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Yahoo
29-05-2025
- Business
- Yahoo
Kraken Robotics Reports Q1 2025 Financial Results and Reiterates 2025 Guidance
ST. JOHN'S, Newfoundland and Labrador, May 29, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) ("Kraken" or the "Company"), announced it has filed its financial results for the quarter ended March 31, 2025 ('Q1 2025'). Please refer to the unaudited Consolidated Financial Statements and Management's Discussion and Analysis ('MD&A') for quarter ended March 31, 2025, filed on for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars. Q1 2025 Financial Highlights Consolidated revenue in Q1 2025 decreased 23% to $16.1 million, compared to $20.9 in the prior year. The decrease was driven by a year-over-year decline in Product revenue. Product revenue in the quarter decreased 42% to $9.2 million, compared to $15.8 million in the prior year. While the quarter saw significant growth in our SeaPower™ subsea battery business, our sonar related revenue declined as the acquisition part of the Canadian Navy system integration project nears completion. As in the past, quarterly revenue can fluctuate significantly due to the timing of product orders and shipments. Service revenue in the quarter increased 38% to $7.0 million compared to the prior year due to the continued demand for Sub-Bottom Imager™ and Acoustic Corer™ services. Just after the quarter ended, we completed the acquisition of subsea LiDAR services company, 3D at Depth. Combined with the recent introduction of our KATFISH subsea survey platform into the commercial offshore service market, we have a growing complement of solutions to offer our expanding Services customer base. Gross profit in the quarter increased 8% to $10.1 million, compared to $9.3 million in the prior year, implying a gross margin of 62.7% compared to 44.8%. Gross margin percentage was impacted by several one time items in the quarter. Future quarters are expected to be reflective of our historic gross profit margins. Adjusted EBITDA1 for the quarter decreased 32% to $2.8 million, compared to Adjusted EBITDA1 of $4.1 million in the comparable quarter, implying an adjusted EBITDA1 margin of 17.3% compared to 19.6% in the comparable year. Total assets were $178.8 million on March 31, 2025, compared to $73.5 million on March 31, 2024. Cash at the end of the quarter totaled $58.3 million, compared to $1.5 million in the prior year, while working capital totaled $94.6 million, compared to $6.5 million in the prior year. Capital expenditures/intangible assets purchased were $2.7 million in the quarter, compared to $0.8 million in the comparable quarter. The increase is related to our new battery facility in Canada as well as growth in internal assets to drive service revenue growth. Net income for the quarter was $0.2 million compared to a profit of $2.2 million in the comparable quarter. Basic and diluted earnings per share were $0.00 compared to $0.01 in the prior year. Management Comments 'Similar to previous years, we expect financial results to improve throughout the year and expect strong top and bottom-line growth in 2025, as indicated by our 2025 financial guidance given a month ago. Our largest market of naval defense has strong macro fundamentals with growth being seen across the globe as navies modernize for the future and increasingly adopt uncrewed platforms. In providing sensor and power solutions to the major suppliers of UUVs, we benefit from this growing adoption. For our towed synthetic aperture sonar sensor platform, KATFISH, we have a busy year of customer demonstrations in North America, Europe, the Middle East, and Asia Pacific. Historically, successful demonstrations have driven future contract wins. The level of defense RFP activity expected from 2025 to 2027 is at levels the industry has not seen in many decades and is driving our optimism on this segment of our business. With new manufacturing capacity in Canada coming online at the end of this year and a growing presence in the US both organically and through our acquisition of 3D at Depth, we are well positioned to meet customer needs in the offshore energy and naval defense markets,' said Kraken President and CEO Greg Reid. Recent Company Highlights Since the end of Q4, Kraken Robotics announced: Several meaningful new orders, including almost $45 million in subsea battery orders and $3 million in orders for Kraken SAS. Plans to open a new battery production facility in Nova Scotia to meet increasing defense market demand. The acquisition of subsea LiDAR company 3D at Depth with offices in Texas, Colorado, and the UK. The introduction of KATFISH synthetic aperture sonar service for the global offshore energy market. 2025 Financial Guidance Annual financial guidance remains unchanged from the guidance provided on April 28, 2025. In 2025, we expect revenue between $120 million and $135 million and Adjusted EBITDA1 margin in the $26 million to $34 million range. The midpoint of guidance represents 40% revenue growth and 45% Adjusted EBITDA growth. Capital expenditures in 2025 are expected to range from $13 million to $17 million with approximately $10 million of this spending related to a new subsea power manufacturing facility that is expected to be operational in Nova Scotia near the end of 2025. Consistent with prior years, revenue is expected to be more weighted toward the second half of calendar year 2025. ($ 000s) Actual 2025 Guidance Range Implied Change 2024 Low High Low High Consolidated revenue 91,292 120,000 135,000 31% 48% Adjusted EBITDA 1 20,713 26,000 34,000 26% 64% Adjusted EBITDA percentage 1 23% 22% 25% -100 bps 300 bps Capital expenditures/Intangible assets 5,809 13,000 17,000 124% 193% NON-IFRS MEASURES The Company has included certain non-IFRS financial measures and non-IFRS ratios in this press release, including adjusted EBITDA, adjusted EBITDA margin, gross profit, gross profit margin, and working capital. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA and Adjusted EBITDA Margin The Company believes that, in addition to conventional measures prepared in accordance with IFRS, adjusted EBITDA is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company on a basis which excludes the impact of certain non-operational items which enables the primary readers of the press release to evaluate the results of the Company such that it was operating without certain non-cash and non-recurring items. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation expense and non-recurring impact transactions, if any. ($ 000s) Unaudited Q1 2025 Q1 2024 Net Income 215 2,175 Income Tax 304 56 Financing costs 701 388 Interest income (311) - Foreign exchange gain (433) (69) Share-based compensation 404 57 Depreciation and amortization 1,579 1,425 EBITDA - excluding restructuring and acquisition costs 2,459 4,032 Restructuring and acquisition costs 335 69 Adjusted EBITDA 2,794 4,101 Adjusted EBITDA Margin 17% 20% Gross profit is defined as revenue less cost of total sales. Gross margin is defined as gross margin dividend by total sales. Gross Profit ($ 000s) Unaudited Q1 2025 Q1 2024 Revenue 16,128 20,875 Cost of sales 6,010 11,529 Gross profit 10,118 9,346 Gross profit margin (%) 63% 45% Figure 1: Kraken's Sub-Bottom Imager (SBI) delivers 3D data, enabling a clear understanding of subsea stratigraphy, underwater infrastructure, and hazards. ABOUT KRAKEN ROBOTICS INC. Kraken Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably. Kraken's synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage. Kraken Robotics is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide. LINKS: