• |
Revenues of $98.8 million, up 18% from $83.7 million in the first quarter of fiscal 2021 (Q1FY21) and up 6% from $93.4 million in the previous quarter (Q4FY21);
|
• |
Revenues were comprised of services revenues of $88.3 million (90% of total revenues), professional services and other revenues of $9.2 million (9% of total revenues) and license revenues of $1.3 million (1% of total revenues). Services revenues were up 19% from $74.1 million in Q1FY21 and up 7% from $82.7 million in Q4FY21;
|
• |
Cash provided by operating activities of $40.9 million, up 49% from $27.5 million in Q1FY21 and up 12% from $36.5 million in Q4FY21;
|
• |
Income from operations of $23.4 million, up 49% from $15.7 million in Q1FY21 and up 7% from $21.9 million in Q4FY21;
|
• |
Net income of $18.4 million, up 67% from $11.0 million in Q1FY21 and up 7% from $17.2 million in Q4FY21;
|
• |
Earnings per share on a diluted basis of $0.21, up 62% from $0.13 in Q1FY21 and up 5% from $0.20 in Q4FY21; and
|
• |
Adjusted EBITDA of $41.5 million, up 26% from $33.0 million in Q1FY21 and up 8% from $38.6 million in Q4FY21. Adjusted EBITDA as a percentage of revenues was 42%, compared to 39% in Q1FY21 and 41% in Q4FY21.
|
Q1
FY22
|
Q4
FY21
|
Q3
FY21
|
Q2
FY21
|
Q1
FY21
| |
Revenues
|
98.8
|
93.4
|
87.5
|
84.0
|
83.7
|
Services revenues
|
88.3
|
82.7
|
77.6
|
75.3
|
74.1
|
Gross margin
|
76%
|
75%
|
74%
|
73%
|
74%
|
Cash provided by operating activities
|
40.9
|
36.5
|
33.1
|
34.1
|
27.5
|
Income from operations
|
23.4
|
21.9
|
18.8
|
15.0
|
15.7
|
Net income
|
18.4
|
17.2
|
13.3
|
10.5
|
11.0
|
Net income as a % of revenues
|
19%
|
18%
|
15%
|
13%
|
13%
|
Earnings per diluted share
|
0.21
|
0.20
|
0.15
|
0.12
|
0.13
|
Adjusted EBITDA
|
41.5
|
38.6
|
36.4
|
34.0
|
33.0
|
Adjusted EBITDA as a % of revenues
|
42%
|
41%
|
42%
|
40%
|
39%
|
Q1FY22
| |
Cash provided by operating activities
|
40.9
|
Additions to property and equipment
|
(1.6)
|
Acquisitions of subsidiaries, net of cash acquired
|
(35.9)
|
Payment of debt issuance costs
|
(0.1)
|
Issuance of common shares for cash
|
0.6
|
Effect of foreign exchange rate on cash
|
0.5
|
Net change in cash
|
4.4
|
Cash, beginning of period
|
133.7
|
Cash, end of period
|
138.1
|
(US dollars in millions)
|
Q1FY22
|
Q4FY21
|
Q3FY21
|
Q2FY21
|
Q1FY21
|
Net income, as reported on Consolidated Statements of Operations
|
18.4
|
17.2
|
13.3
|
10.5
|
11.0
|
Adjustments to reconcile to Adjusted EBITDA:
| |||||
Interest expense
|
0.3
|
0.3
|
0.2
|
0.3
|
0.3
|
Investment income
|
(0.1)
|
(0.1)
|
-
|
-
|
-
|
Income tax expense
|
4.8
|
4.5
|
5.2
|
4.2
|
4.4
|
Depreciation expense
|
1.2
|
1.3
|
1.5
|
1.4
|
1.6
|
Amortization of intangible assets
|
13.8
|
14.1
|
14.0
|
14.1
|
13.7
|
Stock-based compensation and related taxes
|
2.6
|
1.9
|
1.7
|
1.8
|
1.2
|
Other charges (recoveries)
|
0.5
|
(0.6)
|
0.5
|
1.7
|
0.8
|
Adjusted EBITDA
|
41.5
|
38.6
|
36.4
|
34.0
|
33.0
|
Revenues
|
98.8
|
93.4
|
87.5
|
84.0
|
83.7
|
Net income as % of revenues
|
19%
|
18%
|
15%
|
13%
|
13%
|
Adjusted EBITDA as % of revenues
|
42%
|
41%
|
42%
|
40%
|
39%
|
April 30,
|
January 31,
| ||
2021
|
2021 (Audited)
| ||
ASSETS
| |||
CURRENT ASSETS
| |||
Cash
|
138,137
|
133,661
| |
Accounts receivable (net)
| |||
Trade
|
36,740
|
37,206
| |
Other
|
13,188
|
14,830
| |
Prepaid expenses and other
|
17,099
|
16,939
| |
Inventory
|
599
|
429
| |
205,763
|
203,065
| ||
OTHER LONG-TERM ASSETS
|
16,555
|
15,550
| |
PROPERTY AND EQUIPMENT, NET
|
12,164
|
