The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced
its financial results for its fiscal 2025 second quarter
(
Q2FY25). 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).
“Our Global Logistics Network is designed to help
shippers, carriers and logistics services providers navigate an
increasingly complex global trade landscape,” said Edward J. Ryan,
Descartes’ CEO. "Supply chains and logistics operations continue to
struggle to manage a myriad of factors, including military
conflicts, disruptions to trade routes, government sanctions,
economic impact on shipping demand and material changes to taxes
and tariffs. We continue to make investments to help isolate our
customers from this complexity with a broader set of solutions to
manage the complete lifecycle of shipments in a secure and
efficient manner.”
Q2FY25 Financial Results As
described in more detail below, key financial highlights for
Descartes’ Q2FY25 included:
- Revenues of $163.4 million, up 14% from $143.4 million in the
second quarter of fiscal 2024 (Q2FY24) and up 8%
from $151.3 million in the previous quarter
(Q1FY25);
- Revenues were comprised of services revenues of $146.2 million
(89% of total revenues), professional services and other revenues
of $15.8 million (10% of total revenues) and license revenues of
$1.4 million (1% of total revenues). Services revenues were up 12%
from $130.7 million in Q2FY24 and up 6% from $137.8 million in
Q1FY25;
- Cash provided by operating activities of $34.7 million, down
from $52.0 million in Q2FY24 and down from $63.7 million in Q1FY25.
The principal reason for the decrease in cash provided by operating
activities from the comparative periods was the payment in Q2FY25
of $25.0 million in contingent acquisition consideration for
previously completed deals, which was not accrued for at the time
of acquisition;
- Income from operations of $45.9 million, up 25% from $36.8
million in Q2FY24 and up 8% from $42.4 million in Q1FY25;
- Net income of $34.7 million, up 23% from $28.1 million in
Q2FY24 and consistent with $34.7 million in Q1FY25. Net income as a
percentage of revenue was 21%, compared to 20% in Q2FY24 and 23% in
Q1FY25;
- Earnings per share on a diluted basis of $0.40, up 25% from
$0.32 in Q2FY24 and consistent with $0.40 in Q1FY25, respectively;
and
- Adjusted EBITDA of $70.6 million, up 17% from $60.6 million in
Q2FY24 and up 5% from $67.0 million in Q1FY25. Adjusted EBITDA as a
percentage of revenues was 43%, compared to 42% and 44% in Q2FY24
and Q1FY25, 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, acquisition-related expenses, and
contingent consideration incurred due to better-than-expected
performance from acquisitions). 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):
|
Q2 FY25 |
Q1 FY25 |
Q4 FY24 |
Q3 FY24 |
Q2 FY24 |
Revenues |
163.4 |
151.3 |
148.2 |
144.7 |
143.4 |
Services revenues |
146.2 |
137.8 |
135.7 |
130.4 |
130.7 |
Gross margin |
75% |
77% |
76% |
76% |
76% |
Cash provided by operating activities* |
34.7 |
63.7 |
50.8 |
56.1 |
52.0 |
Income from operations |
45.9 |
42.4 |
37.0 |
32.4 |
36.8 |
Net income |
34.7 |
34.7 |
31.8 |
26.6 |
28.1 |
Net income as a % of revenues |
21% |
23% |
21% |
18% |
20% |
Earnings per diluted share |
0.40 |
0.40 |
0.37 |
0.31 |
0.32 |
Adjusted EBITDA |
70.6 |
67.0 |
65.7 |
63.5 |
60.6 |
Adjusted EBITDA as a % of revenues |
43% |
44% |
44% |
44% |
42% |
(*) Q2FY25 cash provided by operating activities was impacted by
the payment of $25.0 million in contingent acquisition
consideration for previously completed deals, which was not accrued
for at the time of acquisition |
|
Year-to-Date Financial Results As
described in more detail below, key financial highlights for
Descartes’ six-month period ended July 31, 2024
(1HFY25) included:
- Revenues of $314.8 million, up 12% from $280.0 million in the
same period a year ago (1HFY24);
- Revenues were comprised of services revenues of $284.1 million
(90% of total revenues), professional services and other revenues
of $28.8 million (9% of total revenues) and license revenues of
$1.9 million (1% of total revenues). Services revenues were up 11%
from $254.9 million in 1HFY24;
- Cash provided by operating activities of $98.4 million, down
from $100.9 million in 1HFY24. The principal reason for the
decrease in cash provided by operating activities from the
comparative period was the payment in Q2FY25 of $25.0 million in
contingent acquisition consideration for previously completed
deals, which was not accrued for at the time of acquisition;
- Income from operations of $88.2 million, up 20% from $73.4
million in 1HFY24;
- Net income of $69.3 million, up 21% from $57.5 million in
1HFY24. Net income as a percentage of revenues was 22%, compared to
21% in 1HFY24;
- Earnings per share on a diluted basis of $0.80, up 21% from
$0.66 in 1HFY24; and
- Adjusted EBITDA of $137.6 million, up 16% from $118.3 million
in 1HFY24. Adjusted EBITDA as a percentage of revenues was 44%,
compared to 42% in 1HFY24.
