TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the third quarter ended September 30, 2018 and declared a $1.00 per share dividend payable on January 4, 2019 to all common shareholders of record at close of business on December 14, 2018. 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 and nine months ended September 30, 2018 and the accompanying notes, our Management Discussion and Analysis for the three and nine months ended September 30, 2018 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, 2017, 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.

Q3 2018 Headlines:

  • Revenue grew 19% (-1% organic growth, 0% after adjusting for changes in foreign exchange rates) to $759 million compared to $637 million in Q3 2017. 
  • Adjusted EBITA increased $35 million or 22% to $197 million as compared to $162 million in Q3 2017. 
  • Net income increased 21% to $66 million ($3.10 on a diluted per share basis) from $54 million ($2.56 on a diluted per share basis) in Q3 2017.
  • Adjusted net income increased 26% to $145 million ($6.85 on a diluted per share basis) from $116 million ($5.45 on a diluted per share basis) in Q3 2017.    
  • A number of acquisitions were completed for aggregate cash consideration of $92 million (which includes acquired cash).  Deferred payments associated with these acquisitions have an estimated value of $22 million resulting in total consideration of $114 million.
  • Cash flows from operations were $143 million, an increase of 17%, or $20 million, compared to $123 million for the comparable period in 2017.

Total revenue for the quarter ended September 30, 2018 was $759 million, an increase of 19%, or $123 million, compared to $637 million for the comparable period in 2017.  For the first nine months of 2018 total revenues were $2,230 million, an increase of 24%, or $438 million, compared to $1,792 million for the comparable period in 2017.  The increase for both the three and nine-month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of negative 1% and positive 2% in the three and nine-month periods respectively, 0% and 1% respectively after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business.  There were various large professional services contracts in the US Healthcare vertical completed in 2017 that were not replaced with similar contracts in 2018.  Also, an ongoing implementation in the Transit vertical had a much larger third-party hardware shipment in Q3 2017 than in Q3 2018.  Excluding the US Healthcare vertical and the business responsible for the transit implementation, organic growth after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business was 2% and 3% for three and nine months ended September 30, 2018 respectively.    The Company adopted IFRS 15 “Revenue from contracts with customers” (“IFRS 15”) effective January 1, 2018 utilizing the cumulative effect method.  Under the cumulative effect method comparative periods have not been restated; however, the quantitative differences between reported results under IFRS 15 and those that would have been reported under IAS 11 and IAS 18 (“prior IFRS”) have been disclosed.  For the three and nine months ended September 30, 2018 total revenue was $1 million lower and $7 million higher respectively than it would have been under prior IFRS.  The organic growth figures included above and below exclude the impact of IFRS 15.

For the quarter ended September 30, 2018, Adjusted EBITA increased to $197 million compared to $162 million for the same period in 2017 representing an increase of 22%.  For the first nine months of 2018, Adjusted EBITA increased to $531 million compared to $447 million during the same period in 2017, representing an increase of 19%.  For the three and nine months ended September 30, 2018, Adjusted EBITA was $1 million lower and $7 million higher respectively, than it would have been under prior IFRS.  Adjusted EBITA margin was 26% and 24% for the three and nine months ended September 30, 2018 respectively, compared to 25% during the same periods in 2017.  Excluding the impact of IFRS 15, Adjusted EBITA margin would still have been 26% and 24% for the three and nine months ended September 30, 2018, respectively.  The margin decline for the nine months ended September 30, 2018 is primarily the result of lower margins on recently acquired businesses.

Net income for the quarter ended September 30, 2018 was $66 million compared to net income of $54 million for the same period in 2017.  On a per share basis, this translated into a net income per diluted share of $3.10 in the quarter ended September 30, 2018 compared to net income per diluted share of $2.56 for the same period in 2017.  For the nine months ended September 30, 2018, net income was $200 million or $9.45 per diluted share compared to $146 million or $6.88 per diluted share for the same period in 2017.

