Record Revenues and Operating
Performance
The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced
its financial results for its fiscal 2015 fourth quarter (Q4FY15)
and year (FY15) ended January 31, 2015. 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).
"We're pleased that we've once again delivered another quarter,
and year, of record revenues and record operating performance,
despite continued foreign exchange pressures on our non-US
revenues," said Edward J. Ryan, Descartes' CEO. "Our focus on
growing our business through disciplined operations and
complementary acquisitions continues to deliver consistent,
predictable financial results. As we look ahead to fiscal 2016, we
continue to see strong demand for our SaaS-based logistics
solutions and we remain well positioned to continue to grow the
largest collaborative logistics community in the world, the Global
Logistics Network."
FY15 Financial Results
As described in more detail below, key financial highlights for
Descartes in FY15 included:
- Revenues of $170.9 million, up 13% from $151.3 million in the
fiscal year ended January 31, 2014 (FY14). The approximate impact
of changes in foreign exchange rates from FY14 to FY15 on revenues
was negative $2.8 million;
- Services revenues of $159.1 million, up 15% from $137.8 million
in FY14. Services revenues comprised 93% of total revenues for the
year;
- Cash provided by operating activities of $49.5 million, up 16%
from $42.6 million in FY14;
- Net income of $15.1 million, up 57% from $9.6 million in
FY14;
- Earnings per share on a diluted basis of $0.21, up 40% from
$0.15 in FY14;
- Adjusted EBITDA of $52.0 million, up 17% from $44.5 million in
FY14. Adjusted EBITDA as a percentage of revenues was 30%, up from
29% in FY14; and
- Adjusted EBITDA per share on a diluted basis of $0.73, up 6%
from $0.69 in FY14.
Adjusted EBITDA and Adjusted EBITDA per diluted share 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
executive departure charges, restructuring charges and
acquisition-related expenses). These items are considered by
management to be outside Descartes' ongoing operational results. We
define Adjusted EBITDA per diluted share as Adjusted EBITDA divided
by the number of diluted shares used to calculate the GAAP measure
of earnings per share. A reconciliation of Adjusted EBITDA and
Adjusted EBITDA per diluted share to net income and earnings per
share determined in accordance with GAAP, respectively, is provided
later in this release.
The following table summarizes Descartes' results in the
categories specified below over FY15 and FY14 (dollar amounts,
other than per share amounts, in millions):
| |
|
| |
FY15 |
FY14 |
| Revenues |
170.9 |
151.3 |
| Services revenues |
159.1 |
137.8 |
| Gross Margin |
68% |
68% |
| Cash provided by operating activities |
49.5 |
42.6 |
| Net income |
15.1 |
9.6 |
| Earnings per diluted share |
0.21 |
0.15 |
| Adjusted EBITDA |
52.0 |
44.5 |
| Adjusted EBITDA as a % of revenues |
30% |
29% |
| Adjusted EBITDA per diluted share |
0.73 |
0.69 |
Q4FY15 Financial Results
As described in more detail below, key financial highlights for
Descartes in Q4FY15 included:
- Revenues of $44.3 million, up 10% from $40.3 million in the
fourth quarter of fiscal 2014 (Q4FY14) and up 3% from $43.1 million
in the previous quarter (Q3FY15). The approximate impact of changes
in foreign exchange rates from Q4FY14 to Q4FY15 on revenues was
negative $2.5 million;
- Services revenues of $41.5 million, up 13% from $36.6 million
in Q4FY14 and up 5% from $39.4 million in Q3FY15. Services revenues
comprised 94% of total revenues for the quarter;
- Cash provided by operating activities of $13.1 million, up 4%
from $12.6 million in Q4FY14 and up 9% from $12.0 million in
Q3FY15;
- Net income of $3.6 million, up 24% from $2.9 million in Q4FY14
and down from $4.2 million in Q3FY15;
- Earnings per share on a diluted basis of $0.05, up 25% from
$0.04 in Q4FY14 and consistent with Q3FY15;
- Adjusted EBITDA of $13.9 million, up 17% from $11.9 million in
Q4FY14 and up 5% from $13.2 million in Q3FY15. Adjusted EBITDA as a
percentage of revenues was 31%, up from 30% in Q4FY14 and
consistent with Q3FY15; and
- Adjusted EBITDA per share on a diluted basis of $0.18,
consistent with Q4FY14 and up 6% from $0.17 in Q3FY15.
