The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced
its financial results for its fiscal 2022 third quarter
(
Q3FY22). 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).
“Driver shortages, supply constraints, capacity
challenges and shipping bottlenecks are just some of the factors
impacting today’s global supply chains and the wider economy,” said
Edward J. Ryan, Descartes’ CEO. “Running efficient supply chains is
complicated, and the right technology is key to delivering on
customer promises in a secure and efficient manner. Our Global
Logistics Network was specifically designed to help solve the
inherent multi-party, multi-process challenges faced by supply
chain participants. We continue to leverage our experience and
financial position to grow our Global Logistics Network for the
benefit of our customers.”
Q3FY22 Financial ResultsAs
described in more detail below, key financial highlights for Q3FY22
included:
- Revenues of $108.9 million, up 24% from $87.5 million in the
third quarter of fiscal 2021 (Q3FY21) and up 4%
from $104.6 million in the previous quarter
(Q2FY22);
- Revenues were comprised of services revenues of $97.2 million
(89% of total revenues), professional services and other revenues
of $10.3 million (10% of total revenues) and license revenues of
$1.4 million (1% of total revenues). Services revenues were up 25%
from $77.6 million in Q3FY21 and up 4% from $93.5 million in
Q2FY22;
- Cash provided by operating activities of $43.3 million, up 31%
from $33.1 million in Q3FY21 and down from $46.4 million in
Q2FY22;
- Income from operations of $27.8 million, up 48% from $18.8
million in Q3FY21 and up 7% from $26.1 million in Q2FY22;
- Net income of $25.5 million, up 92% from $13.3 million in
Q3FY21 and up 10% from $23.2 million in Q2FY22. Net income as a
percentage of revenues was 23%, compared to 15% in Q3FY21 and 22%
in Q2FY22;
- Earnings per share on a diluted basis of $0.30, up 100% from
$0.15 in Q3FY21 and up 11% from $0.27 in Q2FY22; and
- Adjusted EBITDA of $48.2 million, up 32% from $36.4 million in
Q3FY21 and up 5% from $45.9 million in Q2FY22. Adjusted EBITDA as a
percentage of revenues was 44%, compared to 42% in Q3FY21 and 44%
in Q2FY22.
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):
|
Q3FY22 |
Q2FY22 |
Q1FY22 |
Q4FY21 |
Q3FY21 |
Revenues |
108.9 |
104.6 |
98.8 |
93.4 |
87.5 |
Services
revenues |
97.2 |
93.5 |
88.3 |
82.7 |
77.6 |
Gross
margin |
76% |
76% |
76% |
75% |
74% |
Cash
provided by operating activities |
43.3 |
46.4 |
40.9 |
36.5 |
33.1 |
Income
from operations |
27.8 |
26.1 |
23.4 |
21.9 |
18.8 |
Net
income |
25.5 |
23.2 |
18.4 |
17.2 |
13.3 |
Net
income as a % of revenues |
23% |
22% |
19% |
18% |
15% |
Earnings
per diluted share |
0.30 |
0.27 |
0.21 |
0.20 |
0.15 |
Adjusted
EBITDA |
48.2 |
45.9 |
41.5 |
38.6 |
36.4 |
Adjusted
EBITDA as a % of revenues |
44% |
44% |
42% |
41% |
42% |
Year-to-Date Financial Results
As described in more detail below, key financial
highlights for Descartes’ nine-month period ended October 31, 2021
(9MFY22) included:
- Revenues of $312.3 million, up 22%
from $255.3 million in the same period a year ago
(9MFY21);
- Revenues were comprised of services
revenues of $279.0 million (89% of total revenues), professional
services and other revenues of $29.4 million (10% of total
revenues) and license revenues of $3.9 million (1% of total
revenues). Services revenues were up 23% from $227.0 million in
9MFY21;
- Cash provided by operating
activities of $130.6 million, up 38% from $94.8 million in
9MFY21;
- Income from operations of $77.4
million, up 56% from $49.6 million in 9MFY21;
- Net income of $67.1 million, up 92%
from $34.9 million in 9MFY21. Net income as a percentage of
revenues was 21%, compared to 14% in 9MFY21;
- Earnings per share on a diluted
basis of $0.78, up 90% from $0.41 in 9MFY21; and
- Adjusted EBITDA of $135.6 million,
up 31% from $103.4 million in 9MFY21. Adjusted EBITDA as a
percentage of revenues was 43%, compared to 41% in 9MFY21.
