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Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2014 and Declares Quarterly Dividend

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- Constellation Software Inc. (TSX: CSU) ("Constellation" or the "Company") today announced its financial results for the first quarter ended March 31, 2014 and declared a $1.00 per share dividend payable on July 3, 2014 to all common shareholders of record at close of business on June 17, 2014. 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, 2014 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, 2013, 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 2014 Highlights:


--  Revenue grew 54% to $395 million compared to $256 million in Q1 2013.
    Organic growth was 7% in Q1 2014.

--  Adjusted EBITA increased $22 million or 56% to $63 million as compared
    to $40 million in Q1 2013.

--  Adjusted Net Income increased 60% to $53 million ($2.52 on a diluted per
    share basis) from $33 million ($1.57 on a diluted per share basis) in Q1
    2013.

--  Net income was $9 million in Q1 2014 and Q1 2013. ($0.42 on a diluted
    per share basis in Q1 2014 compared to $0.43 in Q1 2013).

--  Six acquisitions were completed for aggregate upfront cash consideration
    of $15 million (which includes $4 million paid for acquired cash).
    Deferred payments associated with these acquisitions have an estimated
    value of $3 million.

--  Cash flows from operations increased $66 million or 194% to $100 million
    from $34 million in Q1 2013.

--  The amount drawn on the Company's credit facility increased to $485
    million from $479 million in Q4 2013.

First quarter 2014 revenue was $395 million, an increase of 54%, or $138 million, compared to $256 million for the comparable period in 2013. The increase is mainly attributable to growth from acquisitions, however, the Company did experience organic growth of 7%.

Adjusted EBITA for the first quarter 2014 was $63 million, a 56% increase compared to the prior year's first quarter Adjusted EBITA of $40 million. First quarter 2014 Adjusted EBITA per share on a diluted basis increased 56% to $2.96, compared to $1.91 for the same period last year. Adjusted EBITA margin was 16% for both the quarters ended March 31, 2014 and March 31, 2013. A general improvement in EBITA margins across business units (18%) was offset by low EBITA margins realized by Total Specific Solutions (TSS) B.V. ("TSS") (5%). The TSS EBITA margins included severance of approximately $3 million relating to a restructuring program in place at the time of the acquisition.

Adjusted Net Income for the first quarter 2014 was $53 million, compared to the prior year's first quarter Adjusted Net Income of $33 million, a 60% increase. First quarter 2014 Adjusted Net Income per share on a diluted basis increased 60% to $2.52 compared to $1.57 for the prior year's first quarter.

Net income for the first quarter 2014 and 2013 was $9 million. Net income per share on a diluted per share basis for the first quarter of 2014 decreased 3% to $0.42, compared to $0.43 for the first quarter of 2013.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2014 compared to the same period in 2013:



                                ------------------------------------
                                    Three months      Period-Over-
                                  ended March 31,    Period Change
                                ------------------------------------
                                     2014     2013        $        %
                                       ($M, except percentages)
Public Sector
Licenses                             16.2     12.7      3.5      27%
Professional services                75.2     42.2     33.0      78%
Hardware and other                   28.6     22.1      6.5      30%
Maintenance and other recurring     157.8     93.9     63.9      68%
                                ------------------------------------
                                    277.8    170.9    106.9      63%
                                ------------------------------------

Private Sector
Licenses                             10.3      7.9      2.4      30%
Professional services                16.6     12.9      3.7      29%
Hardware and other                    5.2      3.7      1.5      39%
Maintenance and other recurring      84.9     61.0     24.0      39%
                                ------------------------------------
                                    117.1     85.6     31.5      37%
                                ------------------------------------

Comparative figures have been reclassified to conform to current
 year's presentation.

Public Sector

For the quarter ended March 31, 2014, total revenue in the public sector reportable segment increased 63%, or $107 million, to $278 million, compared to $171 million for the quarter ended March 31, 2013. Revenue growth from acquired businesses was significant as we completed twenty-three acquisitions since the beginning of 2013 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2013 contributed approximately $94 million to our Q1 2014 revenues. Organic revenue growth was 7% in Q1 2014 compared to the same period in 2013.