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):
| |
|
| |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
| |
FY15 |
FY15 |
FY15 |
FY15 |
FY14 |
| Revenues |
44.3 |
43.1 |
42.7 |
40.8 |
40.3 |
| Services revenues |
41.5 |
39.4 |
40.2 |
38.0 |
36.6 |
| Gross Margin |
69% |
68% |
68% |
68% |
68% |
| Cash provided by operating activities |
13.1 |
12.0 |
16.0 |
8.4 |
12.6 |
| Net income |
3.6 |
4.2 |
3.6 |
3.7 |
2.9 |
| Earnings per diluted share |
0.05 |
0.05 |
0.05 |
0.06 |
0.04 |
| Adjusted EBITDA |
13.9 |
13.2 |
12.7 |
12.1 |
11.9 |
| Adjusted EBITDA as a % of revenues |
31% |
31% |
30% |
30% |
30% |
| Adjusted EBITDA per diluted share |
0.18 |
0.17 |
0.19 |
0.19 |
0.18 |
Cash Position
At January 31, 2015, Descartes had $118.1 million in cash,
comprised entirely of cash and cash equivalents. Cash and cash
equivalents have decreased $32.2 million in Q4FY15 primarily due to
the acquisitions of Airclic Inc. ("Airclic"), e-customs Limited
("e-customs") and Pentant Limited ("Pentant"). Cash and cash
equivalents have increased $55.4 million in FY15 primarily due to
strong cash flow from operations and net proceeds received from the
public offering of 10,925,000 common shares completed in Q2FY15.
This was partially offset by the repayment of the outstanding
interest bearing debt and the acquisitions of Computer Management,
Customs Info, Airclic, e-customs and Pentant.
The table set forth below provides a summary of cash flows for
Q4FY15 and FY15, in millions of dollars:
| |
|
| |
Q4FY15 |
FY15 |
| Cash provided by operating activities |
13.1 |
49.5 |
| Additions to capital assets |
(0.7) |
(2.7) |
| Acquisition of subsidiaries, net of cash
acquired |
(41.3) |
(82.2) |
| Proceeds from borrowing on debt facility |
-- |
20.0 |
| Payment of debt issuance costs |
-- |
(0.4) |
| Repayments of debt |
-- |
(63.3) |
| Issuance of common shares, net of issuance
costs |
0.2 |
140.7 |
| Settlement of stock options |
-- |
(0.4) |
| Effect of foreign exchange rate on cash and
cash equivalents |
(3.5) |
(5.8) |
| Net change in cash and cash
equivalents |
(32.2) |
55.4 |
| Cash and cash equivalents, beginning of
period |
150.3 |
62.7 |
| Cash and cash equivalents, end of period |
118.1 |
118.1 |
Acquisitions in Q4FY15
1.
Acquisition of Airclic
On November 19, 2014, we acquired all of the outstanding shares
of privately-held Airclic, a leading US-based provider of mobile
solutions. Airclic's cloud-based mobile solutions help companies
reduce the cost of delivering goods by streamlining and automating
traditional paper-based 'last mile' logistics processes. The total
purchase price for the acquisition was $29.6 million, net of cash
acquired, which was funded with cash on hand.
2. Acquisition of
e-customs
On December 5, 2014, we acquired all of the outstanding shares
of privately-held e-customs, a leading provider of electronic
security and fiscal customs filing solutions in the UK. e-customs'
cloud-based solution, Webdecs, provides both shippers and logistics
service providers with a wide range of customs capabilities to
cost-effectively comply with UK fiscal filing and security filing
requirements. The total purchase price for the acquisition was $9.6
million, net of cash acquired, which was funded with cash on
hand.
3. Acquisition of
Pentant
On December 5, 2014, we acquired all of the outstanding shares
of privately-held Pentant, a leading UK-based Community System
Provider offering customs connectivity and import/export inventory
control solutions for ocean, truck and air cargo. Pentant provides
its shipper and logistics service provider customers with a
reliable and secure connection to both CHIEF (the central UK
Revenue & Customs system) and ICS (the European Union Import
Control System) to streamline declaration, cargo security and
clearance processes. The total purchase price for the acquisition
was $2.1 million, net of cash acquired, which was funded with cash
on hand.
Conference Call
Members of Descartes' executive management team will host a
conference call to discuss the company's financial results at 8:00
a.m. ET on Thursday, March 5. Designated numbers are +1 866
229-4144 for North America and +1 416 216-4169 for international,
using Passcode 8010580#.
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.
Replays of the conference call will be available following the
call from 11:00 a.m. ET, and until March 11, 2015, by dialing +1
888 843-7419 or +1 630 652-3042 followed by Passcode 8010580#. An
archived replay of the webcast will be available at
www.descartes.com/descartes/investor-relations.
