<SEC-DOCUMENT>0000929638-18-000957.txt : 20181129
<SEC-HEADER>0000929638-18-000957.hdr.sgml : 20181129
<ACCEPTANCE-DATETIME>20181129131610
ACCESSION NUMBER:		0000929638-18-000957
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20181129
FILED AS OF DATE:		20181129
DATE AS OF CHANGE:		20181129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DESCARTES SYSTEMS GROUP INC
		CENTRAL INDEX KEY:			0001050140
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29970
		FILM NUMBER:		181207768

	BUSINESS ADDRESS:	
		STREET 1:		120 RANDALL ST
		CITY:			WATERLOO
		STATE:			A6
		ZIP:			N2V 1C6
		BUSINESS PHONE:		519-746-8110

	MAIL ADDRESS:	
		STREET 1:		120 RANDALL DRIVE
		CITY:			WATERLOO, ONTARIO, CANADA
		STATE:			XX
		ZIP:			N2V 1C6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Washington, D.C. 20549</div>
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              <div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
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              <div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE SECURITIES EXCHANGE ACT OF 1934</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">For the month of November 2018</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commission File Number:&#160;&#160;000-29970</div>
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              <div style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE DESCARTES SYSTEMS GROUP INC.</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Translation of registrant&#8217;s name into English)</div>
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            <td style="font-size: 10pt; font-family: times new roman; width: 100%;" valign="top">&#160; </td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Address of principal executive office)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
      20-F or Form 40-F.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
      Regulation S-T Rule 101(b)(1): [ ]</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
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      permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
      domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block">The attached Quarterly Report to Shareholders for the Third Quarter of Fiscal 2019 is furnished herewith as
      Exhibit 99.1.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block">The attached Press Release issued November 28, 2018 is furnished herewith as Exhibit 99.2.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
      this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" colspan="2" valign="top">&#160; </td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Registrant)</div>
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              <div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Michael Verhoeve&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; November 29, 2018</div>
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    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
    <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Description</div>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" valign="top">&#160; </td>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" align="left" valign="top"><a href="exhibit99-1.htm">99.1</a></td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; DISPLAY: block; TEXT-INDENT: 0pt"><a href="exhibit99-1.htm">Quarterly Report to
                  Shareholders for the Third Quarter of Fiscal 2019</a></div>
            </td>
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            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" align="left" valign="top"><a href="exhibit99-2.htm">99.2</a></td>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 85%" align="left" valign="top"><a href="exhibit99-2.htm">Press Release issued November 28, 2018</a></td>
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      &#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>QUARTERLY REPORT TO SHAREHOLDERS FOR THE THIRD QUARTER OF FISCAL 2019
<TEXT>
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    <div style="TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font><br style="LINE-HEIGHT: 12.55pt">
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    <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">US GAAP Financial Results for the Third Quarter of Fiscal 2019</div>
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                      <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Table of Contents</div>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">3</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Overview</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Consolidated Operations</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">9</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Quarterly Operating Results</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">16</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Liquidity and Capital Resources</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">19</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Commitments, Contingencies and Guarantees</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">21</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Outstanding Share Data</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Application of Critical Accounting Policies</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Change In / Initial Adoption of Accounting Policies</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Controls and Procedures</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">28</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trends / Business Outlook</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">28</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Certain Factors That May Affect Future Results</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">31</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Condensed Consolidated Balance Sheets</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">44</font></div>
                    </td>
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                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Condensed Consolidated Statements of Operations</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">45</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Condensed Consolidated Statements of Comprehensive Income</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">46</font></div>
                    </td>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Condensed Consolidated Statements of Shareholders&#8217; Equity</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">47</font></div>
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                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Condensed Consolidated Statements of Cash Flows</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">48</font></div>
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                    <td style="width: 92.77%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Notes to Condensed Consolidated Financial Statements</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">49</font></div>
                    </td>
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                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Corporate Information</font></div>
                    </td>
                    <td style="width: 7.23%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">71</font></div>
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                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) contains references to Descartes using
                  the words &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; and similar words and the reader is referred to using the words &#8220;you,&#8221; &#8220;your&#8221; and similar words.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">This MD&amp;A also refers to our fiscal years. Our fiscal year commences on February 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each year and ends on January 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the following year. Our current fiscal year, which will end on January 31, 2019, is
                  referred to as the &#8220;current fiscal year,&#8221; &#8220;fiscal 2019,&#8221; &#8220;2019&#8221; or using similar words. Our previous fiscal year, which ended on January 31, 2018, is referred to as the &#8220;previous fiscal year,&#8221; &#8220;fiscal 2018,&#8221; &#8220;2018&#8221; or using similar words.
                  Other fiscal years are referenced by the applicable year during which the fiscal year ends. For example, 2020 refers to the annual period ending January 31, 2020 and the &#8220;fourth quarter of 2020&#8221; refers to the quarter ending January 31,
                  2020.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">This MD&amp;A, which is prepared as of November 28, 2018, covers our quarter ended October 31, 2018, as compared to our quarter ended October
                  31, 2017. You should read the MD&amp;A in conjunction with our unaudited consolidated condensed financial statements for our third quarter of fiscal 2019 that appear elsewhere in this Quarterly Report to Shareholders. You should also read
                  the MD&amp;A in conjunction with our audited annual consolidated financial statements, related notes thereto and the related MD&amp;A for fiscal 2018 that are included in our most recent annual report to shareholders (the &#8220;2018 Annual
                  Report&#8221;), as filed on March 5, 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We prepare and file our consolidated financial statements and MD&amp;A in United States (&#8220;US&#8221;) dollars and in accordance with US generally
                  accepted accounting principles (&#8220;GAAP&#8221;). All dollar amounts we use in the MD&amp;A are in US currency, unless we indicate otherwise.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We have prepared the MD&amp;A with reference to the Form 51-102F1 MD&amp;A disclosure requirements established under National Instrument
                  51-102 &#8220;Continuous Disclosure Obligations&#8221; (&#8220;NI 51-102&#8221;) of the Canadian Securities Administrators.&#160; As it relates to our financial condition and results of operations for the interim period ended October 31, 2018, pursuant to NI 51-102,
                  this MD&amp;A updates the MD&amp;A included in the 2018 Annual Report.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Additional information about us, including copies of our continuous disclosure materials such as our annual information form, is available on
                  our website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.descartes.com</font>, through the EDGAR website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.sec.gov</font>
                  or through the SEDAR website at <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">http://www.sedar.com</font>.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Certain statements made in this Quarterly Report to Shareholders, constitute forward-looking information for the purposes of applicable
                  securities laws (&#8220;forward-looking statements&#8221;), including, but not limited to: statements in the &#8220;Trends / Business Outlook&#8221; section and statements regarding our expectations concerning future revenues and earnings, including potential
                  variances from period to period; our expectations regarding the cyclical nature of our business; mix of revenues and potential variances from period to period; our plans to focus on generating services revenues yet to continue to allow
                  customers to elect to license technology in lieu of subscribing to services; our expectations on losses of revenues and customers; our baseline calibration; our ability to keep our operating expenses at a level below our baseline
                  revenues; our future business plans and business planning process; allocation of purchase price for completed acquisitions; our expectations regarding future restructuring charges and cost-reduction activities; expenses, including
                  amortization of intangible assets and stock-based compensation; goodwill impairment tests and the possibility of future impairment adjustments; capital expenditures; acquisition-related costs; our liability with respect to various claims
                  and suits arising in the ordinary course; any commitments referred to in the &#8220;Commitments, Contingencies and Guarantees&#8221; section of this MD&amp;A; our intention to actively explore future business combinations and other strategic
                  transactions; our liability under indemnification obligations; our reinvestment of earnings of subsidiaries back into such subsidiaries; our dividend policy; the sufficiency of capital to meet working capital, capital expenditure, debt
                  repayment requirements and our anticipated growth strategy; our ability to raise capital; our adoption of certain</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">accounting standards; and other matters related to the foregoing. When used in this document, the words &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221;
                  &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties
                  and are based on assumptions that may cause future results to differ materially from those expected. The material assumptions made in making these forward-looking statements include the following: global shipment volumes continuing to
                  increase at levels consistent with the average growth rates of the global economy; 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;
                  our continued operation of a secure and reliable business network; the continued availability of the data and content that is utilized in the delivery of services made available over our network; the stability of general economic and
                  market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide us with access to capital; our continued ability to identify and source attractive and executable business combination
                  opportunities; our ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. While management believes these assumptions to be
                  reasonable under the circumstances, they may prove to be inaccurate. Such forward-looking statements also involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements of,
                  or developments in our business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements.&#160; Such factors include, but are not
                  limited to, the factors discussed under the heading &#8220;Certain Factors That May Affect Future Results&#8221; in this MD&amp;A and in other documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other
                  securities commissions across Canada from time to time. If any of 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&#8217;s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Except as required by applicable law, 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, assumptions or circumstances
                  on which any such statements are based.</font></div>
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                              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Overview</font></div>
                              <div>&#160;</div>
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                    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
                    </div>
                    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">We use technology and networks to simplify complex business processes. We are primarily focused on logistics and supply chain management business
                      processes. Our solutions are predominantly cloud-based and are focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service (&#8220;SaaS&#8221;) and data
                      solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and analyze global trade data; research and perform trade tariff and duty
                      calculations; file customs and security documents for imports and exports;&#160; and complete numerous other logistics processes by participating in a large, collaborative multi-modal logistics community. Our pricing model provides our
                      customers with flexibility in purchasing our solutions either on a subscription, transactional or perpetual license basis. Our primary focus is on serving transportation providers (air, ocean and truck modes), logistics service
                      providers (including third-party logistics providers, freight forwarders and customs brokers) and distribution-intensive companies for which logistics is either a key or a defining part of their own product or service offering, or for
                      which our solutions can provide an opportunity to reduce costs, improve service levels, or support growth by optimizing the use of assets and information.</div>
                    <div><br>
                    </div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">The Market</font></div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Logistics is the management of the flow of resources between a point of origin and a point of destination &#8211; processes that move items
                        (such as goods, people, information) from point A to point B. Supply chain management is broader than logistics and includes the sourcing, procurement, conversion and storage of resources for consumption by an enterprise. Logistics
                        and supply chain management have been evolving over the past several years as companies are increasingly seeking automation and real-time control of their supply chain activities. We believe companies are looking for integrated
                        solutions for managing inventory in transit, conveyance units, people, data and business documents.</font></div>
                    <div><br>
                    </div>
                    <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We believe logistics-intensive organizations are seeking to reduce operating costs, differentiate</font></div>
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                    <font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">themselves, improve margins, and better serve customers. Global trade and transportation processes are often manual and complex to
                      manage. This is a consequence of the growing number of business partners participating in companies&#8217; global supply chains and a lack of standardized business processes. </font></div>
                  <div>
                    <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">Additionally, global sourcing, logistics outsourcing, imposition of additional
                        customs and regulatory requirements and the increased rate of change in day-to-day business requirements are adding to the overall complexities that companies face in planning and executing in their supply chains. Whether a shipment
                        is delayed at the border, a customer changes an order or a breakdown occurs on the road, there are increasingly more issues that can significantly impact the execution of fulfillment schedules and associated costs.</font></p>
                    <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">These challenges are heightened for suppliers that have end-customers frequently
                        demanding narrower order-to-fulfillment periods, lower prices and greater flexibility in scheduling and rescheduling deliveries. End customers also want real-time updates on delivery status, adding considerable burden to supply
                        chain management as process efficiency is balanced with affordable service.</font></p>
                    <p class="MsoNormal" style="text-align:justify"><font style="font-size:9.5pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Cambria">In this market, the movement and sharing of data between parties involved in the
                        logistics process is equally important to the physical movement of goods. Manual, fragmented and distributed logistics solutions are often proving inadequate to address the needs of operators. Connecting manufacturers and suppliers
                        to carriers on an individual, one-off basis is too costly, complex and risky for organizations dealing with many trading partners. Further, many of these solutions do not provide the flexibility required to efficiently accommodate
                        varied processes for organizations to remain competitive. We believe this presents an opportunity for logistics technology providers to unite this highly fragmented community and help customers improve efficiencies in their
                        operations. </font></p>
                    <font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;mso-fareast-font-family: &quot;Times New Roman&quot;;mso-bidi-font-family:Cambria;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">As
                      the market continues to change, we&#8217;ve been evolving to meet our customers&#8217; needs. While the rate of adoption of newer logistics and supply chain management technologies is increasing, a large number of organizations still have manual
                      business processes. We have been educating our prospects and customers on the value of connecting to trading partners through our Global Logistics Network (&#8220;GLN&#8221;) and automating, as well as </font> </div>
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                    </font></div>
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                <div>standardizing, multi-party business processes. We believe that our target customers are increasingly looking for a single source, neutral, network-based solution provider who can help them manage the end-to-end shipment &#8211; from
                  researching global trade information, to the booking of a shipment, to the tracking of that shipment as it moves, to the regulatory compliance filings to be made during the move and, finally, to the settlement and audit of the invoice.
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                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Additionally, regulatory initiatives mandating electronic filing of shipment information with customs authorities require companies to
                      automate aspects of their shipping processes to remain compliant and competitive. Our customs compliance technology helps shippers, transportation providers, freight forwarders and other logistics intermediaries to securely and
                      electronically file shipment and tariff/duty information with customs authorities and self-audit their own efforts. Our technology also helps carriers and freight forwarders efficiently coordinate with customs brokers and agencies to
                      expedite cross-border shipments. While many compliance initiatives started in the US, compliance has now become a global issue with significantly more international shipments crossing several borders on the way to their final
                      destinations.&#160;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increasingly, data and content have become central to supply chain planning and execution.&#160; Complex international supply chains are
                      affected by logistics service provider performance, capacity, and productivity, as well as regulatory frameworks such as free trade agreements.&#160; We believe our Global Trade Data, Trade Regulations, Free-Trade-Agreement, and duty rate
                      and calculation solutions help customers improve their sourcing, landed cost, and transportation lane and provider selection processes.</font></div>
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                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Solutions</font></div>
                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; Logistics Technology Platform unites a growing global community of logistics-focused parties, allowing them to transact
                      business while leveraging a broad array of applications designed to help logistics-intensive businesses thrive. Descartes&#8217; Logistics Technology Platform is the simple, elegant synthesis of a network, applications, content and a
                      community.</font></div>
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                  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The Logistics Technology Platform fuses our GLN, an extensive logistics network covering multiple transportation modes, with a broad array of
                      modular, interoperable web and wireless logistics</font></div>
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                <div>management solutions. Designed to help accelerate time-to-value and increase productivity and performance for businesses of all sizes, the Logistics Technology Platform leverages the GLN&#8217;s multimodal logistics community to enable
                  companies to quickly and cost-effectively connect and collaborate.
                  <div><br>
                  </div>
                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; GLN, the underlying foundation of the Logistics Technology Platform, manages the flow of data and documents that track and
                      control inventory, assets and people in motion. Designed expressly for logistics operations, it is native to the particularities of different transportation modes and country borders. As a state-of-the-art messaging network with
                      wireless capabilities, the GLN helps manage business processes in real-time and in-motion. Its capabilities go beyond logistics, supporting common commercial transactions, regulatory compliance documents, and customer specific needs.</font></div>
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                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The GLN extends its reach using interconnect agreements with other general and logistics-specific networks, to offer companies access to a
                      wide array of trading partners. With the flexibility to connect and collaborate in unique ways, companies can effectively route or transform data to and from partners and deploy additional Descartes solutions on the GLN. The GLN
                      allows &#8220;low tech&#8221; partners to act and respond with &#8220;high tech&#8221; capabilities and connect to the transient partners that exist in many logistics operations. This inherent adaptability creates opportunities to develop logistics business
                      processes that can help customers differentiate themselves from their competitors.</font></div>
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                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; Logistics Application Suite offers a wide array of modular, cloud-based, interoperable web and wireless logistics management
                      applications. These solutions embody Descartes&#8217; deep domain expertise, not merely &#8220;check box&#8221; functionality. These solutions deliver value for a broad range of logistics-intensive organizations, whether they purchase transportation,
                      run their own fleet, operate globally or locally, or work across air, ocean or ground transportation. Descartes&#8217; comprehensive suite of solutions includes:</font></div>
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                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Routing, Mobile and Telematics;</font></div>
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                              <div style="text-align: left;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Transportation Management and e-commerce enablement;</font></div>
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                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Customs &amp; Regulatory Compliance;</font></div>
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                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade Data;</font></div>
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                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Global Logistics Network Services; and</font></div>
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                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Broker &amp; Forwarder Enterprise Systems.</font></div>
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                                                                                <div>&#160;
                                                                                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes applications forming part of the Logistics Technology Platform are modular
                                                                                    and interoperable to allow organizations the flexibility to deploy them quickly within an existing portfolio of solutions. Implementation is streamlined because these
                                                                                    solutions use web-native or wireless user interfaces and are pre-integrated with the GLN. With interoperable and multi-party solutions, Descartes&#8217; solutions are designed to
                                                                                    deliver functionality that can enhance a logistics operation&#8217;s performance and productivity both within the organization and across a complex network of partners.</div>
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                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; expanding global trade content offering unites systems and
                                                                                      people with trade information to enable organizations to work smarter by making more informed supply chain and logistics decisions. Our content solutions can help
                                                                                      customers: research and analyze global trade movements, regulations and trends; reduce the risk of transacting with denied parties; increase trade compliance rates;
                                                                                      optimize sourcing, procurement, and business development strategies; and minimize duty spend.</font></div>
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                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; GLN community members enjoy extended command of operations and
                                                                                      accelerated time-to-value relative to many alternative logistics solutions. Given the inter-enterprise nature of logistics, quickly gaining access to partners is
                                                                                      paramount. For this reason, Descartes has focused on growing a community that strategically attracts and retains relevant logistics parties. Upon joining the GLN
                                                                                      community, many companies find that a number of their trading partners are already members with an existing connection to the GLN. This helps to minimize the time
                                                                                      required to integrate Descartes&#8217; logistics management applications and to begin realizing results. Descartes is committed to continuing to expand community membership.
                                                                                      Companies that join the GLN community or extend their participation find a single place where their entire logistics network can exist regardless of the range of
                                                                                      transportation modes, the number of trading partners or the variety of regulatory agencies.</font></div>
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                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Sales and Distribution</font></div>
                                                                                  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our sales efforts are primarily directed towards two specific customer
                                                                                      markets: (a) transportation companies and logistics service providers; and (b) manufacturers, retailers, distributors and mobile business service providers. Our sales
                                                                                      staff is regionally based and trained to sell across our solutions to specific customer markets. In North</font></div>
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                                                                                <div>&#160;
                                                                                  <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">America and Europe, we promote our products primarily through direct sales efforts aimed
                                                                                    at existing and potential users of our products. In the Asia Pacific, Indian subcontinent, South America and African regions, we focus on making our channel partners
                                                                                    successful. Channel partners for our other international operations include distributors, alliance partners and value-added resellers.</div>
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                                                                                  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">United by Design</font></div>
                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes&#8217; &#8216;United By Design&#8217; strategic alliance program is intended to
                                                                                      ensure complementary hardware, software and network offerings are interoperable with Descartes&#8217; solutions and work together seamlessly to solve multi-party business
                                                                                      problems.</font></div>
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                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8216;United By Design&#8217; is intended to create a global ecosystem of
                                                                                      logistics-intensive organizations working together to standardize and automate business processes and manage resources in motion. The program centers on Descartes&#8217; Open
                                                                                      Standard Collaborative Interfaces, which provide a wide variety of connectivity mechanisms to integrate a broad spectrum of applications and services.</font></div>
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                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Descartes has partnering relationships with multiple parties across the
                                                                                      following three categories:</font></div>
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                                                                                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Technology Partners &#8211; Complementary hardware, software, network, and embedded technology
                                                                                                  providers that extend the functional breadth of Descartes&#8217; solution capabilities;</font></div>
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                                                                                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Consulting Partners - Large system integrators and enterprise resource planning system
                                                                                                  vendors through to vertically specialized or niche consulting organizations that provide domain expertise and/or implementation services for Descartes&#8217;
                                                                                                  solutions; and</font></div>
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                                                                                            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                                                                                            <td style="width: auto; vertical-align: top; text-align: justify;">
                                                                                              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Channel Partners (Value-Added Resellers) &#8211; Organizations that market, sell, implement and
                                                                                                  support Descartes' solutions to extend access and expand market share into territories and markets where Descartes might not have a focused direct sales
                                                                                                  presence.</font></div>
                                                                                            </td>
                                                                                          </tr>