SOCIAL MEDIA: LinkedIn Twitter Facebook YouTube Instagram FORWARD LOOKING STATEMENTS The Company and its management believe that the statements regarding 2025 revenue and adjusted EBITDA contained in this press release are reasonable as of the date hereof, are based on management's current views, strategies, expectations, assumptions and forecasts, and have been calculated using accounting policies that are generally consistent with the Company's current accounting policies. These statements are considered future-oriented financial outlooks and financial information (collectively, "FOFI") under applicable securities laws. These statements and any other FOFI included herein have been approved by management of the Company as of the date hereof. Such FOFI are provided for the purposes of presenting information about management's current expectations and goals relating to the Company's expected growth in its Products and Services groups. However, because this information is highly subjective and subject to numerous risks, including the risks discussed in the disclaimer for forward looking statements below, it should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the FOFI prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although management of the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any FOFI, whether as a result of new information, future events or otherwise, except as required by securities laws. Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release. For further information: Erica Hasenfus, Director of Joe MacKay, Chief Financial Officer(416) 303-0605jmackay@ Greg Reid, President & CEO(416) 818-9822greid@ Sean Peasgood, Investor Relations(647) 955-1274sean@ 1 Adjusted EBITDA is a non-IFRS financial measure and gross margin, and adjusted EBITDA margin are non-IFRS ratios, in each case with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-IFRS Measures" section of this press release. A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
22-05-2025
- Business
- Malaysian Reserve
MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES Q1 2025 RESULTS
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ WINNIPEG, MB, May 22, 2025 /CNW/ – Marwest Apartment Real Estate Investment Trust (the 'REIT') (TSXV: reported financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the REIT's Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ('Q1 2025 MD&A') for the three months ended March 31, 2025, which are available on the REIT's website at and at 'We are pleased with the ongoing positive operating results we achieved throughout the quarter. Same Property Revenue from Investment Properties increased by 3.73% and average rental rates per suite increased by 4.79%, both over Q1 2024. Throughout 2025 we will see the impact of the Manitoba government removing a property tax rebate that had been in place since 2021. Although this will impact how certain comparisons to 2024 results are represented, we are proud of the positive operations we achieved in the quarter on the items within our control.' commented Mr. William Martens, Chief Executive Officer of the REIT. Q1 2025 Quarterly Highlights Same Property Revenue from Investment Properties increased by 3.73% in the three months ended March 31, 2025 compared to same period 2024 Reported Net Asset Value per Unit ('NAV') of $2.39 at March 31, 2025 compared to $2.37 at December 31, 2024 Average occupancy rate of 98.14% reported for the three months ended March 31, 2025 compared to 99.01% in the same period 2024 Weighted average mortgage term to maturity of over 5 years Operations Summary Three months ended March 31 Portfolio Operation Information 2025 2024 Number of properties 4 4 Number of suites 516 516 Average occupancy ate 98.14 % 99.01 % Average rental rate to date $1,727 $1,648 Three months ended March 31 Reconciliation of Same Property NOI1 to IFRS 2025 2024 Revenue from investment properties $ 2,635,142 $ 2,540,498 Expenses: Property operating expenses 694,292 653,557 Realty taxes 317,432 230,375 Total property operating expenses 1,011,724 883,932 Same Property NOI1 $ 1,623,418 $ 1,656,566 1 Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q1 2025 and Q1 2024 – See 'Notice with respect to Non-IFRS Measures' below. Reconciliation of Debt-to-Gross Book Value ratio At March 31, 2025 At December 31, 2024 Total interest-bearing debt $ 101,347,592 $ 101,678,601 Total assets on balance sheet 150,132,730 150,093,432 Debt-to-Gross Book Value ratio 67.51 % 67.74 % Reconciliation of Debt Service Coverage ratio Three months endedMarch 31, 2025 Year endedDecember 31, 2024 Net Operating Income for the period ended $ 1,623,418 $ 6,875,434 Mortgage payments for the period ended 1,244,130 4,959,081 Debt Service Coverage ratio 1.30 1.39 Weighted average term to maturity on fixed rate debt 60.57 months 63.56 months Weighted average interest rate on fixed debt 3.09 % 3.09 % Financial Summary The REIT generated FFO and AFFO per Unit of $0.0254 and $0.0234, respectively, during the three months ended March 31, 2025. FFO and AFFO are defined in 'Non-IFRS Measures' in the March 31, 2025 MD&A and below under 'Notice with respect to Non-IFRS Measures'. Reconciliation of Net Income and Comprehensive Income to FFO and AFFO Three months ended March 31 2025 2024 Revenue from investment properties $ 2,635,142 $ 2,540,498 Property operating expenses (694,292) (653,557) Realty taxes (317,432) (230,375) Net Operating Income 1,623,418 1,656,566 NOI Margin 61.61 % 65.21 % General and administrative (224,660) (189,091) Interest income 33,920 31,175 Finance costs (978,909) (1,009,371) Fair value (loss) gain on: Investment properties (38,785) 128,630 Unit-based compensation (18,454) 115 Exchangeable Units (1,148,795) – Net (loss) income and comprehensive (loss) income $ (752,265) $ 618,024 Three months ended March 31 Reconciliation of FFO 2025 2024 Net (loss) income and comprehensive (loss) income (752,265) 618,024 Distributions on Exchangeable Units 40,730 41,467 Fair value loss (gain) on properties 38,785 (128,630) Fair value loss (gain) on unit-based compensation 18,454 (115) Fair value loss on Exchangeable Units 1,148,795 – FFO 494,499 530,746 Weighted average number of Units 19,498,838 19,498,838 FFO/unit $ 0.0254 $ 0.0272 Reconciliation of AFFO FFO $ 494,499 $ 530,746 Capital expenditures (38,785) (14,348) Leasing costs – (2,022) AFFO 455,714 514,376 Weighted average number of Units 19,498,838 19,498,838 AFFO/unit $ 0.0234 $ 0.0264 AFFO payout ratio 16.69 % 14.50 % NAV and NAV per Unit Reconciliation At March 31, 2025 At December 31, 2024 Unitholders' Equity $39,113,552 $39,901,132 Exchangeable Units 7,937,133 6,788,338 NAV 47,050,685 46,689,470 Trust Units 9,055,242 9,055,242 Exchangeable Units 10,443,596 10,443,596 Deferred Units 170,206 169,608 Total Units oustanding 19,669,044 19,668,446 NAV per unit $2.39 $2.37 The overall increase in NAV from $2.37 at December 31, 2024 to $2.39 at March 31, 2025, was primarily due to net operating income less finance costs and general and administrative expenses exceeding distributions. Outlook Management is focused on growing the portfolio and Unitholder value through increasing rental rates where the market allows, future acquisition opportunities that will increase the overall size and performance of the REIT, as well as maintaining a manageable debt structure. The current debt structure of the REIT is all at fixed rates with an average remaining mortgage term of over five years. The majority of the REIT's debt is CMHC insured. Management believes the organic growth in NAV due to paydown of debt over the mortgage terms is a positive outcome of