Descartes Announces Fiscal 2024 Fourth Quarter and Annual Financial Results
Descartes Systems Group Inc. (DSGX) reports record revenues and income from operations for fiscal year 2024, with revenues of $572.9 million, up 18% from the previous year. The company's CEO highlighted the impact of global trade disruptions on their Global Logistics Network. Financial highlights include a 20% increase in services revenues, cash provided by operating activities of $207.7 million, income from operations of $142.8 million, and adjusted EBITDA of $247.5 million.
Positive
Record revenues of $572.9 million, up 18% from the previous year.
Services revenues increased by 20% to $520.9 million.
Cash provided by operating activities rose to $207.7 million.
Income from operations reached $142.8 million, a 10% increase.
Net income grew by 13% to $115.9 million.
Adjusted EBITDA increased by 15% to $247.5 million.
The Descartes Systems Group's announcement of its fiscal 2024 financial results indicates a robust performance with revenues increasing by 18% year-over-year and a 10% increase in income from operations . This growth trajectory is particularly impressive considering the global trade challenges cited by the CEO, including military conflicts and disruptions to shipping routes. The company's strategic focus on its Global Logistics Network appears to be paying dividends, as evidenced by the increased trust and business from their customers.
From a financial perspective, the increase in cash provided by operating activities and earnings per share are positive indicators of the company's operational efficiency and profitability. However, the slight decline in net income as a percentage of revenues suggests a need to monitor cost management and margin pressures. Additionally, the adjusted EBITDA growth and consistent margin reflect a strong underlying business model with the potential for scalable growth.
Investors might view the company's cash position, with a $41.4 million increase in Q4FY24, as a sign of financial health and potential for future investments or shareholder returns. The detailed breakdown of revenues and the emphasis on services revenue highlights the company's revenue mix and potential reliance on recurring revenue streams, which is often a key metric for stability and growth projections in the technology sector.
Descartes' financial results reflect broader trends in the logistics and supply chain management industry, where companies are increasingly seeking technological solutions to navigate complex global trade environments. The growth in services revenues suggests that Descartes is successfully capturing market demand for its logistics and supply chain solutions. This is likely driven by the need for enhanced visibility, compliance and efficiency among shippers, carriers and logistics service providers.
The company's ability to grow its customer base and increase revenues despite the ongoing global challenges is a testament to the resilience and adaptability of its business model. With a significant percentage of revenue coming from services, Descartes is well-positioned to benefit from the recurring revenue model, which provides a more predictable revenue stream and can lead to higher valuations in the stock market.
It is important to note that the logistics and supply chain management software market is highly competitive, with players ranging from startups to established enterprise software giants. Descartes' continued investment in its Global Logistics Network, as indicated by the CEO, will be crucial in maintaining its competitive edge and fostering customer loyalty in the long term.
The financial results of Descartes Systems Group can be seen as a microcosm of the broader economic trends affecting global trade and logistics. The reported revenue growth amidst global trade challenges indicates that the company is leveraging economic headwinds to its advantage, possibly through increased demand for logistics solutions in turbulent times.
The 18% revenue growth is particularly notable in the context of ongoing global supply chain disruptions, which have forced companies to re-evaluate and often invest more in their logistics operations. This suggests that Descartes' services are not only in high demand but may also be somewhat insulated from broader economic downturns due to the essential nature of supply chain and logistics operations.
Moreover, the company's solid cash position and the increase in cash flows from operating activities give it a buffer against potential economic shocks and provide the means for strategic investments or acquisitions to spur further growth. This financial stability is crucial in an environment where many businesses are facing liquidity challenges.
03/06/2024 - 05:00 PM
Record Revenues and Income from Operations
WATERLOO, Ontario and ATLANTA, March 06, 2024 (GLOBE NEWSWIRE) -- The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2024 fourth quarter (Q4FY24 ) and year (FY24 ) ended January 31, 2024. 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 ).
“Global trade continues to be impacted by military conflicts, disruptions to major shipping routes and a growing list of sanctions from various governments around the world,” said Edward J. Ryan, Descartes’ CEO. “Our Global Logistics Network is designed to help shippers, carriers and logistics services providers adapt their supply chains to efficiently manage the lifecycle of shipments in this increasingly dynamic landscape. As a result, our customers are trusting us with more of their business which puts us in a strong financial position to continue to invest in our business.”