Private Sector

For the quarter ended March 31, 2014, total revenue in the private sector reportable segment increased 37%, or $31 million, to $117 million, compared to $86 million for the quarter ended March 31, 2013. Revenue growth from acquired businesses was significant for the three month period as we completed thirteen acquisitions since the beginning of 2013 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2013 contributed approximately $26 million to our Q1 2014 revenues. Revenues increased organically by 7% in Q1 2014 compared to the same period in 2013.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 1st, 2014 to answer questions regarding the results. The teleconference numbers are 416-340-2216 or 866-226-1792. 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 14, 2014. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 9393313.

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 EBITA" refers to net income before adjusting for finance and other income, finance costs, income taxes, share in net income or loss of equity investees, impairment of non-financial assets, amortization, and foreign exchange gain or loss. The Company believes that Adjusted EBITA 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 intangible asset amortization and the other items listed above. "Adjusted EBITA margin" refers to the percentage that Adjusted EBITA for any period represents as a portion of total revenue for that period. Previously the Company has reported "Adjusted EBITDA" in certain financial disclosures. Adjusted EBITDA refers to Adjusted EBITA as defined above then further excludes depreciation. The Company uses depreciation as a proxy for the cash flows used to purchase property and equipment required to support the Company's main business activities. As such, the Company believes Adjusted EBITA is a more useful measure then Adjusted EBITDA.

"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 EBITA and Adjusted net income are not recognized measures under IFRS and, accordingly, readers are cautioned that Adjusted EBITA 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 EBITA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITA and Adjusted net income may not be comparable to similar measures presented by other issuers.

The following table reconciles Adjusted EBITA to net income:



                                               ----------------------
                                                  Three months ended
                                                      March 31,
                                               ----------------------
                                                   2014       2013
                                                     ($M, except
                                                     percentages)

Total revenue                                        394.8      256.4

Net income (loss)                                      8.9        9.2
Adjusted for:
Income tax expense (recovery)                          8.2        2.7
Foreign exchange (gain) loss                           0.2        1.8
Equity in net (income) loss of equity investees      (0.1)      (0.3)
Finance income                                       (0.5)      (0.5)
Finance costs                                          3.3        1.1
Amortization of intangible assets                     42.8       26.5

Adjusted EBITA                                        62.8       40.4
Adjusted EBITA margin                                  16%        16%
                                               ----------------------

The following table reconciles Adjusted net income to net income:



                                               ----------------------
                                                  Three months ended
                                                      March 31,
                                               ----------------------
                                                   2014       2013
                                                     ($M, except
                                                     percentages)

Total revenue                                        394.8      256.4

Net income (loss)                                      8.9        9.2
Adjusted for:
Amortization of intangible assets                     42.8       26.5
Deferred income tax expense (recovery)                 1.6      (2.3)

Adjusted net income (loss)                            53.3       33.3
Adjusted net income margin                             14%        13%
                                               ----------------------

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,
                                                        2014            2013
----------------------------------------------------------------------------

Assets

Current assets:
  Cash                                             $ 142,444        $ 77,967
  Equity security available-for-sale                     469             780
  Accounts receivable                                203,949         191,446
  Work in progress                                    61,913          53,682
  Inventories                                         23,704          21,145
  Other assets                                        69,691          67,161
  --------------------------------------------------------------------------
                                                     502,170         412,181

Non-current assets:
  Property and equipment                              36,378          36,017
  Deferred income taxes                               61,849          71,673
  Other assets                                        35,317          36,171
  Intangible assets                                  954,862         981,662
  --------------------------------------------------------------------------
                                                   1,088,406       1,125,523

----------------------------------------------------------------------------
Total assets                                     $ 1,590,576     $ 1,537,704
----------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
  Bank indebtedness                                $ 483,773       $ 477,170
  Accounts payable and accrued liabilities           219,836         260,585
  Dividends payable                                   21,233          21,031
  Deferred revenue                                   413,431         306,213
  Provisions                                          13,693          11,887
  Acquisition holdback payments                       23,531          26,496
  Income taxes payable                                 7,074           5,474
  --------------------------------------------------------------------------
                                                   1,182,571       1,108,856