                                                                                      </table>
                                                                                    </div>
                                                                                  </div>
                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> </font><br>
                                                                                  </div>
                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Marketing</font></div>
                                                                                  <div style="text-align: justify;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Our marketing efforts are focused on growing demand for our solutions and
                                                                                      establishing Descartes as a thought leader and innovator across the markets we serve. Marketing programs are</font></div>
                                                                                </div>
                                                                              </div>
                                                                            </div>
                                                                          </div>
                                                                        </div>
                                                                      </div>
                                                                    </div>
                                                                  </div>
                                                                </div>
                                                              </div>
                                                            </div>
                                                          </div>
                                                        </div>
                                                      </div>
                                                    </div>
                                                  </div>
                                                </div>
                                              </div>
                                            </div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                      <br>
                    </div>
                    <br>
                  </div>
                  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
                    <div id="DSPFPageBreak" style="page-break-after: always;">
                      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
                  </div>
                  <br>
                </div>
                <div id="EFPFTCL" style="float: left; width: 48%;">
                  <div>&#160;
                    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;">delivered through integrated initiatives designed to reach our target customer and prospect groups. These programs include digital and online
                      marketing, trade shows and user group events, partner-focused campaigns, proactive media relations, and direct corporate marketing efforts.</div>
                    <div><br>
                    </div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Fiscal 2019 Highlights</font></div>
                    <div><br>
                    </div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On February 2, 2018, Descartes acquired Aljex Software, Inc. (&#8220;Aljex&#8221;), a cloud-based provider of back-office transportation management
                        solutions for freight brokers and transportation providers. US-based Aljex helps customers automate business processes and create electronic documents critical for executing transportation moves through the lifecycle of a shipment.
                        The purchase price for the acquisition was approximately $32.4 million, net of cash acquired, which was funded from drawing on our existing credit facility.</font></div>
                    <div><br>
                    </div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On June 6, 2018, we filed a new final short-form base shelf prospectus (the &#8220;Base Shelf Prospectus&#8221;), allowing us to
                        offer and issue the following securities: (i) common shares; (ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription receipts; (v) warrants; and (vi) securities comprised of more than one of
                        the aforementioned common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. These securities may be offered separately or together, in separate series, in amounts, at
                        prices and on terms to be set forth in one or more shelf prospectus supplements. The aggregate initial offering price of securities that may be sold by us (or certain of our current or future shareholders) pursuant to the Base Shelf
                        Prospectus during the 25-month period that the Base Shelf Prospectus, including any amendments thereto, remains valid is limited to an aggregate of $750 million.</font></div>
                    <div><br>
                    </div>
                    <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On June 22, 2018, Descartes acquired certain assets of Velocity Mail, LLC (&#8220;Velocity Mail&#8221;), an electronic
                        transportation network that provides global air carriers with mail and parcel shipment scanning and tracking solutions. Using US-based Velocity Mail&#8217;s network, global air carriers leverage mobile devices to accurately track
                        shipments and deliveries in real-time. The purchase price for the acquisition was approximately $26.1 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit facility.</font></div>
                    <div><br>
                    </div>
                  </div>
                </div>
                <div id="EFPFTCR" style="float: right; width: 48%;">
                  <div>&#160;
                    <div style="text-align: justify; font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On August 21, 2018, Descartes acquired PinPoint GPS Solutions Inc.
                        (&#8220;PinPoint&#8221;), a provider of fleet tracking and mobile workforce solutions. Canada-based PinPoint helps customers collect real-time location information on trucks and mobile workers using technology, including Geotab (telematics) and
                        SkyBitz (trailer tracking). </font>The purchase price for the acquisition was approximately $11.0 million (CAD $14.4 million), net of cash acquired, which was funded from a combination of drawing on Descartes&#8217; existing credit
                      facility and issuing to the sellers less than 0.1 million Descartes common shares from treasury. Additional contingent consideration of up to $2.3 million (CAD $3.0 million) in cash is payable if certain revenue performance targets
                      are met by PinPoint in the two years following the acquisition. The fair value of the contingent consideration was valued at $0.7 million at the acquisition date.</div>
                  </div>
                </div>
                <div><br>
                </div>
                <div><br>
                </div>
                <div><br>
                  <div><br>
                  </div>
                  <br>
                  <br>
                  <br>
                  <div><br>
                    <div><br>
                      <div><br>
                        <div><br>
                          <div><br>
                            <div><br>
                              <br>
                              <br>
                              <div><br>
                              </div>
                              <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
                                <div id="DSPFPageBreak" style="page-break-after: always;">
                                  <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
                              </div>
                              <br>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zee76f40aa15b4f968e2959c1e436e263" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Consolidated Operations</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows, for the periods indicated, our results of operations in millions of dollars (except per share and weighted average
                  share amounts):</font></div>
              <div><br>
              </div>
              <table id="za650960e76834e96a0b224ab72162d91" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="vertical-align: top;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="6" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="6" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;"> First Three Quarters of</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;"> 2019</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%;" valign="bottom">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">70.0</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">62.0</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">204.1</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">173.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">19.2</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">16.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">55.7</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">46.6</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%;" valign="bottom">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">50.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">45.2</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">148.4</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">127.2</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%;" valign="bottom">
                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">29.1</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">26.5</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">85.5</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">72.9</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%;" valign="bottom">
                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other charges</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">0.5</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                  <tr>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">26.9</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Investment income</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">0.1</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">0.1</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">0.1</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Interest expense</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(0.6</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1.6</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">(0.8</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">)</font></div>
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                      <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income before income taxes</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">10.2</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">8.0</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">29.2</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">26.2</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                      <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income tax expense</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                      <div style="text-align: left; text-indent: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.6</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">4.7</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                      <div style="text-align: left; text-indent: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferred</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.1</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <tr>
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                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">BASIC</font></div>
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                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <tr>
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                      <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">DILUTED</font></div>
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                    <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total revenues </font>consist of <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">license revenues, services revenues </font>and <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;
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                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
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                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
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                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
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                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
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                  <tr>
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                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">
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                    <td style="width: 11.22%; vertical-align: top;">
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                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">2%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">4%</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">2%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">4%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">61.1</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">53.3</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">178.6</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">149.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">87%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">86%</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">88%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">86%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7.3</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6.4</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">20.7</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18.2</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">10%</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10%</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">10%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 53.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70.0</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62.0</font></div>
                    </td>
                    <td style="width: 1.41%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204.1</font></div>
                    </td>
                    <td style="width: 11.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173.8</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font><font style="font-family: Verdana, sans-serif;
                    font-size: 9.5pt; font-weight: bold; font-style: italic;">license revenues</font> were $4.8 million and $6.2 million for the first three quarters of 2019 and 2018, respectively, representing 2% and 4% of total revenues in the first
                  three quarters of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, our license revenues were $1.6 million and $2.3 million, respectively, representing 2% and 4% of total revenues in the third quarter of 2019 and 2018,
                  respectively. While our sales focus has been on generating services revenues in our SaaS business model, we continue to see a market for licensing the products in our omni-channel retailing and home delivery logistics solutions. The
                  amount of license revenues in a period is dependent on our customers&#8217; preference to license our solutions instead of purchasing our solutions as a service and we anticipate variances from period to period.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font><font style="font-family: Verdana, sans-serif;
                    font-size: 9.5pt; font-weight: bold; font-style: italic;">services revenues</font> were $178.6 million and $149.4 million for the first three quarters of 2019 and 2018, respectively, representing 88% and 86% of total revenues in the
                  first three quarter of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, our services revenues were $61.1 million and $53.3 million, respectively, representing 87% and 86% of total revenues in the third quarter of 2019
                  and 2018, respectively. The increase in the first three quarters of 2019 as compared to the same period of 2018 was primarily due to the inclusion of a full period of services revenues from the fiscal 2018 acquisitions of Z-Firm LLC
                  (&#8220;ShipRush&#8221;), PCSTrac Inc. (&#8220;PCSTrac&#8221;) and MacroPoint LLC (&#8220;MacroPoint&#8221;) as well as additional services revenues from the fiscal 2019 acquisitions of Aljex, Velocity Mail and PinPoint. Services revenues in the first three quarters of
                  fiscal 2019 were also positively impacted by the growth in sales of transactional and subscription products and were positively impacted by the strengthening of the euro and British pound sterling compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The increase in services revenues in the third quarter of 2019 as compared to the same period of 2018 was primarily due to the inclusion of a
                  full period of services revenues from the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint, as well as services revenues from the fiscal 2019 acquisitions of Aljex, Velocity Mail and PinPoint. Service revenues in the third
                  quarter of 2019 were also positively impacted by the growth in sales of transactional and subscription products. The increase in services revenues in the third quarter of 2019 as compared to the same period of 2018 was partially offset by
                  the weakening of the euro, Swedish krona and Canadian dollar compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">professional services and other</font>
                  revenues were $20.7 million and $18.2 million for the first three quarters of 2019 and 2018, respectively, representing 10% of total revenues in both the first three quarters of 2019 and 2018. For the third quarter of 2019 and 2018, our
                  professional services and other revenues were $7.3 million and $6.4 million, respectively, representing 11% and 10% of our total revenues in the third quarter of 2019 and 2018, respectively. The increase in the first three quarters of
                  2019 as compared to the same period of 2018 was primarily due to increased professional services activity</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">in the United States and Europe as well as the fiscal 2019 acquisition of Aljex. Professional services and other revenues in the first three
                  quarters of 2019 as compared to the same period of 2018 were positively impacted by the strengthening of the euro compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The increase in professional services and other revenues in the third quarter of 2019 as compared to the same period of 2018 was primarily due
                  to the fiscal 2019 acquisition of Aljex as well as increased professional services activity in the United States.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We operate in one business segment providing logistics technology solutions. The following table provides additional analysis of our revenues
                  by geographic location of customer<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">&#160;</font>(in millions of dollars and as a percentage of total revenues):</font></div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4e2841940dce48998d55a0a9825e61c7" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 12.48%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">42.2</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">36.1</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">121.8</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">97.3</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">60%</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">58%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">60%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">56%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                    <td style="width: 8.77%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa (&#8220;EMEA&#8221;)</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: bottom;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19.9</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: bottom;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">19.4</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: bottom;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: bottom;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">60.5</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: bottom;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">57.0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">28%</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">31%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">30%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">33%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                    <td style="width: 8.77%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.1</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">3.8</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12.7</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">11.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">8%</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">7%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">6%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">6%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                    <td style="width: 8.77%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Asia Pacific</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.8</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2.7</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8.1</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">4%</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">4%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">4%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">5%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 12.48%; vertical-align: top;">&#160;</td>
                    <td style="width: 8.77%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</font></div>
                    </td>
                    <td style="width: 12.48%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70.0</font></div>
                    </td>
                    <td style="width: 8.77%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62.0</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173.8</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the United States</font>
                  were $121.8 million and $97.3 million for the first three quarters of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, revenues from the United States were $42.2 million and $36.1 million, respectively. The increases
                  in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 was primarily a result of the inclusion of a full period of revenues from the 2018 acquisitions of ShipRush, PCSTrac and MacroPoint as well as
                  the 2019 acquisitions of Aljex and Velocity Mail. Revenues in the first three quarters and third quarter of 2019 were also positively impacted by the growth in sales of transactional and subscription products to both new and existing
                  customers.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the EMEA</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">region</font> were $60.5 million and $57.0 million for the first three quarters of 2019 and 2018, respectively. For the third quarter of
                  2019 and 2018, revenues from the EMEA region, were $19.9 million and $19.4 million, respectively. The increases in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 were primarily a result of
                  growth in sales of transactional, subscription and professional services products. The increase in the first three quarters of 2019 as compared to the same period of 2018 was also positively impacted by the strengthening of the euro and
                  British pound sterling compared to the US dollar. The increase in the third quarter of 2019 as compared to the same period of 2018 was partially offset by the weakening of the euro and Swedish krona compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from Canada</font> were
                  $12.7 million and $11.4 million for the first three quarters of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, revenues from Canada were $5.1 million and $3.8 million. The increase in the first three quarters and
                  third quarter of 2019 as compared to the same periods of 2018 was primarily a result of increased transactional and subscription revenues as well as a partial period of revenues from the 2019 acquisition of PinPoint. The increase in the
                  first three quarters of 2019 as compared to the same period of 2018 was also positively impacted by the strengthening of the</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Canadian dollar compared to the US dollar. The increase in the third quarter of 2019 as compared to the same period of 2018 was partially
                  offset by the weakening of the Canadian dollar compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenues from the Asia Pacific region</font>
                  were $9.1 million and $8.1 million for the first three quarters of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, revenues from the Asia Pacific region were $2.8 million and $2.7 million, respectively. The increases
                  in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 were primarily a result of increased transactional revenues.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides analysis of cost of revenues (in millions of dollars) and the related gross margins for the periods indicated:</font></div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc1c7a02cc95947bbb864c065441b0480" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top; border-bottom: 1px solid black;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License</font></font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.6</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2.3</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.8</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6.2</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of license revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.2</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.2</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.5</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.8</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.4</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2.1</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.3</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">88%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">91%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">90%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">87%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top; border-bottom: 1px solid black;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</font></font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">61.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">53.3</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">178.6</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">149.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of services revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">14.9</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">12.8</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">42.6</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">36.0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">46.2</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">40.5</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">136.0</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">113.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">76%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">76%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">76%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top; border-bottom: 1px solid black;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</font></font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7.3</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6.4</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">20.7</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18.2</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of professional services and other revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">3.8</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12.6</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">9.8</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.2</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2.6</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">43%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">41%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">39%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">46%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top; border-bottom: 1px solid black;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total</font></font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70.0</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62.0</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173.8</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19.2</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">16.8</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">55.7</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">46.6</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">50.8</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">45.2</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">148.4</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">127.2</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Gross margin percentage</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">73%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">73%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">73%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">73%</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cost of license revenues</font>
                  consists of costs related to our sale of third-party technology, such as third-party map license fees and royalties.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for license
                    revenues</font> was 90% and 87% for the first three quarters of 2019 and 2018, respectively, and 88% and 91% for the third quarter of 2019 and 2018, respectively. Our gross margin on license revenues is dependent on the proportion of
                  our license revenues that involve third-party technology. The margin in the first three quarters of 2019 compared to the same period of 2018 was positively impacted by a lower proportion of our license revenues that involved third-party
                  technology. The margin in the third quarter of 2019 compared to the same period of 2018 was negatively impacted by a higher proportion of our license revenues that involved third-party technology.</font></div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cost of services revenues</font>
                  consists of internal costs of running our systems and applications and other personnel-related expenses incurred in providing maintenance, including customer support.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for services
                    revenues</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">&#160;</font>was 76% for both the first three quarters of 2019 and 2018 and 76% for both the third quarter of 2019 and 2018. The margin in
                  the first three quarters and third quarter of 2019 was positively impacted by the 2018 acquisition of MacroPoint and 2019 acquisitions of Aljex and Velocity Mail, which operate at margins higher than some of our other services revenue
                  streams.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cost of professional services and
                    other revenues</font> consists of personnel-related expenses incurred in providing professional services, hardware installation as well as hardware costs.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Gross margin percentage for
                    professional services and other revenues</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">&#160;</font>was 39% and 46% for the first three quarters of 2019 and 2018, respectively, and 43% and 41%
                  for the third quarter of 2019 and 2018, respectively. The margin in the first three quarters of 2019 as compared to the same period of 2018 were negatively impacted by an increased proportion of hardware and hardware installation
                  revenues, which generally have lower gross margins, and increased telematics hardware costs. Hardware revenues typically have lower margins than our professional services revenues and as such we anticipate variances in gross margin from
                  period to period as a result of the sales mix. The margin in the third quarter of 2019 as compared to the same period of 2018 was positively impacted by increased professional services revenues.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Operating expenses</font>, consisting
                  of sales and marketing, research and development and general and administrative expenses, were $85.5 million and $72.9 million for the first three quarters of 2019 and 2018, respectively. For the third quarter of 2019 and 2018, operating
                  expenses were $29.1 million and $26.5 million, respectively. The increase in operating expenses in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 was primarily due to increased operating
                  expenses from the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint as well as the fiscal 2019 acquisitions of Aljex, Velocity Mail and PinPoint. Operating expenses in the first three quarters and third quarter of 2019 as
                  compared to the same periods of 2018 have also increased as the Company continues to invest in several areas of the business to support continued organic growth. Operating expenses in the first three quarters of 2019 compared to the same
                  period of 2018 also increased as a result were negatively impacted by the strengthening of the euro and British pound sterling compared to the US dollar. Operating expenses in the third quarter of 2019 compared to the same period of 2018
                  were positively impacted by the weakening of the Canadian dollar and euro compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides analysis of operating expenses (in millions of dollars and as a percentage of total revenues) for the periods
                  indicated:</font></div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1728fba94ce14df98536106c71e9b751" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td colspan="2" style="width: 21.25%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70.0</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62.0</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204.1</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173.8</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Sales and marketing expenses</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9.3</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">9.0</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">27.8</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23.8</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">13%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">15%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">14%</font></div>
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                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">14%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Research and development expenses</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11.9</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">10.9</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">35.7</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">30.4</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">17%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">18%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">17%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">17%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General and administrative expenses</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7.9</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6.6</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">22.0</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18.7</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">11%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">11%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">11%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">11%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 56.14%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total operating expenses</font></div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Percentage of total revenues</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">29.1</font></div>
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">42%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26.5</font></div>
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">43%</font></div>
                    </td>
                    <td style="width: 1.37%; vertical-align: top;">&#160;</td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">85.5</font></div>
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">42%</font></div>
                    </td>
                    <td style="width: 10.62%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">72.9</font></div>
                      <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">42%</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Sales and marketing</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> include salaries, commissions, stock-based compensation and other personnel-related costs, bad debt expenses, travel
                  expenses, advertising programs and services, and other promotional activities associated with selling and marketing our services and products. Sales and marketing expenses were $27.8 million and $23.8 million for the first three quarters
                  of 2019 and 2018, respectively, representing 14% of total revenues in both the first three quarters of 2019 and 2018. For the third quarter of 2019 and 2018, sales and marketing expenses were $9.3 million and $9.0 million, respectively,
                  representing 13% and 15% of total revenues in the third quarter of 2019 and 2018, respectively. The increase in sales and marketing expenses in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 was
                  primarily due to the inclusion of sales and marketing expenses from the fiscal 2018 acquisition of MacroPoint and fiscal 2019 acquisitions of Aljex, Velocity Mail and PinPoint. Sales and marketing expenses in the first three quarters of
                  2019 as compared to the same period of 2018 were negatively impacted by the strengthening of the euro and British pound sterling compared to the US dollar. Sales and marketing expenses in the third quarter of 2019 compared to the same
                  period of 2018 were positively impacted by the weakening of the Canadian dollar and euro compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Research and development</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of technical and engineering
                  personnel associated with our research and product development activities, as well as costs for third-party outsourced development providers. We expensed all costs related to research and development in 2019 and 2018. Research and
                  development expenses were $35.7 million and $30.4 million for the first three quarters of 2019 and 2018, respectively, representing 17% of total revenues in both the first three quarters of 2019 and 2018. For the third quarter of 2019 and
                  2018, research and development expenses were $11.9 million and $10.9 million, respectively, representing 17% and 18% of total revenues in the third quarter of 2019 and 2018, respectively. The increase in research and development expenses
                  in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 was primarily attributable to increased payroll and related costs from the fiscal 2018 acquisitions of ShipRush, PCSTrac and MacroPoint as well
                  as the fiscal 2019 acquisition of Aljex. Research and development expenses in the first three quarters of 2019 as compared to the same period of 2018 were negatively impacted by the strengthening of the euro compared to the US dollar.
                  Research and development expenses in the third quarter of 2019 as compared to the same period of 2018 were positively impacted by the weakening of the Canadian dollar and euro compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">General and administrative</font>&#160;<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">expenses</font> consist primarily of salaries, stock-based compensation and other personnel-related costs of administrative personnel, as
                  well as professional fees and other</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">administrative expenses. General and administrative costs were $22.0 million and $18.7 million for the first three quarters of 2019 and 2018,
                  respectively, representing 11% of total revenues in both the first three quarters of 2019 and 2018. General and administrative expenses were $7.9 million and $6.6 million for the third quarter of 2019 and 2018, respectively, representing
                  11% of total revenues in both the third quarter of 2019 and 2018.&#160; The increase in general and administrative expenses in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 was primarily
                  attributable to the inclusion of general and administrative expenses from the fiscal 2018 acquisitions of ShipRush and MacroPoint as well as the fiscal 2019 acquisitions of Aljex and PinPoint. General and administrative expenses in the
                  first three quarters of 2019 as compared to the same period of 2018 were negatively impacted by the strengthening of the euro and British pound sterling compared to the US dollar. General and administrative expenses in the third quarter
                  of 2019 as compared to the same period of 2018 were positively impacted by the weakening of the Canadian dollar and euro compared to the US dollar.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Other charges </font>consist
                  primarily of acquisition-related costs with respect to completed and prospective acquisitions and restructuring charges. Acquisition-related costs primarily include advisory services, brokerage services, administrative costs and retention
                  bonuses, and relate to completed and prospective acquisitions. Restructuring costs relate to the integration of previously completed acquisitions and other cost-reduction activities. Other charges were $2.3 million and $3.0 million for
                  the first three quarters of 2019 and 2018, respectively, and $0.5 million and $1.4 million for the third quarter of 2019 and 2018, respectively. Other charges were primarily comprised of acquisition-related costs of $2.3 million and $2.6
                  million in the first three quarters of 2019 and 2018, respectively, and $0.5 million and $1.0 million in the third quarter of 2019 and 2018, respectively.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Amortization of intangible assets</font>
                  is amortization of the value attributable to intangible assets, including customer agreements and relationships, non-compete covenants, existing technologies and trade names, in each case associated with acquisitions completed by us as of
                  the end of each reporting period. Intangible assets with a finite life are amortized to income over their useful life. The amount of amortization expense in a fiscal period is dependent on our acquisition activities as well as our asset
                  impairment tests. Amortization of intangible assets was $29.9 million and $24.4 million in the first three quarters of 2019 and 2018, respectively, and $10.4 million and $8.9 million in the third quarter of 2019 and 2018, respectively.
                  Amortization expense increased in the first three quarters and third quarter of 2019 as compared to the same periods of 2018 primarily due to amortization expense from the acquisitions of ShipRush, PCSTrac, MacroPoint, Aljex, Velocity
                  Mail and PinPoint. As at October 31, 2018, the unamortized portion of all intangible assets amounted to $185.8 million.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We test the carrying value of our finite life intangible assets for recoverability when events or changes in circumstances indicate that there
                  may be evidence of impairment. We write down intangible assets with a finite life to fair value when the related undiscounted cash flows are not expected to allow for recovery of the carrying value. Fair value of intangible assets is
                  determined by discounting the expected related cash flows. No finite life intangible asset impairment has been identified or recorded for any of the fiscal periods reported.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Investment income</font> was nominal
                  and $0.1 million in the first three quarters of 2019 and 2018, respectively, and nominal and $0.1 million in the third quarter of 2019 and 2018, respectively.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Interest expense</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>was $1.6 million and $0.8 million for the first three quarters of 2019 and 2018, respectively, and $0.6 and $0.5 million in the third quarter of 2019
                  and 2018. Interest expense is primarily comprised of interest expense on the amount borrowed and outstanding on our revolving debt facility, debt standby charges and amortization of deferred financing charges. Interest expense increased
                  in the first three quarters and third quarter of 2019 compared to the same periods of 2018 as a result of higher average interest rates and a higher debt balance due to additional debt facility borrowings to fund the acquisitions of
                  Aljex, Velocity Mail and PinPoint.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;</font>is comprised of current and deferred income tax expense. Income tax expense for the first three quarters of 2019 and 2018 was 20.1% and 22.9% of
                  income before income taxes, respectively, with current income tax expense being 16.2% and 17.9% of income before income taxes,</font></div>
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                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">respectively. Income tax expense for the third quarter of 2019 and 2018 was 23.0% and 22.2% of income before income taxes, respectively, with
                  current income tax expense being 16.0% and 16.2% of income before income taxes, respectively. The Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. Effective
                  January 1, 2018, the Tax Act reduced the U.S. statutory tax rate from 35% to 21%. Overall, the Tax Act did not have a significant impact on income tax expense in the first three quarters and third quarter of 2019.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense &#8211; current</font>
                  was $4.7 million for both the first three quarters of 2019 and 2018 and $1.6 million and $1.3 million in the third quarter of 2019 and 2018, respectively. The increase in the third quarter of 2019 compared to the same period of 2018 was
                  related to higher pre-tax income generated compared to the same period of 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Income tax expense &#8211; deferred</font>
                  was $1.1 million and $1.3 million in the first three quarters of 2019 and 2018, respectively, and $0.7 million and $0.5 million in the third quarter of 2019 and 2018, respectively. The decrease in deferred income tax expense in the first
                  three quarters of 2019 compared to the same period of 2018 was attributable to tax benefits realized from the conclusion of certain tax audits in the second quarter of 2019. The increase in deferred income tax expense in the third quarter
                  of 2019 compared to the same period of 2018 was attributable to an increase in deferred income tax expenses from the adoption of Accounting Standards Update 2016-16.&#160;</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Net income</font> was $23.4 million
                  and $20.2 million in the first three quarters of 2019 and 2018, respectively. For the third quarter of 2019, net income was $7.9 million compared to $6.2 million for the third quarter of 2018.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zacbefe060c9946bdbb47d9bf2e3178dd" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Quarterly Operating Results</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides an analysis of our unaudited operating results (in thousands of dollars, except per share and weighted average
                  number of share amounts) for each of the quarters ended on the date indicated.</font></div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zcceea7db4ddd48da9dc7ad9471402316" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">July 31,</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">January 31,</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><u><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2019</font></font></u></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 13.43%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 14.33%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">67,018</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">67,115</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">70,008</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">204,141</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">48,434</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">49,154</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">50,858</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">148,446</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">27,997</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">28,358</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">29,144</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">85,499</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,986</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8,498</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">7,901</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23,385</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Basic earnings per share</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.11</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.10</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.30</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Diluted earnings per share</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.11</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.10</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.30</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average shares outstanding (thousands):</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                    <td style="width: 13.43%; vertical-align: top;">&#160;</td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Basic</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,793</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,816</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,854</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,821</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Diluted</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,650</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,781</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,863</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,767</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">16</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9dcca8aebd39457cb99d77aa58438a12" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">April 30,</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">July 31,</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">January 31,</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2017</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2017</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2017</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-bottom: #000000 1px solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><u><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></font></u></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 13.43%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 14.33%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">54,514</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">57,293</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62,001</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">63,631</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">237,439</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Gross margin</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">40,132</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">41,946</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">45,158</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">46,499</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173,735</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating expenses</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">22,505</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23,942</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26,450</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">27,483</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">100,380</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,885</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">7,159</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,170</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,665</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26,879</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Basic earnings per share</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.35</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Diluted earnings per share</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.09</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.35</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average shares outstanding (thousands):</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                    <td style="width: 13.43%; vertical-align: top;">&#160;</td>
                    <td style="width: 14.33%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.85%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Basic</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">75,912</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">75,969</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,630</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,773</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,324</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42.69%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Diluted</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,648</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,739</font></div>
                    </td>
                    <td style="width: 13.43%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,442</font></div>
                    </td>
                    <td style="width: 14.33%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,616</font></div>
                    </td>
                    <td style="width: 9.85%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,112</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues over the comparative periods have been positively impacted by the six<font style="font-family: Verdana, sans-serif; font-size: 9.5pt;
                    color: #FF0000;">&#160;</font>acquisitions that we have completed since the beginning of fiscal 2018. In addition, we have seen increased revenues as a result of an increase in transactions processed over our GLN business document exchange
                  as we help our customers comply with electronic filing requirements of US, Canadian, EU and Asian security and customs regulations.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our services revenues continue to have minor seasonal trends. In the first fiscal quarter of each year, we historically have seen slightly
                  lower shipment volumes by air and truck which impact the aggregate number of transactions flowing through our GLN business document exchange. In the second fiscal quarter of each year, we historically have seen a slight increase in ocean
                  services revenues as ocean carriers are in the midst of their customer contract negotiation period. In the third fiscal quarter of each year, we have historically seen shipment and transactional volumes at their highest. In the fourth
                  fiscal quarter of each year, the various international holidays impact the aggregate number of shipping days in the quarter, and historically we have seen this adversely impact the number of transactions our network processes and,
                  consequently, the amount of services revenues we receive during that period. In the second and fourth fiscal quarters of each year, we historically have seen a slight decrease in professional services revenues due to various international
                  holidays and vacation seasons. Overall, the impact of seasonal trends has a relatively minor impact on our revenues quarter to quarter.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the third quarter of 2019 revenues were positively impacted by the inclusion of a full quarter of operations from our acquisition of
                  Velocity Mail as well as a partial quarter of operations from our acquisition of PinPoint. Revenues and gross margin in the third quarter of 2019 were also positively impacted by increased transactional, subscription and professional
                  services revenues. Revenues in the third quarter of 2019 were negatively impacted by the weakening of the euro, British pound sterling and Swedish krona compared to the US dollar. Operating expenses increased primarily due to the
                  inclusion of a full quarter of operations from our acquisition of Velocity Mail and a partial quarter of operations from our acquisition of PinPoint. Operating expenses in the third quarter of 2019 were positively impacted by the
                  weakening of the euro, British pound sterling and Swedish krona compared to the US dollar. Net income decreased in the third quarter of 2019 primarily due to the prior quarter including a non-recurring reduction in income tax expense.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the second quarter of 2019 revenues were positively impacted by the inclusion of a partial quarter of operations from our acquisition of
                  Velocity Mail. Revenues and gross margin in the second quarter of 2019 were also positively impacted by increased transactional and subscription revenues partially offset by a decrease of $0.7 million in license revenue, which can vary
                  from period to period, and a decrease of $0.9 million in professional services revenues due to holidays and vacation seasons. Revenues in the second quarter of 2019 were also negatively impacted by the weakening of the euro and British
                  pound sterling compared to the US dollar. Operating expenses increased primarily due to the inclusion of a partial quarter of operations from our acquisition of Velocity Mail. Operating expenses in the second quarter of 2019 were
                  positively impacted by the weakening of the euro and British pound sterling compared to the US dollar.</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">17</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income increased as a result of a reduction in income tax expense partially offset by additional stock-based compensation expense as well
                  as amortization as a result of the acquisition of Velocity Mail.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first quarter of 2019 revenues were positively impacted by the inclusion of a full quarter of operations from our acquisition of Aljex.
                  Revenues and gross margin in the first quarter of 2019 were also positively impacted by increased transactional, subscription and professional services revenues as well as the strengthening of the euro compared to the US dollar. Operating
                  expenses increased primarily due to the inclusion of a full quarter of operations from our acquisition of Aljex. Operating expenses in the first quarter of 2019 were also negatively impacted by the strengthening of the euro compared to
                  the US dollar. Net income was lowered by additional amortization as a result of the acquisition of Aljex as well as additional acquisition-related costs.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the fourth quarter of 2018, revenues were positively impacted by the inclusion of a full quarter of operations from our acquisition of
                  MacroPoint. Revenues in the fourth quarter of 2018 were also positively impacted by the strengthening of the euro and British pound sterling compared to the US dollar. Operating expenses in the fourth quarter were negatively impacted by
                  the strengthening of the euro and British pound sterling compared to the US dollar. Net income was higher in the fourth quarter of 2018 as a result of lower acquisition-related costs with respect to completed and prospective acquisitions
                  as well as restructuring costs.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the third quarter of 2018, revenues were positively impacted by the inclusion of a partial quarter of operations from our acquisition of
                  MacroPoint and a full quarter of operations from our acquisitions of ShipRush and PCSTrac. Revenues in the third quarter of 2018 were also positively impacted by the strengthening of the euro, Canadian dollar and British pound sterling
                  compared to the US dollar. Operating expenses increased because of the partial quarter of operations from our acquisition of MacroPoint and a full quarter of operations from our acquisitions of ShipRush and PCSTrac. Operating expenses in
                  the third quarter were also negatively impacted by the strengthening of the euro, Canadian dollar and British pound sterling compared to the US dollar. Net income was lowered in the third quarter of 2018 by the inclusion of a partial
                  period of amortization as a result of our acquisition of MacroPoint and a full quarter of amortization from our acquisitions of ShipRush and PCSTrac. Net income was also lowered as a result of restructuring expense recognized in the third
                  quarter of 2018 from our fiscal 2018 restructuring plan.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the second quarter of 2018, revenues and gross margin were positively impacted by the inclusion of a partial quarter of operations from our
                  acquisitions of ShipRush and PCSTrac. Revenues in the second quarter of 2018 were also positively impacted by the strengthening of the euro, Canadian dollar, British pound sterling and Swedish krona compared to the US dollar. Operating
                  expenses increased because of the partial quarter of operations from our acquisitions of ShipRush and PCSTrac. Operating expenses in the second quarter of 2018 were also negatively impacted by the strengthening of the euro, Canadian
                  dollar, Swedish krona and British pound sterling compared to the US dollar. Net income was lowered by additional amortization as a result of the acquisitions of ShipRush and PCSTrac in the second quarter of 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first quarter of 2018, revenues and gross margin were positively impacted by the inclusion of a full quarter of operations from our
                  acquisitions of 4Solutions Information Technology Pty Ltd. (&#8220;4Solutions&#8221;) and Datamyne Inc. (&#8220;Datamyne&#8221;). Revenues in the first quarter of 2018 were also positively impacted by the strengthening of the British pound sterling and euro
                  compared to the US dollar. Operating expenses increased because of the inclusion of a full quarter of operations from our acquisitions of 4Solutions and Datamyne. Operating expenses in the first quarter of 2018 were also negatively
                  impacted by the strengthening of the euro, Swedish krona and British pound sterling and positively impacted by weakening of the Canadian dollar compared to the US dollar. Net income was lowered by additional amortization as a result of
                  the acquisitions of 4Solutions and Datamyne in 2017.</font></div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">18</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z1aee003e31384fb885449354134d2d43" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Liquidity and Capital Resources</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cash. </font>We had $32.8 million
                  and $35.1 million in cash as at October 31, 2018 and January 31, 2018, respectively. All cash was held in interest-bearing bank accounts, primarily with major Canadian, US and European banks.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Credit facility</font>. On March 2,
                  2016, we amended our revolving debt facility with a new senior secured credit facility. The credit facility consists of a $150.0 million revolving operating credit facility to be available for general corporate purposes including the
                  financing of ongoing working capital needs and acquisitions. With the approval of the lenders, the credit facility can be expanded to a total of $225.0 million. The credit facility also provides for an additional $7.5 million available to
                  support foreign exchange and interest rate hedging. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year term ending March 2, 2021. Borrowings under the credit facility are secured
                  by a first charge over substantially all of Descartes&#8217; assets. Depending on the type of advance, interest rates under the revolving operating portion of the credit facility are based on the Canada or US prime rate, Bankers&#8217; Acceptance
                  (BA) or London Interbank Offered Rate (LIBOR) plus an additional 0 to 200 basis points based on the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization, as defined in the credit agreement. A
                  standby fee of between 20 to 28 basis points will be charged on all undrawn amounts. The credit facility contains certain customary representations, warranties and guarantees, and covenants.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As at October 31, 2018, $99.4 million of the revolving operating credit facility remained available for use and the outstanding balance of
                  $50.6 million is required to be repaid prior to March 2, 2021. No amounts have been drawn on the facility available to support foreign exchange and interest rate hedging. We are in compliance with the covenants of the credit facility as
                  of October 31, 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Short-form base shelf prospectus.</font><font style="font-family: Verdana, BoldItalic, Verdana; font-size: 9.5pt;">&#160;</font><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On June 6, 2018, we filed a new final short-form base shelf prospectus (the
                    &#8220;Base Shelf Prospectus&#8221;), allowing us to offer and issue the following securities: (i) common shares; (ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription receipts; (v) warrants; and (vi)
                    securities comprised of more than one of the aforementioned common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. These securities may be offered separately or together, in
                    separate series, in amounts, at prices and on terms to be set forth in one or more shelf prospectus supplements. The aggregate initial offering price of securities that may be sold by us (or certain of our current or future
                    shareholders) pursuant to the Base Shelf Prospectus during the 25-month period that the Base Shelf Prospectus, including any amendments thereto, remains valid is limited to an aggregate of $750 million.</font></font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Working capital.</font> As at October
                  31, 2018, our working capital (current assets less current liabilities) was $7.3 million. Current assets primarily include $32.8 million of cash, $31.0 million of current trade receivables and $7.8 million of prepaid assets. Current
                  liabilities primarily include $28.3 million of deferred revenue, $27.4 million of accrued liabilities and $10.4 million of accounts payable. Our working capital has increased since January 31, 2018 by $0.1 million, primarily due to cash
                  generated from operations during the period offset by repayments on the credit facility.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, we have financed our operations and met our capital expenditure requirements primarily through cash flows provided from
                  operations, issuances of common shares and proceeds from debt. We anticipate that, considering the above, we have sufficient liquidity to fund our current cash requirements for working capital, contractual commitments, capital
                  expenditures and other operating needs. We also believe that we have the ability to generate sufficient amounts of cash in the long term to meet planned growth targets and to fund strategic transactions. Should additional future financing
                  be undertaken, the proceeds from any such transaction could be utilized to fund strategic transactions or for general corporate purposes. We expect, from time to time, to continue to consider select strategic transactions to create value
                  and improve performance, which may include acquisitions, dispositions, restructurings, joint</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">19</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">ventures and partnerships, and we may undertake further financing transactions, including draws on our credit facility or equity offerings, in
                  connection with any such potential strategic transaction.</font></div>
              <div><br>
              </div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">With respect to earnings of our non-Canadian subsidiaries, our intention is that these earnings will be reinvested in each subsidiary
                  indefinitely. Of the $32.8 million of cash held as at October 31, 2018, $23.6 million was held by our foreign subsidiaries, most significantly in the United States with lesser amounts held in other countries in the EMEA and Asia Pacific
                  regions. To date, we have not encountered significant legal or practical restrictions on the abilities of our subsidiaries to repatriate money to Canada, even if such restrictions may exist in respect of certain foreign jurisdictions
                  where we have subsidiaries. In the future, if we elect to repatriate the unremitted earnings of our foreign subsidiaries in the form of dividends, or if the shares of the foreign subsidiaries are sold or transferred, then we could be
                  subject to additional Canadian or foreign income taxes, net of the impact of any available foreign tax credits, which would result in a higher effective tax rate. We have not provided for foreign withholding taxes or deferred income tax
                  liabilities related to unremitted earnings of our non-Canadian subsidiaries, since such earnings are considered permanently invested in those subsidiaries or are not subject to withholding taxes.</font></div>
              <div>&#160;</div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The table set forth below provides a summary of cash flows for the periods indicated in millions of dollars:</font></div>
              <div><br>
              </div>
              <table id="zd80591ca69c148c68a6b865ba0e7874a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="vertical-align: top;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="6" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: center;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Third Quarter of</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="6" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">First Three Quarters of</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;"> 2019</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2019</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%;" valign="bottom">
                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash provided by operating activities</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19.2</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18.9</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">56.3</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                  <tr>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(9.4</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                  <tr>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9.9</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">68.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <tr>
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                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Credit facility repayments</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(18.0</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(53.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                  <tr>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <tr>
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                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Payment of contingent consideration</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <tr>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(0.4</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.5</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <tr>
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                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net change in cash</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(1.3</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">(2.3</font></div>
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                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">)</font></div>
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                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">(4.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">)</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, beginning of period</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">34.1</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">87.5</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">35.1</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">38.1</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
                      <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash, end of period</font></div>
                    </td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">32.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">33.3</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">32.8</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
                    <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
                      <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">33.3</font></div>
                    </td>
                    <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cash provided by operating activities</font>
                  was $56.3 million and $52.5 million for the first three quarters of 2019 and 2018, respectively, and $19.2 million and $18.9 million for the third quarter of 2019 and 2018, respectively. For the first three quarters of 2019, the $56.3
                  million of cash provided by operating activities resulted from $23.4 million of net income, plus adjustments for $36.4 million of non-cash items included in net income and less $3.5 million of cash used from changes in our operating
                  assets and liabilities. For the first three quarters of 2018, the $52.5 million of cash provided by operating activities resulted from $20.2 million of net income, plus adjustments for $29.8 million of non-cash items included in net
                  income and plus $2.5 million of cash provided from changes in our operating assets and liabilities. Cash provided by operating activities in the first three quarters of 2019 increased compared to the same period in 2018 primarily due to
                  an increase in net income.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the third quarter of 2019, the $19.2 million of cash provided by operating activities resulted from $7.9 million of net income, plus $12.8
                  million of adjustments for non-cash expenses included in net income and less $1.5 million of cash used from changes in our operating assets and liabilities. For the third quarter of 2018, the $18.9 million of cash provided by operating
                  activities resulted from $6.2 million of net income, plus $11.0 million of adjustments for non-cash expenses included in net income and plus $1.7 million of cash provided from changes in our operating assets and liabilities. Cash provided
                  by operating activities increased in the third quarter of 2019 compared to the same period in 2018 primarily due to an increase in net income partially offset by cash used from changes in our working capital.</font></div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">20</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Additions to property and equipment</font>
                  were $3.1 million and $3.9 million for the first three quarters of 2019 and 2018, respectively, and $1.1 million and $2.2 million for the third quarter of 2019 and 2018, respectively. Additions to property and equipment decreased in the
                  first three quarters of 2019 and third quarter of 2019 compared to the same periods of 2018 primarily due to the timing of payments.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Acquisition of subsidiaries, net of
                    cash acquired</font> were $67.9 million and $111.9 million for the first three quarters of 2019 and 2018, respectively, and $9.4 million and $86.2 million for the third quarter of 2019 and 2018, respectively. Acquisitions in the first
                  three quarters of 2019 related to Aljex, Velocity Mail and PinPoint. Acquisitions in the first three quarters of 2018 related to ShipRush, PCSTrac and MacroPoint.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Proceeds from borrowing on credit
                    facility </font>were $68.5 million and $80.0 million for the first three quarters of 2019 and 2018, respectively, and $9.9 million and $40.0 million for the third quarter of 2019 and 2018, respectively.&#160; In the first three quarters of
                  2019, the $68.5 million was a result of borrowings on our credit facility primarily to finance the acquisitions of Aljex, Velocity Mail and PinPoint. The borrowings on our credit facility in 2018 partially financed our acquisition of
                  MacroPoint.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Credit facility repayments</font>
                  were $53.5 million and $25.0 million for the first three quarters of 2019 and 2018, respectively, and $18.0 million and $25.0 million for the third quarter of 2019 and 2018, respectively.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Issuance of common shares, net of
                    issuance costs </font>were $0.4 million and $1.0 million for the first three quarters of 2019 and 2018, respectively, and nil and $0.5 million for the third quarter of 2019 and 2018, respectively. In the first three quarters of 2019,
                  the cash provided was a result of the exercise of employee stock options net of cash used to file the short-form base shelf prospectus. In the first three quarters and third quarter of 2018, the cash provided was a result of the exercise
                  of employee stock options.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Payment of contingent consideration</font>
                  was $1.5 million and nil for the first three quarters of 2019 and 2018, respectively and $1.5 million and nil for the third quarter of 2019 and 2018, respectively.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z82714bf127c94497bd8efc48156ea00b" border="0" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Commitments, Contingencies and Guarantees</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Commitments</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">To facilitate a better understanding of our commitments, the following information is provided (in millions of dollars) in respect of our
                  operating obligations as of October 31, 2018:</font></div>
              <div><br>
              </div>
              <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd1c96bbd61b544599330a9fa3eb52dca" cellpadding="0" cellspacing="0">