The following table summarizes Descartes’
results in the categories specified below over 9MFY22 and 9MFY21
(unaudited, dollar amounts in millions):
|
9MFY22 |
9MFY21 |
Revenues |
312.3 |
255.3 |
Services
revenues |
279.0 |
227.0 |
Gross
margin |
76% |
74% |
Cash
provided by operating activities |
130.6 |
94.8 |
Income
from operations |
77.4 |
49.6 |
Net
income |
67.1 |
34.9 |
Net
income as a % of revenues |
21% |
14% |
Earnings
per diluted share |
0.78 |
0.41 |
Adjusted
EBITDA |
135.6 |
103.4 |
Adjusted
EBITDA as a % of revenues |
43% |
41% |
Cash PositionAt October 31,
2021, Descartes had $171.1 million in cash. Cash increased by $42.7
million in Q3FY22 and increased $37.4 million in 9MFY22. The table
set forth below provides a summary of cash flows for Q3FY22 and
9MFY22 in millions of dollars:
|
Q3FY22 |
9MFY22 |
Cash provided by operating
activities |
43.3 |
130.6 |
Additions to property and
equipment |
(1.2) |
(3.7) |
Acquisitions of subsidiaries,
net of cash acquired |
- |
(90.3) |
Credit facility and other debt
repayments |
- |
(1.1) |
Payment of debt issuance
costs |
- |
(0.1) |
Issuances of common shares,
net of issuance costs |
1.0 |
2.5 |
Effect of foreign exchange
rate on cash |
(0.4) |
(0.5) |
Net change in cash |
42.7 |
37.4 |
Cash, beginning of period |
128.4 |
133.7 |
Cash, end of period |
171.1 |
171.1 |
Conference CallMembers of
Descartes' executive management team will host a conference call to
discuss the company's financial results today at 5:30 p.m. ET,
Wednesday, December 1. Designated numbers are +1 888 465-5079 for
North America and +1 416 216-4169 for international, using Passcode
6485 701#.
The company will simultaneously conduct an audio
webcast on the Descartes Web site at
www.descartes.com/descartes/investor-relations. Phone conference
dial-in or webcast log-in is required approximately 10 minutes
beforehand. A digital replay of the conference call will be
available following the call from 8:00 p.m. ET, and until December
8, 2021, at www.descartes.com/descartes/investor-relations.
About DescartesDescartes
(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 Twitter.
Descartes Investor Contact:
Laurie McCauley +1-519-746-6114 x202358 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
current and future potential impact of the COVID-19 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; 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 current COVID-19 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 ten acquisitions
since the beginning of fiscal 2020 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 Q3FY22,
Q2FY22, Q1FY22, Q4FY21, and Q3FY21, which we believe is the most
directly comparable GAAP measure.
(US dollars in millions) |
Q3FY22 |
|
Q2FY22 |
|
Q1FY22 |
|
Q4FY21 |
|
Q3FY21 |
|
Net income, as reported on Consolidated Statements
of Operations |
25.5 |
|
23.2 |
|
18.4 |
|
17.2 |
|
13.3 |
|
Adjustments to reconcile to
Adjusted EBITDA: |
|
|
|
|
|
Interest expense |
0.3 |
|
0.3 |
|
0.3 |
|
0.3 |
|
0.2 |
|
Investment income |
(0.1 |
) |
(0.1 |
) |
(0.1 |
) |
(0.1 |
) |
- |
|
Income tax expense |
2.1 |
|
2.7 |
|
4.8 |
|
4.5 |
|
5.2 |
|
Depreciation expense |
1.3 |
|
1.3 |
|
1.2 |
|
1.3 |
|
1.5 |
|
Amortization of intangible assets |
15.4 |
|
15.0 |
|
13.8 |
|
14.1 |
|
14.0 |
|
Stock-based compensation and related taxes |
3.0 |
|
3.1 |
|
2.6 |
|
1.9 |
|
1.7 |
|
Other charges (recoveries) |
0.7 |
|
0.4 |
|
0.5 |
|
(0.6 |
) |
0.5 |
|
Adjusted EBITDA |
48.2 |
|
45.9 |
|
41.5 |
|
38.6 |
|
36.4 |
|
|
|
|
|
|
|
Revenues |
108.9 |
|
104.6 |
|
98.8 |
|
93.4 |
|
87.5 |
|
Net income as % of
revenues |
23 |
% |
22 |
% |
19 |
% |
18 |
% |
15 |
% |
Adjusted EBITDA as % of revenues |
44 |
% |
44 |
% |
42 |
% |
41 |
% |
42 |
% |
|
|
|
|
|
|
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 9MFY22
and 9MFY21, which we believe is the most directly comparable GAAP
measure.