Non-current liabilities:
  Deferred income taxes                              106,746         112,780
  Acquisition holdback payments                        4,255           4,203
  Other liabilities                                   43,129          45,866
  --------------------------------------------------------------------------
                                                     154,130         162,849

----------------------------------------------------------------------------
Total liabilities                                  1,336,701       1,271,705
----------------------------------------------------------------------------


Shareholders' equity:
  Capital stock                                       99,283          99,283
  Accumulated other comprehensive income                 621             449
  Retained earnings                                  153,971         166,267
  --------------------------------------------------------------------------
                                                     253,875         265,999



----------------------------------------------------------------------------
Total liabilities and shareholders' equity       $ 1,590,576     $ 1,537,704
----------------------------------------------------------------------------


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

Three months ended March 31, 2014 and 2013
(Unaudited)
----------------------------------------------------------------------------

                                                        2014            2013
----------------------------------------------------------------------------


Revenue                                            $ 394,849       $ 256,431

Expenses
  Staff                                              225,672         148,104
  Hardware                                            18,739          16,011
  Third party license, maintenance and
   professional services                              35,319          18,440
  Occupancy                                            9,958           6,580
  Travel                                              11,415           9,506
  Telecommunications                                   3,945           3,093
  Supplies                                             8,707           4,648
  Professional fees                                    5,039           3,461
  Other, net                                           9,141           3,990
  Depreciation                                         4,087           2,212
  Amortization of intangible assets                   42,802          26,461
  --------------------------------------------------------------------------
                                                     374,824         242,506


Foreign exchange loss (gain)                             172           1,775
Share in net (income) loss of equity
 investee                                              (120)           (344)
Finance and other income                               (468)           (490)
Finance costs                                          3,314           1,116
----------------------------------------------------------------------------
                                                       2,898           2,057

Income before income taxes                            17,127          11,868

Current income tax expense (recovery)                  6,611           4,980
Deferred income tax expense (recovery)                 1,620         (2,311)
----------------------------------------------------------------------------
Income tax expense (recovery)                          8,231           2,669

----------------------------------------------------------------------------
Net income                                             8,896           9,199
----------------------------------------------------------------------------

Earnings per share
  Basic and diluted                                   $ 0.42          $ 0.43


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, 2014 and 2013
(Unaudited)
----------------------------------------------------------------------------

                                                        2014            2013
----------------------------------------------------------------------------

Net income                                           $ 8,896           9,199

Items that are or may be reclassified
 subsequently to net income:

  Net change in fair value of available-for-
   sale financial asset during the period
                                                          93             111

  Amounts reclassified to profit during the
   period related to realized gains on
   available-for-sale financial asset                  (264)               -

  Foreign currency translation differences
   from foreign operations                               320         (2,611)

  Current income tax recovery (expense)                   35            (52)

  Deferred income tax recovery (expense)                (12)               -

----------------------------------------------------------------------------
Other comprehensive (loss) income for the
 period, net of income tax                               172         (2,552)

----------------------------------------------------------------------------
Total comprehensive income for the period            $ 9,068         $ 6,647
----------------------------------------------------------------------------


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


(Unaudited)
----------------------------------------------------------------------------
Three months ended March 31, 2014
                                                        Accumulated
                                                           other
                                        Capital        comprehensive
                                          stock        income/(loss)

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

Balance at January 1, 2014             $ 99,283        $ (32)         $ 481

Total comprehensive income for
 the period

Net income                                    -             -             -

Other comprehensive income (loss)

Net change in fair value of
available-for-sale financial
asset during the period                       -             -            93

Amounts reclassified to profit
 during the period related to
 realized gains on available-for-
 sale financial assets                        -             -         (264)

Foreign currency translation
 differences from foreign
 operations                                   -           320             -

Current tax recovery (expense)                -            35             -

Deferred tax recovery (expense)               -          (12)             -

----------------------------------------------------------------------------
Total other comprehensive income
 (loss) for the period                        -           343         (171)

