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1		-US:CNSWF|CA:CSU
	1	+US:CNSWF|CA:CSU|Canada

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8	8	* The company's mission is to acquire, manage and build market-leading software businesses that develop specialized, mission-critical software solutions to address the specific needs of its particular industries.
9	9	* Since inception in 1995 Constellation Software has grown rapidly through a combination of acquisitions and organic growth, and established a strong constellation of companies with a large, diverse customer base.
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11		-
12	12	[[image:CSU0.png||height="246" width="723"]]
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44	44	* Non-Profit
45	45	* Rental Management
46	46
47		-
48	48	**Harris**
49	49
50	50	* Utilities
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54	54	* Local & County Government
55	55	* Property Management
56	56
57		-
58	58	**Jonas software**
59	59
60	60	* Hospitality
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64	64	* Payments
65	65	* Moving & Storage
66	66
67		-
68	68	**Vela**
69	69
70	70	* Mining / Oil & Gas / Aerospace
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74	74	* Travel
75	75	* Retail & Dealerships
76	76
77		-
78	78	**Perseus group**
79	79
80	80	* Homebuilders
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84	84	* Leasing & Financing
85	85	* Pharmaceutical manufacturing
86	86
87		-
88	88	**Topicuscom**
89	89
90	90	* Government
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96	96	* Legal
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98	98
99		-
100	100	[[image:CSU1.jpg]]
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106	106	Total revenue for the quarter ended September 30, 2021 was $1,299 million, an increase of 30%, or $296 million, compared to $1,003 million for the comparable period in 2020. For the first nine months of 2021 total revenues were $3,724 million, an increase of 29%, or $846 million, compared to $2,878 million for the comparable period in 2020. 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 7% and 9% respectively, and 5% for both periods after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business.{{footnote}}https://www.csisoftware.com/docs/default-source/investor-relations/statutory-filings/csi---mda-q3-2021.pdf{{/footnote}}
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109		-Overall expenses for the quarter ended September 30, 2021 increased 35%, or $246 million to $943 million, compared to $697 million during the same period in 2020. As a percentage of total revenue, expenses equalled 73% for the quarter ended September 30, 2021 and 70% for the same period in 2020. During the nine months ended September 30, 2021, expenses increased 31%, or $643 million to $2,712 million, compared to $2,069 million during the same period in 2020. As a percentage of total revenue, expenses equalled 73% for the nine months ended September 30, 2021 and 72% for the same period in 2020. F
	102	+Overall expenses for the quarter ended September 30, 2021 increased 35%, or $246 million to $943 million, compared to $697 million during the same period in 2020. As a percentage of total revenue, expenses equalled 73% for the quarter ended September 30, 2021 and 70% for the same period in 2020. During the nine months ended September 30, 2021, expenses increased 31%, or $643 million to $2,712 million, compared to $2,069 million during the same period in 2020. As a percentage of total revenue, expenses equalled 73% for the nine months ended September 30, 2021 and 72% for the same period in 2020.
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112	112	Depreciation of property and equipment increased 17% or $4 million for the quarter ended September 30, 2021 and 17% or $13 million for the nine months ended September 30, 2021 over the same periods in 2020. The increases are primarily due to the depreciation expense associated with acquired businesses.
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133	133	Current liabilities increased $338 million, from $2,040 million at December 31, 2020 to $2,377 million at September 30, 2021. The increase is primarily due to an increase in deferred revenue of $206 million mainly due to acquisitions made since December 31, 2020 and the timing of maintenance and other billings versus performance and delivery under those customer arrangements, a $49 million increase in the current portion of debt, and $54 million increase in accounts payable and accrued liabilities.
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136	136	= Recent developments =
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148	148	* Many of the Investees' staff will be hired from outside of Constellation.
149	149	* The Fund's employees will be compensated based upon the Fund's results.
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151		-
152	152	Investing only $200 million over a three-to-five-year period, Constellation does not expect the Fund to add meaningfully to Constellation’s organic revenue growth rate. The Fund's objective is to develop and refine organic growth processes which can eventually be rolled out more broadly by Constellation's operating groups. Constellation does not anticipate that the Fund will detract from Constellation's existing initiative programs nor its acquisition momentum.
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