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Constellations - The Reversion to the Mean
Instead of earnings per share, Leonard prefers to use what he calls a just a net income. This makes certain adjustments for non-cash expenses such as the depreciation of intangible assets. Forrester estimated that there were more than 100,000 independent software companies globally growing at 25% per year. Constellations has been a serial acquirer of inherently attractive small-vertical market software businesses in a large number of different verticals.