                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Less than</font></div>
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1 year</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1-3 years</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4-5 years</font></div>
                    </td>
                    <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">More than</font></div>
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">&#160;5 years</font></div>
                    </td>
                    <td style="width: 12.86%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">&#160;</td>
                    <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                    <td style="width: 12.86%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Debt obligations</font></div>
                    </td>
                    <td style="width: 11.9%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">50.6</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 12.14%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 12.86%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">50.6</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Operating lease obligations</font></div>
                    </td>
                    <td style="width: 11.9%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4.6</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4.7</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2.0</font></div>
                    </td>
                    <td style="width: 12.14%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1.0</font></div>
                    </td>
                    <td style="width: 12.86%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12.3</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Capital lease obligations</font></div>
                    </td>
                    <td style="width: 11.9%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.1</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 12.14%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
                    </td>
                    <td style="width: 12.86%; vertical-align: top;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.1</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 36.9%; vertical-align: top;">
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total</font></div>
                    </td>
                    <td style="width: 11.9%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.7</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">55.3</font></div>
                    </td>
                    <td style="width: 13.1%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.0</font></div>
                    </td>
                    <td style="width: 12.14%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1.0</font></div>
                    </td>
                    <td style="width: 12.86%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
                      <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">63.0</font></div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Debt Obligations</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9pt; color: #000000;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The debt obligations are comprised of principal repayments on
                    our credit facility. Interest, not included in the table above, is payable quarterly in arrears based on the applicable variable rate</font>.</font></div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">21</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Lease Obligations</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are committed under non-cancelable operating leases for business premises, computer equipment and vehicles with terms expiring at various
                  dates through 2027. We are also committed under non-cancelable capital leases for computer equipment expiring at various dates through 2021. The future minimum amounts payable under these lease agreements are presented in the table above.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other Obligations</u></font></font></div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Deferred Share Unit (&#8220;DSU&#8221;) and Cash-settled Restricted Share Unit (&#8220;CRSU&#8221;) Plans</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As discussed in the &#8220;Trends / Business Outlook&#8221; section later in this MD&amp;A and in Note 2 to the audited consolidated financial statements
                  for 2018 included in our 2018 Annual Report, we maintain DSU and CRSU plans for our directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability
                  recognized at any given consolidated balance sheet date reflects only those units vested at that date that have not yet been settled in cash. As such, we had an unrecognized aggregate amount for the unvested CRSUs and unvested DSUs of
                  $1.0 million and $0.2 million, respectively, at October 31, 2018. The ultimate liability for any payment of DSUs and CRSUs is dependent on the trading price of our common shares. To offset our exposure to fluctuations in our stock price,
                  we have entered into equity derivative contracts, including floating-rate equity forwards. As at October 31, 2018, we had equity derivatives for 273,000 Descartes common shares.</font></div>
              <div><br>
              </div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Contingencies</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. The consequences of
                  these matters are not presently determinable but, in the opinion of management after consulting with legal counsel, the ultimate aggregate liability is not currently expected to have a material effect on our results of operations or
                  financial position.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Product Warranties</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we provide our customers with product warranties relating to the performance of our hardware, software and
                  services. To date, we have not encountered material costs as a result of such obligations and have not accrued any liabilities related to such obligations in our consolidated financial statements.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Business combination agreements</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In respect of our acquisitions of Appterra, ShipRush and PinPoint up to $3.8 million in cash may become payable in future periods if certain
                  revenue performance targets are met in the two years following the acquisition date. A balance of $1.4 million is accrued related to the fair value of this contingent consideration as at October 31, 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Guarantees</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of business, we enter into a variety of agreements that may contain features that meet the definition of a guarantee
                  under ASC Topic 460, &#8220;Guarantees&#8221;. The following lists our significant guarantees:</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Intellectual property indemnification obligations</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We provide indemnifications of varying scope to our customers against claims of intellectual property infringement made by third parties
                  arising from the use of our products. In the event of such a claim, we are generally obligated to defend our customers against the claim and we are liable to pay damages and costs assessed against our customers that are payable as part of
                  a final judgment or settlement. These intellectual property infringement indemnification clauses are not generally subject to any dollar limits and remain in force for the term of our license and services agreements with our customers,
                  where license terms are typically perpetual. To date, we have not encountered material costs as a result of such indemnification obligations.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other indemnification agreements</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we enter into various agreements that provide general indemnities. These indemnities typically arise in
                  connection with purchases and sales of assets, securities offerings or buy-backs, service contracts, administration of employee benefit plans, retention of officers and directors,</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">membership agreements, customer financing transactions, and leasing transactions. In addition, our corporate by-laws provide for the
                  indemnification of our directors and officers. Each of these indemnities requires us, in certain circumstances, to compensate the counterparties for various costs resulting from breaches of representations or obligations under such
                  arrangements, or as a result of third party claims that may be suffered by the counterparty as a consequence of the transaction. We believe that the likelihood that we could incur significant liability under these obligations is remote.
                  Historically, we have not made any significant payments under such indemnities.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In evaluating estimated losses for the guarantees or indemnities described above, we consider such factors as the degree of probability of an
                  unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. We are unable to make a reasonable estimate of the maximum potential amount payable under such guarantees or indemnities as many of these
                  arrangements do not specify a maximum potential dollar exposure or time limitation. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Given the foregoing, to date, we have not accrued any
                  liability in our financial statements for the guarantees or indemnities described above.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z29df145581444d18bcadd4484537854f" border="0" cellpadding="0" cellspacing="0">

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                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Outstanding Share Data</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We have an unlimited number of common shares authorized for issuance. As at November 28, 2018, we had 76,864,566 common shares issued and
                  outstanding.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">At the annual meeting of shareholders held on May 26, 2016, the shareholders of the Corporation approved the addition of 4,500,000 options to
                  the Corporation&#8217;s stock option plan. As of November 28, 2018, there were 881,838 options issued and outstanding, and 4,002,938 remaining available for grant under all stock option plans.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">At the annual meeting of shareholders held on June 1, 2017, the shareholders of the Corporation approved the addition of a further 1,500,000
                  units to the Corporation&#8217;s performance and restricted share unit plan.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As of November 28, 2018, there were 530,383 performance share units (&#8220;PSUs&#8221;) and 337,066 restricted share units (&#8220;RSUs&#8221;) issued and
                  outstanding, and 1,410,743 remaining available for grant under all performance and restricted share unit plans.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On November 30, 2004, we announced that our board of directors had adopted a shareholder rights plan (the &#8220;Rights Plan&#8221;) to ensure the fair
                  treatment of shareholders in connection with any take-over offer, and to provide our board of directors and shareholders with additional time to fully consider any unsolicited take-over bid. We did not adopt the Rights Plan in response to
                  any specific proposal to acquire control of the Company. The Rights Plan was approved by the TSX and was originally approved by our shareholders on May 18, 2005. The Rights Plan took effect as of November 29, 2004. An amended and restated
                  Rights Plan was ratified by shareholders at our annual shareholders&#8217; meeting held on June 1, 2017. We understand that the Rights Plan is similar to plans adopted by other Canadian companies and approved by their shareholders.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
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                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Application of Critical Accounting Policies</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Preparing financial statements requires
                  management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are affected by management&#8217;s application of accounting policies. Estimates are
                  deemed critical when a different estimate could have reasonably been used or where changes in the estimates are reasonably likely to occur from period to period and would materially impact our financial condition or results of</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">23</font></div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">operations. Our significant accounting policies are discussed in Note 2 to the audited consolidated financial statements for 2018 included in
                  our 2018 Annual Report.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our management has discussed the development, selection and application of our critical accounting policies with the audit committee of the
                  board of directors.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition to those identified in our 2018 Annual Report, the following reflect our more significant estimates, judgments and assumptions
                  which we believe are the most critical to aid in fully understanding and evaluating our reported financial results for the period ended October 31, 2018:</font></div>
              <div style="text-align: justify;">
                <div>
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                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue recognition;</font></div>
                        </td>
                      </tr>

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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a4508423f064f85afa37f9572935823" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Impairment of long-lived assets;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5aee4aef8864e19b60d6a8d5531230a" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill;</font></div>
                        </td>
                      </tr>

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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08e816b5afa44e5ab3f5687e32a7a381" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Stock-based compensation;</font></div>
                        </td>
                      </tr>

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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d75cafe6c3640e898796d7458160eea" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Income taxes; and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41d169771b2649b3a0c6be6bb602ead1" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Business combinations.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Except for the changes below, the significant accounting policies are unchanged from those disclosed in the Company&#8217;s 2018
                  Annual Report.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenue recognition</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we
                  expect to receive in exchange for those goods or services. We enter into contracts that can include various combinations of goods and services, which are generally capable of being distinct and accounted for as separate performance
                  obligations. A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the promise to transfer the good or service is separately identifiable from other promises
                  in the contractual arrangement with the customer. Non-distinct goods and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The consideration (including any discounts) is allocated between separate goods and services in a bundle on a relative basis based on their
                  standalone selling prices (&#8220;SSP&#8221;). Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. In addition to these general policies, the specific revenue recognition
                  policies for each major category of revenue are included below.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>License</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues for distinct licenses for on-premise or hosted software are derived from perpetual licenses granted to our customers for the right to
                  use our software products. License revenues are billed on the effective date of a contract and revenue is recognized at the point in time when the customer is provided control of the respective software.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Services</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services, which allow customers to access hosted software over a contract term without taking possession of the software, is provided on a
                  subscription and/or transactional fee basis. Revenues from hosted software subscriptions and maintenance are typically billed annually in advance and revenue is recognized on a ratable basis over the contract term beginning on the date
                  that our service is made available to the customer. Transaction fees are typically billed and recognized as revenue on a monthly basis based on the customer usage for that period.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Professional Services &amp; Other</u></font></font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services are comprised of consulting, implementation and training services related to our services and products. These services
                  are generally considered to be separate performance obligations as they provide incremental benefit to customers beyond providing access to the software. Professional services are typically billed on a time and materials basis and revenue
                  is recognized over time as the services are performed. For professional services contracts billed on a fixed price basis, revenue is recognized over time based on the proportion of services performed. Revenue related to customer</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">24</font></div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">reimbursement of travel related expenses is recognized on a gross basis as incurred. Other revenues include hardware revenue and is generally
                  billed, and revenue is recognized, when control of the product has transferred under the terms of an enforceable contract.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Costs to Obtain a Contract with a Customer</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the costs to be recoverable. We have
                  determined that certain sales incentive programs meet the requirements to be capitalized. These capitalized costs are amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates,
                  including specifically identifiable contract renewals. The period of benefit including renewals is determined to be generally between four to six years, taking into consideration our customer contracts, our technology, renewal behaviors
                  and other factors. Amortization of the asset is included in sales and marketing expenses in the accompanying unaudited condensed consolidated statements of operations. Applying the practical expedient, we recognize the incremental costs
                  of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Contract Assets and Liabilities</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">The payment terms and conditions in our customer contracts
                    may vary from the timing of revenue recognition. In some cases, customers pay in advance of delivery of products or services; in other cases, payment is due as services are performed or in arrears following delivery. Timing differences
                    between revenue recognition and invoicing result in unbilled receivables, contract assets, or deferred revenue. Receivables are accrued when revenue is recognized prior to invoicing but the right to payment is unconditional (i.e., only
                    the passage of time is required). This occurs most commonly when software term licenses recognized at a point in time are paid for periodically over the license term. Contract assets result when amounts allocated to distinct performance
                    obligations are recognized when or as control of a product or service is transferred to the customer, but invoicing is contingent on performance of other performance obligations or on completion of contractual milestones and is
                    presented as other receivables. Contract assets are transferred to receivables when the rights become unconditional, typically upon invoicing of the related performance obligations in the contract or upon achieving the requisite project
                    milestone. </font>Contract liabilities primarily relate to the advance consideration received from customers and is presented as deferred revenue. <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Deferred




                    revenue results from customer payments in advance of our satisfaction of the associated performance obligation(s) and relates primarily to prepaid maintenance or other recurring services. Deferred revenues are relieved as revenue is
                    recognized. Contract assets and deferred revenues are reported on a contract-by-contract basis at the end of each reporting period.</font></font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Significant Judgments</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our contracts with customers often include promises to transfer multiple goods and services to a customer. Determining whether goods and
                  services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Judgment is also needed in assessing the ability to collect the corresponding receivables.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Judgment is required to determine the SSP for each distinct performance obligation, which is needed to determine whether there is a discount
                  that needs to be allocated based on the relative SSP of the various goods and services. In order to determine the SSP of its promised goods or services, we conduct a regular analysis to determine whether various goods or services have an
                  observable standalone selling price. If the Company does not have an observable SSP for a particular good or service, then SSP for that particular good or service is estimated using reasonably available information and maximizing
                  observable inputs with approaches including historical pricing, cost plus a margin, adjusted market assessment, and the residual approach.</font></div>
              <div><br>
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              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z5e06cee7befb4b5c870b5a4821b0737a" border="0" cellpadding="0" cellspacing="0">

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                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Change In / Initial Adoption of Accounting Policies</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic; color: #000000;">Recently adopted accounting pronouncements</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In May 2014, the FASB issued Accounting Standards Update 2014-09, &#8220;Revenue from Contracts with Customers&#8221; (&#8220;ASC 606&#8221;). ASC 606 supersedes the
                  revenue recognition requirements in ASC Topic 605, &#8220;Revenue Recognition&#8221; ("ASC 605") and nearly all other existing revenue recognition guidance under US GAAP. The core principle of ASC 606 is to recognize revenues when promised goods or
                  services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 is effective for annual periods, and interim periods within those annual periods,
                  beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company has adopted ASC 606 in the first quarter of fiscal 2019 using the cumulative effect method and therefore the comparative
                  information has not been restated and continues to be reported under ASC 605. The details of the significant changes and quantitative impact of the changes are set out below.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Term-based licenses</u></font></font></div>
              <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Under ASC 605, revenue attributable to term-based arrangements was recognized ratably over the term of the arrangement
                  because Vendor Specific Objective Evidence did not exist for the undelivered maintenance and support element of the arrangement. Under ASC 606, the Company has deemed the licenses to be distinct from other performance obligations. Revenue
                  allocated to the distinct license based on the SSP is recognized at the time that both the right-to-use the software has commenced for the term and the software has been made available to the customer.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Costs to obtain a contract</u></font></font></div>
              <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Under the Company&#8217;s previous accounting policies, the Company generally expensed commission costs paid to employees or
                  third parties to obtain customer contracts as incurred. Under ASC 606, the Company allocates these incremental commission costs to the various performance obligations to which they relate using the relative selling price allocation for
                  bundled commissions. For performance obligations not delivered upfront, the allocated commissions are deferred and amortized over the pattern of transfer of the related performance obligation. If the expected amortization period for all
                  performance obligations in a contract with a customer is one year or less, the commission fee is expensed when incurred. Capitalized costs to obtain a contract are included in other long-term assets on the consolidated balance sheet.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The adoption of ASC 606 resulted in an increase to contract assets of $0.5 million, an increase to other long-term assets of $4.2 million, an
                  increase to the liability for deferred income taxes of $1.1 million and a decrease to accumulated deficit of $3.6 million, as of February 1, 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2016, the FASB issued Accounting Standards Update 2016-01, &#8220;Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and
                  Measurement of Financial Assets and Financial Liabilities&#8221; (&#8220;ASU 2016-01&#8221;). ASU 2016-01 supersedes the guidance to classify equity securities with readily determinable fair values into different categories reducing the number of items
                  that are recognized in other comprehensive income as well as simplifying the impairment assessment of equity investments without readily determinable fair values. ASU 2016-01 is effective for annual periods, and interim periods within
                  those annual periods, beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. The adoption of this standard did not
                  have a material impact on our results of operations or disclosures.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In August 2016, the FASB issued Accounting Standards Update 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash
                  Receipts and Cash Payments&#8221; (&#8220;ASU 2016-15&#8221;). ASU 2016-15 clarifies the presentation and classification in the statement of cash flows. ASU 2016-15 is effective for annual periods, and interim periods within those annual periods, beginning
                  after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our results of operations or disclosures.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In October 2016, the FASB issued Accounting Standards Update 2016-16, &#8220;Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than
                  Inventory&#8221; (&#8220;ASU 2016-16&#8221;). ASU 2016-16 requires the recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for annual periods, and
                  interim periods within those annual periods, beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. As a result of
                  adoption, the balance of unamortized deferred tax charges was written-off and previously unrecognized deferred income tax assets in certain jurisdictions were recognized. The change was applied on a modified retrospective basis, and no
                  prior periods were restated. Accordingly, we have recognized a decrease of $4.0 million in accumulated deficit as a result of the adoption of this change in accounting policy.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2017, the FASB issued Accounting Standards Update 2017-01, &#8220;Business Combinations (Topic 805): Clarifying the Definition of a
                  Business&#8221; (&#8220;ASU 2017-01&#8221;). ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual
                  periods, and interim periods within those annual periods, beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. The
                  adoption of this standard did not have a material impact on our results of operations or disclosures.</font></div>
              <div><br>
              </div>
              <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Recently issued accounting pronouncements</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In February 2016, the FASB issued Accounting Standards Update 2016-02, &#8220;Leases (Topic 842)&#8221; (&#8220;ASU 2016-02&#8221;) and issued subsequent amendments
                  to the initial guidance during 2018, collectively referred to as &#8220;Topic 842&#8221;. These updates supersede the lease guidance in ASC Topic 840, &#8220;Leases&#8221; and require the recognition of lease assets and lease liabilities by lessees for those
                  leases previously classified as operating leases under ASC Topic 840. Topic 842 can be applied either (i) retrospectively to each prior reporting period presented with the option to elect certain practical expedients; or (ii)
                  retrospectively with the cumulative effect recognized at the date of initial application and providing certain additional disclosures (the &#8220;cumulative effect approach&#8221;). Topic 842 is effective for annual periods, and interim periods
                  within those annual periods, beginning after December 15, 2018, which will be our fiscal year beginning February 1, 2019 (fiscal 2020). The Company will adopt this guidance using the cumulative effect approach in the first quarter of
                  fiscal 2020.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are currently evaluating the effects that the adoption of Topic 842 will have on our results of operations, financial position and
                  disclosures. To date we have established a project team with the objective of evaluating the effect that Topic 842 will have on our consolidated financial statements, related disclosures, business processes, systems and controls. We are
                  analyzing the impact of the new standard on our leases by reviewing current accounting policies, practices and our lease contracts to identify potential differences that would result from applying the requirements of the new standard. In
                  parallel, we are assessing the changes to our business processes, systems and controls in order to support recognition and disclosure under the new standard. While we are continuing to assess all potential impacts of the new standard, we
                  anticipate that the most significant impact will relate to an increase in assets and liabilities, as we will be required to record a right-of-use asset and a corresponding lease liability in our consolidated financial statements, as well
                  as additional disclosures about leasing arrangements</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In June 2016, the FASB issued Accounting Standards Update 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit
                  Losses on Financial Instruments&#8221; (&#8220;ASU 2016-13&#8221;). ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for annual periods, and interim periods within those annual
                  periods, beginning after December 15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2021 and is currently
                  evaluating the impact that the adoption will have on its results of operations, financial position and disclosures.</font></div>
              <div><br>
              </div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2017, the FASB issued Accounting Standards Update 2017-04, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Simplifying the Test for
                  Goodwill Impairment&#8221; (&#8220;ASU 2017-04&#8221;). ASU 2017-04 simplifies how an entity is required to test goodwill for impairment. ASU 2017-04 is effective for annual periods, and interim periods within those annual periods, beginning after December
                  15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2021. The adoption of this amendment is not expected to
                  have a material impact on our results of operations or disclosures.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In August 2018, the FASB issued Accounting Standards Update 2018-15, &#8220;Intangibles &#8211; Goodwill and Other &#8211; Internal-Use Software (Subtopic
                  350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract&#8221; (&#8220;ASU 2018-15&#8221;). ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting
                  arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">obtain internal-use software. ASU 2018-15 is effective for annual periods, and interim periods within those annual periods, beginning after
                  December 15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The adoption of this amendment is not expected to have a material impact on our results of operations or disclosures.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7d0310a8e0064354b32e9db87bc0748b" border="0" cellpadding="0" cellspacing="0">

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                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Controls and Procedures</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">During the period beginning on August 1, 2018 and ended on October 31, 2018, no changes were made to the Company&#8217;s internal control over
                  financial reporting that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
              <table style="border-collapse: collapse; width: 50%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z3a193e6e0353421b99d2fa32484a588d" border="0" cellpadding="0" cellspacing="0">

