Q4 2025 Constellation Software Inc Earnings Call
Speaker #1: Good morning and welcome to CONSTELLATION SOFTWARE INC 2025 fourth Quarter results . All participants will be in listen only mode . Should you need assistance , please signal a conference specialist by pressing Star .
Speaker #1: Then zero on your telephone keypad After today's presentation , there will be an opportunity to ask questions , to ask a question . You may press star , then one on your telephone keypad .
Speaker #1: To withdraw your question , please press star . Then two . Please note this event is being recorded on the call today . We have Mark Miller , president and CEO .
Speaker #1: Jamal Baksh, CFO, and Bernie — CIO. Mr. Miller, please go ahead.
Speaker #2: Thank you very much . Drew Good morning everyone . And thank you all for joining the call . Our press release went out earlier today , so I hope you've had a chance to at least flip through it And I wanted to make a few remarks before we move into Q&A So there's a real noise in the market now about AI disrupting software businesses .
Mark Miller: Thank you very much, Drew. Good morning, everyone. Thank you all for joining the call. Our press release went out earlier today. Hope you've had a chance to at least flip through it. I wanted to make a few remarks before we move into Q&A. There's real noise in the market now about AI disrupting software businesses. We take that very seriously, but we think we're well-positioned, although we're staying very disciplined about how we approach it. We've always run a learning culture at Constellation. Best practice sharing across our operating groups is one of our genuine differentiators. I've seen more cross-portfolio collaboration around AI in the past year than on any topic in recent memory.
Speaker #2: And we take that very seriously, but we think we're well positioned, and although we're staying very disciplined about how we approach it, we've always run a learning culture at Constellation.
Speaker #2: Best practice sharing across our operating groups is one of our genuine differentiators, and I've seen more across-portfolio collaboration around AI in the past year than on any topic in recent memory.
Mark Miller: Over the past 12 to 24 months, we've directed our culture of best practice sharing to helping our businesses navigate the AI transition thoughtfully. We spent 2025 upskilling our development teams. Thousands of developers have built skills in AI-augmented coding across our operating groups. We're entering 2026 with AI-enabled coding becoming increasingly commonplace. The productivity returns are real, and they're still growing as these skills embed more deeply in our business units across the world. A typical example of this, that last week in Denver, one of our operating groups hosted an AI accelerator program with 19 businesses and other operating groups participate alongside them. This week, a joint Volaris and Jonas event is underway in the UK. This year, we're planning on moving hundreds of teams through similar programs.
Speaker #2: Over the past 12 to 24 months, we've directed our culture of best practice sharing to helping our businesses navigate the AI transition thoughtfully.
Speaker #2: We spent 2025 upskilling our development teams. Thousands of developers have built skills in AI and augmented coding across our operating groups. We're entering 2026 with AI-enabled coding becoming increasingly commonplace.
Speaker #2: The productivity returns are real, and they're still growing as these skills embed more deeply in our business units across the world. A typical example of this is that last week in Denver, one of our operating groups hosted an AI accelerator program, with 19 businesses and other operating groups participating alongside them.
Speaker #2: This week at the joint Volaris and Jonas event is underway in the UK, so we're... And this year we're planning on moving hundreds of teams through similar programs.
Mark Miller: We're starting to see opportunities for small language models, AI agents, and new applications for machine learning throughout our business. We're going to find opportunities that service out of deep customer relationships and our strong vertical market expertise. We're bringing forward our technology platform partners and AI providers to create cohesive, relevant, and applied solutions for markets that we know well and that we've operated in for years. I wanna be direct about something. Building products and features faster will not be what differentiates us long term. That capability will become widely available. It's gonna be table stakes. What will matter is what our businesses have spent many years developing: deep vertical knowledge, a genuine understanding of customer workflows and processes, the data inside their solutions, and the trusted relationships they've built. I believe AI will help us do all of this better.
Speaker #2: We're starting to see opportunities for small language models, agents, and new applications for machine learning throughout our business. We're going to find opportunities that surface out of deep customer relationships.
Speaker #2: And our strong vertical market expertise. We're bringing forward our technology platform partners and AI providers to create cohesive, relevant, and applied solutions for markets that we know well and that we've operated in for years.
Speaker #2: But I want to be direct about something , building products and features faster will not be what differentiates us long term . That capability will become widely available .
Speaker #2: It's going to be table stakes. What will matter is what our businesses have spent many years developing: deep vertical knowledge—a genuine understanding of customer workflows and processes.
Speaker #2: The data inside their solutions , and the trusted relationships they built . I believe AI will help us do all of this better When I look at where this leads , the opportunity , I find most interesting is what I describe as knowledge networks connecting our domain expertise , customer process knowledge and data assets in ways AI now makes possible That's a long term build , and we're in early days , but the foundation is real .
Mark Miller: When I look at where this leads, the opportunity I find most interesting is what I describe as knowledge networks, connecting our domain expertise, customer process knowledge, and data assets in ways AI now makes possible. That's a long-term build, and we're in early days, but the foundation is real. Our customers rely on us for mission-critical software. We believe that the trusted partner position we've earned in our verticals is now extending to guiding them on how to safely and effectively bring AI into their own businesses. Just wanted to mention a little bit about capital allocation, and our process is largely unchanged. We score prospects for quality as we always have. We've added an explicit AI lens, assessing each business for AI disruption risk and potential AI upside and modeling accordingly.
Speaker #2: Our customers rely on us for mission-critical software. We believe that the trusted partner position we've earned in our verticals is now extending to guiding them on how to safely and effectively bring.
Speaker #2: I AI into their own businesses. I want to mention a little bit about capital allocation and our processes, which are largely unchanged.
Speaker #2: We score prospects for quality as we always have. But we've added an explicit AI lens, assessing each business for AI disruption, risk, and potential AI upside, and modeling accordingly.
Mark Miller: We're also piloting AI tools to help us rank prospects by quality and readiness to transact. It's early, and the jury is still out on whether it will prove its value over time. We've also developed a new approach to deploying larger amounts of capital, what we're calling a permanent engaged minority shareholder strategy, or PEMS. Our investment in Sabre is the first meaningful expression of it, and I have to thank Mark Leonard, who's helping us with this strategy and helped us explicitly on this particular investment. The logic is straightforward. Permanent, meaning we're long-term holders, not traders. We'll work to ensure these companies endure as institutions. We're engaged, which means we care about governance, management incentives, and capital allocation, and we'll actively work to have influence where we think it creates value.