12,089
| |
RIGHT-OF-USE ASSETS
|
11,464
|
12,165
| |
DEFERRED INCOME TAXES
|
12,211
|
15,216
| |
INTANGIBLE ASSETS, NET
|
244,443
|
239,992
| |
GOODWILL
|
592,768
|
565,177
| |
1,095,368
|
1,063,254
| ||
LIABILITIES AND SHAREHOLDERS' EQUITY
| |||
CURRENT LIABILITIES
| |||
Accounts payable
|
7,582
|
7,955
| |
Accrued liabilities
|
38,742
|
38,879
| |
Lease obligations
|
4,308
|
4,168
| |
Income taxes payable
|
2,097
|
3,383
| |
Deferred revenue
|
53,314
|
49,878
| |
106,043
|
104,263
| ||
LONG-TERM DEBT
|
-
|
-
| |
LONG-TERM LEASE OBLIGATIONS
|
8,411
|
8,895
| |
LONG-TERM DEFERRED REVENUE
|
1,336
|
1,413
| |
LONG-TERM INCOME TAXES PAYABLE
|
7,855
|
8,230
| |
DEFERRED INCOME TAXES
|
28,552
|
29,385
| |
152,197
|
152,186
| ||
SHAREHOLDERS' EQUITY
| |||
Common shares - unlimited shares authorized; Shares issued and outstanding totaled 84,514,455 at April 30, 2021 (January 31, 2021 - 84,494,658)
|
532,634
|
531,825
| |
Additional paid-in capital
|
466,093
|
464,102
| |
Accumulated other comprehensive income (loss)
|
9,693
|
(1,189)
| |
Accumulated deficit
|
(65,249)
|
(83,670)
| |
943,171
|
911,068
| ||
1,095,368
|
1,063,254
|
Three Months Ended
| |||
April 30,
|
April 30,
| ||
2021
|
2020
| ||
REVENUES
|
98,838
|
83,703
| |
COST OF REVENUES
|
23,849
|
21,867
| |
GROSS MARGIN
|
74,989
|
61,836
| |
EXPENSES
| |||
Sales and marketing
|
11,011
|
9,322
| |
Research and development
|
15,219
|
13,579
| |
General and administrative
|
11,006
|
8,737
| |
Other charges
|
520
|
783
| |
Amortization of intangible assets
|
13,835
|
13,713
| |
51,591
|
46,134
| ||
INCOME FROM OPERATIONS
|
23,398
|
15,702
| |
INTEREST EXPENSE
|
(277)
|
(320)
| |
INVESTMENT INCOME
|
63
|
44
| |
INCOME BEFORE INCOME TAXES
|
23,184
|
15,426
| |
INCOME TAX EXPENSE
| |||
Current
|
2,134
|
3,815
| |
Deferred
|
2,629
|
564
| |
4,763
|
4,379
| ||
NET INCOME
|
18,421
|
11,047
| |
EARNINGS PER SHARE
| |||
Basic
|
0.22
|
0.13
| |
Diluted
|
0.21
|
0.13
| |
WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)
| |||
Basic
|
84,501
|
84,156
| |
Diluted
|
86,045
|
85,456
|
Three Months Ended
| |||
April 30,
|
April 30,
| ||
2021
|
2020
| ||
OPERATING ACTIVITIES
| |||
Net income
|
18,421
|
11,047
| |
Adjustments to reconcile net income to cash provided by operating activities:
| |||
Depreciation
|
1,215
|
1,580
| |
Amortization of intangible assets
|
13,835
|
13,713
| |
Stock-based compensation expense
|
2,152
|
1,168
| |
Other non-cash operating activities
|
276
|
78
| |
Deferred tax expense
|
2,629
|
564
| |
Changes in operating assets and liabilities
|
2,378
|
(617)
| |
Cash provided by operating activities
|
40,906
|
27,533
| |
INVESTING ACTIVITIES
| |||
Additions to property and equipment
|
(1,655)
|
(1,022)
| |
Acquisition of subsidiaries, net of cash acquired
|
(35,860)
|
(24,137)
| |
Cash used in investing activities
|
(37,515)
|
(25,159)
| |
FINANCING ACTIVITIES
| |||
Proceeds from borrowing on the credit facility
|
-
|
10,196
| |
Payment of debt issuance costs
|
(60)
|
(38)
| |
Issuance of common shares for cash, net of issuance costs
|
647
|
16
| |
Cash provided by financing activities
|
587
|
10,174
| |
Effect of foreign exchange rate changes on cash
|
498
|
(975)
| |
Increase in cash
|
4,476
|
11,573
| |
Cash, beginning of period
|
133,661
|
44,403
| |
Cash, end of period
|
138,137
|
55,976
|
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The Descartes Systems Group Inc. published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 17:04:02 UTC.