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                    <td style="width: 100%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Trends / Business Outlook</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">This section discusses our outlook for fiscal 2019 and in general as of the date of this MD&amp;A and contains forward-looking statements.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business may be impacted from time to time by the general cyclical and seasonal nature of particular modes of transportation and the
                  freight market in general, as well as the cyclical and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation or the freight market in general include
                  legal and regulatory requirements, timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related events that
                  impact shipping in particular geographies and amendments to international trade agreements. Since some of our revenues from particular products and services are tied to the volume of shipments being processed, adverse fluctuations in the
                  volume of global shipments or shipments in any particular mode of transportation may adversely affect our revenues. Significant declines in shipment volumes could likely have a material adverse effect on our business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Industry consolidation, rapid technological change and frequent new product introductions and enhancements continue to characterize the
                  software and services industries &#8211; particularly for logistics management technology companies. Organizations are increasingly requiring greater levels of functionality and more sophisticated product offerings from their software and
                  services providers.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increased importance is being placed on leveraging cloud-based technology to better manage logistics processes and to connect and collaborate
                  with trading partners on a global basis, as well as to reuse and share supply chain data in order to accelerate time-to-value. Cloud-based technology also enables business networks to more easily unite and integrate services provided by a
                  broad range of partners and</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">technology alliances to extend functionality and further enhance collaboration between business communities. As a result, we believe there is
                  a trend away from using manual and paper-based supply chain and logistics processes towards electronic processes powered by the exchange of electronic information between logistics and supply chain participants.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accordingly, we expect that our future success will be dependent upon our ability to enhance current products or develop and introduce new
                  products offering enhanced performance and new functionality at competitive prices. In particular, we believe customers are looking for end-to-end solutions that combine a multi-modal, multi-process network with business document exchange
                  and wireless mobile resource management (&#8220;MRM&#8221;) applications with end-to-end global trade compliance, trade content and collaborative supply chain execution applications. These applications include freight bookings, contract and rate
                  management, classification of goods for tariff and duty purposes, sanctioned party screening, customs filings and electronic shipment manifest processes, transportation management, routing and scheduling, purchase order to dock door
                  processes, and inventory visibility.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We believe there is a continued acceptance of subscription pricing and SaaS business models in the markets we serve that provide lower
                  up-front cost and easier-to-maintain alternatives than may be available through traditional perpetual license pricing models. In the first three quarters of fiscal 2019, our services revenues comprised 88% of our total revenues, with the
                  balance being license, professional services and other revenues. We expect that our focus in fiscal 2019 will remain on generating services revenues, primarily by promoting the use of our GLN (including customs compliance services) and
                  the migration of customers using our legacy license-based products to our services-based architecture. We anticipate maintaining the flexibility to license our products to those customers who prefer to buy the products in that fashion and
                  the composition of our revenues in any one quarter will be impacted by the buying preferences of our customers.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We have significant contracts with our license customers for ongoing support and maintenance, as well as significant service contracts which
                  provide us with recurring services revenues. After their initial term, our service contracts are generally renewable at a customer&#8217;s option, and there are generally no mandatory payment obligations or obligations to license additional
                  software or subscribe for additional services. For fiscal 2019, based on our historic experience, we anticipate that over a one-year period we may lose approximately 4% to 6% of our aggregate annualized recurring revenues in the ordinary
                  course.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We internally measure and manage our &#8220;baseline calibration,&#8221; a non-GAAP financial measure, which we define as the difference between our
                  &#8220;baseline revenues&#8221; and &#8220;baseline operating expenses&#8221;. <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">We define our &#8220;baseline revenues,&#8221; </font>a non-GAAP financial measure, <font style="font-family:
                    Verdana, sans-serif; font-size: 9.5pt; color: #000000;">as our visible, recurring and contracted revenues. Baseline revenues are not a projection of anticipated total revenues for a period as they exclude any anticipated or expected new
                    sales for a period beyond the date that the baseline revenues are measured. </font>We define our &#8220;baseline operating expenses,&#8221; a non-GAAP financial measure, as our total expenses less <font style="font-family: Verdana, sans-serif;
                    font-size: 9.5pt; color: #000000;">interest, investment income, taxes, depreciation and amortization, stock-based compensation (for which we include related costs and taxes), acquisition-related costs and restructuring charges. Baseline
                    operating expenses are not a projection of anticipated total expenses for a period as they exclude any expenses associated with anticipated or expected new sales for a period beyond the date that the baseline expenses are measured. </font>Our




                  baseline calibration is not a projection of net income for a period as determined in accordance with GAAP, or adjusted earnings before interest, taxes, depreciation and amortization for a period as it excludes anticipated or expected new
                  sales for a period beyond the date that the baseline calibration is measured, excludes any costs of goods sold or other expenses associated with such new sales, and excludes the expenses identified as excluded in the definition of
                  &#8220;baseline operating expenses,&#8221; above. We calculate and disclose &#8220;baseline revenues,&#8221; &#8220;baseline operating expenses&#8221; and &#8220;baseline calibration&#8221; because management uses these metrics in determining its planned levels of expenditures for a
                  period and we believe this information is useful to our investors. However, because these metrics are limited estimated operating metrics that do not have comparable GAAP measures, we are unable to provide quantitative reconciliations of
                  these measures to GAAP measures without unreasonable efforts and accordingly are omitting this information. These metrics are estimated operating metrics and not projections, nor actual financial results, and are not indicative of current
                  or future performance. These metrics do not have a standardized meaning prescribed by GAAP and are unlikely to</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">be comparable to similarly-titled metrics used by other companies and are not a replacement or proxy for any GAAP measure. At November 1,
                  2018, using foreign exchange rates of $0.76 to CAD $1.00, $1.14 to EUR 1.00 and $1.28 to &#163;1.00, we estimated that our baseline revenues for the fourth quarter of 2019 are approximately $67.0 million and our baseline operating expenses are
                  approximately $47.3 million. We consider this to be our baseline calibration of approximately $19.7 million for the fourth quarter of 2019, or approximately 29% of our baseline revenues as at November 1, 2018.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We estimate that aggregate amortization expense for existing intangible assets will be $9.7 million for the remainder of 2019, $38.7 million
                  for 2020, $35.3 million for 2021, $31.0 million for 2022, $23.7 million for 2023, $12.3 million for 2024, and $35.1 million thereafter. Expected future amortization expense is based on the level of existing intangibles at October 31,
                  2018, and is subject to fluctuations in foreign exchange rates and assumes no future adjustments or impairment of existing intangible assets.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We anticipate that stock-based compensation expense for the remainder of fiscal 2019 will be approximately $0.9 to $1.1 million, subject to
                  any necessary adjustments resulting from actual stock-based compensation forfeitures and fluctuations in foreign exchange rates.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">We performed our annual goodwill impairment tests in accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Other&#8221; (&#8220;ASC
                  Topic 350&#8221;) as at October 31, 2018 and determined that there was no evidence of impairment. We are currently scheduled to perform our next annual impairment test during the third quarter of fiscal 2020. We will continue to perform
                  quarterly analyses of whether any event has occurred</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">that would more likely than not reduce our enterprise value below our carrying amounts and, if so, we will perform a goodwill
                  impairment test between the annual dates. The likelihood of any future impairment increases if our public market capitalization is adversely impacted by global economic, capital market or other conditions for a sustained period of time.
                  Any future impairment adjustment will be recognized as an expense in the period that such adjustment is identified.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the first three quarters of 2019, capital expenditures were $3.1 million or approximately 2% of revenues, as we continue to invest in
                  computer equipment and software to support our network and build out our infrastructure. We anticipate that we will incur approximately $1.0 million to $1.5 million in capital expenditures in the remainder of fiscal 2019 primarily related
                  to investments in our network and security infrastructure.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">We conduct business in a variety of foreign currencies and, as a result, our foreign operations are subject to foreign
                  exchange fluctuations. Our businesses operate in their local currency environment and use their local currency as their functional currency. Assets and liabilities of foreign operations are translated into US dollars at the exchange rate
                  in effect at the balance sheet date. Revenues and expenses of foreign operations are translated using daily exchange rates. Translation adjustments resulting from this process are accumulated in other comprehensive income (loss) as a
                  separate component of shareholders&#8217; equity. Transactions incurred in currencies other than the functional currency are converted to the functional currency at the transaction date. All foreign currency transaction gains and losses are
                  included in net income. Some of our cash is held in foreign currencies. We currently have no specific hedging program in place to address fluctuations in international currency exchange rates. We can make no accurate prediction of what
                  will happen with international currency exchange rates going forward. However, if the US dollar was to weaken in comparison to foreign currencies, then we anticipate this will increase the expenses of our business and have a negative
                  impact on our results of operations. By way of illustration, 68% of our revenues in the third quarter of fiscal 2019 were in US dollars, 16% in euro, 7% in Canadian dollars, 3% in British pound sterling, and the balance in mixed
                  currencies, while 51% of our operating expenses were in US dollars, 17% in euro, 18% in Canadian dollars, 4% in British pound sterling, and the balance in mixed currencies.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our tax expense for a period is difficult to predict as it depends on many factors, including the actual jurisdictions in which income is
                  earned, the tax rates in those jurisdictions, the amount of deferred tax assets relating to the jurisdictions and the valuation allowances relating to those tax assets. We can provide no assurance as to the timing or amounts of any income
                  tax expense or recovery, nor can we</font></div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">provide any assurance that our current valuation allowance for deferred tax assets will not need to be adjusted further.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we have made reasonable estimates of
                  the effects and recorded provisional amounts in our consolidated financial statements as of January 31, 2018. The net tax recovery recognized in the fourth quarter of 2018 related to the Tax Act was $0.7 million. As we collect and prepare
                  necessary data and interpret the Tax Act and any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service, and other bodies, we may make adjustments to the provisional amounts. Those adjustments will impact
                  our provision for income taxes and effective tax rate in the period in which the adjustments are made. The accounting for the tax effects of the Tax Act will be completed in fiscal 2019. Additional impacts from the enactment of the Tax
                  Act will be recorded as they are identified during the measurement period as provided for in SAB 118. During the first three quarters of 2019, we recognized an adjustment to increase tax expense by $0.1 million related to the Tax Act.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We anticipate that our effective tax rate will be approximately 23% to 26% in the fourth quarter of fiscal 2019.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We intend to continue to actively explore business combinations to add complementary services, products and customers to our existing
                  businesses. We also intend to continue to focus our acquisition activities on companies that are targeting the same customers as us and processing similar data and, to that end, we listen to our customers&#8217; suggestions as they relate to
                  acquisition opportunities. Depending on the size and scope of any business combination, or series of business combinations, we may choose or need to use our existing credit facility or need to raise additional debt or equity capital.<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">&#160;</font>However, there can be no assurance that we will be able to undertake such a financing transaction. If we use debt in connection with acquisition
                  activity, we will incur additional interest expense from the date of the draw under such facility.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Certain future commitments are set out above in the section of this MD&amp;A called &#8220;Commitments, Contingencies and Guarantees&#8221;. We believe
                  that we have sufficient liquidity to fund our current operating and working capital requirements, including the payment of these commitments.</font></div>
              <div><br>
              </div>
              <div><br>
              </div>
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                      <div>&#160;</div>
                      <div>&#160;</div>
                      <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Certain Factors That May Affect Future Results</font></div>
                      <div>&#160;</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">Any investment in us will be subject to risks inherent to our business. Before making an investment decision, you should
                  carefully consider the risks described below together with all other information included in this report. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that we are not
                  aware of or have not focused on, or that we currently deem immaterial, may also impair our business operations. This report is qualified in its entirety by these risk factors.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;">If any of the risks actually occur, they could materially adversely affect our business, financial condition, liquidity or
                  results of operations. In that case, the trading price of our securities could decline and you may lose all or part of your investment.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We may have difficulties identifying, successfully integrating or maintaining or growing our acquired
                  businesses.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Businesses that we acquire may sell products or services that we have limited experience operating or managing. We may experience
                  unanticipated challenges or difficulties identifying suitable acquisition candidates, integrating their businesses into our company, maintaining these businesses at their current levels or growing these businesses. Factors that may impair
                  our ability to identify, successfully integrate, maintain or grow acquired businesses may include, but are not limited to:</font></div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges identifying suitable businesses to buy and negotiating the acquisition of those businesses on acceptable terms;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
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              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges completing the acquisitions within our expected time frames and budgets;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb1fe5f0fac714632887fd176de7dcbaf" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Challenges in integrating acquired businesses with our business;</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e67b445d9fc44eaaf873c30a3f78f5f" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Loss of customers of the acquired business;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fbb6c6355de435eb05978b9853cef8d" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Loss of key personnel from the acquired business, such as former executive officers or key technical personnel;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compatible business cultures;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d70eac99ee74044bff29f0899e0ce78" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For regulatory compliance businesses, changes in government regulations impacting electronic regulatory filings or import/export compliance, including changes
                              in which government agencies are responsible for gathering import and export information;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd988489bd1d421c8fb0d5a0ea84fcde" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulties in gaining necessary approvals in international markets to expand acquired businesses as contemplated;</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc06f84711592493d8a65692ebb8e5504" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our inability to obtain or maintain necessary security clearances to provide international shipment management services;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our failure to make appropriate capital investments in infrastructure to facilitate growth; and</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaee9c338eeb64f38bc1008fb03d86c82" cellpadding="0" cellspacing="0">

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                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors identified in this report.</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We may fail to properly respond to any of these risks, which may have a material adverse effect on our business results.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Investments in acquisitions and other business initiatives involve a number of risks that could harm
                  our business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We have in the past acquired, and in the future, expect to seek to acquire, additional products, services, customers, technologies and
                  businesses that we believe are complementary to ours. For example, in fiscal 2019 we acquired Aljex, Velocity Mail and PinPoint. In fiscal 2018 we acquired ShipRush, PCSTrac and MacroPoint. In fiscal 2017, we acquired Pixi, Appterra,
                  4Solutions and Datamyne. We are unable to predict whether or when we will be able to identify any appropriate products, technologies or businesses for acquisition, or the likelihood that any potential acquisition will be available on
                  terms acceptable to us or will be completed. We also, from time to time, take on investments in other business initiatives, such as the implementation of new systems or purchase of marketable securities.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisitions and other business initiatives involve a number of risks, including: substantial investment of funds, diversion of management&#8217;s
                  attention from current operations; additional demands on resources, systems, procedures and controls; and disruption of our ongoing business. Acquisitions specifically involve risks, including: difficulties in integrating and retaining
                  all or part of the acquired business, its customers and its personnel; assumption of disclosed and undisclosed liabilities; dealing with unfamiliar laws, customs and practices in foreign jurisdictions; and the effectiveness of the
                  acquired company&#8217;s internal controls and procedures. In addition, we may not identify all risks or fully assess risks identified in connection with an investment. As well, by investing in such initiatives, we may deplete our cash
                  resources or dilute our shareholder base by issuing additional shares. Furthermore, for acquisitions, there is a risk that our valuation assumptions, customer retention expectations and our models for an acquired product or business may
                  be erroneous or inappropriate due to foreseen or unforeseen circumstances and thereby cause us to overvalue an acquisition target. There is also a risk that the contemplated benefits of an acquisition or other investment may not
                  materialize as planned or may not materialize within the time period or to the extent anticipated. The individual or combined effect of these risks could have a material adverse effect on our business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">System or network failures, information security breaches or other cyber-security threats in connection
                  with our services and products could reduce our sales, impair our reputation, increase costs or result in liability claims, and seriously harm our business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We rely on information technology networks and systems to process, transmit and store electronic information. Any disruption to our services
                  and products, our own information systems or communications networks or those of third-party providers on which we rely as part of our own product offerings could result in the inability of our customers to receive our products for an
                  indeterminate period of time. Our ability to deliver our products and services depends on the development and maintenance of internet infrastructure by third parties. This includes maintenance of reliable networks with the necessary
                  security, speed, data capacity and bandwidth. While our services are designed to operate without interruption, we</font></div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">have experienced, and may in the future experience, interruptions and delays in services and availability from time to time. In the event of a
                  catastrophic event with respect to one or more of our systems, we may experience an extended period of system unavailability, which could negatively impact our relationship with customers. Our services and products may not function
                  properly for reasons which may include, but are not limited to, the following:</font></div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">System or network failure;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zffb3d8bffe50432d9695bd2fa887f4c2" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Software errors, failures and crashes;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8a9ffe07b444302932f2ad2e2c03736" cellpadding="0" cellspacing="0">

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                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Interruption in the supply of power;</font></div>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58e405da02b74e91b9e209a78a4de5ab" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Virus proliferation or malware;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a9f17e899c7466db91d8f10a2202c81" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Communications failures;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b35a8f000094fd481c5eb94c9c19b85" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Information or infrastructure security breaches;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c293959a8c347b693ca22653747e6b2" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Insufficient investment in infrastructure;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a48af1caa224d159ee6e2b1aedf7f91" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earthquakes, fires, floods, natural disasters, or other force majeure events outside our control; and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9811f79679e4ef2a7548d52cd32efcc" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 18pt;"><br>
                        </td>
                        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acts of war, sabotage, cyber-attacks, denial-of-service attacks and/or terrorism.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition, any disruption to the availability of customer information, or any compromise to the integrity or confidentiality of customer
                  information in our systems or networks, or the systems or networks of third parties on which we rely, could result in our customers being unable to effectively use our products or services or being forced to take mitigating actions to
                  protect their information. Back-up and redundant systems may be insufficient or may fail and result in a disruption of availability of our products or services to our customers or the integrity or availability of our customers&#8217;
                  information.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">involving certain types of personal data and in some cases our agreements with certain customers require us to notify them in the event of a
                  security incident. Such mandatory disclosures could lead to negative publicity and may cause our current and prospective customers to lose confidence in the effectiveness of our data security measures. Moreover, if a high-profile security
                  breach occurs with respect to another SaaS provider, customers may lose trust in the security of the SaaS business model generally, which could adversely impact our ability to retain existing customers or attract new ones.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Any actual or perceived threat of disruption to our services or any compromise of customer information could impair our reputation and cause
                  us to lose customers or revenue, or face litigation, necessitate customer service or repair work that would involve substantial costs and distract management from operating our business. Despite the implementation of advanced threat
                  protection, information and network security measures and disaster recovery plans, our systems and those of third parties on which we rely may be vulnerable. If we are unable (or are perceived as being unable) to prevent, or promptly
                  identify and remedy, such outages and breaches, our operations may be disrupted, our business reputation could be adversely affected, and there could be a negative impact on our financial condition and results of operations.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Our existing customers might cancel contracts with us, fail to renew contracts on their renewal dates,
                  and/or fail to purchase additional services and products, and we may be unable to attract new customers.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We depend on our installed customer base for a significant portion of our revenues. We have significant contracts with our license customers
                  for ongoing support and maintenance, as well as significant service contracts that provide recurring services revenues to us. In addition, our installed customer base has historically generated additional new license and services revenues
                  for us. Service contracts are generally renewable at a customer&#8217;s option and/or subject to cancellation rights, and there are generally no mandatory payment obligations or obligations to license additional software or subscribe for
                  additional services.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">If our customers fail to renew their service contracts, fail to purchase additional services or products, or we are unable to attract new
                  customers, then our revenues could decrease and our operating results could be adversely affected. Factors influencing such contract terminations could include changes in the financial circumstances of our customers, dissatisfaction with
                  our products or services, our retirement or lack of</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">33</font></div>
                <div style="page-break-after:always;" id="DSPFPageBreak">
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">support for our legacy products and services, our customers selecting or building alternate technologies to replace us, the cost of our
                  products and services as compared to the cost of products and services offered by our competitors, our ability to attract, hire and maintain qualified personnel to meet customer needs, consolidating activities in the market, and changes
                  in our customers&#8217; business or in regulation impacting our customers&#8217; business that may no longer necessitate the use of our products or services, general economic or market conditions, or other reasons. Further, our customers could delay
                  or terminate implementations or use of our services and products or be reluctant to migrate to new products. Such customers will not generate the revenues we may have anticipated within the timelines anticipated, if at all, and may be
                  less likely to invest in additional services or products from us in the future. We may not be able to adjust our expense levels quickly enough to account for any such revenue losses. In addition, loss of one or more of our key customers
                  could adversely impact our competitive position in the marketplace and hurt our credibility and ability to attract new customers.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Our success depends on our ability to continue to innovate and to create new solutions and enhancements
                  to our existing products</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We may not be able to develop and introduce new solutions and enhancements to our existing products that respond to new technologies or
                  shipment regulations on a timely basis. If we are unable to develop and sell new products and new features for our existing products that keep pace with rapid technological and regulatory change as well as developments in the
                  transportation logistics industry, our business, results of operations and financial condition could be adversely affected.&#160;We intend to continue to invest significant resources in research and development to enhance our existing products
                  and services and introduce new high-quality products that customers will want. If we are unable to predict or quickly react to user preferences or changes in the transportation logistics industry, or its regulatory requirements, or if we
                  are unable to modify our products and services on a timely basis or to effectively bring new products to market, our sales may suffer.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In addition, we may experience difficulties with software or hardware development, design, integration with third-party software or hardware,
                  or marketing that could delay or prevent our introduction, deployment or implementation of new solutions and enhancements. The introduction of new solutions by competitors, the emergence of new industry standards or the development of
                  entirely new technologies to replace existing offerings could render our existing or future solutions obsolete.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We may not have sufficient resources to make the necessary investments in software development and our technical infrastructure, and we may
                  experience difficulties that could delay or prevent the successful development, introduction or marketing of new products or enhancements. In addition, our products or enhancements may not meet increasingly complex customer requirements
                  or achieve market acceptance at the rate we expect, or at all. Any failure by us to anticipate or respond adequately to technological advancements, customer requirements and changing industry standards, or any significant delays in the
                  development, introduction or availability of new products or enhancements, could undermine our current market position and negatively impact our business, results of operations or financial condition.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Disruptions in the movement of freight could negatively affect our revenues.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business is highly dependent on the movement of freight from one point to another since we generate transaction revenues as freight is
                  moved by, to or from our customers. If there are disruptions in the movement of freight, proper reporting or the overall volume of international shipments, whether as a result of labor disputes, weather or natural disaster, terrorist
                  events, political instability, changes in cross border trade agreements, contagious illness outbreaks, or otherwise, then the traffic volume on our Global Logistics Network will be impacted and our revenues will be adversely affected. As
                  these types of freight disruptions are generally unpredictable, there can be no assurance that our business, results of operations and financial condition will not be adversely affected by such events.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We may not remain competitive. Increased competition could seriously harm our business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The market for supply chain technology is highly competitive and subject to rapid technological change. We expect that competition will
                  increase in the future. To maintain and improve our competitive position, we must continue to develop and introduce in a timely and cost-effective manner new products, product features and services to keep pace with our competitors. We
                  currently face competition from a large</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">34</font></div>
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">number of specific market entrants, some of which are focused on specific industries, geographic regions or other components of markets we
                  operate in.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Current and potential competitors include supply chain application software vendors, customers that undertake internal software development
                  efforts, value-added networks and business document exchanges, enterprise resource planning software vendors, regulatory filing companies, trade data vendors and general business application software vendors. Many of our current and
                  potential competitors may have one or more of the following relative advantages:</font></div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c5c760ef26b40d69e7e0991bfa6234e" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Established relationships with existing customers or prospects that we are targeting;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbeb089f5c8d64e03a206311544ab9cea" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Superior product functionality and industry-specific expertise;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za4ae4ee1012941388a4bc6e0c4e8cbb7" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Broader range of products to offer and better product life cycle management;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7b476dec7924e8bb2106b4a537fd2e9" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Larger installed base of customers;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0829937a9e4645348ea227057de2cc39" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater financial, technical, marketing, sales, distribution and other resources;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79363408635b429da31289f1e1206b17" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Better performance;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c89404188374b6bb87f7aee8ce8e453" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Lower cost structure and more profitable operations;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd49ff00a9fbf4670a81d0be7c9e71dcd" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater investment in infrastructure;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb7fe5e9519754aaeb26a75d1d3ff728d" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Greater worldwide presence;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z987944051d054194a2ae16ccb3a595f9" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Early adoption of, or adaptation to changes in, technology; or</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1737e4f861764ec58ad9c78ebcea17b8" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Longer operating history; and/or greater name recognition.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Further, current and potential competitors have established, or may establish, cooperative relationships and business combinations among
                  themselves or with third parties to enhance their products, which may result in increased competition. In addition, we expect to experience increasing price competition and competition surrounding other commercial terms as we compete for
                  market share. In particular, larger competitors or competitors with a broader range of services and products may bundle their products, rendering our products more expensive and/or less functional. As a result of these and other factors,
                  we may be unable to compete successfully with our existing or new competitors.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">If we fail to attract and retain key personnel, it would adversely affect our ability to develop and
                  effectively manage our business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our performance is substantially dependent on the performance of our highly qualified management, technical expertise, and sales and marketing
                  personnel, which we regard as key individuals to our business. We do not maintain life insurance policies on any of our employees that list Descartes as a loss payee. Our success is highly dependent on our ability to identify, hire,
                  train, motivate, promote, and retain key individuals. Significant competition exists for management and skilled personnel. If we fail to cross train key employees, particularly those with specialized knowledge it could impair our ability
                  to provide consistent and uninterrupted service to our customers. If we are not able to attract, retain or establish an effective succession planning program for key individuals it could have a material adverse effect on our business,
                  results of operations, financial condition and the price of our common shares.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We have in the past, and may in the future, make changes to our executive management team or board of directors. There can be no assurance
                  that any such changes and the resulting transition will not have a material adverse effect on our business, results of operations, financial condition and the price of our common shares.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">General economic conditions may affect our results of operations and financial condition.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Demand for our products depends in large part upon the level of capital and operating expenditures by many of our customers. Decreased capital
                  and operational spending could have a material adverse effect on the demand for our products and our business, results of operations, cash flow and overall financial condition. Disruptions in the financial markets may adversely impact the
                  availability of credit already arranged and the availability and cost of credit in the future, which could result in the delay or cancellation of projects or capital programs on which our business depends. In addition, disruptions in the
                  financial markets may also have an adverse impact on regional economies or the world economy, which could negatively impact the capital and operating expenditures of our customers. These conditions may reduce the willingness or ability of
                  our customers and prospective customers to commit funds to purchase our products and services, or their ability to pay for our products and services after purchase.</font></div>
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              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Changes in the value of the U.S. dollar, as compared to the currencies of other countries where we
                  transact business, could harm our operating results and financial condition.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, the largest percentage of our revenues has been denominated in U.S. dollars. However, the majority of our international
                  expenses, including the wages of our non-U.S. employees and certain key supply agreements, have been denominated in Canadian dollars, euros and other foreign currencies. Therefore, changes in the value of the U.S. dollar as compared to
                  the Canadian dollar, the euro and other foreign currencies may materially affect our operating results. We generally have not implemented hedging programs to mitigate our exposure to currency fluctuations affecting international accounts
                  receivable, cash balances and inter-company accounts. We also have not hedged our exposure to currency fluctuations affecting future international revenues and expenses and other commitments. Accordingly, currency exchange rate
                  fluctuations have caused, and may continue to cause, variability in our foreign currency denominated revenue streams, expenses, and our cost to settle foreign currency denominated liabilities.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Changes in government filing or screening requirements for global trade may adversely impact our
                  business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our regulatory compliance services help our customers comply with government filing and screening requirements relating to global trade. The
                  services that we offer may be impacted, from time to time, by changes in these requirements, including potential future changes as a consequence of the results of the UK Brexit vote or re-negotiations of the North American Free Trade
                  Agreement. Changes in requirements that impact electronic regulatory filings or import/export compliance, including changes adding or reducing filing requirements, changes in enforcement practices or changes in the government agency
                  responsible for such requirements could adversely impact our business, results of operations and financial condition.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Emergence or increased adoption of alternative sources for trade data may adversely impact our
                  business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">With recent acquisitions in the area of supplying trade data and content, an increasing portion of our business relates to the supply of trade
                  data and content that is often used by our customers in other systems, such as enterprise resource planning systems. Emergence or increased adoption of alternative sources of this data and content could have an adverse impact on our
                  customers&#8217; needs to obtain this data and content from us and/or the need for certain of the third-party system vendors in this field to refer customers to us for this data and content, each of which could adversely impact upon the
                  revenues and income we generate from these areas of our business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We may have exposure to greater than anticipated tax liabilities or expenses.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to income and non-income taxes in various jurisdictions and our tax structure is subject to review by both domestic and foreign
                  taxation authorities and currently has tax audits open in a number of jurisdictions in which we operate. On a quarterly basis, we assess the status of these audits and the potential for adverse outcomes to determine whether a provision
                  for income and other taxes is appropriate. The timing of the resolution of income tax audits is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from any
                  amounts that we accrue from time to time. The actual amount of any change could vary significantly depending on the ultimate timing and nature of any settlements. We cannot currently provide an estimate of the range of possible outcomes.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The determination of our worldwide provision for income taxes and other tax liabilities requires significant judgment. In the ordinary course
                  of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Any audit of our tax filings could materially change the amount of current and deferred income tax assets and liabilities. We
                  have recorded a valuation allowance against a portion of our net deferred tax assets. If we achieve a consistent level of profitability, the likelihood of further reducing our deferred tax valuation allowance for some portion of the
                  losses incurred in prior periods in one of our jurisdictions will increase. We calculate our current and deferred tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns
                  filed during subsequent years. Adjustments based on filed returns are generally recorded in the period when the tax returns are filed and the global tax implications are known. Our estimate of the potential outcome</font></div>
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              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">for any uncertain tax issue is based on a number of assumptions. Any further changes to the valuation allowance for our deferred tax assets
                  would also result in an income tax recovery or income tax expense, as applicable, on the consolidated statements of operations in the period in which the valuation allowance is changed.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Changes to earnings resulting from past acquisitions may adversely affect our operating results.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Under ASC Topic 805, &#8220;Business Combinations&#8221;, we allocate the total purchase price to an acquired company&#8217;s net tangible assets, intangible
                  assets and in-process research and development based on their values as of the date of the acquisition (including certain assets and liabilities that are recorded at fair value) and record the excess of the purchase price over those
                  values as goodwill. Management&#8217;s estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain. After we complete an acquisition, the following factors, among others, could result in
                  material charges that would adversely affect our operating results and may adversely affect our cash flows:</font></div>
              <div style="text-align: justify;">
                <div>
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                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Impairment of goodwill or intangible assets;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbeda80f2c8a74610bd8406c1b9c7e864" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">A reduction in the useful lives of intangible assets acquired;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0831186cff654dfcb0fd2b250a1ac898" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Identification of assumed contingent liabilities after we finalize the purchase price allocation period;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
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                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Charges to our operating results to eliminate certain pre-merger activities that duplicate those of the acquired company or to reduce our cost structure; and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb387b86419745dfa6bf60bf1a5c9966" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Charges to our operating results resulting from revised estimates to restructure an acquired company&#8217;s operations after we finalize the purchase price
                              allocation period.</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Routine charges to our operating results associated with acquisitions include amortization of intangible assets, acquisition-related costs and
                  restructuring charges. Acquisition-related costs primarily include retention bonuses, advisory services, brokerage services and administrative costs with respect to completed and prospective acquisitions.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We expect to continue to incur additional costs associated with combining the operations of our acquired companies, which may be substantial.
                  Additional costs may include costs of employee redeployment, relocation and retention, including salary increases or bonuses, accelerated stock-based compensation expenses and severance payments, reorganization or closure of facilities,
                  taxes, and termination of contracts that provide redundant or conflicting services. These costs would be accounted for as expenses and would decrease our net income and earnings per share for the periods in which those adjustments are
                  made.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">If we need additional capital in the future and are unable to obtain it or can only obtain it on
                  unfavorable terms, our operations may be adversely affected, and the market price for our securities could decline.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Historically, we have financed our operations primarily through cash flows from our operations, the sale of our equity securities and
                  borrowing under our credit facility. In addition to our current cash and available debt facilities, we may need to raise additional debt or equity capital to fund expansion of our operations, to enhance our services and products, or to
                  acquire or invest in complementary products, services, businesses or technologies. However, there can be no assurance that we will be able to undertake incremental financing transactions. If we raise additional funds through further
                  issuances of convertible debt or equity securities, our existing shareholders could suffer significant dilution and any new equity securities we issue could have rights, preferences and privileges superior to those attaching to our common
                  shares. Our current credit facility contains, and any debt financing secured by us in the future could contain restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it
                  more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. In addition, we may not be able to obtain additional financing on terms favorable to us, if at all. If adequate
                  funds are not available on terms favorable or at all, our operations and growth strategy may be adversely affected and the market price for our common shares could decline.</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">As we continue to increase our international operations we increase our exposure to international
                  business risks that could cause our operating results to suffer.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">While our headquarters are in Canada, we currently have direct operations in the U.S., EMEA, Asia Pacific and South American regions. We
                  anticipate that these international operations will continue to require significant management attention and financial resources to localize our services and products for delivery in these markets, to develop compliance expertise relating
                  to international regulatory agencies, and to develop direct and indirect sales and support channels in those markets. We face a number of risks associated with conducting our business internationally that could negatively impact our
                  operating results. These risks include, but are not limited to:</font></div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Longer collection time from foreign clients, particularly in the EMEA region and the Asia Pacific region;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zefae76a1db40457c90d68c072c89844d" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulty in repatriating cash from certain foreign jurisdictions;</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed47b90b6be043dabb8b8011a64b3057" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Language barriers, conflicting international business practices, and other difficulties related to the management and administration of a global business;</font></div>
                        </td>
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                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec61a17326394f7385eafddc082bb2d4" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increased management, travel, infrastructure and legal compliance costs associated with having international operations;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z229cc06b6d12444ca71ba514265ea513" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Difficulties and costs of staffing and managing geographically disparate direct and indirect operations;</font></div>
                        </td>
                      </tr>