The following table summarizes Descartes’ results
in the categories specified below over 1HFY25 and 1HFY24
(unaudited, dollar amounts in millions):
|
1HFY25 |
1HFY24 |
Revenues |
314.8 |
280.0 |
Services revenues |
284.1 |
254.9 |
Gross margin |
76% |
76% |
Cash provided by operating activities |
98.4 |
100.9 |
Income from operations |
88.2 |
73.4 |
Net income |
69.3 |
57.5 |
Net income as a % of revenues |
22% |
21% |
Earnings per diluted share |
0.80 |
0.66 |
Adjusted EBITDA |
137.6 |
118.3 |
Adjusted EBITDA as a % of revenues |
44% |
42% |
|
|
|
Cash Position At July 31, 2024,
Descartes had $252.7 million in cash. Cash increased by $13.8
million in Q2FY25 and decreased by $68.3 million in 1HFY25. The
table set forth below provides a summary of cash flows for Q2FY25
and 1HFY25 in millions of dollars:
|
Q2FY25 |
1HFY25 |
Cash provided by operating activities* |
34.7 |
98.4 |
Additions to property and equipment |
(1.6) |
(3.4) |
Acquisitions of subsidiaries, net of cash acquired |
(13.7) |
(153.7) |
Issuances of common shares, net of issuance costs |
3.3 |
7.5 |
Payment of withholding taxes on net share settlements |
- |
(6.7) |
Payment of contingent consideration* |
(9.2) |
(9.2) |
Effect of foreign exchange rate on cash |
0.3 |
(1.2) |
Net change in cash |
13.8 |
(68.3) |
Cash, beginning of period |
238.9 |
321.0 |
Cash, end of period |
252.7 |
252.7 |
(*) $34.2 million of contingent acquisition consideration was paid
in Q2FY25. $25 million of that contingent acquisition consideration
was accounted for as cash used in operations because the contingent
consideration was not accrued for at the time of the acquisitions.
The balance of $9.2 million in contingent acquisition consideration
was paid out of the amounts accrued at the time of
acquisition. |
|
Acquisition of BoxTop On June 10,
2024, Descartes acquired BoxTop Technologies Limited, a leading
provider of shipment management solutions for small- to mid-sized
logistics services providers. The purchase price for the
acquisition was approximately $12.1 million (GBP 9.5 million), net
of cash acquired, which was funded from cash on hand.
Short-Form Base Shelf Prospectus
On July 15, 2024, we filed a final short-form base shelf prospectus
(the “2024 Base Shelf Prospectus”), allowing us to offer and issue
an unlimited quantity of the following securities during the
25-month period following thereafter: (i) common shares; (ii)
preferred shares; (iii) senior or subordinated unsecured debt
securities; (iv) subscription receipts; (v) warrants; and (vi)
securities comprised of more than one of the aforementioned common
shares, preferred shares, debt securities, subscription receipts
and/ or warrants offered together as a unit. These securities may
be offered separately or together, in separate series, in amounts,
at prices and on terms to be set forth in one or more shelf
prospectus supplements. No securities have yet been sold pursuant
to the 2024 Base Shelf Prospectus. The previous shelf prospectus,
initially filed on July 15, 2022, was withdrawn in July 2024.
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 4. Designated numbers are +1 289 514 5100 for
North America and +1 800 717 1738 for international, using
conference ID 26331.
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 11, 2024, by dialing +1 289 819 1325 or Toll-Free
for North America using +1 888 660 6264 with Playback Passcode:
26331#. 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, security and sustainability
of logistics-intensive businesses. Customers use our modular,
software-as-a-service solutions to route, track and help improve
the safety, performance and compliance of 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 (519) 746-2969 investor@descartes.com
Cautionary Statement Regarding
Forward-Looking Statements
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 “Russia-Ukraine Conflict”), and between
Israel and Hamas (“Israel-Hamas Conflict”), or other potentially
catastrophic events, 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 Russia-Ukraine Conflict and Israel-Hamas Conflict 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,
acquisition-related expenses, and contingent consideration incurred
due to better-than-expected performance from acquisitions).