Speaker #2: We're also piloting AI tools to help us rank prospects by quality and readiness to transact. It's early, and the jury is still out on whether it will prove its value over time.
Speaker #2: We've also developed a new approach to deploying large , larger amounts of capital , what we're calling a . Permanent engaged minority shareholder strategy , or PMS .
Speaker #2: Our investment in Saber is the first meaningful expression of it, and I have to thank Mark Leonard, who's helping us with this strategy and helped us explicitly on this particular investment.
Speaker #2: But the logic is straightforward , permanent , meaning we're long term shareholder , long term holders , not traders , will work to ensure these companies endure as institutions .
Speaker #2: We're engaged , which means we care about governance , management , incentives and capital allocation and will actively work to have influence where we think it creates value .
Mark Miller: Minority, we're not acquiring these businesses outright. We want to partner with other shareholders, and we hope many of them become engaged long-term holders alongside us. Just to wrap up here, the fundamentals haven't changed for me. It's been, like, three decades with Constellation. You gotta know your customers, stay close to them, go deep in your verticals, develop your people, and build leaders who can drive change. That's what this period calls for, the same things it's always called for. We have businesses all over the world, hundreds and hundreds of them that are doing all of those things. The technology will be new, the pace is meaningfully different, but we've got the right business to respond.
Speaker #2: Minority . We're not acquiring these these businesses outright . We want to partner with other shareholders and we hope many of them become engaged , long term holders alongside us .
Speaker #2: So just to wrap up here , the fundamentals haven't changed for for me , it's been like three decades with constellation . You got to know your customers , stay close to them , go deep in your verticals , develop your people , build leaders who can drive , change .
Speaker #2: That's what this period calls for . The the same things . It's always called for . And we have businesses all over the world , hundreds and hundreds of them that are doing all of those things .
Speaker #2: The technology will be new. The pace is meaningfully different. But we've got the right business to respond. And so that's all.
Mark Miller: That's all from my opening remarks, and I wanted, Drew, to allow some questions now if you could run that for us. Thank you.
Speaker #2: All from my opening remarks , and I want drew to to allow some questions . Now , if , if you could run that for us .
Speaker #2: Thank you .
Operator: Yes, sir. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Kevin McVeigh with UBS. Please go ahead.
Speaker #1: Yes , sir . We will now begin the question and answer session to ask a question . You may press star then one on your telephone keypad .
Speaker #1: If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two.
Speaker #1: At this time, we will pause momentarily to assemble our roster. The first question comes from Kevin McVeigh with UBS. Please go ahead.
Kevin McVeigh: Great. Thanks so much, and really thank you for the remarks. Very, very helpful. I guess, you know, with just the more focus on AI, Mark, does that involve, you know, more reinvestment back into the business, you know, a broader ecosystem of partners? Just, I know there's a lot here, but just any thoughts as to monetization in terms of consumption across your clients? Just broader stroke. Again, very, very helpful comments.
Speaker #3: Great . Thanks so much . And really thank you for the remarks . Very , very helpful . I guess you know , with just the more focus on on AI , Mark , does that involve , you know , more reinvestment back into the business ?
Speaker #3: You know , a broader ecosystem of partners and just I know there's a lot here , but just any thoughts as to monetization in terms of consumption across your clients .
Speaker #3: Just broader stroke . Again , very , very helpful comments .
Mark Miller: I mean, it's really early days on that. Our businesses, like always, are probably spending more time and money on this than they've spent for a while on any specific best practice. They're looking for opportunities with inside of their customer base to use AI as well as to drive revenues, as well as, of course, being able to develop products faster and quicker and provide customer solutions at a more rapid pace than we previously could. Some are taking it a little bit further, and they're talking a little bit about that.
Speaker #2: I mean , it's really early days on that . And our businesses like always are , they're probably spending more time and money on this than they've spent on for a while on any specific best practice .
Speaker #2: So they're looking for opportunities with inside of their customer base to to use AI as well as to to drive revenues as well as , of course , being able to develop products faster and , and and quicker and provide customer solutions at a more rapid pace than we previously could .
Speaker #2: And then some are taking it a little bit further , and they're talking a little bit about that . I talked about it becoming sort of a knowledge network for each of those customers , and they're working a little harder on that , which means sort of doing machine learning and building AI agents .
Mark Miller: I talked about it becoming sort of a knowledge, network, for each of those customers, and they're working a little harder on that, which means sort of doing machine learning and building AI agents. It really depends on the business. Explicitly, we don't really control that, from Constellation headquarters. We allow our businesses to make that decision, and they have many coaches throughout the world to help them think through those things as well, in this sort of decentralized network of companies we have.
Speaker #2: So it really depends on the business explicitly . We don't really control that from from Constellation headquarters . We allow our businesses to make that decision , and they have many coaches throughout the world to help them think through those things as well .
Speaker #2: And they're sort of decentralized network of companies . We have
Thanos Moschopoulos: Great. Thank you.
Speaker #3: Great . Thank you .
Operator: The next question comes from Thanos Moschopoulos with BMO Capital. Please go ahead.
Speaker #1: The next question comes from Thanos Moschopoulos with BMO Capital. Please go ahead.
Thanos Moschopoulos: Hi, good morning. Mark, to what extent have you started to see some of your businesses capturing incremental revenue from AI-related capabilities, be that in the form of new modules, usage-based pricing, or customer-funded R&D? Is it very early days, or are you starting to see examples of that?
Speaker #4: Hi . Good morning . Mark , to what extent have you started to see some of your businesses capturing incremental revenue from AI ?
Speaker #4: Relieved capabilities ? So be that in the form of new modules , usage based pricing or customer funded R&D , is it very early days or are you starting to see examples of that ?
Mark Miller: Yeah, it really isn't. We haven't really seen a lot of new revenues from that, right, you know, so far. On the converse, we haven't seen really much no loss of revenues from it, you know, at this point. It's been really just. We're really just in the process of just bringing everybody up to speed and making sure they can use the tools and they know as much as they can across our businesses.
Speaker #2: Yeah , it really isn't . We haven't really seen a lot of new revenues from that . Right . You know , so far .
Speaker #2: And and on the converse , we haven't seen really much . No loss of revenues from it . You know , at this point .
Speaker #2: So it's been really , really just we're really just in the process of just bringing everybody up to speed and making sure they , they can use the tools and they know as much as they can across our , across our businesses .
