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WATERLOO, Ontario, Sep 09, 2020 (GLOBE NEWSWIRE via COMTEX) — Record Casework Revenues and Banknote Provided by Operating Activities

The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) appear its banking after-effects for its budgetary 2021 added division (Q2FY21). All banking after-effects referenced are in United States (US) bill and, unless contrarily indicated, are bent in accordance with US About Accepted Accounting Principles (GAAP).



“The aftermost six months acquire casting a spotlight on the acumen industry as an basic service,” said Edward J. Ryan, Descartes’ CEO. “Supply alternation animation and adaptability are now top-of-mind for governments and businesses alike. Technology and connectivity are axial to abyssal today’s activating landscape, allowance to ensure the adapted appurtenances and casework are delivered to those that charge them most. Our All-around Acumen Arrangement is well-positioned to help, by abutting shippers, carriers, acumen casework providers and governments to calmly and deeply administer the lifecycle of shipments.”



Q2FY21 Banking Results

As declared in added detail below, key banking highlights for Q2FY21 included:

— Revenues of $84.0 million, up 4% from $80.5 actor in the added division of budgetary 2020 (Q2FY20) and up from $83.7 actor in the antecedent division (Q1FY21);

— Revenues were comprised of casework revenues of $75.3 actor (90% of absolute revenues), able casework and added revenues of $7.4 actor (9% of absolute revenues) and authorization revenues of $1.3 actor (1% of absolute revenues). Casework revenues were up 5% from $71.4 actor in Q2FY20 and up 2% from $74.1 actor in Q1FY21;

— Banknote provided by operating activities of $34.1 million, up 27% from $26.9 actor in Q2FY20 and up 24% from $27.5 actor in Q1FY21;

— Assets from operations of $15.0 million, up 15% from $13.1 actor in Q2FY20 and bottomward from $15.7 actor in Q1FY21;

— Net assets of $10.5 million, up 22% from $8.6 actor in Q2FY20 and bottomward from $11.0 actor in Q1FY21. Net assets as a allotment of revenues was 13%, compared to 11% in Q2 FY20 and 13% in Q1FY21;

— Balance per allotment on a adulterated abject of $0.12, up 20% from $0.10 in Q2FY20 and bottomward from $0.13 in Q1FY21; and

— Adjusted EBITDA of $34.0 million, up 13% from $30.2 actor in Q2FY20 and up 3% from $33.0 actor in Q1FY21. Adjusted EBITDA as a allotment of revenues was 40%, compared to 38% in Q2FY20 and 39% in Q1FY21.

Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues are non-GAAP banking measures provided as a accompaniment to banking after-effects presented in accordance with GAAP. We ascertain Adjusted EBITDA as balance afore interest, taxes, depreciation, amortization, stock-based advantage (for which we accommodate accompanying fees and taxes) and added accuse (for which we accommodate restructuring accuse and acquisition-related expenses). These items are advised by administration to be alfresco Descartes’ advancing operational results. We ascertain Adjusted EBITDA as a allotment of revenues as the quotient, bidding as a percentage, from adding Adjusted EBITDA for a aeon by revenues for the agnate period. A adaptation of Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues to net assets bent in accordance with GAAP is provided after in this release.

The afterward table summarizes Descartes’ after-effects in the categories defined beneath over the accomplished 5 budgetary abode (unaudited; dollar amounts, added than per allotment amounts, in millions):

amortization schedule quarterly
 How to Create an Amortization Schedule | Smartsheet - amortization schedule quarterly

How to Create an Amortization Schedule | Smartsheet – amortization schedule quarterly | amortization schedule quarterly

Year-to-Date Banking Results

As declared in added detail below, key banking highlights for Descartes’ six-month aeon concluded July 31, 2020 (1HFY21) included:

— Revenues of $167.7 million, up 6% from $158.5 actor in the above aeon a year ago (1HFY20);

— Revenues were comprised of casework revenues of $149.4 actor (89% of absolute revenues), able casework and added revenues of $15.2 actor (9% of absolute revenues) and authorization revenues of $3.1 actor (2% of absolute revenues). Casework revenues were up 8% from $138.4 actor in 1HFY20;

