Descartes Announces Fiscal 2019 Fourth Quarter and Annual Financial Results

The Descartes Systems Group Inc.
Condensed Consolidated Statements of Cash Flows
(US dollars in thousands; US GAAP)

Year Ended January 31,   January 31,   January 31,  
  2019   2018   2017  
OPERATING ACTIVITIES              
Net income 31,277   26,879   23,838  
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 4,544   4,101   3,628  
Amortization of intangible assets 40,179   33,477   30,001  
Stock-based compensation expense (Note 16) 3,710   2,807   2,022  
Other non-cash operating activities 71   (784 ) (1,028 )
Deferred tax expense 2,191   1,297   3,640  
Deferred tax charge (49 ) (31 ) 358  
Changes in operating assets and liabilities:      
Accounts receivable      
  Trade (135 ) (1,963 ) 2,727  
  Other (451 ) 16   (212 )
  Prepaid expenses and other (4,466 ) (1,772 ) (64 )
  Inventory 74   52   2  
  Accounts payable (1,065 ) 1,428   (317 )
  Accrued liabilities 2,570   (592 ) 3,674  
  Income taxes payable (2,423 ) 6,326   1,431  
  Deferred revenue 2,047   902   2,883  
Cash provided by operating activities 78,074   72,143   72,583  
INVESTING ACTIVITIES      
Purchase of marketable securities -   -   (241 )
Sale of marketable securities -   -   6,140  
Additions to property and equipment (5,244 ) (5,086 ) (4,914 )
Acquisition of subsidiaries, net of cash acquired (67,932 ) (111,867 ) (71,348 )
Cash used in investing activities (73,176 ) (116,953 ) (70,363 )
FINANCING ACTIVITIES      
Proceeds from borrowing on the credit facility 68,468   80,000   10,801  
Credit facility repayments (78,659 ) (43,000 ) (10,200 )
Payment of debt issuance costs -   -   (957 )
Issuance of common shares for cash, net of issuance costs 345   1,003   145  
Payment of contingent consideration (1,531 ) -   -  
Cash (used in) provided by financing activities (11,377 ) 38,003   (211 )
Effect of foreign exchange rate changes on cash (1,368 ) 3,817   (1,087 )
(Decrease) increase in cash (7,847 ) (2,990 ) 922  
Cash, beginning of year 35,145   38,135   37,213  
Cash, end of year 27,298   35,145   38,135  

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