The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced
its financial results for its fiscal 2024 second quarter
(
Q2FY24). All financial results referenced are in
United States (
US) currency and, unless otherwise
indicated, are determined in accordance with US Generally Accepted
Accounting Principles (
GAAP).
“The Global Logistics Network (GLN) continues to
help shippers, carriers and logistics services providers meet
challenges facing their logistics and supply chain operations,”
said Edward J. Ryan, Descartes’ CEO. “As our customers succeed,
they trust us to invest in the GLN's technologies to power
logistics and supply chains into the future. Our strong financial
results reflect the confidence our customers and other stakeholders
have in Descartes and its role in helping their businesses.”
Q2FY24 Financial ResultsAs
described in more detail below, key financial highlights for
Descartes’ Q2FY24 included:
- Revenues of $143.4 million, up 17%
from $123.0 million in the second quarter of fiscal 2023
(Q2FY23) and up 5% from $136.6 million in the
previous quarter (Q1FY24);
- Revenues were comprised of services revenues of $130.7 million
(91% of total revenues), professional services and other revenues
of $11.3 million (8% of total revenues) and license revenues of
$1.4 million (1% of total revenues). Services revenues were up 19%
from $109.4 million in Q2FY23 and up 5% from $124.1 million in
Q1FY24;
- Cash provided by operating activities of $52.0 million, up 12%
from $46.4 million in Q2FY23 and up 6% from $48.9 million in
Q1FY24;
- Income from operations of $36.8 million, up 17% from $31.5
million in Q2FY23 and up 1% from $36.5 million in Q1FY24;
- Net income of $28.1 million, up 23% from $22.9 million in
Q2FY23 and down from $29.4 million in Q1FY24. Net income as a
percentage of revenue was 20%, compared to 19% in Q2FY23 and 22% in
Q1FY24;
- Earnings per share on a diluted basis of $0.32, up 19% from
$0.27 in Q2FY23 and down from $0.34 in Q1FY24, respectively;
and
- Adjusted EBITDA of $60.6 million, up 12% from $54.0 million in
Q2FY23 and up 5% from $57.7 million in Q1FY24. Adjusted EBITDA as a
percentage of revenues was 42%, compared to 44% and 42% in Q2FY23
and Q1FY24, respectively.
Adjusted EBITDA and Adjusted EBITDA as a
percentage of revenues are non-GAAP financial measures provided as
a complement to financial results presented in accordance with
GAAP. We define Adjusted EBITDA as earnings before interest, taxes,
depreciation, amortization, stock-based compensation (for which we
include related fees and taxes) and other charges (for which we
include restructuring charges and acquisition-related expenses).
These items are considered by management to be outside Descartes'
ongoing operational results. We define Adjusted EBITDA as a
percentage of revenues as the quotient, expressed as a percentage,
from dividing Adjusted EBITDA for a period by revenues for the
corresponding period. A reconciliation of Adjusted EBITDA and
Adjusted EBITDA as a percentage of revenues to net income
determined in accordance with GAAP is provided later in this
release.
The following table summarizes Descartes' results in the
categories specified below over the past 5 fiscal quarters
(unaudited; dollar amounts, other than per share amounts, in
millions):
|
|
Q2FY24 |
|
Q1FY24 |
|
Q4FY23 |
|
Q3FY23 |
|
Q2FY23 |
|
| Revenues |
143.4 |
|
136.6 |
|
125.1 |
|
121.5 |
|
123.0 |
|
| Services revenues |
130.7 |
|
124.1 |
|
113.4 |
|
110.1 |
|
109.4 |
|
| Gross margin |
76% |
|
76% |
|
77% |
|
77% |
|
77% |
|
| Cash provided by operating
activities |
52.0 |
|
48.9 |
|
50.6 |
|
50.9 |
|
46.4 |
|
| Income from operations |
36.8 |
|
36.5 |
|
33.6 |
|
34.8 |
|
31.5 |
|
| Net income |
28.1 |
|
29.4 |
|
29.8 |
|
26.5 |
|
22.9 |
|
| Net income as a % of
revenues |
20% |
|
22% |
|
24% |
|
22% |
|
19% |
|
| Earnings per diluted share |
0.32 |
|
0.34 |
|
0.34 |
|
0.31 |
|
0.27 |
|
| Adjusted EBITDA |
60.6 |
|
57.7 |
|
55.4 |
|
54.5 |
|
54.0 |
|
| Adjusted EBITDA as a % of
revenues |
42% |
|
42% |
|
44% |
|
45% |
|
44% |
|
Year-to-Date Financial Results
As described in more detail below, key financial
highlights for Descartes’ six-month period ended July 31, 2023
(1HFY24) included:
- Revenues of $280.0 million, up 17%
from $239.4 million in the same period a year ago
(1HFY23);
- Revenues were comprised of services
revenues of $254.9 million (91% of total revenues), professional
services and other revenues of $22.8 million (8% of total revenues)
and license revenues of $2.3 million (1% of total revenues).