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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2557db56da094afcba075e3342013be3" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in foreign currency and tariff rates;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4354a98aaca64c64bca3788bfce4f5db" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Multiple, and possibly overlapping, tax structures;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2468cee168fe4bf1b0cf85ceebc5c66b" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Complying with complicated and widely differing global laws and regulations in areas such as employment, tax, privacy and data protection;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23ef3605d98c4ff39ddfb24d714b7e09" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade restrictions;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze604ed50ca064bcfbaaf925f5769e086" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Enhanced security procedures and requirements relating to certain jurisdictions;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0928a277552a4998be2cfc53cc4c9edb" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The need to consider characteristics unique to technology systems used internationally;</font></div>
                        </td>
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              <div style="text-align: justify;">
                <div>
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                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Economic or political instability in some markets; and</font></div>
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              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors set out herein.</font></div>
                        </td>
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                  </table>
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Increases in fuel prices and other transportation costs may have an adverse effect on the businesses of
                  our customers resulting in them spending less money with us.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our customers are all involved, directly or indirectly, in the delivery of goods from one point to another, particularly transportation
                  providers and freight forwarders. As the costs of these deliveries become more expensive, whether as a result of increases in fuel costs or otherwise, our customers may have fewer funds available to spend on our products and services.
                  There can be no assurance that these companies will be able to allocate sufficient funds to use our products and services. In addition, rising fuel costs may cause global or geographic-specific reductions in the number of shipments being
                  made, thereby impacting the number of transactions being processed by our Global Logistics Network and our corresponding network revenues.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We may not be able to compensate for downward pricing pressure on certain products and services by
                  increased volumes of transactions or increased prices elsewhere in our business, ultimately resulting in lower revenues.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Some of our products and services are sold to industries where there is downward pricing pressure on the particular product or service due to
                  competition, general industry conditions or other causes. If we cannot offset any such downward pricing pressure, then the particular customer may generate less revenue for our business or we may have less aggregate revenue. This could
                  have an adverse impact on our operating results.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">From time to time, we may be subject to litigation or dispute resolution that could result in
                  significant costs to us and damage to our reputation.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">From time to time, we may be subject to litigation or dispute resolution relating to any number or type of claims, including claims for
                  damages related to undetected errors or malfunctions of our services and products or their deployment, claims related to previously-completed acquisition transactions or claims relating to applicable securities laws. Litigation may
                  seriously harm our business because of the costs of defending the lawsuit, diversion of employees&#8217; time and attention and potential damage to our reputation.</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Further, our services and products are complex and often implemented by our customers to interact with third-party technology or networks.
                  Claims may be made against us for damages properly attributable to those third-party technologies or networks, regardless of our lack of responsibility for any failure resulting in a loss, even if our services and products perform in
                  accordance with their functional specifications. We may also have disputes with key suppliers for damages incurred which, depending on resolution of the disputes, could impact the ongoing quality, price or availability of the services or
                  products we procure from the supplier. Limitation of liability provisions in certain third-party contracts may not be enforceable under the laws of some jurisdictions. As a result, we could be required to pay substantial amounts of
                  damages in settlement or upon the determination of any of these types of claims, and incur damage to our reputation and products. The likelihood of such claims and the amount of damages we may be required to pay may increase as our
                  customers increasingly use our services and products for critical business functions, or rely on our services and products as the systems of record to store data for use by other customer applications. Our insurance may not cover
                  potential claims, or may not be adequate to cover all costs incurred in defense of potential claims or to indemnify us for all liability that may be imposed. A claim brought against us that is uninsured or underinsured could result in
                  unanticipated costs, thereby harming our operating results and leading analysts or potential investors to lower their expectations of our performance, which could reduce the trading price of our common shares.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Our success and ability to compete depend upon our ability to secure and protect patents, trademarks
                  and other proprietary rights.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We consider certain aspects of our internal operations, products, services and related documentation to be proprietary, and we primarily rely
                  on a combination of patent, copyright, trademark and trade secret laws and other measures to protect our proprietary rights. Patent applications or issued patents, as well as trademark, copyright, and trade secret rights may not provide
                  adequate protection or competitive advantage and may require significant resources to obtain and defend. We will also not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect
                  unauthorized use of our intellectual property. Despite our precautions, it may be possible for unauthorized third parties to copy our products and use information that we regard as proprietary to create products and services that compete
                  with ours. We also rely on contractual restrictions in our agreements with customers, employees, outsourced developers and others to protect our intellectual property rights. There can be no assurance that these agreements will not be
                  breached, that we will have adequate remedies for any breach, or that our patents, copyrights, trademarks or trade secrets will not otherwise become known. Through an escrow arrangement, we have granted some of our customers a contingent
                  future right to use our source code for software products solely for their internal maintenance services. If our source code is accessed through an escrow, the likelihood of misappropriation or other misuse of our intellectual property
                  may increase.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Moreover, the laws of some countries do not protect proprietary intellectual property rights as effectively as do the laws of the U.S. and
                  Canada. Protecting and defending our intellectual property rights could be costly regardless of venue. In order to protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these
                  rights. The Company is currently involved in, and expects to remain involved in, certain litigation to protect its intellectual property from infringement by third parties. In addition, further litigation may be necessary in the future to
                  enforce our intellectual property rights, to protect our trade secrets, to determine the validity and scope of the intellectual property rights of others or to defend against claims of infringement or invalidity. Litigation brought to
                  protect and enforce our intellectual property rights could be costly, time consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce
                  our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights and/or exposing us to claims for damages in any related counterclaims
                  or countersuits. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management&#8217;s attention and resources, could delay further sales or the
                  implementation of our solutions, impair the functionality of our solutions, delay introductions of new solutions, result in our substituting inferior or more costly technologies into our solutions, or injure our reputation.</font></div>
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                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">39</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We are dependent on certain key vendors for the availability of telematics units, which could impede
                  our development and expansion.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We currently have relationships with a small number of telematics/mobile asset unit vendors over which we have no operational or financial
                  control and no influence in how these vendors conduct their businesses. Suppliers of telematics/mobile asset units could among other things, extend delivery times, raise prices and limit supply due to their own shortages and business
                  requirements. Interruption in the supply of equipment from these vendors could delay our ability to maintain, grow and expand our telematics solutions business and those areas of our business that interact with telematics units. If our
                  relationships with any of these unit vendors were to terminate, there is no guarantee that our remaining unit vendors would be able to handle the increased equipment supply required to maintain and grow our expansive networks at our
                  desired rates. There is also no guarantee that business relationships with other key unit vendors could be entered into on terms desirable or favorable to us, if at all. Fewer key vendors might mean that existing or potential customers
                  are unable to meaningfully communicate using our Global Logistics Network, which may cause existing and potential customers to move to competitors&#8217; products. Such equipment supply issues could adversely affect our business, results of
                  operations and financial condition.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Concerns about the environmental impacts of greenhouse gas emissions and global climate change may
                  result in environmental taxes, charges, regulatory schemes, assessments or penalties, which could restrict or negatively impact our operations or reduce our profitability.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The impacts of human activity on global climate change have attracted considerable public and scientific attention, as well as the attention
                  of the U.S. and other governments. Efforts are being made to reduce greenhouse gas emissions and energy consumption, including those from automobiles and other modes of transportation. The added cost of any environmental regulation,
                  taxes, charges, assessments or penalties levied or imposed on our customers in light of these efforts could result in additional costs for our customers, which could lead them to reduce use of our services. There are also a number of
                  legislative and environmental regulatory initiatives internationally that could restrict or negatively impact our operations or increase our costs. Additionally, environmental regulation, taxes, charges, assessments or penalties could be
                  levied or imposed directly on us. Any enactment of laws or passage of regulations regarding greenhouse gas emissions by Canada, the U.S., or any other jurisdiction we conduct our business in, could adversely affect our operations and
                  financial results.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">The general cyclical and seasonal nature of the freight market may have a material adverse effect on
                  our business, results of operations and financial condition.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our business may be impacted from time to time by the general cyclical and seasonal nature of particular modes of transportation and the
                  freight market in general, as well as the cyclical and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation or the freight market in general include
                  legal and regulatory requirements, timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related events that
                  impact shipping in particular geographies and amendments to international trade agreements. Since some of our revenues from particular products and services are tied to the volume of shipments being processed, adverse fluctuations in the
                  volume of global shipments or shipments in any particular mode of transportation may adversely affect our revenues. Declines in shipment volumes would likely have a material adverse effect on our business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">If we are unable to generate broad market acceptance of our services, products and pricing, serious
                  harm could result to our business.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We currently derive substantially all of our revenues from our federated network and global logistics technology solutions and expect to do so
                  in the future. Broad market acceptance of these types of services and products, and their related pricing, is therefore critical to our future success. The demand for, and market acceptance of, our services and products is subject to a
                  high level of uncertainty. Some of our services and products are often considered complex and may involve a new approach to the conduct of business by our customers. The market for our services and products may weaken, competitors may
                  develop superior services and products that perform logistics services on a global scale or within a</font></div>
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              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">particular geographic region, or we may fail to develop or maintain acceptable services and products to address new market conditions,
                  governmental regulations or technological changes. Any one of these events could have a material adverse effect on our business, results of operations and financial condition.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Claims that we infringe third-party proprietary rights could trigger indemnification obligations and
                  result in significant expenses or restrictions on our ability to provide our products or services.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Competitors and other third parties have claimed, and in the future, may claim, that our current or future services or products infringe their
                  proprietary rights or assert other claims against us. Many of our competitors have obtained patents covering products and services generally related to our products and services, and they may assert these patents against us. Such claims,
                  whether with or without merit, could be time consuming and expensive to litigate or settle and could divert management attention from focusing on our core business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As a result of such a dispute, we may have to pay damages, incur substantial legal fees, suspend the sale or deployment of our services and
                  products, develop costly non-infringing technology, if possible, or enter into license agreements, which may not be available on terms acceptable to us, if at all. Any of these results would increase our expenses and could decrease the
                  functionality of our services and products, which would make our services and products less attractive to our current and/or potential customers. We have agreed in some of our agreements, and may agree in the future, to indemnify other
                  parties for any expenses or liabilities resulting from claimed infringements of the proprietary rights of third parties. If we are required to make payments pursuant to these indemnification agreements, such payments could have a material
                  adverse effect on our business, results of operations and financial condition.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Our results of operations may vary significantly from quarter to quarter and therefore may be difficult
                  to predict or may fail to meet investment community expectations.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our results of operations may vary from quarter to quarter in the future due to a variety of factors, many of which are outside of our
                  control. Such factors include, but are not limited to:</font></div>
              <div style="text-align: justify;">
                <div>
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                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in foreign currency exchange rates;</font></div>
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              </div>
              <div style="text-align: justify;">
                <div>
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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Volatility or fluctuations in interest rates;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze558306e398744d8a3eef805461fd3ef" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Timing of acquisitions and related costs;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z101cd43c9c224ee9b33a051c8eccb092" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Timing of restructuring activities;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4668826d347a41c5a70036af914f3f84" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The introduction of enhanced products and services from competitors;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z368f4bd8893249988f7dc508c2077c3d" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our ability to introduce new products and updates to our existing products on a timely basis;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b956b6106eb4284818ee4db293545df" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The termination of any key customer contracts, whether by the customer or by us;</font></div>
                        </td>
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              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z51bc724ed09d4d5faf5d52971a0ce793" cellpadding="0" cellspacing="0">

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                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Recognition and expensing of deferred tax assets;</font></div>
                        </td>
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                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4be1a4e8b62f4972a9bf65234dd0a67c" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Legal costs incurred in bringing or defending any litigation with customers or third-party providers, and any corresponding judgments or awards;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50f691ad9718430e955710a68fb93f30" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Legal and compliance costs incurred to comply with regulatory requirements;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd73010b9041047f6aa70101825d919c9" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fluctuations in the demand for our services and products;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea2683aeb89c4fcf86aef396ecb100bb" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The impact of stock-based compensation expense;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bfdb94853d045b8bd0204c642f228cb" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Price and functionality competition in our industry;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29287d1f72ea478b8061631e5eb3b58a" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in legislation and accounting standards;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ba60aadd46247b28ce84249dd8d532f" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our ability to satisfy contractual obligations in customer contracts and deliver services and products to the satisfaction of our customers; and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f3d74bfa8fc4b3f8d77b2a90282644b" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors discussed in this report.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Although our revenues may fluctuate from quarter to quarter, significant portions of our expenses are not variable in the short term, and we
                  may not be able to reduce them quickly to respond to decreases in revenues. If revenues are below expectations, this shortfall is likely to adversely and/or disproportionately affect our operating results. If this occurs, the trading
                  price of our common shares may fall substantially.</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">41</font></div>
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Privacy laws and regulations are extensive, open to various interpretations, complex to implement and
                  may reduce demand for our products, and failure to comply may impose significant liabilities.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our customers can use our products to collect, use, process and store information regarding their transactions with their customers. Federal,
                  state and foreign government bodies and agencies have been increasingly adopting new laws and regulations regarding the collection, use, processing, storage and disclosure of such information obtained from consumers and individuals. In
                  addition to government regulatory activity, privacy advocacy groups and the technology industry and other industries may consider various new, additional or different self-regulatory standards that may place additional burdens directly on
                  our customers and target customers, and indirectly on us. Our products are expected to be capable of use by our customers in compliance with such laws and regulations. The functional and operational requirements and costs of compliance
                  with such laws and regulations may adversely impact our business, and failure to enable our products to comply with such laws and regulations could lead to significant fines and penalties imposed by regulators, as well as claims by our
                  customers or third parties. Additionally, all of these domestic and international legislative and regulatory initiatives could adversely affect our customers&#8217; ability or desire to collect, use, process and store shipment logistics
                  information, which could reduce demand for our products.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">The price of our common shares has in the past been volatile and may also be volatile in the future.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The trading price of our common shares may be subject to fluctuation in the future. This may make it more difficult for you to resell your
                  common shares when you want at prices that you find attractive. Increases in our common share price may also increase our compensation expense pursuant to our existing director, officer and employee compensation arrangements. We enter
                  into equity derivative contracts including floating-rate equity forwards to partially offset the potential fluctuations of certain share-based compensation expenses. Fluctuations in our common share price may be caused by events unrelated
                  to our operating performance and beyond our control. Factors that may contribute to fluctuations include, but are not limited to:</font></div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb58ee7d726fa48ae81f35c9d31aa6eb0" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue or results of operations in any quarter failing to meet the expectations, published or otherwise, of the investment community;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9468edd468b54504a8e0223a1c06b854" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in recommendations or financial estimates by industry or investment analysts;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55c69cb584b54afe9877cf9539e835d4" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Changes in management or the composition of our board of directors;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za389c561d05743f29b436ae0053a148a" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Outcomes of litigation or arbitration proceedings;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z637a6f11cdbf432dadec75a2c0871c11" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Announcements of technological innovations or acquisitions by us or by our competitors;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z063863759a0f40ff88a2b5700507ddaa" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Introduction of new products or significant customer wins or losses by us or by our competitors;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec83f16ed6c047baa18ad66deee35c3d" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Developments with respect to our intellectual property rights or those of our competitors;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z763f93feb7f844ceab9bc049f4d29201" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fluctuations in the share prices of other companies in the technology and emerging growth sectors;</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83dede21b4a24f98ac4a909e4c83d00c" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General market conditions; and</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="text-align: justify;">
                <div>
                  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb6a90ddbc3a478f8964ce514b396be0" cellpadding="0" cellspacing="0">

                      <tr>
                        <td style="width: 36pt;"><br>
                        </td>
                        <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Symbol, serif; font-size: 9.5pt;">&#183;</font></td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other risk factors set out in this report.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">If the market price of our common shares drops significantly, shareholders could institute securities class action lawsuits against us,
                  regardless of the merits of such claims. Such a lawsuit could cause us to incur substantial costs and could divert the time and attention of our management and other resources from our business.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Fair value assessments of our intangible assets required by GAAP may require us to record significant
                  non-cash charges associated with intangible asset impairment.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Significant portions of our assets, which include customer agreements and relationships, non-compete covenants, existing technologies and
                  trade names, are intangible. We amortize intangible assets on a straight-line basis over their estimated useful lives. We review the carrying value of these assets at least annually for evidence of impairment. In accordance with ASC Topic
                  360-10-35, &#8220;Property, Plant, and Equipment: Overview: Subsequent Measurement&#8221; an impairment loss is recognized when the estimate of undiscounted future cash flows generated by such assets is less than the carrying amount. Measurement of
                  the impairment loss is based on the present value of the expected future cash flows. Future fair value</font></div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">42</font></div>
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              </div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">assessments of intangible assets may require impairment charges to be recorded in the results of operations for future periods. This could
                  impair our ability to achieve or maintain profitability in the future.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">If our common share price decreases to a level such that the fair value of our net assets is less than
                  the carrying value of our net assets, we may be required to record additional significant non-cash charges associated with goodwill impairment.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We account for goodwill in accordance with ASC Topic 350, &#8220;Intangibles &#8211; Goodwill and Other&#8221;, which among other things, requires that goodwill
                  be tested for impairment at least annually. We have designated October 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> for our annual impairment test. Should the fair value of our net assets,
                  determined by our market capitalization, be less than the carrying value of our net assets at future annual impairment test dates, we may have to recognize goodwill impairment losses in our results of operations in future periods. This
                  could impair our ability to achieve or maintain profitability in the future.</font></div>
              <div><br>
              </div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">We have a substantial accumulated deficit and may incur losses in the future.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As at October 31, 2018, our accumulated deficit was $180.7 million, which has been accumulated from 2005 and prior fiscal periods. Although
                  the Company has been profitable since 2005, there can be no assurance that we will not incur losses again in the future. If we fail to maintain profitability, the market price of our common shares may decline.</font></div>
              <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
                </font></div>
            </div>
            <div><br>
              <font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"></font><br>
            </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <br>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">43</font></div>
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  <div style="text-align: left; font-family: Verdana, sans-serif; font-size: 11pt; font-variant: small-caps; font-weight: bold;">The Descartes Systems Group Inc.</div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Balance Sheets</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</font></div>
  <div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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  <table id="z8ee3ba2b63da4bc3939e47db1edda948" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