Thanos Moschopoulos: Great. With respect to the PEM strategy, is it safe to assume that although CSI, you'd still rather own the business outright, or are you indifferent so long as you're investing in the business, with a minority stake where you trust management, you like the dynamics of the vertical.
Speaker #4: Great . And with respect to the strategy , is it safe to assume that all else equal , you'd still rather own a business outright or are you indifferent so long as you're investing in the business with the minority stake , where you trust management , do you like the dynamics of the vertical ?
Mark Miller: Yeah. We're, I mean, we're happy-
Speaker #4: And yeah .
Thanos Moschopoulos: Yeah.
Speaker #2: I mean , we're happy .
Speaker #4: To
Mark Miller: We're happy to have just be a long-term shareholder in that business and work with their team on trying to make that a better business over time. It's really sort of fits the Constellation way of doing things, right? We buy and hold forever, and we wanna work with these companies in a similar fashion and hope to make them better. We're really not out there to acquire them. We're out there to try to collaborate with them and their shareholders to make them better businesses. I'm pretty excited about it. I think it's a new thing, and we'll keep updating you as we learn more as we continue to implement PEMs hopefully more often.
Speaker #2: And we're happy to have just be a long term shareholder in that business . And work with there with their their team . On trying to make that a better business over time .
Speaker #2: So it's really sort of fits the constellation way of doing things right . We buy and hold forever and we want to work , work with these companies in a similar fashion and hope to make them better .
Speaker #2: And we're really not out there to acquire them. We're out there to try to collaborate with them, and their shareholders, and make them better businesses.
Speaker #2: So I'm pretty excited about it . I think it's it's a new thing and we'll we'll keep updating you as we learn more , as we continue to implement Pems , hopefully more often
Thanos Moschopoulos: Great. Best of luck. Thank you.
Speaker #4: Great . Thank you .
Operator: The next questioner comes from, just to verify, Frank Serpico, private investor. Please go ahead. Okay, continuing. The next question comes from Stephanie Price with CIBC. Please go ahead.
Speaker #1: The next question comes from just to verify Frank Serpico , private investor , please go ahead Okay . Continuing the next question comes from Stephanie Price with CIBC .
Speaker #1: Please go ahead .
Stephanie Price: Hi. Good morning.
Speaker #5: Hi . Good morning . In the in the current environment , just curious about constellation's ability to kind of push through price increases in the past .
Mark Miller: Morning.
Stephanie Price: In the cur-
Mark Miller: Stephanie.
Stephanie Price: In the current environment, just curious about Constellation's ability to kind of push through price increases. In the past, you know, you've been able to increase maintenance prices on acquisition and then maybe do annual price increases. Like, have customers been pushing back on this in the current environment just given AI and kind of the uncertainty out there? How do you think the strategy evolves over time?
Speaker #5: You know , you've been able to to . Increase maintenance prices on acquisition and then maybe do annual price increases . Have customers been pushing back on this in the current environment , just given AI and kind of the uncertainty out there , or how do you think the strategy evolves over time ?
Mark Miller: I've no feedback on that from our business, so I've seen no changes from that at all, Stephanie.
Speaker #2: I've no feedback on that from our business. So really, I've seen no changes from that at all. Stephanie.
Stephanie Price: Okay. Okay. Just in terms of the valuation, of Constellation right now, I assume you've run the math on putting an NCIB in place.
Speaker #6: Okay , okay .
Speaker #5: And then just in terms of the valuation of constellation right now , I assume you've run the math on putting an NCIB in place .
Mark Miller: Yeah.
Stephanie Price: How do you kinda think about an NCIB here and buying back Constellation shares versus going out and continuing the M&A strategy?
Speaker #5: How do you kind of think about an NCIB here and buying back Constellation shares versus going out and continuing the M&A strategy?
Mark Miller: Great question. I'll toss it over to Jamal.
Speaker #2: Great question . I'll toss it over to Jamal . So .
Jamal Baksh: Yeah. We have created a subcommittee within the board to look at this, and there is a number. At this point in time, we believe there are ample opportunities to deploy capital as opposed to buying back our own shares. If that were to change in the future, we'll reassess. At this point, yeah, we are not looking to put in place an NCIB.
Speaker #7: Yeah , so we have created a subcommittee within the board to look at this . And there is a number . But at this point in time we believe there are ample opportunities to deploy capital as opposed to buying back our own shares .
Speaker #7: But if that were to change in the future, we'll reassess. But at this point, we are not looking to put in place an NCIB.
Stephanie Price: Okay. Perfect. Then maybe just one more follow-up just on the PEM strategy and the minority position versus a outright sale or acquisition. Like, struggling a little bit around, you know, why a minority versus a full acquisition, just similar to Thanos' question earlier.
Speaker #6: Okay , perfect .
Speaker #5: And maybe just one more follow up . Just on just on the PEM strategy and the minority position versus a I outright sale or acquisition .
Speaker #5: Like just trying to struggling a little bit around why a minority versus a full acquisition just similar to to Thanos question earlier
Mark Miller: Sure. It's Bernie. Some of these businesses are so large, at this point, we wouldn't be in position to make a full acquisition. Our cash flow is increasing every year, we've got to find a home for it. We're continuing on our strategy for full acquisitions, and we've got an extra capital to use on PEMs. We're gonna use a combination of the two to allocate our capital.
Speaker #2: Sure . It's Bernie . Some of these businesses are so large , at this point . We wouldn't be in position to make a full acquisition .
Speaker #2: So and our cash flow is increasing every year , and we've got to find a home for it . So we're continuing on our strategy for full acquisitions and we've got an extra capital to use on pens .
Speaker #2: And so we're going to use a combination of the two to allocate our capital.
Stephanie Price: Perfect. Thank you very much. I'll pass the line.
Speaker #6: Perfect .
Speaker #5: Thank you very much. I'll pass the line.
Operator: The next question comes from Jerome Dubreuil with Desjardins. Please go ahead.
Speaker #1: The next question comes from Drum Jerome Debruhl with Desjardins. Please go ahead.
Mark Miller: Morning.
Thanos Moschopoulos: Hi. Good morning. Thanks for taking my question and hosting this call. Back to the AI conversation a little bit. In your M&A process, have you changed your medium or to longer term assumption on the useful life of software acquired, maybe to take into account any change in perceived risk around the impact of agentic AI could have on software? I know you mentioned that you're assessing any businesses for AI disruption risk, but I'm talking maybe more in general if there's been changes in assumptions.