About Descartes
Descartes (TSX:DSG) (Nasdaq:DSGX) 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. Descartes has over 200,000 parties
using its cloud-based services. 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; file customs and
security documents for imports and exports; research and perform
trade tariff and duty calculations and complete numerous other
logistics processes by participating in the world's largest,
collaborative multi-modal logistics community. Our headquarters are
in Waterloo, Ontario, Canada and we have offices and partners
around the world. Learn more at www.descartes.com.
Safe Harbor Statement
This release contains forward-looking information within the
meaning of applicable securities laws ("forward-looking
statements") that relates to Descartes future, opportunities and
business; demand for Descartes' solutions; growth of Descartes'
Global Logistics Network; and other matters. These forward-looking
statements are based on certain assumptions including the
following: global shipment volumes continuing to increase at levels
consistent with the average growth rates of the global economy;
countries continuing to implement and enforce existing and
additional customs and security regulations relating to the
provision of electronic information for imports and exports;
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 execute on
acquisitions and to integrate acquired businesses and assets, and
to predict expenses associated with and revenues from acquisitions;
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; the impact on Descartes' business of
the global economic downturn; 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 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 per Diluted Share
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 per diluted share, 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 interest, taxes, depreciation,
amortization, stock-based compensation (for which we include
related fees and taxes) and other charges (for which we include
executive departure charges, restructuring charges and
acquisition-related expenses). Adjusted EBITDA per diluted share
divides Adjusted EBITDA by the number of diluted shares used in
calculating the GAAP diluted earnings per share, or diluted EPS,
measure.
Management considers acquisition-related and restructuring
activities 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 is a non-GAAP financial measure
and may not be comparable to similarly titled measures reported by
other companies. Adjusted EBITDA 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 does have limitations. In
particular, we have completed eight acquisitions since the
beginning of fiscal 2014, 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 non-recurring charges
and expenses that are not part of operations.
The table below reconciles Adjusted EBITDA and Adjusted EBITDA
per diluted share to net income and diluted earnings per share,
respectively, reported in our unaudited Consolidated Statements of
Operations for Q4FY15, Q3FY15, Q2FY15, Q1FY15 and Q4FY14, which we
believe are the most directly comparable GAAP measures.
| |
|
| (US dollars in
millions) |
Q4FY15 |
Q3FY15 |
Q2FY15 |
Q1FY15 |
Q4FY14 |
| Net income, as reported on
Consolidated Statements of Operations |
3.6 |
4.2 |
3.6 |
3.7 |
2.9 |
| Adjustments to reconcile to Adjusted
EBITDA: |
|
|
|
|
|
| Interest expense |
0.2 |
0.1 |
0.4 |
0.4 |
0.3 |
| Investment income |
(0.1) |
(0.1) |
(0.1) |
-- |
-- |
| Income tax expense (recovery) |
1.2 |
2.0 |
1.7 |
1.9 |
(1.5) |
| Depreciation expense |
0.9 |
0.8 |
0.7 |
0.7 |
0.9 |
| Amortization of intangible
assets |
6.2 |
5.5 |
5.3 |
4.6 |
4.8 |
| Stock-based compensation and related
taxes |
0.5 |
0.5 |
0.4 |
0.2 |
0.4 |
| Acquisition-related expenses |
0.7 |
0.2 |
0.3 |
0.5 |
0.7 |
| Restructuring charges |
0.7 |
-- |
-- |
0.1 |
0.1 |
| Executive departure charges |
-- |
-- |
0.4 |
-- |
3.3 |
| Adjusted EBITDA |
13.9 |
13.2 |
12.7 |
12.1 |
11.9 |
| |
|
|
|
|
|
| Weighted average diluted shares outstanding
(thousands) |
76,303 |
76,190 |
68,567 |
64,817 |
64,658 |
| Diluted earnings per
share |
0.05 |
0.05 |
0.05 |
0.06 |
0.04 |
| Adjusted EBITDA per diluted
share |
0.18 |
0.17 |
0.19 |
0.19 |
0.18 |
The table below reconciles Adjusted EBITDA and Adjusted EBITDA
per diluted share to net income and diluted earnings per share,
respectively, reported in our audited Consolidated Statements of
Operations for the years ended January 31, 2015 and 2014, which we
believe are the most directly comparable GAAP measures.