Services revenues were up 20% from $212.2 million in 1HFY23;
- Cash provided by operating activities of $100.9 million, up 11%
from $90.8 million in 1HFY23;
- Income from operations of $73.4
million, up 18% from $62.1 million in 1HFY23;
- Net income of
$57.5 million, up 25% from $46.0 million in 1HFY23. Net income as a
percentage of revenues was 21%, compared to 19% in 1HFY23;
- Earnings per
share on a diluted basis of $0.66, up 25% from $0.53 in 1HFY23;
and
- Adjusted EBITDA of $118.3 million, up 12% from $105.2 million
in 1HFY23. Adjusted EBITDA as a percentage of revenues was 42%,
compared to 44% in 1HFY23.
The following table summarizes Descartes’
results in the categories specified below over 1HFY24 and 1HFY23
(unaudited, dollar amounts in millions):
|
|
1HFY24 |
|
1HFY23 |
|
| Revenues |
280.0 |
|
239.4 |
|
| Services revenues |
254.9 |
|
212.2 |
|
| Gross margin |
76% |
|
76% |
|
| Cash provided by operating
activities |
100.9 |
|
90.8 |
|
| Income from operations |
73.4 |
|
62.1 |
|
| Net income |
57.5 |
|
46.0 |
|
| Net income as a % of
revenues |
21% |
|
19% |
|
| Earnings per diluted share |
0.66 |
|
0.53 |
|
| Adjusted EBITDA |
118.3 |
|
105.2 |
|
| Adjusted EBITDA as a % of
revenues |
42% |
|
44% |
|
Cash Position
At July 31, 2023, Descartes had $227.4 million
in cash. Cash increased by $45.2 million in Q2FY24 and decreased
$49.0 million in 1HFY24. The table set forth below provides a
summary of cash flows for Q2FY24 and 1HFY24 in millions of
dollars:
| |
Q2FY24 |
|
1HFY24 |
|
|
Cash provided by operating activities |
52.0 |
|
100.9 |
|
|
Additions to property and equipment |
(2.2 |
) |
(3.4 |
) |
|
Acquisitions of subsidiaries, net of cash acquired |
- |
|
(142.7 |
) |
|
Issuances of common shares, net of issuance costs |
0.6 |
|
6.0 |
|
|
Payment of contingent consideration |
(6.3 |
) |
(6.3 |
) |
|
Payment of withholding taxes on net share settlements |
- |
|
(4.9 |
) |
|
Effect of foreign exchange rate on cash |
1.1 |
|
1.4 |
|
|
Net change in cash |
45.2 |
|
(49.0 |
) |
|
Cash, beginning of period |
182.2 |
|
276.4 |
|
|
Cash, end of period |
227.4 |
|
227.4 |
|
Conference Call
Members of Descartes' executive management team
will host a conference call to discuss the company's financial
results at 5:30 p.m. ET on Wednesday, September 6. Designated
numbers are +1 416 764 8658 for North America and +1 888 886 7786
for international, using conference ID 54207156#.
The company will simultaneously conduct an audio
webcast on the Descartes website at
www.descartes.com/descartes/investor-relations. Phone conference
dial-in or webcast login is required approximately 10 minutes
beforehand.
Replays of the conference call will be available
until September 13, 2023, by dialling +1 416 764 8692 or Toll-Free
for North America using +1 877 674 7070 with Playback Passcode:
207156#. An archived replay of the webcast will be available at
www.descartes.com/descartes/investor-relations.
About Descartes
Descartes (Nasdaq: DSGX) (TSX:DSG) is the global
leader in providing on-demand, software-as-a-service solutions
focused on improving the productivity, performance and security of
logistics-intensive businesses. Customers use our modular,
software-as-a-service solutions to route, schedule, track and
measure delivery resources; plan, allocate and execute shipments;
rate, audit and pay transportation invoices; access global trade
data; file customs and security documents for imports and exports;
and complete numerous other logistics processes by participating in
the world's largest, collaborative multimodal logistics community.