Speaker #8: Morning . Hi . Good morning . Thanks for taking my question and hosting this call . Back to the AI conversation a little bit .
Speaker #8: In your M&A process . Have you changed your medium to longer term assumption on the useful life of software required , maybe to take into account any change in perceived risk around the impact of Agentic AI could have on software ?
Speaker #8: I know you mentioned that you're assessing any businesses for AI disruption risk, but I'm talking maybe more in general. If there's been changes in assumptions.
Mark Miller: The assumptions are what we see on a company-by-company basis. It's not general across the board. What we do is we qualify prospects as we've always done, this time with respect to AI disruption, on the downside and upside to see what AI could do to the businesses that we're looking at, and we're modeling accordingly. This is always when we model, it's short term and long term. Really nothing has changed except that we do look at it.
Speaker #2: The assumptions are what we see on a company by company basis . It's not general across the board , but what we do is we quantify prospects as we've always done , this time with respect to AI disruption on the downside and upside , to see what AI could do to the businesses that we're looking at .
Speaker #2: And we're modeling accordingly . And this is always when we model . It's short term and long term . So really nothing has changed except that we do look at it through the lens of what AI could do to the business .
Bernard Anzarouth: Through the lens of what AI could do to the business. We apply what we've done internally to our own businesses, to the businesses that we're looking at for acquisition. If there's upside, we apply that. If there's downside, we apply that too, and it all goes into the model.
Speaker #2: And we apply what we've done internally to our own businesses, to the businesses that we're looking at for acquisition. And if there's upside, we apply that.
Speaker #2: And if there's downside , we apply that too . And it all goes into the model . Yeah , we're we're obviously continuously .
Mark Miller: Yeah. We're obviously continuously learning from our existing businesses, and we'll apply any of the lessons we learn to anything we're looking at, any modeling we're doing for future investments.
Speaker #9: We're learning from our existing businesses, and we'll apply any of the lessons we learn to anything we're looking at, any modeling we're doing for future investments.
Jerome Dubreuil: That's great. Thank you. As the market is trying to assess how robust the portfolio is, do you know or can you share what percentage of the company's revenue originates maybe from either public sector clients or maybe software requiring regulatory approvals?
Speaker #8: That's that's great . Thank you . And as the market is trying to assess how robust the portfolio is , do you know or can you share what percentage of the company's revenue originates maybe from either public sector clients or maybe software requiring regulatory approvals ?
Mark Miller: Yeah. We don't differentiate it at internally that way, so I don't have that metric for you. Again, but going back to what Mark said, I don't think that is gonna be what protects our companies, right? Like, it's gonna be that customer relationship, investing in your product-
Speaker #7: Yeah , we don't differentiate it internally at that way . So I don't have that metric for you . But but again , going back to what Mark said , I don't think that is going to be what protects our companies .
Speaker #7: Right . Like so it's going to be that customer relationship investing your product , bringing things to market . So whether it's public or regulatory approval , that's not a key measure for us .
Bernard Anzarouth: Yeah.
Mark Miller: bringing things to market. Whether it's public or regulatory approval, that's not a key measure for us.
Bernard Anzarouth: Yeah.
Speaker #9: Yeah .
Jerome Dubreuil: Thank you.
Speaker #8: Thank you
Operator: The next question comes from David Kwan with TD Cowen. Please go ahead.
Speaker #1: The next question comes from David Kwan with TD Cowen . Please go ahead .
Mark Miller: Good morning.
David Kwan: Yeah, good morning. Hey, Mark. Just wondering, as you look at deploying AI internally, you know, should we expect any kind of margin improvements related to the productivity gains that you're seeing, probably most notably in R&D? Are you really kind of investing these gains into accelerating the product roadmap?
Speaker #10: Good morning . Good morning . Hey Mark . Just wondering as you look at deploying AI internally , you know , should we expect any kind of margin improvements related to the productivity gains that you're seeing notably in R&D ?
Speaker #10: Or are you really kind of investing these gains into accelerating the roadmap?
Mark Miller: Yeah, we're really investing into accelerating product roadmaps, where our businesses have started using AI to its full potential. I think that's our focus. When you know, we're buy and hold forever, and we're trying to increase our position inside the customers by providing them more tools that help them run their businesses, whatever those might be. Our preference would be to continue to focus on that. Where there's not opportunity to do that, you're gonna, like, always try to focus on increasing productivity through whatever means you can. Like, that's a great measure for an individual business, very hard to look at overall Constellation, though, when you're looking at that. You kind of gotta look at it on a business by business basis, productivity.
Speaker #9: Yeah , we really investing into accelerating product roadmaps . We're we're our businesses have started using AI to its full potential . So I think that would that's our focus because when you know we're buying hold forever and we're trying to increase our position in inside the customers by providing them more , more tools that help them run their businesses , whatever those might be .
Speaker #9: So our preference would be to continue to focus on that. And where there is no opportunity to do that, you're going to, like always, try to focus on increasing productivity through whatever means you can.
Speaker #9: That's a great measure for an individual business . It's very hard to look at overall at constellation , though , when you're looking at that , you kind of look look at it in a business by business basis , productivity .
David Kwan: No, that's helpful. Thanks, Mark. On the M&A front, pretty strong start to the year, over $800 million in close and pending deals there. Were there many other kind of larger deals like Synchronoss, you know, that were on the larger side relative to your typical deal, but too small for you guys to pre-announce?
Speaker #10: No , that's helpful . Thanks , Mark . And on the M&A front , pretty strong start to the year . Over 800 million in closing pending deals .
Speaker #10: There . Were there any other kind of larger deals like synchronous , you know , that were on the larger side relative to your typical deal .
Speaker #10: But too small for you guys to press release.
Bernard Anzarouth: Yes, there were a few.
Speaker #2: Yes, there were a few. Yeah. But we don't get into detail with respect to each of the businesses that we've acquired.
Mark Miller: Yeah.
Bernard Anzarouth: We don't get into detail with respect to each of the businesses that we've acquired.
David Kwan: Okay. Thanks. Then one last question. Just want to know, I guess, to what extent you guys are spending more time looking at these public company opportunities, whether it be acquisitions or investments, like you're doing here with Sabre, just comparing to what you might be seeing on the private company side as it relates to valuations.
Speaker #10: Okay , thanks . And then one last question . Just want to know , I guess , to what extent you guys are spending more time looking at these public company opportunities , whether it be acquisitions or investments like like you're doing here with Sabre , just comparing to what you might be seeing on the private company side as a roast , evaluations .
