware and other                    22,171    22,289      (118)        -1%
Maintenance and other recurring       97,605    73,851    23,754         32%
                                  ------------------------------------------
                                     176,130   138,232    37,898         27%
                                  ------------------------------------------

Private Sector
Licenses                               7,493     5,150     2,343         45%
Professional services                 11,920     9,825     2,095         21%
Hardware and other                     3,637     3,066       571         19%
Maintenance and other recurring       57,251    39,005    18,246         47%
                                  ------------------------------------------
                                      80,301    57,046    23,255         41%
                                  ------------------------------------------

Public Sector

For the quarter ended March 31, 2013, total revenue in the public sector reportable segment increased 27%, or $38 million, to $176 million, compared to $138 million for the quarter ended March 31, 2012. Revenue growth from acquired businesses was significant as we completed twenty-two acquisitions since the beginning of 2012 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2012 contributed approximately $40 million to our Q1 2013 revenues. Revenues decreased organically by 2% or $2 million in Q1 2013 compared to the same period in 2012, primarily driven by a decline in hardware sales in the PTS European business from the same period in 2012.

Private Sector

For the quarter ended March 31, 2013, total revenue in the private sector reportable segment increased 41%, or $23 million, to $80 million, compared to $57 million for the quarter ended March 31, 2012. Revenue growth from acquired businesses was significant for the three month period as we completed twenty acquisitions since the beginning of 2012 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2012 contributed approximately $21 million to our Q1 2013 revenues. Revenues increased organically by 3% or $2 million in Q1 2013 compared to the same period in 2012.

During the quarter, Constellation completed seven acquisitions for total net cash consideration of approximately $70 million, and made $5 million in acquisition holdback payments. At March 31, 2013, Constellation's net borrowings (bank indebtedness less cash) increased by $60 million to $65 million.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 2, 2013 to answer questions regarding the results. The teleconference numbers are 416-695-6616 or 800-766-6630. 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 16, 2013. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 2001965.

Forward Looking Statements

Certain statements herein including those under "Outlook" above, 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 income or loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange gain or loss. 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 amortization 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 adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other 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 or recognized 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, readers 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,
                                           ----------------------------
                                                    2013          2012
                                            ($000, except percentages)

Total revenue                              $     256,431 $     195,278
                                           ----------------------------
                                           ----------------------------

Net income                                         9,199        13,924
Adjusted for:
Income tax expense                                 2,669         3,311
Foreign exchange loss                              1,775           208
Equity in net (income) loss of equity
 investees                                          (344)          882
Finance income                                      (490)       (1,069)
Finance costs                                      1,116         1,018
Amortization of intangible assets                 26,461        19,275
Depreciation                                       2,212         1,718

Adjusted EBITDA                                   42,598        39,267
Adjusted EBITDA margin                                17%           20%
                                      --------------------------------------

The following table reconciles Adjusted net income to net income:

                                      --------------------------------------
                                                Three months ended
                                                    March 31,
                                           ---------------------------
                                                    2013          2012
                                            ($000, except percentages)

Total revenue                              $     256,431 $     195,278
                                           ----------------------------
                                           ----------------------------

Net income                                         9,199        13,924
Adjusted for:
Amortization of intangible assets                 26,461        19,275
Deferred income tax (recovery)                    (2,311)       (1,492)

Adjusted net income                               33,349        31,707
Adjusted net income margin                            13%           16%
                                      --------------------------------------

About Constellation Software Inc.

Constellation Software acquires, manages and builds vertical market software
businesses that provide mission-critical software solutions.

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of U.S. dollars)

(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                    March 31,   December 31,
                                                         2013           2012
----------------------------------------------------------------------------
Assets

Current assets:
  Cash                                          $      44,313  $      41,313
  Equity security available-for-sale                      581            470
  Accounts receivable                                 129,673        126,987
  Work in progress                                     39,380         36,926
  Inventories                                          20,649         18,739
  Other assets                                         37,707         29,178
----------------------------------------------------------------------------
                                                      272,303        253,613
Non-current assets:
  Property and equipment                               19,867         21,300
  Deferred income taxes                                95,891        104,307
  Other assets                                         32,914         31,104
  Intangible assets                                   443,498        402,355
----------------------------------------------------------------------------
                                                      592,170        559,066
----------------------------------------------------------------------------
Total assets                                    $     864,473  $     812,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
  Bank indebtedness                             $     107,485  $      44,356
  Accounts payable and accrued liabilities            126,002        147,559
  Dividends payable                                    21,265         20,945
  Deferred revenue                                    257,684        224,049
  Provisions                                            6,331          6,396
  Acquired contract liabilities                         2,844          3,535
  Acquisition holdback payments                        16,743         20,635
  Income taxes payable                                  6,027          5,066
----------------------------------------------------------------------------
                                                      544,381        472,541
Non-current liabilities:
  Deferred income taxes                                24,056         29,283
  Acquired contract liabilities                        24,522         26,073
  Acquisition holdback payments                         5,889          5,973
  Other liabilities                                    21,366         20,005
----------------------------------------------------------------------------
                                                       75,833         81,334
----------------------------------------------------------------------------
Total liabilities                                     620,214        553,875
----------------------------------------------------------------------------