the higher leveraged position as well as lowering the REIT's debt to GBV ratio and thereby increasing the NAV per Unit over time. Management anticipates that demand for rental housing will remain due to the affordability gap in rental vs. home ownership and the potential tariffs with the United States. As interest rates remain at elevated levels and costs of construction remain relatively high, the increased costs of home ownership maintains the affordability gap. Any increase in the portfolio's operating costs due to inflation may be offset by increases in rental rates, where the market allows, as 56 percent of the portfolio at March 31, 2025 is not under rent control or restrictive financing agreements. About Marwest Apartment Real Estate Investment Trust The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of Units with the opportunity to invest in the Canadian multi-family rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada. Forward-looking Statements The information in this news release includes certain information and statements about management's views of future events, expectations, plans and prospects that constitute forward‐looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward‐looking statements. A number of factors could cause actual results to differ materially from these forward‐looking statements, including the risks described in the REIT's latest annual information form and management's discussion and analysis. The payment of cash distributions, and the amount of such cash distributions, will be dependent upon a number of factors, including but not limited to the financial performance, financial condition and financial requirements of the REIT. Although management of the REIT believes that the expectations reflected in forward‐looking statements are reasonable, it can give no assurances that the expectations of any forward‐looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward‐looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward‐looking statements or otherwise. Notice with respect to Non-IFRS Measures Disclosure The REIT's financial statements are prepared in accordance with IFRS. In addition to IFRS measures, this news release and the REIT's Q1 2025 MD&A disclose certain non-IFRS financial measures that are commonly used by Canadian real estate investment trusts as an indicator of performance. Non-IFRS measures and ratios include the following: Net Operating Income ('NOI') The Trust calculates net operating income as revenue less property operating expenses such as utilities, repairs and maintenance and realty taxes. Charges for interest or other expenses not specific to the day‑to‑day operations of the Trust's properties are not included. The Trust regards NOI as an important measure of the income generated by income-producing properties and is used by management in evaluating the performance of the Trust's properties. NOI is also a key input in determining the value of the Trust's properties. For reconciliation to IFRS measures, refer to 'Financial Operations and Results' in the REIT's Q1 2025 MD&A Funds from Operations ('FFO') The Trust calculates FFO substantially in accordance with the guidelines set out in the white paper titled 'White Paper on Funds from Operations & Adjusted Funds from Operations for IFRS' by the Real Property Association of Canada ('REALpac') as revised in January 2022. FFO is defined as IFRS consolidated net income adjusted for items such as unrealized changes in the fair value of the investment properties, effects of puttable instruments classified as financial liabilities and changes in fair value of financial instruments and derivatives. FFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The Trust regards FFO as a key measure of operating performance. For reconciliation to IFRS measures, refer to 'Financial Operations and Results' in the REIT's Q1 2025 MD&A Adjusted Funds from Operations ('AFFO') The Trust calculates AFFO substantially in accordance with the guidelines set out in the white paper titled 'White Paper on Funds from Operations & Adjusted Funds from Operations for IFRS' by REALpac as revised in January 2022. AFFO is defined as FFO adjusted for items such as maintenance capital expenditures and straight‑line rental revenue differences. AFFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS. The Trust regards AFFO as a key measure of operating performance. The Trust also uses AFFO in assessing its capacity to make distributions. For reconciliation to IFRS measures, refer to 'Financial Operations and Results' in the REIT's Q1 2025 MD&A The following other non‑IFRS measures are defined as follows: 'FFO per unit' is calculated as FFO divided by the weighted average number of Trust Units and Exchangeable Units of the Partnership outstanding over the period. 'AFFO per unit' is calculated as AFFO divided by the weighted average number of Trust Units and Exchangeable Units of the Partnership outstanding over the period. 'AFFO Payout Ratio' is the proportion of the total distributions on Trust Units and Exchangeable Units of the Partnership to AFFO per Unit. 'Net Asset Value' is calculated as the sum of unitholders' equity and Exchangeable Units 'Net Asset Value per Unit' or 'NAV per Unit' is calculated as the sum of unitholders' equity and Exchangeable Units divided by the sum of Trust Units, Exchangeable Units and Deferred Units outstanding at the end of the period. 'Debt‑to‑Gross Book Value ratio' is calculated by dividing total interest‑bearing debt consisting of mortgages by total assets and is used as the REIT's primary measure of its leverage. 'Debt Service Coverage ratio' is the ratio of NOI to total debt service consisting of interest expenses recorded as finance costs and principal payments on mortgages. 'Stabilized net operating income' is the estimated 12-month net operating income that a property could generate at full occupancy, less a vacancy rate and stable operating expenses. 'Average occupancy rate' is defined as the ratio of occupied suites to the total suites in the portfolio for the period. 'Same Property NOI' is defined as Net Operating Income from properties owned by the REIT throughout comparative periods, which removes the impact of situations that result in the comparative period to be less meaningful, such as acquisitions, or properties going through a lease-up period. Management believes that these measures are helpful to investors because, while not necessarily calculated comparably among issuers, they are widely recognized measures of the REIT's performance and tend to provide a relevant basis for comparison among real estate entities. These non-IFRS financial measures are not defined under IFRS and are not intended to represent financial performance, financial position or cash flows for the period and should not be viewed as an alternative to net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS. The above measures are not standardized under the financial reporting framework used to prepare the financial statements of the REIT. Readers should be further cautioned that the above measures as calculated by the REIT may not be comparable to similar measures presented by other issuers. For further information, refer to the sections entitled 'Non-IFRS measures' and 'Financial Operations and Results' in the REIT's Q1 2025 MD&A, which is incorporated by reference herein, for further information (available on SEDAR+ at or the REIT's website Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. The Units are not registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the REIT in the United States or in any other jurisdiction.