Our headquarters are in Waterloo, Ontario, Canada and we have
offices and partners around the world. Learn more at
www.descartes.com and connect with us on LinkedIn and X
(Twitter).
Descartes Investor Contact:
Laurie McCauley +1-519-746-2969 investor@descartes.com
Safe Harbor Statement This
release may contain forward-looking information within the meaning
of applicable securities laws ("forward-looking statements") that
relates to Descartes' expectations concerning future revenues and
earnings, and our projections for any future reductions in expenses
or growth in margins and generation of cash; our assessment of the
potential impact of geopolitical events such as the ongoing
conflict between Russia and Ukraine (the “Ukraine Conflict”), or
other potentially catastrophic events, such as the COVID-19 virus
(the “Pandemic”) on our business, results of operations and
financial condition; continued growth and acquisitions including
our assessment of any increased opportunity for our products and
services as a result of trends in the logistics and supply chain
industries; rate of profitable growth and Adjusted EBITDA margin
operating range; demand for Descartes' solutions; growth of
Descartes' Global Logistics Network (“GLN”); customer buying
patterns; customer expectations of Descartes; development of the
GLN and the benefits thereof to customers; and other matters. These
forward-looking statements are based on certain assumptions
including the following: global shipment volumes continuing at
levels generally consistent with those experienced historically;
the Ukraine Conflict and the Pandemic not having a material
negative impact on shipment volumes or on the demand for the
products and services of Descartes by its customers and the ability
of those customers to continue to pay for those products and
services; countries continuing to implement and enforce existing
and additional customs and security regulations relating to the
provision of electronic information for imports and exports;
countries continuing to implement and enforce existing and
additional trade restrictions and sanctioned party lists with
respect to doing business with certain countries, organizations,
entities and individuals; Descartes' continued operation of a
secure and reliable business network; the stability of general
economic and market conditions, currency exchange rates, and
interest rates; equity and debt markets continuing to provide
Descartes with access to capital; Descartes' continued ability to
identify and source attractive and executable business combination
opportunities; Descartes' ability to develop solutions that keep
pace with the continuing changes in technology, and our continued
compliance with third party intellectual property rights. These
assumptions may prove to be inaccurate. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Descartes, or developments in Descartes' business
or industry, to differ materially from the anticipated results,
performance or achievements or developments expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to, Descartes' ability to successfully identify and execute
on acquisitions and to integrate acquired businesses and assets,
and to predict expenses associated with and revenues from
acquisitions; the impact of network failures, information security
breaches or other cyber-security threats; disruptions in the
movement of freight and a decline in shipment volumes including as
a result of contagious illness outbreaks; a deterioration of
general economic conditions or instability in the financial markets
accompanied by a decrease in spending by our customers; the ability
to attract and retain key personnel and the ability to manage the
departure of key personnel and the transition of our executive
management team; changes in trade or transportation regulations
that currently require customers to use services such as those
offered by Descartes; changes in customer behaviour and
expectations; Descartes’ ability to successfully design and develop
enhancements to our products and solutions; departures of key
customers; the impact of foreign currency exchange rates;
Descartes' ability to retain or obtain sufficient capital in
addition to its debt facility to execute on its business strategy,
including its acquisition strategy; disruptions in the movement of
freight; the potential for future goodwill or intangible asset
impairment as a result of other-than-temporary decreases in
Descartes' market capitalization; and other factors and assumptions
discussed in the section entitled, "Certain Factors That May Affect
Future Results" in documents filed with the Securities and Exchange
Commission, the Ontario Securities Commission and other securities
commissions across Canada, including Descartes' most recently filed
Management's Discussion and Analysis. If any such risks actually
occur, they could materially adversely affect our business,
financial condition or results of operations. In that case, the
trading price of our common shares could decline, perhaps
materially. Readers are cautioned not to place undue reliance upon
any such forward-looking statements, which speak only as of the
date made. Forward-looking statements are provided for the purpose
of providing information about management's current expectations
and plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. We do not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in our expectations or any change in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Reconciliation of Non-GAAP Financial
Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of
revenues
We prepare and release quarterly unaudited and
annual audited financial statements prepared in accordance with
GAAP. We also disclose and discuss certain non-GAAP financial
information, used to evaluate our performance, in this and other
earnings releases and investor conference calls as a complement to
results provided in accordance with GAAP. We believe that current
shareholders and potential investors in our company use non-GAAP
financial measures, such as Adjusted EBITDA and Adjusted EBITDA as
a percentage of revenues, in making investment decisions about our
company and measuring our operational results.