Bernard Anzarouth: Nothing's really changed. We're looking at both, as we said earlier, private companies and public companies, both for acquisition and for PIPEs. We haven't really seen on the private side any change in pricing so far, and competition for those businesses is still very strong. Nothing's changed there. There's just been a little bit of change in pricing for publicly traded companies, as you well know. There might be some opportunities there.
Speaker #2: Nothing's really changed . We're looking at both . As we said earlier , private companies and public companies , both for acquisition and for pems , and we haven't really seen on the private side any change in pricing so far .
Speaker #2: And competition for those businesses is still very strong. So nothing's changed there. There's just been a little bit of change in pricing for publicly traded companies, as you well know.
Speaker #2: And so there might be some opportunities there
David Kwan: Great. That's it. Thanks. I'll pass the line.
Speaker #10: Great that thanks . Thanks . I'll pass the line .
Operator: The next question comes from Paul Treiber with RBC Capital. Please go ahead.
Speaker #1: The next question comes from Paul Treiber with RBC Capital. Please go ahead.
Mark Miller: Good morning.
Paul Treiber: Good morning, and thanks for hosting the call. A couple of questions on PIPEs. You know, do you view a single board seat as sufficient from a governance point of view when making a minority equity investment? Then what's the recourse if the company is well-entrenched in a sub-optimal strategy, you know, what's your recourse in that scenario?
Speaker #11: Good morning . And thanks for thanks for hosting the call . A couple of questions on on PIMs . You know , the do you view a single board seat as sufficient from a governance point of view when making a minority equity investment ?
Speaker #11: And then what's the recourse if the company is is well entrenched in a suboptimal strategy . Yeah . What's your what's your recourse in that in that scenario
Mark Miller: Yeah. I think it's gonna be situational. We're just gonna have to determine what to do based on the situation. I don't think they'll all be the same, and we'll just adjust accordingly based on what, yeah, what we're dealing with.
Speaker #2: Yeah .
Speaker #9: I think it's going to be situational . We're just going to have to determine what to to do based on the situation . And I don't think they'll all be the same .
Speaker #9: And we'll just adjust accordingly based on the based on what . Yeah . What what we're dealing with
Paul Treiber: A second question related to PIPEs is how does the IRR on PIPEs rank in general versus other capital deployment strategies?
Speaker #11: And the second question related to PMS is: how does the IRR on PIMs rank in general versus other capital deployment strategies?
Bernard Anzarouth: We're using the same measure to look at PIPEs versus our own acquisitions. We're still maintaining that discipline and we haven't veered from that at all.
Speaker #2: We're using the same measure to look at PIMs versus our own acquisitions, so we're still maintaining that discipline. And we haven't veered from that at all.
Paul Treiber: Just one last question just on PIPEs. I mean, you mentioned buy and hold forever, but obviously, you know, these are public investments, so there is liquidity. You know, as part of the strategy, is it contemplated that there could be an exit at some point for whatever reason?
Speaker #11: And then just one last question . Just on on PIMs , I mean , you mentioned buy and hold forever , but obviously , you know , these are public investments .
Speaker #11: So there is liquidity are , you know , as part of the strategy is is it contemplated that there could be an exit at some point for , for whatever reason ?
Mark Miller: I mean, our preference would be to hold on, but it's...
Speaker #9: I mean, a preference would be to hold on, but.
Bernard Anzarouth: Yeah, preference would be to hold on forever, but, you never say never and things could change. For the time being, our expectation is to hold for forever.
Speaker #2: Its preference would be to hold on forever . But you never say never . And things could change . But for the for the time being or our expectation is to hold for forever .
Mark Miller: Yeah.
Speaker #9: Yeah .
Paul Treiber: Okay. Thanks for taking the questions.
Speaker #11: Okay. Thanks for taking the questions.
Operator: The next question comes from Richard C. with National Bank. Please go ahead.
Speaker #1: The next question comes from Richard Si with National Bank. Please go ahead.
Mark Miller: Morning, Richard.
Mike Stevens: Oh, hi, good morning. This is Mike Stevens on for Rich. Just wanted to touch on You guys have discussed style drift and the evolution of the model. Just wondering if there's any recent examples or updates, that you wanted to highlight on that concept.
Speaker #9: Morning , Richard .
Speaker #12: Oh , hi . Good morning . This is Mike Stevens on for Rich . I just wanted to touch on you guys have discussed style drift and the evolution of the model .
Speaker #12: Just wondering if there are any recent examples or updates that you wanted to highlight on that concept.
Mark Miller: Not really. It's really the same modeling that we've done in the past, and we're just looking at a closer view of what AI could do to these businesses that we're looking at. Really there's not much more to add.
Speaker #9: No .
Speaker #2: Not really . It's it's really the same modeling that we've done in the past , and we're just looking at a , at a closer view of what AI could do to these businesses that we're looking at .
Speaker #2: And really, there's not much more to add.
Mike Stevens: Okay. On the Altera acquisition, obviously it's faced some expected customer attrition. It's good to see the positive returning organic growth in the quarter. Just wondering, any update on how that business is going and, you know, whether organic as a whole can kind of either stop declining or turn positive at some point?
Speaker #12: Okay . And then on the Altera acquisition , obviously it's faced some expected customer attrition . It's good to see the positive , recurring organic growth in the quarter .
Speaker #12: Just wondering , any update on how that business is going and whether organic as a whole can kind of either stop declining or turn positive at some point ?
Mark Miller: Yeah. The business is running pretty close to what the investment thesis was from a returns perspective. It was never contemplated that this would be a strong organic growing business, and that hasn't changed either. Again, with AI and new things to come to market, possibly. But no. Don't look at the current quarter as a trend. Like it's still expected that. It's a tough market that this business competes in. The thesis has not changed.
Speaker #7: Yeah , the business is running pretty close to what the investment thesis was from a returns perspective . It was never contemplated that this would be a strong , organic , growing business .
Speaker #7: And and that hasn't changed either . But but again , with with AI and new things to come to market . Possibly . But no .
Speaker #7: But don't look at the current quarter as a trend . Like like it's still expected that this is going to be a it's a tough market at this business competes in .
Speaker #7: So the thesis is not changed
Mike Stevens: Okay. Appreciate the insights.
Speaker #12: Okay . Appreciate the insights
Operator: The next question comes from Samad Samana with Jefferies. Please go ahead.