Business Wire
13-05-2025
- Business
- Business Wire
Inovalis Real Estate Investment Trust Announces the Financial Results for Q1 2025
TORONTO--(BUSINESS WIRE)--Inovalis Real Estate Investment Trust (the 'REIT') (TSX: today reported financial results for the quarter ended March 31, 2025. The unaudited Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for Q1 2025 are available on the REIT's website at and at All amounts except rental rates, square footage and per unit amounts are presented in thousands of Canadian dollars or Euros, or as otherwise stated. Stephane Amine, CEO and President of the REIT, commented, ' The recent Sablière sale, completed at a price near our market cap, highlights the value embedded in our portfolio and our disciplined execution. As we pursue further dispositions, we are strategically reshaping the portfolio in response to enduring changes in how and where people work. ' Net Rental Income For the portfolio that includes assets owned entirely by the REIT ("IP Portfolio"), Net Rental Income ('NRI') for Q1 2025 decreased to $155 (€103), compared to the $912 (€623) NRI for Q1 2024, notably caused by the vacancies at the Bad Homburg and the Metropolitain properties. In Q1 2025, Net Rental Income, adjusted for IFRIC 21 1 for the portfolio that includes the REIT's proportionate share in joint ventures ("Total Portfolio"), was $5,000 (€3,310), compared to $6,548 (€4,473) for Q1 2024, a decrease related to the vacancies at Bad Homburg and Metropolitain, added to the non-recurring $1,058 indemnity obtained on the Duisburg property related to the early departure of a tenant in Q1 2024. Leasing Operations As of March 31, 2025, the occupancy rate of the REIT's IP Portfolio was 47.1% and the occupancy rate of the REIT's Total Portfolio was 58.9%. Strategic vacancies are being maintained in the Arcueil and Baldi properties in support of planned redevelopment or disposition initiatives as outlined in the Asset Recycling Plan. Excluding properties designated for asset recycling, the Total Portfolio occupancy rate was 81.3%. During the first quarter of 2025, a lease was reduced by 60% and extended for 3 years at the Trio property. Momentum from increased tenant interest in the second half of 2024 carried into early 2025, resulting in executed leases and ongoing positive negotiations—particularly in the vacancies at the Neu-Isenburg property. To support leasing activity, management continues to collaborate with on-site brokers and is selectively evaluating tenant improvement allowances as a means to enhance the competitiveness of key assets and optimize rental income. Asset Recycling Plan Subsequent to quarter-end, on April 30, 2025, the REIT completed the sale of the Sablière property, located in downtown Paris, for €18,200 ($28,323), as part of its Asset Recycling Plan. This transaction aligns with the REIT's strategic objectives of repositioning the portfolio and strengthening financial flexibility. Net proceeds of approximately $13 million (€8.4 million) will be allocated toward debt reduction and reinvestment in value-enhancing initiatives across the portfolio. An exchange contract confirming the sale of 87.5% of the Arcueil property for €37,540 ($58,420) was announced in January 2025 with closing expected in the second half of 2026. The long closing is required to satisfy the administrative, building permit and financing conditions. The remaining 12.5% of the Arcueil office property is being marketed for a new office tenant. The Baldi property, with a fair value of $27,534 (€17,400), is currently being marketed for sale under the REIT's Asset Recycling Plan. The REIT is currently evaluating offers that are not subject to building permit conditions, which may result in a disposition prior to year-end 2025. As the REIT generates revenue from the sale of properties, the best use of the proceeds will be considered, including the options to pay down debt, invest capital to support leasing or redevelopment opportunities. Capital Market Considerations Since the end of 2023, net asset values for the REITs Total Portfolio have been significantly pressured, primarily due to geopolitical tensions, high inflation, high interest rates and energy costs. The decrease in net asset values largely impacted Unitholders' equity that was $192,775 (€123,875) at March 31, 2025. The book value per Unit at March 31, 2025 was $5.81/Unit and $5.75/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the 'Units') for the period. The closing price of a Unit on the TSX at March 31, 2025 was $0.90/Unit. The REIT has addressed the volatile risks in the current capital markets by selling certain properties, implementing short term leasing initiatives for properties in the REIT's Asset Recycling Plan, maintaining a manageable debt-to-gross-book value ratio, currently 51.3% of the IP Portfolio (58.8% on the Total Portfolio). Funds From Operations and Adjusted Funds From Operations FFO per Unit of $0.01 and AFFO 1 per Unit of $0.02 were reported for Q1 2025, in line with our projection given the occupancy rate and increased cost of debt. Refer to the 'Financing Activity' section below for details of the impact of finance costs on FFO and AFFO. Financing Activity The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 2.4 years for the Total Portfolio (2.7 years for the IP Portfolio). For the three-month period ended March 31, 2025, the weighted average interest rate across the Total Portfolio declined to 3.43%, from 4.12% as at December 31, 2024, reflecting the downward trend in EURIBOR. As at March 31, 2025, 72% of the REIT's Total Portfolio debt was subject to variable interest rates, primarily associated with short-term financing on properties currently being marketed for sale. On March 19, 2025, HCOB, the senior lender for the Trio property, approved a six month extension of the loan facility to September 2025, subject to a partial repayment of $8,559 that should be completed on May 15, 2025. This repayment will satisfy a waiver condition related to a second-ranking mortgage held by HCOB on the Bad Homburg property. The Trio loan repayment is funded by a €5,600 ($8,715) mezzanine loan on the Bad Homburg property, signed on April 16, 2025. The 18-month mezzanine loan bears annual interest at 12% (6% paid quarterly and 6% at maturity). Management's objective is to eventually refinance this loan with a conventional financing, depending on progress in the leasing strategy. Environmental, Social and Governance (ESG) Integration of ESG objectives and strategies into the REIT's business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in "human capital" for the implementation and monitoring of all ESG initiatives. FORWARD-LOOKING INFORMATION Certain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT's future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'predict', 'potential', 'continue' or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following: The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to: the REIT's ability to execute its growth and capital deployment strategies; the impact of changing conditions in the European office market; the marketability and value of the REIT's portfolio; changes in the attitudes, financial condition and demand in the REIT's demographic markets; fluctuation in interest rates and volatility in financial markets; the geopolitical conflict around the world on the REIT's business, operations and financial results; general economic conditions, including any continuation or intensification of the current economic conditions; developments and changes in applicable laws and regulations; and such other factors discussed under ''Risk and Uncertainties'' in the MD&A dated September 30, 2024 ('the MD&A'). If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under ''Risks and Uncertainties'' in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Certain statements included in press release may be considered a ''financial outlook'' for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements. Non-GAAP Financial Measures and Other Measures There are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include Funds from Operations, Adjusted Funds from Operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT's financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. USE OF OPERATING METRICS The REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT's financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the REIT. ' Adjusted Funds From Operations ' or ' AFFO ' is a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings. AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans. ' Adjusted Funds From Operations / Unit ' or ' AFFO / Unit ' is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). ' AFFO Payout Ratio ' is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO. ' Average term to maturity ' refers to the average number of years remaining in the lease term. ' Book value per Unit ' refers to the REIT's total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis). 'Debt-service covenant ratio calculation' or 'DSCR' refers to the rental income divided by the debt service, including interest and amortization. ' Debt-to-Gross-Book Value ' refers to the REIT's apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners. ' Exchangeable Securities ' means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital. ' Fully diluted basis ' refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities. ' Funds From Operations ' or ' FFO' follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception. Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT's ability to service debt, fund capital expenditures, and provide distributions to Unitholders. As an exception, considering the significant amount of cash held in Euros in Canada and the volatility of the Canadian dollar against the Euro, the unrealized gain (loss) recognized for the three and twelve months ended December 31, 2024, and 2023, have been excluded from the FFO calculation. Finally, non-recurring administrative expenses relating to items that are not reasonably likely to occur within two years prior to, or following the disclosure, have also been excluded from FFO. FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS. FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment. Exchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT's Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders. ' Funds From Operations / Unit ' or ' FFO / Unit ' is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis). ' Gross book value ' refers to the total consolidated assets for the IP Portfolio and Total Portfolio. 'Interest Coverage Ratio' or 'ICR' covenant refers to a financial metric used to assess a REIT's ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT's interest expenses over a given period. ' Investments in Joint Ventures ' refers to the REIT's proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT's ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT's ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management. For the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting. ' Investment Properties Portfolio ' or ' IP Portfolio ' refers to the eight wholly owned properties of the REIT. ' Net Rental Income Adjusted for IFRIC 21 ' refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules. ' Net Rental Income ' or 'NRI' refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs. ' Total Portfolio ' refers to the eight properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties. 'Weighted average lease term' or 'WALT ' is a metric used to measure a property portfolio's risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term. ' Weighted Average number of Units ' refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period. The reconciliation of FFO and AFFO for the three-month periods ended March 31, 2025 and 2024, based on proportionate consolidation figures including REIT's interest in joint ventures is as follows: Overview – GAAP and Non-GAAP The REIT has identified specific key performance indicators to measure the progress of its long-term objectives. These are set out below: About Inovalis REIT Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 12 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A. About Inovalis Group Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets. Inovalis Group ( founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.
Yahoo
12-05-2025
- Business
- Yahoo
Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2025 and Declares Quarterly Dividend
TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) ('Constellation' or the 'Company') today announced its financial results for the first quarter ended March 31, 2025 and declared a $1.00 per share dividend payable on July 11, 2025 to all common shareholders of record at close of business on June 20, 2025. 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, 2025 and the accompanying notes, our Management Discussion and Analysis for the three months ended March 31, 2025 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, 2024, which can be found on SEDAR+ at and on the Company's website Additional information about the Company is also available on SEDAR+ at Q1 2025 Headlines: Revenue increased 13% (0.3% organic growth, 2% after adjusting for changes in foreign exchange rates) to $2,654 million compared to $2,353 million in Q1 2024. Net income attributable to common shareholders was $115 million for Q1 2025 ($5.44 on a diluted per share basis), compared to net income attributable to common shareholders of $105 million ($4.95 on a diluted per share basis) in Q1 2024. A number of acquisitions were completed for aggregate cash consideration of $94 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $39 million resulting in total consideration of $133 million. On January 31, 2025, the Company purchased 8,300,029 shares in Asseco Poland S.A. ('Asseco') representing approximately 9.99% of the issued shares in Asseco. The shares were acquired at a price of 85 PLN per share for total consideration of $174 million. During the three months ended March 31, 2025, the Company recorded a gain of $157 million within other comprehensive income reduced by transaction costs of $2 million. Cash flows from operations ('CFO') were $827 million, an increase of 12%, or $90 million, compared to $737 million for the comparable period in 2024. Free cash flow available to shareholders1 ('FCFA2S') were $510 million, an increase of 14%, or $64 million, compared to $446 million for the comparable period in 2024. Total revenue for the quarter ended March 31, 2025 was $2,654 million, an increase of 13%, or $300 million, compared to $2,353 million for the comparable period in 2024. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 0.3% in the quarter, 2% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each company in the financial period following acquisition compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by Constellation. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. The net income attributable to common shareholders of CSI for the quarter ended March 31, 2025 was $115 million compared to $105 million for the same period in 2024. On a per share basis this translated into net income per basic and diluted share of $5.44 in the quarter ended March 31, 2025 compared to $4.95 for the same period in 2024. There was no change in the number of shares outstanding. For the quarter ended March 31, 2025, CFO increased $90 million to $827 million compared to $737 million for the same period in 2024 representing an increase of 12%. For the quarter ended March 31, 2025, FCFA2S increased $64 million to $510 million compared to $446 million for the same period in 2024 representing an increase of 14%. 