| |
|
| (US dollars in
millions) |
FY15 |
FY14 |
| Net income, as reported on
Consolidated Statements of Operations |
15.1 |
9.6 |
| Adjustments to reconcile to Adjusted
EBITDA: |
|
|
| Interest expense |
1.1 |
1.0 |
| Investment income |
(0.3) |
(0.1) |
| Income tax expense |
6.8 |
4.2 |
| Depreciation expense |
3.0 |
3.3 |
| Amortization of intangible
assets |
21.7 |
18.0 |
| Stock-based compensation and related fees
and taxes |
1.7 |
2.0 |
| Acquisition-related expenses |
1.7 |
1.3 |
| Restructuring charges |
0.8 |
1.9 |
| Executive departure charges |
0.4 |
3.3 |
| Adjusted EBITDA |
52.0 |
44.5 |
| |
|
|
| Weighted average diluted shares outstanding
(thousands) |
71,584 |
64,370 |
| Diluted earnings per
share |
0.21 |
0.15 |
| Adjusted EBITDA per diluted
share |
0.73 |
0.69 |
| |
|
|
| THE DESCARTES SYSTEMS
GROUP INC. |
| CONDENSED CONSOLIDATED
BALANCE SHEETS |
| (US DOLLARS IN THOUSANDS;
US GAAP; AUDITED) |
| |
|
| |
January 31, |
January 31, |
| |
2015 |
2014 |
| ASSETS |
|
|
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
118,053 |
62,705 |
| Accounts receivable (net) |
|
|
| Trade |
22,613 |
20,558 |
| Other |
3,257 |
8,445 |
| Prepaid expenses and other |
4,327 |
3,663 |
| Inventory |
474 |
1,350 |
| Deferred income taxes |
8,572 |
13,508 |
| |
157,296 |
110,229 |
| CAPITAL ASSETS |
7,829 |
8,792 |
| DEFERRED INCOME TAXES |
16,510 |
19,628 |
| INTANGIBLE ASSETS |
115,126 |
94,649 |
| GOODWILL |
147,440 |
111,179 |
| |
444,201 |
344,477 |
| LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
4,620 |
7,027 |
| Accrued liabilities |
16,695 |
16,757 |
| Income taxes payable |
4,112 |
2,671 |
| Current portion of debt |
-- |
8,618 |
| Deferred revenue |
15,309 |
9,217 |
| |
40,736 |
44,290 |
| DEBT |
-- |
31,787 |
| INCOME TAX LIABILITY |
3,450 |
4,418 |
| DEFERRED INCOME TAXES |
9,630 |
13,822 |
| |
53,816 |
94,317 |
| COMMITMENTS, CONTINGENCIES AND
GUARANTEES |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| Common shares – unlimited shares authorized;
Shares issued and outstanding totaled 75,480,492 at January 31,
2015 (January 31, 2014 – 63,660,953) |
247,839 |
97,779 |
| Additional paid-in capital |
450,623 |
451,394 |
| Accumulated other comprehensive loss |
(25,212) |
(1,089) |
| Accumulated deficit |
(282,865) |
(297,924) |
| |
390,385 |
250,160 |
| |
444,201 |
344,477 |
| |
|
|
| THE DESCARTES SYSTEMS
GROUP INC. |
| CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
| (US DOLLARS IN THOUSANDS,
EXCEPT PER SHARE AND WEIGHTED AVERAGE SHARE AMOUNTS; US GAAP;
UNAUDITED) |
| |
|
|
| |
Three Months
Ended |
Year
Ended |
| |
January 31, |
January 31, |
January 31, |
January 31, |
| |
2015 |
2014 |
2015 |
2014 |
| |
|
|
|
|
| REVENUES |
44,287 |
33,799 |
170,860 |
151,294 |
| COST OF REVENUES |
13,934 |
10,801 |
54,879 |
49,043 |
| GROSS MARGIN |
30,353 |
22,998 |
115,981 |
102,251 |
| EXPENSES |
|
|
|
|
| Sales and marketing |
4,970 |
3,824 |
20,404 |
16,681 |
| Research and development |
7,263 |
5,915 |
28,077 |
25,881 |
| General and administrative |
5,643 |
4,479 |
20,333 |
20,509 |
| Other charges |
1,424 |
533 |
2,876 |
6,512 |
| Amortization of intangible
assets |
6,238 |
4,020 |
21,715 |
17,999 |
| |
25,538 |
18,771 |
93,405 |
87,582 |
| INCOME FROM OPERATIONS |
4,815 |
4,227 |
22,576 |
14,669 |
| INTEREST EXPENSE |
(150) |
(13) |