Speaker #1: The next question comes from Samad Samana with Jefferies . Please go ahead .
Samad Samana: Hi. Good morning, and thanks for taking my question.
Speaker #13: Hi . Good morning and thanks for taking my questions . Maybe first , just the organic growth was was healthy in the quarter .
Mark Miller: Good morning.
Samad Samana: Maybe first, just, the organic growth was healthy in the quarter. I'm just curious if you could unpack kind of what's driving that organic growth rate at the current level. Just as we think more near term, if that's the right way to think about organic growth for the rest of 2026. Then I have one follow-up question.
Speaker #13: I'm just curious if you could unpack kind of what's driving that organic growth rate at the current level . And just as we think more near term , if that's the right way to think about organic growth for the rest of 2026 .
Speaker #13: And then I have one follow-up question.
Mark Miller: I mean, the maintenance organic growth number for the year is right in line with it's been every other year for the last X number of years, right? Adjusting for inflation and COVID. That 5% FX adjusted maintenance organic growth and recurring organic growth number, I continue to think is a good number to for future organic growth. From a total organic growth, what was it? Like 2%, 3%, which again is pretty much in line with prior years, so nothing's really changed.
Speaker #7: I mean , the maintenance organic growth number for the year is right in line with it's been every other year for the last X number of years , right ?
Speaker #7: Adjusting for inflation and Covid . So , so that 5% FX adjusted maintenance , organic growth or recurring organic growth number I continue to think is a good number to for future organic growth from a total organic growth .
Speaker #7: Was it like two 3% , which again , is pretty much in line with with prior years . So nothing's really changed
Samad Samana: Understood. On the M&A strategy, I guess, you know, the word disruption and the impact of AI is come up on this call multiple times. I'm curious if you're seeing a change on the sell side in terms of are you seeing private companies either more willing to sell in this environment where there are more uncertainties? I guess, how does your top of the funnel from a deal perspective look? Are they willing to take a lower multiple to account for that risk? Just help us understand how that's helping or hurting your own M&A strategy.
Speaker #13: Understood . And then the on the M&A strategy , I guess , you know , the word disruption and the impact of AI is come up on this call multiple times .
Speaker #13: I'm curious if you're seeing a change on the sell side in terms of—are you seeing private companies either more willing to sell in this environment, where there are more uncertainties, or how does your top of the funnel from a deal perspective look?
Speaker #13: And are they willing to take a lower multiple to account for that risk? Just help us understand how that's helping or hurting your M&A strategy.
Mark Miller: No, to date, we haven't seen any changes. Expectations are still the same. Volume is still the same. It hasn't really changed much. I mean, we're using tools to score leads in our funnel, but really that hasn't really changed much, so far, 'cause it's still early days in those tools that we're using. Other than that, expectations are still the same. They haven't dropped despite what's going on in the markets.
Speaker #2: No , today we haven't seen any changes . Expectations are still the same . Volume is still the same . It hasn't really changed much .
Speaker #2: I mean, we're using tools to score leads in our funnel, but really that hasn't really changed much so far because it's still early days in those tools that we're using.
Speaker #2: But other than that, expectations are still the same. They haven't dropped despite what's going on in the markets.
Samad Samana: Great. Thank you.
Speaker #13: Great . Thank you .
Operator: The next question comes from Keith Lambert, a private investor. Please go ahead.
Speaker #1: The next question comes from Keith Lambert of Private Investor . Please go ahead
Mark Miller: Good morning, Keith.
Keith Lambert: Thank you. My question is on the new Thames Capital deployment strategy. Is this change in the investment universe driven by either the slowing availability of VMS, traditional VMS targets, or is it driven by, in any way, concerns that management forecast of the long-term value of terminal values of VMS businesses due to AI?
Speaker #9: Keith .
Speaker #14: My question , my question is on the new Upm's capital deployment strategy . Is this change in in the investment universe driven by either a slowing availability of VMs targets or is it driven by in any way concerns that management board have of the long term value of terminal values of VMs ?
Speaker #14: Businesses due to AI
Mark Miller: No, it's not driven by AI. It's driven by we, you know, we like the company, and we thought it was a good investment for our shareholders. We do, you know, need to look also at other ways to deploy capital, as Bernie suggested over time. It's an alternative way to deploy capital in businesses that we can get our head wrapped around because we do understand vertical market software.
Speaker #9: No , it's it's not driven by AI . It's driven by we you know , we like we like the company . And we thought it was a good investment for our shareholders .
Speaker #9: And we do. You know, need to look also at other ways to deploy capital, as Bernie mentioned. And it's an alternative way to deploy capital and businesses that we can get our head wrapped around because we do understand vertical market software.
Keith Lambert: Yeah. I guess my question though is, would it not be better to focus on what you have a proven capability on, which is acquiring VMS targets and-?
Speaker #14: Yeah , but I guess my question , though , is , would would it not be better to focus on what you have a proven capability on , which is acquiring VMs , target and .
Mark Miller: We're doing that. We're not changing our at all. It's not a, it's not a distraction at all for us. It's, it's just incremental. As you know, as time has passed, we, for example, we never really did a lot of larger transactions in VMS, and we've been able to do those as well. It's just an evolution of Constellation's long-term strategy is really... It's another way to deploy capital, and we'll do it rationally and we won't allow it to distract us.
Speaker #9: What we're doing that we're not changing our our at all ? It's not a it's not a distraction at all for us . It's , it's it's just incremental as , as as , you know , as time has passed , we've we for example , we we never really did a lot of larger transactions in VMs .
Speaker #9: And we've been able to do those as well . So it's just an evolution of constellations long term strategy is really and it's another , another way to deploy capital .
Speaker #9: And we'll do it rationally . And we won't allow it to distract us .
Keith Lambert: Thank you.
Speaker #14: Thank you .
Operator: The next question comes from Rick Bandazian with Offsides Macro. Please go ahead.
Speaker #1: The next question comes from Rick Anderson with offsides macro , please go ahead .
Rick Bandazian: Hey, good morning. Thanks for taking my question. First, can you just give the market some color? We've talked about Sabre quite a bit here, but does this only go so far as a minority stake and board seats, or is there a larger plan here? Secondly, has there been any dialogue between the both of you since you guys filed your Schedule 13D?
Speaker #15: Hey good morning . Thanks for taking my question . First , can you just give the market some color ? We've talked about saber quite a bit here , this only go so far as a minority stake and board seats , or is there a larger plan here ?
