Mr. Jamal Baksh reports

CONSTELLATION SOFTWARE INC. AND TOPICUS.COM INC. ANNOUNCE RESULTS FOR TOPICUS.COM INC. FOR THE FIRST QUARTER ENDED MARCH 31, 2023

Topicus.com Inc., in a joint release with Constellation Software Inc., today released its financial results for Topicus.com for the first quarter ended March 31, 2023. Please note that all amounts referred to in this press release are in euros 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, 2023, and the accompanying notes, the company's management's discussion and analysis for the three months ended March 31, 2023, and the annual consolidated financial statements of Topicus.com for the year ended Dec. 31, 2022, which the company prepared in accordance with international financial reporting standards (IFRS) and the company's annual management's discussion and analysis for the year ended Dec. 31, 2022, which can be found on SEDAR and on Topicus.com's website. Additional information about Topicus.com is also available on SEDAR.

Q1 2023 headlines:

• Revenue increased 30 per cent (8-per-cent organic growth) to 264.4 million euros compared with 203.8 million euros in Q1 2022.
• Net income increased to 21.1 million euros (17 euro cents on a diluted per-share basis) from 20.4 million euros (14 euro cents on a diluted per-share basis).
• Acquisitions were completed for aggregate cash consideration, net of an expected vendor holdback receivable, of 22.7 million euros (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of 1.1 million euros resulting in total consideration of 23.8 million euros.
• Cash flows from operations (CFO) decreased 2.0 million euros to 174 million euros compared with 176 million euros in Q1 2022 representing a decrease of 1 per cent.
• Free cash flow available to shareholders (FCFA2S) increased 39.7 million euros to 101.1 million euros compared with 61.4 euros in Q1 2022.

Total revenue for the quarter ended March 31, 2023, was 264.4 million euros, an increase of 30 per cent, or 60.7 million euros, compared with 203.8 million euros for the comparable period in 2022. The increase for the three-month period compared with the same period in the prior year is primarily attributable to growth from acquisitions as the company experienced organic growth of 8 per cent.

Organic growth is not a standardized financial measure and might not be comparable with measures disclosed by other issuers.

Net income for the quarter ended March 31, 2023, increased 800,000 euros to 21.1 million euros compared with 20.4 million euros for the same period in 2022. On a per-share basis, this translated into net income per basic and diluted share of 17 euro cents in the quarter ended March 31, 2023, compared with net income per basic and diluted share of 14 euro cents for the same period in 2022.

For the quarter ended March 31, 2023, CFO decreased 2.0 million euros to 174 million euros compared with 176 million euros for the same period in 2022 representing a decrease of 1 per cent. Contributing to the decrease in CFO was an increase in aged accounts receivable at March 31, 2023, compared with the same period in 2022.

For the quarter ended March 31, 2023, FCFA2S increased 39.7 million euros to 101.1 million euros compared with 61.4 million euros for the same period in 2022 representing an increase of 65 per cent. The increase is primarily as a result of the dividend paid to the preferred securities holders during the quarter ended March 31, 2022.

About Topicus.com Inc.

Topicus's subordinate voting shares are listed on the TSX Venture Exchange under the symbol TOI. Topicus acquires, manages and builds vertical market software businesses.

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.

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