The term “Adjusted EBITDA” refers to a financial
measure that we define as earnings before certain charges that
management considers to be non-operating expenses and which consist
of interest, taxes, depreciation, amortization, stock-based
compensation (for which we include related fees and taxes) and
other charges (for which we include restructuring charges and
acquisition-related expenses). Adjusted EBITDA as a percentage of
revenues divides Adjusted EBITDA for a period by the revenues for
the corresponding period and expresses the quotient as a
percentage.
Management considers these non-operating
expenses to be outside the scope of Descartes’ ongoing operations
and the related expenses are not used by management to measure
operations. Accordingly, these expenses are excluded from Adjusted
EBITDA, which we reference to both measure our operations and as a
basis of comparison of our operations from period-to-period.
Management believes that investors and financial analysts measure
our business on the same basis, and we are providing the Adjusted
EBITDA financial metric to assist in this evaluation and to provide
a higher level of transparency into how we measure our own
business. However, Adjusted EBITDA and Adjusted EBITDA as a
percentage of revenues are non-GAAP financial measures and may not
be comparable to similarly titled measures reported by other
companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of
revenues should not be construed as a substitute for net income
determined in accordance with GAAP or other non-GAAP measures that
may be used by other companies, such as EBITDA. The use of Adjusted
EBITDA and Adjusted EBITDA as a percentage of revenues does have
limitations. In particular, we have completed six acquisitions
since the beginning of fiscal 2023 and may complete additional
acquisitions in the future that will result in acquisition-related
expenses and restructuring charges. As these acquisition-related
expenses and restructuring charges may continue as we pursue our
consolidation strategy, some investors may consider these charges
and expenses as a recurring part of operations rather than expenses
that are not part of operations.
The table below reconciles Adjusted EBITDA and
Adjusted EBITDA as a percentage of revenues to net income reported
in our unaudited Consolidated Statements of Operations for Q2FY24,
Q1FY24, Q4FY23, Q3FY23, and Q2FY23, which we believe is the most
directly comparable GAAP measure.
|
(US dollars in millions) |
Q2FY24 |
Q1FY24 |
Q4FY23 |
Q3FY23 |
Q2FY23 |
| Net income, as
reported on Consolidated Statements of Operations |
28.1 |
|
29.4 |
|
29.8 |
|
26.5 |
|
22.9 |
|
| Adjustments to reconcile to
Adjusted EBITDA: |
|
|
|
|
|
|
Interest expense |
0.3 |
|
0.3 |
|
0.3 |
|
0.3 |
|
0.3 |
|
|
Investment income |
(2.0 |
) |
(1.6 |
) |
(2.8 |
) |
(1.1 |
) |
(0.5 |
) |
|
Income tax expense |
10.4 |
|
8.4 |
|
6.3 |
|
9.0 |
|
8.8 |
|
|
Depreciation expense |
1.4 |
|
1.3 |
|
1.4 |
|
1.3 |
|
1.3 |
|
|
Amortization of intangible assets |
15.5 |
|
14.7 |
|
14.3 |
|
14.7 |
|
16.1 |
|
|
Stock-based compensation and related taxes |
4.4 |