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 five acquisitions since the
beginning of fiscal 2024 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 Q2FY25,
Q1FY25, Q4FY24, Q3FY24, and Q2FY24, which we believe is the most
directly comparable GAAP measure.
|
Q2FY25 |
Q1FY25 |
Q4FY24 |
Q3FY24 |
Q2FY24 |
Net income, as reported on Consolidated Statements
of Operations |
34.7 |
34.7 |
31.8 |
26.6 |
28.1 |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
Interest expense |
0.2 |
0.3 |
0.3 |
0.3 |
0.3 |
Investment income |
(2.7) |
(4.1) |
(3.4) |
(2.7) |
(2.0) |
Income tax expense |
13.6 |
11.5 |
8.3 |
8.2 |
10.4 |
Depreciation expense |
1.4 |
1.4 |
1.4 |
1.5 |
1.4 |
Amortization of intangible assets |
17.4 |
15.0 |
15.1 |
15.3 |
15.5 |
Stock-based compensation and related taxes |
5.8 |
4.3 |
4.7 |
4.6 |
4.4 |
Other charges |
0.2 |
3.9 |
7.5 |
9.7 |
2.5 |
Adjusted EBITDA |
70.6 |
67.0 |
65.7 |
63.5 |
60.6 |
|
|
|
|
|
|
Revenues |
163.4 |
151.3 |
148.2 |
144.7 |
143.4 |
Net income as % of revenues |
21% |
23% |
21% |
18% |
20% |
Adjusted EBITDA as % of revenues |
43% |
44% |
44% |
44% |
42% |
|
|
|
|
|
|
The Descartes Systems Group Inc.
Condensed Consolidated Balance
Sheets (US dollars in thousands; US GAAP; Unaudited) |
|
|
|
|
July 31, |
January 31, |
|
2024 |
2024 |
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash |
252,653 |
320,952 |
Accounts receivable (net) |
|
|
Trade |
57,504 |
51,569 |
Other |
16,024 |
12,193 |
Prepaid expenses and other |
38,976 |
33,468 |
|
365,157 |
418,182 |
OTHER LONG-TERM ASSETS |
25,121 |
24,737 |
PROPERTY AND EQUIPMENT, NET |
12,039 |
11,552 |
RIGHT-OF-USE ASSETS |
6,804 |
6,257 |
DEFERRED INCOME TAXES |
2,437 |
2,097 |
INTANGIBLE ASSETS, NET |
303,871 |
251,047 |
GOODWILL |
849,991 |
760,413 |
|
1,565,420 |
1,474,285 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
21,276 |
17,484 |
Accrued liabilities |
65,194 |
91,824 |
Lease obligations |
2,947 |
3,075 |
Income taxes payable |
10,615 |
6,734 |
Deferred revenue |
103,701 |
84,513 |
|
203,733 |
203,630 |
LONG-TERM DEBT |
- |
- |
LEASE OBLIGATIONS |
4,299 |
3,903 |
DEFERRED REVENUE |
1,372 |
1,464 |
INCOME TAXES PAYABLE |
4,814 |
6,153 |
DEFERRED INCOME TAXES |
39,438 |
21,101 |
|
253,656 |
236,251 |
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common shares – unlimited shares authorized; Shares issued and
outstanding totaled 85,480,322 at July 31, 2024 (January 31, 2024 –
85,183,455) |
561,850 |
551,164 |
Additional paid-in capital |
494,060 |
494,701 |
Accumulated other comprehensive income (loss) |
(34,249) |
(28,586) |
Retained earnings |
290,103 |
220,755 |
|
1,311,764 |
1,238,034 |
|
1,565,420 |
1,474,285 |
|
|
|
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, |
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
REVENUES |
163,425 |
|
143,393 |
|
|
314,773 |
|
280,007 |
|
COST OF REVENUES |
40,548 |
|
34,974 |
|
|
75,961 |
|
67,859 |
|
GROSS MARGIN |
122,877 |
|
108,419 |
|
|
238,812 |
|
212,148 |
|
EXPENSES |
|
|
|
|
|
Sales and marketing |
19,031 |
|
17,321 |
|
|
36,502 |
|