      <tr>
        <td colspan="1" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; border-top: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-top: #000000 solid 1px;" valign="bottom">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: #000000 solid 1px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; border-top: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-top: #000000 solid 1px;" valign="bottom">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">January 31,</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; border-top: #000000 solid 1px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;"> 2018</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">2018</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(Audited)</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">ASSETS</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Accounts receivable (net)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 27pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Trade (Note 5)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Inventory (Note 7)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">101</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">75,362</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,351</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">3,675</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED TAX CHARGE</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">185,767</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">377,229</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; color: #000000;">CURRENT LIABILITIES</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; padding-left: 9pt; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Accounts payable</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,443</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">28,321</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">68,111</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">50,590</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,469</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,128</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">LONG-TERM INCOME TAXES PAYABLE</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,773</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">8,663</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">DEFERRED INCOME TAXES</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">14,512</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">11,585</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">142,455</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">126,066</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">COMMITMENTS, CONTINGENCIES AND GUARANTEES (Note 13)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">SHAREHOLDERS&#8217; EQUITY (Note 14)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom">
          <div style="text-align: left; text-indent: -4.5pt; margin-left: 4.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 76,864,566 at October 31,
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">276,746</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">274,536</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Additional paid-in capital</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">453,749</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">451,151</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Accumulated other comprehensive loss</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(27,143</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(15,252</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Accumulated deficit</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(180,659</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(211,623</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">522,693</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">498,812</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">665,148</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">624,878</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</font></div>
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Statements of Operations</font></div>
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        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,931</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">529</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,250</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,354</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">29,909</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">40,027</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">117,658</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">100,282</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME FROM OPERATIONS</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,831</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">8,378</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">30,788</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">26,954</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INTEREST EXPENSE</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(613</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(497</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,678</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(861</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INVESTMENT INCOME</font></div>
        </td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">40</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">140</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME BEFORE INCOME TAXES</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,258</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">7,934</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">29,250</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">26,204</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">INCOME TAX EXPENSE </font>(Note 17)</font></div>
        </td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Current</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">4,727</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Deferred</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">716</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">482</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,138</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,310</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,357</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,764</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">5,865</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">5,990</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">NET INCOME</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,901</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">6,170</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">23,385</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">EARNINGS PER SHARE </font>(Note 15)</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Basic</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">0.30</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Diluted</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">0.10</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">0.08</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</font></div>
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        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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  <div><br>
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</font></div>
  <div><br>
  </div>
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  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Statements of Comprehensive Income</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(US dollars in thousands; US GAAP; Unaudited)</font></div>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">2018</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2018</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">6,170</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">23,385</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">7,633</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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  <div><br>
  </div>
  <div><br>
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</font></div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Statements of Shareholders&#8217; Equity</font></div>
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        <td style="vertical-align: top; padding-bottom: 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,536</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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        <td style="vertical-align: top; width: 52%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">451,151</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">448,597</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Stock-based compensation expense (Note 16)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,002</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">768</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">2,736</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">2,035</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Stock options and share units exercised</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(132</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(138</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Cumulative adjustment upon modified retrospective accounting policy adoption (Note 2)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">37</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">453,749</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">450,379</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">453,749</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">450,379</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Accumulated other comprehensive income (loss)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Accumulated deficit</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, beginning of period</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(188,560</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(224,458</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(211,623</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.7pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Net income</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,901</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">6,170</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">23,385</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">20,214</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.7pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Cumulative adjustment upon modified retrospective accounting policy adoption (Note 2)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">-</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">7,579</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(37</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Balance, end of period</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(180,659</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(218,288</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">481,481</font></div>
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-style: italic;">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</font></div>
  <div><br>
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  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Condensed Consolidated Statements of Cash Flows</font></div>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">3,019</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">10,354</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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      <tr>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Deferred tax expense</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">716</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">482</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,138</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,310</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Deferred tax charge</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(49</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(72</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(49</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">12</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities:</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;Accounts receivable</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="text-align: left; margin-left: 27pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;Trade</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(780</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,189</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 27pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;Other</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">539</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">481</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">120</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">310</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;Prepaid expenses and other</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(28</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(1,267</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(2,278</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(1,387</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">&#160;&#160;&#160;Inventory</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Proceeds from borrowing on the credit facility</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">9,953</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">40,000</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">68,468</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Credit facility repayments</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(17,956</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(25,000</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(53,493</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(25,000</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Issuances of common shares for cash, net of issuance costs (Note 14)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(27</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">534</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">338</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">1,003</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Payment of contingent consideration</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,531</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,531</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">-</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash (used in) provided by financing activities</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(9,561</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">15,534</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">13,782</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">56,003</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Effect of foreign exchange rate changes on cash</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(393</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(325</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,469</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Decrease in cash</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(1,308</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(54,239</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">(2,385</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">)</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">(4,847</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">)</font></div>
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      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 1px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Cash, beginning of period</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">34,068</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">87,527</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">35,145</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">38,135</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Cash, end of period</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">32,760</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">33,288</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">32,760</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">33,288</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">Supplemental disclosure of cash flow information:</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash paid during the period for interest</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">408</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">281</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">1,288</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">345</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="text-align: left; margin-left: 13.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">Cash paid during the period for income taxes</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">3,107</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">843</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt; font-weight: bold;">6,202</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 8pt;">3,324</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px double rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-style: italic;"><font style="font-family: Verdana, sans-serif; font-size: 8pt;">The accompanying notes are an integral part of these unaudited
        condensed consolidated financial statements.</font></font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">48</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-right: 216pt;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">The Descartes Systems Group Inc.</font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 11pt; font-weight: bold; font-variant: small-caps;">Notes to Condensed Consolidated Financial Statements</font></div>
  <div>
    <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 10pt; font-variant: small-caps;">(Tabular amounts in thousands of US dollars, except per share amounts or as otherwise indicated; US GAAP; Unaudited)----</font></div>
  </div>
  <div>
    <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 1 - Description of the Business</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The Descartes Systems Group Inc. (&#8220;Descartes,&#8221; &#8220;Company,&#8221; &#8220;our&#8221; or &#8220;we&#8221;) is a provider of global logistics technology solutions. Customers use our
      modular, software-as-a-service (&#8220;SaaS&#8221;) and data solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and analyze global trade data; research and
      perform trade tariff and duty calculations; file customs and security documents for imports and exports;&#160; and complete numerous other logistics processes by participating in a large, collaborative multi-modal logistics community. Our pricing model
      provides our customers with flexibility in purchasing our solutions either on a subscription, transactional or perpetual license basis. Our primary focus is on serving transportation providers (air, ocean and truck modes), logistics service providers
      (including third-party logistics providers, freight forwarders and customs brokers) and distribution-intensive companies for which logistics is either a key or a defining part of their own product or service offering, or for which our solutions can
      provide an opportunity to reduce costs, improve service levels, or support growth by optimizing the use of assets and information.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 2 &#8211;Basis of Presentation</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The accompanying unaudited condensed consolidated financial statements are presented in United States (&#8220;US&#8221;) dollars and are prepared in accordance with
      generally accepted accounting principles in the US (&#8220;GAAP&#8221;) and the rules and regulations of the Canadian Securities Administrators and US Securities and Exchange Commission (&#8220;SEC&#8221;) for the preparation of condensed financial statements. Accordingly,
      these unaudited condensed consolidated financial statements do not include all of the information and notes required for compliance with GAAP for annual financial statements. These statements should be read in conjunction with our audited annual
      consolidated financial statements prepared in accordance with GAAP for the fiscal year ended January 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The unaudited condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair
      presentation of results for the interim periods presented. The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited
      condensed consolidated financial statements and the accompanying notes. Actual results could differ from these estimates and the results of operations for the interim period should not be considered indicative of results to be expected for the full
      year ending January 31, 2019.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our fiscal year commences on February 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of each year and ends on
      January 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the following year. Our fiscal year, which ends on January 31, 2019, is referred to as the &#8220;current fiscal year&#8221;, &#8220;fiscal 2019&#8221;, &#8220;2019&#8221; or using similar
      words. Our previous fiscal year, which ended on January 31, 2018, is referred to as the &#8220;previous fiscal year&#8221;, &#8220;fiscal 2018&#8221;, &#8220;2018&#8221; or using similar words. Other fiscal years are referenced by the applicable year during which the fiscal year ends.
      For example, &#8220;2020&#8221; refers to the annual period ending January 31, 2020 and the &#8220;fourth quarter of 2020&#8221; refers to the quarter ending January 31, 2020.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Except for the adoption of ASC 606, the significant accounting policies used in preparing these condensed consolidated financial statements are unchanged
      from those disclosed in the Company&#8217;s fiscal 2018 annual consolidated financial statements and have been applied consistently to all periods presented in these condensed consolidated financial statements.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Revenue recognition</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to
      receive in exchange for those goods or services. We enter into</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">49</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">contracts that can include various combinations of goods and services, which are generally capable of being distinct and accounted for as separate
      performance obligations. A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the promise to transfer the good or service is separately identifiable from other promises
      in the contractual arrangement with the customer. Non-distinct goods and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The consideration (including any discounts) is allocated between separate goods and services in a bundle on a relative basis based on their standalone
      selling prices (&#8220;SSP&#8221;). Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. In addition to these general policies, the specific revenue recognition policies for each major
      category of revenue are included below.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>License</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues for distinct licenses for on-premise or hosted software are derived from perpetual licenses granted to our customers for the right to use our
      software products. License revenues are billed on the effective date of a contract and revenue is recognized at the point in time when the customer is provided control of the respective software.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Services</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services, which allow customers to access hosted software over a contract term without taking possession of the software, is provided on a subscription
      and/or transactional fee basis. Revenues from hosted software subscriptions and maintenance are typically billed annually in advance and revenue is recognized on a ratable basis over the contract term beginning on the date that our service is made
      available to the customer. Transaction fees are typically billed and recognized as revenue on a monthly basis based on the customer usage for that period.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Professional Services &amp; Other</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services are comprised of consulting, implementation and training services related to our services and products. These services are generally
      considered to be separate performance obligations as they provide incremental benefit to customers beyond providing access to the software. Professional services are typically billed on a time and materials basis and revenue is recognized over time
      as the services are performed. For professional services contracts billed on a fixed price basis, revenue is recognized over time based on the proportion of services performed. Revenue related to customer reimbursement of travel related expenses is
      recognized on a gross basis as incurred. Other revenues include hardware revenue and is generally billed, and revenue is recognized, when control of the product has transferred under the terms of an enforceable contract.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Costs to Obtain a Contract with a Customer</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the costs to be recoverable. We have determined that
      certain sales incentive programs meet the requirements to be capitalized. These capitalized costs are amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates, including specifically
      identifiable contract renewals. The period of benefit including renewals is determined to be generally between four to six years, taking into consideration our customer contracts, our technology, renewal behaviors and other factors. Amortization of
      the asset is included in sales and marketing expenses in the accompanying unaudited condensed consolidated statements of operations. Applying the practical expedient, we recognize the incremental costs of obtaining contracts as an expense when
      incurred if the amortization period of the assets that we otherwise would have recognized is one year or less.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Contract Assets and Liabilities</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">The payment terms and conditions in our customer contracts may vary from the timing of revenue recognition. In some cases, customers pay
      in advance of delivery of products or services; in other cases, payment is due as services are performed or in arrears following delivery. Timing differences between revenue recognition and invoicing result in unbilled receivables, contract assets,
      or deferred revenue. Receivables are accrued when revenue is recognized prior to invoicing but the right to payment is</font></div>
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  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">unconditional (i.e., only the passage of time is required). This occurs
        most commonly when software term licenses recognized at a point in time are paid for periodically over the license term. Contract assets result when amounts allocated to distinct performance obligations are recognized when or as control of a
        product or service is transferred to the customer, but invoicing is contingent on performance of other performance obligations or on completion of contractual milestones and is presented as other receivables. Contract assets are transferred to
        receivables when the rights become unconditional, typically upon invoicing of the related performance obligations in the contract or upon achieving the requisite project milestone. </font>Contract liabilities primarily relate to the advance
      consideration received from customers and is presented as deferred revenue. <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Deferred revenue results from customer payments in advance of our satisfaction of the
        associated performance obligation(s) and relates primarily to prepaid maintenance or other recurring services. Deferred revenues are relieved as revenue is recognized. Contract assets and deferred revenues are reported on a contract-by-contract
        basis at the end of each reporting period.</font></font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Significant Judgments</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Our contracts with customers often include promises to transfer multiple goods and services to a customer. Determining whether goods and services are
      considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Judgment is also needed in assessing the ability to collect the corresponding receivables.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Judgment is required to determine the SSP for each distinct performance obligation, which is needed to determine whether there is a discount that needs to
      be allocated based on the relative SSP of the various goods and services. In order to determine the SSP of its promised goods or services, we conduct a regular analysis to determine whether various goods or services have an observable standalone
      selling price. If the Company does not have an observable SSP for a particular good or service, then SSP for that particular good or service is estimated using reasonably available information and maximizing observable inputs with approaches
      including historical pricing, cost plus a margin, adjusted market assessment, and the residual approach.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Recently adopted accounting pronouncements</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In May 2014, the FASB issued Accounting Standards Update 2014-09, &#8220;Revenue from Contracts with Customers&#8221; (&#8220;ASC 606&#8221;). ASC 606 supersedes the revenue
      recognition requirements in ASC Topic 605, &#8220;Revenue Recognition&#8221; ("ASC 605") and nearly all other existing revenue recognition guidance under US GAAP. The core principle of ASC 606 is to recognize revenues when promised goods or services are
      transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 is effective for annual periods, and interim periods within those annual periods, beginning after December 15,
      2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company has adopted ASC 606 in the first quarter of fiscal 2019 using the cumulative effect method and therefore the comparative information has not been restated and
      continues to be reported under ASC 605. The details of the significant changes and quantitative impact of the changes are set out below.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Term-based licenses</u></font></font></div>
  <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Under ASC 605, revenue attributable to term-based arrangements was recognized ratably over the term of the arrangement because Vendor
      Specific Objective Evidence did not exist for the undelivered maintenance and support element of the arrangement. Under ASC 606, the Company has deemed the licenses to be distinct from other performance obligations. Revenue allocated to the distinct
      license based on the SSP is recognized at the time that both the right-to-use the software has commenced for the term and the software has been made available to the customer.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Costs to obtain a contract</u></font></font></div>
  <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Under the Company&#8217;s previous accounting policies, the Company generally expensed commission costs paid to employees or third parties to
      obtain customer contracts as incurred. Under ASC 606, the Company allocates these incremental commission costs to the various performance obligations to which they relate using the relative selling price allocation for bundled commissions. For
      performance obligations not delivered upfront, the allocated commissions are deferred and amortized over the pattern of transfer of the related performance obligation. If the expected</font></div>
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  <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">amortization period for all performance obligations in a contract with a customer is one year or less, the commission fee is expensed
      when incurred. Capitalized costs to obtain a contract are included in other long-term assets on the consolidated balance sheet.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The adoption of ASC 606 resulted in an increase to contract assets of $0.5 million, an increase to other long-term assets of $4.2 million, an increase to
      the liability for deferred income taxes of $1.1 million and a decrease to accumulated deficit of $3.6 million, as of February 1, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Had we presented the results for the nine months ended October 31, 2018 under ASC 605, we would have expensed all sales commissions as incurred which
      would have had increased sales and marketing expenses and decreased net income before taxes by approximately $1.7 million. The adoption of ASC 606 had an immaterial impact on revenue compared to ASC 605.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2016, the FASB issued Accounting Standards Update 2016-01, &#8220;Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of
      Financial Assets and Financial Liabilities&#8221; (&#8220;ASU 2016-01&#8221;). ASU 2016-01 supersedes the guidance to classify equity securities with readily determinable fair values into different categories reducing the number of items that are recognized in other
      comprehensive income as well as simplifying the impairment assessment of equity investments without readily determinable fair values. ASU 2016-01 is effective for annual periods, and interim periods within those annual periods, beginning after
      December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our results of operations
      or disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In August 2016, the FASB issued Accounting Standards Update 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and
      Cash Payments&#8221; (&#8220;ASU 2016-15&#8221;). ASU 2016-15 clarifies the presentation and classification in the statement of cash flows. ASU 2016-15 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017,
      which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our results of operations or disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In October 2016, the FASB issued Accounting Standards Update 2016-16, &#8220;Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory&#8221;
      (&#8220;ASU 2016-16&#8221;). ASU 2016-16 requires the recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for annual periods, and interim periods within those
      annual periods, beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. As a result of adoption, the balance of unamortized
      deferred tax charges was written-off and previously unrecognized deferred income tax assets in certain jurisdictions were recognized. The change was applied on a modified retrospective basis, and no prior periods were restated. Accordingly, we have
      recognized a decrease of $4.0 million in accumulated deficit as a result of the adoption of this change in accounting policy.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2017, the FASB issued Accounting Standards Update 2017-01, &#8220;Business Combinations (Topic 805): Clarifying the Definition of a Business&#8221; (&#8220;ASU
      2017-01&#8221;). ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual periods, and interim periods
      within those annual periods, beginning after December 15, 2017, which is our fiscal year that began on February 1, 2018 (fiscal 2019). The Company adopted this guidance in the first quarter of fiscal 2019. The adoption of this standard did not have a
      material impact on our results of operations or disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Recently issued accounting pronouncements</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In February 2016, the FASB issued Accounting Standards Update 2016-02, &#8220;Leases (Topic 842)&#8221; (&#8220;ASU 2016-02&#8221;) and issued subsequent amendments to the
      initial guidance during 2018, collectively referred to as &#8220;Topic 842&#8221;. These updates supersede the lease guidance in ASC Topic 840, &#8220;Leases&#8221; and require the recognition of lease assets and lease liabilities by lessees for those leases previously
      classified as operating leases under ASC Topic 840. Topic 842 can be applied either (i) retrospectively to each prior</font></div>
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  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">reporting period presented with the option to elect certain practical expedients; or (ii) retrospectively with the cumulative effect recognized at the
      date of initial application and providing certain additional disclosures (the &#8220;cumulative effect approach&#8221;). Topic 842 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which will be
      our fiscal year beginning February 1, 2019 (fiscal 2020). The Company will adopt this guidance using the cumulative effect approach in the first quarter of fiscal 2020.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are currently evaluating the effects that the adoption of Topic 842 will have on our results of operations, financial position and disclosures. To date
      we have established a project team with the objective of evaluating the effect that Topic 842 will have on our consolidated financial statements, related disclosures, business processes, systems and controls. We are analyzing the impact of the new
      standard on our leases by reviewing current accounting policies, practices and our lease contracts to identify potential differences that would result from applying the requirements of the new standard. In parallel, we are assessing the changes to
      our business processes, systems and controls in order to support recognition and disclosure under the new standard. While we are continuing to assess all potential impacts of the new standard, we anticipate that the most significant impact will
      relate to an increase in assets and liabilities, as we will be required to record a right-of-use asset and a corresponding lease liability in our consolidated financial statements, as well as additional disclosures about leasing arrangements.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In June 2016, the FASB issued Accounting Standards Update 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on
      Financial Instruments&#8221; (&#8220;ASU 2016-13&#8221;). ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning
      after December 15, 2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2021 and is currently evaluating the impact that the
      adoption will have on its results of operations, financial position and disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In January 2017, the FASB issued Accounting Standards Update 2017-04, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
      Impairment&#8221; (&#8220;ASU 2017-04&#8221;). ASU 2017-04 simplifies how an entity is required to test goodwill for impairment. ASU 2017-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, which will
      be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2021. The adoption of this amendment is not expected to have a material impact on our
      results of operations or disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In August 2018, the FASB issued Accounting Standards Update 2018-15, &#8220;Intangibles &#8211; Goodwill and Other &#8211; Internal-Use Software (Subtopic 350-40):
      Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract&#8221; (&#8220;ASU 2018-15&#8221;). ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a
      service contract with the requirements for capitalizing implementation costs incurred to develop or</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">obtain internal-use software. ASU 2018-15 is effective for annual periods, and interim periods within those annual periods, beginning after December 15,
      2019, which will be our fiscal year beginning February 1, 2020 (fiscal 2021). Early adoption is permitted. The Company will adopt this guidance in the first quarter of fiscal 2021. The adoption of this amendment is not expected to have a material
      impact on our results of operations or disclosures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 3 &#8211; Acquisitions</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Fiscal 2019 Acquisitions</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On February 2, 2018, Descartes acquired Aljex Software, Inc. (&#8220;Aljex&#8221;), a cloud-based provider of back-office transportation management solutions for
      freight brokers and transportation providers. US-based Aljex helps customers automate business processes and create electronic documents critical for executing transportation moves through the lifecycle of a shipment. The purchase price for the
      acquisition was approximately $32.4 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit facility. The gross contractual amount of trade receivables acquired was $0.2 million with a fair</font></div>
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  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">value of $0.2 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The
      completion of the initial purchase price allocation is pending the finalization of the fair value for certain taxation-related balances, accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price
      allocation on or before February 2, 2019.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 22, 2018, Descartes acquired certain assets of Velocity Mail, LLC (&#8220;Velocity Mail&#8221;), an electronic transportation network that provides global air
      carriers with mail and parcel shipment scanning and tracking solutions. Using US-based Velocity Mail&#8217;s network, global air carriers leverage mobile devices to accurately track shipments and deliveries in real-time. The purchase price for the
      acquisition was approximately $26.1 million, net of cash acquired, which was funded from drawing on Descartes&#8217; existing credit facility. The gross contractual amount of trade receivables acquired was $1.0 million with a fair value of $1.0 million at
      the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price allocation is pending the finalization of the fair value for accrued liability
      balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before June 22, 2019.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On August 21, 2018, Descartes acquired PinPoint GPS Solutions Inc.
        (&#8220;PinPoint&#8221;), a provider of fleet tracking and mobile workforce solutions. Canada-based PinPoint helps customers collect real-time location information on trucks and mobile workers using technology, including Geotab (telematics) and SkyBitz
        (trailer tracking). The purchase price for the acquisition was approximately $11.0 million </font>(CAD $14.4 million)<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">, net of cash acquired, which was funded from a
        combination of drawing on Descartes&#8217; existing credit facility and issuing to the sellers less than 0.1 million Descartes common shares from treasury. </font>Additional contingent consideration of up to $2.3 million (CAD $3.0 million) in cash is
      payable if certain revenue performance targets are met by PinPoint in the two years following the acquisition. The fair value of the contingent consideration was valued at $0.7 million at the acquisition date. The gross contractual amount of trade
      receivables acquired was $0.5 million with a fair value of $0.5 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The completion of the initial purchase price
      allocation is pending the finalization of the fair value for accrued liability balances as well as potential unrecorded liabilities. We expect to finalize the purchase price allocation on or before August 21, 2019.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the businesses acquired during fiscal 2019, we incurred acquisition-related costs for the three and nine month periods ended October 31, 2018 of $0.1
      million and $0.5 million, respectively. The acquisition-related costs were primarily for advisory services and are included in other charges in our consolidated statements of operations. During the three and nine month periods ended October 31, 2018,
      we have recognized <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">aggregate revenues of $5.0 million and $9.3 million, respectively, and an aggregate net income (loss) of $0.2 million and ($0.5) million,
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  <div><br>
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        <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px;" nowrap="nowrap" valign="bottom">
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        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26,013</font></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">69</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">599</font></div>
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        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="text-align: left; margin-right: 2.45pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill</font></div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18,903</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8,448</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,358</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">33,709</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">32,230</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">26,013</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">11,817</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 2px;" valign="bottom">
          <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">70,060</font></div>
        </td>
        <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The above transactions were accounted for using the acquisition method in accordance with ASC Topic 805, &#8220;Business Combinations&#8221;. The purchase price
      allocation in the table above represents our estimates of the allocation of the purchase price and the fair value of net assets acquired. The preliminary purchase price allocation may differ from the final purchase price allocation, and these
      differences may be material. Revisions to the allocation will occur as additional information about the fair value of assets and liabilities becomes available. The final purchase price allocation will be completed within one year from the acquisition
      dates.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The acquired intangible assets are being amortized over their estimated useful lives as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1c585fa2f9354711a93944de5b700b3e" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 60.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.22%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Aljex</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Velocity Mail</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">PinPoint</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 60.33%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Customer agreements and relationships</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">13 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">12 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">9 years</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 60.33%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Existing technology</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">N/A</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 60.33%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Trade names</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8 years</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 60.33%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Non-compete covenants</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</font></div>
        </td>
        <td style="width: 13.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5 years</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The goodwill on the Aljex, Velocity Mail<font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #FF0000;">&#160;</font>and PinPoint
      acquisitions arose as a result of the combined strategic value to our growth plan. The goodwill arising from the Aljex and PinPoint acquisitions is not deductible for tax purposes. The goodwill from the Velocity Mail acquisition is deductible for tax
      purposes.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Fiscal 2018 Acquisitions</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On August 14, 2017, we acquired MacroPoint LLC (&#8220;MacroPoint&#8221;), an electronic transportation network providing location-based truck tracking and predictive
      freight capacity data content. US-based MacroPoint runs a connected network helping transportation brokers, logistics service providers and shippers track</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">55</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">the locations of deliveries in trucks as well as predictive freight capacity to help identify early opportunities for additional freight moves. The
      purchase price for the acquisition was approximately $106.2 million, net of cash acquired, which was funded using $20.0 million of our common shares, $80.0 million from drawing on Descartes&#8217; credit facility and the balance from cash on hand. The
      gross contractual amount of trade receivables acquired was $2.0 million with a fair value of $2.0 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The purchase price
      was finalized in the three month period ended July 31, 2018 with no adjustments.</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> </font><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On June 1, 2017, we acquired substantially all of the assets of PCSTrac, Inc., including certain related assets of Progressive Computer Services Inc.,
      doing business as PCS Technologies (collectively referred to as &#8220;PCSTrac&#8221;). US-based PCSTrac helps specialty retailers and their logistics service providers collaborate to improve carton-level visibility for shipments from distribution centers to
      stores. PCSTrac&#8217;s solutions provide visibility and insight into the store replenishment supply chain, helping increase sales, enhance loss prevention, and improve inventory control. The total purchase price for the acquisition was $11.5 million, net
      of cash acquired, which was funded using cash on hand. The gross contractual amount of trade receivables acquired was $0.4 million with a fair value of $0.4 million at the date of acquisition. Our acquisition date estimate of contractual cash flows
      not expected to be collected was nominal. The purchase price was finalized in the three month period ended April 30, 2018 with no adjustments.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On May 18, 2017, we acquired Z-Firm LLC (&#8220;ShipRush&#8221;), a US-based provider of e-commerce multi-carrier parcel shipping solutions for small-to medium-sized
      businesses. The ShipRush platform helps customers streamline their supply chain and reduce transportation costs by automatically importing orders, comparing carrier rates, printing shipping labels for all major carriers, and tracking through final
      delivery. The purchase price for the acquisition was $14.2 million, net of cash acquired, which was funded using cash on hand. Additional contingent consideration of up to $3.0 million in cash is payable if certain revenue performance targets are met
      by ShipRush in the two years following the acquisition. The fair value of the contingent consideration was valued at $1.2 million at the acquisition date. The gross contractual amount of trade receivables acquired was $0.4 million with a fair value
      of $0.4 million at the date of acquisition. Our acquisition date estimate of contractual cash flows not expected to be collected was nominal. The purchase price was finalized in the three month period ended April 30, 2018 with no adjustments.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Pro Forma Results of Operations (Unaudited)</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The financial information in the table below summarizes selected results of operations on a pro forma basis as if we had acquired PinPoint, Velocity Mail,
      Aljex, MacroPoint, PCSTrac and ShipRush as of the beginning of each of the periods presented.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">This pro forma information is for information purposes only and does not purport to represent what our results of operations for the periods presented
      would have been had the acquisitions of PinPoint, Velocity Mail, Aljex, MacroPoint, PCSTrac and ShipRush occurred at the beginning of the period indicated, or to project our results of operations for any future period.</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z6d0d3c9a4a684096871edb12d3b570d3" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 46.67%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 26.92%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td colspan="2" style="width: 1.34%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 24.39%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
        <td style="width: 0.68%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">&#160;</td>
        <td style="width: 14.36%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td rowspan="3" style="width: 0.82%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">&#160;</td>
        <td style="width: 14.36%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td colspan="2" style="width: 13.39%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">&#160;</td>
        <td style="width: 14.36%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 12.56%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td colspan="2" style="width: 13.39%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td colspan="2" style="width: 12.2%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenue</font></div>
        </td>
        <td style="width: 14.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70,395</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">67,207</font></div>
        </td>
        <td rowspan="5" style="width: 0.82%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 13.39%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">210,387</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">197,731</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income</font></div>
        </td>
        <td style="width: 14.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,913</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5,888</font></div>
        </td>
        <td colspan="2" style="width: 13.39%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">23,997</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">19,233</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earnings per share</font></div>
        </td>
        <td style="width: 14.36%; vertical-align: top;">&#160;</td>
        <td style="width: 12.56%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 13.39%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 12.2%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Basic</font></div>
        </td>
        <td style="width: 14.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.10</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
        </td>
        <td colspan="2" style="width: 13.39%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.31</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.25</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.67%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Diluted</font></div>
        </td>
        <td style="width: 14.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.10</font></div>
        </td>
        <td style="width: 12.56%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
        </td>
        <td colspan="2" style="width: 13.39%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.31</font></div>
        </td>
        <td colspan="2" style="width: 12.2%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.25</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">56</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 4 &#8211; Fair Value Measurements</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">ASC Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (Topic 820) defines fair value as the price that would be received upon sale of an asset or paid
      upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value, in this context, should be calculated based on
      assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including our own credit
      risk.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Topic 820 establishes a fair value hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:</font></div>
  <div style="text-align: justify;">
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3cc7c494efdb4b039875f14fcf900459" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 1&#8212;inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3cfc22deb03b44b2a6c0f3eb433988d0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 2&#8212;inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active,
                  and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20af45f4ccee49a7b1afa1b89a24e74a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#8226;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Level 3&#8212;inputs are generally unobservable and typically reflect management&#8217;s estimates of assumptions that market participants would use in pricing the asset or liability.
                  The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The carrying amounts of the Company&#8217;s cash, accounts receivable (net), accounts payable, accrued liabilities and income taxes payable approximate their
      fair value (a Level 2 measurement) due to their short maturities.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The Company enters into equity derivative contracts including floating-rate equity forwards to partially offset the potential fluctuations of certain
      future share-based compensation expenses. The Company does not hold derivatives for speculative purposes. As at October 31, 2018, we had equity derivatives for 273,000 Descartes common shares with a weighted average price of $20.86.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows the Company&#8217;s derivative instruments measured at fair value on a recurring basis as of October 31, 2018:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z2e3509f0f839413eb6068766b1c33894" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 42.01%; vertical-align: top;">&#160;</td>
        <td style="width: 21.3%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fair Value of Derivatives Designated as Hedge Instruments</font></div>
        </td>
        <td style="width: 21.3%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fair Value of Derivatives Not Designated As Hedge Instruments</font></div>
        </td>
        <td style="width: 15.38%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Fair Value</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 42.01%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Derivative assets:</font></div>
        </td>
        <td style="width: 21.3%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 21.3%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 15.38%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 42.01%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Equity contracts</font></div>
        </td>
        <td style="width: 21.3%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 21.3%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,677</font></div>
        </td>
        <td style="width: 15.38%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,677</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The fair value of equity contract derivatives is determined utilizing a valuation model based on the quoted market value of <font style="font-family:
        Verdana, sans-serif; font-size: 9.5pt; color: #000000;">our common shares at the balance sheet date </font>(Level 2 fair value inputs). The fair value of equity contract derivatives is recorded as other current assets and gains and losses are
      recorded in general and administrative expenses in the consolidated financial statements. During the three and nine months ended October 31, 2018, we recognized an expense (recovery) in general and administrative expenses of $0.3 million and ($1.0)
      million, respectively, compared to ($1.1) million and ($1.6) million, respectively, for both the same periods of fiscal 2018.</font></div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">57</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 5 &#8211; Trade Receivables</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zff1d1ce799b54f5eabae834e24eb6971" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade receivables</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">32,701</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">30,111</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Less: Allowance for doubtful accounts</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,740)</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">(1,319)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">30,961</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">28,792</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Included in accounts receivable are unbilled receivables in the amount of $1.8 million as at October 31, 2018 ($0.6 million as at January 31, 2018). <font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Bad debt expense for the three and nine month periods ended October 31, 2018, was $0.3 million and $1.0 million, respectively, compared to $0.1 million and $0.4 million for
        the same periods of fiscal 2018 respectively.</font></font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 6 &#8211; Other Receivables</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z54dc0ca37bd540c69fb0092fb3ce68ad" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net working capital adjustments receivable from acquisitions</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">46</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">118</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other receivables</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3,702</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">3,053</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3,748</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">3,171</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other receivables include receivables related to sales and use taxes, income taxes, non-trade receivables and contract assets. At October 31, 2018, $0.1
      million ($0.1 million as at January 31, 2018) of the net working capital adjustments receivable from acquisitions is recoverable from amounts held in escrow related to the respective acquisitions. The change in net working capital adjustments
      receivable from acquisitions is primarily due to payments received.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 7 &#8211; Inventory</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">At October 31, 2018 and January 31, 2018, inventory is entirely comprised of finished goods inventory. Finished goods inventory consists of hardware and
      related parts for mobile asset units held for sale. A nominal provision for excess or obsolete inventories has been recorded in cost of revenues for the three and nine month periods ended October 31, 2018 and October 31, 2017, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 8 &#8211; Property and Equipment</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4a9db7787dbc44a1bc4be60e4e71f351" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">&#160;</td>
        <td style="width: 12.5%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Computer equipment and software</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">37,710</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">36,374</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Furniture and fixtures</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,316</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,296</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Leasehold improvements</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">418</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">438</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">39,444</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">38,108</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accumulated amortization</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">&#160;</td>
        <td style="width: 12.5%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Computer equipment and software</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">25,707</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">24,403</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Furniture and fixtures</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">704</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">669</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Leasehold improvements</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">269</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">238</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">&#160;</td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">26,680</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">25,310</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</font></div>
        </td>