For the quarter ended September 30, 2018, Adjusted net income increased to $145 million from $116 million for the same period in 2017, representing an increase of 26%.  Adjusted net income margin was 19% for the quarter ended September 30, 2018 and 18% for the same period in 2017.  For the quarter ended September 30, 2018, Adjusted net income was $0.3 million higher than it would have been under prior IFRS (IAS 18).  For the first nine months of 2018, Adjusted net income increased to $410 million from $322 million during the same period in 2017, representing an increase of 27%.  Adjusted net income margin was 18% for both the nine months ended September 30, 2018 and September 30, 2017.  For the nine months ended September 30, 2018, Adjusted net income was $5 million higher than it would have been under prior IFRS (IAS 18).  Excluding the impact of the unrealized foreign exchange (gain) loss recorded in each of the three and nine-month periods ended September 30, 2017 and 2018, a $7.9 million financial liability accrual reversal recorded to finance and other income in Q1 2018, and the impacts of IFRS 15, the margins would have been 20% and 18% for the respective periods in 2018, and 19% for both the respective periods in 2017.  

For the quarter ended September 30, 2018 Cash flows from operations were $143 million, an increase of 17%, or $20 million, compared to $123 million for the comparable period in 2017.   For the first nine months of 2018, Cash flows from operations were $454 million, an increase of 24%, or $88 million, compared to $365 million for the comparable period in 2017.  

The following table displays our revenue by reportable segment and the percentage change for the three and nine months ended September 30, 2018 compared to the same periods in 2017:

             
  Three months ended
September 30,
Period-Over-Period
Change
Organic
Growth
 Nine months ended
September 30,
Period-Over-Period
Change
Organic
Growth
             
  20182017$%% 20182017$%%
  ($M, except percentages) ($M, except percentages)
Public Sector            
Licenses 31282 8%-12% 887513 17%-9%
Professional services 11410113 13%-7% 33928753 18%-2%
Hardware and other 3337(4)-12%-18% 9596(1)-1%-11%
Maintenance and other recurring32826958 22%2% 969759210 28%5%
  50643670 16%-3% 1,4921,217275 23%1%
             
Private Sector            
Licenses 18162 15%-3% 53467 16%-2%
Professional services 34249 39%4% 1047231 44%9%
Hardware and other 871 11%-25% 21210 1%-31%
Maintenance and other recurring19415340 26%4% 560437124 28%6%
  25420053 26%2% 738575163 28%4%
             
Certain totals and percentages may not reconcile due to rounding.         


For purposes of calculating organic growth, estimated pre-acquisition revenue from the relevant companies acquired in 2017 and 2018 was added to actual reported revenue for the three and nine months ended September 30, 2017.

Public Sector

For the quarter ended September 30, 2018, total revenue in the public sector reportable segment increased 16%, or $70 million to $506 million, compared to $436 million for the quarter ended September 30, 2017.  For the nine months ended September 30, 2018, total revenue increased by 23%, or $275 million to $1,492 million, compared to $1,217 million for the comparable period in 2017.  For the three and nine months ended September 30, 2018 total revenue was respectively $1 million lower and $6 million higher than it would have been under prior IFRS.   Organic growth excludes the impact of IFRS 15.  Organic revenue growth was negative 3% and positive 1%, respectively, for the three and nine months ended September 30, 2018 compared to the same periods in 2017, and negative 2% and negative 1% respectively after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business.   Excluding the US Healthcare vertical and the business responsible for the transit implementation, as mentioned above, organic growth after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business was 1% and 2% for three and nine months ended September 30, 2018 respectively.

Private Sector

For the quarter ended September 30, 2018, total revenue in the private sector reportable segment increased 26%, or $53 million to $254 million, compared to $200 million for the quarter ended September 30, 2017.  For the nine months ended September 30, 2018, total revenue increased by 28%, or $163 million to $738 million, compared to $575 million for the comparable period in 2017.  For the three and nine months ended September 30, 2018 total revenue was respectively $0.4 million and $1 million higher than it would have been under prior IFRS.   Organic growth excludes the impact of IFRS 15.  Organic revenue growth was 2% and 4% for the three and nine months ended September 30, 2018, respectively, compared to the same periods in 2017, and 4% and 3%, respectively, after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business.   