(1,088) |
(993) |
| INVESTMENT INCOME |
88 |
6 |
333 |
57 |
| INCOME BEFORE INCOME
TAXES |
4,753 |
4,220 |
21,821 |
13,733 |
| INCOME TAX EXPENSE
(RECOVERY) |
|
|
|
|
| Current |
860 |
383 |
2,784 |
1,768 |
| Deferred |
298 |
(3,951) |
3,978 |
2,353 |
| |
1,158 |
(3,568) |
6,762 |
4,121 |
| NET INCOME |
3,595 |
7,788 |
15,059 |
9,612 |
| EARNINGS PER SHARE |
|
|
|
|
| Basic |
0.05 |
0.12 |
0.21 |
0.15 |
| Diluted |
0.05 |
0.12 |
0.21 |
0.15 |
| WEIGHTED AVERAGE SHARES OUTSTANDING
(thousands) |
|
|
|
|
| Basic |
75,460 |
62,633 |
70,559 |
62,841 |
| Diluted |
76,303 |
63,910 |
71,584 |
64,370 |
| |
|
|
|
|
| THE DESCARTES SYSTEMS
GROUP INC. |
| CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
| (US DOLLARS IN THOUSANDS;
US GAAP; UNAUDITED) |
| |
|
|
| |
Three Months
Ended |
Year
Ended |
| |
January 31, |
January 31, |
January 31, |
January 31, |
| |
2015 |
2014 |
2015 |
2014 |
| OPERATING ACTIVITIES |
|
|
|
|
| Net income |
3,595 |
2,882 |
15,059 |
9,612 |
| Adjustments to reconcile net income to cash
provided by operating activities: |
|
|
|
|
| Depreciation |
963 |
973 |
3,295 |
3,396 |
| Amortization of intangible assets |
6,238 |
4,779 |
21,715 |
17,999 |
| Stock-based compensation expense |
431 |
1,069 |
1,543 |
2,523 |
| Deferred tax expense |
298 |
(1,497) |
3,978 |
2,353 |
| Changes in operating assets and
liabilities: |
|
|
|
|
| Accounts receivable |
|
|
|
|
| Trade |
2,892 |
636 |
3,999 |
3,650 |
| Other |
344 |
306 |
4,869 |
2,164 |
| Prepaid expenses and other |
383 |
127 |
141 |
91 |
| Inventory |
366 |
(133) |
859 |
(535) |
| Accounts payable |
(2,753) |
675 |
(3,121) |
146 |
| Accrued liabilities |
812 |
1,342 |
(294) |
2,051 |
| Income taxes payable |
295 |
249 |
(73) |
596 |
| Deferred revenue |
(775) |
1,206 |
(2,492) |
(1,432) |
| Cash provided by operating activities |
13,089 |
12,614 |
49,478 |
42,614 |
| INVESTING ACTIVITIES |
|
|
|
|
| Additions to capital assets |
(723) |
(818) |
(2,679) |
(2,385) |
| Acquisition of subsidiaries, net of cash
acquired and bank indebtedness assumed |
(41,336) |
(26,318) |
(82,152) |
(58,737) |
| Cash used in investing activities |
(42,059) |
(27,136) |
(84,831) |
(61,122) |
| FINANCING ACTIVITIES |
|
|
|
|
| Proceeds from borrowing on the debt
facility |
-- |
26,467 |
20,000 |
46,262 |
| Payment of debt issuance costs |
-- |
-- |
(386) |
(692) |
| Repayments of debt and other financial
liabilities |
-- |
(895) |
(63,305) |
(3,722) |
| Issuance of common shares for cash, net
of issuance costs |
212 |
3,215 |
140,724 |
3,633 |
| Settlement of stock options |
-- |
-- |
(405) |
(1,361) |
| Cash provided by financing activities |
212 |
28,787 |
96,628 |
44,120 |
| Effect of foreign exchange rate changes on
cash and cash equivalents |
(3,465) |
(826) |
(5,927) |
(545) |
| (Decrease) Increase in cash and cash
equivalents |
(32,223) |
13,439 |
55,348 |
25,067 |
| Cash and cash equivalents, beginning
of period |
150,276 |
49,266 |
62,705 |
37,638 |
| Cash and cash equivalents, end of
period |
118,053 |
62,705 |
118,053 |
62,705 |
CONTACT: Descartes Investor Contact:
Laurie McCauley +1-519-746-6114 x202358
investor@descartes.com
Diamond S Shipping Group, Inc. (NYSE:DSG)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Diamond S Shipping Group, Inc. (NYSE:DSG)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