Speaker #15: And secondly , has there been any dialogue between the both of you since you filed your 13 D
Mark Miller: So-sorry, the question would have been around the larger-
Speaker #9: Yes . A larger question would have been around the larger are we doing ? Yeah . No , I mean , it's it's really like we're going to it's going to be situational .
Rick Bandazian: yeah.
Mark Miller: Yeah, no, I mean, it's really like, well, it's gonna be situational. We're gonna look at each of these companies situationally. We're really just trying to continue to focus on, you know, what makes sense. Each of the PEM's investments will work with the company to see what makes the most sense based on the situation they're in.
Speaker #9: We're going to look at each of these company situationally . And we're really just trying to continue to focus on what makes sense .
Speaker #9: And it will . Each of the pems investments will will work with the company to see what makes the most sense based on the situation they're in and I mean , it's really going to be situational .
Rick Bandazian: Okay.
Mark Miller: Yeah, I mean, it's really gonna be situational, and each company has its own ways we can maybe add some value, and we hope we can help and work with the company and the shareholders to improve the, you know, future of the company with a long-term lens and perspective here. Like, you know, we're not going in to try to do something quickly. We wanna think about long-term, like think about everything.
Speaker #9: And each company has its own , its own ways . We can maybe add some value , and we hope we can we can help and work with the company , the shareholders , to improve the , the , the future of the company with a long term lens in perspective here , like , you know , we're not going in to try to to to do something quickly .
Speaker #9: We want to think long term, like think about everything.
Rick Bandazian: Okay. Like, I'm not that familiar with your company, I'm just curious...
Speaker #15: Okay. Like, I'm not—I'm not that familiar with your company, so I'm just curious if this is a typical playbook that you guys typically take minority stakes.
Mark Miller: Okay.
Rick Bandazian: If this is a typical playbook that you guys typically take minority stakes?
Mark Miller: It's, you know, I mean, we did it earlier on, more in the early days, and again, it was situational then too. It's something new and we're gonna, something new in the sense that we're sort of formalizing a strategy around it. We're gonna continue to learn as we do it. I think it's again, it's just another option for us to deploy capital for our shareholders.
Speaker #9: It's new . We I mean , we did it earlier on more in the early days . And it's going to be it's going to again , it was situational then to but it's something new .
Speaker #9: And we're we're going to something new in the sense that we're , we're sort of formalizing a strategy around it . We're going to continue to learn as we do it .
Speaker #9: And, and I think it's—again, it's just another, another use of capital for our shareholders.
Rick Bandazian: Okay, one more if I could. Just big picture, software SaaS companies obviously under a lot of pressure lately. There's this talk of unknown terminal value in your space. Can you just give the market, and you did this in the opening remarks, I appreciate it. Could you give the market just a little bit of a handhold on what's going on here lately? Is the market wrong on this terminal value and it's sell now, ask questions later? Or is this gonna be dispersion among the players in the market? Some will win, some will lose. Just any color on that would be very helpful. I appreciate your time.
Speaker #15: Okay , one more . If I could just big picture Software SaaS companies obviously under a lot of pressure lately . There's this talk of unknown terminal value in your space .
Speaker #15: Can you just give the market and you did this in the opening remarks . I appreciate it . Could you give the market just a little bit of a handhold on what's going on here lately ?
Speaker #15: Is the market wrong on this terminal value ? And it's sell . Now , ask questions later . Or is this is there going to be dispersion among the players in the market .
Speaker #15: Some will win, some will lose. Just any color on that would be very helpful. I appreciate your time.
Mark Miller: Yeah, I know. You know, what you have to think about with us is we're very decentralized, and we trust each of our businesses to sort of, you know, have a strategy around this and learn from each other. Our coaches push them hard on making sure they're moving things forward. We don't look at it as it's gonna be a situation where, as always, some of our businesses do better than others, adapting to disruptions in their markets. We'll make sure that we, as a conglomerate, we will put the capital in the hands of the people who we feel will continue to invest it at good returns for our shareholders.
Speaker #9: Yeah I know you know what you have to think about with us is we're very decentralized and we trust each of our businesses to sort of , you know , have a strategy around this and learn from each other .
Speaker #9: And our coaches push them hard on making sure they're , they're they're moving things forward . But we don't look at it as , as it's going to be a situation where , as always , some of our businesses do better than others adapting to disruptions in their markets .
Speaker #9: And we'll make sure that we we as a conglomerate , we will move , put the capital in the hands of the people who we feel will continue to invest at good returns for our shareholders .
Mark Miller: We will sort of adapt our business as we see changes to it as we always have. We might, you know. I don't have any good solid one answer to that question, but I think we have a very well-designed organization to adjust and adapt because there isn't like one product here that's driving Constellation. There's thousands and thousands of products out there that we offer our customers that are run in multiple countries all over the world with different heads of development adjusting to it. We'll just adjust as we see fit. I mean, any comments, Jamal or Bernie on that?
Speaker #9: So we've got we will sort of adapt our our business as we see changes to it , as we always have , and we might , you know , and so there isn't any I don't have any good solid one answer to that question , but I think we have a very well-designed organization to adjust and adapt because there isn't like one product here that's driving constellation .
Speaker #9: There's there's thousands and thousands of products out there that we offer our customers that are that are running multiple countries all over the world with with different heads of development adjusting to it .
Speaker #9: So we'll just adjust as we as we see fit . I mean , any comments ? Jamal or Bernie on that .
Keith Lambert: No, I think it's good.
Speaker #16: So .
Bernard Anzarouth: We can't really opine on terminal values.
Speaker #9: I think .
Speaker #2: It's good . You can't really opine on terminal values . That's being applied to publicly traded companies . Now . It's just I mean , there's going to be some winners .
Mark Miller: Yeah.
Bernard Anzarouth: being applied to publicly traded companies now. It's just, gonna be some winners, there're gonna be some losers. It's all in how you use the tools to
Speaker #2: There are going to be some losers. It's all in how you use the tools to get closer to your customers.
Mark Miller: Mm-hmm.
Bernard Anzarouth: get closer to your customers.
Mark Miller: As a good conglomerate, we wanna make sure we're putting the capital behind the people who are winning. If you're losing, we will take your capital and put it elsewhere, which doesn't sound very nice, but it's, that's what we'll do.