|
3.3 |
|
3.6 |
|
3.6 |
|
3.8 |
|
|
Other charges |
2.5 |
|
1.9 |
|
2.5 |
|
0.2 |
|
1.3 |
|
|
Adjusted EBITDA |
60.6 |
|
57.7 |
|
55.4 |
|
54.5 |
|
54.0 |
|
|
|
|
|
|
|
|
|
Revenues |
143.4 |
|
136.6 |
|
125.1 |
|
121.5 |
|
123.0 |
|
| Net income as % of
revenues |
20% |
|
22% |
|
24% |
|
22% |
|
19% |
|
|
Adjusted EBITDA as % of revenues |
42% |
|
42% |
|
44% |
|
45% |
|
44% |
|
|
|
|
|
|
|
|
The Descartes Systems Group
Inc.Condensed Consolidated Balance
Sheets(US dollars in thousands; US GAAP;
Unaudited)
| |
July 31, |
January 31, |
|
|
2023 |
|
2023 |
|
|
ASSETS |
|
|
| CURRENT ASSETS |
|
|
|
Cash |
227,409 |
|
276,385 |
|
|
Accounts receivable (net) |
|
|
|
Trade |
56,236 |
|
45,173 |
|
|
Other |
13,133 |
|
11,658 |
|
|
Prepaid expenses and other |
26,426 |
|
24,676 |
|
|
Inventory |
970 |
|
759 |
|
|
|
324,174 |
|
358,651 |
|
| OTHER LONG-TERM
ASSETS |
22,657 |
|
22,247 |
|
| PROPERTY AND
EQUIPMENT, NET |
12,603 |
|
11,434 |
|
| RIGHT-OF-USE
ASSETS |
5,798 |
|
6,774 |
|
| DEFERRED INCOME
TAXES |
3,760 |
|
11,483 |
|
| INTANGIBLE ASSETS,
NET |
282,026 |
|
229,808 |
|
| GOODWILL |
765,104 |
|
675,647 |
|
| |
1,416,122 |
|
1,316,044 |
|
| LIABILITIES
AND SHAREHOLDERS’ EQUITY |
|
|
| CURRENT
LIABILITIES |
|
|
|
Accounts payable |
|
12,351 |
|
10,569 |
|
Accrued liabilities |
|
98,091 |
|
80,309 |
|
Lease obligations |
|
3,177 |
|
3,397 |
|
Income taxes payable |
|
4,758 |
|
7,536 |
|
Deferred revenue |
|
85,421 |
|
67,784 |
|
|
203,798 |
|
169,595 |
|
| LONG-TERM DEBT |
- |
|
- |
|
| LEASE
OBLIGATIONS |
2,977 |
|
3,923 |
|
| DEFERRED REVENUE |
1,773 |
|
1,615 |
|
| INCOME TAXES
PAYABLE |
7,177 |
|
6,120 |
|
| DEFERRED INCOME
TAXES |
26,593 |
|
35,400 |
|
| |
242,318 |
|
216,653 |
|
| |
|
|
| SHAREHOLDERS’
EQUITY |
|
|
| Common shares –
unlimited shares authorized; Shares issued and outstanding totaled
85,095,929 at July 31, 2023 (January 31, 2023 – 84,820,100) |
546,984 |
|
538,448 |
|
| Additional paid-in
capital |
486,520 |
|
486,551 |
|
| Accumulated other
comprehensive income (loss) |
(22,017 |
) |
(30,456 |
) |
| Retained
earnings |
162,317 |
|
104,848 |
|
|
|
1,173,804 |
|
1,099,391 |
|
|
|
1,416,122 |
|
1,316,044 |
|
The Descartes Systems Group
Inc.Consolidated Statements of
Operations(US dollars in thousands, except per share and
weighted average share amounts; US GAAP; Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 31, |
July 31, |
|
July 31, |
July 31, |
|
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
| |
|
|
|
|
|
| REVENUES |
143,393 |
|
123,011 |
|
|
280,007 |
|
239,406 |
|
| COST OF
REVENUES |
34,974 |
|
28,919 |
|
|
67,859 |
|
56,742 |
|
| GROSS
MARGIN |
108,419 |
|
94,092 |
|
|
212,148 |
|
182,664 |
|
| EXPENSES |
|
|
|
|
|
|
Sales and marketing |
17,321 |
|
14,315 |
|
|
34,374 |
|
27,551 |
|
|
Research and development |
21,738 |
|
18,155 |
|
|
41,805 |
|
34,724 |
|
|
General and administrative |
14,591 |
|
12,700 |
|
|
28,035 |
|
24,342 |
|
|
Other charges |
2,455 |
|
1,289 |
|
|
4,388 |
|
2,771 |
|
|
Amortization of intangible assets |
15,484 |
|
16,086 |
|
|
30,158 |
|
31,134 |
|
|
|
71,589 |
|
62,545 |
|
|
138,760 |
|
120,522 |
|