1. See Non-IFRS measures. 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 debt, debt transaction costs, payments of lease obligations, the IRGA / TSS membership liability revaluation charge, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. We believe that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if we do not make any acquisitions, or investments, and do not repay any debts. While we could use the FCFA2S to pay dividends or repurchase shares, our objective is to invest all of our FCFA2S in acquisitions which meet our 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 March 31, 2025 2024 ($ in millions) Net cash flows from operating activities 827 737 Adjusted for: Interest paid on lease obligations (4 ) (3 ) Interest paid on debt (62 ) (41 ) Proceeds from sale of interest rate cap - - Debt transaction costs (0 ) (11 ) Payments of lease obligations (31 ) (29 ) IRGA / TSS membership liability revaluation charge (94 ) (81 ) Property and equipment purchased (15 ) (10 ) Interest and dividends received 11 6 631 568 Less amount attributable to Non-controlling interests (121 ) (122 ) Free cash flow available to shareholders 510 446 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@ SOURCE: CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Financial Position (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited March 31, 2025 December 31, 2024 March 31, 2024 Assets Current assets: Cash $ 2,477 $ 1,980 $ 2,078 Accounts receivable 1,363 1,291 1,205 Unbilled revenue 406 369 361 Inventories 58 56 56 Other assets 637 596 575 4,942 4,293 4,276 Non-current assets: Property and equipment 222 223 142 Right of use assets 346 328 322 Deferred income taxes 237 219 157 Equity securities 353 13 14 Other assets 318 316 291 Intangible assets 7,477 7,465 6,746 8,954 8,565 7,671 Total assets $ 13,896 $ 12,857 $ 11,946 Liabilities and Shareholders' Equity Current liabilities: Debt with recourse to Constellation Software Inc. $ 419 $ 303 $ 276 Debt without recourse to Constellation Software Inc. 365 319 348 Accounts payable and accrued liabilities 1,449 1,590 1,304 Dividends payable 21 21 21 Deferred revenue 2,511 1,967 2,272 Provisions 23 22 8 Acquisition holdback payables 216 219 172 Lease obligations 119 115 115 Income taxes payable 130 111 135 5,254 4,667 4,653 Non-current liabilities: Debt with recourse to Constellation Software Inc. 1,865 1,855 1,832 Debt without recourse to Constellation Software Inc. 1,687 1,689 1,470 Deferred income taxes 692 673 634 Acquisition holdback payables 145 133 105 Lease obligations 266 252 244 Other liabilities 346 300 257 5,001 4,903 4,542 Total liabilities 10,255 9,569 9,195 Shareholders' equity: Capital stock 99 99 99 Accumulated other comprehensive income (loss) (63 ) (224 ) (145 ) Retained earnings 3,010 2,919 2,358 Non-controlling interests 595 493 439 3,641 3,288 2,752 Total liabilities and shareholders' equity $ 13,896 $ 12,857 $ 11,946 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Revenue License $ 96 $ 88 Professional services 487 470 Hardware and other 74 59 Maintenance and other recurring 1,996 1,737 2,654 2,353 Expenses Staff 1,412 1,293 Hardware 40 35 Third party license, maintenance and professional services 254 215 Occupancy 17 14 Travel, telecommunications, supplies, software and equipment 131 112 Professional fees 47 38 Other, net 53 50 Depreciation 46 44 Amortization of intangible assets 272 242 2,272 2,042 Foreign exchange loss (gain) 32 (18 ) IRGA/TSS Membership liability revaluation charge 94 81 Finance and other expense (income) (45 ) (9 ) Bargain purchase gain - (2 ) Impairment of intangible and other non-financial assets 3 10 Redeemable preferred securities expense (income) - 58 Finance costs 71 67 154 186 Income (loss) before income taxes 227 125 Current income tax expense (recovery) 136 127 Deferred income tax expense (recovery) (49 ) (75 ) Income tax expense (recovery) 87 52 Net income (loss) 140 74 Net income (loss) attributable to: Common shareholders of Constellation Software Inc. 115 105 Non-controlling interests 24 (31 ) Net income (loss) 140 74 Earnings per common share of Constellation Software Inc. Basic and diluted $ 5.44 $ 4.95 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Net income (loss) $ 140 $ 74 Items that are or may be reclassified subsequently to net income (loss): Foreign currency translation differences from foreign operations and other, net of tax 79 (48 ) Items that will not be reclassified to net income (loss): Changes in the fair value of equity investments at FVOCI 155 - Other comprehensive income (loss), net of income tax 234 (48 ) Total comprehensive income (loss) $ 374 $ 25 Total other comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 161 (40 ) Non-controlling interests 74 (8 ) Total other comprehensive income (loss) $ 234 $ (48 ) Total comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 276 65 Non-controlling interests 98 (40 ) Total comprehensive income (loss) $ 374 $ 25 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 Equity Attributable to Common Shareholders of CSI Capitalstock Accumulated other comprehensive income (loss) Retainedearnings Total Non-controllinginterests Totalequity Balance at January 1, 2025 $ 99 $ (224 ) $ 2,919 $ 2,795 $ 493 $ 3,288 Total comprehensive income (loss): Net income (loss) - - 115 115 24 140 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax and changes in the fair value of equity investments at FVOCI - 161 - 161 74 234 Total other comprehensive income (loss) - 161 - 161 74 234 Total comprehensive income (loss) - 161 115 276 98 374 Transactions with owners, recorded directly in equity Other movements in non-controlling interests - - (4 ) (4 ) 4 (0 ) Dividends paid to non-controlling interests - - - - (0 ) (0 ) Dividends to shareholders of the Company - - (21 ) (21 ) - (21 ) Balance at March 31, 2025 $ 99 $ (63 ) $ 3,010 $ 3,046 $ 595 $ 3,641 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2024 Equity Attributable to Common Shareholders of CSI Capitalstock Accumulated other comprehensive income (loss) Retainedearnings Total Non-controlling interests Totalequity Balance at January 1, 2024 $ 99 $ (99 ) $ 1,876 $ 1,877 $ 85 $ 1,961 Total comprehensive income (loss): Net income (loss) - - 105 105 (31 ) 74 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax - (40 ) - (40 ) (8 ) (48 ) Total other comprehensive income (loss) - (40 ) - (40 ) (8 ) (48 ) Total comprehensive income (loss) - (40 ) 105 65 (40 ) 25 Transactions with owners, recorded directly in equity Non-controlling interests arising from business combinations - - - - (0 ) (0 ) Conversion of Lumine Special Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Special Shares through the issuance of subordinate voting shares of Lumine - - - - 872 872 Conversion of Lumine Preferred Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Preferred Shares through the issuance of subordinate voting shares of Lumine - (6 ) 400 394 (394 ) - Other movements in non-controlling interests - - (1 ) (1 ) 1 0 Dividends paid to non-controlling interests - - - - (85 ) (85 ) Dividends to shareholders of the Company - (21 ) (21 ) - (21 ) Balance at March 31, 2024 $ 99 $ (145 ) $ 2,358 $ 2,313 $ 439 $ 2,752 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Cash Flows (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Cash flows from (used in) operating activities: Net income (loss) $ 140 $ 74 Adjustments for: Depreciation 46 44 Amortization of intangible assets 272 242 IRGA/TSS