(US dollars in millions) |
|
9MFY22 |
|
9MFY21 |
|
Net income,
as reported on Consolidated Statements of Operations |
|
67.1 |
|
34.9 |
|
Adjustments to reconcile to
Adjusted EBITDA: |
|
|
|
Interest expense |
|
0.8 |
|
0.9 |
|
Investment income |
|
(0.2 |
) |
(0.1 |
) |
Income tax expense |
|
9.7 |
|
13.8 |
|
Depreciation expense |
|
3.8 |
|
4.5 |
|
Amortization of intangible assets |
|
44.1 |
|
41.8 |
|
Stock-based compensation and related taxes |
|
8.7 |
|
4.7 |
|
Other charges |
|
1.6 |
|
2.9 |
|
Adjusted EBITDA |
|
135.6 |
|
103.4 |
|
|
|
|
|
Revenues |
|
312.3 |
|
255.3 |
|
Net income as % of revenues |
|
21 |
% |
14 |
% |
Adjusted EBITDA as % of revenues |
|
43 |
% |
41 |
% |
The Descartes Systems Group
Inc.Condensed Consolidated Balance
Sheets(US dollars in thousands; US GAAP; Unaudited)
|
|
|
|
|
|
October 31, |
|
January 31, |
|
|
2021 |
|
2021 |
|
|
|
|
(Audited) |
|
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash |
171,079 |
|
133,661 |
|
Accounts receivable (net) |
|
|
Trade |
42,482 |
|
37,206 |
|
Other |
9,570 |
|
14,830 |
|
Prepaid expenses and other |
22,988 |
|
16,939 |
|
Inventory |
813 |
|
429 |
|
|
246,932 |
|
203,065 |
|
OTHER LONG-TERM ASSETS |
18,195 |
|
15,550 |
|
PROPERTY AND EQUIPMENT,
NET |
11,494 |
|
12,089 |
|
RIGHT-OF-USE ASSETS |
10,536 |
|
12,165 |
|
DEFERRED INCOME TAXES |
15,196 |
|
15,216 |
|
INTANGIBLE ASSETS, NET |
248,756 |
|
239,992 |
|
GOODWILL |
616,357 |
|
565,177 |
|
|
1,167,466 |
|
1,063,254 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
9,875 |
|
7,955 |
|
Accrued liabilities |
53,499 |
|
38,879 |
|
Lease obligations |
4,051 |
|
4,168 |
|
Income taxes payable |
3,656 |
|
3,383 |
|
Deferred revenue |
54,483 |
|
49,878 |
|
|
125,564 |
|
104,263 |
|
LONG-TERM DEBT |
- |
|
- |
|
LONG-TERM LEASE
OBLIGATIONS |
7,336 |
|
8,895 |
|
LONG-TERM DEFERRED
REVENUE |
1,112 |
|
1,413 |
|
LONG-TERM INCOME TAXES
PAYABLE |
9,337 |
|
8,230 |
|
DEFERRED INCOME TAXES |
32,685 |
|
29,385 |
|
|
176,034 |
|
152,186 |
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common shares – unlimited
shares authorized; Shares issued and outstanding totaled 84,657,403
at October 31, 2021 (January 31, 2021 – 84,494,658) |
535,505 |
|
531,825 |
|
Additional paid-in
capital |
471,079 |
|
464,102 |
|
Accumulated other
comprehensive income (loss) |
1,430 |
|
(1,189 |
) |
Accumulated deficit |
(16,582 |
) |
(83,670 |
) |
|
991,432 |
|
911,068 |
|
|
1,167,466 |
|
1,063,254 |
|
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 |
|
|
Nine Months Ended |
|
|
October 31, |
|
October 31, |
|
|
October 31, |
|
October 31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
REVENUES |
108,911 |
|
87,508 |
|
|
312,319 |
|
255,256 |
|
COST OF
REVENUES |
25,607 |
|
22,546 |
|
|
74,926 |
|
66,810 |
|
GROSS
MARGIN |
83,304 |
|
64,962 |
|
|
237,393 |
|
188,446 |
|
EXPENSES |
|
|
|
|
|
Sales and marketing |
12,246 |
|
9,705 |
|
|
34,585 |
|
28,448 |
|
Research and development |
15,989 |
|
13,072 |
|
|
46,681 |
|
39,727 |
|
General and administrative |
11,139 |
|
8,918 |
|
|
33,000 |
|
25,986 |
|
Other charges |
672 |