FY24 Financial Results As described in more detail below, key financial highlights for Descartes’ FY24 included:
Revenues of $572.9 million , up 18% from $486.0 million in the same period a year ago (FY23 ); Revenues were comprised of services revenues of $520.9 million (91% of total revenues), professional services and other revenues of $46.7 million (8% of total revenues) and license revenues of $5.3 million (1% of total revenues). Services revenues were up 20% from $435.7 million in FY23; Cash provided by operating activities of $207.7 million , up 8% from $192.4 million in FY23. Cash provided by operating activities was negatively impacted by $12.6 million in FY24 and $5.6 million FY23 related to contingent consideration payments due to better-than-expected performance from recent acquisitions; Income from operations of $142.8 million , up 10% from $130.4 million in FY23; Net income of $115.9 million , up 13% from $102.2 million in FY23. Net income as a percentage of revenues was 20% , compared to 21% in FY23; Earnings per share on a diluted basis of $1.34 , up 14% from $1.18 in FY23; and Adjusted EBITDA of $247.5 million , up 15% from $215.2 million in FY23. Adjusted EBITDA as a percentage of revenues was 43% , compared to 44% in FY23. 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 FY24 and FY23 (dollar amounts in millions):
FY24 FY23 Revenues 572.9 486.0 Services revenues 520.9 435.7 Gross margin 76 % 77% Cash provided by operating activities 207.7 192.4 Income from operations 142.8 130.4 Net income 115.9 102.2 Net income as a % of revenues 20 % 21% Earnings per diluted share 1.34 1.18 Adjusted EBITDA 247.5 215.2 Adjusted EBITDA as a % of revenues 43 % 44%
Q4FY24 Financial Results As described in more detail below, key financial highlights for Q4FY24 included:
Revenues of $148.2 million , up 18% from $125.1 million in the fourth quarter of fiscal 2023 (Q4FY23 ) and up 2% from $144.7 million in the previous quarter (Q3FY24 ); Revenues were comprised of services revenues of $135.7 million (92% of total revenues), professional services and other revenues of $11.1 million (7% of total revenues) and license revenues of $1.4 million (1% of total revenues). Services revenues were up 20% from $113.4 million in Q4FY23 and up 4% from $130.4 million in Q3FY24; Cash provided by operating activities of $50.8 million , consistent with $50.6 million in Q4FY23 and down from $56.1 million in Q3FY24. Cash provided by operating activities was negatively impacted by $12.6 million in Q4FY24 related to contingent consideration payments due to better-than-expected performance from recent acquisitions; Income from operations of $37.0 million , up 10% from $33.6 million in Q4FY23 and up 14% from $32.4 million in Q3FY24; Net income of $31.8 million , up 7% from $29.8 million in Q4FY23 and up 20% from $26.6 million in Q3FY24. Net income as a percentage of revenues was 21% , compared to 24% in Q4FY23 and 18% in Q3FY24; Earnings per share on a diluted basis of $0.37 , up 9% from $0.34 in Q4FY24 and up 19% from $0.31 in Q3FY24; and Adjusted EBITDA of $65.7 million , up 19% from $55.4 million in Q4FY23 and up 3% from $63.5 million in Q3FY24. Adjusted EBITDA as a percentage of revenues was 44% , consistent with Q4FY23 and Q3FY24. 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 FY24 Q3 FY24 Q2 FY24 Q1 FY24 Q4 FY23 Revenues 148.2 144.7 143.4 136.6 125.1 Services revenues 135.7 130.4 130.7 124.1 113.4 Gross margin 76 % 76% 76% 76% 77% Cash provided by operating activities 50.8 56.1 52.0 48.9 50.6 Income from operations 37.0 32.4 36.8 36.5 33.6 Net income 31.8 26.6 28.1 29.4 29.8 Net income as a % of revenues 21 % 18% 20% 22% 24% Earnings per diluted share 0.37 0.31 0.32 0.34 0.34 Adjusted EBITDA 65.7 63.5 60.6 57.7 55.4 Adjusted EBITDA as a % of revenues 44 % 44% 42% 42% 44%
Cash Position At January 31, 2024, Descartes had $321.0 million in cash. Cash increased by $41.4 million in Q4FY24 and $44.6 million in FY24. The table set forth below provides a summary of cash flows for Q4FY24 and FY24 in millions of dollars:
Q4FY24 FY24 Cash provided by operating activities 50.8 207.7 Additions to property and equipment (0.7 ) (5.6 ) Acquisitions of subsidiaries, net of cash acquired - (142.7 ) Issuances of common shares, net of issuance costs 2.8 9.3 Payment of withholding taxes on net share settlements - (4.9 ) Payment of contingent consideration (12.8 ) (19.1 ) Effect of foreign exchange rate on cash 1.3 (0.1 ) Net change in cash 41.4 44.6 Cash, beginning of period 279.6 276.4 Cash, end of period 321.0 321.0
Conference Call Descartes' executive management team will hold a conference call to discuss the company's financial results at 5:30 p.m. ET on Wednesday, March 6. Designated numbers are +1 416 764 8658 or +1 888 886 7786 for North America Toll-Free, using Passcode 26517286#.