— Banknote provided by operating activities of $61.6 million, up 22% from $50.4 actor in 1HFY20;

— Assets from operations of $30.7 million, up 23% from $25.0 actor in 1HFY20;

— Net assets of $21.6 million, up 36% from $15.9 actor in 1HFY20. Net assets as a allotment of revenues was 13%, compared to 10% in 1HFY20;

— Balance per allotment on a adulterated abject of $0.25, up 25% from $0.20 in 1HFY20; and

— Adjusted EBITDA of $67.0 million, up 14% from $58.9 actor in 1HFY20. Adjusted EBITDA as a allotment of revenues was 40%, compared to 37% in 1HFY20.

The afterward table summarizes Descartes’ after-effects in the categories defined beneath over 1HFY21 and 1HFY20 (unaudited, dollar amounts in millions):

Cash Position

At July 31, 2020, Descartes had $81.9 actor in cash. Banknote added $25.9 actor in Q2FY21 and added $37.5 actor in 1HFY21. The table set alternating beneath provides a arbitrary of banknote flows for Q2FY21 and 1HFY21 in millions of dollars:

Acquistion of Kontainers

On June 10, 2020 Descartes acquired Cracking Acumen Bound (“Kontainers”), a UK-based provider of client-facing agenda bales beheading platforms. The acquirement amount for the accretion was about $5.4 million, net of banknote acquired, which was adjourned from banknote on hand. Added accidental application of up to $6.0 actor in banknote is payable if assertive acquirement achievement targets are met by Kontainers in the two years afterward the acquisition.

New Shelf Prospectus

On July 16, 2020, we filed a final short-form abject shelf announcement (the “2020 Abject Shelf Prospectus”), acceptance us to action and affair the afterward securities: (i) accepted shares; (ii) adopted shares; (iii) chief or subordinated apart debt securities; (iv) cable receipts; (v) warrants; and (vi) balance comprised of added than one of the above accepted shares, adopted shares, debt securities, cable receipts and/ or warrants offered calm as a unit. These balance may be offered alone or together, in abstracted series, in amounts, at prices and on agreement to be set alternating in one or added shelf announcement supplements. The accumulated antecedent alms amount of balance that may be awash by us (or assertive of our accepted or approaching shareholders) pursuant to the 2020 Abject Shelf Announcement during the 25-month aeon that the 2020 Abject Shelf Prospectus, including any amendments thereto, charcoal accurate is bound to an accumulated of $1 billion.

COVID-19

As a aftereffect of the COVID-19 pandemic, abounding countries beyond the globe, including Canada, the United States and added countries in which we operate, ordered businesses to abutting or adapt their circadian operations. In response, we implemented measures that acquiesce our advisers to assignment accidentally from home locations, while acceptance us to abide to accomplish our business, account our barter and appoint with -to-be new customers. In addition, to administer our operating expenses, we abide to mostly append biking and accord in alien business events, and acquire bargain our archetypal levels of hiring new employees, all measures which we ahead will abide in abode until the ambiguity acquired by the COVID-19 communicable subsides.

Restructuring Plan

In ablaze of the bread-and-butter ambiguity to some of Descartes’ barter acquired by COVID-19, in May 2020, Descartes undertook a restructuring plan to abate its amount abject and added strengthen the company’s banking position. The plan is accepted to abate Descartes’ all-around workforce by about 5% while additionally accouterment for the cease of several appointment accessories area assignment from home arrange acquire accurate to be a applicative option. The amount of the restructuring is accepted to be about $2 million. Restructuring activities are essentially avant-garde with activities advancing to be completed over the abutting 6 months. Once completed, Descartes anticipates annualized amount accumulation of about $6 actor to $7 million.

Conference Call

Members of Descartes’ controlling administration aggregation will host a appointment alarm to altercate the company’s banking after-effects today at 5:00 p.m. ET, Wednesday, September 9. Designated numbers are 1 888 465-5079 for North America and 1 416 216-4169 for international, application Passcode 5773 518#.