Shareholders' equity:
  Capital stock                                        99,283         99,283
  Accumulated other comprehensive income                 (931)         1,621
  Retained earnings                                   145,907        157,900
----------------------------------------------------------------------------
                                                      244,259        258,804
----------------------------------------------------------------------------
Total liabilities and shareholders' equity      $     864,473  $     812,679
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Income
(In thousands of U.S. dollars, except per share amounts)

Three months ended March 31, 2013 and 2012
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        2013           2012
----------------------------------------------------------------------------


Revenue                                        $     256,431  $     195,278

Expenses
  Staff                                              148,104        105,631
  Hardware                                            16,011         12,227
  Third party license, maintenance and
   professional services                              18,440         14,246
  Occupancy                                            6,580          4,625
  Travel                                               9,506          8,246
  Telecommunications                                   3,093          2,497
  Supplies                                             4,648          3,432
  Professional fees                                    3,461          1,845
  Other, net                                           3,990          3,262
  Depreciation                                         2,212          1,718
  Amortization of intangible assets                   26,461         19,275
----------------------------------------------------------------------------
                                                     242,506        177,004


Foreign exchange loss                                  1,775            208
Equity in net (income) loss of equity
 investees                                              (344)           882
Finance income                                          (490)        (1,069)
Finance costs                                          1,116          1,018
----------------------------------------------------------------------------
                                                       2,057          1,039

Profit before income taxes                            11,868         17,235

Current income tax expense                             4,980          4,803
Deferred income tax recovery                          (2,311)        (1,492)
----------------------------------------------------------------------------
Income tax expense                                     2,669          3,311

----------------------------------------------------------------------------
Net income                                             9,199         13,924
----------------------------------------------------------------------------

Earnings per share
  Basic and diluted                            $        0.43  $        0.66

----------------------------------------------------------------------------
----------------------------------------------------------------------------

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, 2013 and 2012
(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                           2013        2012
----------------------------------------------------------------------------

Net income                                                9,199      13,924

Items that are or may be reclassified subsequently
 to profit or loss:

  Net change in fair value of available-for-sale
   financial asset during the period                        111       3,848

  Net unrealized foreign exchange gain (loss) on
   available-for-sale financial asset during the
   period                                                     -         121

  Amounts reclassified to profit during the period
   related to realized gains on available-for-sale
   financial asset                                            -      (1,032)

Foreign currency translation differences from
 foreign operations                                      (2,611)      1,141

Current income tax recovery (expense)                       (52)        (78)

Deferred income tax recovery (expense)                        -        (331)

----------------------------------------------------------------------------
Other comprehensive (loss) income for the period,
 net of income tax                                       (2,552)      3,669

----------------------------------------------------------------------------
Total comprehensive income for the period            $    6,647  $   17,593
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

(Unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended March 31, 2013
                                        Capital       Accumulated other
                                          stock  comprehensive income/(loss)

                                                   Cumulative        Amounts
                                                  translation     related to
                                                      account   gains/losses
                                                                          on
                                                                  available-
                                                                    for-sale
                                                                   financial
                                                                      assets

Balance at January 1, 2013         $     99,283 $       1,450  $         171

Total comprehensive income for the
 period

Net income                                    -             -              -

Other comprehensive income (loss)

Net change in fair value of
 available-for-sale financial
 assets during the period                     -             -            111

Net unrealized foreign exchange
 adjustment gain (loss) on
 available-for-sale financial
 assets during the period                     -             -              -

Amounts reclassified to profit
 during the period related to
 realized gains on available-for-
 sale investments                             -             -              -

Foreign currency translation
 differences from foreign
 operations                                   -        (2,611)             -

Current tax recovery                          -           (52)             -

Deferred tax recovery                         -             -

----------------------------------------------------------------------------
Total other comprehensive income
 (loss) for the period                        -        (2,663)           111