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 March 13, 2024, by dialling +1 416 764 8692 or Toll-Free for North America using +1 877 674 7070 with Playback Passcode: 517286#. 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) 746-2969investor@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, such as the COVID-19 virus (the "Pandemic") 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, Israel-Hamas Conflict and the Pandemic 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 six acquisitions since the beginning of fiscal 2023 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 audited Consolidated Statements of Operations for FY24 and FY23, which we believe is the most directly comparable GAAP measure.
(US dollars in millions) FY24 FY23 Net income , as reported on Consolidated Statements of Operations115.9 102.2 Adjustments to reconcile to Adjusted EBITDA: Interest expense 1.4 1.2 Investment income (9.7 ) (4.5) Income tax expense 35.2 31.5 Depreciation expense 5.5 5.2 Amortization of intangible assets 60.5 60.2 Stock-based compensation and related taxes 17.1 13.9 Other charges 21.6 5.5 Adjusted EBITDA 247.5 215.2 Revenues 572.9 486.0 Net income as % of revenues 20 % 21% Adjusted EBITDA as % of revenues 43 % 44%
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 Q4FY24, Q3FY24, Q2FY24, Q1FY24, and Q4FY23, which we believe is the most directly comparable GAAP measure.
(US dollars in millions) Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Net income , as reported on Consolidated Statements of Operations31.8 26.6 28.1 29.4 29.8 Adjustments to reconcile to Adjusted EBITDA: Interest expense 0.3 0.3 0.3 0.3 0.3 Investment income (3.4 ) (2.7) (2.0) (1.6) (2.8) Income tax expense 8.3 8.2 10.4 8.4 6.3 Depreciation expense 1.4 1.5 1.4 1.3 1.4 Amortization of intangible assets 15.1 15.3 15.5 14.7 14.3 Stock-based compensation and related taxes 4.7 4.6 4.4 3.3 3.6 Other charges 7.5 9.7 2.5 1.9 2.5 Adjusted EBITDA 65.7 63.5 60.6 57.7 55.4 Revenues 148.2 144.7 143.4 136.6 125.1 Net income as % of revenues 21 % 18% 20% 22% 24% Adjusted EBITDA as % of revenues 44 % 44% 42% 42% 44%
The Descartes Systems Group Inc.Consolidated Balance Sheets (US dollars in thousands; US GAAP) January 31, January 31, 2024 2023 ASSETS CURRENT ASSETS Cash 320,952 276,385 Accounts receivable (net) Trade 51,569 45,173 Other 12,193 11,658 Prepaid expenses and other 33,468 25,435 418,182 358,651 OTHER LONG-TERM ASSETS 24,737 22,247 PROPERTY AND EQUIPMENT, NET 11,552 11,434 RIGHT-OF-USE ASSETS 6,257 6,774 DEFERRED INCOME TAXES 2,097 11,483 INTANGIBLE ASSETS, NET 251,047 229,808 GOODWILL 760,413 675,647 1,474,285 1,316,044 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 17,484 10,569 Accrued liabilities 91,824 80,309 Lease obligations 3,075 3,397 Income taxes payable 6,734 7,536 Deferred revenue 84,513 67,784 203,630 169,595 LONG-TERM DEBT - - LEASE OBLIGATIONS 3,903 3,923 DEFERRED REVENUE 1,464 1,615 INCOME TAXES PAYABLE 6,153 6,120 DEFERRED INCOME TAXES 21,101 35,400 236,251 216,653 SHAREHOLDERS’ EQUITY Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,183,455 at January 31, 2024 (January 31, 2023 – 84,820,100) 551,164 538,448 Additional paid-in capital 494,701 486,551 Accumulated other comprehensive income (loss) (28,586 ) (30,456) Retained earnings 220,755 104,848 1,238,034 1,099,391 1,474,285 1,316,044