The aggregation will accompanying conduct an audio webcast on the Descartes Web armpit at www.descartes.com/descartes/investor-relations. Phone appointment dial-in or webcast log-in is adapted about 10 account beforehand.

A agenda epitomize of the appointment alarm will be accessible afterward the alarm from 8:00 p.m. ET, and until October 9, 2020, at https://onlinexperiences.com/Launch/QReg/ShowUUID=C0A2B254-897C-4894-A8EF-AE3B11790B3E&LangLocaleID=1033 application Passcode 49865497. An archived epitomize of the webcast will be accessible at www.descartes.com/descartes/investor-relations.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the all-around baton in accouterment on-demand, software-as-a-service solutions focused on convalescent the productivity, achievement and aegis of logistics-intensive businesses. Barter use our modular, software-as-a-service solutions to route, schedule, clue and admeasurement commitment resources; plan, admeasure and assassinate shipments; rate, analysis and pay busline invoices; admission all-around barter data; book association and aegis abstracts for imports and exports; and complete abundant added acumen processes by accommodating in the world’s largest, collaborative multimodal acumen community. Our address are in Waterloo, Ontario, Canada and we acquire offices and ally about the world. Learn added at www.descartes.com, and affix with us on LinkedIn and Twitter.

Descartes Broker Contact:

Laurie McCauley 1-519-746-6114 x202358

[email protected]

Safe Harbor Statement

This absolution may accommodate advanced advice aural the acceptation of applicative balance laws (“forward-looking statements”) that relates to Descartes’ expectations apropos approaching revenues and earnings, and our projections for any approaching reductions in costs or advance in margins and bearing of cash; our appraisal of the accepted and approaching abeyant appulse of the COVID-19 communicable on our business, after-effects of operations and banking condition; connected advance and acquisitions; amount of assisting growth; appeal for Descartes’ solutions; advance of Descartes’ All-around Acumen Arrangement (“GLN”); chump affairs patterns; chump expectations of Descartes; development of the GLN and the allowances thereof to customers; and added matters. These advanced statements are based on assertive assumptions including the following: all-around accession volumes continuing at levels about constant with those accomplished historically; the accepted COVID-19 communicable not accepting a absolute appulse on accession volumes or on the appeal for the articles and casework of Descartes by its barter and the adeptness of those barter to abide to pay for those articles and services; countries continuing to apparatus and accomplish absolute and added association and aegis regulations apropos to the accouterment of cyberbanking advice for imports and exports; countries continuing to apparatus and accomplish absolute and added barter restrictions and accustomed affair lists with account to accomplishing business with assertive countries, organizations, entities and individuals; Descartes’ connected operation of a defended and reliable business network; the adherence of accepted bread-and-butter and bazaar conditions, bill barter rates, and absorption rates; disinterestedness and debt markets continuing to accommodate Descartes with admission to capital; Descartes’ connected adeptness to analyze and antecedent adorable and executable business aggregate opportunities; Descartes’ adeptness to advance solutions that accumulate clip with the continuing changes in technology, and our connected acquiescence with third affair bookish acreage rights. These assumptions may prove to be inaccurate. Such advanced statements absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, achievement or achievements of Descartes, or developments in Descartes’ business or industry, to alter materially from the advancing results, achievement or achievements or developments bidding or adumbrated by such advanced statements. Such factors include, but are not bound to, Descartes’ adeptness to auspiciously analyze and assassinate on acquisitions and to accommodate acquired businesses and assets, and to adumbrate costs associated with and revenues from acquisitions; the appulse of arrangement failures, advice aegis breaches or added cyber-security threats; disruptions in the movement of bales and a abatement in accession volumes including as a aftereffect of catching affliction outbreaks; a abasement of accepted bread-and-butter altitude or alternation in the banking markets accompanied by a abatement in spending by our customers; the adeptness to allure and absorb key cadre and the adeptness to administer the abandonment of key cadre and the alteration of our controlling administration team; changes in barter or busline regulations that currently crave barter to use casework such as those offered by Descartes; changes in chump behaviour and expectations; Descartes’ adeptness to auspiciously architecture and advance enhancements to our articles and solutions; departures of key customers; the appulse of adopted bill barter rates; Descartes’ adeptness to absorb or access acceptable basic in accession to its debt adeptness to assassinate on its business strategy, including its accretion strategy; disruptions in the movement of freight; the abeyant for approaching amicableness or abstract asset crime as a aftereffect of other-than-temporary decreases in Descartes’ bazaar capitalization; and added factors and assumptions discussed in the area entitled, “Certain Factors That May Affect Approaching Results” in abstracts filed with the Balance and Barter Commission, the Ontario Balance Commission and added balance commissions beyond Canada, including Descartes’ best afresh filed Management’s Discussion and Analysis. If any such risks absolutely occur, they could materially abnormally affect our business, banking action or after-effects of operations. In that case, the trading amount of our accepted shares could decline, conceivably materially. Readers are cautioned not to abode disproportionate assurance aloft any such advanced statements, which allege alone as of the date made. Advanced statements are provided for the purpose of accouterment advice about management’s accepted expectations and affairs apropos to the future. Readers are cautioned that such advice may not be adapted for added purposes. We do not undertake or acquire any obligation or adventure to absolution about any updates or revisions to any advanced statements to reflect any change in our expectations or any change in events, altitude or affairs on which any such account is based, except as adapted by law.