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, bargain purchase gain, finance costs, income taxes, share in net income or loss of equity investees, impairment of non-financial assets, amortization, TSS membership liability revaluation charge, 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.

‘‘Adjusted net income’’ means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, the TSS membership liability revaluation charge, and certain other expenses (income), and excludes the portion of the adjusted net income of Total Specific Solutions (TSS) B.V. (“TSS”) attributable to the minority owners of TSS.  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, the TSS membership liability revaluation charge, and certain other non-cash expenses (income) incurred or recognized by the Company from time to time, and adjusts for the portion of TSS’ Adjusted net income not attributable to shareholders of Constellation.  ‘‘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.  Adjusted EBITA includes 100% of the Adjusted EBITA of TSS.

The following table reconciles Adjusted EBITA to net income:

             
   Three months ended September 30,   Nine months ended September 30,   
   2018 2017    2018 2017    
  ($M, except percentages) ($M, except percentages)  
             
Total revenue  759.1 636.5    2,229.6 1,791.9    
             
Net income  65.7 54.3    200.2 145.9    
Adjusted for:            
Income tax expense (recovery)  31.1 25.8    76.8 69.2    
Foreign exchange (gain) loss  8.4 7.6    3.1 10.9    
TSS membership liability revaluation charge  16.9 11.8    37.6 40.3    
Share in net (income) loss of equity investees  (0.6)(0.1)   (0.8)(0.2)   
Finance and other income  (2.5)(1.3)   (12.6)(1.7)   
Bargain purchase gain  (0.5)(5.0)   (0.6)(5.0)   
Finance costs  7.9 8.7    18.1 19.5    
Amortization of intangible assets  70.2 59.8    208.8 167.9    
             
Adjusted EBITA  196.6 161.6    530.6 446.7    
Adjusted EBITA margin  26% 25%    24% 25%    
             
Certain totals and percentages may not reconcile due to rounding.         

The following table reconciles Adjusted net income to net income:

             
   Three months ended September 30,   Nine months ended September 30,   
   2018 2017    2018 2017    
  ($M, except percentages) ($M, except percentages)  
             
Total revenue  759.1 636.5    2,229.6 1,791.9    
             
Net income  65.7 54.3    200.2 145.9    
Adjusted for:            
Amortization of intangible assets  70.2 59.8    208.8 167.9    
TSS membership liability revaluation charge  16.9 11.8    37.6 40.3    
Bargain purchase gain  (0.5)(5.0)   (0.6)(5.0)   
Less non-controlling interest in the Adjusted            
net income of TSS  (6.5)(5.2)   (20.0)(15.7)   
Deferred income tax expense (recovery)  (0.6)(0.2)   (16.4)(11.0)   
             
Adjusted net income  145.2 115.5    409.7 322.3    
Adjusted net income margin  19% 18%    18% 18%    
             
Certain totals and percentages may not reconcile due to rounding.         

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 Baksh
Chief Financial Officer
(416) 861-9677
info@csisoftware.com
www.csisoftware.com 

SOURCE: CONSTELLATION SOFTWARE INC.