Membership liability revaluation charge 94 81 Finance and other expense (income) (45 ) (9 ) Bargain purchase (gain) - (2 ) Impairment of intangible and other non-financial assets 3 10 Redeemable preferred securities expense (income) - 58 Finance costs 71 67 Income tax expense (recovery) 87 52 Foreign exchange loss (gain) 32 (18 ) Depreciation of third party costs 5 - Change in non-cash operating assets and liabilities exclusive of effects of business combinations 231 208 Transaction costs associated with equity securities classified as FVOCI (2 ) - Income taxes paid (107 ) (68 ) Net cash flows from (used in) operating activities 827 737 Cash flows from (used in) financing activities: Interest paid on lease obligations (4 ) (3 ) Interest paid on debt (62 ) (41 ) Increase (decrease) in CSI facility - (578 ) Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI 31 114 Proceeds from issuance of Senior Notes - 1,000 Proceeds from issuance of debt facilities without recourse to CSI 27 112 Repayments of debt facilities without recourse to CSI (30 ) (18 ) Other financing activities (1 ) (2 ) Dividends paid to non-controlling interests (0 ) (85 ) Debt transaction costs (0 ) (11 ) Payments of lease obligations, net of sublease receipts (31 ) (29 ) Distribution to the Joday Group - (64 ) Principal repayments to the Joday Group pursuant to the Call Notice - (22 ) Dividends paid to common shareholders of the Company (21 ) (21 ) Net cash flows from (used in) in financing activities (91 ) 351 Cash flows from (used in) investing activities: Acquisition of businesses (94 ) (223 ) Cash obtained with acquired businesses 11 35 Post-acquisition settlement payments, net of receipts (16 ) (76 ) Purchases of investments and other assets (175 ) (0 ) Proceeds from sales of other investments and other assets - 4 Decrease (increase) in restricted cash 7 (11 ) Interest, dividends and other proceeds received 11 5 Property and equipment purchased (15 ) (10 ) Net cash flows from (used in) investing activities (271 ) (277 ) Effect of foreign currency on cash 33 (17 ) Increase (decrease) in cash 497 794 Cash, beginning of period $ 1,980 $ 1,284 Cash, end of period $ 2,477 $ 2,078 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2025 and Declares Quarterly Dividend
TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) ('Constellation' or the 'Company') today announced its financial results for the first quarter ended March 31, 2025 and declared a $1.00 per share dividend payable on July 11, 2025 to all common shareholders of record at close of business on June 20, 2025. 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, 2025 and the accompanying notes, our Management Discussion and Analysis for the three months ended March 31, 2025 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, 2024, which can be found on SEDAR+ at and on the Company's website Additional information about the Company is also available on SEDAR+ at Q1 2025 Headlines: Revenue increased 13% (0.3% organic growth, 2% after adjusting for changes in foreign exchange rates) to $2,654 million compared to $2,353 million in Q1 2024. Net income attributable to common shareholders was $115 million for Q1 2025 ($5.44 on a diluted per share basis), compared to net income attributable to common shareholders of $105 million ($4.95 on a diluted per share basis) in Q1 2024. A number of acquisitions were completed for aggregate cash consideration of $94 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $39 million resulting in total consideration of $133 million. On January 31, 2025, the Company purchased 8,300,029 shares in Asseco Poland S.A. ('Asseco') representing approximately 9.99% of the issued shares in Asseco. The shares were acquired at a price of 85 PLN per share for total consideration of $174 million. During the three months ended March 31, 2025, the Company recorded a gain of $157 million within other comprehensive income reduced by transaction costs of $2 million. Cash flows from operations ('CFO') were $827 million, an increase of 12%, or $90 million, compared to $737 million for the comparable period in 2024. Free cash flow available to shareholders1 ('FCFA2S') were $510 million, an increase of 14%, or $64 million, compared to $446 million for the comparable period in 2024. Total revenue for the quarter ended March 31, 2025 was $2,654 million, an increase of 13%, or $300 million, compared to $2,353 million for the comparable period in 2024. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 0.3% in the quarter, 2% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each company in the financial period following acquisition compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by Constellation. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. The net income attributable to common shareholders of CSI for the quarter ended March 31, 2025 was $115 million compared to $105 million for the same period in 2024. On a per share basis this translated into net income per basic and diluted share of $5.44 in the quarter ended March 31, 2025 compared to $4.95 for the same period in 2024. There was no change in the number of shares outstanding. For the quarter ended March 31, 2025, CFO increased $90 million to $827 million compared to $737 million for the same period in 2024 representing an increase of 12%. For the quarter ended March 31, 2025, FCFA2S increased $64 million to $510 million compared to $446 million for the same period in 2024 representing an increase of 14%. 1. See Non-IFRS measures. 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 debt, debt transaction costs, payments of lease obligations, the IRGA / TSS membership liability revaluation charge, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. We believe that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if we do not make any acquisitions, or investments, and do not repay any debts. While we could use the FCFA2S to pay dividends or repurchase shares, our objective is to invest all of our FCFA2S in acquisitions which meet our 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 March 31, 2025 2024 ($ in millions) Net cash flows from operating activities 827 737 Adjusted for: Interest paid on lease obligations (4 ) (3 ) Interest paid on debt (62 ) (41 ) Proceeds from sale of interest rate cap - - Debt transaction costs (0 ) (11 ) Payments of lease obligations (31 ) (29 ) IRGA / TSS membership liability revaluation charge (94 ) (81 ) Property and equipment purchased (15 ) (10 ) Interest and dividends received 11 6 631 568 Less amount attributable to Non-controlling interests (121 ) (122 ) Free cash flow available to shareholders 510 446 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@ SOURCE: CONSTELLATION SOFTWARE INC. CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Financial Position (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited March 31, 2025 December 31, 2024 March 31, 2024 Assets Current assets: Cash $ 2,477 $ 1,980 $ 2,078 Accounts receivable 1,363 1,291 1,205 Unbilled revenue 406 369 361 Inventories 58 56 56 Other assets 637 596 575 4,942 4,293 4,276 Non-current assets: Property and equipment 222 223 142 Right of use assets 346 328 322 Deferred income taxes 237 219 157 Equity securities 353 13 14 Other assets 318 316 291 Intangible assets 7,477 7,465 6,746 8,954 8,565 7,671 Total assets $ 13,896 $ 12,857 $ 11,946 Liabilities and Shareholders' Equity Current liabilities: Debt with recourse to Constellation Software Inc. $ 419 $ 303 $ 276 Debt without recourse to Constellation Software Inc. 365 319 348 Accounts payable and accrued liabilities 1,449 1,590 1,304 Dividends payable 21 21 21 Deferred revenue 2,511 1,967 2,272 Provisions 23 22 8 Acquisition holdback payables 216 219 172 Lease obligations 119 115 115 Income