        <td style="width: 15.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12,764</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">12,798</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">58</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 9 - Intangible Assets</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z41feaed3aa0649589b47c511350bd05a" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Customer agreements and relationships</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">176,656</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">162,772</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Existing technology</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">183,533</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">174,506</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade names</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,710</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">7,532</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compete covenants</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">6,147</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5,980</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">374,046</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">350,790</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accumulated amortization</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Customer agreements and relationships</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">78,162</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">73,621</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Existing technology</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">103,010</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">92,304</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Trade names</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,276</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4,221</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-compete covenants</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,831</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,643</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">188,279</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">172,789</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">185,767</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">178,001</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Intangible assets related to our acquisitions are recorded at their fair value at the acquisition date. The change in intangible assets during the nine
      month period ended October 31, 2018 is primarily due to the acquisition of Aljex, Velocity Mail and PinPoint partially offset by amortization. The balance of the change in intangible assets is due to foreign currency translation.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Intangible assets with a finite life are amortized into income over their useful lives. Amortization expense for existing intangible assets is expected to
      be $185.8 million over the following periods: $9.7 million for the remainder of 2019, $38.7 million for 2020, $35.3 million for 2021, $31.0 million for 2022, $23.7 million for 2023, $12.3 million for 2024, and $35.1 million thereafter. Expected
      future amortization expense is subject to fluctuations in foreign exchange rates and assumes no future adjustments to acquired intangible assets.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 10 &#8211; Goodwill</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Goodwill is recorded when the consideration paid for an acquisition of a business exceeds the fair value of identifiable net tangible and intangible
      assets acquired. The following table summarizes the changes in goodwill since January 31, 2017:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z340c2ddbe70f48fe86391a5450c0f137" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 73.21%; vertical-align: top;">&#160;</td>
        <td style="width: 14.29%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">&#160;</td>
        <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at beginning of period</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">350,148</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">263,113</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Datamyne</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">(435)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of ShipRush</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">8,603</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of PCSTrac</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">5,815</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of MacroPoint</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">65,213</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Aljex</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">18,903</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of Velocity Mail</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8,448</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition of PinPoint</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">6,358</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Adjustments on account of foreign exchange</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(6,628)</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">7,839</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 73.21%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at end of period</font></div>
        </td>
        <td style="width: 14.29%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">377,229</font></div>
        </td>
        <td style="width: 12.5%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">350,148</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">59</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 11 - Accrued Liabilities</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd36761783f21474b8b04afbbbbbef516" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued compensation and benefits</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">15,518</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">14,234</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accrued professional fees</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,040</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,107</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accrued liabilities</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">10,858</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">10,197</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">27,416</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">25,538</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other accrued liabilities include accrued expenses related to third party resellers and royalties, suppliers, accrued restructuring charges and accrued
      contingent acquisition purchase consideration.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 12 - Debt</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On March 2, 2016, we amended our revolving debt facility with a new senior secured credit facility. The credit facility consists of a $150.0 million
      revolving operating credit facility to be available for general corporate purposes including the financing of ongoing working capital needs and acquisitions. With the approval of the lenders, the credit facility can be expanded to a total of $225.0
      million. The credit facility also provides for an additional $7.5 million available to support foreign exchange and interest rate hedging. The credit facility has a five-year maturity with no fixed repayment dates prior to the end of the five-year
      term ending March 2, 2021. Borrowings under the credit facility are secured by a first charge over substantially all of Descartes&#8217; assets. Depending on the type of advance, interest rates under the revolving operating portion of the credit facility
      are based on the Canada or US prime rate, Bankers&#8217; Acceptance (BA) or London Interbank Offered Rate (LIBOR) plus an additional 0 to 200 basis points based on the ratio of net debt to adjusted earnings before interest, taxes, depreciation and
      amortization, as defined in the credit agreement. A standby fee of between 20 to 28 basis points will be charged on all undrawn amounts. The credit facility contains certain customary representations, warranties and guarantees, and covenants.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Long-term debt is comprised of the following:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zbff6c53d23da42f8846ffb969e0ac225" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Credit facility</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">50,590</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">37,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
        <td style="width: 13.68%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.63%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Available for use</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">99,410</font></div>
        </td>
        <td style="width: 13.68%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">113,000</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The outstanding balance of $50.6 million is required to be repaid prior to March 2, 2021. No amounts have been drawn on the facility that are available to
      support foreign exchange and interest rate hedging. We are in compliance with the covenants of the credit facility as of October 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As at October 31, 2018, we have outstanding letters of credit of $0.2 million ($0.3 million as at January 31, 2018), which are not related to our credit
      facility.</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">60</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 13 - Commitments, Contingencies and Guarantees</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Commitments</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following information is provided in respect of our operating and capital lease obligations:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zb48be5ecdd9f4d60b868ef62fe1a0c41" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 61.33%; vertical-align: bottom;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Years Ended January 31,</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Operating Leases</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Capital Leases</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Total</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Remainder of 2019</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,376</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">14</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,390</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2020</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4,086</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">50</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,136</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2021</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,594</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,596</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2022</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,546</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,546</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2023</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,078</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,078</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2024</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">674</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">674</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2025</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">357</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">357</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2026</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">328</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">328</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2027</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">175</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">175</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 61.33%; vertical-align: top;">&#160;</td>
        <td style="width: 12.89%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">12,214</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">66</font></div>
        </td>
        <td style="width: 12.89%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12,280</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Lease Obligations</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are committed under non-cancelable operating leases for business premises, computer equipment and vehicles with terms expiring at various dates through
      2027. We are also committed under non-cancelable capital leases for computer equipment expiring at various dates through 2021. The future minimum amounts payable under these lease agreements are outlined in the chart above. The $0.1 million balance
      of the capital lease obligation outstanding at October 31, 2018 is included in accrued liabilities in the unaudited condensed consolidated balance sheet. For the three and nine month periods ended October 31, 2018, rental expense from operating
      leases was $1.3 million and $3.9 million, respectively, compared to $1.3 million and $3.8 million, respectively, for the same periods of fiscal 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other Obligations</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As described in Note 2 to the audited consolidated financial statements for 2018 included in our 2018 Annual Report, we maintain deferred share unit
      (&#8220;DSU&#8221;) and cash-settled restricted share unit (&#8220;CRSU&#8221;) plans for our directors and employees. Any payments made pursuant to these plans are settled in cash. For DSUs and CRSUs, the units vest over time and the liability recognized at any given
      consolidated balance sheet date reflects only those units vested at that date that have not yet been settled in cash. As such, we had an unrecognized aggregate liability for the unvested CRSUs and unearned DSUs of $1.0 million and $0.2 million,
      respectively, for which no liability was recorded on our unaudited condensed consolidated balance sheet at October 31, 2018, in accordance with ASC Topic 718, &#8220;Compensation &#8211; Stock Compensation&#8221;. The ultimate liability for any payment of DSUs and
      CRSUs is dependent on the trading price of our common shares. To offset our exposure to fluctuations in our stock price, we have entered into equity derivative contracts, including floating-rate equity forwards. As at October 31, 2018, we had equity
      derivatives for 273,000 Descartes common shares.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Contingencies</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We are subject to a variety of other claims and suits that arise from time to time in the ordinary course of our business. The consequences of these
      matters are not presently determinable but, in the opinion of management after consulting with legal counsel, the ultimate aggregate potential liability is not currently expected to have a material effect on our results of operations or financial
      position.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Product Warranties</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we provide our customers with product warranties relating to the performance of our hardware, software and services.
      To date, we have not encountered material costs as a result of such obligations and have not accrued any liabilities related to such obligations in our consolidated financial statements.</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">61</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Business combination agreements</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In respect of our acquisitions of Appterra, ShipRush and PinPoint up to $3.8 million in cash may become payable in future periods if certain revenue
      performance targets are met in the two years following the acquisition date. A balance of $1.4 million is accrued related to the fair value of this contingent consideration as at October 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Guarantees</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of business, we enter into a variety of agreements that may contain features that meet the definition of a guarantee under ASC Topic
      460, &#8220;Guarantees&#8221;. The following lists our significant guarantees:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Intellectual property indemnification obligations</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We provide indemnifications of varying scope to our customers against claims of intellectual property infringement made by third parties arising from the
      use of our products. In the event of such a claim, we are generally obligated to defend our customers against the claim and we are liable to pay damages and costs assessed against our customers that are payable as part of a final judgment or
      settlement. These intellectual property infringement indemnification clauses are not generally subject to any dollar limits and remain in force for the term of our license agreement with our customer, which license terms are typically perpetual.
      Historically, we have not encountered material costs as a result of such indemnification obligations.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Other indemnification agreements</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the normal course of operations, we enter into various agreements that provide general indemnities. These indemnities typically arise in connection
      with purchases and sales of assets, securities offerings or buy-backs, service contracts, administration of employee benefit plans, retention of officers and directors, membership agreements, customer financing transactions, and leasing transactions.
      In addition, our corporate by-laws provide for the indemnification of our directors and officers. Each of these indemnities requires us, in certain circumstances, to compensate the counterparties for various costs resulting from breaches of
      representations or obligations under such arrangements, or as a result of third party claims that may be suffered by the counterparty as a consequence of the transaction. We believe that the likelihood that we could incur significant liability under
      these obligations is remote. Historically, we have not made any significant payments under such indemnities.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In evaluating estimated losses for the guarantees or indemnities described above, we consider such factors as the degree of probability of an unfavorable
      outcome and the ability to make a reasonable estimate of the amount of loss. We are unable to make a reasonable estimate of the maximum potential amount payable under such guarantees or indemnities as many of these arrangements do not specify a
      maximum potential dollar exposure or time limitation. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Given the foregoing, to date, we have not accrued any liability in our financial statements for
      the guarantees or indemnities described above.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 14 &#8211; Share Capital</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">On June 6, 2018, we filed a new final short-form base shelf prospectus (the &#8220;Base Shelf Prospectus&#8221;), allowing us to offer and issue the
      following securities: (i) common shares; (ii) preferred shares; (iii) senior or subordinated unsecured debt securities; (iv) subscription receipts; (v) warrants; and (vi) securities comprised of more than one of the aforementioned common shares,
      preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. These securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more shelf
      prospectus supplements. The aggregate initial offering price of securities that may be sold by us (or certain of our current or future shareholders) pursuant to the Base Shelf Prospectus during the 25-month period that the Base Shelf Prospectus,
      including any amendments thereto, remains valid is limited to an aggregate of $750 million.</font></div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">62</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">For the three and nine month periods ended October 31, 2018, cash flows
        provided from stock options and share units exercised were nil and $0.5 million, respectively, compared to $0.5 million and $1.0 </font>million for each of the same periods in fiscal 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 15 - Earnings Per Share</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table sets forth the computation of basic and diluted earnings per share (&#8220;EPS&#8221;) (number of shares in thousands):</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9a81cf15b7614ed6bec73569d7f29bd7" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 45.12%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 27.07%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td rowspan="1" colspan="3" style="width: 0.9%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">&#160;</td>
        <td style="width: 14.44%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td rowspan="3" style="width: 0.8%; vertical-align: top;">&#160;</td>
        <td style="width: 13.77%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">&#160;</td>
        <td style="width: 14.44%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">&#160;</td>
        <td style="width: 14.44%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 12.63%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.77%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Net income for purposes of calculating basic and diluted earnings per share</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,901</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,170</font></div>
        </td>
        <td rowspan="8" style="width: 0.8%; vertical-align: top;">&#160;</td>
        <td style="width: 13.77%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">23,385</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">20,214</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">&#160;</td>
        <td style="width: 14.44%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 12.63%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.77%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.24%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average shares outstanding</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">76,854</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,630</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">76,821</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,173</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Dilutive effect of employee stock options</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">235</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">167</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">208</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">167</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Dilutive effect of restricted and performance share units</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">774</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">645</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">738</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">602</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted average common and common equivalent shares outstanding</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">77,863</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">77,442</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">77,767</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">76,942</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Earnings per share</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: top;">&#160;</td>
        <td style="width: 12.63%; vertical-align: top;">&#160;</td>
        <td style="width: 13.77%; vertical-align: top;">&#160;</td>
        <td style="width: 13.24%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Basic</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.10</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
        </td>
        <td style="width: 13.77%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.30</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.27</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.12%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Diluted</font></div>
        </td>
        <td style="width: 14.44%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.10</font></div>
        </td>
        <td style="width: 12.63%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.08</font></div>
        </td>
        <td style="width: 0.8%; vertical-align: top;">&#160;</td>
        <td style="width: 13.77%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">0.30</font></div>
        </td>
        <td style="width: 13.24%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">0.26</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three month periods ended October 31, 2018 and October 31, 2017, the application of the treasury stock method excluded 270,394 and 273,000 stock
      options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based compensation expense of such stock options that are attributed to future service periods made such stock options anti-dilutive.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the nine month periods ended October 31, 2018 and October 31, 2017, nil and 2,475 stock options, respectively, were excluded from the calculation of
      diluted EPS as those stock options had an exercise price greater than or equal to the average market value of our common shares during the applicable periods and their inclusion would have been anti-dilutive. Additionally, for the nine month periods
      ended October 31, 2018 and October 31, 2017, the application of the treasury stock method excluded 272,869 and 270,525 stock options, respectively, from the calculation of diluted EPS as the assumed proceeds from the unrecognized stock-based
      compensation expense of such stock options that are attributed to future service periods made such stock options anti-dilutive.</font></div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">63</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 16 - Stock-Based Compensation Plans</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Total estimated stock-based compensation expense recognized in our consolidated statement of operations was as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z99e514fbf58a42f1b5c3fd3273585697" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 48.08%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.35%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.25%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">&#160;</td>
        <td style="width: 13.28%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">&#160;</td>
        <td style="width: 13.28%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">&#160;</td>
        <td style="width: 13.28%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cost of revenues</font></div>
        </td>
        <td style="width: 13.28%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">43</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">24</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">117</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">66</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Sales and marketing</font></div>
        </td>
        <td style="width: 13.28%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">118</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">69</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">321</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">177</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Research and development</font></div>
        </td>
        <td style="width: 13.28%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">51</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">25</font></div>
        </td>
        <td style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">135</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">60</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">General and administrative</font></div>
        </td>
        <td style="width: 13.28%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">790</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">650</font></div>
        </td>
        <td rowspan="2" style="width: 1.33%; vertical-align: top;">&#160;</td>
        <td style="width: 13.18%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,163</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,732</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.08%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect on net income</font></div>
        </td>
        <td style="width: 13.28%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,002</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">768</font></div>
        </td>
        <td style="width: 13.18%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,736</font></div>
        </td>
        <td style="width: 12.06%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,035</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">Differences between how GAAP and applicable income tax laws treat the amount and timing of recognition of stock-based compensation expense
      may result in a deferred tax asset. We have recorded a valuation allowance against any such deferred tax asset except for $0.6 million ($0.6 million at January 31, 2018) recognized in the United States. We realized a $0.1 million and $0.2 million tax
      benefit in connection with stock options exercised during the three and nine month periods ended October 31, 2018, respectively, and a nominal tax benefit for the same periods in fiscal 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Stock Options</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As of October 31, 2018, we had 745,338 stock options granted and outstanding under our shareholder-approved stock option plan and 4,002,938 remained
      available for grant. In addition, we had 136,500 stock options outstanding pursuant to option grants made outside of our shareholder-approved stock option plan as permitted under the rules of the Toronto Stock Exchange in certain circumstances.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">As of October 31, 2018, $2.5 million of total unrecognized compensation costs related to non-vested stock option awards is expected to be
      recognized over a weighted average period of 2.6 years. The total fair value of stock options vested during the three and nine month periods ended October 31, 2018 was $0.1 million and $0.1 million, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">For the three and nine month periods ended October 31, 2018, nil and 272,144 stock options, respectively, were granted compared to 2,475 and 274,500 stock
      options for the same periods in fiscal 2018. The weighted average grant-date fair value of stock options granted during the nine month periods ended October 31, 2018 and October 31, 2017 was $7.10 per option and $6.47 per option, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The weighted-average assumptions were as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z458ab4bb0ce34583a0379a77f294badb" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 54.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: bottom;">&#160;</td>
        <td colspan="2" style="width: 22.77%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 54.45%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.39%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31, 2018</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31, 2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 54.45%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected dividend yield (%)</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">-</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: middle; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 54.45%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected volatility (%)</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">23.6</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">23.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 54.45%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Risk-free rate (%)</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2.0</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1.0</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 54.45%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;&#160;Expected option life (years)</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: top;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">&#160;</td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5</font></div>
        </td>
        <td style="width: 11.39%; vertical-align: middle;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">64</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">A summary of option activity under all of our plans is presented as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="ze4c5aac412e74cfe945b30f64bfc3a7c" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Number of Stock Options Outstanding</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Weighted-</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Average Exercise</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">&#160;Price</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted- Average Remaining Contractual Life (years)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Aggregate Intrinsic</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;Value</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;(in millions)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">657,209</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">$18.21</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">4.9</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">5.7</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; text-indent: 2.75pt; margin-left: 12.25pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">272,144</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$28.17</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; text-indent: 2.75pt; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercised</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(45,765)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$11.76</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; text-indent: 2.75pt; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Forfeited</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(1,750)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$28.17</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">881,838</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$21.57</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.0</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8.4</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">881,838</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$21.57</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.0</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">8.4</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">321,622</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$16.49</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">3.8</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.7</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">The total intrinsic value of stock options exercised during the three and nine month periods ended October 31, 2018 was nil and
      approximately $0.8 million, respectively, compared to $0.7 million and $2.4 million during the same periods of fiscal 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Performance Share Units</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">A summary of PSU activity is as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z31deb08389774cd58f7847afa22568c5" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Number of PSUs Outstanding</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Weighted-</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Average Granted Date Fair Value</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Weighted- Average Remaining Contractual Life (years)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Aggregate Intrinsic</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;Value</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">&#160;(in millions)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">440,520</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">$15.91</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.6pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6.1</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.6pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">11.9</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12.25pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">54,351</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$35.48</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12.25pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Performance units issued</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">35,512</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$19.73</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">530,383</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$18.16</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.8</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">16.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">530,383</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$18.16</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5.8</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">16.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">370,431</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$13.14</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4.7</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">11.5</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on
      October 31, 2018) that would have been received by PSU holders if all PSUs had been vested on October 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">As of October 31, 2018, $2.3 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized
      over a weighted average period of 1.3 years. The total fair value of PSUs vested during the three and nine month periods ended October 31, 2018 was nil and $0.7 million, respectively.</font></div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">65</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Restricted Share Units</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">A summary of RSU activity is as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z356e38ffad6e41e09f5b7350ebf4908e" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Number of RSUs Outstanding</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Weighted-</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Average Granted Date Fair Value</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Weighted- Average Remaining Contractual Life (years)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Aggregate Intrinsic</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">&#160;Value</font></div>
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">&#160;(in millions)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">299,020</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">$12.80</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">6.1</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; margin-right: 3.6pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">8.1</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12.25pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">38,046</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$28.27</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">337,066</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$14.52</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.8</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">10.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested or expected to vest at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">337,066</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$14.52</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.8</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">10.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 2px double;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 2px double rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Exercisable at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: left; margin-right: 3.9pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">262,345</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">$11.53</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">5.0</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-bottom: #000000 2px double;">
          <div style="text-align: right; margin-right: 3.9pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">8.2</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate closing share price of our common shares on
      October 31, 2018) that would have been received by RSU holders if all RSUs had been vested on October 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">As of October 31, 2018, $1.2 million of total unrecognized compensation costs related to non-vested awards is expected to be recognized
      over a weighted average period of 1.6 years. The total fair value of RSUs vested during both the three and nine month periods ended October 31, 2018 was nil.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Deferred Share Unit Plan</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">As at October 31, 2018, the total number of DSUs held by participating directors was 275,061 (242,082 at January 31, 2018), representing
      an aggregate accrued liability of $8.2 million ($6.8 million at January 31, 2018). During the nine month period ended October 31, 2018, 32,979 DSUs were granted and nil DSUs were redeemed and settled in cash. As at October 31, 2018, the unrecognized
      aggregate liability for the unvested DSUs was $0.2 million (nil at January 31, 2018). The fair value of the DSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to DSUs
      recognized in our unaudited condensed consolidated statements of operations during the three and nine month periods ended October 31, 2018 was nominal and $1.8 million, respectively, compared to $1.4 million and $2.4 million for the same periods in
      fiscal 2018, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Cash-Settled Restricted Share Unit Plan</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">A summary of activity under our CRSU plan is as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc44a10b4614d4cacb2dfcdd5430c0ab9" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Number of CRSUs Outstanding</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Weighted- Average Remaining Contractual Life (years)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">58,171</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">1.5</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Granted</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">32,261</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Vested and settled in cash</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(35,678)</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">54,754</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.7</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">&#160;</td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
        <td style="width: 13.93%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 41.96%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Non-vested at October 31, 2018</font></div>
        </td>
        <td style="width: 2.32%; vertical-align: top;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">54,754</font></div>
        </td>
        <td style="width: 13.93%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1.7</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">66</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; color: #000000;">We recognize the compensation cost of the CRSUs ratably over the service/vesting period relating to the grant and have recorded an
      aggregate accrued liability of $0.7 million at October 31, 2018 ($0.8 million at January 31, 2018). As at October 31, 2018, the unrecognized aggregate liability for the unvested CRSUs was $1.0 million ($0.9 million at January 31, 2018). The fair
      value of the CRSU liability is based on the closing price of our common shares at the balance sheet date. The total compensation cost related to CRSUs recognized in our unaudited condensed consolidated statements of operations during the three and
      nine month periods ended October 31, 2018 was $0.2 million and $0.6 million, respectively, compared to $0.3 million and $0.8 million for the same periods in fiscal 2018, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 17 - Income Taxes</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;). The Tax
      Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax (AMT) and changing how
      existing AMT credits can be realized; (3) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (4) creating a new limitation on deductible interest expense; (5) changing rules related to uses
      and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (6) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (7) generally
      eliminating U.S. federal income taxes on dividends from foreign subsidiaries; and (8) creating the base erosion anti-abuse, a new minimum tax.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we have made reasonable estimates of the effects
      and recorded provisional amounts in our consolidated financial statements as of January 31, 2018. As we collect and prepare necessary data and interpret the Tax Act and any additional guidance issued by the U.S. Treasury Department, the Internal
      Revenue Service, and other bodies, we may make adjustments to the provisional amounts. Those adjustments will impact our provision for income taxes and effective tax rate in the period in which the adjustments are made. The accounting for the tax
      effects of the Tax Act will be completed in fiscal 2019. Additional impacts from the enactment of the Tax Act will be recorded as they are identified during the measurement period as provided for in Staff Accounting Bulletin 118 (&#8220;SAB 118&#8221;). The net
      tax recovery recognized in the fourth quarter of 2018 related to the Tax Act was $0.7 million. As we complete our analysis of the Tax Act and incorporate additional guidance that may be issued by the U.S. Treasury Department, the IRS or other bodies,
      and as we finalize fiscal 2018 income tax filings and detailed earnings and profit calculations for foreign subsidiaries, there may be changes to the provisional amounts recorded during the SAB 118 measurement period. During the first nine months of
      2019, we recognized an adjustment to increase tax expense by $0.1 million related to the Tax Act.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The effective tax rates (which is the provision for income taxes expressed as a percentage of income before income taxes) were 23.0% and 20.1% for the
      three and nine month periods ended October 31, 2018, respectively, and 22.2% and 22.9% for the same periods in fiscal 2018, respectively.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The increase in the three month period ended October 31, 2018 compared to the same period in fiscal 2018 was primarily a result of higher income tax
      expense incurred from the adoption of ASU 2016-16. The decrease in the nine month period ended October 31, 2018 compared to the same period in fiscal 2018 was primarily a result of tax benefits recognized in the second quarter of fiscal 2019 from the
      conclusion of certain tax audits, including the release of any related tax reserves. The remainder of the differences are due to normal course movements and non-material items.</font></div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">67</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 18 &#8211; Contract Balances, Performance Obligations and Contract Costs</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Deferred Revenue</u></font></font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the deferred revenue balance as follows:</font></div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z32fc86eb9fa54642bcabb7883d99c07e" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 86.41%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top; text-align: right;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Deferred Revenue</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">32,113</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Recognition of unearned revenue</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(32,028)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Deferral of revenue</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">29,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increases from business combinations</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,636</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(931)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">29,790</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Current</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">28,321</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Long-term</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">1,469</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Performance Obligations</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">As of October 31, 2018, approximately $131.2 million of revenue is expected to be recognized in the future related to performance obligations that are
      unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize revenue on approximately three quarters of these remaining performance obligations over the next 24 months with the balance recognized thereafter.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Contract Assets</u></font></font></div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table presents the changes in the contract assets balance as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zdebe3d1f69584137a6bb730e9b0204bb" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 86.41%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Contract Assets</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">-</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Adjustment for adoption of ASC 606</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">495</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at February 1, 2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">495</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Transfers to trade receivables from contract assets</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(199)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Increases as a result of delivered term licenses recognized as revenue during the period, net of amounts transferred to trade
              receivables</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">606</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Effect of movements in foreign exchange</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(35)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 86.41%; vertical-align: top;">
          <div style="text-align: left; text-indent: -15pt; margin-left: 15pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">867</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"><u>Contract Costs</u></font></font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Capitalized contract costs net of accumulated amortization is $6.6 million at October 31, 2018. In the comparative period, such contract costs were
      primarily recognized as selling expenses when incurred. Capitalized contract costs are amortized consistent with the pattern of transfer to the customer for the goods and services to which the asset relates. For the three and nine month periods ended
      October 31, 2018, the amount of amortization included in sales and marketing expenses was $0.5 million and $1.3 million, respectively. There was no impairment loss in relation to the costs capitalized during the three and nine month periods ended
      October 31, 2018.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 19 - Other Charges</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Other charges are comprised of acquisition-related costs and restructuring initiatives which have been undertaken from time to time under various
      restructuring plans. Acquisition-related costs primarily include advisory services, brokerage services, administrative costs and retention bonuses to employees joining by way of an acquisition, and collectively relate to completed and prospective
      acquisitions.</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">68</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
  </div>
  <!--PROfilePageNumberReset%Num%69%%%-->
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following tables shows the components of other charges as follows:</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd7563a4c07d9407f9249f49f2dcfb53b" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 47.55%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.7%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.54%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.55%; vertical-align: top;">&#160;</td>
        <td style="width: 13.46%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.24%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td style="width: 13.32%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.22%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.55%; vertical-align: top;">&#160;</td>
        <td style="width: 13.46%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.24%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td style="width: 13.32%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.22%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.55%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Acquisition-related costs</font></div>
        </td>
        <td style="width: 13.46%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">524</font></div>
        </td>
        <td style="width: 12.24%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,027</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td style="width: 13.32%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,231</font></div>
        </td>
        <td style="width: 12.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,611</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.55%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Restructuring plans</font></div>
        </td>
        <td style="width: 13.46%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5</font></div>
        </td>
        <td style="width: 12.24%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">403</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td style="width: 13.32%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19</font></div>
        </td>
        <td style="width: 12.22%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">408</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.55%; vertical-align: top;">&#160;</td>
        <td style="width: 13.46%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">529</font></div>
        </td>
        <td style="width: 12.24%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">1,430</font></div>
        </td>
        <td style="width: 1.22%; vertical-align: top;">&#160;</td>
        <td style="width: 13.32%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,250</font></div>
        </td>
        <td style="width: 12.22%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">3,019</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold; font-style: italic;">Fiscal 2018 Restructuring Plan</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">In the third quarter of fiscal 2018, management approved and began to implement the fiscal 2018 restructuring plan to reduce operating expenses and
      increase operating margins. To date, $0.5 million has been recorded within other charges in conjunction with this restructuring plan. These charges are comprised of workforce reduction charges. This plan is complete with a nominal amount of further
      expected costs.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table shows the changes in the restructuring provision for the fiscal 2018 restructuring plan.</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z70a31c9f2dca4b3c8483a8536b8fc4bf" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 36.88%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Workforce</font></div>
          <div style="text-align: right; text-indent: 1.5pt;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">Reduction</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.88%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at January 31, 2018</font></div>
        </td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt;">245</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.88%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Accruals and adjustments</font></div>
        </td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">4</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.88%; vertical-align: top;">
          <div style="text-align: left; margin-left: 12pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Cash draw downs</font></div>
        </td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">(246)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 36.88%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Balance at October 31, 2018</font></div>
        </td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top;">&#160;</td>
        <td style="width: 15.78%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana,sans-serif; font-size: 9.5pt; font-weight: bold;">3</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Note 20 - Segmented Information</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">We review our operating results, assess our performance, make decisions about resources, and generate discrete financial information at the single
      enterprise level. Accordingly, we have determined that we operate in one reportable business segment providing logistics technology solutions. The following tables provide our disaggregated revenue information by geographic location of customer and
      revenue type:</font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
    </font></div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;"> <br>
    </font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z598acacbe85e4f4a990a0f090faf0ae7" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 47.19%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.84%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td style="width: 1.71%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 25.26%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">&#160;</td>
        <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td rowspan="8" style="width: 1.71%; vertical-align: top;">&#160;</td>
        <td style="width: 13.47%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 11.79%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">&#160;</td>
        <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</font></div>
        </td>
        <td style="width: 13.36%; vertical-align: top;">&#160;</td>
        <td style="width: 12.47%; vertical-align: top;">&#160;</td>
        <td style="width: 13.48%; vertical-align: top;">&#160;</td>
        <td style="width: 12.47%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</font></div>
        </td>
        <td style="width: 13.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">42,169</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">36,069</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">121,817</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">97,316</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa</font></div>
        </td>
        <td style="width: 13.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">19,895</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">19,399</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">60,464</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">56,982</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Canada</font></div>
        </td>
        <td style="width: 13.36%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">5,130</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">3,877</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">12,785</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">11,370</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Asia Pacific</font></div>
        </td>
        <td style="width: 13.36%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2,814</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,656</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">9,075</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">8,140</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 47.19%; vertical-align: top;">&#160;</td>
        <td style="width: 13.36%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70,008</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62,001</font></div>
        </td>
        <td style="width: 13.48%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204,141</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173,808</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Verdana, 'sans-serif'; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">69</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
  </div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Three Months Ended</font></div>
        </td>
        <td style="width: 1.66%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">Nine Months Ended</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
        <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td rowspan="7" style="width: 1.66%; vertical-align: top;">&#160;</td>
        <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">October 31,</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
        <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2017</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Revenues</font></div>
        </td>
        <td style="width: 13%; vertical-align: top;">&#160;</td>
        <td style="width: 12.47%; vertical-align: top;">&#160;</td>
        <td style="width: 13%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License</font></div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">1,592</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2,319</font></div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">4,793</font></div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,161</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Services</font></div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">61,125</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">53,316</font></div>
        </td>
        <td style="width: 13%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">178,615</font></div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">149,397</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Professional services and other</font></div>
        </td>
        <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">7,291</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">6,366</font></div>
        </td>
        <td style="width: 13%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">20,733</font></div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">18,250</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
        <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">70,008</font></div>
        </td>
        <td style="width: 12.47%; vertical-align: top; border-top: #000000 1px solid; border-bottom: #000000 2px double;">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">62,001</font></div>
        </td>
        <td style="width: 13%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">204,141</font></div>
        </td>
        <td style="width: 12%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px double rgb(0, 0, 0);">
          <div style="text-align: right;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">173,808</font></div>
        </td>
        <td style="width: 0%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">License revenues are derived from licenses granted to our customers to use our software products. Services revenues are comprised of ongoing transactional
      and/or subscription fees for use of our services and products by our customers and maintenance, which include revenues associated with maintenance and support of our services and products. Professional services and other revenues are comprised of
      professional services revenues from consulting, implementation and training services related to our services and products, hardware revenues and other revenues.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">The following table provides information by geographic area of operation for our long-lived assets. Long-lived assets represent property and equipment and
      intangible assets that are attributed to geographic areas.</font></div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1ff67e85ba4d496f8e105e67f940420b" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 72.82%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">October 31,</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top; border-top: #000000 1px solid;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">January 31,</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.82%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">2018</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">2018</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.82%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Total long-lived assets</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top;">&#160;</td>
        <td style="width: 13.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 72.82%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">United States</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">125,610</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">108,077</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.82%; vertical-align: top;">
          <div style="text-align: left; margin-left: 7.5pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">Europe, Middle-East and Africa</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top;">
          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">29,750</font></div>
        </td>
        <td style="width: 13.59%; vertical-align: top;">
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          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">44,865</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 72.82%; vertical-align: top;">&#160;</td>
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          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt; font-weight: bold;">198,531</font></div>
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          <div style="text-align: right; text-indent: -3pt; margin-left: 3pt;"><font style="font-family: Verdana, sans-serif; font-size: 9.5pt;">190,799</font></div>
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      </tr>