CONSTELLATION SOFTWARE INC.   
Condensed Consolidated Interim Statements of Financial Position   
(In thousands of U.S. dollars)      
           
Unaudited        
         September 30, 2018December 31, 2017
           
Assets        
           
Current assets:        
 Cash      $456,033 $488,964 
 Accounts receivable      330,455  316,538 
 Unbilled revenue      89,140  64,109 
 Inventories       31,995  23,196 
 Other assets      158,175  100,098 
          1,065,798  992,905 
           
Non-current assets:       
 Property and equipment     58,382  53,817 
 Deferred income taxes      47,300  38,362 
 Other assets      58,896  21,801 
 Intangible assets 1,506,252  1,181,333 
          1,670,830  1,295,313 
           
Total assets      $2,736,628 $2,288,218 
           
Liabilities and Shareholders' Equity    
           
Current liabilities:       
 CSI Facility      $- $- 
 Debt without recourse to Constellation Software Inc.   63,455  96,398 
 TSS Membership Liability     61,106  49,215 
 Accounts payable and accrued liabilities    384,840  379,573 
 Dividends payable      21,353  21,575 
 Deferred revenue      681,139  541,108 
 Provisions       5,484  10,377 
 Acquisition holdback payables     56,905  42,867 
 Income taxes payable      34,835  31,028 
          1,309,117  1,172,141 
           
Non-current liabilities:       
 Debt without recourse to Constellation Software Inc.   108,317  - 
 TSS Membership Liability     107,492  86,575 
 Debentures       227,497  236,462 
 Deferred income taxes      179,282  148,961 
 Acquisition holdback payables     15,337  6,480 
 Other liabilities      77,030  33,521 
          714,955  511,999 
           
Total liabilities       2,024,072  1,684,140 
           
           
Shareholders' equity:       
 Capital stock      99,283  99,283 
 Accumulated other comprehensive income (loss)   (31,615) (26,739)
 Retained earnings      644,888  531,534 
          712,556  604,078 
           
           
Total liabilities and shareholders' equity   $2,736,628 $2,288,218 
           


CONSTELLATION SOFTWARE INC.   
Condensed Consolidated Interim Statements of Income   
(In thousands of U.S. dollars, except per share amounts)   
           
Three and nine months ended September 30, 2018 and 2017   
Unaudited        
       Three months ended September 30,Nine months ended September 30,
        2018  2017  2018  2017 
           
           
Revenue          
License    $  49,216 $  44,478 $  140,896 $  120,482 
Professional services      148,034    125,530    442,848    358,648 
Hardware and other      40,378    43,852    116,362    117,208 
Maintenance and other recurring     521,445    422,599    1,529,471    1,195,531 
          759,073    636,459    2,229,577    1,791,869 
           
Expenses          
Staff         383,568    312,667    1,163,421    898,751 
Hardware         22,452    24,208    64,210    63,619 
Third party license, maintenance and professional services         65,792    55,059    193,874    155,601 
Occupancy         19,494    15,584    58,411    43,454 
Travel         19,298    18,546    58,571    52,438 
Telecommunications         6,152    5,716    18,598    16,051 
Supplies         4,551    4,103    13,763    11,583 
Software and equipment         14,024    11,200    40,103    30,556 
Professional fees         9,140    7,921    28,219    21,614 
Other, net         11,367    14,126    39,768    35,112 
Depreciation         6,599    5,768    19,997    16,388 
Amortization of intangible assets         70,244    59,829    208,774    167,852 
          632,681    534,727    1,907,709    1,513,019 
           
           
Foreign exchange loss (gain)     8,440    7,567    3,136    10,926 
TSS membership liability revaluation charge   16,920    11,781    37,632    40,311 
Share in net (income) loss of equity investee   (554)   (80)   (787)   (206)
Finance and other expense (income)     (2,531)   (1,291)   (12,575)   (1,720)
Bargain purchase (gain)      (500)   (5,008)   (619)   (5,008)
Finance costs       7,853    8,725    18,074    19,456 
          29,628    21,694    44,861    63,759 
           
Income before income taxes     96,764    80,038    277,007    215,091 
           
Current income tax expense (recovery)     31,683    25,975    93,138    80,191 
Deferred income tax expense (recovery)         (624)   (206)   (16,375)   (10,952)
Income tax expense (recovery)         31,059    25,769    76,763    69,239 
           
Net income       65,705    54,269    200,244    145,852 
           
Earnings per share       
Basic and diluted   $  3.10 $  2.56 $  9.45 $  6.88 
           
           