|
491 |
|
|
1,606 |
|
2,945 |
|
Amortization of intangible assets |
15,364 |
|
14,013 |
|
|
44,110 |
|
41,811 |
|
|
55,410 |
|
46,199 |
|
|
159,982 |
|
138,917 |
|
INCOME FROM
OPERATIONS |
27,894 |
|
18,763 |
|
|
77,411 |
|
49,529 |
|
INTEREST
EXPENSE |
(292 |
) |
(277 |
) |
|
(841 |
) |
(909 |
) |
INVESTMENT
INCOME |
51 |
|
40 |
|
|
175 |
|
103 |
|
INCOME BEFORE INCOME
TAXES |
27,653 |
|
18,526 |
|
|
76,745 |
|
48,723 |
|
INCOME TAX EXPENSE
(RECOVERY) |
|
|
|
|
|
Current |
4,615 |
|
2,380 |
|
|
11,481 |
|
2,049 |
|
Deferred |
(2,453 |
) |
2,838 |
|
|
(1,824 |
) |
11,777 |
|
|
2,162 |
|
5,218 |
|
|
9,657 |
|
13,826 |
|
NET
INCOME |
25,491 |
|
13,308 |
|
|
67,088 |
|
34,897 |
|
EARNINGS PER
SHARE |
|
|
|
|
|
Basic |
0.30 |
|
0.16 |
|
|
0.79 |
|
0.41 |
|
Diluted |
0.30 |
|
0.15 |
|
|
0.78 |
|
0.41 |
|
WEIGHTED AVERAGE
SHARES OUTSTANDING (thousands) |
|
|
|
|
|
Basic |
84,636 |
|
84,477 |
|
|
84,569 |
|
84,318 |
|
Diluted |
86,328 |
|
85,917 |
|
|
86,164 |
|
85,689 |
|
The Descartes Systems Group
Inc.Condensed Consolidated Statements of Cash
Flows(US dollars in thousands; US GAAP; Unaudited)
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
October 31, |
|
October 31, |
|
|
October 31, |
|
October 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
OPERATING
ACTIVITIES |
|
|
|
|
Net income |
25,491 |
|
13,308 |
|
67,088 |
|
34,897 |
|
Adjustments to reconcile net
income to cash provided by operating activities: |
|
|
|
|
Depreciation |
1,282 |
|
1,465 |
|
3,784 |
|
4,450 |
|
Amortization of intangible assets |
15,364 |
|
14,013 |
|
44,110 |
|
41,811 |
|
Stock-based compensation expense |
2,951 |
|
1,629 |
|
8,118 |
|
4,363 |
|
Other non-cash operating activities |
(73 |
) |
80 |
|
484 |
|
131 |
|
Deferred tax (recovery) expense |
(2,453 |
) |
2,838 |
|
(1,824 |
) |
11,777 |
|
Changes in operating assets and liabilities |
776 |
|
(184 |
) |
8,858 |
|
(2,661 |
) |
Cash provided by operating
activities |
43,338 |
|
33,149 |
|
130,618 |
|
94,768 |
|
INVESTING
ACTIVITIES |
|
|
|
|
Additions to property and equipment |
(1,254 |
) |
(774 |
) |
(3,850 |
) |
(2,859 |
) |
Acquisition of subsidiaries, net of cash acquired |
- |
|
- |
|
(90,278 |
) |
(29,374 |
) |
Cash used in investing
activities |
(1,254 |
) |
(774 |
) |
(94,128 |
) |
(32,233 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
Proceeds from borrowing on the credit facility |
- |
|
- |
|
- |
|
10,196 |
|
Credit facility and other debt repayments |
- |
|
- |
|
(1,068 |
) |
(10,065 |
) |
Payment of debt issuance costs |
- |
|
(2 |
) |
(60 |
) |
(40 |
) |
Issuance of common shares for cash, net of issuance costs |
1,042 |
|
243 |
|
2,539 |
|
5,949 |
|
Cash provided by financing
activities |
1,042 |
|
241 |
|
1,411 |
|
6,040 |
|
Effect of foreign exchange
rate changes on cash |
(405 |
) |
(62 |
) |
(483 |
) |
1,438 |
|
Increase in
cash |
42,721 |
|
32,554 |
|
37,418 |
|
70,013 |
|
Cash, beginning of
period |
128,358 |
|
81,862 |
|
133,661 |
|
44,403 |
|
Cash, end of
period |
171,079 |
|
114,416 |
|
171,079 |
|
114,416 |
|
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