| INCOME FROM
OPERATIONS |
36,830 |
|
31,547 |
|
|
73,388 |
|
62,142 |
|
| INTEREST
EXPENSE |
(340 |
) |
(284 |
) |
|
(677 |
) |
(562 |
) |
| INVESTMENT
INCOME |
2,009 |
|
461 |
|
|
3,570 |
|
614 |
|
| INCOME BEFORE INCOME
TAXES |
38,499 |
|
31,724 |
|
|
76,281 |
|
62,194 |
|
| INCOME TAX EXPENSE
(RECOVERY) |
|
|
|
|
|
|
Current |
12,252 |
|
7,498 |
|
|
19,873 |
|
12,339 |
|
|
Deferred |
(1,869 |
) |
1,324 |
|
|
(1,061 |
) |
3,838 |
|
|
|
10,383 |
|
8,822 |
|
|
18,812 |
|
16,177 |
|
| NET INCOME |
28,116 |
|
22,902 |
|
|
57,469 |
|
46,017 |
|
| EARNINGS PER
SHARE |
|
|
|
|
|
|
Basic |
0.33 |
|
0.27 |
|
|
0.68 |
|
0.54 |
|
|
Diluted |
0.32 |
|
0.27 |
|
|
0.66 |
|
0.53 |
|
| WEIGHTED AVERAGE SHARES
OUTSTANDING (thousands) |
|
|
|
|
|
|
Basic |
85,083 |
|
84,783 |
|
|
85,017 |
|
84,774 |
|
|
Diluted |
86,783 |
|
86,338 |
|
|
86,764 |
|
86,344 |
|
The Descartes Systems Group
Inc.Condensed Consolidated Statements of Cash
Flows(US dollars in thousands; US GAAP; Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
July 31, |
July 31, |
|
July 31, |
|
July 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
| OPERATING
ACTIVITIES |
|
|
|
|
| Net income |
28,116 |
|
22,902 |
|
57,469 |
|
46,017 |
|
| Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
|
Depreciation |
1,363 |
|
1,301 |
|
2,628 |
|
2,546 |
|
|
Amortization of intangible assets |
15,484 |
|
16,086 |
|
30,158 |
|
31,134 |
|
|
Stock-based compensation expense |
4,451 |
|
3,736 |
|
7,370 |
|
6,523 |
|
|
Other non-cash operating activities |
(148 |
) |
68 |
|
72 |
|
51 |
|
|
Deferred tax (recovery) expense |
(1,869 |
) |
1,324 |
|
(1,061 |
) |
3,838 |
|
|
Changes in operating assets and liabilities |
4,614 |
|
982 |
|
4,230 |
|
722 |
|
| Cash provided by operating
activities |
52,011 |
|
46,399 |
|
100,866 |
|
90,831 |
|
| INVESTING
ACTIVITIES |
|
|
|
|
|
Additions to property and equipment |
(2,180 |
) |
(1,786 |
) |
(3,383 |
) |
(3,422 |
) |
|
Acquisition of subsidiaries, net of cash acquired |
- |
|
(61,096 |
) |
(142,700 |
) |
(103,988 |
) |
| Cash used in investing
activities |
(2,180 |
) |
(62,882 |
) |
(146,083 |
) |
(107,410 |
) |
| FINANCING
ACTIVITIES |
|
|
|
|
|
Payment of debt issuance costs |
- |
|
- |
|
(39 |
) |
(66 |
) |
|
Issuance of common shares for cash, net of issuance costs |
566 |
|
111 |
|
6,021 |
|
499 |
|
|
Payment of contingent consideration |
(6,320 |
) |
(5,215 |
) |
(6,320 |
) |
(5,215 |
) |
|
Payment of withholding taxes on net share settlements |
- |
|
- |
|
(4,886 |
) |
- |
|
| Cash used in financing
activities |
(5,754 |
) |
(5,104 |
) |
(5,224 |
) |
(4,782 |
) |
| Effect of foreign exchange rate
changes on cash |
1,145 |
|
(1,162 |
) |
1,465 |
|
(3,046 |
) |
| Increase (decrease) in
cash |
45,222 |
|
(22,749 |
) |
(48,976 |
) |
(24,407 |
) |
| Cash, beginning of
period |
182,187 |
|
211,779 |
|
276,385 |
|
213,437 |
|
| Cash, end of
period |
227,409 |
|
189,030 |
|
227,409 |
|
189,030 |
|
Descartes Systems (NASDAQ:DSGX)
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From Apr 2024 to May 2024
Descartes Systems (NASDAQ:DSGX)
Historical Stock Chart
From May 2023 to May 2024