CONSTELLATION SOFTWARE INC.       
Condensed Consolidated Interim Statements of Comprehensive Income      
(In thousands of U.S. dollars, except per share amounts)      
              
Three and nine months ended September 30, 2018 and 2017      
Unaudited           
       Three months ended September 30, Nine months ended September 30,
        2018  2017   2018   2017 
              
Net income    $65,705 $54,269  $200,244  $145,852 
              
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 -  -   -   (1,314)
              
Net change in fair value       
 of derivatives designated as hedges       
 during the period -  193   -   538 
              
Amounts reclassified to profit during the period       
 related to realized losses (gains) on       
 available-for-sale financial assets -  -   -   1,288 
              
Foreign currency translation differences from foreign operations 1,932  857   (4,876)  8,704 
              
Deferred income tax recovery (expense) -  (58)  -   (152)
              
Other comprehensive (loss) income for the period, net of income tax 1,932  992   (4,876)  9,064 
              
Total comprehensive income (loss) for the period$67,637 $55,261  $195,368  $154,916 
              


CONSTELLATION SOFTWARE INC.     
Condensed Consolidated Interim Statements of Changes in Equity     
(In thousands of U.S. dollars)      
          
          
Unaudited        
Nine months ended September 30, 2018       
   Capital
stock

Accumulated other comprehensive
income/(loss)

Total accumulated other comprehensive
income/(loss)
Retained
earnings

Total


    Cumulative
translation
account


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

Amounts related to gains/(losses) on derivatives designed as hedges   
          
Balance at January 1, 2018$  99,283 $  (26,739)$  -  $  -  $  (26,739)$  531,534  $  604,078  
          
Impact of change in accounting policy - -  - - -  (23,314) (23,314)
          
Total comprehensive income for the period:       
          
Net income  - -  - - -  200,244  200,244 
          
Other comprehensive income (loss)       
          
Net change in fair value       
 of available-for-sale financial       
 asset during the period - -  - - -  -  - 
          
Net change in fair value       
 of derivatives designated as hedges       
 during the period - -  - - -  -  - 
          
Amounts reclassified to profit during the period       
 related to realized losses (gains) on       
 available-for-sale financial assets - -  - - -  -  - 
          
Foreign currency translation differences from       
 foreign operations - (4,876) - - (4,876) -  (4,876)
          
Deferred tax recovery (expense) - -  - - -  -  - 
          
Total other comprehensive income (loss)       
 for the period   -     (4,876)   -     -     (4,876)   -      (4,876)
          
Total comprehensive income (loss) for the period   -     (4,876)   -     -     (4,876)   200,244     195,368  
          
Transactions with owners, recorded directly in equity       
Dividends to shareholders of the Company - -  - - -  (63,576) (63,576)
          
Balance at September 30, 2018$  99,283 $  (31,615)$  -  $  -  $  (31,615)$  644,888  $  712,556  
          


CONSTELLATION SOFTWARE INC.     
Condensed Consolidated Interim Statements of Changes in Equity     
(In thousands of U.S. dollars)      
          
          
Unaudited        
Nine months ended September 30, 2017       
          
   Capital
stock

Accumulated other comprehensive
income/(loss)

Total accumulated
other comprehensive income/(loss)
Retained
earnings

Total


    Cumulative
translation
account




Amounts
related to gains/losses
on available-
for-sale
financial
assets
Amounts
related to gains/(losses)
on derivatives designed as
hedges

   
          
Balance at January 1, 2017$  99,283 $  (35,748)$  17  $  (377)$  (36,108)$  394,334  $  457,509  
          
Total comprehensive income for the period:       
          
Net income - -  -  -  -  145,852  145,852 
          
Other comprehensive income (loss)       
          
Net change in fair value       
 of available-for-sale financial       
 asset during the period - -  (1,314) -  (1,314) -  (1,314)
          
Net change in fair value       
 of derivatives designated as hedges       
 during the period - -  -  538  538  -  538 
          