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      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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                  <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Corporate Information</div>
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 10.85pt; MARGIN-RIGHT: 216pt">Our common stock trades on the Toronto Stock Exchange under the symbol DSG and on The Nasdaq Stock Market under the
          symbol DSGX.</div>
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Transfer Agents</div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Computershare Investor Services Inc.</font><font style="FONT-SIZE: 5.06pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Computershare Trust Company</font></div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">100 University Avenue</font><font style="FONT-SIZE: 5.05pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">12039 West Alameda Parkway</font></div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Toronto, Ontario M5J 2Y1</font><font style="FONT-SIZE: 5.05pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Suite Z-2 Lakewood, Colorado</font></div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">North America: (800) 663-9097</font><font style="FONT-SIZE: 5.05pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;



          </font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">80228 USA</font></div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Phone: (416) 263-9200</font><font style="FONT-SIZE: 5.05pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;



          </font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Phone: (303) 262-0600</font></div>
        <div style="LINE-HEIGHT: 10.85pt"><br style="LINE-HEIGHT: 10.85pt">
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Independent Registered Public Accounting Firm</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">KPMG LLP</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Bay Adelaide Centre</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">333 Bay Street</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Suite 4600</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Toronto, Ontario M5H 2S5</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Phone: (416) 777-8500</div>
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Investor Inquiries</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Investor Relations</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">The Descartes Systems Group Inc.</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">120 Randall Drive</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Waterloo, Ontario N2V 1C6</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Phone: (519) 746-8110 ext. 202358</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Toll Free: (800) 419-8495</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">E-mail: investor@descartes.com</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; COLOR: #0000ff; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">www.descartes.com</div>
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">The Descartes Systems Group Inc.</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Corporate Headquarters</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">120 Randall Drive</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Waterloo, Ontario N2V 1C6</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Canada</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">Phone: &#160;(519) 746-8110</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt; TEXT-INDENT: 36pt"><font style="font-size: 5.05pt;">&#160;</font> (800) 419-8495</div>
        <div style="TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt"><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">Fax:</font><font style="FONT-SIZE: 5.14pt">&#160;&#160;&#160; &#160; &#160;&#160; &#160;&#160; &#160;&#160; </font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif">(519)



            747-0082</font></div>
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        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">info@descartes.com</div>
        <div style="FONT-SIZE: 9.5pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.85pt">www.descartes.com</div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>PRESS RELEASE ISSUED NOVEMBER 28, 2018
<TEXT>
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    <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 18.25pt">Exhibit 99.2</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt"><img src="descartes_logo.jpg"></div>
    <div style="TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt">&#160;</div>
    <div style="text-align: center; line-height: 18.25pt;"><img src="pressrelease_banner.jpg"></div>
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    <div style="FONT-SIZE: 16pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">DESCARTES ANNOUNCES FISCAL 2019 THIRD QUARTER FINANCIAL RESULTS</div>
    <div style="FONT-SIZE: 14pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">Global Logistics Network Drives Record Revenues and Income from Operations</div>
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      <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">WATERLOO, Ontario &#8212; November 28, 2018 </font>&#8212; The Descartes
        Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2019 third quarter (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q3FY19</font>) ended October 31, 2018. All
        financial results referenced are in United States (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">US</font>) currency and, unless otherwise indicated, are determined in accordance with US Generally
        Accepted Accounting Principles (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">GAAP</font>).</div>
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      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8220;Logistics is a multi-party, multi-process problem, and it&#8217;s becoming increasingly complex with today&#8217;s dynamic global trade landscape,&#8221; said
          Edward J. Ryan, Descartes&#8217; CEO. &#8220;We believe that customers are looking for one place to collaborate with their supply chain and manage the lifecycle of shipments. We believe that place is our Global Logistics Network (<font style="font-size:
            10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">GLN</font>), which continues to gain momentum as we add participants, solutions and content for key constituents in the supply chain, including shippers, carriers, logistics
          intermediaries and government agencies. The GLN is a stable, reliable and trusted platform that we believe is poised for further growth as it continues to deliver incremental value to the supply chain community.&#8221;</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q3FY19 Financial Results</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As described in more detail below, key financial highlights for Q3FY19 included:</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues of $70.0 million, up 13% from $62.0 million in the third quarter of fiscal 2019 (<font style="font-size: 10pt; font-family: Verdana, Geneva,
                        sans-serif; font-weight: bold;">Q3FY18</font>) and up 4% from $67.1 million in the previous quarter (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q2FY19</font>);</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues were comprised of services revenues of $61.1 million (87% of total revenues), professional services and other revenues of $7.3 million (11% of total
                      revenues) and license revenues of $1.6 million (2% of total revenues). Services revenues were up 15% from $53.3 million in Q3FY18 and up 2% from $59.7 million in Q2FY19;</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities of $19.2 million, up 2% from $18.9 million in Q3FY18 and up 5% from $18.2 million in Q2FY19;</font></div>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from operations of $10.8 million, up 29% from $8.4 million in Q3FY18 and up 7% from $10.1 million in Q2FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcca6eac262274885a6bf8d18f4fbbcfc" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income of $7.9 million, up 27% from $6.2 million in Q3FY18 and down from $8.5 million in Q2FY19. Net income in Q2FY19 benefited from a non-recurring tax
                      recovery of approximately $1.0 million. Net income as a percentage of revenues was 11%, compared to 10% in Q3FY18 and 13% in Q2FY19;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87a99b45a21c45ac8d9b90e88fd0007a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share on a diluted basis of $0.10, up 25% from $0.08 in Q3FY18 and compared to $0.11 in Q2FY19; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40abe6b203994fda9503f7e6b8619c9a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA of $24.0 million, up 17% from $20.6 million in Q3FY18 and up 5% from $22.8 million in Q2FY19. Adjusted EBITDA as a percentage of revenues was
                      34%, compared to 33% in Q3FY18 and 34% in Q2FY19.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">1</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">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 and acquisition-related expenses). These items are considered by management to be outside Descartes&#8217; 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.</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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):</font></div>
        <div><br>
        </div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zae9c68df437744bd8152e187afa27220" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 45%; vertical-align: top;">&#160;</td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q3</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">FY19</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q2</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY19</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q1</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY19</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q4</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY18</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q3</font></div>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">FY18</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">70.0</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.1</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.0</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">63.6</font></div>
              </td>
              <td style="width: 11%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">62.0</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Services revenues</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">61.1</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">59.7</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">57.8</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">55.0</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">53.3</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Gross margin</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">73%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">73%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">72%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">73%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">73%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">19.2</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">18.2</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">18.9</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">19.6</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">18.9</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from operations</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10.8</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10.1</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9.8</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.9</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.4</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7.9</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.5</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7.0</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.7</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.2</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income as a % of revenues</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per diluted share</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.10</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.11</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.09</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.09</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.08</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">24.0</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.8</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.1</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">21.4</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20.6</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA as a % of revenues</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">34%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34%</font></div>
              </td>
              <td style="width: 11%; vertical-align: top;">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33%</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Year-to-Date Financial Results</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">As described in more detail below, key financial highlights for Descartes&#8217; nine-month period ended October 31, 2018 (<font style="font-size:
              10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9MFY19</font>) included:</font></div>
        <div style="text-align: justify;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23adbc7ea7a34f3c9d4c8197e8181fca" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues of $204.1 million, up 17% from $173.8 million in the same period a year ago (<font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;
                          font-weight: bold;">9MFY18</font>);</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e6dae6305fa4907b1a710ef4ccf461f" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Revenues were comprised of services revenues of $178.6 million (88% of total revenues), professional services and other revenues of $20.7 million (10% of
                        total revenues) and license revenues of $4.8 million (2% of total revenues). Services revenues were up 20% from $149.4 million in 9MFY18;</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f6416db63754918a7a0689149e732b9" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash provided by operating activities of $56.3 million, up 7% from $52.5 million in 9MFY18;</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf46dbb37212a4329b7c8b6b8167ceecb" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income from operations of $30.7 million, up 14% from $26.9 million in 9MFY18;</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 2pt;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z810b79fcd4d041f9b51d3cb7c2f4f0ba" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 17.85pt;"><br>
                  </td>
                  <td style="width: 17.85pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Net income of $23.4 million, up 16% from $20.2 million in 9MFY18. Net income as a percentage of revenues was 11%, compared to 12% in 9MFY18;</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify; margin-bottom: 2pt;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ac8062fe46d4f29a928c937faf630f6" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 17.85pt;"><br>
                  </td>
                  <td style="width: 17.85pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Earnings per share on a diluted basis of $0.30, up 15% from $0.26 in 9MFY18; and</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="text-align: justify;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71149ff9acb0450f9dfbcc215464ad18" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#8226;</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjusted EBITDA of $68.9 million, up 16% from $59.4 million in 9MFY18. Adjusted EBITDA as a percentage of revenues was 34%, compared to 34% in 9MFY18.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff"> <br>
      </div>
      <div style="TEXT-ALIGN: justify"> &#160; </div>
    </div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <div style="LINE-HEIGHT: 11.4pt">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify">
        <p class="MsoNormal" style="text-align:justify;mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">The following table summarizes Descartes&#8217; results in the categories specified below over 9MFY19 and 9MFY18 (unaudited, dollar amounts
            in millions):</font></p>
        <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">&#160;</font></p>
        <div align="center">
          <table class="MsoNormalTable" style="border-bottom: medium none; border-collapse: collapse; border-left: medium none; border-right: medium none; border-top: medium none; width: 70%;" align="center" border="1" cellpadding="0" cellspacing="0">

              <tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:center;mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none" align="center"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Tahoma" lang="EN-CA">&#160;</font></p>
                </td>
                <td style="border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 5.4pt; height: 0.2in; width: 15%;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;mso-ansi-language: FR" lang="FR">9MFY19</font></b></p>
                </td>
                <td style="border-width: 1pt medium; border-style: solid none; border-color: windowtext -moz-use-text-color; padding: 0in 5.4pt; height: 0.2in; width: 15%;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none" align="right"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma;mso-ansi-language:FR" lang="FR">9MFY18</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:1;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                      Tahoma;mso-ansi-language:FR" lang="FR">Revenues</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma;mso-ansi-language:FR" lang="FR">204.1</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Tahoma;mso-ansi-language:FR" lang="FR">173.8</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:2;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                      Tahoma;mso-ansi-language:FR" lang="FR">Services revenues</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma;mso-ansi-language:FR" lang="FR">178.6</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Tahoma;mso-ansi-language:FR" lang="FR">149.4</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:3;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                      Tahoma;mso-ansi-language:EN-US">Gross margin</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma;mso-ansi-language:FR" lang="FR">73%</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif; mso-bidi-font-family:Tahoma;mso-ansi-language:FR" lang="FR">73%</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:4;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Tahoma" lang="EN-CA">Cash provided by operating activities </font><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma;mso-ansi-language:EN-US"></font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">56.3</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">52.5</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:5;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                      Tahoma;mso-ansi-language:EN-US">Income from operations</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">30.7</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">26.9</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:6;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:
                      Tahoma;mso-ansi-language:EN-US">Net income</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">23.4</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">20.2</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:7;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Tahoma" lang="EN-CA">Net income as a % of revenues</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">11%</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">12%</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:8;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Tahoma" lang="EN-CA">Earnings per diluted share</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">0.30</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">0.26</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:9;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Tahoma" lang="EN-CA">Adjusted EBITDA</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">68.9</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">59.4</font></p>
                </td>
              </tr>
              <tr style="mso-yfti-irow:10;mso-yfti-lastrow:yes;height:.2in">
                <td style="width: 70%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="mso-pagination:widow-orphan lines-together; page-break-after:avoid;mso-layout-grid-align:none;text-autospace:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
                      mso-bidi-font-family:Tahoma" lang="EN-CA">Adjusted EBITDA as a % of revenues</font></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><b style="mso-bidi-font-weight:normal"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">34%</font></b></p>
                </td>
                <td style="width: 15%; border: medium none; padding: 0in 5.4pt; height: 0.2in;" valign="top">
                  <p class="MsoNormal" style="text-align:right;mso-pagination:widow-orphan lines-together; page-break-after:avoid;tab-stops:decimal 22.55pt;mso-layout-grid-align:none; text-autospace:none" align="right"><font style="font-size:10.0pt;font-family: &quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma" lang="EN-CA">34%</font></p>
                </td>
              </tr>

          </table>
        </div>
        <p class="MsoNormal" style="mso-pagination:none"><b><font style="font-size:10.0pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US">&#160;</font></b></p>
        <p class="MsoNormal" style="mso-pagination:none"><b><font style="font-size:10.0pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US">Cash Position</font></b></p>
        <p class="MsoNormal" style="text-align:justify;mso-pagination:none"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">At October 31, 2018, Descartes had $32.8 million in cash. Cash
            decreased $1.3 million in Q3FY19 and $2.3 million in 9MFY19 primarily due to credit facility repayments partially offset by cash provided from operations. The table set forth below provides a summary of cash flows for Q3FY19 and 9MFY19 in
            millions of dollars: </font></p>
        <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellpadding="0" cellspacing="0">

            <tr style="HEIGHT: 16px">
              <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q3FY19</div>
              </td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">9MFY19</div>
              </td>
              <td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash provided by operating activities</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">19.2</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">56.3</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Additions to property and equipment</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.1</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(3.1</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Acquisitions of subsidiaries, net of cash acquired</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(9.4</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(67.9</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Proceeds from borrowing on credit facility</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">9.9</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">68.5</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Credit facility repayments</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(18.0</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(53.5</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Issuances of common shares, net of issuance costs</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="width: 9%; vertical-align: middle; text-align: right;">
                <div style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; font-weight: bold;">
                  <div style="font-family: Verdana,Geneva,sans-serif; font-size: 10pt; font-weight: bold;">-</div>
                </div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold"><br>
                </div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.4</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 76%; vertical-align: top;" valign="bottom">
                <div style="text-align: left; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">Payment of contingent consideration</div>
              </td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom;" valign="bottom">&#160;</td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom; text-align: left;" valign="bottom">&#160;</td>
              <td rowspan="1" style="width: 9%; vertical-align: bottom; text-align: right;" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.5</div>
              </td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom; text-align: left;" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom;" valign="bottom">&#160;</td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom; text-align: left;" valign="bottom">&#160;</td>
              <td rowspan="1" style="width: 9%; vertical-align: bottom; text-align: right;" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.5</div>
              </td>
              <td rowspan="1" style="width: 1%; vertical-align: bottom; text-align: left;" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Effect of foreign exchange rate on cash</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(0.4</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.5</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Net change in cash</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.3</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(2.3</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash, beginning of period</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">34.1</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">35.1</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash, end of period</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">32.8</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">32.8</div>
              </td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <p style="text-align:justify;mso-pagination:none"><b><font style="font-size: 10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US">Acquisition of Pinpoint</font></b></p>
        <p style="text-align:justify;mso-pagination:none"><font style="font-size:10.0pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-font-weight:bold">On
            August 21, 2018, Descartes acquired PinPoint GPS Solutions Inc. (<b>PinPoint</b>), a provider of fleet tracking and mobile workforce solutions. Canada-based PinPoint helps customers collect real-time location information on trucks and mobile
            workers using technology, including Geotab (telematics) and SkyBitz (trailer tracking). The purchase price for the acquisition was approximately $11.0 million </font><font style="font-size:9.5pt;font-family:&quot;Verdana&quot;,sans-serif;
            mso-bidi-font-family:Cambria;mso-bidi-theme-font:major-latin" lang="EN-CA">(CAD $14.4 million)</font><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;
            mso-bidi-font-family:Tahoma;color:black;mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-font-weight:bold">, net of cash acquired, which was funded from a combination of drawing on Descartes&#8217; existing credit facility and issuing to
            the sellers less than 0.1 million Descartes common shares from treasury. Additional contingent consideration of up to $2.3 million (CAD $3.0 million) in cash is payable if certain revenue performance targets are met by PinPoint in the two years
            following the acquisition. The fair value of the contingent consideration was valued at $0.7 million at the acquisition date.</font></p>
        <p style="text-align:justify;mso-pagination:none"><font style="font-size:10.0pt; font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family:Tahoma;color:black; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-font-weight:bold">&#160;</font></p>
      </div>
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      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>
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        <div style="text-align: justify; color: #000000; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Conference Call</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Members of Descartes' executive management team will host a conference call to discuss the company's financial results today at 5:00 p.m. ET,
            Wednesday, November 28. Designated numbers are +1 888 465-5079 for North America and +1 416 216-4169 for international, using Passcode 6867578#.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The company will simultaneously conduct an audio webcast on the Descartes Web site at <font style="color: rgb(0, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">www.descartes.com/descartes/investor-relations</font></u></font>. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Replays of the conference call will be available following the call from 8:00 p.m. ET, and until December 5, 2018, by dialing +1 888 843-7419
            or +1 630 652-3042 followed by Passcode 6867578#. An archived replay of the webcast will be available at <u><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; color: rgb(0, 0, 255);">www.descartes.com/descartes/investor-relations</font></u>.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">About Descartes</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the
            productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure 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&#160;<u><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; color: rgb(0, 0, 255);">www.descartes.com</font></u>,
            and connect with us on&#160;<font style="color: rgb(0, 0, 255);"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">LinkedIn</font></u></font>&#160;and<font style="background-color: #FFFFFF; font-size: 10pt; font-family: Verdana,
              Geneva, sans-serif; color: #555555;">&#160;</font><u><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif; color: rgb(0, 0, 255);">Twitter</font></u><font style="background-color: #FFFFFF; font-size: 10pt; font-family: Verdana,
              Geneva, sans-serif; color: #555555;">.&#160;</font></font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"># # #</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Descartes Investor Contact:</font></font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Laurie McCauley +1-519-746-6114 x202358</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><u><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">investor@descartes.com</font></u><font style="font-size: 10pt;
              font-family: Verdana, Geneva, sans-serif;"><br>
            </font></font><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Safe Harbor Statement</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">This release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that
            relates to Descartes' growth in margins; continued growth and acquisitions; rate of profitable growth; demand for Descartes' solutions; growth of Descartes' Global Logistics Network; 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 to increase at levels consistent with
            the average growth rates of the global economy; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; <font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">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; </font>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 execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses</font></div>
        <div><br>
        </div>
      </div>
    </div>
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        <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">associated with and revenues from acquisitions; 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; the impact on Descartes' business of a global economic
          downturn; changes in customer behaviour and expectations; Descartes&#8217; 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.</div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">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.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">The term &#8220;Adjusted EBITDA&#8221; 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 and
            acquisition-related expenses). 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.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana,Geneva,sans-serif;">Management considers these non-operating expenses to be outside the scope of Descartes&#8217; 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</font></div>
      </div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify"> &#160; </div>
    </div>
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      <div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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    </div>
    <div style="LINE-HEIGHT: 11.4pt">
      <div>
        <p class="MsoNormal" style="text-align:justify"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">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 2018 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.</font></p>
        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">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 Q3FY19, Q2FY19, Q1FY19, Q4FY18 and Q3FY18, which we believe is the most directly comparable GAAP measure.</font></p>
        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><font style="font-size:10.0pt;font-family:&quot;Verdana&quot;,sans-serif;mso-bidi-font-family: Tahoma" lang="EN-CA">&#160;</font></p>
        <p class="MsoNormal" style="text-align:justify;page-break-after:avoid"><br>
        </p>
        <table id="za9e7cfd64556430a978d4b163e38cb76" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

            <tr>
              <td style="vertical-align: top; padding-bottom: 1px;">
                <div style="text-align: justify; margin-left: 7.2pt; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">(US dollars in millions)</div>
              </td>
              <td colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Q3FY19</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q2FY19</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q1FY19</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q4FY18</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: top;">
                <div style="text-align: right; text-indent: 7pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Q3FY18</font></div>
              </td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 40%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Net income</font>, as reported on
                    Consolidated Statements of Operations</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7.9</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.5</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">7.0</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.7</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6.2</font></div>
              </td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 40%; background-color: #FFFFFF;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Adjustments to reconcile to Adjusted EBITDA:</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 40%;" valign="bottom">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Interest expense</font></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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            <tr>
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                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Investment income</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">-</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(0.1</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income tax expense</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2.3</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.9</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.8</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: justify; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Depreciation expense</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1.1</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.0</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.9</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.3</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.1</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10.4</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">9.5</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8.9</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Stock-based compensation and related taxes</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1.2</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.0</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.8</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.1</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">0.8</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">0.5</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.1</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.0</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1.4</font></div>
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                <div style="text-align: justify; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Adjusted EBITDA</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">24.0</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.8</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">22.1</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">21.4</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20.6</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Revenues</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.1</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67.0</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">63.6</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">62.0</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 40%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Net income as % of revenues</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">11</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">%</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">13</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">10</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td style="background-color: rgb(255, 255, 255); vertical-align: top; width: 40%; padding: 0px 0px 4px;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">Adjusted EBITDA as % of revenues</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; padding: 0px 0px 4px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">34</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">%</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td colspan="1" style="background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">34</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">33</font></div>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">%</font></div>
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              <td style="vertical-align: top; width: 40%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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      <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both">
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          <div style="text-align: justify; font-family: Verdana, Geneva, sans-serif; font-size: 10pt;">The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1.6</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.8</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">6.1</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3.0</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2.8</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">29.9</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">24.4</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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            <tr>
              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3.0</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2.2</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2.2</div>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
              <td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
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              <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">ASSETS</font></div>
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              <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top;" valign="bottom">
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              <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
              <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accounts receivable (net)</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Trade</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Other</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Prepaid expenses and other</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Inventory</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">101</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">123</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">75,362</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10,351</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">3,966</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">PROPERTY AND EQUIPMENT, NET</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">12,764</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12,798</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">DEFERRED INCOME TAXES</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">453</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">185,767</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">377,229</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 4px;">&#160;</td>
              <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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              <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">624,878</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; color: #000000;">CURRENT LIABILITIES</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accounts payable</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10,443</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accrued liabilities</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Income taxes payable</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 1px 2%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred revenue</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">30,985</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">68,111</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">67,690</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">LONG-TERM DEBT</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">50,590</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">37,000</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">LONG-TERM DEFERRED REVENUE</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,469</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,128</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">LONG-TERM INCOME TAXES PAYABLE</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">7,773</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">8,663</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">DEFERRED INCOME TAXES</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; text-align: right;">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">14,512</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">11,585</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">142,455</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">126,066</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">SHAREHOLDERS&#8217; EQUITY</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left; text-indent: -4.5pt; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 76,864,566
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">276,746</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">274,536</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Additional paid-in capital</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">453,749</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">451,151</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <td colspan="1" style="vertical-align: top; width: 76%;" valign="bottom">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated other comprehensive loss</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(27,143</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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              <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(15,252</font></div>
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              <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
                <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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            <tr>
              <td colspan="1" style="vertical-align: top; width: 76%; padding: 0px 0px 1px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Accumulated deficit</font></div>
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              <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                  <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2018</font></div>
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                <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
                <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
                <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">204,141</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">173,808</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">COST OF REVENUES</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">55,695</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">127,236</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">EXPENSES</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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              <tr>
                <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">10,831</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">30,788</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">26,954</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INTEREST EXPENSE</font></div>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INVESTMENT INCOME</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <tr>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">INCOME TAX EXPENSE</font></div>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <tr>
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                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Current</font></div>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">4,727</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <tr>
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                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">482</font></div>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,138</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: right;">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,310</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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              <tr>
                <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">2,357</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,764</font></div>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">5,865</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">5,990</font></div>
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                <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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              <tr>
                <td style="vertical-align: top; width: 52%; padding: 0px 0px 4px;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">NET INCOME</font></div>
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                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
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                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,170</font></div>
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                <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 4px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">23,385</font></div>
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                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">20,214</font></div>
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                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">&#160;</td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">EARNINGS PER SHARE</font></div>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Basic</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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                  <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Diluted</font></div>
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                <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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                <td colspan="1" style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">76,942</font></div>
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      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; LINE-HEIGHT: 12.55pt">The Descartes Systems Group Inc.</div>
      <div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Condensed Consolidated Statements of Cash Flows</div>
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              <div style="text-align: right; font-family: Verdana, Geneva, sans-serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;"> 2018</font></div>
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            <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
            <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
            <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
            <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="2" style="vertical-align: top;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">6,170</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <tr>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(339</font></div>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <tr>
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred tax expense</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">716</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">482</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">1,138</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">1,310</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
            <td style="vertical-align: top; width: 52%;" valign="bottom">
              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Deferred tax charge</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(49</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">(72</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(49</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">12</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
            <td style="vertical-align: top; width: 52%;" valign="bottom">
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
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            </td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <tr>
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              <div style="text-align: left; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Trade</font></div>
            </td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">260</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">&#160;&#160;&#160;Income taxes payable</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">(357</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left; padding-bottom: 1px;">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%;">&#160;</td>
            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;">
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            <td style="vertical-align: top; width: 52%; padding: 0px 0px 1px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Cash used in investing activities</font></div>
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; white-space: nowrap; width: 1%; padding: 0px 0px 1px; text-align: left;">
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            <td colspan="1" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">FINANCING ACTIVITIES</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">9,953</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">68,468</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Credit facility repayments</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">)</font></div>
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              <div style="text-align: left; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif;">Issuance of common shares for cash, net of issuance costs</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">)</font></div>
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            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Verdana, Geneva, sans-serif; font-weight: bold;">338</font></div>
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            <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
            <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