taxes payable 130 111 135 5,254 4,667 4,653 Non-current liabilities: Debt with recourse to Constellation Software Inc. 1,865 1,855 1,832 Debt without recourse to Constellation Software Inc. 1,687 1,689 1,470 Deferred income taxes 692 673 634 Acquisition holdback payables 145 133 105 Lease obligations 266 252 244 Other liabilities 346 300 257 5,001 4,903 4,542 Total liabilities 10,255 9,569 9,195 Shareholders' equity: Capital stock 99 99 99 Accumulated other comprehensive income (loss) (63 ) (224 ) (145 ) Retained earnings 3,010 2,919 2,358 Non-controlling interests 595 493 439 3,641 3,288 2,752 Total liabilities and shareholders' equity $ 13,896 $ 12,857 $ 11,946 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Revenue License $ 96 $ 88 Professional services 487 470 Hardware and other 74 59 Maintenance and other recurring 1,996 1,737 2,654 2,353 Expenses Staff 1,412 1,293 Hardware 40 35 Third party license, maintenance and professional services 254 215 Occupancy 17 14 Travel, telecommunications, supplies, software and equipment 131 112 Professional fees 47 38 Other, net 53 50 Depreciation 46 44 Amortization of intangible assets 272 242 2,272 2,042 Foreign exchange loss (gain) 32 (18 ) IRGA/TSS Membership liability revaluation charge 94 81 Finance and other expense (income) (45 ) (9 ) Bargain purchase gain - (2 ) Impairment of intangible and other non-financial assets 3 10 Redeemable preferred securities expense (income) - 58 Finance costs 71 67 154 186 Income (loss) before income taxes 227 125 Current income tax expense (recovery) 136 127 Deferred income tax expense (recovery) (49 ) (75 ) Income tax expense (recovery) 87 52 Net income (loss) 140 74 Net income (loss) attributable to: Common shareholders of Constellation Software Inc. 115 105 Non-controlling interests 24 (31 ) Net income (loss) 140 74 Earnings per common share of Constellation Software Inc. Basic and diluted $ 5.44 $ 4.95 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Income (loss) (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Net income (loss) $ 140 $ 74 Items that are or may be reclassified subsequently to net income (loss): Foreign currency translation differences from foreign operations and other, net of tax 79 (48 ) Items that will not be reclassified to net income (loss): Changes in the fair value of equity investments at FVOCI 155 - Other comprehensive income (loss), net of income tax 234 (48 ) Total comprehensive income (loss) $ 374 $ 25 Total other comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 161 (40 ) Non-controlling interests 74 (8 ) Total other comprehensive income (loss) $ 234 $ (48 ) Total comprehensive income (loss) attributable to: Common shareholders of Constellation Software Inc. 276 65 Non-controlling interests 98 (40 ) Total comprehensive income (loss) $ 374 $ 25 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 Equity Attributable to Common Shareholders of CSI Capitalstock Accumulated other comprehensive income (loss) Retainedearnings Total Non-controllinginterests Totalequity Balance at January 1, 2025 $ 99 $ (224 ) $ 2,919 $ 2,795 $ 493 $ 3,288 Total comprehensive income (loss): Net income (loss) - - 115 115 24 140 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax and changes in the fair value of equity investments at FVOCI - 161 - 161 74 234 Total other comprehensive income (loss) - 161 - 161 74 234 Total comprehensive income (loss) - 161 115 276 98 374 Transactions with owners, recorded directly in equity Other movements in non-controlling interests - - (4 ) (4 ) 4 (0 ) Dividends paid to non-controlling interests - - - - (0 ) (0 ) Dividends to shareholders of the Company - - (21 ) (21 ) - (21 ) Balance at March 31, 2025 $ 99 $ (63 ) $ 3,010 $ 3,046 $ 595 $ 3,641 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statement of Changes in Equity (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2024 Equity Attributable to Common Shareholders of CSI Capitalstock Accumulated other comprehensive income (loss) Retainedearnings Total Non-controlling interests Totalequity Balance at January 1, 2024 $ 99 $ (99 ) $ 1,876 $ 1,877 $ 85 $ 1,961 Total comprehensive income (loss): Net income (loss) - - 105 105 (31 ) 74 Other comprehensive income (loss) Foreign currency translation differences from foreign operations and other, net of tax - (40 ) - (40 ) (8 ) (48 ) Total other comprehensive income (loss) - (40 ) - (40 ) (8 ) (48 ) Total comprehensive income (loss) - (40 ) 105 65 (40 ) 25 Transactions with owners, recorded directly in equity Non-controlling interests arising from business combinations - - - - (0 ) (0 ) Conversion of Lumine Special Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Special Shares through the issuance of subordinate voting shares of Lumine - - - - 872 872 Conversion of Lumine Preferred Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Preferred Shares through the issuance of subordinate voting shares of Lumine - (6 ) 400 394 (394 ) - Other movements in non-controlling interests - - (1 ) (1 ) 1 0 Dividends paid to non-controlling interests - - - - (85 ) (85 ) Dividends to shareholders of the Company - (21 ) (21 ) - (21 ) Balance at March 31, 2024 $ 99 $ (145 ) $ 2,358 $ 2,313 $ 439 $ 2,752 CONSTELLATION SOFTWARE INC. Condensed Consolidated Interim Statements of Cash Flows (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.) Unaudited Three months ended March 31, 2025 2024 Cash flows from (used in) operating activities: Net income (loss) $ 140 $ 74 Adjustments for: Depreciation 46 44 Amortization of intangible assets 272 242 IRGA/TSS Membership liability revaluation charge 94 81 Finance and other expense (income) (45 ) (9 ) Bargain purchase (gain) - (2 ) Impairment of intangible and other non-financial assets 3 10 Redeemable preferred securities expense (income) - 58 Finance costs 71 67 Income tax expense (recovery) 87 52 Foreign exchange loss (gain) 32 (18 ) Depreciation of third party costs 5 - Change in non-cash operating assets and liabilities exclusive of effects of business combinations 231 208 Transaction costs associated with equity securities classified as FVOCI (2 ) - Income taxes paid (107 ) (68 ) Net cash flows from (used in) operating activities 827 737 Cash flows from (used in) financing activities: Interest paid on lease obligations (4 ) (3 ) Interest paid on debt (62 ) (41 ) Increase (decrease) in CSI facility - (578 ) Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI 31 114 Proceeds from issuance of Senior Notes - 1,000 Proceeds from issuance of debt facilities without recourse to CSI 27 112 Repayments of debt facilities without recourse to CSI (30 ) (18 ) Other financing activities (1 ) (2 ) Dividends paid to non-controlling interests (0 ) (85 ) Debt transaction costs (0 ) (11 ) Payments of lease obligations, net of sublease receipts (31 ) (29 ) Distribution to the Joday Group - (64 ) Principal repayments to the Joday Group pursuant to the Call Notice - (22 ) Dividends paid to common shareholders of the Company (21 ) (21 ) Net cash flows from (used in) in financing activities (91 ) 351 Cash flows from (used in) investing activities: Acquisition of businesses (94 ) (223 ) Cash obtained with acquired businesses 11 35 Post-acquisition settlement payments, net of receipts (16 ) (76 ) Purchases of investments and other assets (175 ) (0 ) Proceeds from sales of other investments and other assets - 4 Decrease (increase) in restricted cash 7 (11 ) Interest, dividends and other proceeds received 11 5 Property and equipment purchased (15 ) (10 ) Net cash flows from (used in) investing activities (271 ) (277 ) Effect of foreign currency on cash 33 (17 ) Increase (decrease) in cash 497 794 Cash, beginning of period $ 1,980 $ 1,284 Cash, end of period $ 2,477 $ 2,078 Sign in to access your portfolio