Amounts reclassified to profit during the period       
 related to realized losses (gains) on       
 available-for-sale financial assets - -  1,288  -  1,288  -  1,288 
          
Foreign currency translation differences from       
 foreign operations - 8,704  -  -  8,704  -  8,704 
          
Deferred tax recovery (expense) - -  9  (161) (152) -  (152)
          
Total other comprehensive income for the period   -     8,704     (17)   377     9,064     -      9,064  
          
Total comprehensive income for the period   -     8,704     (17)   377     9,064     145,852     154,916  
          
Transactions with owners, recorded directly in equity       
Dividends to shareholders of the Company - -   -  -  (63,576) (63,576)
          
Balance at September 30, 2017$  99,283 $  (27,044)$  -   $  -   $  (27,044)$  476,610  $  548,849  
          


CONSTELLATION SOFTWARE INC.   
Condensed Consolidated Interim Statements of Cash Flows    
(In thousands of U.S. dollars)    
            
Three and nine months ended September 30, 2018 and 2017    
Unaudited        
        Three months ended September 30,Nine months ended September 30,
         2018  2017  2018  2017 
            
Cash flows from operating activities:    
 Net income   $  65,705 $  54,269 $  200,244 $  145,852 
 Adjustments for:      
  Depreciation     6,599    5,768    19,997    16,388 
  Amortization of intangible assets   70,244    59,829    208,774    167,852 
  TSS membership liability revaluation charge   16,920    11,781    37,632    40,311 
  Share in net (income) loss of equity investee   (554)   (80)   (787)   (206)
  Finance and other expense (income)   (2,531)   (1,291)   (12,575)   (1,720)
  Bargain purchase gain   (500)   (5,008)   (619)   (5,008)
  Finance costs     7,853    8,725    18,074    19,456 
  Income tax expense (recovery)   31,059    25,769    76,763    69,239 
  Foreign exchange loss (gain)   8,440    7,567    3,136    10,926 
 Change in non-cash operating assets and liabilities    
  exclusive of effects of business combinations   (26,601)   (28,069)   18,656    (28,421)
 Income taxes paid   (33,626)   (16,539)   (115,716)   (69,517)
 Net cash flows from operating activities   143,008    122,721    453,579    365,152 
            
Cash flows from (used in) financing activities:    
 Interest paid      (6,591)   (5,572)   (17,126)   (16,707)
 Increase (decrease) in New CNH Facility, net   -     74,608    (34,503)   74,608 
 Proceeds from issuance of Acceo facility   110,401    -     110,401    -  
 Repayments of Acceo facility   (276)   -     (276)   -  
 Repayments of CNH facility   -     (134,248)   -     (138,177)
 Credit facility transaction costs   (2,733)   (1,942)   (2,733)   (1,942)
 Dividends paid   (21,192)   (21,192)   (63,576)   (63,576)
 Net cash flows from (used in) in financing activities   79,609    (88,346)   (7,813)   (145,794)
            
Cash flows from (used in) investing activities:    
 Acquisition of businesses, net of cash    
  acquired      (83,465)   (41,863)   (406,219)   (156,062)
 Post-acquisition settlement payments, net of receipts   (21,456)   (4,723)   (53,281)   (21,611)
 Proceeds from sale of available-for-sale equity securities   -     -     -     2,828 
 Interest, dividends and other proceeds received   1,680    1,152    3,157    21,607 
 Property and equipment purchased   (6,283)   (5,450)   (18,316)   (14,382)
 Net cash flows from (used in) investing activities   (109,524)   (50,884)   (474,659)   (167,620)
            
Effect of foreign currency on    
 cash and cash equivalents   (626)   1,331    (4,038)   9,349 
            
Increase (decrease) in cash   112,467    (15,178)   (32,931)   61,087 
            
Cash, beginning of period   343,566    429,764    488,964    353,499 
            
Cash, end of period$  456,033 $  414,586 $  456,033 $  414,586