THE DESCARTES SYSTEMS GROUP INC.
THE DESCARTES SYSTEMS GROUP INC.
THE DESCARTES SYSTEMS GROUP INC.
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<strong>THE</strong> <strong>DESCARTES</strong> <strong>SYSTEMS</strong> <strong>GROUP</strong> <strong>INC</strong>.<br />
CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
(US DOLLARS IN THOUSANDS; US GAAP)<br />
Year Ended January 31, January 31, January 31,<br />
2011 2010 2009<br />
OPERATING ACTIVITIES<br />
Net income 11,539 14,350 20,210<br />
Adjustments to reconcile net income to cash provided by operating activities:<br />
Depreciation 2,420 1,870 2,231<br />
Amortization of intangible assets 11,471 6,929 5,133<br />
Write-off of redundant assets (Note 8) 417 - -<br />
Amortization of deferred compensation 8 38 7<br />
Stock-based compensation expense 1,076 3,371 527<br />
Gain on sale of investment in affiliate (Note 6) (20) - -<br />
Loss from investment in affiliate (Note 6) 19 - -<br />
Deferred income taxes (3,883) (8,480) (11,735)<br />
Deferred tax charge 196 197 (216)<br />
Changes in operating assets and liabilities:<br />
Accounts receivable<br />
Trade 2,748 788 772<br />
Other 106 219 234<br />
Prepaid expenses and other 51 364 81<br />
Deferred contingent acquisition consideration - - 833<br />
Accounts payable (275) 478 (617)<br />
Accrued liabilities (3,088) (3,253) 1,379<br />
Income taxes payable (1,733) 1,665 (285)<br />
Deferred revenue (1,163) (2,001) 131<br />
Cash provided by operating activities 19,889 16,535 18,685<br />
INVESTING ACTIVITIES<br />
Maturities of short-term investments 5,071 40,501 -<br />
Purchase of short-term investments - (35,362) (10,210)<br />
Additions to capital assets (1,656) (1,626) (1,343)<br />
Proceeds from the sale of investment in affiliate (Note 6) 487 - -<br />
Acquisition of subsidiaries, net of cash acquired and bank indebtedness assumed (44,989) (14,964) (2,231)<br />
Acquisition-related costs - (58) (928)<br />
Cash used in investing activities (41,087) (11,509) (14,712)<br />
FINANCING ACTIVITIES<br />
Issuance of common shares for cash, net of issue costs 1,133 40,293 177<br />
Repayment of other liabilities (358) - -<br />
Cash provided by financing activities 775 40,293 177<br />
Effect of foreign exchange rate changes on cash and cash equivalents 513 (3,187) (819)<br />
(Decrease) increase in cash and cash equivalents (19,910) 42,132 3,331<br />
Cash and cash equivalents, beginning of year 89,554 47,422 44,091<br />
Cash and cash equivalents, end of year 69,644 89,554 47,422<br />
Supplemental disclosure of cash flow information:<br />
Cash paid during the year for interest 21 - -<br />
Cash paid during the year for income taxes 1,319 709 1,194<br />
The accompanying notes are an integral part of these consolidated financial statements.<br />
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