34,374 |
|
Research and development |
23,909 |
|
21,738 |
|
|
46,100 |
|
41,805 |
|
General and administrative |
16,522 |
|
14,591 |
|
|
31,470 |
|
28,035 |
|
Other charges |
150 |
|
2,455 |
|
|
4,068 |
|
4,388 |
|
Amortization of intangible assets |
17,419 |
|
15,484 |
|
|
32,443 |
|
30,158 |
|
|
77,031 |
|
71,589 |
|
|
150,583 |
|
138,760 |
|
INCOME FROM OPERATIONS |
45,846 |
|
36,830 |
|
|
88,229 |
|
73,388 |
|
INTEREST EXPENSE |
(243 |
) |
(340 |
) |
|
(516 |
) |
(677 |
) |
INVESTMENT INCOME |
2,715 |
|
2,009 |
|
|
6,774 |
|
3,570 |
|
INCOME BEFORE INCOME TAXES |
48,318 |
|
38,499 |
|
|
94,487 |
|
76,281 |
|
INCOME TAX EXPENSE (RECOVERY) |
|
|
|
|
|
Current |
11,477 |
|
12,252 |
|
|
23,795 |
|
19,873 |
|
Deferred |
2,160 |
|
(1,869 |
) |
|
1,344 |
|
(1,061 |
) |
|
13,637 |
|
10,383 |
|
|
25,139 |
|
18,812 |
|
NET INCOME |
34,681 |
|
28,116 |
|
|
69,348 |
|
57,469 |
|
EARNINGS PER SHARE |
|
|
|
|
|
Basic |
0.41 |
|
0.33 |
|
|
0.81 |
|
0.68 |
|
Diluted |
0.40 |
|
0.32 |
|
|
0.80 |
|
0.66 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING
(thousands) |
|
|
|
|
|
Basic |
85,430 |
|
85,083 |
|
|
85,353 |
|
85,017 |
|
Diluted |
87,241 |
|
86,783 |
|
|
87,176 |
|
86,764 |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
OPERATING ACTIVITIES |
|
|
|
|
Net income |
34,681 |
|
28,116 |
|
69,348 |
|
57,469 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation |
1,386 |
|
1,363 |
|
2,744 |
|
2,628 |
|
Amortization of intangible assets |
17,419 |
|
15,484 |
|
32,443 |
|
30,158 |
|
Stock-based compensation expense |
5,508 |
|
4,451 |
|
9,277 |
|
7,370 |
|
Other non-cash operating activities |
(55 |
) |
(148 |
) |
41 |
|
72 |
|
Deferred tax expense (recovery) |
2,160 |
|
(1,869 |
) |
1,344 |
|
(1,061 |
) |
Changes in operating assets and liabilities |
(26,439 |
) |
4,614 |
|
(16,796 |
) |
4,230 |
|
Cash provided by operating activities |
34,660 |
|
52,011 |
|
98,401 |
|
100,866 |
|
INVESTING ACTIVITIES |
|
|
|
|
Additions to property and equipment |
(1,576 |
) |
(2,180 |
) |
(3,340 |
) |
(3,383 |
) |
Acquisition of subsidiaries, net of cash acquired |
(13,742 |
) |
- |
|
(153,715 |
) |
(142,700 |
) |
Cash used in investing activities |
(15,318 |
) |
(2,180 |
) |
(157,055 |
) |
(146,083 |
) |
FINANCING ACTIVITIES |
|
|
|
|
Payment of debt issuance costs |
- |
|
- |
|
(38 |
) |
(39 |
) |
Issuance of common shares for cash, net of issuance costs |
3,283 |
|
566 |
|
7,514 |
|
6,021 |
|
Payment of withholding taxes on net share settlements |
- |
|
- |
|
(6,745 |
) |
(4,886 |
) |
Payment of contingent consideration |
(9,223 |
) |
(6,320 |
) |
(9,223 |
) |
(6,320 |
) |
Cash used in financing activities |
(5,940 |
) |
(5,754 |
) |
(8,492 |
) |
(5,224 |
) |
Effect of foreign exchange rate changes on cash |
329 |
|
1,145 |
|
(1,153 |
) |
1,465 |
|
Increase (decrease) in cash |
13,731 |
|
45,222 |
|
(68,299 |
) |
(48,976 |
) |
Cash, beginning of period |
238,922 |
|
182,187 |
|
320,952 |
|
276,385 |
|
Cash, end of period |
252,653 |
|
227,409 |
|
252,653 |
|
227,409 |
|
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