The Descartes Systems Group Inc. Consolidated Statements of Operations (US dollars in thousands, except per share and weighted average share amounts; US GAAP) January 31, January 31, January 31, Year Ended 2024 2023 2022 REVENUES 572,931 486,014 424,690 COST OF REVENUES 138,295 113,326 101,810 GROSS MARGIN 434,636 372,688 322,880 EXPENSES Sales and marketing 68,161 56,573 46,895 Research and development 84,103 70,353 62,570 General and administrative 57,373 49,710 44,454 Other charges 21,649 5,441 6,428 Amortization of intangible assets 60,501 60,177 59,099 291,787 242,254 219,446 INCOME FROM OPERATIONS 142,849 130,434 103,434 INTEREST EXPENSE (1,363 ) (1,167) (1,123) INVESTMENT INCOME 9,666 4,461 299 INCOME BEFORE INCOME TAXES 151,152 133,728 102,610 INCOME TAX EXPENSE (RECOVERY) Current 41,223 28,248 14,814 Deferred (5,978 ) 3,244 1,514 35,245 31,492 16,328 NET INCOME 115,907 102,236 86,282 EARNINGS PER SHARE Basic 1.36 1.21 1.02 Diluted 1.34 1.18 1.00 WEIGHTED AVERAGE SHARES OUTSTANDING (thousands) Basic 85,068 84,791 84,591 Diluted 86,818 86,451 86,200
The Descartes Systems Group Inc.Consolidated Statements of Cash Flows (US dollars in thousands; US GAAP)Year Ended January 31, January 31, January 31, 2024 2023 2022 OPERATING ACTIVITIES Net income 115,907 102,236 86,282 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 5,474 5,225 5,129 Amortization of intangible assets 60,501 60,177 59,099 Stock-based compensation expense 16,480 13,667 11,017 Other non-cash operating activities 114 53 308 Deferred tax expense (5,978 ) 3,244 1,514 Changes in operating assets and liabilities 15,182 7,793 12,789 Cash provided by operating activities 207,680 192,395 176,138 INVESTING ACTIVITIES Additions to property and equipment (5,563 ) (6,071) (4,829) Acquisition of subsidiaries, net of cash acquired (142,700 ) (115,561) (90,278) Cash used in investing activities (148,263 ) (121,632) (95,107) FINANCING ACTIVITIES Credit facility and other debt repayments - - (1,068) Payment of debt issuance costs (43 ) (1,118) (72) Issuance of common shares for cash, net of issuance costs 9,272 1,730 2,656 Payment of withholding taxes on net share settlements (4,886 ) - - Payment of contingent consideration (19,084 ) (5,215) - Cash (used in) provided by financing activities (14,741 ) (4,603) 1,516 Effect of foreign exchange rate changes on cash (109 ) (3,212) (2,771) Increase in cash 44,567 62,948 79,776 Cash, beginning of year 276,385 213,437 133,661 Cash, end of year 320,952 276,385 213,437
What were Descartes Systems Group Inc.'s (DSGX) revenues for fiscal year 2024?
Descartes reported revenues of $572.9 million for fiscal year 2024, representing an 18% increase from the previous year.
How much did services revenues contribute to Descartes' total revenues in fiscal year 2024?
Services revenues accounted for $520.9 million, which is 91% of Descartes' total revenues for fiscal year 2024.
What was the percentage increase in Descartes' cash provided by operating activities in fiscal year 2024?
Descartes' cash provided by operating activities increased by 8% to $207.7 million in fiscal year 2024.
What was Descartes' net income for fiscal year 2024?
Descartes reported a net income of $115.9 million for fiscal year 2024, reflecting a 13% increase from the previous year.
What was the percentage increase in Descartes' adjusted EBITDA for fiscal year 2024?
Descartes' adjusted EBITDA increased by 15% to $247.5 million for fiscal year 2024.