----------------------------------------------------------------------------
Total comprehensive income (loss)
 for the period                               -           343         (171)
----------------------------------------------------------------------------

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

----------------------------------------------------------------------------
Balance at March 31, 2014              $ 99,283         $ 311         $ 310
----------------------------------------------------------------------------


                                         Total
                                   accumulated
                                         other
                                 comprehensive      Retained
                                 income/(loss)      earnings         Total



Balance at January 1, 2014               $ 449     $ 166,267     $ 265,999

Total comprehensive income for
 the period

Net income                                   -         8,896         8,896

Other comprehensive income (loss)

Net change in fair value of
available-for-sale financial
asset during the period                     93             -            93

Amounts reclassified to profit
 during the period related to
 realized gains on available-for-
 sale financial assets                   (264)             -         (264)

Foreign currency translation
 differences from foreign
 operations                                320             -           320

Current tax recovery (expense)              35             -            35

Deferred tax recovery (expense)           (12)             -          (12)

--------------------------------------------------------------------------
Total other comprehensive income
 (loss) for the period                     172             -           172

--------------------------------------------------------------------------
Total comprehensive income (loss)
 for the period                            172         8,896         9,068
--------------------------------------------------------------------------

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

--------------------------------------------------------------------------
Balance at March 31, 2014                $ 621     $ 153,971     $ 253,875
--------------------------------------------------------------------------


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

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

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

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

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

Current tax recovery (expense)                -          (52)             -

Deferred tax recovery (expense)               -             -

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

----------------------------------------------------------------------------
Total comprehensive income 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
----------------------------------------------------------------------------


                                         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

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

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

Current tax recovery (expense)            (52)             -          (52)

Deferred tax recovery (expense)              -             -             -

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

--------------------------------------------------------------------------
Total comprehensive income 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 Cash Flows
(In thousands of U.S. dollars)

Three months ended March 31, 2014 and 2013
(Unaudited)
----------------------------------------------------------------------------

                                                        2014            2013
----------------------------------------------------------------------------

Cash flows from operating activities:
  Net income                                         $ 8,896         $ 9,199
  Adjustments for:
   Depreciation                                        4,087           2,212
   Amortization of intangible assets                  42,802          26,461
   Share in net (income) loss of equity
    investee                                           (120)           (344)
   Finance and other income                            (468)           (490)
   Finance costs                                       3,314           1,116
   Income tax expense                                  8,231           2,669
   Foreign exchange loss (gain)                          172           1,775
  Change in non-cash operating working
   capital exclusive of effects of business
   combinations                                       37,896         (4,124)
  Income taxes paid                                  (5,285)         (4,562)
  --------------------------------------------------------------------------
  Net cash flows from operating activities            99,525          33,912

Cash flows from (used in) financing
 activities:
  Interest paid                                      (2,215)           (505)
  Increase (decrease) in other non current
   liabilities                                             -            (23)
  Increase (decrease) in bank indebtedness,
   net                                                 6,601          63,000
  Dividends paid                                    (21,192)        (21,192)
  --------------------------------------------------------------------------
  Net cash flows from (used in) in financing
   activities                                       (16,806)          41,280

Cash flows from (used in) investing
 activities:
  Acquisition of businesses, net of cash
   acquired                                         (10,834)        (69,893)
  Post-acquisition settlement payments, net
   of receipts                                       (2,344)         (5,221)
  Proceeds from sale of available-for-sale
   equity securities                                     404               -
  Interest and dividends received                        130               -
  Proceeds from sale of assets                             -           5,423
  Property and equipment purchased                   (4,218)         (2,111)
  --------------------------------------------------------------------------
  Net cash flows used in investing
   activities                                       (16,862)        (71,802)

Effect of foreign currency on cash and cash
 equivalents                                         (1,380)           (390)
----------------------------------------------------------------------------

Increase (decrease) in cash and cash
 equivalents                                          64,477           3,000

Cash, beginning of period                             77,967          41,313

----------------------------------------------------------------------------
Cash, end of period                                $ 142,444        $ 44,313
----------------------------------------------------------------------------

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