Speaker #9: And as a as a good conglomerate , we want to make sure we're putting the capital behind the people who are winning . And if you're losing , we will take your capital and put it elsewhere , which doesn't sound very nice , but it's that's what we'll do
Rick Bandazian: Understood. Have a great day. Thanks.
Speaker #15: Interested ? Have a great day . Thanks .
Mark Miller: Thank you.
Bernard Anzarouth: You too.
Speaker #9: Thank you so much .
Operator: Excuse me. I see it's the top of the hour. Is there time for any other questions?
Speaker #1: Excuse me . I see it's the top of the hour . Is there a time for any other questions ?
Mark Miller: Sure.
Operator: Okay. We have a question from Roy Weiner with BP Capital. Please go ahead.
Speaker #9: Sure .
Speaker #1: Okay, we have a question from Roy Weiner with BP Capital. Please go ahead.
Roy Weiner: Hey, Mark. Congrats on a good quarter and resuming the conference call. I wanted to ask-.
Speaker #16: Hey, Mark, congrats on a good quarter and on resuming the conference call. I wanted to ask, with the changes, how do you see your leadership style as different than Mark Leonard's?
Mark Miller: Thank you.
Roy Weiner: few of changes. How do you see your leadership style different than Mark Leonard? Then maybe for us, related question, as you think about AI implementation, do you think this calls for perhaps a more centralized approach within the company? Like, do you see AI as a place where, you know, there's more like scale advantage to large players?
Speaker #16: And then maybe, perhaps a related question, as you think about AI implementation? And do you think this calls for perhaps a more centralized approach within the company?
Speaker #16: And like , do you see AI as a place where you know , there's more like scale and vantage to larger players ?
Mark Miller: Well, just a quick comment on the Mark situation. Like, you know, always hard to fill Mark's shoes, but he came from being an investor, and I came from being a product developer. We came at it from two different angles, and I probably am more product-oriented, but, you know, that would be the only difference. We both have all very shared values and very belief in decentralization and buy and hold forever. None of that has changed, which is really the fundamentals of our company. As far as a large, centralizing, you know, development or centralizing AI tools, we're not really a big fan of that because it's gonna...
Speaker #9: Well , so just a quick comment on the mark . Mark's situation . Like , you know , always hard to fill Mark's shoes , but he came from being an investor and I came from being a product developer .
Speaker #9: So so we came at it from two different angles , and I probably more product oriented , which , but you know , which that that would be the , the , the only difference we both have all very shared values and very , very belief in decentralization and and buy and hold forever .
Speaker #9: So none of that has changed , which is really the fundamentals of our , our company . So as a large centralizing , you know , development or centralizing AI tools , we're not really a big fan of that because it's going to as soon as you make a decision like that , it means you're taking away the ability for that business leader who could be in some country somewhere , working with a specific group of customers to move quickly to give them what they need , because then they're going to rely on some sort of a centralized , let's say , agent or development tool .
Mark Miller: As soon as you make a decision like that, it means you're taking away the ability for that business leader who could be in some country somewhere working with a specific group of customers to move quickly to give them what they need. Because then they're gonna rely on some sort of a centralized, let's say agent or development tool, but we will share best practices. When you're sitting around, for example, last week, they had an event in Denver. They're all like, very keen on showing up each other that they can beat them and do better. It's a competitive, a competitive belief within our organizations that our business units, that they'll do better. We're very hesitant to centrally control anything here. We really wanna measure it and share best practices fast.
Speaker #9: But we will share best practices when you're sitting around , for example , last week they had an event in Denver . They're all like , they're all very keen on showing up each other , that they can beat them and do better .
Speaker #9: So, there's a competitive—competitive belief within our organizations, within our business units, that they'll do better. But we're very hesitant to centrally control anything here.
Speaker #9: We really want to measure it and share best practices fast . And , you know , obviously I would talk to our leaders throughout the world about AI and what they're doing about it .
Mark Miller: You know, obviously, I would talk to our leaders throughout the world about AI and what they're doing about it. Yeah, it's kind of an interesting time for me as a developer, as a background. I kind of enjoy it because historically it would be always hard to talk to people about, well, what they're doing about products. This gives us something to poke away at. I have to say I'm enjoying it a little bit because I'm a big fan of listening to customers and developing products for them that make sense inside of our businesses.
Speaker #9: So yeah , it's kind of a it's kind of an interesting time for me as a developer , as a background . I kind of enjoy it because historically , it would be always hard to talk to people about what they're doing about products .
Speaker #9: But this gives us a little bit , gives us something to poke away at . So I'm I have to say , I'm enjoying it a little bit because I'm a big fan of listening to customers and developing products for them that make sense inside of our businesses .
Mark Miller: It's a real opportunity to do that here if they learn and they from each other as to what to do to help to use these AI tools to accelerate development or, you know, maybe expand into other areas of the customer because they're more able to do that now than they were before.
Speaker #9: And so real opportunity to do that here . If they if they if they if they learn and they from each other as to what what to do to help to use these AI tools to accelerate development or , you know , maybe expand it to other areas of the customer because they're more able to do that now than they were before
Keith Lambert: Thanks. That's got it.
Speaker #16: Thanks , guys . Got it
Operator: As there are no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mark Miller for any closing remarks.
Speaker #1: As there are no further questions , this concludes our question and answer session . I would like to turn the conference back over to Mark Miller .
Speaker #1: For any closing remarks .
Mark Miller: Well, thank you very much. You know, I obviously wanna thank all the employees across Constellation for all they do and how hard they're working and learning and adjusting as through this through AI and whatever else they're dealing with. Of course, thank you to all of our shareholders for, you know, continuing to invest in us. We'll continue to update you. We're looking forward to the AGM on 15 May, which, looking forward to seeing whoever can come there, and it'll be also available as a hybrid online as well. Thank you very much, and thank Bernie and Jamal for helping out with this call.
Speaker #9: Yeah , well , thank you very much . And you know , I obviously want to thank all the employees across constellation for all all they do and how hard they're working .
Speaker #9: And , and learning and adjusting as , as through this through through AI and whatever else they're dealing with . And of course , thank you for all .
Speaker #9: Thank you to all of our shareholders for for , you know , continuing to to invest in us and , and we will , we'll continue to update you .
Speaker #9: I'm looking forward to the AGM on May 15th , which looking forward to seeing whoever can come there . And it'll be also available as a hybrid online as well .
Speaker #9: So thank you very much . And thank Bernie and Jamal for helping out with this call .
Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.