----------------------------------------------------------------------------
Total comprehensive income (loss)
 for the period                               -        (2,663)           111
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Transactions with owners, recorded
 directly in equity
Dividends to shareholders of the
 Company                                      -             -              -

----------------------------------------------------------------------------
Balance at March 31, 2013          $     99,283 $      (1,213) $         282
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended March 31, 2013
                                            Total
                                      accumulated
                                            other
                                    comprehensive     Retained
                                    income/(loss)     earnings        Total



Balance at January 1, 2013         $        1,621  $   157,900  $   258,804

Total comprehensive income for the
 period

Net income                                      -        9,199        9,199

Other comprehensive income (loss)

Net change in fair value of
 available-for-sale financial
 assets during the period                     111            -          111

Net unrealized foreign exchange
 adjustment gain (loss) on
 available-for-sale financial
 assets during the period                       -            -            -

Amounts reclassified to profit
 during the period related to
 realized gains on available-for-
 sale investments                               -            -            -

Foreign currency translation
 differences from foreign
 operations                                (2,611)           -       (2,611)

Current tax recovery                          (52)           -          (52)

Deferred tax recovery                           -            -            -

----------------------------------------------------------------------------
Total other comprehensive income
 (loss) for the period                     (2,552)           -       (2,552)

----------------------------------------------------------------------------
Total comprehensive income (loss)
 for the period                            (2,552)       9,199        6,647
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Transactions with owners, recorded
 directly in equity
Dividends to shareholders of the
 Company                                        -      (21,192)     (21,192)

----------------------------------------------------------------------------
Balance at March 31, 2013          $         (931) $   145,907  $   244,259
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended March 31, 2012

                                      Capital       Accumulated other
                                        stock  comprehensive income/(loss)

                                                 Cumulative         Amounts
                                                translation      related to
                                                    account    gains/losses
                                                              on available-
                                                                   for-sale
                                                                  financial
                                                                     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 of
 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 financial assets                  -             -          (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 shareholders of
 the Company                                -             -               -

----------------------------------------------------------------------------
Balance at March 31, 2012       $      99,283 $       1,234   $       9,396
----------------------------------------------------------------------------
----------------------------------------------------------------------------


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended March 31, 2012

                                           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 of
 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 financial assets                (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 shareholders 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 Cash Flows
(In thousands of U.S. dollars)

Three months ended March 31, 2013 and 2012
(Unaudited)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                         2013          2012
----------------------------------------------------------------------------

Cash flows from operating activities:
  Net income                                     $      9,199  $     13,924
  Adjustments for:
    Depreciation                                        2,212         1,718
    Amortization of intangible assets                  26,461        19,275
    Equity in net (earnings) loss of equity
     investees                                           (344)          882
    Finance income                                       (490)       (1,069)
    Finance costs                                       1,116         1,018
    Income tax expense                                  2,669         3,311
    Foreign exchange loss                               1,775           208
  Change in non-cash operating working capital
   exclusive of effects of business combinations       (4,124)      (24,344)
  Income taxes paid                                    (4,562)       (2,702)
----------------------------------------------------------------------------
  Net cash flows from operating activities             33,912        12,221

Cash flows from (used in) financing activities:
  Interest paid                                          (505)         (336)
  Decrease in other non current liabilities               (23)         (200)
  Increase in bank indebtedness, net                   63,000        13,000
  Credit facility transaction costs                         -        (1,840)
  Dividends paid                                      (21,192)            -
----------------------------------------------------------------------------
  Net cash flows used in financing activities          41,280        10,624

Cash flows from (used in) investing activities:
  Acquisition of businesses, net of cash
   acquired                                           (69,893)       (7,807)
  Post-acquisition settlement payments, net of
   receipts                                            (5,221)         (501)
  Proceeds from sale of available-for-sale
   equity securities                                        -         1,808
  Interest received                                         -            38
  Proceeds from sale of assets                          5,423             -
  Property and equipment purchased                     (2,111)       (1,290)
----------------------------------------------------------------------------
  Net cash flows used in investing activities         (71,802)       (7,752)

Effect of foreign currency on cash and cash
 equivalents                                             (390)          228
----------------------------------------------------------------------------

Increase in cash and cash equivalents                   3,000        15,321

Cash, beginning of period                              41,313        33,492

----------------------------------------------------------------------------
Cash, end of period                              $     44,313  $     48,813
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Constellation Software Inc.
Jamal Baksh
Chief Financial Officer
(416) 861-9677
info@csisoftware.com
www.csisoftware.com

Publicidad

Lo más leído »

Publicidad

Más Secciones »

Hola Invitado