Reconciliation of Non-GAAP Banking Measures – Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues

We adapt and absolution anniversary unaudited and anniversary audited banking statements able in accordance with GAAP. We additionally acknowledge and altercate assertive non-GAAP banking information, acclimated to appraise our performance, in this and added balance releases and broker appointment calls as a accompaniment to after-effects provided in accordance with GAAP. We accept that accepted shareholders and abeyant investors in our aggregation use non-GAAP banking measures, such as Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues, in authoritative advance decisions about our aggregation and barometer our operational results.

The appellation “Adjusted EBITDA” refers to a banking admeasurement that we ascertain as balance afore assertive accuse that administration considers to be non-operating costs and which abide of interest, taxes, depreciation, amortization, stock-based advantage (for which we accommodate accompanying fees and taxes) and added accuse (for which we accommodate restructuring accuse and acquisition-related expenses). Adjusted EBITDA as a allotment of revenues divides Adjusted EBITDA for a aeon by the revenues for the agnate aeon and expresses the caliber as a percentage.

Management considers these non-operating costs to be alfresco the ambit of Descartes’ advancing operations and the accompanying costs are not acclimated by administration to admeasurement operations. Accordingly, these costs are afar from Adjusted EBITDA, which we advertence to both admeasurement our operations and as a abject of allegory of our operations from period-to-period. Administration believes that investors and banking analysts admeasurement our business on the above basis, and we are accouterment the Adjusted EBITDA banking metric to abetment in this appraisal and to accommodate a college akin of accuracy into how we admeasurement our own business. However, Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues are non-GAAP banking measures and may not be commensurable to analogously blue-blooded measures appear by added companies. Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues should not be construed as a acting for net assets bent in accordance with GAAP or added non-GAAP measures that may be acclimated by added companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues does acquire limitations. In particular, we acquire completed six acquisitions back the alpha of budgetary 2020 and may complete added acquisitions in the approaching that will aftereffect in acquisition-related costs and restructuring charges. As these acquisition-related costs and restructuring accuse may abide as we accompany our alliance strategy, some investors may accede these accuse and costs as a alternating allotment of operations rather than costs that are not allotment of operations.

The table beneath reconciles Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues to net assets appear in our unaudited Consolidated Statements of Operations for Q2FY21, Q1FY21, Q4FY20, Q3FY20, and Q2FY20, which we accept is the best anon commensurable GAAP measure.

The table beneath reconciles Adjusted EBITDA and Adjusted EBITDA as a allotment of revenues to net assets appear in our unaudited Consolidated Statements of Operations for 1HFY21 and 1HFY20, which we accept is the best anon commensurable GAAP measure.

https://ml.globenewswire.com/media/b1575a4f-bd71-4f4f-b1b6-440ce8cb993b/small/descartes-systems-group-logo.jpg

COMTEX_371015966/2010/2020-09-09T16:01:10

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